Waterford Advisors, LLC

Note on scope: 13F filings only disclose long U.S.-listed equities and certain ETFs. Cash, derivatives, short positions, non-13F-reportable securities, and positions in non-U.S.-listed instruments are not shown. Changes should therefore be interpreted as changes in reported long-equity exposure, not necessarily the firm’s total AUM or total investment activity.

Key Holdings and Their Significance

• BNDX (Vanguard, international bond ETF, USD-hedged) — $17.62M (50.37%): This is the single largest position and represents half the reported portfolio. Holding this large an allocation to BNDX materially lowers the portfolio’s reported equity beta and shifts reported risk exposure toward international investment‑grade sovereign/corporate bonds (with currency hedging). Because it is an ETF, it is liquid, but it concentrates fixed‑income/FX‑hedged duration and credit exposure in one vehicle.
• REET (iShares Global REIT ETF) — $8.02M (22.92%): The second largest holding is a real‑estate equities ETF, representing a large, concentrated bet on listed real estate/REITs. Combined with the BNDX stake, the top two holdings move the portfolio toward a defensive profile but retain exposure to real‑asset/real‑estate equity risk sensitive to interest rates.
• RSP (Invesco S&P 500 Equal Weight ETF) — $2.64M (7.55%): One of the few remaining broad equity exposures. As an equal‑weight S&P 500 ETF it provides different factor tilts than cap‑weighted SPY/IVV, favoring mid‑cap and non‑mega caps.
• NVDA (NVIDIA) — $1.12M (3.21%): Largest single-stock equity holding by value after ETFs; a small but meaningful exposure to high‑growth semiconductors.
• SPY and other single-stock holdings (CARR, JPM, OTIS, V, META, TSLA, XOM, MRK, ABBV): each is ≤2.6% of the portfolio; together these individual equities represent a modest residual equity allocation and idiosyncratic single‑name risk.