NEW YORK LIFE INVESTMENT MANAGEMENT LLC

2. Key Holdings

The portfolio is heavily anchored by large-cap technology giants, which dominate the top ten positions.

• Top Positions: NVIDIA (NVDA) is the largest holding at $620.08M (5.45% of the portfolio), followed closely by Microsoft (MSFT) at $550.89M (4.84%) and Apple (AAPL) at $542.37M (4.77%). Together, these three "Magnificent Seven" stocks constitute nearly 15% of the total assets under management.
• Significance: The presence of Amazon (AMZN), Meta (META), Broadcom (AVGO), and Alphabet (GOOGL/GOOG) further cements a heavy overweight in the technology sector.
• Internal Funds: A notable feature is the inclusion of proprietary New York Life Investments mutual funds and ETFs within the top holdings (e.g., positions #5, #6, #9). These internal allocations, totaling over $800 million combined, represent capital retention within the firm’s ecosystem and likely serve as core equity or fixed income solutions for their strategies.
• Other Notables: Berkshire Hathaway (BRK/B) and JPMorgan (JPM) represent the primary financial services exposure in the top tier, while Tesla (TSLA) holds a significant position at 1.60%.

3. Sector Allocation

The sector distribution reveals a distinct growth tilt balanced with significant allocations to diversified instruments and fixed income.

• Technology Dominance: The Technology sector is the primary allocation engine at $2.09 billion, far exceeding any other specific industry sector. This aligns with the heavy weighting in NVDA, MSFT, and AAPL.
• Diversified Instruments: A significant portion of the portfolio is allocated to "Unknown" ($1.51B) and ETFs ($817.24M). The "Unknown" classification often aggregates proprietary funds or cash equivalents, while the ETF allocation includes broad market funds (MGC, VO) and bond ETFs (FLOT, AGG, VGSH).
• Sector Balance: Beyond Tech, the manager maintains exposure to Communication Services ($647.11M), Consumer Cyclical ($531.13M), and Financial Services ($446.62M). Defensive sectors like Healthcare ($241.92M) and Consumer Defensive ($169.71M) are present but represent smaller slices of the pie, indicating a portfolio skewed toward growth and economic sensitivity.