Good Steward Wealth Advisors,LLC

Roughly 85 cents of every dollar is someone else's fund. The sector tally already shows $111M in ETFs -- over 70% of assets -- and that undercounts: SEPI, EMBD, BTAL, and MNA are fund vehicles too. Inside the wrappers, one theme repeats: income. Preferred shares ex-financials (PFXF, 6.8%), emerging-market debt (EMBD, 5.1%), Treasuries and aggregate bonds (IEF, BND), investment-grade credit (LQD, +11.7% shares this quarter), covered-call dividend equity (DIVO), high-dividend stocks (PEY), and REITs (SCHH), with managed futures (DBMF) and gold (GLD) layered in as diversifiers. The design goal is legible: collect yield, dampen drawdowns, and let very little ride on any single company.

The stock sleeve inverts the market's hierarchy. In the roughly $24M of direct equities, Exxon Mobil is the largest single-company position at 2.1% ($3.2M). Nvidia is 0.22% ($335K) -- about a tenth the Exxon stake -- and was cut another 13% in shares this quarter, alongside trims to Microsoft (-6.4%) and Broadcom (-4.7%). The five mega-cap tech names in the book -- Apple, Microsoft, Broadcom, Nvidia, and TSMC -- sum to under $4.5M, less than 3% of assets, roughly the same weight as the four energy names (Exxon, Valero, Chevron, Marathon Petroleum). In a filing season where the AI complex anchors most institutional books, that is close to a deliberate abstention.