Westchester Capital Management, Inc.

The portfolio is currently highly concentrated. The top four holdings—JPMorgan Chase, Alphabet, AbbVie, and Waste Management—account for approximately 57.3% of the total portfolio value. This suggests a shift away from broad diversification toward a "high conviction" strategy, where the manager has chosen to allocate capital heavily into a select group of names while exiting other positions entirely. Additionally, the inclusion of small positions in Vanguard Short-Term Corporate Bond (VCSH) and Treasury ETFs (VGSH) indicates a portion of the capital is being parked in cash equivalents, likely awaiting redeployment or reflecting a defensive posture.

2. Key Holdings

The current portfolio is dominated by large-cap, blue-chip companies across defensive and cyclical sectors: