Lipe & Dalton

The largest dollar increase was Amazon, which more than doubled to $4.4 million on a 131% jump in shares. That is the clearest conviction read in the quarter, and it pushed Amazon to 2.3% of the book from 1.0% last quarter. LyondellBasell added $2.1 million on a 41% share increase, making it the second-largest add. Oneok, F5, and Baxter also increased, though on smaller scales. I am not narrating Brookfield Asset Management as an increase — its share count ticked up fractionally but the dollar value fell, a direction contradiction in the change list.

Alongside these adds, the portfolio initiated four new positions: RTX ($5.1 million), Verizon ($837K), Kroger ($724K), and Veralto ($576K). The RTX entry is mechanically entangled with a $4.9 million exit of the prior RTX CUSIP — the old ticker was sold while the new ticker was bought for a near-identical amount. That pattern — same issuer, nearly matching dollars — is a strong indicator of a ticker/spin conversion rather than a genuine directional trade, and I have excluded it from the net-inflow narrative.