ETF Portfolio Rebalance
Ewa LLC Rebalances ETF Portfolio, Adding Dividend Value and Reducing Semiconductor Holdings in Q1
Anonymous
Key Points
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SOXX remains about 1.0% of Ewa LLC’s holdings and is its 22nd-largest position after the Q1 trim to 13,243 shares.
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CGDV opened at $49.26 on Tuesday, with the ETF carrying a market cap of roughly $35.5 billion, highlighting the scale of Ewa LLC's new stake.
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IJH’s price context shows a 50-day moving average of about $74.11 and a 200-day moving average of about $70.81, providing insight into its recent trend alongside the stake.
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IVW opened at $135.60, with a 12-month high of $141.98, as part of its valuation context within Ewa LLC’s growth-focused ETF holdings.
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TLH opened at $101.32 and shows a 50-day moving average near $99.73, with a 1-year high of $105.46, framing its post-quarter move in the Treasury ETF.
Pittsburgh-based Ewa LLC, a registered investment advisor managing roughly $441 million in securities, made a series of notable ETF trades in the first quarter of 2026. The firm's 13F filing with the SEC revealed it cut semiconductor exposure, exited mid-cap stocks in size, and built a brand-new position in an active dividend ETF — all while adding to its largest holding in large-cap growth, according to MarketBeat.
The moves point to what analysts are calling a "defensive growth" strategy — keeping a foot in high-growth equities while adding income and bond protection on the other side. Ewa LLC's total 13F portfolio held 281 positions as of March 31, 2026, according to Ticker Report.
Semiconductor Bet Trimmed, Mid-Cap Stake Cut Hard
Ewa LLC reduced its stake in the iShares Semiconductor ETF (SOXX) by 12.1% in Q1, bringing its holding down to 13,243 shares worth about $4.35 million. SOXX now makes up roughly 1.0% of the firm's portfolio, sitting at its 22nd-largest position. The trim signals profit-taking after a long run-up in chip stocks tied to AI demand, according to Watchlist News.
The firm also slashed its position in the iShares Core S&P Mid-Cap ETF (IJH) by 23.1%, leaving it with 101,894 shares worth around $6.88 million. IJH's 50-day moving average sits near $74.11, while its 200-day average is about $70.81. The deep cut suggests Ewa sees mid-cap stocks struggling to keep pace with large-cap peers in the current economy.
New Dividend ETF Becomes an Instant Top-15 Holding
The headline new position is 194,292 shares of the Capital Group Dividend Value ETF (CGDV), worth roughly $8.27 million. That stake instantly made CGDV Ewa LLC's 11th-largest holding, at about 1.9% of the total portfolio. CGDV opened at $49.26 and carries a market cap of around $35.5 billion, showing the scale and liquidity of the fund Ewa chose, according to Ticker Report.
CGDV is an "active-transparent" ETF — meaning it picks stocks actively rather than simply tracking an index, but still discloses its holdings daily. Analysts say Ewa's entry into CGDV reflects a broader trend of advisors shifting toward dividend-focused and factor-based ETFs as growth stock valuations stretch higher.
Ewa Doubles Down on Growth and Long-Term Treasuries
Even as Ewa trimmed riskier bets, it grew its largest ETF positions. The firm boosted its stake in the iShares S&P 500 Growth ETF (IVW) by 7.0%, reaching 281,214 shares worth about $31.8 million. IVW opened at $135.60, below its 12-month high of $141.98. The increase shows Ewa is still committed to large-cap growth, according to Ticker Report.
On the fixed-income side, Ewa raised its position in the iShares 10-20 Year Treasury Bond ETF (TLH) by 40.3%, reaching 65,098 shares worth around $6.56 million. TLH opened at $101.32, with a 50-day moving average near $99.73 and a one-year high of $105.46. The big jump in long-term Treasuries suggests the firm is hedging against equity market swings — a classic "barbell" approach pairing growth stocks with bond safety.
Portfolio Strategy Points to Slower Growth Ahead
Taken together, Ewa LLC's Q1 moves paint a clear picture. Its top holding, the iShares Core S&P 500 ETF (IVV), stands at $54.6 million — 12.38% of the portfolio. The firm is keeping its biggest bet on broad U.S. equities while layering in dividend income through CGDV and rate protection through TLH, according to Watchlist News.
Analysts see the mix as a signal that Ewa's leadership — led by CEO and founder Matthew Blocki — expects either slower economic growth or a "higher-for-longer" interest rate environment. By cutting SOXX and IJH while adding TLH and CGDV, the firm is building a portfolio designed to hold up if the tech rally stalls or the economy cools.
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