STIFEL FINANCIAL CORP

Stifel Financial held $108.8B across an exceptionally broad 8,981-position book reflecting its wealth-management and brokerage client base. The top holdings track the megacap leaders — NVIDIA (2.7%), Apple (2.6%), Microsoft (2.3%), Amazon and Alphabet — but at low individual weights consistent with wide diversification. Q1 activity tilted defensive, with 32 positions trimmed against 15 added: Microsoft (-$927M), Walmart (-$663M), NVIDIA (-$294M) and Apple (-$268M) led the reductions, while AbbVie (+$248M), Eaton and Texas Instruments were increased. New positions in Air Products, Colgate-Palmolive and the SPDR T-bill ETF (BIL) point to a cash-and-staples tilt. Assets eased from $111.2B to $108.8B.