Synergy Asset Management, LLC

Key Holdings and Their Significance

• Mega-cap technology dominates the largest individual exposures. Microsoft (MSFT) is the single largest holding at $83.04M (8.64% of the portfolio). NVIDIA (NVDA) remains meaningful at $64.83M (6.74%) despite a large reported reduction, and Apple (AAPL) is $50.11M (5.21%). Together, MSFT + NVDA + AAPL represent ~20.6% of the portfolio.
• ETFs and cash-like allocations are material in top positions. The unlabeled “ISHARES TR” position ($52.71M, 5.48%) and the short-duration cash ETF BIL ($52.68M, 5.48%) are both top-4 holdings. The presence of AGG, VGIT, EMB, HYS and other fixed-income ETFs (shown among top 50) further indicates a notable short-duration and bond ETF sleeve totaling roughly $68M (~7.1%) when BIL, AGG, VGIT, EMB, HYS are summed.
• Large active positions in other sectors: Citizens Financial Group (CFG, $33.83M, 3.52%), Amazon (AMZN, $33.81M, 3.52%), Meta (META, $31.28M, 3.25%) and Coca‑Cola (KO, $29.38M, 3.06%). Healthcare and industrial names (e.g., Boston Scientific $23.66M; AbbVie $23.00M; Teledyne $11.94M) appear as mid‑size convictions.
• Concentration risk: The top 10 holdings (~47.5%), and the top 3 (~20.9%), show that a small number of equity/ETF positions drive a sizable portion of portfolio returns and risk.

Sector Allocation and Notable Tilts

• The largest reported sector allocation is Technology at $239.81M (≈24.96% of portfolio). Communication Services is $84.06M (≈8.74%). ETFs are aggregated at $97.05M (≈10.09%). An “Unknown” category is $123.53M (≈12.85%) — these appear to be tickers or instruments not mapped to a conventional sector in the filing (examples include some small caps and possibly non‑standard tickers) and should be reviewed for exact exposures.
• Financial Services ($75.21M, ≈7.83%), Consumer Cyclical ($66.48M, ≈6.92%), Healthcare ($63.12M, ≈6.57%) and Consumer Defensive ($46.58M, ≈4.84%) are meaningful but far smaller than the technology allocation.
• Cash/short-duration bias: BIL alone is 5.48% and other fixed-income ETFs total several percentage points. The manager maintains a material short-duration/fixed-income sleeve (≈7–8% identifiable from top 50) that can serve liquidity, hedging, or tactical cash allocation purposes.
• Overall tilt: A clear overweight to large-cap technology and a deliberate allocation to ETFs and cash-like instruments, with smaller weights across financials, healthcare and consumer sectors.