PARAGON CAPITAL MANAGEMENT INC

2. Key Holdings

The most striking feature of the current portfolio is the heavy weighting toward short-duration fixed income and liquidity ETFs. The top two positions, IEF (iShares 7-10 Year Treasury Bond) and SHV (iShares Short Treasury Bond), account for 9.14% and 8.53% of the portfolio, respectively. Combined with BIL (SPDR Bloomberg 1-3 Month T-Bill) at 5.87%, the firm holds nearly 24% of its total assets in low-risk, interest-rate-sensitive instruments. This indicates a defensive posture regarding interest rate risk or a need for high liquidity.

In the equity portion, the top holdings are dominated by high-quality compounders and specific secular growth stories. Meta Platforms (META) remains a key communication services holding at 1.86%, while O'Reilly Automotive (ORLY) and Booking Holdings (BKNG) represent significant bets on the consumer and industrial sectors. Notably, the portfolio includes substantial positions in less liquid, high-conviction names such as MercadoLibre and Idexx Laboratories (IDXX).