Southeast Asset Advisors, LLC

Key Holdings

The portfolio is characterized by significant concentration in its top tier, with the top three positions accounting for approximately 53.4% of the total value.

• Alphabet Inc. (GOOG): This is the dominant holding, comprising 26.93% of the portfolio ($109.26M). The firm split its position between Class A (GOOGL) and Class C (GOOG) shares, but the vast majority is in Class C. The firm increased this stake by roughly 38.6% during the quarter (adding $30.46M), signaling strong confidence in the communication services giant despite the overall portfolio shrinkage.
• CNX Resources Corporation (CNX): The second-largest holding at 19.15% ($77.71M). This heavy weighting in the energy sector suggests a specific tactical play on natural gas or domestic energy production. The position was slightly increased by 3.63M during the quarter.
• ETF Exposure: The firm utilizes ETFs for tactical exposure, with RSP (Invesco S&P 500 Equal Weight), GDX (Gold Miners), and GLD (Gold Trust) rounding out the top five. The allocation to gold-related assets (GDX and GLD) totals roughly 7.6% of the portfolio, indicating a hedge against market volatility or inflation.