R.M.SINCERBEAUX CAPITAL MANAGEMENT LLC

The current portfolio structure is highly concentrated, with the top 10 positions accounting for the vast majority of assets. The reduction in holdings suggests a pivot toward capital preservation, a realization of cash for redemptions, or a strategic shift to a high-conviction, low-turnover "core" portfolio. The lack of new positions indicates that the firm is currently in a consolidation phase, preferring to hold cash or allocate exclusively to existing winners rather than deploy capital into new ideas.

Key Holdings

The portfolio is dominated by large-cap, blue-chip companies, with a heavy emphasis on quality and dividend yield.