Integrated Capital Management, LLC

Key Holdings

• Concentration: The top 10 holdings account for approximately $183.35 million, or about 78.8% of the portfolio. The top 5 holdings alone represent $131.58 million (≈56.6%).
• Largest individual positions by value:
  • IVV (iShares S&P 500 ETF) — $34.99M (15.04% of portfolio)
  • QQQM (Invesco Nasdaq-100 ETF) — $28.71M (12.35%)
  • MGV (Vanguard World Fund — labeled “VANGUARD WORLD FD”) — $28.39M (12.21%)
  • GOOGL (Alphabet Inc.) — $19.88M (8.55%)
  • VO (Vanguard mid‑cap ETF) — $19.61M (8.43%)
• Alphabet exposure: GOOGL ($19.88M) plus GOOG ($0.885M) sum to ~$20.77M, which matches the reported Communication Services sector total and represents ~8.9% of the portfolio — a meaningful single‑issuer exposure.
• Passive core + active/satellite mix: Large passive/core ETFs (IVV, QQQM, MGV, VO) dominate; single-stock positions are limited but include a concentrated bet in Alphabet and smaller positions in major tech names (AAPL, MSFT, AMZN, NVDA).

Sector Allocation and Concentration Patterns

• Reported sector buckets show:
  • ETF: $180.02M (77.4%)
  • Communication Services: $20.77M (8.9%) — entirely Alphabet
  • Unknown: $16.43M (7.1%)
  • Technology: $6.44M (2.8%)
  • Other sectors (Consumer Cyclical, Financial Services, Healthcare) collectively are each small (<=1.5% each)
• Important caveat: The “ETF” category (77.4%) masks material underlying sector and geographic exposures. For example, QQQM, SOXX and tech sector ETFs are likely to embed substantial Technology/large-cap growth exposure that is not captured by the small direct Technology bucket ($6.44M). Consequently, reported sector totals understate effective sector concentrations — particularly in U.S. large-cap and technology-heavy exposures.
• Geographic tilt: There are multiple international ETFs (MGV, EFV, DBEF, VWO, etc.) totaling meaningful allocations (MGV alone is 12.2%), implying deliberate international diversification alongside the large U.S. core.