Sunesis Advisors, LLC

Key Holdings and Their Significance

• SPY (SPDR S&P 500 ETF): $4.39M (16.27%). Largest single holding and the primary equity core exposure to U.S. large-cap. Size signals that the filer uses SPY as the baseline market exposure rather than building exclusively from individual equities.
• Palmer Square Capital BDC IN: $3.67M (13.59%). A sizable allocation to a business development company (BDC) — a yield-oriented, credit-sensitive vehicle. The position is material relative to portfolio size and increases exposure to credit/leveraged lending risk and yield generation.
• IUSB (iShares U.S. Bond ETF): $3.28M (12.16%). A major fixed-income allocation that materially reduces overall portfolio equity beta and provides duration/credit exposure. The filer increased this holding by $287K (+8.1%) this quarter.
• NVDA (NVIDIA): $2.58M (9.57%). The largest single-equity growth/technology exposure. Despite being reduced this quarter, a near-10% position represents meaningful single-stock risk and upside participation in semiconductor/AI themes.
• Other ETFs (SPYV, SPHY, VTWO, XLK, SPYG, DFIV, HDV): collectively form the remainder of ETF core and factor tilts (value, small-cap, sector/tech, dividend/quality). These provide targeted exposures while overlapping with SPY to varying degrees.
• New material equity positions: CHUBB ($700.8K, 2.60%) and XOM ($343.8K, 1.27%) introduce insurance and energy exposures — both likely income/defensive/value complements to the ETF core.

Sector and Exposure Profile

• ETF-weighted portfolio: ETFs represent ~71.6% ($19.33M) of assets; this dominates allocations and drives overall sector/geographic exposures.
• Technology: $2.58M (9.6%), driven entirely by NVDA as the single-stock tech exposure.
• Communication Services: $379K (1.4%) via GOOGL.
• Energy: $344K (1.3%) via new XOM position.
• International exposure is modest: EWJ ($237.7K, 0.88%), HEDJ ($221.8K, 0.82%), IEMG ($212.2K, 0.79%). Combined international ETFs sum to ~2.5%—a small allocation relative to U.S. equity exposure.
• “Unknown” classification (~$4.37M, ~16.2%) likely represents non-standard categorizations (e.g., BDC and possibly some single-name equities). This is a material bucket because it contains the Palmer Square BDC (13.6%), which carries distinct credit/yield risk compared with broad-market ETFs.