Putney Financial Group LLC

The portfolio is now a concentrated, growth-oriented strategy with a distinct "barbell" approach to risk. While the top ten holdings command 55.4% of the total assets, the manager has diversified the tail of the portfolio across various sectors. The turnover rate was exceptionally high this quarter, characterized by aggressive entry into mega-cap technology stocks and a significant culling of previous positions. The firm has moved away from a smaller, possibly more value-oriented or mixed strategy to a strategy heavily anchored in secular growth themes, specifically artificial intelligence, cloud computing, and digital infrastructure.

2. Key Holdings

The portfolio is dominated by the "Magnificent Seven" and related technology enablers, which form the core of the firm's conviction.