FLAGSHIP HARBOR ADVISORS, LLC

The rest of the quarter's activity supports a rotation reading: money moved away from defensive-sector and cash-like ballast and toward growth and tech beta. Flagship fully exited the equal-weight S&P 500 proxy (RSP, $21.4 million) — itself a bet against mega-cap concentration — along with Utilities (XLU, $15.9 million) and Healthcare (XLV, $14.1 million), two classically defensive, rate-sensitive sectors. It also trimmed its cash-equivalent sleeve, selling out of T-Bill fund BIL ($12.8 million) and floating-rate note fund USFR ($10.4 million).

None of this plays out through individual stocks — Nvidia, Apple, and Microsoft, the largest single-name holdings, moved only modestly in share count this quarter, and the ETF sector alone accounts for a third of the $2.27 billion book. That's consistent with Flagship operating as a fund-of-funds style allocator for its clients rather than a stock-picker, which means the real signal in this filing isn't 'which company does Flagship like' — it's the size and direction of the SPYG trade: a large, singular re-allocation toward large-cap growth, funded by selling defensive sectors and idle cash, that stands out precisely because everything else in the book is comparatively small and diversified.