Tepp RIA, LLC

Key Holdings

• GLD (SPDR Gold Trust): $7.53M / 60.09% — dominant position and primary driver of portfolio risk/return vs. gold price and the USD. This single holding creates substantial concentration risk.
• META (Meta Platforms): $1.03M / 8.22% — the largest single-stock equity exposure. META was substantially increased this quarter (+244.2%; $728.27K added).
• EWJ (iShares MSCI Japan ETF): $668.31K / 5.34% — new country exposure to Japanese equities.
• SPY (SPDR S&P 500 ETF Trust): $608.44K / 4.86% — continued exposure to broad U.S. equity market, though reduced by 13.8% this quarter.
• XLV (Health Care Select Sector SPDR): $563.01K / 4.50% — materially reduced (-59.1%; $770.32K sold) but still a top-5 holding.
• Other notable positions include income/option overlay ETFs JEPI ($363.84K, 2.91%) and JEPQ ($322.94K, 2.58%), energy/MLP ET ($406.56K, 3.25%), asset manager AB ($306.99K, 2.45%), XLU utilities ETF ($289.64K, 2.31%), TSLA ($227.25K, 1.81%), and JPM ($211.97K, 1.69%).

Top concentration: the top three holdings (GLD + META + EWJ) equal ~73.7% of the portfolio; the top five holdings account for ~83.0%.