MH & ASSOCIATES SECURITIES MANAGEMENT CORP /ADV

Key Holdings

The portfolio is characterized by a lack of heavy concentration in any single security, with the top 10 positions ranging between 2.94% and 4.50% of the total portfolio value. This creates a "flat" top holding structure rather than a bar-bell structure.

• Top Position: The largest holding is the VanEck Merk Gold ETF (OUNZ) at $5.51 million (4.50%). This is a significant allocation to physical gold, suggesting a defensive tilt or a hedge against currency devaluation/inflation.
• Precious Metals & Mining: The firm has a strong conviction in the resources sector, with Pan American Silver (PAAS) ($4.82M) and Newmont Corp (NEM) ($3.90M) rounding out the top three.
• Value & Income: Large-cap positions in Gilead Sciences (GILD) ($4.57M), Phillips 66 (PSX) ($3.84M), and Cisco Systems (CSCO) ($3.80M) indicate a focus on established companies generating cash flow.
• Technology Exposure: While tech is a major sector, the firm favors specific value-oriented or cyclical tech names like Qualcomm (QCOM) and Micron (MU) over the highest-multiple growth stocks, though Alphabet (GOOGL) and Apple (AAPL) are also present.