OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC

SGOV, Osborne Partners' short-term Treasury cash-parking ETF, more than doubled this quarter — shares up 120.3%, from $19.8 million to $43.7 million — a genuine defensive cash build. In the same quarter, the fund fully exited iShares Gold Trust ($14.3 million) and Cheniere Energy ($14.3 million), two very different kinds of holdings leaving the book at once. Zoomed out, the core stayed largely intact: Vanguard International Equity remains the largest position at 7.3% and Apple second at 3.8%, both moving only modestly. New positions tilted toward energy — Exxon Mobil, SLB, and Kinder Morgan all arrived fresh — funded partly by exits from Las Vegas Sands, Take-Two Interactive, Ryanair, and Disney.