Southern Financial Group, LLC

The outlier is Southern Co. At 9.92% of assets, SO is not just another utility line item; it is the one single-stock position large enough to sit beside the ETF core. That matters because the rest of the individual-stock sleeve is tiny by comparison: Diamondback Energy is 1.32%, Apple is 0.73%, Regions Financial is 0.52%, while NVIDIA, Microsoft, Amazon, JPMorgan, and Alphabet each sit around a few tenths of one percent. The portfolio’s stock-specific risk is therefore unusually asymmetric: the table contains many famous tickers, but most of them are rounding errors next to SO and the fund blocks.

The quarter’s activity reinforces that structure. Southern Financial increased JPIE shares by 3.2% and SDVY shares by 0.9%, keeping the ETF spine intact, while GPIX shares jumped 75.7% from a small base. It also reduced Apple shares by 1.9% and Regions Financial by 6.3%, sold out of SOFI, IBM, TSLA, GOOGL, and QCOM, and opened modest new stakes in XOM, GEV, NTR, DUK, and DOW. The changes are real, but they do not alter the main read: this is a portfolio where the headline mega-cap names are less important than the packaged-income/allocation complex and a surprisingly large Southern Co position.