2. Key Holdings
The portfolio is characterized by a high-conviction top tier, though no single position dominates to the point of extreme concentration.
- Top Positions: The largest holding is Microsoft (MSFT) at $125.99 million (7.18%), followed closely by Alphabet (GOOG) at $118.48 million (6.76%) and Berkshire Hathaway (BRK/B) at $88.54 million (5.05%).
- Concentration: The top ten positions account for approximately 40% of the total portfolio value. This suggests a "core and satellite" approach where the manager relies on a stable of high-quality blue-chip stocks to drive returns.
- Weightings: Notably, the position sizes are methodical, with weights tapering smoothly from ~7% down to ~2% within the top 15. The inclusion of Mastercard (MA) and Republic Services (RSG) in the top five highlights a preference for dominant players in financial networks and essential services.
3. Sector Allocation
The sector breakdown reveals a "Barbell-style" exposure, balancing growth sectors with defensive cyclicals.
- Technology Dominance: The Technology sector is the largest allocation at $320.05 million (18.3%). This is driven by heavyweights like Microsoft, TSMC, and Apple, as well as semiconductor exposure via ASML and Applied Materials.
- Financials & Communication Services: Financial Services follows closely at $236.69 million (13.5%), bolstered by Berkshire Hathaway, Mastercard, and PNC. Communication Services constitutes $164.10 million (9.4%), primarily through Alphabet and Meta.
- Defensive & Industrial Tilt: Unlike many growth-focused portfolios, this filing maintains significant weight in Utilities ($145.32M), Healthcare ($133.75M), and Consumer Cyclical ($161.96M). The utilities allocation is heavily concentrated in Vistra and Republic Services, suggesting a focus on energy infrastructure and waste management. The "Unknown" category ($191.93M) likely represents foreign-domiciled stocks (like Linde PLC) or ADRs where sector classification may vary.