SILVER OAK SECURITIES, INCORPORATED

The ETF core is where the quarter's most deliberate decision was made. The manager entered Q1 with substantial positions in FTCS (First Trust Capital Strength, $40M), QQQ (Invesco NASDAQ-100, $10.7M), FVD (First Trust Dividend, $10.6M), RDVY (First Trust Dividend, $23.2M), CGUS (Capital Group Core Equity, $34.8M), CGDV (Capital Group Dividend Value, $26.7M), and a wide range of smaller ETF sleeves including Victory, Putnam, and Invesco factor and quality strategies. In Q1, the manager liquidated nine of these positions entirely — including the entire $40M FTCS position, the $10.7M QQQ, the $10.6M FVD, $10.1M in Invesco Momentum, $9.6M Invesco Quality, $8.2M Vanguard Large-Cap Growth, $7.2M SPDR Midcap, and $7.2M Schwab Growth — and replaced them with nine new positions in SCHD (Schwab US Dividend, $12.2M, +$3.1M), BIL (SPDR short-term Treasury, $11.4M, +$1.7M), CGGO (Capital Group Global Growth, $11.3M new), AVUV (Avantis Small-Cap Value, $13.0M new), IDMO (Invesco Multi-Asset, $9.4M new), IOO (iShares Global 100, $5.4M new), LVHI (Legg Mason High Income, $5.4M new), XOM ($5.3M new), and USFR (WisdomTree Floating Rate, $5.3M new). The thematic through-line is unambiguous: the manager is rotating out of broad market-cap, momentum, and growth factor ETFs and into dividend-paying, short-duration, and value-oriented strategies. That is a defensive reallocation consistent with a higher-for-longer rate view or an expectation that equity volatility will increase.

The single-name equity sleeve is substantially smaller than the ETF core but is the portfolio's alpha driver. Apple ($28.5M, 2.1%) and NVIDIA ($22.1M, 1.6%) remain the two largest individual positions, but both were reduced — Apple by $5.0M (-8.5% shares), NVIDIA by $3.0M (-5.4%). Microsoft ($10.7M, -$4.6M), Broadcom ($10.1M, -$2.4M), and Amazon ($13.6M, -$2.6M) all received meaningful cuts, while Meta, Alphabet GOOGL, and Caterpillar were held roughly flat. The only new single-name addition was ExxonMobil ($5.3M), which opened from scratch and represents a deliberate energy-sector overlay that was previously absent from the single-name book. The technology sector — Apple, NVIDIA, Microsoft, Broadcom, Amazon, Alphabet, and Caterpillar — totals roughly $105M across 7 names, down from roughly $120M in the prior quarter. The reduction is modest in percentage terms but meaningful in dollar terms, and it aligns with the ETF-side rotation out of growth and into dividend/value: the manager is reducing its high-multiple technology concentration while adding dividend-paying and commodity-linked exposure.