KELLEHER FINANCIAL ADVISORS

The structural anchor is IVV — the iShares Core S&P 500 ETF — at $46.9 million, roughly 12% of assets and up from $41.3 million at year-end. A 25% increase in the S&P 500 core sleeve is almost certainly a market-timing or cash-allocation decision rather than a stock-pick; the fund re-entered the core beta product at a larger size heading into Q1. The counterpart on the stock side is Berkshire Hathaway Class A — not the more commonly held Class B shares but the $700,000-per-share A shares, exactly 48 of them, held at a stable $34.5 million. Holding 48 Class A shares is an unusual structural choice by any manager; Kelleher is treating BRK/A as a quasi-permanent anchor rather than a trading vehicle, and the unchanged posture across the quarter is consistent with that read.

Where the quarter gets interesting is in the dismantling of the equal-weight and small-cap structures. RSP (S&P 500 Equal Weight) was slashed by roughly 82% in share terms, from 120,443 to 21,645 shares, cutting its contribution from $23.1 million to $3.9 million. DFAS (Dimensional US Small Cap Value) was cut roughly 51%, down to just 48,818 shares from 99,592. Both of these were meaningful diversification building blocks, and their removal is the clearest evidence in the file that the manager is expressing a view — implicitly — that broad small-cap and equal-weight exposures are not pulling their weight.