Kearns & Associates LLC

The portfolio now consists of 40 holdings, indicating a move toward a highly diversified, passive-investment-oriented strategy. The concentration risk is moderate, with the top 10 positions accounting for approximately 87.9% of the total portfolio value. However, the composition of these top positions suggests a shift away from active stock selection toward broad market exposure, as the top two positions alone comprise nearly 60% of the entire portfolio's value.

2. Key Holdings

The portfolio is dominated by broad-market ETFs, specifically those issued by Vanguard and SPDR, signaling a "core and satellite" approach where the "core" is heavily weighted toward index tracking.