TECTONIC ADVISORS LLC

2. Key Holdings

The portfolio is dominated by large-cap, liquid ETFs, which form the core of the firm's asset allocation strategy.

• Top Positions: The largest holding is PIMCO ETF TR (BOND) at $147.68M (7.79%), followed closely by Vanguard S&P 500 (VOO) at $136.65M (7.21%) and SSGA Active ETF (TOTL) at $98.70M (5.20%). The prominence of BOND and TOTL suggests a strong emphasis on active fixed-income management.
• Equity Exposure: Beyond the S&P 500 exposure via VOO, the firm holds substantial positions in iShares Core S&P 500 (IVV) ($91.52M) and SPDR Portfolio S&P 500 (SPYM) ($76.32M).
• Notable Individual Equities: The largest individual stock holding is Enterprise Products Partners (EPD) at $22.43M (1.18%), representing a significant bet on midstream energy. Other major individual holdings include IBM ($15.99M), Enbridge (ENB) ($15.60M), and Clearway Energy (CWEN/A) ($15.44M).
• Concentration: No single position exceeds the 8% threshold, indicating a disciplined approach to risk management that avoids over-concentration in any single security.

3. Sector Allocation

The sector allocation reveals a distinct barbell strategy with a heavy overweight in "ETF" instruments and a strong preference for income-generating assets.

• ETF Dominance: The "ETF" category accounts for $864.84M (45.5%) of the portfolio. These holdings span fixed income (BOND, AGG, BND), broad equity (VOO, IVV), and real estate (VNQ), acting as the primary drivers of the portfolio's sector beta.
• Income-Focused Sectors: Traditional defensive and income sectors feature prominently outside of the ETF core. Financial Services (including BDCs and REITs) stands at $78.77M, and Utilities (including energy midstream) totals $65.01M.
• Sector Tilts: There is a notable underweight in pure-play growth sectors relative to value/income. While Technology is represented ($55.01M), it is largely concentrated in mature names like IBM, Cisco, and Broadcom, rather than high-growth speculative tech. The portfolio also maintains meaningful exposure to Healthcare ($38.09M) and Industrials ($29.09M).