SMSAX Holdings List

As of Jan 31, 2025

No.	Symbol	Name	% Weight	Shares
1	MERIX	The Merger Fund® Class I	20.43%	3,033,542
2	n/a	Cash	17.22%	43,632,124
3	SEOXX	SEI Daily Income Trust - Government Fund	12.67%	32,105,941
4	ADNT 4.875 08.15.26 144A	Adient Global Holdings Ltd 4.875%	1.30%	3,296,000
5	WYNN	Wynn Resorts, Limited	1.29%	37,768
6	PENN	PENN Entertainment, Inc.	1.19%	145,995
7	KIM	Kimco Realty Corporation	1.18%	132,841
8	n/a	Australian Dollar	1.10%	4,453,820
9	UNSEAM 7.875 02.15.31 144A	Allied Universal Holdco LLC / Allied Universal Finance Corporation 7.875%	0.98%	2,419,000
10	NFE 12 11.15.29 144A	NFE Financing LLC 12%	0.87%	2,110,000
11	EQMSRM 9 05.15.28 144A	Equipmentshare Com Inc. 9%	0.85%	2,033,000
12	ETR: ENR	Siemens Energy AG	0.80%	33,967
13	RIG 8 02.01.27 144A	Transocean Inc. 8%	0.80%	2,025,000
14	GEV	GE Vernova Inc.	0.80%	5,407
15	CENX	Century Aluminum Company	0.77%	106,146
16	ENTG	Entegris, Inc.	0.76%	18,960
17	AA	Alcoa Corporation	0.76%	54,392
18	ECG	Everus Construction Group, Inc.	0.75%	27,788
19	VSH	Vishay Intertechnology, Inc.	0.74%	111,483
20	TSX: HBM	Hudbay Minerals Inc.	0.74%	226,129
21	FCX	Freeport-McMoRan Inc.	0.73%	51,871
22	ATI	ATI Inc.	0.73%	32,333
23	BLDR	Builders FirstSource, Inc.	0.72%	10,963
24	HR	Healthcare Realty Trust Incorporated	0.71%	107,189
25	MTRN	Materion Corporation	0.70%	17,686
26	DHI	D.R. Horton, Inc.	0.70%	12,517
27	GFLCN 3.75 08.01.25 144A	GFL Environmental Inc. 3.75%	0.67%	1,715,000
28	USLBMH 7.75 04.01.27 144A	BCPE Ulysses Intermediate Inc. 7.75%	0.65%	1,666,000
29	STRCNA 6.875 08.01.26 144A	Strathcona Resources Ltd. 6.875%	0.61%	1,546,000
30	CEC 6.75 05.01.26 144A	Old Claimco LLC 6.75%	0.59%	1,495,000
31	CABO	Cable One, Inc.	0.59%	4,893
32	TRIVIU 5.5 08.15.26 144A	Trivium Packaging Finance BV 5.5%	0.57%	1,464,000
33	GWCN 8.25 08.01.32 144A	Garda World Security Corporation 8.25%	0.56%	1,385,000
34	LTH 8 04.15.26 144A	Life Time Fitness 8%	0.53%	1,341,000
35	RCL 5.625 09.30.31 144A	Royal Caribbean Group 5.625%	0.53%	1,351,000
36	TIBX 6.5 03.31.29 144A	Tibco Software Inc 6.5%	0.53%	1,354,000
37	BEN	Franklin Resources, Inc.	0.50%	57,439
38	RIG	Transocean Ltd.	0.50%	324,991
39	SLG	SL Green Realty Corp.	0.48%	18,096
40	EVR	Evercore Inc.	0.47%	4,106
41	DLTR	Dollar Tree, Inc.	0.47%	16,271
42	VFC	V.F. Corporation	0.46%	45,267
43	VSCO	Victoria's Secret & Co.	0.46%	32,086
44	ZION	Zions Bancorporation, National Association	0.46%	19,964
45	SHAK	Shake Shack Inc.	0.46%	9,778
46	LUV	Southwest Airlines Co.	0.45%	37,421
47	APA	APA Corporation	0.43%	50,158
48	RISBAK 8.625 11.01.31 144A	Viking Baked Goods Acquisition Corp 8.625%	0.42%	1,101,000
49	AETUNI 7.5 10.01.29 144A	Aethon United Br Lp / Aethon United Finance Corporation 7.5%	0.41%	1,005,000
50	BHCCN 5.5 11.01.25 144A	Bausch Health Companies Inc. 5.5%	0.36%	933,000

As of Jan 31, 2025

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Asset Allocation

Asset Class	% Weight
Cash	35.34%
Stocks	32.67%
Bond	31.78%
Not Classified	0.61%
Other	-0.41%

Sector Breakdown

Sector	% Weight
Other	68.25%
Information Technology	12.14%
Consumer Discretionary	4.57%
Industrials	3.78%
Communication Services	3.47%
Financials	2.75%
Energy	1.61%
Consumer Staples	1.26%
Real Estate	0.98%
Health Care	0.61%
Materials	0.58%
Utilities	-

Country Breakdown

Sector	% Weight
United States	87.92%
Other	5.13%
XS	2.26%
Israel	0.80%
South Africa	0.56%
Mexico	0.46%
Singapore	0.44%
China	0.36%
Switzerland	0.35%
Canada	0.26%
Hong Kong	0.26%
Australia	0.24%
Japan	0.23%
Bermuda	0.21%
Netherlands	0.15%
France	0.12%
Ireland	0.07%
Belgium	0.05%
Norway	0.05%
Luxembourg	0.04%
United Kingdom	0.03%
Macao	0.01%