MGB Wealth Management, LLC

MGB Wealth Management's 13F book swelled from $224.2 million to $349.6 million this quarter (+56%), and that growth did real work on the portfolio's most striking feature: a single-stock bet on AppLovin (APP) that had run the book. Last quarter APP was 29.1% of assets; even after MGB also trimmed its share count by 11% (the largest dollar cut anywhere in the book, -$10.8 million), the position is still the largest holding by a wide margin at 15.6% of the portfolio — more than double the runner-up, a newly opened Invesco QQQ stake (5.4%, $18.7 million). The rest of the new capital flowed into brand-new mega-cap positions — Microsoft ($12.3 million), Apple ($7.7 million), Walmart and Berkshire Hathaway B shares — spread across a 308-name book, alongside a full exit from the VanEck Bitcoin ETF (HODL) and CME Group. The pattern reads less like a change of conviction on AppLovin than MGB using fresh capital to dilute a concentration risk it never fully unwound.