MISSION WEALTH MANAGEMENT, LP

2. Key Holdings

The portfolio is dominated by large-cap index ETFs, which form the core of the strategy.

• Top Positions: The three largest holdings are all Vanguard ETFs: VUG (Vanguard Growth Index Fund) at $490.6M (9.74%), VTV (Vanguard Value Index Fund) at $448.3M (8.90%), and IEFA (iShares Core MSCI EAFE) at $397.0M (7.88%). This "Growth, Value, International" triad suggests a balanced asset allocation model designed to capture global equity market returns.
• Individual Equities: Among individual stocks, the "Magnificent Seven" tech giants feature prominently. Apple (AAPL) is the largest single stock holding at $288.0M (5.72%), followed by Microsoft (MSFT) at $254.7M (5.06%) and NVIDIA (NVDA) at $188.0M (3.73%). These positions indicate a strong tilt toward the technology sector, specifically favoring large-cap growth leaders.
• Concentration: The top 10 holdings account for approximately 49% of the total portfolio value, indicating that while the firm holds many positions, it relies heavily on a core set of liquid funds and mega-cap tech stocks for performance.

3. Sector Allocation

The sector breakdown reveals a distinct preference for broad market exposure (via ETFs) and a heavy overweight in Technology.

• Technology: Direct technology exposure accounts for $817.1M (16.2%). When accounting for the technology weight within the top ETF holdings (such as VUG), the effective exposure to the tech sector is significantly higher, likely exceeding 30% of the total portfolio.
• ETFs: Classified as a separate category here, ETFs represent the largest allocation at $2.70B (53.6%). These span various asset classes, including U.S. large-cap (VTI, ITOT), U.S. small-cap (IJR), International (IEFA, VEA), and Fixed Income (BND).
• Other Sectors: Consumer Cyclical ($165.6M) and Communication Services ($135.5M) are the next largest direct equity exposures, driven by holdings like Amazon, Tesla, and Alphabet.
• Financials: Financial Services exposure is relatively low at $38.9M, representing less than 1% of the total portfolio, which suggests a defensive or underweight stance on traditional banking relative to the broader market.