JP Wealth Management, Inc.

2. Key Holdings

The portfolio is dominated by a few large positions that account for the majority of the assets:

• DFAC (DFA U.S. Core Equity 2): This remains the largest holding, comprising 22.65% of the portfolio ($32.04 million). Despite a minor reduction of 2.3% during the quarter, it acts as the primary U.S. equity anchor.
• QQQM (Nasdaq 100): Representing 20.57% of the portfolio ($29.10 million), this provides significant exposure to large-cap growth and technology stocks. The manager increased this stake by 2.9%, signaling confidence in the continued growth of the tech-heavy Nasdaq.
• SRH Total Return Fund (STEW): A massive new position and the third-largest holding at 19.34% ($27.36 million). This is a closed-end fund that typically utilizes an options overlay strategy (writing covered calls) to generate income. Its initiation as a top-tier position suggests a tactical shift toward income generation and potentially defensive positioning.
• TCW Strategic Income (TSI): Another significant new entry, accounting for 11.30% ($15.99 million). This indicates a strong allocation toward fixed income and opportunistic credit strategies.
• PHYS (Sprott Physical Gold Trust): Comprising 10.03% ($14.19 million), this is the largest position in the "Financial Services" category (functionally a commodities hedge). It was the largest increased position, growing by 29.0% ($4.32M added), suggesting a desire for inflation protection or a hedge against equity volatility.