Passive Capital Management, LLC.

**Passive Capital Management, LLC.** is a $\$320\text{M}$ actively managed fund maintaining a diversified portfolio of 94 positions. The strategy shows a significant allocation to fixed income and real asset proxies, highlighted by the $\$53.4\text{M}$ position in DFAC and $\$38.4\text{M}$ in VNQ. Further notable holdings include $\$28.4\text{M}$ in SCHO and $\$21.0\text{M}$ in AVUS, indicating a focus on yield-generating and defensive sectors. This concentration suggests a tactical approach emphasizing income streams across various credit and real estate segments.

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