KIECKHEFER GROUP LLC

Key Holdings

The portfolio is characterized by extreme concentration in its top positions, with a clear preference for the technology sector, specifically artificial intelligence (AI) and infrastructure.

• NVIDIA (NVDA): This is the undisputed centerpiece of the portfolio, representing a massive 42.47% allocation ($89.26M). Despite a minor reduction of 0.8% during the quarter, the position remains dominant, indicating a strong, long-term conviction on the continued proliferation of AI hardware.
• Palantir (PLTR): The second-largest holding at 12.55% ($26.39M). While the firm reduced this stake by 2.2%, it remains a core component, likely serving as a play on software and government AI adoption.
• Intuitive Surgical (ISRG): A new addition and the third-largest position ($13.60M, 6.47% of the portfolio). This represents a major pivot into healthcare robotics, suggesting the manager views medical innovation as a parallel to the industrial automation trend.
• Invesco QQQ (QQQ): The initiation of a $8.46M position (4.03%) highlights a desire to maintain exposure to the broader tech-heavy Nasdaq-100 outside of specific stock picks.