GOULD ASSET MANAGEMENT LLC /CA/

Key Holdings

The portfolio is characterized by a "barbell" strategy with a heavy concentration in the S&P 500 and short-duration fixed income.

• SPY (S&P 500 ETF): Remains the dominant position, valued at $146.37M, accounting for 41.80% of the total portfolio. Despite a reduction of $5.12M (-3.9%) during the quarter, this position represents the firm's primary equity beta engine.
• Fixed Income Dominance: The next three largest positions are all short-duration bond ETFs. VGSH (Vanguard Short Term Treasury) holds 9.61% ($33.64M), STIP (iShares 0-5 Year TIPS) holds 8.88% ($31.11M), and VCSH (Vanguard Short-Term Corporate) holds 5.07% ($17.75M). Collectively, these top four positions represent over 65% of the entire portfolio, signaling a strong preference for liquidity and capital preservation.
• Municipal Exposure: The BAB (Invesco Taxable Municipal Bond) ETF is the fifth largest holding at 4.80% ($16.82M), further reinforcing the fixed income bias.

Sector Allocation

The reported sector data highlights a clear dichotomy between ETF usage and individual stock selection.

• ETF Supremacy: A massive 87.5% ($306.61M) of the portfolio is allocated to ETFs. This suggests the firm prefers accessing markets through broad, liquid wrappers rather than individual security selection in many asset classes.
• Fixed Income vs. Equity: While the "Unknown" category (likely comprised of various ETFs not categorized in the summary) sits at $20.93M, the specific individual equity sectors are minimal. Financial Services, Technology, Utilities, and Energy each represent between 1% and 4% of the portfolio.
• Defensive Tilt: The heavy allocation to short-term treasuries and corporate bonds (via ETFs) points to a defensive sector allocation, prioritizing income and safety over aggressive growth in individual sectors.