The North Star: One Book, Seven Sizes

A brass ship’s compass beside a lit lantern on a wooden deck — The North Star · one book, seven sizes

Everyone sees the first six names in each book. Clients unlock the whole table with the passcode from their review.

North Star 25 · $25,000

North Star 25

Twenty-six names. The sector fund carries energy; the majors, the primes and the platforms carry the rest.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.70%

≈ $35 a month

1 month

+0.3%

weighted, Thu close

YTD

+18.3%

weighted, Thu close

Reserve 15%Energy 13.3%AI / Tech 24.4%Power / Infra 6.1%Defense 6.1%Gold 7.1%Healthcare 10.2%Financials 7.1%Staples / Consumer 5.1%Industrials 3%International 2%Cash 0.5%

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	9.00%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XLE	Energy Select SPDR	6.10%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
4	XOM	ExxonMobil	4.08%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
5	CVX	Chevron	3.05%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
6	NVDA	NVIDIA	5.09%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
7	MSFT	Microsoft	5.09%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
8	GOOGL	Alphabet	4.08%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
9	AAPL	Apple	4.08%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
10	META	Meta	3.05%	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
11	TSM	Taiwan Semiconductor	3.05%	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
12	GEV	GE Vernova	4.08%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
13	NEE	NextEra Energy	2.04%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
14	LMT	Lockheed Martin	4.08%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
15	RTX	RTX Corp	2.04%	Defense	+6.2%	1.42%	Prime; engines and missiles.
16	IAU	iShares Gold	5.09%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
17	GDX	Gold Miners ETF	2.04%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
18	LLY	Eli Lilly	4.08%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
19	ABBV	AbbVie	3.05%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
20	JNJ	Johnson & Johnson	3.05%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
21	JPM	JPMorgan	4.08%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
22	BRK.B	Berkshire Hathaway	3.05%	Financials	+1.3%	0.00%	Cash-rich quality; held.
23	PG	Procter & Gamble	3.05%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
24	KO	Coca-Cola	2.04%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
25	CAT	Caterpillar	3.05%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
26	EWY	iShares MSCI Korea ETF	2.04%	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
	TOTAL	26 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

North Star 50 · $50,000

North Star 50

Thirty-nine names. The midstream, power-builder and bank seats open.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.61%

≈ $67 a month

1 month

−0.4%

weighted, Thu close

YTD

+16.8%

weighted, Thu close

Reserve 15%Energy 11.8%AI / Tech 23.1%Power / Infra 7.6%Defense 7.1%Gold 5.9%Healthcare 9.7%Financials 7.1%Staples / Consumer 5.5%Industrials 3.8%International 2.9%Cash 0.5%

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.99%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XLE	Energy Select SPDR	2.52%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
4	XOM	ExxonMobil	3.36%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
5	CVX	Chevron	2.53%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
6	NVDA	NVIDIA	4.21%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
7	MSFT	Microsoft	4.21%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
8	GOOGL	Alphabet	3.36%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
9	AAPL	Apple	3.36%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
10	META	Meta	2.53%	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
11	TSM	Taiwan Semiconductor	2.53%	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
12	GEV	GE Vernova	3.36%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
13	NEE	NextEra Energy	1.68%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
14	LMT	Lockheed Martin	3.36%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
15	RTX	RTX Corp	1.68%	Defense	+6.2%	1.42%	Prime; engines and missiles.
16	IAU	iShares Gold	4.21%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
17	GDX	Gold Miners ETF	1.68%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
18	LLY	Eli Lilly	3.36%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
19	ABBV	AbbVie	2.53%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
20	JNJ	Johnson & Johnson	2.53%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
21	JPM	JPMorgan	3.36%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
22	BRK.B	Berkshire Hathaway	2.53%	Financials	+1.3%	0.00%	Cash-rich quality; held.
23	PG	Procter & Gamble	2.53%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
24	KO	Coca-Cola	1.68%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
25	CAT	Caterpillar	2.53%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
26	EWY	iShares MSCI Korea ETF	1.68%	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
27	COP	ConocoPhillips	1.68%	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
28	LNG	Cheniere Energy	1.68%	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
29	AVGO	Broadcom	1.68%	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
30	AMZN	Amazon	1.26%	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
31	PWR	Quanta Services	1.26%	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
32	VST	Vistra Energy	1.26%	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
33	NOC	Northrop Grumman	0.85%	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
34	PLTR	Palantir	1.26%	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
35	UNH	UnitedHealth Group	1.26%	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
36	GS	Goldman Sachs	1.26%	Financials	+9.5%	1.72%	Trading and advisory recovery.
37	COST	Costco	1.26%	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
38	VGK	Vanguard FTSE Europe ETF	1.26%	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
39	ETN	Eaton	1.26%	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
	TOTAL	39 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

North Star 100 · $100,000

North Star 100

Forty-seven names. The full sleeve set: every seat the list backs, sized for a Neutral bias.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.63%

≈ $136 a month

1 month

−0.3%

weighted, Thu close

YTD

+16.6%

weighted, Thu close

Reserve 15%Energy 13.9%AI / Tech 20.9%Power / Infra 8%Defense 7.9%Gold 6%Healthcare 9%Financials 7%Staples / Consumer 6%International 3%Industrials 3%Cash 0.5%

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.92%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.99%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.99%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.99%	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.99%	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.49%	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.49%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	3.48%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.99%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.99%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	2.49%	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	2.49%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.99%	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.99%	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.49%	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	1.00%	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	2.49%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.49%	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.49%	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.49%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	1.00%	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.99%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.49%	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	1.00%	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	1.00%	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.49%	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	1.00%	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.98%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.99%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	2.49%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.99%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.99%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.49%	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	1.00%	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	2.49%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.49%	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	1.00%	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.99%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.49%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.49%	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	1.00%	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.49%	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.49%	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.49%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.49%	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.99%	Financials	+1.3%	0.00%	Cash-rich quality; held.
	TOTAL	47 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

North Star 250 · $250,000

North Star 250

Fifty-nine names. The quality consumer seats (WMT, V, HON) and the second names in each sleeve.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.71%

≈ $356 a month

1 month

−0.4%

weighted, Thu close

YTD

+17.6%

weighted, Thu close

Reserve 15%Energy 13.8%AI / Tech 19.9%Power / Infra 7.8%Defense 6.9%Gold 6%Healthcare 7.8%Financials 7.8%Staples / Consumer 9.3%International 2.6%Industrials 2.6%Cash 0.5%

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.94%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.68%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.60%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.60%	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.73%	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.29%	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.29%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	3.02%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.60%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.60%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	2.16%	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	2.16%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.73%	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.73%	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.29%	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	0.87%	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	2.16%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.29%	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.29%	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.29%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	0.87%	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.73%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.29%	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	0.87%	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	0.87%	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.29%	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	0.87%	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.46%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.73%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	2.16%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.73%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.73%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.29%	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	0.87%	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	2.16%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.29%	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	0.87%	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.73%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.29%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.29%	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	0.87%	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.29%	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.29%	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.29%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.29%	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.73%	Financials	+1.3%	0.00%	Cash-rich quality; held.
48	WMT	Walmart	1.29%	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
49	V	Visa	1.29%	Staples / Consumer	+5.6%	0.71%	Payments toll road.
50	HON	Honeywell (Quantinuum)	0.87%	Power / Infra	+1.2%	1.39%	Automation and aerospace; the conglomerate seat.
51	MO	Altria Group	0.87%	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
52	EOG	EOG Resources	0.87%	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
53	KMI	Kinder Morgan	0.87%	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
54	NEM	Newmont	0.87%	Gold	+22.8%	0.84%	Largest miner; +180% in 2025.
55	TXN	Texas Instruments	0.87%	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
56	BAC	Bank of America	0.87%	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
57	MS	Morgan Stanley	0.87%	Financials	+16.1%	2.01%	Wealth management fee engine.
58	DG	Dollar General	0.65%	Staples / Consumer	−7.1%	1.83%	Rural discount; the trade-down beneficiary.
59	MRVL	Marvell Technology	0.87%	AI / Tech	+178.0%	0.11%	Custom AI silicon; the networking side of memory.
	TOTAL	59 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

North Star 500 · $500,000

North Star 500

Seventy-three names. Services, royalties, the aerospace supply chain and the smaller semis.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.71%

≈ $714 a month

1 month

−0.4%

weighted, Thu close

YTD

+20.0%

weighted, Thu close

Reserve 15%Energy 14.8%AI / Tech 19.1%Power / Infra 8%Defense 7.4%Gold 6.6%Healthcare 7%Financials 7.8%Staples / Consumer 8.4%International 2.3%Industrials 2.9%Cash 0.5%

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.93%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.21%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.35%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.35%	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.56%	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.17%	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.17%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	2.74%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.35%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.35%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	1.95%	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	1.95%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.56%	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.56%	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.17%	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	0.79%	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	1.95%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.17%	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.17%	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.17%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	0.79%	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.56%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.17%	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	0.79%	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	0.79%	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.17%	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	0.79%	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.12%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.56%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	1.95%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.56%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.56%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.17%	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	0.79%	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	1.95%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.17%	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	0.79%	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.56%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.17%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.17%	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	0.79%	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.17%	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.17%	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.17%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.17%	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.56%	Financials	+1.3%	0.00%	Cash-rich quality; held.
48	WMT	Walmart	1.17%	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
49	V	Visa	1.17%	Staples / Consumer	+5.6%	0.71%	Payments toll road.
50	HON	Honeywell (Quantinuum)	0.79%	Power / Infra	+1.2%	1.39%	Automation and aerospace; the conglomerate seat.
51	MO	Altria Group	0.79%	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
52	EOG	EOG Resources	0.79%	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
53	KMI	Kinder Morgan	0.79%	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
54	NEM	Newmont	0.79%	Gold	+22.8%	0.84%	Largest miner; +180% in 2025.
55	TXN	Texas Instruments	0.79%	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
56	BAC	Bank of America	0.79%	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
57	MS	Morgan Stanley	0.79%	Financials	+16.1%	2.01%	Wealth management fee engine.
58	DG	Dollar General	0.59%	Staples / Consumer	−7.1%	1.83%	Rural discount; the trade-down beneficiary.
59	MRVL	Marvell Technology	0.79%	AI / Tech	+178.0%	0.11%	Custom AI silicon; the networking side of memory.
60	HAL	Halliburton	0.59%	Energy	+20.9%	1.94%	Oilfield services: the pick-and-shovel on $100 crude.
61	SLB	Schlumberger	0.59%	Energy	+37.8%	2.18%	International services leader.
62	BP	BP plc	0.59%	Energy	+35.5%	4.39%	Cheapest major on the list, 4.4% yield.
63	OXY	Occidental	0.59%	Energy	+44.7%	1.62%	Berkshire-backed Permian; higher beta to the barrel.
64	WPM	Wheaton PM	0.59%	Gold	+28.2%	0.48%	Streaming royalty; no mine risk.
65	RGLD	Royal Gold	0.59%	Gold	+12.5%	0.38%	Royalty company; the quiet compounder.
66	PNC	PNC Financial	0.79%	Financials	+12.8%	2.80%	Regional bank; held for the 2.8% yield.
67	HWM	Howmet Aerospace	0.59%	Defense	+8.4%	0.21%	Aerospace fasteners and engine parts.
68	BA	Boeing	0.59%	Defense	−9.5%	0.00%	The recovery seat; sized for the risk.
69	ARM	Arm Holdings	0.59%	AI / Tech	+137.2%	0.00%	Licensing royalty on every chip in the build-out.
70	DELL	Dell Technologies	0.59%	AI / Tech	+366.1%	0.43%	Server assembler for the build-out; +366% YTD, sized accordingly.
71	URA	Uranium Miners ETF	0.59%	Power / Infra	−0.1%	4.57%	Diversified uranium fund.
72	MP	MP Materials	0.39%	Power / Infra	−1.2%	0.00%	Rare earths, the one domestic supplier.
73	UAL	United Airlines	0.59%	Industrials	−3.1%	0.00%	Airline with pricing power; small and cyclical.
	TOTAL	73 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

North Star 750 · $750,000

North Star 750

Eighty-one names. The last defense and healthcare seats; midstream and cyber sized up.

Names

every one on the list

Reserve

15.0%

bills and floating paper

Trailing yield

1.74%

≈ $1,085 a month

1 month

−0.5%

weighted, Thu close

YTD

+19.5%

weighted, Thu close

Reserve 15%Energy 14.6%AI / Tech 18.8%Power / Infra 7.7%Defense 8.3%Gold 6.4%Healthcare 7.7%Financials 7.9%Staples / Consumer 8.1%International 2.3%Industrials 2.8%Cash 0.5%

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.96%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.20%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.26%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	2.26%	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	LNG	Cheniere Energy	1.50%	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
7	WMB	Williams Companies	1.50%	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
8	XLE	Energy Select SPDR	1.12%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	NVDA	NVIDIA	2.63%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
10	MSFT	Microsoft	2.26%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
11	GOOGL	Alphabet	2.26%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
12	META	Meta	1.88%	AI / Tech	+1.8%	0.32%	Ad engine plus the transaction layer its agents are being wired into.
13	AAPL	Apple	1.88%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
14	AVGO	Broadcom	1.50%	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
15	TSM	Taiwan Semiconductor	1.50%	AI / Tech	+44.4%	0.98%	The foundry everyone above depends on.
16	AMZN	Amazon	1.12%	AI / Tech	+7.9%	0.00%	AWS plus retail; trimmed after the run.
17	CRWD	CrowdStrike	1.12%	AI / Tech	+107.2%	0.00%	Cyber platform; small after +18% on the week.
18	GEV	GE Vernova	1.88%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
19	PWR	Quanta Services	1.12%	Power / Infra	+43.8%	0.07%	The contractor that builds the grid the data centers need.
20	VST	Vistra Energy	1.12%	Power / Infra	−11.5%	0.65%	Merchant power with a nuclear fleet; the profitable way to own the demand.
21	NEE	NextEra Energy	1.12%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
22	CCJ	Cameco	0.76%	Power / Infra	+1.6%	0.26%	Uranium; the fuel behind the nuclear demand story.
23	LMT	Lockheed Martin	1.50%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
24	RTX	RTX Corp	1.12%	Defense	+6.2%	1.42%	Prime; engines and missiles.
25	NOC	Northrop Grumman	0.76%	Defense	−7.2%	1.78%	Prime; B-21 and strategic.
26	GD	General Dynamics	0.76%	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
27	PLTR	Palantir	1.12%	Defense	−2.8%	0.00%	Software prime; trimmed after the run, kept for the seat.
28	LHX	L3Harris	0.76%	Defense	−14.3%	1.15%	Electronics and space.
29	IAU	iShares Gold	3.00%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
30	GDX	Gold Miners ETF	1.50%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
31	LLY	Eli Lilly	1.88%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
32	ABBV	AbbVie	1.50%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
33	JNJ	Johnson & Johnson	1.50%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
34	UNH	UnitedHealth Group	1.12%	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
35	AZN	AstraZeneca	1.12%	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
36	JPM	JPMorgan	1.88%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
37	GS	Goldman Sachs	1.12%	Financials	+9.5%	1.72%	Trading and advisory recovery.
38	CB	Chubb	1.12%	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
39	PG	Procter & Gamble	1.50%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
40	KO	Coca-Cola	1.12%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
41	COST	Costco	1.12%	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
42	PM	Philip Morris Intl	0.76%	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
43	EWY	iShares MSCI Korea ETF	1.12%	International	+85.5%	0.36%	South Korea: memory and shipbuilding, +85% YTD.
44	VGK	Vanguard FTSE Europe ETF	1.12%	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
45	CAT	Caterpillar	1.12%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
46	ETN	Eaton	1.12%	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
47	BRK.B	Berkshire Hathaway	1.50%	Financials	+1.3%	0.00%	Cash-rich quality; held.
48	WMT	Walmart	1.12%	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
49	V	Visa	1.12%	Staples / Consumer	+5.6%	0.71%	Payments toll road.
50	HON	Honeywell (Quantinuum)	0.76%	Power / Infra	+1.2%	1.39%	Automation and aerospace; the conglomerate seat.
51	MO	Altria Group	0.76%	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
52	EOG	EOG Resources	0.76%	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
53	KMI	Kinder Morgan	0.76%	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
54	NEM	Newmont	0.76%	Gold	+22.8%	0.84%	Largest miner; +180% in 2025.
55	TXN	Texas Instruments	0.76%	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
56	BAC	Bank of America	0.76%	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
57	MS	Morgan Stanley	0.76%	Financials	+16.1%	2.01%	Wealth management fee engine.
58	DG	Dollar General	0.57%	Staples / Consumer	−7.1%	1.83%	Rural discount; the trade-down beneficiary.
59	MRVL	Marvell Technology	0.76%	AI / Tech	+178.0%	0.11%	Custom AI silicon; the networking side of memory.
60	HAL	Halliburton	0.57%	Energy	+20.9%	1.94%	Oilfield services: the pick-and-shovel on $100 crude.
61	SLB	Schlumberger	0.57%	Energy	+37.8%	2.18%	International services leader.
62	BP	BP plc	0.57%	Energy	+35.5%	4.39%	Cheapest major on the list, 4.4% yield.
63	OXY	Occidental	0.57%	Energy	+44.7%	1.62%	Berkshire-backed Permian; higher beta to the barrel.
64	WPM	Wheaton PM	0.57%	Gold	+28.2%	0.48%	Streaming royalty; no mine risk.
65	RGLD	Royal Gold	0.57%	Gold	+12.5%	0.38%	Royalty company; the quiet compounder.
66	PNC	PNC Financial	0.76%	Financials	+12.8%	2.80%	Regional bank; held for the 2.8% yield.
67	HWM	Howmet Aerospace	0.57%	Defense	+8.4%	0.21%	Aerospace fasteners and engine parts.
68	BA	Boeing	0.57%	Defense	−9.5%	0.00%	The recovery seat; sized for the risk.
69	ARM	Arm Holdings	0.57%	AI / Tech	+137.2%	0.00%	Licensing royalty on every chip in the build-out.
70	DELL	Dell Technologies	0.57%	AI / Tech	+366.1%	0.43%	Server assembler for the build-out; +366% YTD, sized accordingly.
71	URA	Uranium Miners ETF	0.57%	Power / Infra	−0.1%	4.57%	Diversified uranium fund.
72	MP	MP Materials	0.38%	Power / Infra	−1.2%	0.00%	Rare earths, the one domestic supplier.
73	UAL	United Airlines	0.57%	Industrials	−3.1%	0.00%	Airline with pricing power; small and cyclical.
74	AVAV	AeroVironment	0.38%	Defense	−32.7%	0.00%	Drones; counter-drone.
75	KTOS	Kratos Defense	0.38%	Defense	−36.6%	0.00%	Drones and hypersonic targets; small and volatile.
76	HII	HII	0.38%	Defense	−17.9%	1.96%	Shipbuilder; the Navy budget line.
77	PFE	Pfizer	0.57%	Healthcare	+16.3%	6.20%	Held for the 6.2% yield; not a growth seat.
	TOTAL	77 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

North Star Income · 1M · $1,000,000

North Star Income · 1M

Fifty-eight names for a household drawing $6,000 a month. Twenty-four months of withdrawals sit in bills; the equity book is built for the coupon first and the compounding second.

Names

47 on the list, 2 from the house Dividends book

Reserve

14.4%

24 months of withdrawals

Trailing yield

2.98%

≈ $2,483 a month

1 month

−1.2%

weighted, Thu close

YTD

+16.9%

weighted, Thu close

Reserve 14.4%Energy 21.3%Staples / Consumer 13.2%Healthcare 11.5%Financials 9.8%Power / Infra 4.2%Defense 4.3%Gold 2.6%AI / Tech 6%Industrials 1.3%International 1.7%Dividend funds 9.4%Cash 0.5%

The paycheck, honestly

Monthly draw

$6,000

$72,000 a year · 7.2% of $1M

Dividends and bill interest

≈ $2,483

2.98% trailing yield on the whole book

The ladder pays the rest

≈ $3,517

from the $144,000 in SGOV and USFR

Ladder runway at that pace

≈ 41 months

before it needs refilling from the equity book

A 7.2% draw is well above the 4% starting point, and the first bad year decides more than the average year does (sequence of returns). The book is built so the next 41 months of paychecks never depend on selling a stock on a red day. What it cannot do is make 7.2% safe on its own: the review should put a pension or Social Security figure beside the draw, or bring the draw toward $4,500, before this book is the whole plan. Two holdings, SCHD and JEPI, are not on the watch list; they come from the house Dividends books and are marked in the table.

#	Ticker	Name	Weight	Sleeve	YTD	Yield	Why it is here
1	SGOV	iShares 0-3M Treasury ETF	8.30%	Reserve	+2.6%	3.74%	0–3 month bills. The letter’s reserve: a third at −8%, a third at −12%, a third the week of the vote.
2	USFR	WisdomTree Floating Rate Treasury	5.97%	Reserve	+2.8%	3.75%	Floating-rate Treasuries reset with the bill rate; most Fed officials see at least one more increase.
3	XOM	ExxonMobil	2.52%	Energy	+37.2%	2.47%	Integrated major; the structural inflation hedge, held at weight, not chased at $101 crude.
4	CVX	Chevron	2.99%	Energy	+42.6%	3.29%	Integrated major; dividend and buyback machine while Hormuz stays a $16–20 shuttle.
5	COP	ConocoPhillips	1.27%	Energy	+44.5%	2.41%	Lowest-cost independent; the cleanest crude beta on the list.
6	WMB	Williams Companies	3.40%	Energy	+22.3%	2.85%	Gas pipelines: fee-based, the power build-out’s fuel line.
7	KMI	Kinder Morgan	3.83%	Energy	+16.7%	3.81%	Midstream fees, 3.8% yield, no oil price in the coupon.
8	XLE	Energy Select SPDR	2.56%	Energy	+45.1%	3.35%	Sector fund carries the sleeve at the small tiers; single majors take over from $50K.
9	BP	BP plc	2.56%	Energy	+35.5%	4.39%	Cheapest major on the list, 4.4% yield.
10	EOG	EOG Resources	0.86%	Energy	+40.9%	2.75%	Permian free cash flow, low leverage.
11	LNG	Cheniere Energy	0.86%	Energy	+40.2%	0.81%	U.S. LNG exporter while Middle Eastern routes stay under pressure.
12	OXY	Occidental	0.43%	Energy	+44.7%	1.62%	Berkshire-backed Permian; higher beta to the barrel.
13	PG	Procter & Gamble	2.56%	Staples / Consumer	+4.7%	2.91%	Pricing power; the sleeve the letter says earns its keep on the way down.
14	KO	Coca-Cola	2.56%	Staples / Consumer	+28.2%	2.34%	Global staple; 2.3% yield.
15	PM	Philip Morris Intl	3.40%	Staples / Consumer	+19.3%	3.02%	Smoke-free transition, 3% yield.
16	MO	Altria Group	3.40%	Staples / Consumer	+26.3%	6.10%	6.1% yield; the income seat in staples.
17	WMT	Walmart	0.86%	Staples / Consumer	−4.1%	0.88%	Scale retailer; the consumer’s trade-down destination.
18	COST	Costco	0.43%	Staples / Consumer	+3.6%	0.58%	Membership compounder; trimmed after a −7% month.
19	ABBV	AbbVie	3.40%	Healthcare	+17.4%	2.61%	Immunology plus a 2.6% yield.
20	JNJ	Johnson & Johnson	2.56%	Healthcare	+32.4%	1.97%	Diversified; the sleeve’s ballast.
21	PFE	Pfizer	2.56%	Healthcare	+16.3%	6.20%	Held for the 6.2% yield; not a growth seat.
22	AZN	AstraZeneca	1.27%	Healthcare	−9.3%	1.97%	Oncology pipeline, 2% yield.
23	LLY	Eli Lilly	0.86%	Healthcare	+6.8%	0.57%	GLP-1 franchise; trimmed from the tactical weight.
24	UNH	UnitedHealth Group	0.86%	Healthcare	+15.9%	2.33%	Managed care at a recovered price.
25	JPM	JPMorgan	2.56%	Financials	+9.7%	1.71%	Best-in-class bank; net interest margin widens with the hike.
26	BAC	Bank of America	1.70%	Financials	+7.1%	1.88%	Rate-sensitive deposit franchise.
27	MS	Morgan Stanley	1.27%	Financials	+16.1%	2.01%	Wealth management fee engine.
28	GS	Goldman Sachs	0.43%	Financials	+9.5%	1.72%	Trading and advisory recovery.
29	CB	Chubb	0.86%	Financials	+9.4%	1.15%	Underwriting discipline; pricing power in a hard market.
30	PNC	PNC Financial	2.13%	Financials	+12.8%	2.80%	Regional bank; held for the 2.8% yield.
31	NEE	NextEra Energy	3.40%	Power / Infra	+3.1%	2.91%	Regulated utility plus the largest renewables book; 2.9% yield.
32	GEV	GE Vernova	0.86%	Power / Infra	+41.0%	0.20%	Grid builder: turbines, grid gear, nuclear services.
33	LMT	Lockheed Martin	2.13%	Defense	+12.1%	2.58%	Prime; missiles and NATO demand. Sleeve is −11.6% on the month and the list still says reinforce.
34	RTX	RTX Corp	1.27%	Defense	+6.2%	1.42%	Prime; engines and missiles.
35	GD	General Dynamics	0.86%	Defense	+6.2%	1.73%	Prime; submarines and Gulfstream.
36	IAU	iShares Gold	2.13%	Gold	+0.0%	0.00%	Permanent insurance, not a trade on one meeting.
37	GDX	Gold Miners ETF	0.43%	Gold	+10.2%	0.64%	Miners: the same trade with more beta.
38	MSFT	Microsoft	1.27%	AI / Tech	+2.5%	0.72%	Owned as a spender in the build-out rather than a supplier to it.
39	AAPL	Apple	0.86%	AI / Tech	+23.7%	0.32%	Core position; the iPhone Duo is the first foldable with real share.
40	GOOGL	Alphabet	0.86%	AI / Tech	+10.6%	0.24%	Search cash flow funds the TPU stack.
41	NVDA	NVIDIA	0.86%	AI / Tech	+17.4%	0.13%	Held at weight, not added to; the spender-versus-supplier question is open.
42	AVGO	Broadcom	0.86%	AI / Tech	−0.1%	0.75%	Custom silicon and networking; flat YTD after a 50% 2025.
43	TXN	Texas Instruments	1.27%	AI / Tech	+50.0%	2.13%	Analog chips, 2.1% yield; the industrial side of semis.
44	CAT	Caterpillar	0.86%	Industrials	+38.8%	0.79%	Machinery for the build-out and the mines.
45	ETN	Eaton	0.43%	Industrials	+28.8%	1.09%	Electrical equipment for the grid and the data center.
46	VGK	Vanguard FTSE Europe ETF	1.70%	International	+8.3%	2.00%	Europe fund; the cheap developed-market seat.
47	SCHD	Schwab US Div ETF house	5.11%	Dividend funds	+24.8%	3.00%	House Dividends-book holding, not on the watch list: 100 quality payers, 3.0% yield.
48	JEPI	JPM Equity Premium house	4.26%	Dividend funds	+3.1%	7.97%	House Dividends-book holding, not on the watch list: covered-call income, 8.0% yield, gives up upside.
49	BRK.B	Berkshire Hathaway	0.86%	Financials	+1.3%	0.00%	Cash-rich quality; held.
	TOTAL	49 positions + cash	99.50%				0.50% operational cash, the house rule

The waiting room · what buys, and on which date

Ticker	Name	Rule
RSP	Equal-weight S&P	The reserve’s first purchase at −8% from the Aug. 13 high (≈7,175). Not before.
MU	Micron	A 1% seat, held open for the Sept. 30 print. If guidance confirms the memory shortage, the seat fills that week — not after the midterms, and not before the number.
GEV · PWR · VST	Power builders	Sized up with the second third of the reserve at −12% (≈6,863); the same names, more of them.
Memory names	WDC · STX · SNDK	Not on the watch list; they live in the Memory & Storage book (+126% YTD, −9% on the month). The letter adds memory with the reserve, at −8% and −12%, behind Micron.
ASML	ASML	Not on the watch list. Sits in the Aggressive Tactical book at 3% and is −9.8% on the month with the equipment group. Off the North Star until the list backs it.
LRCX · AMAT · KLAC	Chip equipment	Watch. Friday’s leaders (+5%, +4%, +3%) after a −18% month; the list has them as watch, and a one-day rally into the post-expiry fortnight is not a reason to change that.
INTC	Intel	Watch. +194% YTD on the foundry story; the list has not moved it to add.

An empty classroom at last light — The North Star 403(b) · three books, one menu

The North Star 403(b) · the Orion 403(b) menu · Sept. 21 close

The same North Star,inside the 403(b).

A 403(b) can hold only what its plan’s menu offers. So these three books use the North Star’s sleeves and its reserve rule, built only from mutual funds open at all three custodians on the Orion menu — Schwab, Matrix and Fidelity — with a $0 minimum. One book for the run to the vote, one for the weeks after it, one for 2027.

Through Nov. 3

Now

Defense for the fall: the North Star’s sleeves with a 15% reserve that spends only on its dates.

14 funds0.36% fund cost+15.1% 5 yrs, a year

Open this book ↓

Los Angeles at dawn above the marine layer

Nov. 4 to Dec. 31

After the Vote

The reserve spent into the recovery: the average stock, the power builders, the build-out.

13 funds0.39% fund cost+16.7% 5 yrs, a year

Open this book ↓

Trails winding through a forest toward a mountain

Criteria-built

2027

The lowest cost that earns its seat. 69 of the menu’s equity funds clear every rule.

15 funds0.31% fund cost+15.1% 5 yrs, a year

Open this book ↓

Everyone sees the first six funds in each book. Clients unlock the whole table with the passcode from their review.

Hands resting on an open book beside a cup of coffee and a newspaper — Through Nov. 3 · nothing new until a date arrives

Through Tuesday, Nov. 3 · the fall seat

North Star 403(b) · Now

The North Star 100’s sleeves, fund for fund, with the same 15% reserve and the same dated rule. Nothing new is bought until a date arrives.

Funds

open at all three custodians

Reserve

15%

VUSFX + VSBSX, bills in fund form

Fund cost

0.36%

0.66% with the Orion fee

YTD

+16.8%

nightly bake

1 year

+22.1%

nightly bake

5 yrs, a year

+15.1%

2022: −2.9% vs S&P −18.2%

AI / Tech 21%Reserve 15%Energy 14%Healthcare 9%Defense 8%Financials 7%Staples 6%Industrials / Power 6%Power / Infra 5%Gold 5%International 3.5%Cash 0.5%

#	Ticker	Fund	Weight	Sleeve	Cost	YTD	Why it is here
1	VUSFX	Vanguard Ultra-Short-Term Bond Admiral	9.00%	Reserve	0.09%	+2.3%	The North Star’s bills in fund form: ETFs are restricted on this menu and no money-market fund is open at Matrix or Fidelity. Yields about 4.1%; fell 0.4% in 2022.
2	VSBSX	Vanguard Short-Term Treasury Index Admiral	6.00%	Reserve	0.06%	+0.5%	The pure-Treasury half of the reserve. Spends in thirds on the North Star’s dates: −8%, −12%, the week of the vote.
3	FSENX	Fidelity Select Energy	14.00%	Energy	0.65%	+47.4%	XOM, CVX, LNG, the refiners and midstream; tracks XLE at 0.98. Held, not chased.
4	VIGAX	Vanguard Growth Index Admiral	11.00%	AI / Tech	0.05%	+12.1%	The platforms at 0.05%: NVDA, AAPL, MSFT, GOOGL, AMZN, AVGO, META.
5	FSPTX	Fidelity Select Technology	10.00%	AI / Tech	0.61%	+44.1%	The chips: NVDA 23%, AVGO, MRVL, NXPI, WDC. Beat the growth index by about 7 points a year over 5 and 10 years.
6	FSDAX	Fidelity Select Defense & Aerospace	8.00%	Defense	0.63%	+1.7%	The standing order: GE Aerospace, RTX, BA, HWM, GD. Up 6.8% in 2022.
7	VHCIX	Vanguard Health Care Index Admiral	9.00%	Healthcare	0.09%	+11.3%	The midterm lean at 0.09%: LLY, JNJ, ABBV, MRK, UNH.
8	FFSIX	Fidelity Advisor Financials I	7.00%	Financials	0.72%	+9.5%	Paid to lend: BAC, WFC, C, MS, CB. No financials index is open on the menu.
9	VCSAX	Vanguard Consumer Staples Index Admiral	6.00%	Staples	0.09%	+6.7%	Pricing power: WMT, COST, KO, PG, PM.
10	VINAX	Vanguard Industrials Index Admiral	6.00%	Industrials / Power	0.09%	+10.2%	CAT, GE, GEV, ETN at 0.09%: the machinery and the power builders.
11	FSUTX	Fidelity Select Utilities	5.00%	Power / Infra	0.64%	−5.2%	NEE, CEG, VST, NRG: the grid’s bill. Beat the utility index over 5 and 10 years.
12	BGEIX	American Century Global Gold Investor	5.00%	Gold	0.66%	+9.6%	Insurance. No bullion fund is open on the menu, and miners move about twice as much as gold, so the sleeve is 5% where the North Star holds 6%.
13	VEUSX	Vanguard European Stock Index Admiral	1.75%	International	0.08%	+8.7%	VGK’s own Admiral share class (0.99 daily correlation).
14	VPADX	Vanguard Pacific Stock Index Admiral	1.75%	International	0.09%	+30.4%	Samsung and SK Hynix are 12% of it: the closest thing to EWY on the menu.
	TOTAL	14 funds + cash	99.50%		0.36%		Weighted fund cost; 0.66% with the 0.30% Orion admin fee

The reserve’s dates · written before the fact

Third	When	What it buys
5%	−8% from the Aug. 13 high (≈7,175)	VSEQX, the menu’s stand-in for the equal-weight RSP (0.95 daily correlation). Not before.
5%	−12% (≈6,863)	VINAX + FSUTX, the power builders: GEV, ETN, VST, CEG. The same names, more of them.
5%	The week of the vote	VIGAX + FSPTX, the build-out, whatever the tape says that week.
—	Micron, Sept. 30	The North Star’s 1% Micron seat has no fund form. The memory fund (FDCPX) waits for the print, as the memory names do.

This book in the model library, with its theme card and policy statement →

A cypress on the California coast at sunset — Nov. 4 onward · the reserve goes to work

Wednesday, Nov. 4 to Thursday, Dec. 31 · the reserve at work

North Star 403(b) · After the Vote

The same book once the reserve is spent. The three thirds land where the rule sends them. Nothing else moves.

Funds

open at all three custodians

Reserve

spent in thirds; 0.5% cash stays

Fund cost

0.39%

0.69% with the Orion fee

YTD

+19.1%

nightly bake

1 year

+24.7%

nightly bake

5 yrs, a year

+16.7%

2022: −5.6% vs S&P −18.2%

AI / Tech 26%Energy 14%Healthcare 9%Industrials / Power 8.5%Defense 8%Power / Infra 7.5%Financials 7%Staples 6%The Average Stock 5%Gold 5%International 3.5%Cash 0.5%

#	Ticker	Fund	Weight	Sleeve	Cost	YTD	Why it is here
1	FSENX	Fidelity Select Energy	14.00%	Energy	0.65%	+47.4%	Unchanged. Held, not chased.
2	VIGAX	Vanguard Growth Index Admiral	13.50%	AI / Tech	0.05%	+12.1%	Plus 2.5: half of the reserve’s last third, spent the week of the vote into the build-out.
3	FSPTX	Fidelity Select Technology	12.50%	AI / Tech	0.61%	+44.1%	Plus 2.5: the other half of the last third.
4	VHCIX	Vanguard Health Care Index Admiral	9.00%	Healthcare	0.09%	+11.3%	Unchanged.
5	VINAX	Vanguard Industrials Index Admiral	8.50%	Industrials / Power	0.09%	+10.2%	Plus 2.5: half of the second third, the power builders (GEV, ETN, CAT).
6	FSDAX	Fidelity Select Defense & Aerospace	8.00%	Defense	0.63%	+1.7%	Unchanged. The standing order.
7	FSUTX	Fidelity Select Utilities	7.50%	Power / Infra	0.64%	−5.2%	Plus 2.5: the other half of the second third (VST, CEG, NRG).
8	FFSIX	Fidelity Advisor Financials I	7.00%	Financials	0.72%	+9.5%	Unchanged.
9	VCSAX	Vanguard Consumer Staples Index Admiral	6.00%	Staples	0.09%	+6.7%	Unchanged.
10	VSEQX	Vanguard Strategic Equity Investor	5.00%	The Average Stock	0.17%	+18.1%	The first third: the menu’s stand-in for the equal-weight RSP (0.95 daily correlation). Beat the mid-cap index by about 4 points a year over five years.
11	BGEIX	American Century Global Gold Investor	5.00%	Gold	0.66%	+9.6%	Unchanged. Permanent insurance.
12	VEUSX	Vanguard European Stock Index Admiral	1.75%	International	0.08%	+8.7%	Unchanged.
13	VPADX	Vanguard Pacific Stock Index Admiral	1.75%	International	0.09%	+30.4%	Unchanged.
	TOTAL	13 funds + cash	99.50%		0.39%		Weighted fund cost; 0.69% with the 0.30% Orion admin fee

Where the reserve went

First third to VSEQX (the average stock). Second third to VINAX and FSUTX (the power builders). Last third to VIGAX and FSPTX (the build-out, the core of the destination books). If the −8% and −12% levels never print, those two thirds spend on the reversal signals — the result known, the volatility premium gone, breadth widening — and no later than Friday, Nov. 20.

The twelve months after a midterm vote have been positive nineteen times out of nineteen since 1950. This is the seat for them.

This book in the model library, with its theme card and policy statement →

A retired couple planning at a kitchen table — 2027 · the lowest cost that earns its seat

The year after the vote · built on written rules

North Star 403(b) · 2027

Rebuilt for 2027 on ten written rules for cost and record: the index where the index does the job, a specialist only where it has beaten that index.

Funds

open at all three custodians

Reserve

short TIPS (VTAPX)

Fund cost

0.31%

0.61% with the Orion fee

YTD

+18.8%

nightly bake

1 year

+24.2%

nightly bake

5 yrs, a year

+15.1%

2022: −8.5% vs S&P −18.2%

AI / Tech 25.5%The Average Stock 12%International 10%Energy 9%Healthcare 9%Industrials / Power 6%Defense 6%Financials 5%Power / Infra 5%Reserve 5%Staples 4%Gold 3%Cash 0.5%

#	Ticker	Fund	Weight	Sleeve	Cost	YTD	Why it is here
1	VIGAX	Vanguard Growth Index Admiral	16.50%	AI / Tech	0.05%	+12.1%	The platforms at 0.05%. The largest single seat, because it is the cheapest.
2	VSEQX	Vanguard Strategic Equity Investor	12.00%	The Average Stock	0.17%	+18.1%	Breadth: the typical stock is up 4% this year against 12% for the index. Five stars, 0.17%.
3	FSENX	Fidelity Select Energy	9.00%	Energy	0.65%	+47.4%	Trimmed from 14: futures price December 2027 crude at $73.51 against $100 spot (Sept. 18).
4	VHCIX	Vanguard Health Care Index Admiral	9.00%	Healthcare	0.09%	+11.3%	Cheap, and it has begun to turn. The index beats every active health fund on the menu over five years.
5	FSPTX	Fidelity Select Technology	6.00%	AI / Tech	0.61%	+44.1%	The chips. New manager since July 2026: re-checked at every rebalance.
6	VINAX	Vanguard Industrials Index Admiral	6.00%	Industrials / Power	0.09%	+10.2%	The machinery and the power builders at 0.09%.
7	FSDAX	Fidelity Select Defense & Aerospace	6.00%	Defense	0.63%	+1.7%	The standing order, trimmed after a 29%-a-year three years.
8	SFNNX	Schwab Fundamental International Equity Index	6.00%	International	0.25%	+22.4%	International value: beat the developed-markets index by 4 points a year over five years, 2 over ten. Five stars, 0.25%.
9	FFSIX	Fidelity Advisor Financials I	5.00%	Financials	0.72%	+9.5%	Paid to lend with the 10-year near 5%.
10	FSUTX	Fidelity Select Utilities	5.00%	Power / Infra	0.64%	−5.2%	The grid’s bill.
11	VTAPX	Vanguard Short-Term Inflation-Protected Securities Index Admiral	5.00%	Reserve	0.06%	+1.2%	Short TIPS in place of bills: a reserve that keeps up with 3.4% inflation. Yields about 4.1%.
12	VCSAX	Vanguard Consumer Staples Index Admiral	4.00%	Staples	0.09%	+6.7%	Pricing power, trimmed for the offense year.
13	VPADX	Vanguard Pacific Stock Index Admiral	4.00%	International	0.09%	+30.4%	Samsung, SK Hynix, Tokyo Electron, Advantest: the Asian half of the build-out.
14	FDCPX	Fidelity Select Technology Hardware	3.00%	AI / Tech	0.67%	+78.5%	The memory seat. Enters only if Micron’s Sept. 30 guidance confirms the shortage; if not, the 3% goes to FSPTX before January.
15	BGEIX	American Century Global Gold Investor	3.00%	Gold	0.66%	+9.6%	Insurance, smaller in the offense year.
	TOTAL	15 funds + cash	99.50%		0.31%		Weighted fund cost; 0.61% with the 0.30% Orion admin fee

The ten rules that picked the funds

Open at Schwab, Matrix and Fidelity alike; IRA minimum at or under $1,000.
No load or 12b-1 share class when the fund offers another on the menu.
Index funds at or under 0.10%; specialists at or under 0.75%; nothing over 1.00%.
A specialist beats the cheapest index on the menu that could do its job over five years, and does not lose to it over ten, after fees.
A ten-year record. A manager change inside a year is flagged.
At least $500 million in the fund.
Its 2022 and its worst drop are shown beside the index.
Its top holdings are names our watch list backs.
No two funds doing the same job in one sleeve.
The reserve stays in short Treasury-grade paper; no long duration while the 10-year out-yields stocks; no leveraged or inverse funds; every fund re-checked each quarter.

The funnel

1,865 open everywhere → 901 equity funds → 552 no load class → 172 at 0.75% or less → 162 ten-year record → 151 $500M+ → 133 three stars+ → 69 top half over three and five years.

Energy and gold each have exactly one survivor: FSENX and BGEIX. Tested and passed over: VGELX (now “Energy Opportunities,” a third utilities), the 1.19% midstream fund, the 1.03% gold fund, the A-share tech funds, and every active health fund (none beats the 0.09% index over five years).

One condition: the 3% memory seat (FDCPX) enters only if Micron’s Sept. 30 guidance confirms the shortage. If not, it goes to FSPTX.

This book in the model library, with its theme card and policy statement →

All three in the model library →The 403(b) fund menus, compared →403(b) for teachers →

403(b) figures: current weights, daily rebalanced, total return from the nightly bake, net of fund expenses and gross of the 0.30% Orion admin fee and the advisory fee. Menu status from the Orion Fund Availability List (Aug. 2026); availability changes, and every fund is re-checked at each rebalance. Hypothetical; past performance does not guarantee future results.

What every size holds

Eleven sleeves, one book.

A desk by a window over a fjord — ReserveBills for the dates

Oil storage tanks and a walkway at sunrise — EnergyThe inflation hedge

A long aisle of lit server racks in a data center — AI / TechThe build-out

Transmission towers over a desert substation at dusk — Power / InfraThe grid it needs

A rocket launching from a vehicle on a coastline — DefenseThe standing order

Gold bars stacked in a vault under a single lamp — GoldPermanent insurance

A bright hospital corridor — HealthcareThe midterm lean

A corner office high above a city — FinancialsPaid to lend

A grocery aisle with full shelves and a cart — StaplesPricing power

Construction cranes over a steel frame at sunset — IndustrialsThe machinery

A cargo ship moored at a harbor wall at dawn — InternationalOutside the dollar

Why seven books, not sixty-seven

The library stays. The front door changes.

Shelves of books in a quiet study — The library stays

Sixty-seven books is a research library, not a menu. A household has one question — what do I own at my size? — and the answer should be one page with seven tabs. The North Star is that page. Every tier is the same book at a different width: the same sleeves, the same reserve, the same dates, with seats added as the account can carry them. The Aggressive, Dividend, Midterm, Theme and Sleeve books remain at the full library for the specialty conversation, and the daily cascade keeps baking them.

The North Star is baked with the library: its seven panels sit in the same tables the nightly bake reads, so the numbers on this page roll with every close once the bake runs. Until then the tiles carry the Thursday, Sept. 17 close and say so. Nothing is deleted, and the portal sync is untouched.

On the name

The North Star is the name. The POLARIS method is how the firm plans — the goals, the timeframes, the income the plan has to produce. The North Star is the fixed point the portfolio is steered by when the news changes and the heading does not: one book, the same sleeves and the same reserve at every size, spent on dates set in advance. Polaris is the north star; the two names belong to each other on purpose. The tiers read as North Star 25 through North Star 750, and the retiree book is North Star Income.

Model allocations differ by tier and client. Company names and tickers identify holdings and categories discussed, not recommendations to buy or sell any security. Prices, returns and yields are the Thursday, September 17, 2026 close from the firm’s nightly quote bake unless the page says otherwise; yields are trailing twelve months. Past performance does not guarantee future results.

One book, seven sizes. Pick yours.

North Star 25

North Star 50

North Star 100

North Star 250

North Star 500

North Star 750

North Star Income · 1M

The same North Star,inside the 403(b).

North Star 403(b) · Now

North Star 403(b) · After the Vote

North Star 403(b) · 2027

Eleven sleeves, one book.

The library stays. The front door changes.