NORRIS PERNE & FRENCH LLP/MI

The portfolio currently comprises 163 holdings, indicating a diversified approach. However, the management actively reshaped the portfolio this quarter, with 33 new positions initiated and **33 positions sold completely. This high level of churn suggests a strategic reallocation rather than a passive buy-and-hold strategy. The inclusion of ETFs alongside individual equities points to a hybrid approach combining core market exposure with active stock selection.

2. Key Holdings

The firm has adopted a "core-satellite" structure, with a heavy concentration in mega-cap technology leaders while maintaining a long tail of smaller positions.