LCNB CORP

Real Assets

LCNB CORP is a Real Assets based in New York, NY led by Edward V Lapuma, reporting $5.4B in AUM as of Q3 2025 with 42% ETF concentration.

Managing PartnerEdward V Lapuma

Portfolio Value: $285.8M
Positions: 180
Top Holding: SCHG at 7.22%
Last Reported: Q3 2025

Address888 Seventh Avenue, 4th Floor, New York, NY, 10019-3313, United States

Top Holdings

Largest long holdings in LCNB CORP's portfolio (41.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Schwab U.S. Large-Cap Growth SCHG	ETF ETF	$20.6M	7.22%	+$1.6M Bought	— 646.8K shares	Q2 2018 Held for 7y 5m
2 iShares Core MSCI EAFE ETF IEFA	ETF ETF	$20.0M	7.00%	+$407.1K Bought	— 229.2K shares	Q4 2016 Held for 8y 11m
3 Schwab U.S. Large-Cap Value SCHV	ETF ETF	$19.0M	6.65%	+$3.0M Bought	— 653.1K shares	Q2 2018 Held for 7y 5m
4 Microsoft MSFT	Software - Infrastructure Technology	$12.7M	4.44%	-$189.1K Sold	0.00% 24.5K shares	Q4 2016 Held for 8y 11m
5 Procter & Gamble PG	Household & Personal Products Consumer Defensive	$9.4M	3.29%	-$2.1M Sold	0.00% 61.2K shares	Q4 2016 Held for 8y 11m
6 iShares Russell 3000 IWV	ETF ETF	$8.2M	2.87%	-$161.0K Sold	— 21.6K shares	Q4 2016 Held for 8y 11m
7 Apple AAPL	Consumer Electronics Technology	$8.2M	2.85%	-$215.7K Sold	0.00% 32.0K shares	Q4 2016 Held for 8y 11m
8 LCNB LCNB	Banks - Regional Financial Services	$7.5M	2.63%	—	3.54% 502.0K shares	Q4 2016 Held for 8y 11m
9 Broadcom Inc. AVGO	Semiconductors Technology	$6.7M	2.34%	-$473.4K Sold	0.00% 20.3K shares	Q1 2020 Held for 5y 8m
10 Nvidia NVDA	Semiconductors Technology	$6.5M	2.27%	-$125.9K Sold	0.00% 34.8K shares	Q1 2020 Held for 5y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in LCNB CORP's latest filing

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Market Value

$285.8M

Prior: $284.2M

Q/Q Change

+0.555%

+$1.6M

Net Flows % of MV

-6.8%

Turnover Ratio

6.32%

New Purchases

4 stocks

$1.1M

Added To

24 stocks

+$9.1M

Sold Out Of

9 stocks

$6.8M

Reduced Holdings

105 stocks

-$22.8M

Increased Positions

Position	Shares Δ	Change
1 iShares Floating Rate Bond FLOT	New	0 → 6.5K +$329.7K
2 Vanguard Tax-Exempt Bond Index Fund VTEB	New	0 → 5.5K +$273.8K
3 Citizens Financial Group CFG	New	0 → 4.4K +$236.0K
4 Utilities Select Sector SPDR Fund XLU	New	0 → 2.6K +$228.9K
5 Vanguard Dividend Appreciation VIG	+373.32%	1.2K → 5.9K +$1.0M

Decreased Positions

Position	Shares Δ	Change
1 iShares Intermediate Government/Credit Bond GVI	Sold	15.0K → 0 −$1.6M
2 Hershey HSY	Sold	8.4K → 0 −$1.4M
3 XLV Health Care Select Sector SPDR Fund XLV	Sold	8.1K → 0 −$1.1M
4 Vanguard Short-Term Treasury VGSH	Sold	15.0K → 0 −$881.7K
5 Schwab US Dividend Equity SCHD	Sold	25.9K → 0 −$686.6K

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Analytics

Portfolio insights and performance metrics for LCNB CORP

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Sector Allocation

ETF

41.80%

Technology

16.80%

Financial Services

10.00%

Industrials

5.80%

Consumer Defensive

5.70%

Healthcare

5.30%

Consumer Cyclical

4.60%

Communication Services

4.60%

Energy

1.80%

Utilities

1.20%

Basic Materials

0.60%

Real Estate

0.20%

Market Cap Distribution

Mega Cap (> $200B)

32.29%

Large Cap ($10B - $200B)

20.54%

Mid Cap ($2B - $10B)

0.88%

Small Cap ($300M - $2B)

0.06%

Micro Cap ($50M - $300M)

2.63%

N/A (ETF or Unknown)

43.59%

Portfolio Concentration

Top 10 Holdings %

41.56%

Top 20 Holdings %

56.35%

Top 50 Holdings %

75.13%

Top 100 Holdings %

90.32%