Perigon Wealth Management, LLC

The activity profile for the quarter was moderate: 6 new positions and 6 full exits, with 30 increases and 14 reductions in existing stakes. That results in net ammo toward enlarging positions (more increases than reductions) and limited outright churn in the number of holdings.

Key Holdings

• Concentration in mega-cap tech and broad market ETFs: NVIDIA (NVDA) and Apple (AAPL) are the two largest single holdings at $324.6M (5.81% of the portfolio) and $307.1M (5.49%), respectively. The top 10 positions total about $1.43B, or ~25.6% of the portfolio.
• Significant ETF/ index exposure: VOO ($129.1M, 2.31%), IVV ($118.0M, 2.11%), QQQ ($109.9M, 1.97%), SPY ($60.0M, 1.07%), and VTI ($45.2M, 0.81%). Aggregate ETF line items listed amount to $1.23B, or 22.0% of the portfolio.
• Other material individual names include Amazon ($103.4M, 1.85%), Microsoft ($88.3M, 1.58%), Alphabet (GOOG $88.1M and GOOGL $67.6M combined ≈ $155.7M, ~2.8%), Broadcom ($53.0M), Meta ($49.4M) and financial/consumer large caps like Visa ($44.6M), JPMorgan ($42.6M), Home Depot ($35.6M).
• Precious metals and fixed income ETFs are meaningful: GLD ($55.1M) + IAU ($33.3M) = $88.4M total gold exposure (~1.58%); short-duration/cash ETF BIL is $60.1M. New and increased allocations to VGIT ($88.5M) and BIL indicate material exposure to Treasury/bill ETFs this quarter.