Serenity Investment Advisors

That consolidation came with a corresponding simplification elsewhere in the book. Serenity cut its SPDR S&P 500 ETF Trust (SPY) position by more than half, from 2,290 shares to 988 (-57%, -$842K), and eliminated both sector-specific Select Sector SPDRs it had carried: the Technology sector fund (XLK, -$1.26 million, the single largest position exit this quarter) and the Health Care sector fund (XLV, -$313K). Four individual stocks were also sold out entirely — Berkshire Hathaway B shares (BRK/B), CME Group (CME), Meta Platforms (META), and insurance broker Brown & Brown (BRO) — none large in isolation, but together they mark a retreat from single-name exposure outside the core sleeve.

The new money went two very different directions. The largest addition was a fresh $11.2 million stake in Fidelity's FMDE, more than the value of any other new position by a wide margin and roughly 5.25% of the total book — a scale that looks like parked or transitional capital rather than a tactical call. At the opposite end, Serenity also opened a small position in Direxion's leveraged semiconductor ETF (SOXL, $462K) — a 3x-levered bet that stands out against the otherwise plain-vanilla, diversified shape of everything else in the filing. It's a tiny allocation (0.2% of the book), but it's the one clearly directional, higher-risk call in an account that is otherwise built around broad, low-cost index exposure.