POTOMAC FUND MANAGEMENT INC /ADV

The portfolio consists of 54 holdings, displaying a highly concentrated structure with a distinct barbell strategy. The top three positions account for approximately 70% of the total portfolio value. The investment approach is characterized by a heavy reliance on leveraged and inverse exchange-traded funds (ETFs) to execute tactical views on interest rates and equity markets, rather than traditional stock selection. The firm utilizes a "core-satellite" approach where the core is comprised of duration-targeted Treasury ETFs and leveraged equity exposure, while the satellites include niche fixed-income strategies and specific thematic equity plays.

2. Key Holdings

The portfolio is dominated by three massive positions that dictate the fund's risk and return profile: