Guild Investment Management, Inc.

The portfolio demonstrates a diversified "Barbell" strategy, balancing defensive assets like Treasuries and gold with high-growth technology equities. Despite the increase in the number of holdings, the portfolio maintains a relatively concentrated structure, with the top 10 positions accounting for approximately 59% of the total value. The firm utilizes a mix of direct equity exposure and exchange-traded funds (ETFs) to implement its views across asset classes.

Key Holdings

The portfolio is anchored by three distinct defensive positions, which together comprise roughly 25% of the total assets:

1. SPROTT PHYSICAL GOLD TRUST (PHYS): The largest holding at 8.91% ($12.01M). This indicates a strong conviction in precious metals as a store of value and hedge against inflation or currency debasement.
2. GLOBAL X FDS: The second largest holding at 8.37% ($11.29M), likely representing a specific thematic or income-focused strategy (potentially the Global X SuperDividend ETF based on the ticker naming convention, though the specific fund code is abbreviated here).
3. SPDR BLOOMBERG 1-3 MONTH T-BILL ETF (BIL): Comprising 7.71% ($10.40M), this position suggests a desire for liquidity and safety, earning yield on short-term U.S. Treasuries.