Valley Financial Group, Inc.

2. Key Holdings

The portfolio is top-heavy, with the first seven positions comprising approximately 75% of the total asset value.

• Dominance of Pooled Vehicles: The largest positions are held in "EA Series Trust" and "Morgan Stanley ETF Trust." These four positions alone (ranging from 7.19% to 18.79% allocation) represent roughly 55% of the entire portfolio. While the specific underlying assets of these trusts are not detailed in the 13F, their heavy weighting indicates they are the core drivers of the firm's beta and strategy.
• Fixed Income Exposure: The Vanguard Scottsdale Funds positions, specifically VGSH (Short-Term Treasury) and VCSH (Short-Term Corporate Bond), represent a combined 7.11% allocation. This suggests a tactical allocation to capital preservation and income generation within a diversified portfolio.
• Direct Equity Positions: Outside of the pooled trusts, the most significant direct equity holdings are Verizon (VZ) at 2.27% and SPDR Gold Trust (GLD) at 1.52%. Major technology names like NVDA and META are present but represent smaller, tactical allocations (less than 0.5% each).

3. Sector Allocation

The reported sector allocation reveals a unique structure characterized by a massive "Unknown" category.

• Unknown (82.7%): Approximately $80.50 million of the portfolio is classified as "Unknown." This capital is almost certainly deployed within the EA Series Trust and Morgan Stanley ETF Trust. Without visibility into the underlying holdings of these trusts, the specific sector exposure (e.g., Technology, Healthcare, Energy) remains opaque, though it likely dictates the portfolio's overall risk profile.
• ETFs (12.2%): The "ETF" category holds $11.92 million, covering standard index products like SPY, VGSH, and GLD.
• Communication Services (3.5%): This sector is the third-largest bucket, driven primarily by positions in Verizon (VZ), AT&T (T), and Meta Platforms (META).
• Technology (0.9%) and Financial Services (0.6%): These sectors represent minor allocations through specific positions like Nvidia, Palantir, and the Bitwise Bitcoin ETF.