2. Key Holdings
The portfolio is dominated by a few large-scale core positions, with the top 10 holdings accounting for roughly 75% of the total assets.
- IWB (iShares Russell 1000 ETF): This is the largest holding at $19.38M (16.07%). As a core large-cap fund, it provides broad exposure to the top 1,000 U.S. companies.
- DFAS (Dimensional U.S. Core Equity 2 ETF): The second largest position at $15.41M (12.78%), representing a significant tilt toward Dimensional Fund Advisors' (DFA) strategies, which often emphasize factor investing (such as value and profitability).
- AVLV (Avantis U.S. Large Cap Value ETF): Comprising $10.28M (8.52%), this position reinforces a "value" tilt within the large-cap space.
- Dimensional & Vanguard Dominance: A notable observation is the heavy usage of specific ETF providers. Beyond DFA funds, VONV (Vanguard U.S. Value Factor) holds $7.05M (5.84%), further cementing the portfolio's apparent focus on value factors.
3. Sector Allocation
The stated sector allocation is somewhat skewed by the classification of ETFs as a distinct asset class rather than being broken down into their underlying sectors. However, analyzing the underlying mandates of the top ETFs reveals the true economic exposure:
- Equities (U.S. & Global): The vast majority of the portfolio is equity-heavy. Funds like IWB, VTI, and QQQ provide total market and growth exposure, while AVLV, VONV, and IWN provide value exposure.
- Fixed Income: AGG (iShares Core U.S. Aggregate Bond ETF) represents the only significant bond holding at $1.65M (1.37%).
- Direct Sector Holdings: Outside of ETFs, the manager holds a small concentration in specific sectors, primarily Utilities ($808.49K) and Industrials ($219.23K). Individual positions include Enterprise Products Partners (EPD), ONEOK (OKE), and Plains All American Pipeline (PAA), all of which are midstream energy companies (often categorized as Energy or Industrials/Utilities depending on the taxonomy).
- International: Funds like IXUS and XSOE suggest roughly 7-8% of the portfolio is allocated to international and emerging markets.