NAPLES GLOBAL ADVISORS, LLC

Naples Global Advisors LLC ran a Q1 restructuring that is best read at two layers: a rotation within its largest existing sector bet, and a simultaneous new-position build in three areas that share no obvious thematic connection but together describe an active manager positioning for a higher-rate, higher-spend environment. Within Technology — the portfolio's largest sector exposure — the manager made a sophisticated selection call: it reduced Apple (AAPL, 3.4%) and Broadcom (AVGO, 2.5%) and Applied Materials (AMAT) while increasing Microsoft (MSFT) and Oracle (ORCL). That intra-sector rotation is not a tactical trim — it reflects a view that large-cap software and cloud infrastructure (MSFT, ORCL) is better positioned than hardware and consumer-facing tech in the current cycle. Against that backdrop, three additions point to a separate allocation thesis: Lockheed Martin (LMT) adds defense and aerospace exposure at a moment when U.S. defense budgets are expanding; Digital Realty (DLR) adds data-center REIT exposure tied to AI infrastructure buildout; Walmart (WMT) adds consumer-defensive stability. On the fixed-income side, the manager initiated Vanguard Intermediate-Term Bond (BIV) and increased International Bond (SCHF) and Short-Term Municipal (MINT), signaling an active duration bet that the rate environment offers attractive risk-reward in the 3-7 year portion of the curve. With whaleScore of 53.75 across a $1.37B book and 441 holdings structured with just one core beta ETF (IVV, 2.1%) and concentrated single-stock convictions otherwise, this fund is an active allocator — not a passive vehicle dressed in a single ETF.