SHELTON CAPITAL MANAGEMENT

The management style appears to be tactical and aggressive. The firm executed a high volume of turnover during the quarter, with 50 positions undergoing changes (19 increases, 22 reductions, 9 new buys, and 9 complete exits). Notably, there were zero unchanged positions among the top movers reported, indicating a dynamic approach to portfolio rebalancing in response to market conditions or valuation adjustments.

Key Holdings

The portfolio is heavily anchored by the "Magnificent Seven" and other large-cap technology leaders, which dominate the top 10 positions.

• Top Positions: Apple (AAPL) and NVIDIA (NVDA) are the twin pillars of the portfolio, accounting for 8.49% and 8.33% of total assets, respectively. Combined, these two positions represent nearly 17% of the entire fund's value.
• Core Tech Exposure: Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO) round out the top five, reinforcing a heavy concentration in the technology sector.
• Communication Services: Meta Platforms (META) and Alphabet (GOOGL/GOOG) hold significant weight, totaling over 4% of the portfolio when combined.
• Other Notables: Tesla (TSLA) remains a key holding at 2.19%, while Netflix (NFLX) and Cisco (CSCO) also feature in the top tier.