INDEPENDENT INVESTORS INC

Despite the growth in assets, the portfolio structure has shifted from what was likely a more diversified strategy to one of extreme concentration. With 69 total holdings, the fund exhibits a "barbell" structure where a single asset dominates the risk profile. The portfolio is heavily skewed toward large-cap, blue-chip US equities, with a negligible allocation to ETFs (less than 1% combined). The turnover for the quarter was exceptionally high, with 34 new positions and 14 exits, indicating a complete overhaul of the fund's strategic direction.

2. Key Holdings