LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE

The most striking aspect of this quarter is the extremely high turnover rate. The manager executed 34 new positions and completely exited 20 positions, while only 2 stakes were increased and 13 were reduced. This indicates a massive reallocation of capital rather than mere market-driven appreciation. The portfolio appears to be transitioning toward a diversified, multi-cap strategy with a strong emphasis on high-quality financials and industrials, moving away from a previous composition that relied more heavily on fixed income (VCSH) and specific consumer/healthcare names.

2. Key Holdings

The portfolio is currently top-heavy, with the largest positions commanding significant weight. The top ten holdings account for approximately 47% of the total portfolio value.