PLANNING ALTERNATIVES LTD /ADV

Planning Alternatives' $774.8 million Q1 2026 book shrank modestly overall (-2.4% from $793.9 million), but the headline move inside it is far sharper: the manager cut its Vanguard Dividend Appreciation (VIG) stake by 93%, from $58.8 million (7.4% of assets) down to just $4.1 million (0.5%) — the single largest position-level reduction in the filing. Schwab U.S. Dividend Equity (SCHD) was exited entirely the same quarter, confirming this was a deliberate retreat from dividend-growth and income-factor ETFs, not an isolated trim. Elsewhere, the manager leaned into breadth and momentum: iShares Core S&P Mid-Cap (IJH) grew 2.1% in shares (+$3.7 million), Columbia EM Core ex-China (XCEM) grew 18.7% (+$3.3 million), and the iShares Bitcoin Trust (IBIT) more than doubled in shares, though it remains a small 0.2% sliver of the book. Individual stock adds included Nvidia (NVDA, +26.6% shares), Caterpillar (CAT, +20.1% shares), and Lam Research (LRCX, +6.3% shares), alongside new stakes in Meta Platforms (META), Johnson & Johnson (JNJ), and Costco (COST). The fund's core anchor, iShares Core S&P 500 (IVV), remains the single largest position at 35.0% of assets — its dollar value dipped 4.4% this quarter on a nearly flat share count, a price effect rather than a sale.