Relyea Zuckerberg Hanson LLC

Key Holdings and Their Significance

• VUG (Vanguard Growth ETF): $118.71M (11.99% of portfolio). Single largest position; provides concentrated exposure to U.S. large-cap growth.
• VTV (Vanguard Value ETF): $88.01M (8.89%). Large complementary exposure to large-cap value.
• IWF / IWD (iShares large-cap growth / value): $55.80M (5.64%) and $43.72M (4.42%). These mirror the growth/value split and reinforce the style tilts established by VUG/VTV.
• BIL (short-duration Treasury ETF): $42.25M (4.27%). A sizeable cash-like/liquidity sleeve.
• VEA (developed ex-US equities): $35.88M (3.62%). The largest explicit international equity allocation.
• Direct mega-cap holdings: MSFT $27.14M (2.74%), AAPL $26.00M (2.63%), NVDA $23.12M (2.34%). These are meaningful active exposures to large-cap technology names but are relatively small compared to the ETF sleeve.
• Other broad-market ETFs with notable weights: SPY $20.31M, VTI $11.14M, QQQ ~$10.57M, VOO $10.91M.

Interpretation: The portfolio’s largest dollar exposures are to passive, broad and factor ETFs (growth and value), with selective direct holdings in mega-cap tech and some sector/factor ETFs. The top-10 concentration (~50%) is high, but much of that concentration is driven by diversified ETFs rather than single-stock bets.