Leonard Rickey Investment Advisors P.L.L.C.

The portfolio now consists of 117 holdings, indicating a high level of diversification. The structure has shifted decisively away from a concentrated stock-picking approach toward a core-satellite model heavily reliant on Exchange Traded Funds (ETFs). Approximately 78.6% of the total portfolio value ($434.77M) is allocated to ETFs, signaling a preference for liquidity, broad market exposure, and cost efficiency over active single-stock selection.

2. Key Holdings

The portfolio is dominated by large-cap, passive investment vehicles designed to track specific market segments.

• Top Position: The iShares Core S&P Mid-Cap ETF (IJH) is the largest holding at $75.26 million (13.61% of the portfolio). This represents a significant tilt toward mid-capitalization U.S. equities, which can offer a balance between the growth potential of small caps and the stability of large caps.
• Strategic Core: The next three positions—FNDX (Schwab Fundamental U.S. Large Company Index), VTI (Vanguard Total Stock Market), and DFAC (Dimensional U.S. Core Equity 2)—collectively account for 20.9% of the portfolio. This mix suggests a strategy of blending market-cap-weighted and fundamental-weighted indices to capture U.S. equity beta while potentially seeking factor premiums (such as value or profitability via FNDX and DFAC).
• Fixed Income & Safety: VTIP (Vanguard Short-Term Inflation-Protected Securities) holds a notable 6.10% allocation ($33.71M). This indicates a defensive posture regarding inflation and interest rate risk, likely serving as a portfolio stabilizer.
• Single Stocks: While individual stocks are present, they are minor constituents. The largest individual holding, Microsoft (MSFT), comprises only 1.24% of the portfolio, reinforcing the view that single-name risk is tightly controlled.