LFA - Lugano Financial Advisors SA

Q1 2025 13F Holdings Report, Stock Holdings

Signature - Title: Tuomas Ahonen - Portfolio Manager
Location: Lugano, Switzerland
Holdings as of: March 31, 2025
Value $: $147M
Num holdings: 191
Date filed: 4/28/2025, 10:13 AM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included SPY, GLD, SDVY, SUSB, and SUSA.
Previous filing: Q4 2024 - Feb 10, 2025
Next filing: Q2 2025 - Aug 7, 2025
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares	Principal
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Filing 2025 Q1 compared to 2024 Q4 by default.

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* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Tuomas Ahonen	Portfolio Manager	Lugano, Switzerland	4/28/2025