Silver Grove Financial Group, Inc.

Silver Grove Financial Group spreads a $124.4 million book across 646 separate holdings — an extraordinarily granular structure for a filer this size, averaging under $200,000 per position. That granularity shows up in the quarter's activity: the single largest dollar move anywhere in the book was a modest $1.9 million increase in a fund position (ticker EDGF), and the next-largest changes were incremental trims to top holdings rather than any decisive new bet. The fund's biggest stake, a quantitative sector-rotation fund (SECT, 7.4% of the book), and its second-largest, Vanguard's S&P 500 ETF (VOO, 5.6%), both drifted slightly smaller as percentages of the book this quarter without being meaningfully sold. The most proportionally aggressive move was a 35% cut to Berkshire Hathaway B shares — still only a $735,000 change given the position's small absolute size. Full exits included the Akre Focus Fund, a third-party mutual fund position, and several single-factor Dimensional and iShares ETFs, replaced by small new stakes in Eli Lilly, Caterpillar, Costco and the energy-sector SPDR (XLE). For a filer this diversified, the picture is granular rebalancing at the margins, not concentrated conviction.