Solitude Financial Services

Key Holdings

The portfolio is dominated by a core of exchange-traded funds (ETFs) and a significant single-stock position in Berkshire Hathaway.

• SPDR Portfolio S&P 500 ETF (SPYM): This is the largest holding, comprising 21.94% of the portfolio ($66.54M). It serves as the primary anchor, providing passive exposure to the large-cap U.S. equity market.
• Berkshire Hathaway (BRK/B): A new and substantial position, BRK/B is the second-largest holding at 18.28% ($55.43M). This represents a massive conviction bet on the financial conglomerate, likely viewing it as a stabilizing, value-oriented counterweight to the broader market ETFs.
• Schwab Fundamental ETFs: A trio of Schwab funds—FNDA (Small-Mid Cap), FNDF (International), and FNDX (Large Cap)—collectively account for 27.21% of the portfolio. This indicates a strategic tilt toward "fundamental" indexing strategies rather than traditional market-cap weighting.
• Top Individual Stocks: Outside of Berkshire, the manager holds concentrated positions in NVIDIA (NVDA) and Apple (AAPL), maintaining exposure to the technology mega-cap growth trade, though at much smaller weights (1.43% and 1.39% respectively) compared to the ETF sleeves.

Sector Allocation

The portfolio exhibits a distinct "Core and Satellite" structure with a heavy emphasis on broad market allocation through ETFs.

• ETFs: The largest category by classification is ETFs at $202.28M (66.7%). These funds provide exposure across Financials, Energy, Technology, Precious Metals, and Utilities.
• Financial Services: Excluding ETFs, the Financial Services sector is the largest equity concentration at $66.75M (22.0%). This is driven almost entirely by the new position in Berkshire Hathaway, along with smaller positions in JPMorgan Chase, American Express, Citigroup, and U.S. Bancorp.
• Technology: Direct technology exposure totals $10.53M (3.47%), held through NVDA, AAPL, and AVGO.
• Defensive & Real Assets: The manager has allocated meaningful capital to defensive sectors and inflation hedges, including Energy ($8.09M), Precious Metals ($8.89M), and Utilities ($970K). This suggests a desire to hedge against volatility or inflationary pressures despite the generally bullish equity allocation.