PATTON FUND MANAGEMENT, INC.

2. Key Holdings

The portfolio is currently anchored by a substantial allocation to fixed income and equal-weight equity strategies. The largest position, iShares 7-10 Year Treasury Bond ETF (IEF), represents 6.21% of the portfolio ($46.3M). This is a new position and signals a strong defensive posture or a desire to lock in intermediate-term yields. The second-largest holding, Invesco S&P 500 Equal Weight ETF (RSP), accounts for 3.11% ($23.18M), suggesting a preference for diversification away from mega-cap tech concentration compared to a standard market-cap weighted index.

Beyond ETFs, the top individual holdings reveal a value and cyclical tilt. Berkshire Hathaway (BRK/B) is the third-largest individual holding at 1.98%, acting as a stabilizing financial anchor. The portfolio also shows conviction in specific consumer plays, with Warner Bros Discovery (WBD), Dollar General (DG), and Dollar Tree (DLTR) all featuring prominently in the top 20. Notably, the technology exposure is spread across semiconductors (LRCX, AMAT, MU) and hardware/infrastructure (CSCO, IBM), avoiding the ultra-high valuations of some AI pure-plays that were previously held.