PENN DAVIS MCFARLAND INC

Key Holdings

The portfolio is currently top-heavy, with a strong concentration in mega-cap technology and communication services. The largest position is Alphabet Inc., which accounts for a combined 19.04% of the portfolio (Class C at 13.88% and Class A at 5.16%). This indicates a strong conviction in the Google parent company, likely driven by AI infrastructure or advertising revenue stability.

NVIDIA Corp retains the second-largest position at 8.93% ($93.26M), despite a reduction in shares during the quarter. This suggests the firm is taking profits or trimming high-flying valuations while maintaining a core exposure to the semiconductor AI trade.