LOCKHEED MARTIN INVESTMENT MANAGEMENT CO

Last quarter, Lockheed Martin Investment Management's two largest positions were bond and international-equity index funds: Vanguard International (VT, $225.0 million) and iShares Core Aggregate Bond (AGG, $216.2 million). This quarter, both were cut by roughly a third — VT down 31.0% in shares, AGG down 38.9% — a combined $158 million reduction, while NVIDIA (already the third-largest holding) grew to become the fund's single biggest position. Exxon Mobil more than doubled in share count (+123.4%), the quarter's largest single conviction add. New positions in Northrop Grumman and Merck round out the additions, alongside RTX Corp, whose apparent "sale and repurchase" is a CUSIP reissuance, not a real trade.