VANTAGE WEALTH

Despite the doubling of the portfolio's value, the manager has maintained a highly disciplined approach to position sizing. The top holdings are remarkably evenly distributed, with the first 22 positions all falling within a narrow band of 3.81% to 5.77% of the total portfolio. This "barbell" or equal-weight structure suggests a strategy focused on mitigating single-stock risk while maintaining exposure to high-conviction names.

2. Key Holdings

The portfolio is characterized by a lack of a dominant "mega-position," with the top three holdings—GOOG ($26.69M), GLW ($23.31M), and TE Connectivity ($23.05M)—each representing approximately 5% to 6% of the total assets.