TFR Capital, LLC.

The portfolio now comprises 161 holdings, reflecting a diversified approach that blends active stock selection with passive exposure through ETFs. The management strategy appears to be hybrid in nature, utilizing a "core and satellite" structure where broad market ETFs form the stability layer, while concentrated positions in mega-cap technology and growth stocks serve as alpha generators. The high level of turnover—with 18 new positions and 18 exits—indicates an active management style that is not afraid to rotate capital aggressively to align with the firm’s outlook.

Key Holdings

The portfolio is heavily concentrated in mega-cap technology leaders, which dominate the top of the holding list.

• NVIDIA (NVDA) is the largest individual holding, comprising 6.54% of the portfolio ($19.76M). This indicates a strong conviction in the semiconductor and AI infrastructure space.
• Technology Giants: The next two positions are Microsoft (MSFT) at 5.86% ($17.68M) and Apple (AAPL) at 5.03% ($15.20M). Notably, both MSFT and AAPL were new positions this quarter, suggesting a strategic initiation of stakes in the "Magnificent Seven."
• ETF Exposure: The fourth largest position is RWL (Invesco S&P 500 BuyWrite ETF) at 3.41%, suggesting the use of covered call strategies to potentially generate income or hedge volatility.
• Top 10 Concentration: The top 10 holdings account for roughly 38% of the total portfolio value. Within this tier, major communication services names like Alphabet (GOOG/GOOGL) and Meta (META), alongside Amazon (AMZN), show a clear tilt toward the dominant players of the digital economy.