Lunt Capital Management, Inc.

2. Key Holdings

The portfolio is characterized by a dominant top-tier position with a long tail of smaller holdings.

• Dominant Cash Position: The largest holding is USFR (WisdomTree) at $44.93M, representing a massive 16.83% of the total portfolio. This ETF focuses on ultra-short-term Treasury futures, suggesting a substantial allocation to cash equivalents or liquidity preservation. This is nearly three times the size of the second-largest holding.
• Top 10 Concentration: The top 10 holdings account for approximately 47% of the total portfolio value.
• Significant Equity Bets: Outside of the ETF complex, two specific equities stand out in the top ranks:
  • METC (Ramaco Resources, Inc): Occupies the 5th spot with $10.04M (3.76%). This is a notable concentrated bet on the energy/metallurgical coal sector.
  • TPL (Texas Pacific Land Corporation): Holds the 10th position at $7.09M (2.66%). This is a substantial position in a unique financial/land royalty company, often viewed as an oil and gas proxy.
• Mega-Cap Underweight: Despite being large-cap focused, direct exposure to individual tech giants is minimal. AAPL (Apple) and TSLA (Tesla) are present but are negligible, accounting for only 0.29% and 0.30% of the portfolio respectively, appearing near the bottom of the top 50 list.