WILSEY ASSET MANAGEMENT INC

Key Holdings

The portfolio is characterized by a high level of concentration in its top ten positions, which account for the vast majority of the portfolio's value.

• Top Three Anchors: The three largest positions—Microsoft (MSFT) ($53.84M), Wells Fargo (WFC) ($51.71M), and General Motors (GM) ($51.06M)—are nearly equal in weight, each representing approximately 8% of the total portfolio. This triad creates a balanced barbell between technology, traditional banking, and consumer cyclical industries.
• Value and Income Focus: The fourth and fifth spots, JPMorgan Chase (JPM) and Stanley Black & Decker (SWK), further reinforce a value-oriented stance. SWK, an industrial name, is a notable top-five holding, suggesting a specific bet on the recovery of the industrial sector or a turnaround play.
• Defensive Shifts: Positions 6 through 10 show a strong tilt toward defensive and income-generating assets, including ConAgra Brands (CAG), Allstate (ALL), Verizon (VZ), FedEx (FDX), and Piedmont Realty Trust (PDM).
• Micro Positions: In contrast to the multi-million dollar top positions, the bottom of the list (positions 19-29) contains negligible holdings in high-flying tech stocks like Apple (AAPL) and NVIDIA (NVDA), valued at roughly $500k or less. These represent less than 0.1% of the portfolio each, signaling a clear underweight position in the mega-cap growth trade relative to the broader market.