Verum Partners LLC

Bank of America was the portfolio's only large-conviction equity trade: the manager increased the share count by 165%, adding $4.3 million and pushing BAC from 0.6% to 1.4% of the book. That single increase is the largest notional single-stock add in the filing. Coca-Cola also saw a meaningful increase of $876K, while the rest of the equity sleeve was largely unchanged or reduced. Amazon was the largest equity reduction, falling from 1.3% to 0.4% as shares dropped 36% in a $1.4 million decrease. Eli Lilly, Broadcom, and Apple also saw modest cuts.

On the fixed-income side, the manager made the quarter's largest dollar move by reducing FPAG (Investment Managers Series Trust) by $10.1 million, cutting the position by 27%. That reduction was offset by increases in municipal and intermediate bond ETFs: VCRM added $9.0 million, VCRB added $6.0 million, and VIGI added $1.7 million. The manager also added to GOVT (+$1.2 million) and JPST (+$0.97 million). Two new positions entered the book: AVEM (American Century ETF) at $10.4 million and PXF (Invesco exch traded fund) at $4.5 million. Sold outright were a prior Invesco ETF CUSIP and Vanguard short-term bonds (BSV).