Kaye Capital Management

Kaye Capital Management put $40.7 million into a new IVV position, then paired it with fresh stakes in VTV, QQQ and IOO. Those four additions now absorb 41.9% of the $260.0 million portfolio, marking a decisive shift toward broad equity funds rather than a collection of individual stock calls. The real concentration risk is therefore hidden inside wrappers: 41 reported positions create an appearance of breadth, but a small group of large funds determines much of the book's behavior.

The funding pattern reinforces that pivot. Kaye cut BSCP by an estimated $5.5 million, reduced FEBT and BSCV, and added heavily to BSJT, DFEM and BSCQ. Even PID's small reported value gain was not a purchase; the firm sold 72,392 shares and price movement masked the reduction. The quarter reads as a large-scale redesign of portfolio architecture, with index exposure and a reshaped bond-fund ladder replacing the prior mix.