Portfolio concentration
As of March 31, 2026 · N-PORT
Holdings
190
Top-10 weight
27.67%
Effective holdings
?
The number of equal-weight positions that would produce this portfolio's concentration (1 ÷ Herfindahl index). A 500-stock fund dominated by a few mega-caps might have only ~100 effective holdings.
62
Crowding
?
The value-weighted average number of funds that also own this fund's positions. High = consensus/crowded picks; low = holdings few other funds own.
51.4
Holdings
As of March 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | FNCL 5 4/26 | — | 61,290,000 | $60.45M | 8.70% |
| 2 | FNCL 2 4/26 | — | 42,578,000 | $34.31M | 4.94% |
| 3 | JPMORGAN US GOVERNMENT MONEY MARKET FUND OPEN-END FUND USD | MGMXX | 28,095,317 | $28.10M | 4.04% |
| 4 | UMBS, 30 Year | — | 20,687,463 | $16.73M | 2.41% |
| 5 | UMBS, 30 Year | — | 20,097,428 | $16.37M | 2.36% |
| 6 | UMBS, 30 Year | — | 14,164,418 | $14.34M | 2.06% |
| 7 | Fannie Mae REMICS | — | 14,105,590 | $14.01M | 2.02% |
| 8 | UMBS, 30 Year | — | 16,071,376 | $13.89M | 2.00% |
| 9 | FR SD8492 | — | 13,736,759 | $13.57M | 1.95% |
| 10 | UMBS, 30 Year | — | 15,979,429 | $13.54M | 1.95% |
| 11 | UMBS, 30 Year | FNMA | 15,574,729 | $13.39M | 1.93% |
| 12 | FNCL 2.5 4/26 | — | 15,509,000 | $13.04M | 1.88% |
| 13 | GNMA | — | 13,719,945 | $12.29M | 1.77% |
| 14 | GNMA | — | 14,049,445 | $12.11M | 1.74% |
| 15 | Government National Mortgage Association | — | 11,923,516 | $11.93M | 1.72% |
| 16 | UMBS, 30 Year | — | 13,744,141 | $11.74M | 1.69% |
| 17 | UMBS, 30 Year | — | 13,974,448 | $11.42M | 1.64% |
| 18 | FNCL 3.5 4/26 | — | 11,200,000 | $10.27M | 1.48% |
| 19 | UMBS, 30 Year | — | 11,099,888 | $9.90M | 1.43% |
| 20 | UMBS, 30 Year | — | 10,267,406 | $9.43M | 1.36% |
| 21 | UMBS, 30 Year | — | 9,085,499 | $9.28M | 1.34% |
| 22 | FR SL0810 | — | 9,048,728 | $9.15M | 1.32% |
| 23 | UMBS, 30 Year | — | 8,792,659 | $9.10M | 1.31% |
| 24 | UMBS, 30 Year | — | 9,966,051 | $8.86M | 1.28% |
| 25 | FNCL UMBS 3.0 BV8526 05-01-52 | — | 9,967,944 | $8.77M | 1.26% |
| 26 | GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class M1 | — | 8,523,000 | $8.62M | 1.24% |
| 27 | FR SD7535 | — | 9,900,907 | $8.51M | 1.22% |
| 28 | UMBS, 30 Year | — | 8,211,782 | $8.39M | 1.21% |
| 29 | GNMA | — | 9,174,973 | $8.23M | 1.18% |
| 30 | UMBS, 30 Year | FR | 8,929,481 | $7.93M | 1.14% |
| 31 | UMBS, 30 Year | — | 8,617,117 | $7.73M | 1.11% |
| 32 | UMBS, 30 Year | — | 7,418,087 | $7.61M | 1.10% |
| 33 | UMBS, 20 Year | — | 7,154,158 | $7.22M | 1.04% |
| 34 | Verus Securitization Trust, Series 2025-11, Class M1 | — | 6,800,000 | $6.73M | 0.97% |
| 35 | FNCL UMBS 2.5 BU6901 04-01-52 | — | 7,847,128 | $6.64M | 0.96% |
| 36 | UMBS, 30 Year | — | 8,018,346 | $6.61M | 0.95% |
| 37 | UMBS, 30 Year | — | 6,366,931 | $6.53M | 0.94% |
| 38 | UMBS, 30 Year | — | 6,179,333 | $6.32M | 0.91% |
| 39 | UMBS, 30 Year | — | 7,366,556 | $6.26M | 0.90% |
| 40 | UMBS, 30 Year | — | 5,948,911 | $6.09M | 0.88% |
| 41 | FREDDIE MAC STACR REMIC TRUST STACR 2024 DNA1 M2 144A | STACR | 6,000,000 | $6.06M | 0.87% |
| 42 | FNCL 3 4/26 | — | 6,875,000 | $6.04M | 0.87% |
| 43 | Government National Mortgage Association | — | 5,946,613 | $5.96M | 0.86% |
| 44 | Fannie Mae Pool | — | 6,138,329 | $5.65M | 0.81% |
| 45 | UMBS, 30 Year | FNMA | 6,301,113 | $5.41M | 0.78% |
| 46 | FNMA 30YR 3% 03/01/2050#FM3302 | — | 5,986,428 | $5.33M | 0.77% |
| 47 | FN FS7252 | — | 5,340,954 | $5.29M | 0.76% |
| 48 | OBX Trust, Series 2025-NQM8, Class M1 | — | 5,200,000 | $5.24M | 0.75% |
| 49 | J.P. Morgan Mortgage Trust, Series 2026-NQM1, Class M1 | — | 5,108,000 | $5.06M | 0.73% |
| 50 | FANNIE MAE POOL FN 02/52 FIXED VAR | FN | 5,553,796 | $4.93M | 0.71% |
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Machine-readable: JSON · Markdown. Programmatic access via the agent surface.