McCarthy & Cox

From a diversification standpoint, the portfolio has shifted from a broad-based strategy to a highly concentrated one. The top 10 holdings now account for a significant majority of the portfolio value, with the top position (EA SERIES TRUST) comprising nearly 20% of total assets. The fund now operates with a "skeleton crew" of assets, suggesting either a complete liquidation strategy, a massive distribution to investors, or a transition to a new investment mandate.

2. Key Holdings

The current portfolio is dominated by Exchange Traded Funds (ETFs), indicating a preference for liquid, diversified exposure rather than individual stock selection.