Jacobsen Capital Management

The portfolio has shifted from a concentrated strategy to a highly diversified one, now holding 121 positions. The composition is heavily tilted toward passive investment vehicles, with ETFs accounting for $205.29M, or approximately 67.1% of the total portfolio value. This indicates a pivot toward a "core-satellite" strategy, where the bulk of the capital is invested in broad market funds to capture beta, while the remaining capital is deployed in individual alpha-generating securities.

2. Key Holdings