O'SHAUGHNESSY ASSET MANAGEMENT, LLC

2. Key Holdings

The portfolio is dominated by large-cap growth and technology leaders, though no single position represents an overwhelming concentration risk. The top three holdings—NVIDIA (NVDA), Microsoft (MSFT), and Apple (AAPL)—are nearly equal in weight, ranging from 3.34% to 3.88% of the portfolio.

• Top Performers: NVDA remains the largest position at $660.4 million, followed closely by MSFT at $611.6 million and AAPL at $569 million. Collectively, these three "Magnificent Seven" members account for approximately 10.8% of the total assets.
• Mega-Cap Tech & Communication: Beyond the top three, the firm holds substantial positions in Amazon, Broadcom, Meta, and Alphabet (both Class A and C shares).
• Financial & Consumer Weightings: The top 50 list reveals a deep bench of financial giants (JPMorgan, Visa, Berkshire Hathaway) and defensive consumer staples (Altria, Walmart), balancing the aggressive growth tilt of the technology sector.
• Position Sizing: The largest position is under 4%, and the 50th position (Citigroup) is roughly 0.38%. This tight clustering suggests a disciplined approach to position sizing, likely adhering to quantitative risk models that prevent over-concentration in any single name.