William Mack & Associates, Inc.

2. Key Holdings

The portfolio is dominated by three major positions that define its risk/return profile:

• VCSH (Vanguard Short-Term Corporate Bond ETF): This is the largest holding, valued at $38.31 million, representing a massive 46.51% of the portfolio. The firm increased this position by 10.5% ($3.83M), signaling a strong preference for short-duration, investment-grade credit risk. This suggests a defensive posture regarding interest rate fluctuations.
• CWB (SPDR Bloomberg Convertible Securities ETF): The second-largest holding at $13.46 million (16.35% allocation). This position was increased by 24.1% ($3.56M). CWB provides exposure to convertible bonds, offering a hybrid of equity upside potential and fixed-income yield, aligning with a strategy of capital preservation with growth participation.
• DISV (Dimensional International Value ETF): Comprising 11.03% ($9.09M) of the portfolio, this position saw the largest percentage increase among the top holdings, growing by 41.7% ($3.17M). This indicates a tactical tilt towards international value stocks, diversifying away from domestic markets.