Sequent Asset Management, LLC

The standout trade is the doubling of SLB Ltd. The Schlumberger position went from 124,081 shares at year-end Q3 2025 to 253,729 shares by December, jumping in market value from $4.3 million to $9.7 million — a 104% share increase and the largest single-name addition in absolute dollars. SLB is not a household-name tech or healthcare play; it is an energy-services infrastructure name that benefits most directly from the E&P capex cycle, and its doubling here reads like the manager building exposure to a commodity-routed earnings recovery thesis before the broader market had fully repriced it.

XLK received an analogous treatment: Select Sector SPDR Technology fund went from $19.8 million to $20.2 million, but the share count jumped by roughly 70,000 shares — roughly a doubling — because the fund was building the position at lower FXAIX-VOO-weighted prices heading into year-end. The net effect is that XLK now sits at 9.0% of the book, up meaningfully from 9.4% weighted by the rising denominator but consistent with a view that the technology sector is the portfolio's primary source of active return.