Strategic Financial Services portfolio

What changed this quarter

82 positions with a change (10 new, 16 added to, 51 trimmed, 5 sold).

No moves of 0.5 points of the portfolio or more.

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• iShares International Equity ETFINTF15.5%
• iShares US Smallcap Equity F ETFSMLF14.8%
• iShares US Equity Factor ETFLRGF13.2%
• Vanguard Intermediate-term T ETFVGIT7.2%
• IsharesEMGF5.7%
• Vanguard S/t Corp Bond ETFVCSH5.3%
• Vanguard Short-term Tips ETFVTIP3.4%
• Vanguard Long-term Treasury ETFVGLT3.2%
• Vanguard Int-term Corporate ETFVCIT3.2%
• iShares Msci USA Momentum FA ETFMTUM3.1%
• Vanguard US Momentum Factor ETFVFMO3.0%
• SPDR Gold Minishares Trust ETFGLDM2.0%
• IsharesEUSA2.0%
• Dimensional ETF TrustDFIV1.9%
• Goldman Sachs Activebeta Int ETFGSIE1.7%
• Vanguard Short-term Treasury ETFVGSH1.5%
• iShares Intermediate Governm ETFGVI1.2%
• AppleAAPL0.8%
• iShares Msci USA Size Factor ETFSIZE0.8%
• Vanguard Emerg Mkts GOV BND ETFVWOB0.7%
• Lam ResearchLRCX0.7%
• AlphabetGOOG · GOOGL0.6%
• KLAKLAC0.6%
• Goldman Activebeta US LC ETFGSLC0.6%
• Goldman Sachs Activebeta EM ETFGEM0.5%
• Goldman Sachs Activebeta US ETFGSSC0.4%
• JPMorgan ChaseJPM0.4%
• MicrosoftMSFT0.3%
• VisaV0.2%
• McKESSONMCK0.2%
• J P Morgan Exchange Traded FundJMOM0.2%
• OracleORCL0.1%
• Vanguard Index FundsVTI0.1%
• M&t BankMTB0.1%
• SPDR Gold Shares ETFGLD0.1%
• BlackRockBLK0.1%
• Cisco SystemsCSCO0.1%
• Nextera EnergyNEE0.1%
• Exxon MobilXOM0.1%
• TeslaTSLA0.1%
• QualcommQCOM0.1%
• Costco WholesaleCOST0.1%
• MerckMRK0.1%
• State Street SPDR PF LNG TRM TSY E-usd ETFSPTL0.1%
• Amazon.comAMZN0.1%
• Johnson & JohnsonJNJ0.1%
• NVIDIANVDA0.1%
• Vanguard Total International Stock ETFVXUS0.1%
• Berkshire HathawayBRK/B0.1%
• TJXTJX0.1%
• State Street SPDR S&P Biotech ETFXBI0.1%
• iShares 1-5y INV Grade ETFIGSB0.1%
• Vanguard Russell 2000 ETFVTWO0.1%
• NXP SemiconductorsNXPI0.1%
• Booking HoldingsBKNG0.1%
• GE AerospaceGE0.1%
• BroadcomAVGO0.1%
• Vanguard Ftse Developed ETFVEA0.1%
• Vanguard Tax-exempt Bond ETFVTEB0.1%
• Vanguard Mrngstar GR ETF-sui ETFVUG0.1%
• Vanguard Dividend Apprec ETFVIG0.1%
• PepsicoPEP0.1%
• iShares Core S&P 500 ETFIVV0.1%
• GE VernovaGEV0.1%
• iShares Short-term National ETFSUB0.1%
• International Business MachinesIBM0.1%
• IsharesIEMG0.1%
• State Str Spdr S&P 500 ETF TSPY0.1%
• iShares Russell 1000 Growth ETFIWF0.1%
• UnitedHealth GroupUNHunder 0.1%
• Morgan StanleyMSunder 0.1%
• CorningGLWunder 0.1%
• Goldman Sachs GroupGSunder 0.1%
• AbbVieABBVunder 0.1%
• Vanguard Index FundsVOunder 0.1%
• Phillips 66PSXunder 0.1%
• iShares Core Msci Eafe ETFIEFAunder 0.1%
• DeereDEunder 0.1%
• ULTA BeautyULTAunder 0.1%
• Procter & GamblePGunder 0.1%
• Vanguard International Equity Index FVWOunder 0.1%
• MastercardMAunder 0.1%
• Meta PlatformsMETAunder 0.1%
• Vanguard Index FundsVOTunder 0.1%
• WalmartWMTunder 0.1%
• Dimensional ETF TrustDFATunder 0.1%
• ChubbCBunder 0.1%
• ASML HoldingASMLunder 0.1%
• iShares Msci USA Value Facto ETFVLUEunder 0.1%
• iShares Core S&P Total U.s ETFITOTunder 0.1%
• Eli LillyLLYunder 0.1%
• Public StoragePSAunder 0.1%
• CaterpillarCATunder 0.1%
• Community Financial SystemCBUunder 0.1%
• Norwood FinancialNWFLunder 0.1%
• Charles SchwabSCHWunder 0.1%
• iShares Core U.s. Aggregate ETFAGGunder 0.1%
• Automatic Data ProcessingADPunder 0.1%
• IntelINTCunder 0.1%