Fred Martin's Portfolio: Heavy Technology Focus with Top Energy Holdings

Portfolio Overview

Fred Martin's portfolio, managed under the Disciplined Growth Investors strategy, exhibits a clear concentration in specific sectors and individual holdings as of December 31, 2025.

Top Holdings by Value

The portfolio's largest individual positions, representing significant portions of its allocation, are:

• PURE STORAGE INC CL A (PSTG): A Technology stock holding approximately 6.28% of the portfolio.
• EXPAND ENERGY CORPORATION COM (CHK): An Energy stock accounting for about 5.39% of the assets.
• SUPER MICRO COMPUTER INC COM N (SMCI): Another Technology holding at 5.4%.
• PLEXUS CORP COM (PLXS): A Technology stock at 4.48%.
• SEMTECH CORP COM (SMTC): A Technology holding at 3.95%.
• VIASAT INC COM (VSAT): A Technology stock at 3.91%.
• ARISTA NETWORKS INC COM SHS (ANET): A Technology holding at 4.89%.
• INTERDIGITAL INC COM (IDCC): A Technology stock at 3.71%.
• COTERRA ENERGY INC COM (CTRA): An Energy stock at 3.41%.

Sector Concentration

The portfolio demonstrates a strong bias towards the Technology sector, with multiple significant holdings in this space. Pure Storage, SUPER MICRO COMPUTER, PLEXUS, SEMTECH, VIASAT, and ARISTA NETWORKS are all Technology stocks, collectively representing a substantial portion of the portfolio's allocation. The Energy sector is also well-represented, with holdings in Expand Energy and Coterra Energy. The remaining allocations are distributed across other sectors based on the specific holdings present in the portfolio.

Recent Changes in Holdings

Several holdings show notable changes compared to the previous period:

• PURE STORAGE INC CL A (PSTG): Holdings decreased by 5.09%.
• INTERDIGITAL INC COM (IDCC): Holdings decreased significantly by 22.98%.
• GARMIN LTD SHS (GRMN): Holdings increased by 1.65%.
• SUPER MICRO COMPUTER INC COM N (SMCI): Holdings increased by 1.65%.
• EXPAND ENERGY CORPORATION COM (CHK): Holdings increased by 2.25%.
• PLEXUS CORP COM (PLXS): Holdings increased by 2.4%.
• SEMTECH CORP COM (SMTC): Holdings increased by 2.63%.
• VIASAT INC COM (VSAT): Holdings increased by 3.49%.
• COTERRA ENERGY INC COM (CTRA): Holdings increased by 1.53%.

Investment Strategy Analysis

The portfolio's structure, characterized by a high concentration in Technology and Energy sectors, suggests an investor or fund focused on growth opportunities within these industries. The significant allocation to specific Technology companies indicates a targeted approach, likely seeking exposure to high-growth areas within the tech landscape. The inclusion of Energy stocks points to a diversification strategy that also considers sectors with potential for growth or cyclical performance. The observed changes in holdings reflect an active management style, with adjustments made to the portfolio's composition based on performance or market outlook, as indicated by the changes in share counts and their associated percentages.