Fort Point Capital Partners LLC

The portfolio currently consists of 95 holdings, demonstrating a high degree of diversification. However, the concentration profile has shifted; the top 10 holdings now account for approximately 70% of the total portfolio value, with the SPDR S&P 500 ETF (SPY) alone representing nearly one-third (31.8%) of assets. The firm appears to have transitioned from a broad-based asset allocation model to a more streamlined portfolio, heavily weighted toward liquid ETFs and a select group of high-conviction single-name equities.

2. Key Holdings

The most striking feature of the current portfolio is the dominant position in SPY (SPDR S&P 500 ETF TR), valued at $115.02 million. Despite a reduction of 65.9% during the quarter, it remains the anchor of the portfolio, suggesting a tactical preference for broad U.S. equity market exposure.