United Bank

The quarter's most distinctive move is the aggressive build in the infrastructure sleeve. NFRA added $1.5 million on an 8% share increase, and GUNR added $3.6 million on a 21% jump in shares. Those two positions now account for 7.8% of the book combined, a structural bet on domestic infrastructure spending that runs through both utilities and basic-materials names. Within the technology sleeve, the manager initiated four new positions: Broadcom at $2.8 million, RTX at $2.6 million (defense/aerospace), Netflix at $2.2 million, and SPDR Gold at $1.8 million. The Broadcom entry is the most notable because it adds to a technology exposure that was already heavy; the portfolio's top five holdings include three mega-cap tech names, and Broadcom joins Amazon at 3.1% to make it four.

On the reduction side, the manager exited seven positions: XLRE (real estate ETF), Cencora, Honeywell, Disney, NuShares ETF, UnitedHealth, and Intercontinental Exchange. The XLRE sale is consistent with the infrastructure rotation — reducing direct real estate exposure while increasing infrastructure-equity and infrastructure-ETF sleeves. Among ongoing single-stock positions, Norfolk Southern was the largest cut at -$1.3 million, Salesforce trimmed $1.1 million, and Oracle and iShares S&P 500 Growth also saw reductions. Coca-Cola and Johnson & Johnson both appear in the top-decreases list with positive value changes despite share reductions — price appreciation artifacts — so they are excluded from the flow narrative.