The firm appears to have adopted a "Core and Satellite" investment approach. A significant portion of the portfolio (approximately 25.2%) is allocated to ETFs, which likely serve as the "core" stable component providing broad market and sector exposure. The "satellite" portion consists of concentrated positions in high-conviction individual stocks, particularly in the technology and healthcare sectors. The high turnover ratio—evidenced by 28 new positions and 9 exits—indicates an active management style focused on tactical reallocation and capitalizing on specific market themes.
Key Holdings
The portfolio is heavily concentrated in mega-cap technology leaders, which dominate the top of the holdings list.
- Top Three Positions: The "Magnificent Seven" representation is strong, with Broadcom (AVGO) leading at $72.74 million (7.82%), followed closely by Apple (AAPL) at $65.78 million (7.07%) and NVIDIA (NVDA) at $62.75 million (6.74%). These three positions alone account for over 21% of the total portfolio value.
- Microsoft & Alphabet: Microsoft (MSFT) and Alphabet (GOOGL) hold the 4th and 5th spots, comprising 5.78% and 5.21% of the portfolio, respectively. This top-five concentration underscores a decisive bet on the structural growth of the technology sector, specifically artificial intelligence, cloud computing, and digital advertising.
- Notable Non-Tech Holdings: Outside of tech, Eli Lilly (LLY) is a significant position at $36.93 million (3.97%), highlighting exposure to the weight-loss drug and pharmaceutical market. JPMorgan Chase (JPM) represents the largest financial holding at 3.78%, and Constellation Energy (CEG) is the top utility pick at 3.14%, reflecting a play on the energy transition and power demand for data centers.