Avalon Investment & Advisory

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CIK 1221362

13F portfolio (2023-Q1)

$3.7B

Positions

309

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2022-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2023-Q1)

Holdings

309

Top 5

13.8%

Top 10

24.0%

Effective N

83.6

HHI

0.012

This quarter

25 new · 0 exit →

By sector

Information Technology16.4%

Financials14.5%

Industrials14.1%

Unclassified11.6%

Health Care8.7%

Consumer Discretionary7.8%

Energy6.3%

Consumer Staples5.6%

Other14.9%

By market cap

Mega (>$200B)43.1%

Large ($10–200B)32.5%

Unknown15.6%

Mid ($2–10B)7.5%

Small ($300M–2B)1.3%

By region

North America87.0%

Other11.6%

Europe0.7%

Asia-Pacific0.7%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	13.52%	83
Pharmaceuticals & Biotechnology	8.12%	17
Technology Hardware & Equipment	6.57%	10
Oil, Gas & Consumable Fuels	6.31%	21
Machinery	6.21%	7
Specialty Retail	5.87%	11
Banks	4.84%	14
Semiconductors & Semiconductor Equipment	4.81%	9
Software	3.73%	9
Insurance	3.57%	9
Capital Markets	3.35%	7
Commercial Services & Supplies	3.33%	9
Software & IT Services	3.30%	6
Chemicals	3.12%	8
Beverages	2.95%	6
Equity Real Estate Investment Trusts (REITs)	2.58%	10
Utilities	1.93%	13
Road & Rail	1.85%	4
Aerospace & Defense	1.83%	4
Real Estate Management & Development	1.39%	3
Agricultural Products	1.35%	1
Transportation Infrastructure	1.21%	2
Electrical Equipment & Components	1.20%	2
Distributors	0.87%	4
Paper & Forest Products	0.80%	4
Diversified Telecommunication Services	0.64%	3
Hotels, Restaurants & Leisure	0.56%	4
Tobacco	0.48%	1
Metals & Mining	0.48%	2
Automobiles & Components	0.43%	3
Construction Materials	0.43%	2
Food & Staples Retailing	0.43%	1
Health Care Equipment & Supplies	0.42%	4
Food Products	0.41%	2
Entertainment	0.32%	1
Professional Services	0.30%	1
Health Care Providers & Services	0.18%	3
Airlines	0.16%	1
Textiles, Apparel & Luxury Goods	0.06%	1
Media & Entertainment	0.03%	2
Communications Equipment	0.02%	1
Life Sciences Tools & Services	0.02%	1
Diversified Consumer Services	0.01%	1
Household Durables	0.01%	1
Coal & Consumable Fuels	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	LRCX	LAM RESEARCH CORP	Industrials	3.26%
2	AAPL	Apple Inc.	Information Technology	3.06%
3	GOOGL	Alphabet Inc.	Communication Services	2.65%
4	MSFT	MICROSOFT CORP	Information Technology	2.58%
5	CVX	CHEVRON CORP	Energy	2.25%
6	UNH	UNITEDHEALTH GROUP INC	Financials	2.16%
7	MRK	Merck & Co., Inc.	Health Care	2.15%
8	TXN	TEXAS INSTRUMENTS INC	Information Technology	2.08%
9	CMI	CUMMINS INC	Industrials	1.92%
10	BRK.B	BERKSHIRE HATHAWAY INC	Financials	1.89%

227/309 names classified · sector 88.4% of weight · industry 86.5% · mkt cap 84.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 40 quarters

Information TechnologyAAPL, MSFT, TXN, GE, INTC · other

FinancialsJPM, WFC, BRK.B, UNH, MS · other

Health CareMRK, PFE, ABBV, JNJ, GILD · other

IndustrialsLRCX, CMI, BA, ACN, JBLU · other

Consumer StaplesKO, PEP, PM, MO, CALM · other

Consumer DiscretionaryAMZN, HD, MCD, WMT, SBUX · other

EnergyCVX, XOM, COP, PSX, SLB · other

Communication ServicesVZ, T, GOOGL, META, OMC · other

MaterialsPG, KMB, IP, LIN, ALB · other

UtilitiesDUK, EPD, CNP, D, KMI · other

Real EstateDLR, LAMR, NNN, SPG, BN · other

UnclassifiedMBB, REYNOLDS AMERICAN INC, DISCOVER FINL SVCS, SPY, SUNNOVA ENERGY INTL INC. · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 88.4% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2023-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (190 classified)Avalon Investment & Advisory centroid (Large Core)

Information TechnologyIndustrialsFinancialsHealth CareConsumer DiscretionaryEnergyConsumer StaplesMaterialsCommunication ServicesReal EstateUtilities

Style box summary for Avalon Investment & Advisory: centroid Large Core. Heaviest cells: Large Value 23.0%, Large Core 22.8%, Large Growth 16.2%.

Classified: 81.4% of book weight (190/291 names) · unclassified 18.6%: , BRK.B, SPY, BN, JMBS, BRK.A, MBB, IVV, NVO, CTRA +91 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 309 positions (2023-Q1) · largest first · Δ vs 2022-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	LRCXLAM RESEARCH	224,749	$119M	3.3%	TRIM −2%
2	AAPLAPPLE INC	677,724	$112M	3.1%	ADD 12%
3	GOOGLALPHABET INC	932,361	$97M	2.6%	ADD 15%
4	MSFTMICROSOFT CORP	326,786	$94M	2.6%	ADD 19%
5	CVXCHEVRON CORP NEW	503,278	$82M	2.2%	HOLD
6	UNHUNITEDHEALTH GROUP INC	166,793	$79M	2.2%	HOLD
7	MRKMERCK & CO INC	736,753	$78M	2.1%	TRIM −3%
8	TXNTEXAS INSTRS INC	408,096	$76M	2.1%	TRIM −2%
9	CMICUMMINS INC	294,169	$70M	1.9%	TRIM −25%
10	BRK.BBERKSHIRE HATHAWAY INC DEL	223,023	$69M	1.9%	ADD 28%
11	MSMORGAN STANLEY	761,727	$67M	1.8%	TRIM −3%
12	PEPPEPSICO INC	351,477	$64M	1.8%	HOLD
13	VNTVONTIER CORPORATION	2,279,687	$62M	1.7%	ADD 43%
14	SPYSTATE STR SPDR S&P 500 ETF T	150,627	$62M	1.7%	HOLD
15	CALMCal-Maine Foods, Inc.	810,594	$49M	1.4%	TRIM −3%
16	ACNACCENTURE PLC IRELAND	171,947	$49M	1.3%	HOLD
17	PSXPHILLIPS 66	482,214	$49M	1.3%	TRIM −4%
18	JPMJPMORGAN CHASE & CO	370,219	$48M	1.3%	TRIM −5%
19	PGPROCTER AND GAMBLE CO	319,187	$47M	1.3%	TRIM −4%
20	KMXCARMAX INC	731,690	$47M	1.3%	NEW
21	WFCWELLS FARGO CO NEW	1,253,050	$47M	1.3%	TRIM −2%
22	BNBROOKFIELD CORP	1,436,704	$47M	1.3%	ADD 47%
23	LMTLOCKHEED MARTIN CORP	96,162	$45M	1.2%	TRIM −20%
24	HDHOME DEPOT INC	150,066	$44M	1.2%	TRIM −4%
25	CHRWC H ROBINSON WORLDWIDE INC	440,740	$44M	1.2%	TRIM −3%
26	EMREMERSON ELEC CO	501,695	$44M	1.2%	TRIM −3%
27	DISCOVER FINL SVCS	434,066	$43M	1.2%	TRIM −3%
28	UPSUNITED PARCEL SERVICE INC	220,686	$43M	1.2%	HOLD
29	TROWPRICE T ROWE GROUP INC	374,421	$42M	1.2%	TRIM −2%
30	ABBVABBVIE INC	248,957	$40M	1.1%	TRIM −2%
31	AMZNAMAZON COM INC	379,379	$39M	1.1%	ADD 112%
32	SUNNOVA ENERGY INTL INC.	2,269,347	$35M	1.0%	HOLD
33	KOCOCA COLA CO	561,377	$35M	1.0%	ADD 46%
34	TGTTARGET CORP	204,931	$34M	0.9%	TRIM −3%
35	AVGOBROADCOM INC	51,266	$33M	0.9%	TRIM −3%
36	LINLINDE PLC	90,416	$32M	0.9%	NEW
37	JMBSJANUS DETROIT STR TR	668,860	$31M	0.9%	ADD 22%
38	NVDANVIDIA CORPORATION	110,676	$31M	0.8%	ADD 14%
39	BMYBRISTOL-MYERS SQUIBB CO	424,938	$29M	0.8%	TRIM −2%
40	XOMEXXON MOBIL CORP	230,155	$25M	0.7%	ADD 189%
41	BACBANK AMERICA CORP	879,474	$25M	0.7%	TRIM −24%
42	BRK.ABERKSHIRE HATHAWAY INC DEL	53	$25M	0.7%	HOLD
43	AMGNAMGEN INC	102,009	$25M	0.7%	ADD 7%
44	MBBISHARES TR	256,687	$24M	0.7%	ADD 25%
45	IVVISHARES TR	58,942	$24M	0.7%	ADD 9%
46	FISVFISERV INC	213,326	$24M	0.7%	HOLD
47	PFEPFIZER INC	584,222	$24M	0.7%	ADD 41%
48	VLOVALERO ENERGY CORP	161,979	$23M	0.6%	TRIM −2%
49	LLYELI LILLY & CO	62,151	$21M	0.6%	TRIM −2%
50	GILDGILEAD SCIENCES INC	253,084	$21M	0.6%	TRIM −35%
51	HONHONEYWELL INTL INC	109,499	$21M	0.6%	TRIM −34%
52	DUKDUKE ENERGY CORP NEW	209,927	$20M	0.6%	HOLD
53	SRESEMPRA	131,201	$20M	0.5%	HOLD
54	IRMIRON MTN INC DEL	351,747	$19M	0.5%	HOLD
55	COPCONOCOPHILLIPS	186,329	$18M	0.5%	HOLD
56	DHRDANAHER CORP DEL	72,063	$18M	0.5%	TRIM −5%
57	NVONOVO-NORDISK A S	113,119	$18M	0.5%	ADD 6%
58	UNPUNION PAC CORP	89,231	$18M	0.5%	HOLD
59	METAMETA PLATFORMS INC	83,380	$18M	0.5%	ADD 600%
60	PMPHILIP MORRIS INTL INC	181,340	$18M	0.5%	HOLD
61	METMETLIFE INC	299,616	$17M	0.5%	HOLD
62	VVISA INC	76,171	$17M	0.5%	ADD 180%
63	CCICROWN CASTLE INC	127,837	$17M	0.5%	HOLD
64	KMBKIMBERLY-CLARK CORP	126,402	$17M	0.5%	HOLD
65	TMOTHERMO FISHER SCIENTIFIC INC	29,028	$17M	0.5%	TRIM −3%
66	CTRACOTERRA ENERGY INC	677,443	$17M	0.5%	HOLD
67	BHPBHP BILLITON LIMITED	261,992	$17M	0.5%	HOLD
68	AMDADVANCED MICRO DEVICES INC	169,030	$17M	0.5%	ADD 11%
69	AIGAMERICAN INTL GROUP INC	318,579	$16M	0.4%	HOLD
70	AREALEXANDRIA REAL ESTATE EQ IN	127,678	$16M	0.4%	ADD 8%
71	JNJJOHNSON & JOHNSON	102,286	$16M	0.4%	TRIM −2%
72	APDAIR PRODS & CHEMS INC	54,817	$16M	0.4%	ADD 14%
73	CVSCVS HEALTH CORP	210,163	$16M	0.4%	HOLD
74	MLMMARTIN MARIETTA MATLS INC	43,877	$16M	0.4%	HOLD
75	RYNRAYONIER INC	468,391	$16M	0.4%	TRIM −4%
76	CRMSALESFORCE INC	75,611	$15M	0.4%	ADD 752%
77	GLDSPDR GOLD TR	80,890	$15M	0.4%	HOLD
78	CPTCAMDEN PPTY TR	141,298	$15M	0.4%	ADD 3%
79	ANETArista Networks Inc	85,556	$14M	0.4%	HOLD
80	XIFRXPLR INFRASTRUCTURE LP	234,254	$14M	0.4%	HOLD
81	CBCHUBB LIMITED	73,078	$14M	0.4%	TRIM −4%
82	KHCKRAFT HEINZ CO	364,296	$14M	0.4%	TRIM −7%
83	AXPAMERICAN EXPRESS CO	85,091	$14M	0.4%	TRIM −3%
84	ORCLORACLE CORP	146,785	$14M	0.4%	TRIM −50%
85	TSLATESLA INC	65,291	$14M	0.4%	ADD 652%
86	MCDMCDONALDS CORP	47,560	$13M	0.4%	ADD 662%
87	MDTMEDTRONIC PLC	160,295	$13M	0.4%	ADD 488%
88	ASMLASML HOLDING N V	18,867	$13M	0.4%	HOLD
89	CSCOCISCO SYS INC	242,851	$13M	0.3%	HOLD
90	TMUST-MOBILE US INC	87,149	$13M	0.3%	TRIM −57%
91	MAMASTERCARD INCORPORATED	34,577	$13M	0.3%	ADD 1817%
92	COSTCOSTCO WHSL CORP NEW	24,911	$12M	0.3%	ADD 717%
93	ICLRICON PLC	57,090	$12M	0.3%	HOLD
94	CATCATERPILLAR INC	53,060	$12M	0.3%	ADD 1849%
95	WMTWALMART INC	80,444	$12M	0.3%	ADD 3786%
96	GPCGENUINE PARTS CO	70,049	$12M	0.3%	TRIM −45%
97	DISDISNEY WALT CO	116,536	$12M	0.3%	ADD 1283%
98	DEDEERE & CO	28,157	$12M	0.3%	NEW
99	REGNREGENERON PHARMACEUTICALS	13,831	$11M	0.3%	NEW
100	TJXTJX COS INC NEW	140,845	$11M	0.3%	NEW
101	PAYXPAYCHEX INC	95,617	$11M	0.3%	TRIM −7%
102	CAHCARDINAL HEALTH INC	143,093	$11M	0.3%	TRIM −3%
103	VZVERIZON COMMUNICATIONS INC	273,863	$11M	0.3%	TRIM −7%
104	PFFISHARES TR	330,196	$10M	0.3%	ADD 4%
105	PLDPROLOGIS INC.	82,609	$10M	0.3%	ADD 1887%
106	MRVLMARVELL TECHNOLOGY INC	237,874	$10M	0.3%	ADD 2168%
107	VOOVANGUARD INDEX FDS	26,570	$10M	0.3%	TRIM −25%
108	HYGISHARES TR	131,329	$10M	0.3%	HOLD
109	TFCTRUIST FINL CORP	285,325	$10M	0.3%	NEW
110	PNCPNC FINL SVCS GROUP INC	71,199	$9M	0.2%	NEW
111	IWMISHARES TR	47,860	$9M	0.2%	ADD 12%
112	BAMBROOKFIELD ASSET MANAGMT LTD	238,194	$8M	0.2%	TRIM −3%
113	BJBJS WHSL CLUB HLDGS INC	102,338	$8M	0.2%	TRIM −4%
114	TSMTAIWAN SEMICONDUCTOR MFG LTD	83,117	$8M	0.2%	HOLD
115	SHELSHELL PLC	133,675	$8M	0.2%	HOLD
116	CHRDCHORD ENERGY CORPORATION	51,622	$7M	0.2%	TRIM −26%
117	UNILEVER PLC	126,172	$7M	0.2%	HOLD
118	EPDENTERPRISE PRODS PARTNERS L	248,800	$6M	0.2%	ADD 2%
119	LKQLKQ CORP	109,181	$6M	0.2%	TRIM −4%
120	PRGSPROGRESS SOFTWARE CORP	104,292	$6M	0.2%	TRIM −4%
121	CVCOCAVCO INDS INC DEL	18,198	$6M	0.2%	HOLD
122	ASRGRUPO AEROPORTUARIO DEL SURE	18,829	$6M	0.2%	TRIM −4%
123	LSTRLANDSTAR SYS INC	32,181	$6M	0.2%	TRIM −4%
124	IHSIHS HOLDING LIMITED	646,213	$6M	0.2%	ADD 21%
125	BURBURFORD CAP LTD	504,620	$6M	0.2%	ADD 18%
126	FCFSFIRSTCASH HOLDINGS INC	58,431	$6M	0.2%	ADD 9%
127	SKYCHAMPION HOMES INC	73,691	$6M	0.2%	TRIM −4%
128	DRIDARDEN RESTAURANTS INC	35,411	$5M	0.2%	NEW
129	DECKDECKERS OUTDOOR CORP	12,208	$5M	0.2%	NEW
130	VVVVALVOLINE INC	152,449	$5M	0.1%	NEW
131	INMDINMODE LTD	166,394	$5M	0.1%	TRIM −4%
132	RMNIRIMINI STR INC DEL	1,214,166	$5M	0.1%	ADD 3%
133	IMXIINTERNATIONAL MONEY EXPRESS	193,947	$5M	0.1%	ADD 32%
134	ABEVAMBEV SA	1,761,191	$5M	0.1%	HOLD
135	JAAAJANUS DETROIT STR TR	99,612	$5M	0.1%	HOLD
136	BNSBANK NOVA SCOTIA B C	91,363	$5M	0.1%	ADD 11%
137	PRGOPERRIGO CO PLC	127,471	$5M	0.1%	ADD 19%
138	APGAPI GROUP CORP	201,134	$5M	0.1%	NEW
139	PBPROSPERITY BANCSHARES INC	71,112	$4M	0.1%	TRIM −4%
140	IVWISHARES TR	67,613	$4M	0.1%	HOLD
141	CSLCARLISLE COS INC	18,704	$4M	0.1%	TRIM −4%
142	PRMPERIMETER SOLUTIONS SA	516,704	$4M	0.1%	TRIM −3%
143	DIAMOND HILL INVT GROUP INC	24,547	$4M	0.1%	ADD 27%
144	FLEETCOR TECHNOLOGIES INC	18,567	$4M	0.1%	TRIM −4%
145	NVSNOVARTIS AG	42,250	$4M	0.1%	TRIM −3%
146	VCSHVANGUARD SCOTTSDALE FDS	50,200	$4M	0.1%	NEW
147	ADUSADDUS HOMECARE CORP	35,335	$4M	0.1%	TRIM −4%
148	SDYSPDR SER TR	29,929	$4M	0.1%	TRIM −31%
149	SMLRSEMLER SCIENTIFIC INC	132,922	$4M	0.1%	ADD 3%
150	MDYSPDR S&P MIDCAP 400 ETF TR	7,594	$3M	0.1%	ADD 10%
151	FSVFIRSTSERVICE CORP NEW	24,513	$3M	0.1%	TRIM −4%
152	DRVNDRIVEN BRANDS HLDGS INC	111,135	$3M	0.1%	HOLD
153	VTIVANGUARD INDEX FDS	16,488	$3M	0.1%	TRIM −64%
154	CELHCELSIUS HLDGS INC	35,574	$3M	0.1%	TRIM −4%
155	SITIO ROYALTIES CORP	140,356	$3M	0.1%	TRIM −4%
156	VIZIO HOLDING CORP	340,669	$3M	0.1%	TRIM −4%
157	HOMBHOME BANCSHARES INC	142,186	$3M	0.1%	TRIM −4%
158	SITESITEONE LANDSCAPE SUPPLY INC	22,317	$3M	0.1%	TRIM −3%
159	TDCTERADATA CORP DEL	75,673	$3M	0.1%	HOLD
160	WBSWEBSTER FINL CORP CONN	76,972	$3M	0.1%	TRIM −4%
161	BIPCBrookfield Infrastructure Corp	63,575	$3M	0.1%	HOLD
162	MGYMAGNOLIA OIL & GAS CORP	133,084	$3M	0.1%	TRIM −4%
163	BLKBLACKROCK INC	4,091	$3M	0.1%	TRIM −85%
164	ITOTISHARES TR	30,133	$3M	0.1%	HOLD
165	GOOGALPHABET INC	25,847	$3M	0.1%	ADD 6%
166	ABTABBOTT LABS	25,542	$3M	0.1%	ADD 7%
167	AGGISHARES TR	25,215	$3M	0.1%	HOLD
168	ELLAUDER ESTEE COS INC	10,139	$2M	0.1%	TRIM −28%
169	HCSGHEALTHCARE SVCS GROUP INC	168,767	$2M	0.1%	ADD 2%
170	XLESELECT SECTOR SPDR TR	26,848	$2M	0.1%	ADD 4%
171	NKENIKE INC	17,500	$2M	0.1%	TRIM −20%
172	WDWALKER & DUNLOP INC	27,551	$2M	0.1%	HOLD
173	FIGSFIGS INC	329,838	$2M	0.1%	HOLD
174	MAGELLAN MIDSTREAM PARTNERS LP	36,718	$2M	0.1%	ADD 6%
175	PAGPPLAINS GP HLDGS L P	147,629	$2M	0.1%	HOLD
176	MGNIMAGNITE INC	183,854	$2M	0.0%	TRIM −26%
177	LQDISHARES TR	14,744	$2M	0.0%	ADD 8%
178	XBISPDR SERIES TRUST	21,149	$2M	0.0%	TRIM −4%
179	MPLXMPLX LP	43,999	$2M	0.0%	ADD 19%
180	NOWSERVICENOW INC	3,160	$1M	0.0%	TRIM −6%
181	FFORD MTR CO	116,248	$1M	0.0%	TRIM −94%
182	ADBEADOBE INC	3,731	$1M	0.0%	ADD 15%
183	IBMINTERNATIONAL BUSINESS MACHS	10,925	$1M	0.0%	TRIM −95%
184	SLBSCHLUMBERGER LTD	28,303	$1M	0.0%	TRIM −91%
185	CITHE CIGNA GROUP	5,425	$1M	0.0%	TRIM −91%
186	XLKSELECT SECTOR SPDR TR	9,064	$1M	0.0%	HOLD
187	AMEAMETEK INC	9,309	$1M	0.0%	TRIM −14%
188	BDXBECTON DICKINSON & CO	5,234	$1M	0.0%	ADD 10%
189	ADPAUTOMATIC DATA PROCESSING IN	5,781	$1M	0.0%	ADD 16%
190	MUBISHARES TR	11,498	$1M	0.0%	TRIM −18%
191	ICEINTERCONTINENTAL EXCHANGE IN	11,807	$1M	0.0%	ADD 11%
192	KMIKINDER MORGAN INC DEL	69,838	$1M	0.0%	TRIM −4%
193	WMBWILLIAMS COS INC	40,825	$1M	0.0%	ADD 12%
194	CORECARD CORPORATION	40,216	$1M	0.0%	TRIM −38%
195	IJRISHARES TR	11,985	$1M	0.0%	ADD 399%
196	EQTEQT CORP	33,776	$1M	0.0%	HOLD
197	WTMWHITE MTNS INS GROUP LTD	780	$1M	0.0%	TRIM −26%
198	ETENERGY TRANSFER L P	85,396	$1M	0.0%	ADD 13%
199	ACWXISHARES TR	21,710	$1M	0.0%	ADD 22%
200	IAUISHARES GOLD TR	28,286	$1M	0.0%	HOLD

showing the top 200 by weight

☆Avalon Investment & Advisory