Warwick Investment Management, Inc.

The portfolio demonstrates a high degree of diversification, holding 149 distinct securities. However, the composition indicates a shift away from a traditional stock-picking model toward a "core-satellite" or ETF-centric model. The strategy appears to be transitioning from a concentrated, actively managed portfolio to one that relies heavily on broad market exposure and factor-based investing, utilizing ETFs to implement systematic strategies.

2. Key Holdings

The portfolio is heavily concentrated in its top positions, with the top three holdings accounting for approximately 42.7% of the total assets.