LVW Advisors, LLC

Top-10 concentration is material: the largest ten holdings represent roughly 45.0% of the portfolio (sum of listed top‑10 percentages = 44.98%). Because many of the largest holdings are broad or factor ETFs, this concentration is not equivalent to single-stock risk but does indicate meaningful exposure to a relatively small set of ETF and fund strategies.

Key Holdings and Their Significance

• Largest single holding: VEA at $78.04M (7.91%). This represents the single biggest allocation and is a major driver of the portfolio’s international developed/ ex‑US equity exposure (based on fund identification).
• High ETF allocation: SCHD ($61.14M, 6.20%), SCHO ($50.50M, 5.12%), CGGO ($37.00M, 3.75%), SPYM ($34.85M, 3.53%), VUG ($25.32M, 2.57%), and several bond/short-duration ETFs (STIP $41.82M, 4.24%; BIV $34.98M, 3.55%; SUB $23.22M, 2.35%; BND $14.17M, 1.44%; BIL $2.66M, 0.27%). Combined, these ETF positions form the strategic core of the portfolio and explain most of the asset growth this quarter.
• Selected individual large-caps: AAPL ($38.25M, 3.88%), NVDA ($25.75M, 2.61%), MSFT ($18.30M, 1.85%), GOOG/GOOGL combined (~$22.33M, ~2.26%) and AMZN ($11.73M, 1.19%). These show selective active conviction in large-cap technology and platform companies but their individual weights are moderate relative to total assets.
• Active fund and manager allocations: Capital Group International ($26.71M, 2.71%) and AB Active ETFs ($25.57M, 2.59%) indicate exposure to active management/strategies alongside passive ETFs.