2. Key Holdings
The portfolio is heavily concentrated in its top positions, with the top three holdings accounting for approximately 33.4% of the total assets.
- Top Positions: The largest position is AIRR (First Trust Exchange Traded FD) at $13.38M (11.94%), followed closely by a SPDR Series Trust ETF at $13.34M (11.91%) and FV (First Trust Exchange Traded FD) at $11.78M (10.52%). The dominance of First Trust and SPDR products suggests a preference for specific factor-based or smart-beta ETF strategies rather than broad market passive funds.
- Equity Satellites: Among individual stocks, NVIDIA (NVDA) is the most significant holding at $3.92M (3.50%), making it the 8th largest position overall. Other major individual equity holdings include Tesla (TSLA) at 1.68% and Alphabet (GOOGL) at 1.16%. The presence of mega-cap technology stocks suggests a tactical tilt toward growth sectors, likely sitting alongside the ETF core to enhance returns.
3. Sector Allocation
The portfolio displays a distinct structural tilt toward fund-based allocations, with ETFs comprising the largest category at $67.36M. This figure likely encompasses exposure to various asset classes, including Real Estate (implied by RWR) and broad market equity strategies.
- Unknown Sector ($28.80M): A significant portion of the portfolio (25.7%) is classified as "Unknown." Given that the top holdings are labeled as ETFs, this likely represents additional ETF or fund holdings where the specific sector classification was not immediately discernible in the summary data, reinforcing the fund-heavy strategy.
- Traditional Sectors: Outside of funds, the largest specific sector exposure is Technology at $4.65M (4.15%), driven primarily by NVDA, AVGO, and SHOP. Communication Services follows at $3.89M, and Financial Services at $3.37M. The portfolio maintains minimal exposure to defensive sectors like Healthcare (1.2%) and Utilities (0.31%), indicating a generally risk-on or growth-oriented posture for the equity portion of the portfolio.