Tandem Financial, LLC

Key Holdings

The portfolio is top-heavy, with the largest three positions accounting for nearly 29% of the total assets.

• GDX (VanEck Gold Miners ETF): This is the dominant position, valued at $14.42M and representing 12.78% of the portfolio. Tandem Financial significantly increased this stake by $4.98M (+4.0%), signaling a strong conviction in the gold mining sector.
• SPY (SPDR S&P 500 ETF): Representing 9.93% of the portfolio ($11.20M), this serves as the core U.S. equity anchor. The position was increased by 9.3%, suggesting continued confidence in broad U.S. market performance.
• JQUA (J.P. Morgan ETF): A new addition and the third-largest holding at $7.36M (6.52%). This likely represents a strategic allocation to quantitative equities or income strategies, reflecting a shift toward specific factor exposures.

Notably, single stocks play a minor role in the top tier. Alphabet Inc. (GOOGL/GOOG) is the largest individual equity holding, but even combined, they represent less than 1.6% of the total portfolio. Other tech giants like NVIDIA and Broadcom are present but hold negligible weight (0.72% and 0.18%, respectively), reinforcing the ETF-centric strategy.