FIRST FINANCIAL CORP /IN/

What stands out is the 16.9% allocation to First Financial Corp itself (ticker THFF). Self-holdings at that scale are almost always a treasury or price-stabilization position rather than an investment thesis. They are accounting conventions, not expressions of bullishness on management's own business. Treating that line as the portfolio's largest conviction would be a category error.

Within the ETF sleeve, Q2 activity was a modest tilt toward non-U.S. equities and a small increase in tech weight. VEA (developed markets) added $1.2 million, EFA added $249K, and VWO added $129K. VGT (Vanguard Information Technology) saw the largest dollar increase at $4.5 million, though that move reflects both new shares and strong performance; the position now represents 6.4% of the book. On the reduction side, VOO trimmed $3.8 million, VB cut $764K, AAPL reduced by $635K, and ABT trimmed $318K. Palo Alto Networks (PANW) entered the book as a new $2.1 million position, while Chevron (CVX) and iShares Global Infrastructure (IGF) were sold outright. The THFF share count dipped slightly quarter-over-quarter, but the dollar value rose sharply to $48.9 million because the stock price moved more than the share reduction; I am not narrating that as a decrease because the value direction contradicts the change-type classification.