SYON CAPITAL LLC

Beyond Alphabet, the technology sleeve grew through increases in Nvidia, Microsoft, Meta, Amazon, Broadcom, Docusign, Block, Roblox, Tesla, and Netflix. The $1.24 million reduction in Nvidia's value despite a 1% share decrease is a price-appreciation artifact; the manager actually added roughly 220 shares while the stock rose enough to mask the activity. Likewise, the $3.9 million decline in Apple's value on a 0.3% share increase is purely a price effect — shares rose, value fell, so this is not a genuine reduction. Broadcom's $3.5 million cut and Meta's $7.8 million reduction are real, and they represent the only meaningful tech de-risking in the quarter.

The fixed-income restructuring is the second major story. The manager exited nine positions and entered nine new ones, with the bond sleeve undergoing a near-complete rewrite. CLOI (VanEck CLO ETF) was the largest sold position at -$35.3 million, followed by two Invesco EM and California muni ETFs that were replaced by their iShares and Vanguard counterparts. AGZ (iShares Agency Bond ETF) and XCEM (Columbia EM ex-China) were also cleared. In their place, the portfolio initiated CMF (iShares California Muni) at $28.8 million, PWZ (Invesco California Muni) at $28.1 million, STIP (iShares 0-5 Year TIPS) at $23.4 million, VMBS (Vanguard MBS) at $22.9 million, ILF (iShares Latin America) at $17.8 million, HODL (VanEck Bitcoin ETF) at $14.0 million, JNJ at $7.2 million, SPY at $7.1 million, and NFLX at $6.2 million. The Bitcoin rotation is worth noting: the manager sold IBIT for $11.3 million and bought HODL for $14.0 million, shifting from iShares to VanEck's spot Bitcoin ETF in the same sleeve. The HODL size is the largest single crypto position in this batch's filers.