Bank of America Corp

Bank of America’s investment approach reflects a core-satellite, indexed-heavy strategy, with Vanguard and iShares products comprising five of the top fifteen holdings and over 6% of assets, while individual stock bets like NVIDIA, Apple, and Microsoft dominate the equity exposure. The portfolio is highly concentrated in growth-oriented technology names, with NVIDIA alone accounting for $33.3 billion or 2.4% of total assets, and the top three holdings—NVDA, AAPL, and MSFT—representing 6.5% of the portfolio. With broad diversification across nearly 28,000 positions and a $1.4 trillion AUM base, the manager’s allocation reveals a conviction in passive indexing as the primary vehicle for capturing market returns, while the outsized stakes in mega-cap tech suggest selective active tilts toward sector leaders. The 47.6% unclassified sector allocation implies significant exposure to multi-sector ETFs and derivative strategies, emphasizing a disciplined, low-cost approach that prioritizes scalable market beta over concentrated active risk.