JMAC ENTERPRISES LLC

The portfolio demonstrates a high degree of diversification, holding 123 distinct positions. Despite the large number of holdings, the portfolio is heavily concentrated in exchange-traded funds (ETFs), which account for approximately 73.4% of the total value. The turnover rate for the quarter was exceptionally high, with the manager completely overhauling the portfolio: 27 new positions were initiated, 27 positions were sold, and only 23 positions were retained (with 21 increased and 2 reduced). This indicates a dynamic, actively managed strategy rather than a passive buy-and-hold approach.

2. Key Holdings

The portfolio is characterized by a "core and satellite" structure, with the top positions consisting almost entirely of broad market and factor-based ETFs.