Headland Capital, LLC

Key Holdings

The portfolio is highly concentrated in its top positions, with the top five holdings comprising roughly 74% of the total assets.

1. SPY (SPDR S&P 500 ETF TRUST): This is the dominant position, valued at $76.74M and representing 37.22% of the portfolio. This massive allocation indicates a strong conviction in the broad U.S. equity market or serves as a liquidity reserve/alpha-generating base against which other positions are measured.
2. SPDW (SPDR Portfolio Developed World Ex-US ETF): Holding 11.66% of the portfolio ($24.04M), this provides significant international exposure, specifically to developed markets outside the U.S.
3. Fixed Income ETFs (BSCV & BSCT): Invesco BulletShares 2031 and 2029 Corporate Bond ETFs hold the 3rd and 5th spots, respectively. Combined, they represent over 17% of the portfolio. These are "defined maturity" ETFs, suggesting a laddered bond strategy aimed at specific time horizons (2029 and 2031) to manage interest rate risk and capitalize on corporate yields.
4. GE Vernova (GEV): The largest individual equity holding is GEV at 8.43% ($17.38M). This represents a significant active bet on the energy/technology transition sector.
5. USFR (WisdomTree Floating Rate Treasury Fund): Comprising 6.67% of the portfolio, this position suggests a defensive posture regarding rising interest rates, as floating rate notes generally benefit from rate hikes.