Portfolio concentration
As of December 31, 2025 · N-PORT
Holdings
347
Top-10 weight
37.91%
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.
50
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.
87.0
Holdings
As of December 31, 2025 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | FNCL 5.5 1/26 | — | 8,000,000 | $8.11M | 6.07% |
| 2 | US TREASURY N/B | — | 8,085,300 | $8.11M | 6.07% |
| 3 | US TREASURY N/B | — | 7,940,000 | $7.53M | 5.64% |
| 4 | US TREASURY N/B | — | 6,450,000 | $6.52M | 4.88% |
| 5 | US TREASURY N/B | — | 6,220,000 | $6.48M | 4.85% |
| 6 | MONEYMKT | FGTXX | 6,335,811 | $6.34M | 4.74% |
| 7 | US TREASURY N/B | — | 6,052,800 | $5.31M | 3.98% |
| 8 | G2SF 2 1/26 | — | 6,000,000 | $4.97M | 3.72% |
| 9 | US TREASURY N/B | — | 4,870,000 | $4.23M | 3.17% |
| 10 | FNCL 6 1/26 | — | 4,000,000 | $4.11M | 3.07% |
| 11 | Federal Home Loan Banks | — | 3,620,000 | $3.51M | 2.62% |
| 12 | US TREASURY N/B | — | 4,100,000 | $3.39M | 2.54% |
| 13 | UMBS | — | 3,929,458 | $3.20M | 2.39% |
| 14 | FNCL 5 1/26 | — | 3,000,000 | $2.99M | 2.24% |
| 15 | US TREASURY N/B | — | 2,100,000 | $2.15M | 1.61% |
| 16 | NJ ECON-SER A | — | 2,000,000 | $2.09M | 1.56% |
| 17 | FN MA4158 | — | 2,500,802 | $2.05M | 1.53% |
| 18 | FN MA4182 | — | 2,500,256 | $2.04M | 1.53% |
| 19 | G2SF 5.5 1/25 | — | 2,000,000 | $2.02M | 1.51% |
| 20 | UMBS | FNMA | 2,471,168 | $2.01M | 1.51% |
| 21 | FR SD7540 | FHLMC | 2,252,087 | $1.94M | 1.45% |
| 22 | FN CA6988 | FNMA | 2,183,997 | $1.89M | 1.41% |
| 23 | FNCL 3 1/26 | — | 2,000,000 | $1.77M | 1.32% |
| 24 | Government National Mortgage Association, TBA | GNR | 2,000,000 | $1.72M | 1.29% |
| 25 | U.S. Treasury STRIPS Coupon | S | 1,791,200 | $1.55M | 1.16% |
| 26 | G2 MA6283 | — | 1,599,276 | $1.44M | 1.08% |
| 27 | US TREASURY N/B | — | 1,770,000 | $1.40M | 1.05% |
| 28 | US TREASURY N/B | — | 1,630,000 | $1.40M | 1.05% |
| 29 | US TREASURY N/B | — | 1,380,000 | $1.38M | 1.04% |
| 30 | FR SD8129 | — | 1,605,374 | $1.37M | 1.03% |
| 31 | FR SD0294 | FHLMC | 1,352,769 | $1.34M | 1.00% |
| 32 | US TREASURY N/B | — | 1,260,000 | $1.28M | 0.96% |
| 33 | US TREASURY N/B | — | 1,170,000 | $1.15M | 0.86% |
| 34 | FNCL 7 1/24 | — | 1,000,000 | $1.05M | 0.79% |
| 35 | FN CC1438 | FNMA | 994,451 | $1.02M | 0.76% |
| 36 | Fannie Mae Pool | — | 987,270 | $1.01M | 0.76% |
| 37 | TPMT 2017-4 A2 | TPMT | 1,030,153 | $986.02K | 0.74% |
| 38 | G2SF 4.5 1/26 | — | 1,000,000 | $974.10K | 0.73% |
| 39 | FNCL 4 1/26 | — | 1,000,000 | $948.36K | 0.71% |
| 40 | G2 MA6474 | — | 1,024,041 | $924.31K | 0.69% |
| 41 | FNCL 3.5 2/26 | — | 1,000,000 | $920.66K | 0.69% |
| 42 | U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.50% 2/15/2053 | TII | 1,151,150 | $897.18K | 0.67% |
| 43 | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-135 A | GNR | 1,052,638 | $881.85K | 0.66% |
| 44 | UMBS | FHLMC | 804,838 | $849.86K | 0.64% |
| 45 | FNCL 2.5 1/26 | — | 1,000,000 | $845.12K | 0.63% |
| 46 | FR RA1411 | FHLMC | 919,772 | $830.45K | 0.62% |
| 47 | FR SD7563 | — | 792,296 | $784.46K | 0.59% |
| 48 | FN CB4693 | FNMA | 736,721 | $758.51K | 0.57% |
| 49 | FN MA3564 | — | 761,806 | $755.70K | 0.57% |
| 50 | Scholar Funding Trust, Series 2013-A, Class A | — | 747,032 | $737.12K | 0.55% |
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