Portfolio concentration
As of September 30, 2025 ·
N-PORT
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.
13
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.
54.6
Holdings
As of September 30, 2025 · N-PORT
| # | Security | Ticker | Shares | Value | % of fund |
|---|
| 1 |
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exc |
ZROZ |
36,875 |
$2.51M |
15.09% |
| 2 |
SPDR FTSE International Government Inflation-Protected Bond ETF |
WIP |
58,379 |
$2.29M |
13.79% |
| 3 |
VANGUARD TOTAL INTERNATIONAL BOND ETF |
BNDX |
28,926 |
$1.43M |
8.62% |
| 4 |
Vanguard Mortgage-Backed Securities ETF - Class USD INC |
VMBS |
25,284 |
$1.19M |
7.15% |
| 5 |
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. |
EDD |
215,003 |
$1.16M |
6.97% |
| 6 |
V/E JPM EM L C B |
EMLC |
43,158 |
$1.10M |
6.63% |
| 7 |
abrdn Asia-Pacific Income Fund, Inc. |
FAX |
44,797 |
$729.74K |
4.40% |
| 8 |
ARMOUR RESIDENTIAL REIT INC |
— |
35,000 |
$522.90K |
3.15% |
| 9 |
Virtus Stone Harbor Emerging Markets Income Fund |
— |
92,780 |
$468.54K |
2.82% |
| 10 |
Templeton Emerging Markets Income Fund, Inc. |
TEI |
70,472 |
$436.93K |
2.63% |
| 11 |
BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF |
XEMD |
9,266 |
$405.11K |
2.44% |
| 12 |
Rithm Capital Corp., Series B, Pfd. |
RITM B |
12,585 |
$319.91K |
1.93% |
| 13 |
AGNC INVESTMENT CORP |
— |
32,239 |
$315.62K |
1.90% |
| 14 |
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF |
XHLF |
6,000 |
$302.52K |
1.82% |
| 15 |
WESTERN ASSET EMERGING MARKETS DEBT FUND INC |
EMD |
28,968 |
$298.95K |
1.80% |
| 16 |
Annaly Capital Management, Inc., Series F, Pfd. |
NLY F |
11,075 |
$280.09K |
1.69% |
| 17 |
Public Storage, Series P, Pfd. |
PSA P |
13,395 |
$231.47K |
1.39% |
| 18 |
CLOSED-E |
— |
26,039 |
$226.02K |
1.36% |
| 19 |
Public Storage, Series R, Pfd. |
PSA R |
12,667 |
$216.23K |
1.30% |
| 20 |
AGNC Investment Corp., Series F, Pfd. |
AGNCP |
8,087 |
$205.09K |
1.24% |
| 21 |
Rithm Capital Corp., Series A, Pfd. |
RITM A |
8,005 |
$203.33K |
1.22% |
| 22 |
AGNC Investment Corp., Series C, Pfd. |
AGNCN |
7,443 |
$194.04K |
1.17% |
| 23 |
AVALONBAY COMMUNITIES INC REIT |
— |
1,000 |
$193.17K |
1.16% |
| 24 |
PEBBLEBROOK HOTEL TRUST |
— |
15,000 |
$170.85K |
1.03% |
| 25 |
BXP INC |
— |
2,000 |
$148.68K |
0.90% |
| 26 |
PARK H&R INC |
— |
10,000 |
$110.80K |
0.67% |
| 27 |
PennyMac Mortgage Investment Trust PREFERRED STOCK |
PMTV |
4,165 |
$106.17K |
0.64% |
| 28 |
PennyMac Mortgage Investment Trust |
PMTW |
2,505 |
$63.53K |
0.38% |
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