State of Alaska, Department of Revenue

Despite the increase in capital, the portfolio remains highly diversified with 3,587 total holdings. The average position size is relatively small (approx. $2,600 per holding), indicating a passive or indexed approach to the bulk of the portfolio, while the top holdings represent a more concentrated active bet on specific mega-cap technology leaders. The filing reflects a "core and satellite" structure, where a vast number of small positions provide broad market exposure, and the top 10 holdings drive the majority of the portfolio's performance profile.

2. Key Holdings

The portfolio is heavily concentrated in the "Magnificent Seven" and other mega-cap technology giants, which dominate the top 10 positions.

• NVIDIA (NVDA) remains the largest holding at $514.40K (5.47% of the portfolio). Despite a reduction of 6.9% during the quarter, it maintains a commanding lead over other positions.
• Apple (AAPL) and Microsoft (MSFT) are the second and third largest holdings, representing 5.33% and 4.87% of the portfolio, respectively. Notably, both were new positions this quarter, with significant capital deployments of $501.31K and $457.55K.
• Top 10 Concentration: The top 10 holdings account for approximately 27.6% of the total portfolio value. This group includes NVDA, AAPL, MSFT, AMZN, GOOGL, GOOG, AVGO, META, TSLA, and BRK/B. The heavy weighting towards these specific names implies a strong conviction in the continued dominance of US large-cap growth and technology.