Wealth Enhancement Advisory Services 13F Portfolio

The most striking conviction move is into the AI hardware supply chain. Micron jumped 224.9% in shares, adding about $401.5M of exposure and lifting it to 0.97% of the book, while Applied Materials saw a 137.5% share increase and Nvidia another 13.1%. That is a clear bet that incremental AI dollar growth will accrue not just to headline GPU vendors, but to memory and equipment as data centers densify and refresh cycles accelerate.

Mega-cap platform risk is being embraced, not faded. Apple (+15.3% shares), Microsoft (+14.6%), Alphabet across both share classes (+9.4% and +18.8%), Amazon (+14.9%), and Meta (+14.9%) were all meaningfully added to, even with large embedded gains — for example Nvidia at +175.8% versus average cost and Alphabet’s GOOG line over +100.1%. They are signaling comfort that earnings power and ecosystem lock-in still outstrip valuation risk.

The other major expression of rising conviction is in systematic growth and factor sleeves. VUG’s share count exploded, adding roughly $218.3M and making it a flagship pure-growth expression alongside modest increases in QQQ and QQQM. Multifactor and quality/value-tilted ETFs — AVLV, USVM, FNDF, IMTM, JMOM, SPHQ, and VIG — all saw double-digit percentage share growth, suggesting the manager wants durable factor premia and quality balance sheets as the way to stay long risk if the AI story hits turbulence.

On the sell side, the quarter is less about abandoning themes and more about recycling capital from yesterday’s security blankets into today’s growth engines. The standout reduction is Berkshire Hathaway’s B shares: a 27.1% cut and about $129.3M freed up, even though the position still sits on a healthy gain of 35.6% versus cost. That looks like a conscious decision to treat Berkshire as a funding source for higher-octane opportunities rather than a core compounding anchor.

Within semis, the moves are more surgical than thematic. Lam Research was trimmed by 8.3%, reducing value by around $29.1M, even as other semiconductor names like Micron, Nvidia, and Applied Materials were aggressively increased. This suggests relative-value rotation inside the chip complex — tilting from tools and back-end exposure toward memory and volume GPU-linked beneficiaries.

Elsewhere, the selling is nibbling, not slashing. VOO and MTUM were both modestly reduced (‑1.5% and ‑1.1% shares), and Cisco was fractionally trimmed despite a triple-digit gain versus cost. These tiny cuts across broad-market and momentum sleeves look like liquidity taps to round out larger expresses in growth and AI, rather than a repudiation of the underlying styles.

At the sector level, this quarter nudges the book further toward real-world technology and financials, while leaving overall diversification intact. Technology climbed from an estimated 22.83% to 24.51% of the top‑50, driven by larger stakes in semis (Micron, Nvidia, Applied Materials, Broadcom) and software/platform names (Apple, Microsoft, Alphabet, Meta). Even with a small Lam Research trim, the aggregate bet is that AI and cloud capex remain a multi‑year tailwind.

Financial exposure ticked up from 1.93% to 2.12%, largely by nearly doubling Chubb (+86.9% shares) and adding to JPMorgan. That pairing — a premier bank and a high-quality P&C insurer — points to a preference for balance-sheet strength and pricing power rather than more cyclical or credit-sensitive names.

The so-called “Unclassified” bucket, dominated by ETFs, slipped from 66.42% to 64.53% of the visible book. Under the hood, though, that is not a risk-off move: they sharply increased growth-heavy VUG and factor sleeves like AVLV and USVM, even as they inched down MTUM and VOO. Telecommunications (really Cisco) and the misclassified Visa “Real Estate” stake eased slightly, while health care, consumer names like Walmart and Procter & Gamble, and energy via Exxon were all quietly scaled up, maintaining a defensive spine around the tech-heavy core.

Taken together, Wealth Enhancement Advisory Services is positioning for a world where AI-driven capex and platform economics continue to compound, but without assuming a smooth macro glide path. The AI hardware stack — Micron, Nvidia, Applied Materials and peers — is now a clear structural bet, complemented by bigger stakes in mega-cap platforms and a turbocharged VUG allocation to capture broad large-cap growth upside.

Yet the other hand is firmly on the risk dial. Large adds to core bonds (AGG, GOVT, FLIA, UYLD, JPST), low-volatility equity (USMV), and dividend/quality franchises (VIG, SPHQ, JNJ, LLY, XOM, Walmart, Procter & Gamble) show a deliberate effort to cushion drawdowns if rates reprice or the AI narrative stutters. The small trim in momentum (MTUM) in favor of more explicitly quality- and value-aware factor funds underscores that they care about how they take risk, not just how much.

Looking ahead, expect this manager to continue expressing macro views via ETF sleeves and factor tilts while concentrating stock-picking risk in a narrow set of secular winners. If AI spending or earnings revisions stay supportive, the Micron/Nvidia/AMAT cluster and reinforced growth ETFs could drive upside. If volatility returns, the expanded bond and quality complex should keep the portfolio behaving more like a disciplined wealth manager’s book than a tech hedge fund’s swing trade.