XPONANCE, INC.

2. Key Holdings

The portfolio is heavily anchored in the "Magnificent Seven" and other large-cap technology leaders, indicating a strong conviction in the secular growth of the U.S. equity market's top tier.

• Top-Tier Dominance: NVIDIA (NVDA) remains the largest holding at $1.11 billion, representing 8.77% of the portfolio, despite a reduction in shares. Microsoft (MSFT) and Apple (AAPL) follow closely at 7.51% and 7.41%, respectively. Together, these three positions constitute nearly a quarter of the entire fund's assets.
• Consumer & Communication Exposure: Amazon (AMZN) is the fourth-largest holding at 3.63%, while Meta (META) and Alphabet (GOOGL/GOOG) hold significant weight in the communication services sector, combining for roughly 6.4% of the portfolio.
• Broad Conviction: The top 50 list features a "who's who" of blue-chip American corporations, including Tesla (TSLA), Eli Lilly (LLY), Visa (V), and Broadcom (AVGO). The firm holds substantial positions in these companies, generally ranging between 0.25% and 3.0% of the total portfolio, reflecting a barbell strategy that combines mega-cap growth with high-quality defensive names.