HWG Holdings LP

2. Key Holdings

The portfolio is heavily anchored by "core" exchange-traded funds (ETFs), which provide broad market exposure, while the remaining top positions are dominated by secular growth leaders in the technology sector.

• Top Position: The iShares Core S&P 500 ETF (IVV) is the single largest holding, valued at $115.66M. This represents a massive 28.02% of the total portfolio. This position was newly established in the quarter, signaling a strategic decision to anchor the portfolio in large-cap U.S. equities.
• Mega-Cap Technology: The "Magnificent Seven" and other major tech names feature prominently. Microsoft (MSFT) ($25.27M, 6.12%) and NVIDIA (NVDA) ($25.09M, 6.08%) are the top individual stock holdings. Alphabet (GOOGL) follows closely at 7.48%.
• New Entrants: Notably, Microsoft and Amazon (AMZN) were new positions this quarter, immediately becoming top 10 holdings. This suggests aggressive buying into established tech giants during the quarter.
• Concentrated Bets: Outside of the mega-caps, Curtiss Wright Corp (CW) ($17.88M) and Elbit Systems Ltd ($12.29M) represent significant investments in the aerospace/defense technology sector.