Florin Court Capital LLP

Key Holdings

The portfolio is heavily weighted toward its top positions, with the top three holdings accounting for approximately 40.7% of the total assets.

• VCSH (Vanguard Short-Term Corporate Bond ETF): This is the largest holding at $7.50 million (14.24% of the portfolio). The position was increased by 29.9% during the quarter, suggesting a defensive tilt toward short-duration investment-grade credit.
• CWB (SPDR Bloomberg Convertible Securities ETF): Representing 13.36% of the portfolio ($7.03M), this is the second-largest position. However, the firm reduced this stake significantly by 54.2% ($7.00M), indicating a desire to decrease exposure to convertible bonds or reallocate capital elsewhere.
• ICVT (iShares Convertible Bond ETF): The third-largest holding at $6.89 million (13.08%), this indicates a continued—but reduced—preference for the convertible bond asset class, likely seeking equity-like returns with fixed-income downside protection.
• TAN (Invesco Solar ETF): A new position and the fourth-largest holding at $5.14 million (9.76%). This represents a major bet on the clean energy sector.