Town Capital LLC

The Core Equity Layer

The anchoring positions this quarter are IVV (S&P 500 core, $10.8M, 8.7%), SPYV (S&P 500 value, $9.6M, 7.8%), SPYG (S&P 500 growth, $8.1M, 6.6%), and VOO (Vanguard S&P 500, $586K). These four together total roughly $29.1M or 23.5% of assets — a core U.S. large-cap equity base built from a combination of iShares and SPDR S&P 500 wrappers that overlap materially. The addition to IVV (from $6.2M to $10.8M) and the near-quadrupling of SPYG (from $5.1M to $8.1M) this quarter represent a meaningful increase in large-cap growth and core equity exposure. Small-cap is represented by VIOO (Vanguard S&P Small-Cap 600, $2.2M), which more than doubled this quarter.