Powerhouse Assets LLC

The portfolio is highly diversified in terms of the number of securities, but the concentration is heavily weighted toward the top positions. The top two holdings alone account for 52.13% of the total portfolio value. This suggests that while the manager uses many funds to fine-tune exposure, the primary engine of the portfolio's performance is tied to the performance of the US large-cap equity market. The absence of individual stock picking—evident by the fact that only a handful of single stocks appear in the top 50—reinforces the notion that this firm utilizes a systematic or asset allocation model rather than fundamental security selection.

2. Key Holdings