Holland Advisory Services, Inc.

The portfolio now consists of 45 holdings, demonstrating a move toward broad diversification. The composition is heavily dominated by Exchange Traded Funds (ETFs), which account for approximately 78% of the total portfolio value. This structure suggests a "core-satellite" approach, where the bulk of assets are invested in passive market indices to capture broad market returns, supplemented by individual stock picks to potentially generate alpha.

2. Key Holdings

The portfolio is characterized by high concentration in its top positions, which are exclusively passive index funds designed to track U.S. equity markets.