MARTIN & CO INC /TN/

Out of 101 positions, SLB was the single holding Martin & Co reduced this quarter — shares down 31.2% (161,688 to 111,165) — while 41 other positions increased and only 2 stayed flat. That's an unusually one-sided quarter: a systematic sector-rotation book built on TIPS (12.3% of the book), short-duration TIPS (9.5%), and the full suite of nine sector SPDR ETFs (XLK, XLY, XLV, XLI, XLC, XLU, XLB, XLF, XLP) added modestly across nearly every sleeve rather than rotating sharply between them. SouthState Bank Corp appears as both "sold" and "new" at two different CUSIPs — the same merger-related reissuance artifact seen elsewhere in this batch, not a genuine trade.