SEVEN MILE ADVISORY

Seven Mile Advisory’s $139 million book is what remains after a $443 million drawdown — a quarter in which the fund went from $582 million to its current size. That kind of shrinkage does not happen through normal market movement; it reflects large-scale redemptions that forced the portfolio to be liquidated in a hurry. The result is a book that looks nothing like the one it replaced.

The prior quarter was a diversified, multi-layer ETF mandate: Vanguard developed-markets, mortgage-backed, and Treasury sleeves; Dimensional international value and small-cap funds; iShares core S&P 500; plus satellite positions in Nvidia, Apple, Amazon, Microsoft, and Alphabet. All of that was unwound. VEA (developed markets) was cut by 95%, from $34 million to $1.7 million. VGSH (short-term Treasuries) fell 83%. IVV (core S&P 500) was reduced 96%. VMBS, OEF, DFIV, VTI, VTV, IEF, VGIT, GOVT, JMBS, and DISV — ten large fixed-income and factor ETFs — were all closed.