Sage Mountain Advisors LLC

2. Key Holdings

The portfolio is heavily concentrated in its top positions, with the first three holdings accounting for roughly 30.7% of the total assets.

• JAAA (Janus Detroit Str Tr): This is the dominant position, valued at $253.83M (13.46%). This ETF typically focuses on defined-maturity or income-generating strategies, suggesting a strong tilt toward income or capital preservation within the core allocation.
• JQUA (JPMorgan ETF): The second-largest holding at $185.72M (9.85%), likely representing a quantitative equity or income strategy.
• VTI (Vanguard Total Stock Market): A new position and the third-largest at $139.83M (7.42%), providing broad exposure to the entire U.S. equity market.
• QUAL (iShares MSCI USA Quality Factor): At $111.62M (5.92%), this indicates a preference for high-quality companies with strong balance sheets.
• IQLT (iShares MSCI USA Small-Cap Quality Factor): Valued at $68.27M (3.62%), this extends the quality factor tilt into the small-cap universe.