HENGEHOLD CAPITAL MANAGEMENT LLC

The portfolio demonstrates a highly diversified approach, holding 219 positions. However, the strategy is characterized by a heavy reliance on Exchange Traded Funds (ETFs) to achieve broad market exposure rather than concentrating on individual security selection. The "core-satellite" structure is evident, where the bulk of the capital is deployed in liquid, broad-market ETFs, supplemented by a selection of individual blue-chip stocks and thematic funds. The turnover was exceptionally high this quarter, with 52 total positions either added or liquidated (26 new, 26 sold), suggesting a substantial reallocation of capital or a transition in the fund's strategy to accommodate the larger asset base.

2. Key Holdings