New Covenant Trust Company, N.A.

The portfolio has shifted from a likely concentrated strategy to a highly diversified, passive-centric allocation. The firm now employs a "core-satellite" approach where the "core" consists of broad market ETFs, and the "satellites" are individual mega-cap technology and blue-chip stocks. The turnover is exceptionally high this quarter, with 30 new positions initiated and 13 exits, indicating a complete overhaul of the investment strategy likely driven by new client capital or a change in the firm's investment mandate.

2. Key Holdings

The top 10 holdings account for approximately 55% of the total portfolio value, indicating a preference for liquidity and large-cap exposure.