HAZLETT, BURT & WATSON, INC.

HAZLETT, BURT & WATSON, INC. is a long-standing investment firm headquartered in Wheeling, West Virginia. Operating as an SEC-registered investment advisor with an affiliated broker-dealer, the firm provides discretionary portfolio management and comprehensive wealth-advisory services to individuals, families, and small institutions in its regional footprint and beyond. Client assets are typically held in separately managed accounts or through brokerage relationships, with portfolios tailored to each client’s objectives, risk tolerance, time horizon, and tax circumstances. The firm’s advisory practice follows the traditional full-service model: combining financial planning—retirement, tax, estate, and business-succession considerations—with ongoing investment management. HAZLETT, BURT & WATSON, INC. reports to the U.S. Securities and Exchange Commission as an institutional investment manager under CIK #0000046392 and files Form 13F. These filings disclose the firm’s long positions in reportable U.S.-listed equities and certain exchange-traded products at each quarter-end. They do not capture individual bonds, cash, insurance products, most mutual funds, or non-U.S.-listed securities that may be central to client portfolios. As such, the 13F dataset should be interpreted specifically as the public-equity sleeve of the firm’s broader multi-asset advisory activity. Within this analytics platform, the firm’s 13F History is collated into a quarter-by-quarter time series, providing an objective, position-level record of how its disclosed U.S.-listed holdings by issuer and sector have evolved across market cycles.

HAZLETT, BURT & WATSON, INC. employs a planning-led, fundamentally oriented investment strategy. Asset allocation is determined first, at the client level, within the context of a holistic financial plan. The equity sleeve visible in the 13F reports is constructed to provide diversified, benchmark-aware exposure to U.S. (and, where applicable, global) equities while fitting within each client’s risk budget. The pattern of disclosed holdings is consistent with a Core Blend equity style with a quality and income tilt: - Core building blocks: The firm commonly uses diversified ETFs and, in some cases, low-cost index or actively managed mutual funds to secure broad exposure to U.S. large- and mid-cap equities. These vehicles form the backbone of many client equity allocations. - Individual equities: Core ETF exposure is supplemented by a curated list of individual U.S.-listed stocks—generally established, liquid issuers with sustained earnings power and shareholder-friendly capital-allocation policies. These typically span technology, healthcare, financials, industrials, and consumer franchises, and often include dividend-paying names aligned with income objectives. - Fundamental emphasis: Security selection reflects attention to balance-sheet strength, free-cash-flow generation, return on capital, competitive positioning, and valuation relative to peers and to long-term norms. For ETFs and funds, the firm evaluates index methodology, costs, factor characteristics, and liquidity. Sector allocations emerge from bottom-up security and product selection rather than strict top-down sector targets. The result is a diversified, benchmark-aware profile with modest active tilts, not a narrow thematic or factor-concentrated mandate. Turnover in the 13F-observable portfolio is generally low to moderate. Core ETFs and many individual holdings are stable from quarter to quarter, with changes driven by periodic rebalancing, shifts in client circumstances, and valuation- or fundamentals-based adjustments rather than by high-frequency trading. On this platform, the 13F Portfolio Composition view decomposes HAZLETT, BURT & WATSON, INC.’s reportable holdings by sector, market-capitalisation band, and vehicle type (ETF versus single stock). This makes the firm’s implementation of its Core Blend discipline observable in data and provides the basis for rules-based historical replications of the 13F sleeve.

HAZLETT, BURT & WATSON, INC. is a Wheeling-based, full-service wealth manager whose Form 13F filings under CIK #0000046392 provide a transparent, position-level view of its long-only U.S.-listed equity and ETF implementation. The holdings history is consistent with a diversified, benchmark-aware Core Blend approach, relying on broad-market ETFs and selected individual stocks with low-to-moderate turnover in line with long-horizon, planning-driven wealth management. From the 13F perspective, key observable attributes include: - A long-only, allocation-centric equity sleeve intended to serve as the growth component within multi-asset client portfolios rather than as a narrow thematic or high-octane trading strategy. - Sector and issuer diversification dominated by ETFs and high-quality large- and mid-cap equities, with modest style tilts toward quality and income arising from fundamental security selection. - A trading rhythm defined by rebalancing and incremental adjustments, rather than frequent, event-driven turnover. Within this analytics environment, allocators can construct a reconstructed Historical Track Record of the firm’s reportable holdings and compare the resulting capital trajectory with relevant equity benchmarks and peer RIAs. By combining 13F Portfolio Composition analytics with downside diagnostics such as Max Drawdown Depth and efficiency measures like Sharpe Ratio, practitioners gain a data-grounded understanding of how HAZLETT, BURT & WATSON, INC.’s observable equity sleeve has behaved on both an absolute and risk-adjusted basis. The central analytical question for allocators is how this diversified, quality- and income-tilted Core Blend profile—seen solely through 13F history—responds across different market regimes, including deep drawdowns, sector and style rotations, and volatility spikes, and whether that regime sensitivity aligns with the role they intend HAZLETT, BURT & WATSON, INC. to play within a broader, multi-manager portfolio.

From the vantage point of its Form 13F filings, HAZLETT, BURT & WATSON, INC. exhibits the risk characteristics of a diversified, long-only U.S. equity and ETF allocator functioning as the growth engine within multi-asset client portfolios. Key dimensions of the equity-sleeve risk profile include: - Market and style exposure: A 13F-based reconstruction of the equity sleeve will typically show substantial beta to major U.S. equity indices, as portfolios are anchored in broad-market ETFs and diversified large- and mid-cap stocks. Any embedded tilts toward quality, dividend payers, or modest value/growth factors—arising from security and product selection—contribute incremental tracking error but do not usually lead to extreme stylistic divergence. - Sector risk: Sector allocations inferred from filings are generally spread across technology, healthcare, financials, industrials, and consumer sectors. Persistent overweights or underweights—driven by ETF choice or direct-stock conviction—can influence results during pronounced sector rotations, regulatory changes, or macro shocks focused on particular industries. - Issuer and instrument concentration: Significant use of ETFs disperses exposure across hundreds of underlying companies, helping to limit single-name risk. Nonetheless, a finite set of core individual equities and key ETFs typically accounts for a meaningful share of reported market value, so company-specific events or ETF-level factor tilts can still shape short- and medium-term capital paths. - Turnover and horizon: Low-to-moderate turnover and reliance on periodic rebalancing anchor the risk profile to long-term asset-allocation decisions rather than to frequent tactical shifts. This reduces trading-driven variability but can make the equity sleeve slower to adapt during abrupt regime changes—such as sharp growth–value rotations or sudden interest-rate repricings—leaving outcomes closely linked to broad equity and factor cycles. Within this platform, allocators can assess a 13F-based replication of the firm’s equity sleeve using standard diagnostics. Measures such as Max Drawdown Depth quantify the most severe peak-to-trough capital declines historically experienced by the reconstructed holdings over user-defined horizons, while a Sharpe Ratio lens relates realised variability to the excess compounding achieved versus a cash proxy. Scenario analysis and stress testing—implemented via Performance Backtests Online—can further illuminate how the observable equity sleeve would likely have behaved during episodes such as the global financial crisis, the 2020 pandemic shock, or extended style and sector rotations. Because Form 13F does not include fixed income, cash, annuities, or other defensive allocations that are central to many client portfolios, the volatility and drawdowns inferred from an equity-only reconstruction will generally overstate risk at the total-portfolio level for end investors.