AIA

Absolute Investment Advisers Portfolio holdings

AUM $808M

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3

This Quarter Return

+0.94%

1 Year Return

+0.31%

3 Year Return

+1.21%

5 Year Return

–

10 Year Return

–

AUM

$733M

AUM Growth

+$733M (+6.9%)

Cap. Flow

+$32M

Cap. Flow % of AUM

4.37%

Top 10 Holdings % Top 10 Hldgs %

18.24%

Holding

136

New

Increased

Reduced

Closed

Top Buys

1	Cornerstone Strategic Value Fund CLM	$9.17M
2	FEI FIRST TRUST MLP AND ENERGY INCOME FUND FEI	$8.82M
3	HQH abrdn Healthcare Investors HQH	$8.53M
4	HQL abrdn Life Sciences Investors HQL	$8.16M
5	FSD FIRST TRUST HIGH INCOME LONG/SHORT FUND FSD	$5.99M

Top Sells

No sells this quarter

Sector Composition

Financials

0.11%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	MEGI 26 MainStay CBRE Global Infrastructure Megatrends Term Fund MEGI $747M	$1.05M	0.14%	+83,363	New	+$1.05M
27	CEM 27 DELISTED ClearBridge MLP and Midstream Fund Inc. CEM	$1.05M	0.14%	+22,833	New	+$1.05M
28	RFMZ 28 RiverNorth Flexible Municipal Income Fund II RFMZ $307M	$934K	0.13%	+66,574	New	+$934K
29	EIM 29 Eaton Vance Municipal Bond Fund EIM $532M	$903K	0.12%	+87,277	New	+$903K
30	30 BlackRock Health Sciences Trust II BMEZ $1.46B	$887K	0.12%	+54,123	New	+$887K
31	HERZ 31 Herzfeld Credit Income Fund, Inc. Common Stock HERZ $39.3M	$842K	0.11%	+325,071	New	+$842K
32	HIX 32 Western Asset High Income Fund II HIX $386M	$827K	0.11%	+185,012	New	+$827K
33	FTF 33 Franklin Limited Duration Income Trust FTF $259M	$813K	0.11%	+129,641	New	+$813K
34	ASGI 34 abrdn Global Infrastructure Income Fund ASGI $588M	$746K	0.1%	+42,000	New	+$746K
35	NXG 35 NXG NextGen Infrastructure Income Fund NXG $198M	$711K	0.1%	+18,292	New	+$711K
36	MFV 36 DELISTED MFS SPECIAL VALUE TRUST MFV	$649K	0.09%	+145,750	New	+$649K
37	37 BlackRock CA Municipal Income Trust BFZ $314M	$408K	0.06%	+34,536	New	+$408K
38	EVM 38 Eaton Vance California Municipal Bond Fund EVM $222M	$405K	0.06%	+42,899	New	+$405K
39	TEAF 39 Ecofin Sustainable & Social Impact Term Fund TEAF $162M	$375K	0.05%	+31,772	New	+$375K
40	BRW 40 Saba Capital Income & Opportunities Fund BRW $351M	$317K	0.04%	+43,533	New	+$317K
41	TTP 41 DELISTED TORTOISE PIPELINE & ENERGY FUND, INC. TTP	$290K	0.04%	+9,186	New	+$290K
42	RMMZ 42 RiverNorth Managed Duration Municipal Income Fund II RMMZ $123M	$209K	0.03%	+12,975	New	+$209K
43	43 Invesco Value Municipal Income Trust IIM $555M	$202K	0.03%	+16,800	New	+$202K
44	44 Nuveen Municipal Credit Opportunities Fund NMCO $567M	$193K	0.03%	+18,300	New	+$193K
45	EVN 45 Eaton Vance Municipal Income Trust EVN $414M	$104K	0.01%	+10,100	New	+$104K