First Pacific Financial

Key Holdings

• Largest single positions are ETFs: JCPB (J P MORGAN EXCHANGE TRADED F) at $91.16M (11.90% of portfolio), TCW ETF TRUST at $86.16M (11.25%), and DFAW (DIMENSIONAL ETF TRUST) at $60.35M (7.88%). The three largest holdings together represent ~31.0% of assets.
• Other sizable ETF/strategy positions include VUG ($46.54M, 6.08%), MDYV ($31.30M, 4.09%), EFA ($28.78M, 3.76%) and FNDA ($28.13M, 3.67%). These indicate exposure across market caps (large‑cap growth, mid‑cap value, small cap) and geographies (EFA = developed ex‑US).
• Direct equity stakes are modest relative to the ETFs: the largest single stock is MSFT at $9.96M (1.30%), followed by JPM $8.43M (1.10%), ABBV $6.74M (0.88%), IBM $6.46M (0.84%) and NVDA $4.68M (0.61%). No single equity exceeds ~1.3% of the portfolio, underscoring a portfolio that uses ETFs as core exposures and individual names as satellites.
• Given the concentration in a small number of ETFs, understanding the indexes/strategies and overlap among these ETFs is essential (for example VUG, DFAW, and broad index ETFs may overlap in large‑cap U.S. growth exposure).

Sector Allocation and Notable Tilts

• By the filing’s labels, ETFs constitute 45.4% of portfolio value and an unusually large “Unknown” category is 26.6%. Labeled sector exposures are modest: Financial Services 4.2%, Technology 4.1%, Healthcare 3.4%, Consumer Defensive 1.5%, Utilities 0.5% and Energy 0.4%.
• These labeled sector weights understate economic exposures because many ETFs likely hold broad equity exposure (U.S large cap, small cap, international). As reported, the strategy appears ETF‑centric with broad market and factor/size tilts (presence of VUG, MDYV, FNDA, DFAW).
• Fixed‑income exposure is present but limited in labeled form: VCIT ($6.23M) and GOVT ($4.13M) together are ~1.3% of the portfolio, suggesting the portfolio is equity‑oriented unless additional fixed income is embedded within the large “Unknown” or manager‑directed allocations.