SHEPHERD KAPLAN KROCHUK, LLC

Key Holdings

The portfolio is dominated by four major positions, which collectively account for nearly 50% of the total assets.

1. ANGL (VanEck ETF Trust) - 18.62%: This is the largest holding, valued at $9.62 million. ANGL is a bond ETF focusing on corporate bonds with attractive income potential. Its dominance suggests a strong emphasis on yield generation and fixed-income strategies.
2. USMV (iShares MSCI USA Minimum Volatility ETF) - 12.67%: Valued at $6.54 million, this position indicates a defensive tilt. USMV seeks lower volatility relative to the broader market, implying a priority on capital preservation and downside risk management.
3. MTUM (iShares MSCI USA Momentum Factor ETF) - 11.19%: This $5.78 million holding provides a growth-oriented counterweight to the defensive positions. It targets stocks with positive momentum, suggesting the manager seeks to capture market uptrends while maintaining a defensive base.
4. JQUA (JPMorgan ETF) - 10.08%: At $5.21 million, this is another significant fixed-income or quantitatively managed position, further reinforcing the portfolio's heavy allocation toward structured income and factor-based strategies.