SRH ADVISORS, LLC

2. Key Holdings

The most striking feature of this filing is the dominance of Elevation Series Trust, which occupies the top two positions totaling $217.32M, or 62.58% of the entire portfolio.

• Elevation Series Trust (Position 1): Valued at $170.71M, this single position represents nearly half (49.16%) of the total assets. Given the filer's name (SRH Advisors), it is highly probable that this is a proprietary or affiliated fund, indicating a strategy of investing significant capital in their own managed products.
• Elevation Series Trust (Position 2): The second tranche of this trust adds another $46.61M (13.42%).

Outside of these proprietary holdings, the advisor utilizes a core-satellite approach using liquid ETFs and blue-chip stocks:

• SCHD (Schwab U.S. Dividend Equity ETF): The third-largest position at $24.21M (6.97%). This indicates a strong tilt toward dividend growth and quality income.
• JPMorgan Chase & Co. (JPM): The largest individual equity holding at $18.44M (5.31%), representing a significant bet on the financial sector.
• Berkshire Hathaway (BRK/B): A position of $4.89M, reinforcing a focus on high-quality financial conglomerates.