MOULTON WEALTH MANAGEMENT, INC

The portfolio is moderately concentrated, with the top 10 holdings accounting for roughly 60% of total assets. The turnover for this quarter was exceptionally high, with the firm executing 30 position changes (19 new positions, 11 sold positions) and adjusting 21 existing stakes. This level of activity suggests a dynamic management style that is actively shifting allocations in response to market conditions or changing macroeconomic outlooks.

2. Key Holdings

The portfolio is anchored by three major positions, each representing roughly 9–11% of the total assets:

• SPDR Series Trust (Top Position): At $11.55 million (10.94%), this is the largest holding. While the specific ticker is not fully labeled in the provided data, the presence of other SPDR funds suggests a focus on liquidity or broad fixed income/equity exposure.
• JNK (SPDR Bloomberg High Yield Bond ETF): Comprising $10.04 million (9.51%), this position indicates a significant allocation to high-yield (junk) bonds. This suggests the firm is pursuing income generation and is willing to take on credit risk.
• IUSB (iShares Core Total USD Bond Market ETF): Valued at $9.32 million (8.83%), this holding provides broad exposure to the investment-grade U.S. bond market, balancing the riskier JNK position.