JB Capital LLC

2. Key Holdings

The portfolio is dominated by large-cap, passive investment vehicles designed to track specific market segments. The top five positions are all iShares ETFs, accounting for approximately 35.4% of the total portfolio value:

• IVE (iShares S&P 500 Value): The largest holding at $195.13M (7.97%), indicating a distinct tilt toward value factors within the large-cap space.
• IVV (iShares Core S&P 500): The second largest at $192.34M (7.85%), providing exposure to the broader U.S. large-cap equity market.
• DYNF (BlackRock ETF Trust): A $175.37M position (7.16%), representing a dynamic fund strategy, likely focusing on factor-based or quantitative exposure.
• IVW (iShares S&P 500 Growth): At $154.74M (6.32%), this complements the IVE position, suggesting a "barbell" approach that covers both growth and value segments of the S&P 500.
• IEMG (iShares Core MSCI Emerging Markets): Valued at $149.20M (6.09%), this provides significant exposure to emerging market equities.

Outside of ETFs, the largest individual equity positions are in Apple Inc. (AAPL) ($35.86M) and Broadcom Inc. (AVGO) ($34.57M). However, these represent less than 1.5% of the portfolio each, reinforcing the strategy of using ETFs for core beta and individual stocks for tactical positions.