Q2 Portfolio Adjustments
Three Seasons Wealth Increases Gold and Bond ETF Holdings in Second Quarter
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Key Points
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SPDR Gold Shares represented 1.1% of Three Seasons Wealth LLC’s portfolio and ranked as the firm’s sixth-largest holding after the second-quarter purchase.
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Institutional ownership of Vertiv Holdings was reported at 89.92%, with major holders including State Street, Geode Capital Management and Invesco; Wellington Management also increased its position by 14.1% during the second quarter.
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Other investors also adjusted their iShares Russell 2000 ETF holdings in the second quarter: FSC Wealth Advisors increased its position by 416.6%, while Sei Investments raised its stake by 22.3%.
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Institutional investors and hedge funds owned 55.81% of the iShares S&P Small-Cap 600 Growth ETF, which had a reported market capitalization of $8.11 billion, a price-to-earnings ratio of 20.21 and a beta of 1.04.
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Large institutions were major holders of the Vanguard Total Bond Market ETF: JPMorgan Chase held 139.6 million shares worth about $10.34 billion, while Northwestern Mutual held 130.9 million shares worth approximately $9.70 billion.
Three Seasons Wealth LLC reshuffled its portfolio in the second quarter, boosting gold exposure while trimming small-cap stocks. The firm increased its SPDR Gold Shares position by 27% to 32,448 shares worth roughly $12 million, making it the sixth-largest holding Watchlist News. It also raised its bond market bet, growing Vanguard Total Bond Market ETF holdings by 33.1% to 38,661 shares valued at $2.8 million.
The wealth manager made two new bets during the quarter. It bought 10,129 shares of iShares S&P Small-Cap 600 Growth ETF for $1.8 million and entered Vertiv Holdings with a $834,000 stake of 2,491 shares Watchlist News. Meanwhile, it cut its iShares Russell 2000 ETF position by 35.3%, selling 5,053 shares but keeping 9,248 shares worth $2.8 million.
Gold Bet Grows as Largest Position
Three Seasons Wealth's gold position jumped significantly in Q2. The firm added 6,903 shares to its SPDR Gold Shares holdings, pushing the total to 32,448 shares Ticker Report. At $12 million in value, the gold ETF became one of the firm's six biggest holdings. This bet signals a defensive shift toward safe-haven assets like precious metals.
New Positions in Growth and Infrastructure
Three Seasons Wealth entered two fresh positions with a combined value of $2.6 million. It bought 10,129 shares of iShares S&P Small-Cap 600 Growth ETF for roughly $1.8 million Watchlist News. The small-cap growth fund carries a price-to-earnings ratio of 20.21 and a beta of 1.04, meaning it's slightly more volatile than the broader market.
The firm also initiated a position in Vertiv Holdings, an infrastructure equipment maker, spending about $834,000 on 2,491 shares Watchlist News. Vertiv is heavily owned by institutions, which control 89.92% of the company. Major holders include State Street and Geode Capital Management.
Bond Exposure Increases While Small Caps Trim
Three Seasons Wealth raised its bond market exposure by investing in the Vanguard Total Bond Market ETF. The firm increased its stake by 33.1% to 38,661 shares worth $2.8 million Watchlist News. Major institutions like JPMorgan Chase and Northwestern Mutual already hold massive positions—JPMorgan owns 139.6 million shares worth $10.34 billion, while Northwestern Mutual holds 130.9 million shares valued at $9.70 billion.
Simultaneously, Three Seasons Wealth cut its small-cap exposure by trimming the iShares Russell 2000 ETF. The firm sold 5,053 shares, reducing its position by 35.3% but keeping 9,248 shares worth $2.8 million Watchlist News. Other investors moved in the same direction—FSC Wealth Advisors boosted its Russell 2000 position by 416.6%, while Sei Investments raised its stake by 22.3% during the quarter.
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