Proem Advisors LLC

The ETF core is the portfolio's defining structural feature. SPDR S&P 500 ETF (SPY, $715.4M, 42.7%, 1.1M shares, +83.3% shares, +$306M, the portfolio's largest position and largest absolute increase) -- a S&P 500 proxy -- anchors the portfolio at nearly half of AUM. The +83.3% share increase in a single quarter represents a massive capital deployment into the broad US equity market; this is the single largest trade in the filing by both share count and dollar value. SPY provides the portfolio's systematic-beta foundation and serves as the manager's highest-conviction broad-market bet. Invesco QQQ ($438.8M, 26.2%, 760,200 shares, NEW position, sold old CUSIP at $232.4M in Q4) -- Nasdaq 100 (mega-cap US tech-and-growth) -- is the portfolio's second-largest position and the quarter's most significant new opening. At 26.2% of AUM, QQQ is effectively a leveraged bet on US technology-and-growth stocks; the manager is not using QQQ for diversification -- it is using it as a concentrated thematic vehicle that overlays the SPY core with aggressive technology-and-AI exposure. The old-QQQ-to-new-QQQ CUSIP migration is a corporate-action artifact. iShares Russell 2000 (IWM, $99.2M, 5.9%, 400,000 shares, NEW) -- small-cap US stocks -- is a contrarian-and-diversification sleeve opening that adds small-cap exposure to the large-and-mega-cap core. IWM's presence signals the manager's view that small-caps are undervalued relative to large-caps, or that the portfolio needs a small-cap diversifier against the mega-cap concentration. Together, SPY + QQQ + IWM account for 74.8% of AUM ($1.25B) -- an extraordinary ETF concentration that defines this book.

The single-stock growth sleeve -- roughly 33 individual positions spanning $515M (30.7% of AUM) -- is the portfolio's alpha layer. NVIDIA Corp ($97.0M, 5.8%, 555,000 shares, -$21.6M from Q4's $118.4M, a -12.6% share reduction despite being the portfolio's second-largest individual stock) was the only mega-cap tech name where the manager reduced position size; the share count fell from 635,000 to 555,000 (-12.6%), possibly taking partial profits after Nvidia's Q1 rally or rotating into other AI-exposure names. However, Nvidia at $97M remains a core conviction hold. Microsoft ($51.8M, 3.1%, 140,000 shares, +87% shares, +$15.6M from $36.3M) was the largest share increase in the single-stock sleeve; the manager nearly doubled its Microsoft position. META ($42.9M, 2.6%, 75,000 shares, +477% shares, +$34.3M from $8.6M) -- the portfolio's most spectacular single-stock increase percentage-wise -- went from a de minimis 13,000-share position to a material 75,000-share conviction bet on Meta's AI-and-advertising narrative. Broadcom ($40.2M, 2.4%, 130,000 shares, +77% shares, +$15.0M from $25.4M) was nearly doubled on a share basis. Apple ($30.5M, 1.8%, 120,000 shares, NEW position) and Amazon ($25.0M, 1.5%, 120,000 shares, NEW, old Q4 position at $77.1M that was nearly completely reduced to $25.0M) -- both opened at materially smaller-than-Q4 weights, with Amazon in particular undergoing a dramatic reduction from $77.1M to $25.0M (-$52.1M, -64.1% shares from 334,000 to 120,000) -- signal that the manager is selectively reshaping its mega-cap growth exposure. Amazon's near-complete reduction despite its market-cap weight being maintained is notable; the manager appears to be reducing Amazon at the margin. Alphabet ($18.6M, 1.1%, 65,000 shares, -$16.7M, -42.2% shares from 112,500) -- was significantly reduced; the value fell from $35.3M to $18.6M with a 42% share cut, suggesting reduced conviction in Google's AI narrative relative to Meta and Microsoft.