Latitude Advisors, LLC

What IS visible points to a clear defensive rotation. The six outright sales tell the sharpest story: the Invesco QQQ Trust ($10.8M) — the year-end growth anchor — was eliminated entirely, a position that had represented nearly 5% of the Q4 book. Tesla ($1.15M), tech-satellite IDEA ($1.14M), iShares tech ETF IYW ($1.14M) and Vanguard growth ETF VGT ($1.12M) were also cleared. These are not trims — they are clean thematic exits from the growth-and-innovation sleeve, the kind of move a manager makes when they want to reduce single-name idiosyncratic risk rather than merely rebalance.

Inside the remaining book, the single-stock reductions are concentrated in the megacap techs that drove 2024-2025 returns. Microsoft was cut by 1,289 shares worth roughly $1.31M — the single largest decrease on the filing. Apple shed 1,641 shares worth $632K, and Nvidia gave back 946 shares valued at $457K. Alphabet, Meta, Broadcom and Amazon were each reduced by between $280K and $384K. Every one of these names carried a multi-quarter rally that inflated their book value; the advisor is taking chips off the table rather than adding to winners.