Maple Capital Management, Inc.

2. Key Holdings

The portfolio is dominated by mega-cap technology and communication services leaders, reflecting a clear preference for structural growth and market dominance.

• NVIDIA (NVDA): This is the largest holding, comprising 22.85% of the portfolio ($141.26M). The firm increased its stake by 0.2% (adding $21.86M), signaling sustained confidence in the AI infrastructure narrative despite the position's already massive size.
• Alphabet (GOOG/GOOGL): Maple maintains a significant bet on Google, with a combined position (GOOG and GOOGL) representing nearly 18% of the portfolio. The Class A shares (GOOG) saw the largest absolute dollar increase of the quarter (+$30.45M), reinforcing it as a top conviction asset.
• Meta Platforms (META): Representing 11.98% of the portfolio, Meta remains a core holding. While specific trade data for the top positions was not fully detailed in the summary, its retention as the third-largest position indicates a continued bullish stance on the digital advertising and social media landscape.
• Costco (COST) & JPMorgan (JPM): These positions act as the primary defensive and financial anchors, accounting for 9.66% and 9.59% of the portfolio, respectively. Costco saw a 0.9% increase (+$3.57M), while JPMorgan was trimmed by 2.0% (-$3.67M), suggesting modest profit-taking or rebalancing in the financial sector.