NORTH POINT PORTFOLIO MANAGERS CORP/OH

The portfolio consists of 75 holdings, reflecting a diversified approach. The manager has shifted from a potentially concentrated strategy to a broader one, evidenced by the creation of 34 new positions during the quarter. Despite the increase in the number of holdings, the portfolio retains a core-satellite structure, with the top 10 positions accounting for approximately 40.5% of the total portfolio value. The inclusion of several index funds (QQQ, IVV, SPY, VOO, VTI) in the smaller positions indicates a use of ETFs for liquidity or broad market exposure, while the active capital is concentrated in specific high-conviction equities.

2. Key Holdings