Key Client Fiduciary Advisors

Fairfield, NJfiles as Key Client Fiduciary Advisors, LLC

$343m in 219 US stocks at the end of 30 June 2026. The top 10 are 38.3% of the money. It changed about 10.6% of the portfolio this quarter.

Value

$343m

Stocks

219

Top 10 share

38.3%

Turnover

10.6%

What changed this quarter

New

Bought for the first time this quarter.

First TR Exchange-Traded FDACYN
0.8% of the fund
Ishares TRIGV
0.2% of the fund
IntelINTC
0.2% of the fund
Axon EnterpriseAXON
0.2% of the fund
Direxion Shares ETF TrustSOXL
0.1% of the fund
Janus Detroit STR TRJAAA
0.1% of the fund
QualcommQCOM
<0.1% of the fund
ACM ResearchACMR
<0.1% of the fund
ETF SER SolutionsUFOX
<0.1% of the fund
Direxion Shares ETF TrustQQQE
<0.1% of the fund
First TR Exchange-Traded FDQTEC
<0.1% of the fund
Exchange Traded Concepts TRUROBO
<0.1% of the fund
Renaissance CAP Greenwich FDIPO
<0.1% of the fund
StarbucksSBUX
<0.1% of the fund
EA Series TrustSTXF
<0.1% of the fund
Wisdomtree TRDXJ
<0.1% of the fund
Palo Alto NetworksPANW
<0.1% of the fund
Ishares TRIWM
<0.1% of the fund
Nuveen Municipal High Income Opportunity FundNMZ
<0.1% of the fund
Keel InfrastructureKEEL
<0.1% of the fund
Palladyne AIPDYN
<0.1% of the fund
HumacyteHUMA
<0.1% of the fund

Added

Bought more of a stock they already held.

Putnam ETF TrustPVAL
3.7% of the fund
+20%
First TR Exchange-Traded FDFDL
2.9% of the fund
+10%
State STR Spdr S&P 500 ETF TSPY
2.8% of the fund
+5%
Ishares TRGARP
2.2% of the fund
+771%
Vanguard Index FDSVOO
1.5% of the fund
+8%
Spdr Series TrustSPYM
1.0% of the fund
+16%
First TR Exchange-Traded FDFTSM
0.8% of the fund
+8%
Village Farms InternationalVFF
0.8% of the fund
+117%
First TR Exchange-Traded FDFVD
0.7% of the fund
+3%
Global X FDSPAVE
0.7% of the fund
+3%
Vanguard Specialized FundsVIG
0.6% of the fund
+9%
Altria GroupMO
0.5% of the fund
+7%
Ishares Bitcoin Trust ETFIBIT
0.5% of the fund
+98%
Ares CapitalARCC
0.4% of the fund
+4%
CrowdStrike HoldingsCRWD
0.3% of the fund
+2%
Pacer FDS TRCOWZ
0.3% of the fund
+10%
Micron TechnologyMU
0.3% of the fund
+3%
Ishares TRIMCG
0.3% of the fund
+9%
NextEra EnergyNEE
0.3% of the fund
+3%
MerckMRK
0.3% of the fund
+3%
CVS HealthCVS
0.3% of the fund
+4%
PfizerPFE
0.2% of the fund
+8%
Johnson & JohnsonJNJ
0.2% of the fund
+21%
Vanguard Tax-Managed FDSVEA
0.2% of the fund
+9%
Consolidated EdisonED
0.2% of the fund
+17%

Cut

Sold some of their stake.

First TR Exchange-Traded FDCIBR
3.8% of the fund
-4%
Ishares TRIYK
2.5% of the fund
-8%
Advanced Micro DevicesAMD
1.3% of the fund
-5%
First TR Exchange Traded FDAIRR
0.7% of the fund
-8%
Vertiv HoldingsVRT
0.7% of the fund
-11%
Applied MaterialsAMAT
0.6% of the fund
-4%
First TR Exchange-Traded FDFTSL
0.6% of the fund
-22%
Listed FDS TRMAGS
0.6% of the fund
-5%
First TR Exchng Traded FD VIXNOV
0.5% of the fund
-7%
Meta PlatformsMETA
0.5% of the fund
-7%
Prudential FinancialPRU
0.5% of the fund
-7%
ExxonMobil HoldingsXOM
0.5% of the fund
-2%
AlphabetGOOG
0.4% of the fund
-4%
Amplify ETF TRDIVO
0.4% of the fund
-18%
Home DepotHD
0.4% of the fund
-5%
Vanguard Index FDSVTI
0.3% of the fund
-14%
VisaV
0.3% of the fund
-2%
Palantir TechnologiesPLTR
0.3% of the fund
-8%
Invesco Exch Traded FD TR IIIDMO
0.3% of the fund
-2%
General ElectricGE
0.2% of the fund
-3%
Invesco Exchange Traded FD TXMHQ
0.2% of the fund
-11%
3MMMM
0.2% of the fund
-4%
Wisdomtree TRDGRW
0.2% of the fund
-17%
Costco WholesaleCOST
0.2% of the fund
-6%
Amplify ETF TRHACK
0.2% of the fund
-6%

Sold out

Sold their entire stake.

First TR Exchange-Traded FDFTGS
-100%
LandBridgeLB
-100%
Select Sector Spdr TRXLE
-100%
International PaperIP
-100%
ComcastCMCSA
-100%
L3harris TechnologiesLHX
-100%
Becton DickinsonBDX
-100%
AdobeADBE
-100%
Hyperliquid StrategiesPURR
-100%
GevoGEVO
-100%

Holdings

Galaxy DigitalGLXY
Share
7.1%
Value
$24m
Shares
886,792
Held
First TR Exchange Traded FDRDVY
Share
6.7%
Value
$23m
Shares
285,320
Held
First TR Exchange-Traded FDCIBR
Share
3.8%
Value
$13m
Shares
146,871
-4%
AppleAAPL
Share
3.8%
Value
$13m
Shares
45,444
Held
Putnam ETF TrustPVAL
Share
3.7%
Value
$13m
Shares
247,817
+20%
First TR Exchange-Traded FDFDL
Share
2.9%
Value
$10m
Shares
201,438
+10%
State STR Spdr S&P 500 ETF TSPY
Share
2.8%
Value
$10m
Shares
12,975
+5%
Amazon.comAMZN
Share
2.6%
Value
$9m
Shares
37,638
Held
Ishares TRIYK
Share
2.5%
Value
$9m
Shares
117,020
-8%
NvidiaNVDA
Share
2.4%
Value
$8m
Shares
40,784
Held
Ishares TRGARP
Share
2.2%
Value
$8m
Shares
92,535
+771%
First TR Exchange Traded FDSDVY
Share
2.0%
Value
$7m
Shares
158,158
Held
Invesco QQQ TRQQQ
Share
2.0%
Value
$7m
Shares
9,211
Held
MicrosoftMSFT
Share
1.9%
Value
$6m
Shares
17,201
Held
TeslaTSLA
Share
1.8%
Value
$6m
Shares
14,921
Held
Vanguard Index FDSVOO
Share
1.5%
Value
$5m
Shares
7,258
+8%
Advanced Micro DevicesAMD
Share
1.3%
Value
$5m
Shares
7,890
-5%
Annaly Capital ManagementNLY
Share
1.3%
Value
$4m
Shares
196,642
Held
AlphabetGOOGL
Share
1.1%
Value
$4m
Shares
10,824
Held
Select Sector Spdr TRXLU
Share
1.0%
Value
$4m
Shares
77,875
Held
Spdr Series TrustSPYM
Share
1.0%
Value
$3m
Shares
39,644
+16%
ETF SER SolutionsTRFM
Share
0.9%
Value
$3m
Shares
46,846
Held
First TR Exchange-Traded FDFTSM
Share
0.8%
Value
$3m
Shares
46,945
+8%
First TR Exchange-Traded FDACYN
Share
0.8%
Value
$3m
Shares
133,054
New
Invesco Exch Traded FD TR IIRWL
Share
0.8%
Value
$3m
Shares
21,362
Held
JPMorgan ChaseJPM
Share
0.8%
Value
$3m
Shares
8,229
Held
Village Farms InternationalVFF
Share
0.8%
Value
$3m
Shares
1,334,631
+117%
First TR Exchange Traded FDAIRR
Share
0.7%
Value
$3m
Shares
19,053
-8%
International Business MachinesIBM
Share
0.7%
Value
$2m
Shares
8,707
Held
Vertiv HoldingsVRT
Share
0.7%
Value
$2m
Shares
7,191
-11%
First TR Exchange-Traded FDFVD
Share
0.7%
Value
$2m
Shares
49,763
+3%
Global X FDSPAVE
Share
0.7%
Value
$2m
Shares
38,828
+3%
Public Service Enterprise GroupPEG
Share
0.6%
Value
$2m
Shares
26,446
Held
Applied MaterialsAMAT
Share
0.6%
Value
$2m
Shares
2,930
-4%
Vanguard Specialized FundsVIG
Share
0.6%
Value
$2m
Shares
8,888
+9%
Berkshire HathawayBRK-B
Share
0.6%
Value
$2m
Shares
4,139
Held
Bank of AmericaBAC
Share
0.6%
Value
$2m
Shares
36,096
Held
First TR Exchange-Traded FDFTSL
Share
0.6%
Value
$2m
Shares
45,125
-22%
Listed FDS TRMAGS
Share
0.6%
Value
$2m
Shares
30,585
-5%
Altria GroupMO
Share
0.5%
Value
$2m
Shares
25,757
+7%
First TR Exchng Traded FD VIXNOV
Share
0.5%
Value
$2m
Shares
46,715
-7%
Meta PlatformsMETA
Share
0.5%
Value
$2m
Shares
3,143
-7%
WalmartWMT
Share
0.5%
Value
$2m
Shares
15,544
Held
Prudential FinancialPRU
Share
0.5%
Value
$2m
Shares
16,170
-7%
ExxonMobil HoldingsXOM
Share
0.5%
Value
$2m
Shares
12,423
-2%
BroadcomAVGO
Share
0.5%
Value
$2m
Shares
4,344
Held
OracleORCL
Share
0.5%
Value
$2m
Shares
10,997
Held
Ishares Bitcoin Trust ETFIBIT
Share
0.5%
Value
$2m
Shares
46,632
+98%
AbbVieABBV
Share
0.4%
Value
$1m
Shares
5,928
Held
AlphabetGOOG
Share
0.4%
Value
$1m
Shares
4,202
-4%
Eli LillyLLY
Share
0.4%
Value
$1m
Shares
1,195
Held
Global X FDSQYLD
Share
0.4%
Value
$1m
Shares
74,475
Held
Amplify ETF TRDIVO
Share
0.4%
Value
$1m
Shares
28,125
-18%
Ares CapitalARCC
Share
0.4%
Value
$1m
Shares
67,752
+4%
Home DepotHD
Share
0.4%
Value
$1m
Shares
3,541
-5%
Neos ETF TrustSPYI
Share
0.4%
Value
$1m
Shares
22,872
Held
Verizon CommunicationsVZ
Share
0.3%
Value
$1m
Shares
28,257
Held
CorningGLW
Share
0.3%
Value
$1m
Shares
4,672
Held
Howmet AerospaceHWM
Share
0.3%
Value
$1m
Shares
4,391
Held
CrowdStrike HoldingsCRWD
Share
0.3%
Value
$1m
Shares
1,513
+2%
Pacer FDS TRCOWZ
Share
0.3%
Value
$1m
Shares
18,509
+10%
Micron TechnologyMU
Share
0.3%
Value
$1m
Shares
986
+3%
Vanguard Index FDSVTI
Share
0.3%
Value
$1m
Shares
3,026
-14%
Vanguard Scottsdale FDSVONG
Share
0.3%
Value
$1m
Shares
8,312
Held
Ishares TRIMCG
Share
0.3%
Value
$1m
Shares
10,660
+9%
NextEra EnergyNEE
Share
0.3%
Value
$1m
Shares
11,889
+3%
AT&TT
Share
0.3%
Value
$1m
Shares
49,574
Held
VisaV
Share
0.3%
Value
$1m
Shares
2,942
-2%
Lam ResearchLRCX
Share
0.3%
Value
$1m
Shares
2,322
Held
CaterpillarCAT
Share
0.3%
Value
$988,100
Shares
928
Held
Palantir TechnologiesPLTR
Share
0.3%
Value
$978,395
Shares
8,386
-8%
British American Tobacco p.l.c.BTI
Share
0.3%
Value
$977,008
Shares
15,819
Held
Invesco Exch Traded FD TR IIIDMO
Share
0.3%
Value
$976,290
Shares
16,193
-2%
MerckMRK
Share
0.3%
Value
$975,127
Shares
7,589
+3%
J P Morgan Exchange Traded FJEPQ
Share
0.3%
Value
$954,370
Shares
15,528
Held
Goldman Sachs GroupGS
Share
0.3%
Value
$951,373
Shares
941
Held
Franklin Templeton ETF TRFLBL
Share
0.3%
Value
$933,784
Shares
40,741
Held
Invesco Exchange Traded FD TRSP
Share
0.3%
Value
$915,279
Shares
4,302
Held
Ishares TRSOXX
Share
0.3%
Value
$895,654
Shares
1,398
Held
J P Morgan Exchange Traded FJPST
Share
0.3%
Value
$880,980
Shares
17,421
Held
CVS HealthCVS
Share
0.3%
Value
$874,552
Shares
8,454
+4%
EnbridgeENB
Share
0.2%
Value
$852,398
Shares
15,724
Held
Invesco Exchange Traded FD TXLG
Share
0.2%
Value
$829,581
Shares
13,549
Held
Ishares TRIWY
Share
0.2%
Value
$820,958
Shares
2,825
Held
General ElectricGE
Share
0.2%
Value
$820,624
Shares
2,196
-3%
First TR Exchange-Traded FDFTCS
Share
0.2%
Value
$796,215
Shares
8,478
Held
Cisco SystemsCSCO
Share
0.2%
Value
$786,807
Shares
6,699
Held
Ishares TRIGV
Share
0.2%
Value
$777,389
Shares
8,580
New
CencoraCOR
Share
0.2%
Value
$775,523
Shares
2,741
Held
Invesco Exchange Traded FD TXMHQ
Share
0.2%
Value
$755,204
Shares
6,690
-11%
State STR Spdr DOW Jones INDDIA
Share
0.2%
Value
$751,212
Shares
1,438
Held
3MMMM
Share
0.2%
Value
$750,715
Shares
4,637
-4%
PfizerPFE
Share
0.2%
Value
$747,202
Shares
31,030
+8%
Johnson & JohnsonJNJ
Share
0.2%
Value
$738,221
Shares
2,907
+21%
Vanguard Tax-Managed FDSVEA
Share
0.2%
Value
$736,530
Shares
10,337
+9%
Wisdomtree TRDGRW
Share
0.2%
Value
$711,557
Shares
7,442
-17%
Automatic Data ProcessingADP
Share
0.2%
Value
$701,434
Shares
3,132
Held
Consolidated EdisonED
Share
0.2%
Value
$698,963
Shares
6,318
+17%
Schwab Strategic TRSCHD
Share
0.2%
Value
$697,616
Shares
22,000
+17%
Costco WholesaleCOST
Share
0.2%
Value
$687,980
Shares
735
-6%

Company	Share of fund	Value	Shares	Change
Galaxy DigitalGLXY	7.1%	$24m	886,792	Held
First TR Exchange Traded FDRDVY	6.7%	$23m	285,320	Held
First TR Exchange-Traded FDCIBR	3.8%	$13m	146,871	-4%
AppleAAPL	3.8%	$13m	45,444	Held
Putnam ETF TrustPVAL	3.7%	$13m	247,817	+20%
First TR Exchange-Traded FDFDL	2.9%	$10m	201,438	+10%
State STR Spdr S&P 500 ETF TSPY	2.8%	$10m	12,975	+5%
Amazon.comAMZN	2.6%	$9m	37,638	Held
Ishares TRIYK	2.5%	$9m	117,020	-8%
NvidiaNVDA	2.4%	$8m	40,784	Held
Ishares TRGARP	2.2%	$8m	92,535	+771%
First TR Exchange Traded FDSDVY	2.0%	$7m	158,158	Held
Invesco QQQ TRQQQ	2.0%	$7m	9,211	Held
MicrosoftMSFT	1.9%	$6m	17,201	Held
TeslaTSLA	1.8%	$6m	14,921	Held
Vanguard Index FDSVOO	1.5%	$5m	7,258	+8%
Advanced Micro DevicesAMD	1.3%	$5m	7,890	-5%
Annaly Capital ManagementNLY	1.3%	$4m	196,642	Held
AlphabetGOOGL	1.1%	$4m	10,824	Held
Select Sector Spdr TRXLU	1.0%	$4m	77,875	Held
Spdr Series TrustSPYM	1.0%	$3m	39,644	+16%
ETF SER SolutionsTRFM	0.9%	$3m	46,846	Held
First TR Exchange-Traded FDFTSM	0.8%	$3m	46,945	+8%
First TR Exchange-Traded FDACYN	0.8%	$3m	133,054	New
Invesco Exch Traded FD TR IIRWL	0.8%	$3m	21,362	Held
JPMorgan ChaseJPM	0.8%	$3m	8,229	Held
Village Farms InternationalVFF	0.8%	$3m	1,334,631	+117%
First TR Exchange Traded FDAIRR	0.7%	$3m	19,053	-8%
International Business MachinesIBM	0.7%	$2m	8,707	Held
Vertiv HoldingsVRT	0.7%	$2m	7,191	-11%
First TR Exchange-Traded FDFVD	0.7%	$2m	49,763	+3%
Global X FDSPAVE	0.7%	$2m	38,828	+3%
Public Service Enterprise GroupPEG	0.6%	$2m	26,446	Held
Applied MaterialsAMAT	0.6%	$2m	2,930	-4%
Vanguard Specialized FundsVIG	0.6%	$2m	8,888	+9%
Berkshire HathawayBRK-B	0.6%	$2m	4,139	Held
Bank of AmericaBAC	0.6%	$2m	36,096	Held
First TR Exchange-Traded FDFTSL	0.6%	$2m	45,125	-22%
Listed FDS TRMAGS	0.6%	$2m	30,585	-5%
Altria GroupMO	0.5%	$2m	25,757	+7%
First TR Exchng Traded FD VIXNOV	0.5%	$2m	46,715	-7%
Meta PlatformsMETA	0.5%	$2m	3,143	-7%
WalmartWMT	0.5%	$2m	15,544	Held
Prudential FinancialPRU	0.5%	$2m	16,170	-7%
ExxonMobil HoldingsXOM	0.5%	$2m	12,423	-2%
BroadcomAVGO	0.5%	$2m	4,344	Held
OracleORCL	0.5%	$2m	10,997	Held
Ishares Bitcoin Trust ETFIBIT	0.5%	$2m	46,632	+98%
AbbVieABBV	0.4%	$1m	5,928	Held
AlphabetGOOG	0.4%	$1m	4,202	-4%
Eli LillyLLY	0.4%	$1m	1,195	Held
Global X FDSQYLD	0.4%	$1m	74,475	Held
Amplify ETF TRDIVO	0.4%	$1m	28,125	-18%
Ares CapitalARCC	0.4%	$1m	67,752	+4%
Home DepotHD	0.4%	$1m	3,541	-5%
Neos ETF TrustSPYI	0.4%	$1m	22,872	Held
Verizon CommunicationsVZ	0.3%	$1m	28,257	Held
CorningGLW	0.3%	$1m	4,672	Held
Howmet AerospaceHWM	0.3%	$1m	4,391	Held
CrowdStrike HoldingsCRWD	0.3%	$1m	1,513	+2%
Pacer FDS TRCOWZ	0.3%	$1m	18,509	+10%
Micron TechnologyMU	0.3%	$1m	986	+3%
Vanguard Index FDSVTI	0.3%	$1m	3,026	-14%
Vanguard Scottsdale FDSVONG	0.3%	$1m	8,312	Held
Ishares TRIMCG	0.3%	$1m	10,660	+9%
NextEra EnergyNEE	0.3%	$1m	11,889	+3%
AT&TT	0.3%	$1m	49,574	Held
VisaV	0.3%	$1m	2,942	-2%
Lam ResearchLRCX	0.3%	$1m	2,322	Held
CaterpillarCAT	0.3%	$988,100	928	Held
Palantir TechnologiesPLTR	0.3%	$978,395	8,386	-8%
British American Tobacco p.l.c.BTI	0.3%	$977,008	15,819	Held
Invesco Exch Traded FD TR IIIDMO	0.3%	$976,290	16,193	-2%
MerckMRK	0.3%	$975,127	7,589	+3%
J P Morgan Exchange Traded FJEPQ	0.3%	$954,370	15,528	Held
Goldman Sachs GroupGS	0.3%	$951,373	941	Held
Franklin Templeton ETF TRFLBL	0.3%	$933,784	40,741	Held
Invesco Exchange Traded FD TRSP	0.3%	$915,279	4,302	Held
Ishares TRSOXX	0.3%	$895,654	1,398	Held
J P Morgan Exchange Traded FJPST	0.3%	$880,980	17,421	Held
CVS HealthCVS	0.3%	$874,552	8,454	+4%
EnbridgeENB	0.2%	$852,398	15,724	Held
Invesco Exchange Traded FD TXLG	0.2%	$829,581	13,549	Held
Ishares TRIWY	0.2%	$820,958	2,825	Held
General ElectricGE	0.2%	$820,624	2,196	-3%
First TR Exchange-Traded FDFTCS	0.2%	$796,215	8,478	Held
Cisco SystemsCSCO	0.2%	$786,807	6,699	Held
Ishares TRIGV	0.2%	$777,389	8,580	New
CencoraCOR	0.2%	$775,523	2,741	Held
Invesco Exchange Traded FD TXMHQ	0.2%	$755,204	6,690	-11%
State STR Spdr DOW Jones INDDIA	0.2%	$751,212	1,438	Held
3MMMM	0.2%	$750,715	4,637	-4%
PfizerPFE	0.2%	$747,202	31,030	+8%
Johnson & JohnsonJNJ	0.2%	$738,221	2,907	+21%
Vanguard Tax-Managed FDSVEA	0.2%	$736,530	10,337	+9%
Wisdomtree TRDGRW	0.2%	$711,557	7,442	-17%
Automatic Data ProcessingADP	0.2%	$701,434	3,132	Held
Consolidated EdisonED	0.2%	$698,963	6,318	+17%
Schwab Strategic TRSCHD	0.2%	$697,616	22,000	+17%
Costco WholesaleCOST	0.2%	$687,980	735	-6%

Showing the largest 100 of 219.

Options (13)

OracleORCL
Type
Put
Value
$1m
Contracts
9,900
SalesforceCRM
Type
Put
Value
$579,642
Contracts
3,700
D-Wave QuantumQBTS
Type
Put
Value
$503,790
Contracts
21,000
Galaxy DigitalGLXY
Type
Put
Value
$268,008
Contracts
9,800
Galaxy DigitalGLXY
Type
Call
Value
$136,739
Contracts
5,000
State STR Spdr DOW Jones INDDIA
Type
Call
Value
$104,478
Contracts
200
TeslaTSLA
Type
Call
Value
$84,120
Contracts
200
Ishares TRIWM
Type
Call
Value
$60,090
Contracts
200
StrategyMSTR
Type
Call
Value
$52,158
Contracts
600
NvidiaNVDA
Type
Call
Value
$40,018
Contracts
200
Vertiv HoldingsVRT
Type
Put
Value
$33,482
Contracts
100
Select Sector Spdr TRXLU
Type
Put
Value
$22,670
Contracts
500
Cypherpunk TechnologiesCYPH
Type
Call
Value
$6,735
Contracts
11,000

Company	Type	Value	Contracts
OracleORCL	Put	$1m	9,900
SalesforceCRM	Put	$579,642	3,700
D-Wave QuantumQBTS	Put	$503,790	21,000
Galaxy DigitalGLXY	Put	$268,008	9,800
Galaxy DigitalGLXY	Call	$136,739	5,000
State STR Spdr DOW Jones INDDIA	Call	$104,478	200
TeslaTSLA	Call	$84,120	200
Ishares TRIWM	Call	$60,090	200
StrategyMSTR	Call	$52,158	600
NvidiaNVDA	Call	$40,018	200
Vertiv HoldingsVRT	Put	$33,482	100
Select Sector Spdr TRXLU	Put	$22,670	500
Cypherpunk TechnologiesCYPH	Call	$6,735	11,000

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 40.7% since 30 June 2025.

Where the money is

Technology14.3%

Financial services12.3%

Retail & consumer5.3%

Industrials3.0%

Media & telecom3.0%

Everyday goods2.9%

Health care2.3%

Utilities1.2%

Energy1.1%

Materials0.1%

Other54.4%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.