PETREDIS INVESTMENT ADVISORS LLC

The portfolio currently consists of 112 holdings, indicating a diversified approach. However, the activity level during this quarter was exceptionally high, with a complete turnover in 50 positions: 25 new positions were initiated and 25 existing positions were sold entirely. Only 6 positions saw increases in stake size, while 19 were reduced. This high velocity of trading, combined with the doubling of portfolio size, points to a major strategic reallocation rather than mere organic growth.

Key Holdings

The portfolio is heavily concentrated in its top ten positions, which account for approximately 53.5% of the total portfolio value. The largest single holding is the MGK (Vanguard Mega Cap Growth ETF) at $113.24 million (8.87%), followed closely by the XLF (Financial Select Sector SPDR Fund) at $105.22 million (8.24%).