RICHARDS, MERRILL & PETERSON, INC.

Richards, Merrill & Peterson's 285-position, $315.1 million book made a clean five-for-five swap this quarter: Verizon, Honeywell, Constellation Energy, Medtronic, and T-Mobile were all fully exited (roughly $1.5 million each), while Palo Alto Networks ($2.6 million), VanEck Semiconductor ETF ($2.2 million), Texas Instruments ($1.7 million), iShares Core S&P Small-Cap ETF ($1.7 million), and Taiwan Semiconductor ($1.6 million) all arrived as brand-new positions — a rotation out of defensive telecom/industrials/healthcare-device names and into semiconductors and cybersecurity. With no single position above 5% of the book, this reads as a broadly diversified growth-and-income mandate making a thematic tilt rather than a concentrated bet.