Ravenstone Capital Management Inc.

The quarter's only material changes occurred within that core. Alphabet Class C was reduced 28% to $13.5M, trimming what had been the portfolio's third-largest stake. Amphenol fell 17% to $11.7M, and Zoetis was cut 8.5% to $6.5M. Those reductions freed capital for a new $7.5M position in Becton Dickinson, while Roper Technologies—dragged lower by mark-to-market losses—was eliminated entirely at $5.6M.

Within the technology sleeve, Microsoft and Visa both saw share counts rise slightly while their market values fell—reflecting price softness rather than conviction shifts. Alphabet Class A, Meta, Amazon, and Costco were all trimmed marginally, and the tiny legacy positions in Snowflake, Nvidia, Tesla, and Applied Materials were barely touched. The advisor initiated micro-positions in Broadcom, Vertiv, Constellation Energy, Vistra, Applied Materials, Taiwan Semiconductor, Lockheed Martin, ASML, and RTX—each under $25K, likely vesting-restricted shares or rounding adjustments rather than new theses.