Vienna Asset Management LLC

Key Holdings

The portfolio is heavily concentrated in its top positions, with the top ten holdings comprising approximately 70% of the total assets.

• Tesla Inc (TSLA): This is the undisputed cornerstone position, valued at $26.27 million and accounting for 22.89% of the portfolio. The firm increased its stake by 6.5% during the quarter, adding $8.66 million, signaling strong conviction in the consumer cyclical sector despite the general reduction in portfolio size.
• Crypto-Related Assets: A significant allocation is directed toward digital assets. The iShares Ethereum Trust (ETHA) ($8.63M, 7.52%) and iShares Bitcoin Trust (IBIT) ($6.29M, 5.48%) represent a combined 13% allocation. The firm aggressively increased exposure to these assets, with ETHA rising by 10.9% and IBIT by 13.0%.
• Income ETFs: The firm maintains a substantial allocation to J.P. Morgan ETFs, specifically JEPQ (7.29%) and JEPI (6.06%). However, these positions saw significant reductions of 27.0% and 32.6%, respectively, suggesting a rotation away from covered-call income strategies toward growth or alternative assets.
• NVIDIA (NVDA): Despite a massive rotation out of other major tech names, NVIDIA was retained and slightly increased (+0.1%), holding a 5.06% weighting.