STEPH & CO

Key Holdings

The portfolio is dominated by a few "core" positions that constitute a significant portion of the total assets.

• Top Concentration: The two largest positions, JAVA (JPMorgan Active Value ETF) and VOO (Vanguard S&P 500 Index ETF), represent 17.00% and 13.70% of the portfolio, respectively. Combined with JGRO (JPMorgan Active Growth ETF) at 13.32%, these three positions alone comprise nearly 44% of the entire fund's value.
• Active vs. Passive: There is a distinct preference for JPMorgan's active ETF suites (JAVA and JGRO) alongside Vanguard's passive index products (VOO, VTI). This indicates a "barbell" approach where the manager seeks beta exposure through broad market indices while relying on active managers for specific factor tilts (Value and Growth).
• Individual Equities: Individual stock holdings are minimal in comparison to the ETF allocation. The largest individual equity holding is Apple (AAPL) at just 0.87%, followed by Nicolet Bankshares and JPMorgan Chase, both under 0.4%. This confirms that the firm's strategy is overwhelmingly asset allocation-focused via funds rather than security selection.