Valmark Advisers, Inc.

Key Holdings and Their Significance

• VEA (Vanguard Tax‑Managed Funds) — $745.33M (9.18%): single-largest position and the biggest concentrated bet on developed international equities (VEA is a broad developed‑market ex‑US ETF). This single ETF equals nearly a 9.2% portfolio weight.
• SPYG, SPYV, SPMD, SPSB, SPSM, SPTM, IVW, IVV, VOO, VTI, ITOT, IJH, IJR — Large set of U.S. equity ETFs (style, factor, and broad-market): combined these account for a large portion of the U.S. equity exposure. SPYG (growth) and SPYV (value) together are ~$994M (~12.25%).
• VTIP (short‑term TIPS) — $332.19M (4.09%): largest individual fixed‑income ETF, indicating an allocation to inflation‑protected short‑duration bonds.
• Broad fixed income and credit ETFs — material positions in VGIT ($186.15M), BSV ($120.97M), LQD ($96.12M), HYLB ($121.24M), JPST ($45.63M), EMLC ($114.10M): these reflect diversified fixed‑income exposures across duration, credit quality and markets (investment grade, high yield, EM local debt).
• Non‑ETF single names are small: AAPL $56.35M (0.69%), MSFT $28.03M (0.35%), BRK/B $29.93M (0.37%). These are meaningful as individual holdings but are collectively <1.5% of the portfolio. Implication: The portfolio uses ETFs as building blocks to gain broad geographical, cap‑size, factor and fixed‑income exposures; single stocks are marginal.

Sector and Style Allocation

• ETF-dominated portfolio: ETFs represent ~77.2% of assets ($6.26B). Many of these ETFs are style/factor vehicles (growth/value), cap‑tilt (small/mid/large), or broad market.
• Explicit sector/industry exposure via single names is minimal: Technology is only $84.39M (1.04%); Financial Services $29.93M (0.37%). Most sector exposure is embedded inside the ETFs rather than held directly.
• International equity exposure is large by individual holdings: VEA alone is 9.18% and VWO, EMXC, VEU, EFA add an additional ~6.6% (aggregate ~15.3% across top international ETFs). This indicates a material allocation to non‑U.S. equities concentrated in ETF wrappers.
• Fixed‑income footprint among the top holdings is meaningful — roughly $1.3B across identified bond ETFs in the top list (≈16% of portfolio) — covering short duration (JPST, BSV), TIPS (VTIP), IG corporates (LQD), and HY/EM credit (HYLB, EMLC). This suggests a diversified, multi‑sector fixed‑income allocation rather than a single fixed‑income mandate.