Richmond Investment Services, LLC

The IWL Foundation

The portfolio's core is IWL — iShares Russell Top 200 — at $65.8M, 10.6% of the book. IWL captures the largest 200 U.S. stocks by float-adjusted market cap but is not cap-weighted; it uses a proprietary weighting methodology that sub-cap-weight mega-caps and gives larger weights to mid-large names, making it a purer large-mid-cap vehicle than the standard S&P 500. Holding IWL at 10.6% alongside SPY ($5.4M, 0.9%), IVV ($3.7M, 0.6%), VOO ($586K), and QQQ ($40.0M, 6.5%) creates a U.S. large-cap equity core built from four distinct indexing methodologies — a deliberate diversification of cap-weighting assumptions that is a recognizable systematic-investor technique.