Stephens Consulting, LLC

2. Key Holdings

The portfolio is dominated by Vanguard ETFs, which occupy the top seven positions.

• VOO (Vanguard S&P 500 ETF): This is the largest holding at $66.34 million, comprising 21.44% of the portfolio. This indicates a strong conviction in large-cap U.S. equities.
• BND (Vanguard Total Bond Market ETF): The second largest holding at $30.15 million (9.74%), suggests a significant focus on fixed income to stabilize portfolio volatility and generate yield.
• Equity Factor ETFs: The manager holds substantial positions in factor-specific funds: VO (Mid-Cap), VTV (Value), VB (Small-Cap), and AVUV (Small-Cap Value). Collectively, these positions (ranks 3, 4, 5, 7, and 8) demonstrate a strategic tilt away from pure large-cap growth toward value and size factors.
• JMUB (JPMorgan Ultra-Short Income ETF): Holding $18.83 million (6.09%), this position reinforces a defensive posture, likely serving as a cash substitute or short-duration fixed income allocation.
• Individual Equities: The most significant active stock pick is Berkshire Hathaway (BRK/B) at $8.99 million (2.91%), followed by Raymond James (RJF) at $6.47 million. These are the only individual stocks to exceed a 2% allocation weight.