RNC CAPITAL MANAGEMENT LLC

Selling Kenvue to zero while keeping Johnson & Johnson set the tone for RNC Capital Management's Q4 2025 — a diversified $2.2 billion, 173-position large-cap dividend and value portfolio spanning banks (JPMorgan, Northern Trust, M&T Bank, Capital One), energy and utilities (Chevron, Sempra, Evergy, Coterra), and healthcare (Johnson & Johnson, AbbVie, Gilead, Merck). The quarter's clearest real move is a 45.0% increase in Coterra Energy — a genuine $15.1 million addition, the largest true flow this quarter — alongside a 30.6% increase in PepsiCo ($14.1 million). On the reduction side, United Parcel Service was cut 14.7% (-$6.5 million, the largest real trim), with smaller reductions in Broadcom (-10.2%, -$5.1 million), Air Products (-11.1%, -$5.0 million) and Comcast (-9.7%, -$4.1 million). Kenvue, the consumer-health company spun off from Johnson & Johnson, was sold entirely — a $29.5 million exit and the quarter's largest — alongside a full sale of Adobe ($7.0 million). RNC also added a new Alphabet Class A stake ($6.3 million) alongside its existing Class C position, and opened a new position in AstraZeneca ($6.1 million).