LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA

2. Key Holdings

The portfolio is anchored by a "quality-at-a-price" philosophy, dominated by large-cap, industry-leading companies with strong balance sheets and competitive moats. The top ten holdings account for 46.48% of the total portfolio value, indicating a core-satellite approach where a concentrated core drives performance.

• Top Position: Microsoft (MSFT) is the largest holding at $963.95M (8.46% of the portfolio), reinforcing a conviction in the secular growth of cloud computing and enterprise software.
• Financial Services Dominance: Mastercard (MA) follows closely at $798M (6.98%), highlighting a strong tilt toward the payments ecosystem, a sector characterized by high margins and recurring revenue.
• Communication Services: Alphabet (GOOGL) represents the third-largest position at $762M (6.69%), despite a significant reduction in shares this quarter.
• Niche Leaders: Notably, Intuit (INTU) is the fourth largest holding (5.51%), which is a higher concentration than typical for many large institutional portfolios, suggesting specific expertise or high conviction in the financial technology space.
• Apple Underweight: Apple (AAPL) holds a surprisingly small relative position (3.25%) compared to its typical weighting in benchmark indices, signaling a potential valuation concern or a deliberate sector rotation away from consumer hardware.