RPO LLC

2. Key Holdings

The composition of the top holdings reveals a distinct bar-bell strategy balancing broad market exposure with high-growth and value cyclicals.

• SPDR S&P 500 ETF Trust (SPY): This is the dominant holding, valued at $613.18 million and comprising 76.27% of the portfolio. This is a new position initiated this quarter. It serves as a passive beta play, likely acting as a liquidity reservoir or a broad market hedge. The sheer size of this position relative to the rest of the portfolio suggests a desire to capture overall market upside while minimizing unsystematic risk associated with individual stock picking.
• NVIDIA Corporation (NVDA): The second largest holding at $65.49 million (8.15%), also a new position. This indicates a strong conviction on the artificial intelligence and semiconductor trade. By holding NVDA alongside the SPY, the firm gains leveraged exposure to the tech sector's heaviest weight.
• ConocoPhillips (COP): A $45.50 million (5.66%) position, COP represents a significant tilt toward energy and inflation hedging. This diversifies the portfolio away from pure tech growth, offering exposure to oil prices and cash flow generation.
• Digital Assets & ETFs: The firm maintains a basket of Bitcoin and Ethereum ETFs (IBIT, BITB, ETHA, etc.), totaling approximately $19.4 million or 2.4% of the portfolio. While small relative to the SPY holding, this represents a distinct speculative allocation to the cryptocurrency asset class.