Portfolio concentration
As of March 31, 2026 · N-PORT
Holdings
671
Top-10 weight
19.70%
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.
135
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.
86.6
Holdings
As of March 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | Janus Henderson Cash Liquidity Fund LLC | — | 36,150,162 | $36.15M | 5.86% |
| 2 | FNCL 6 4/26 | — | 14,935,000 | $15.22M | 2.47% |
| 3 | UNITED KINGDOM GILT /GBP/ REGD REG S 4.12500000 | — | 10,486,200 | $13.66M | 2.21% |
| 4 | US TREASURY N/B | — | 12,811,200 | $12.56M | 2.04% |
| 5 | US TREASURY N/B | — | 11,918,000 | $11.83M | 1.92% |
| 6 | US TREASURY N/B | — | 9,743,700 | $9.31M | 1.51% |
| 7 | US TREASURY N/B | — | 8,949,200 | $8.63M | 1.40% |
| 8 | Uniform Mortgage-Backed Security, TBA | FNMA | 8,010,735 | $7.89M | 1.28% |
| 9 | Janus Henderson Emerging Markets Debt Hard Currency ETF | JEMB | 144,943 | $7.60M | 1.23% |
| 10 | APPLOVIN CORP | — | 5,019,000 | $4.98M | 0.81% |
| 11 | CITIGROUP INC | — | 4,680,000 | $4.63M | 0.75% |
| 12 | FOUNDRY JV HOLDC | — | 3,994,000 | $4.04M | 0.66% |
| 13 | UAL 4.875 03/01/29 | — | 4,036,000 | $3.95M | 0.64% |
| 14 | MORGAN STANLEY | — | 3,644,000 | $3.63M | 0.59% |
| 15 | Federal Home Loan Mortgage Corp. | — | 3,642,217 | $3.63M | 0.59% |
| 16 | Compass Datacenters Issuer II LLC, Series 2025-1A, Class A1 | CMPDC | 3,544,000 | $3.54M | 0.57% |
| 17 | ANTERO RESOURCES CORP SR UNSEC 5.4% 02-01-36 | AR | 3,477,000 | $3.42M | 0.55% |
| 18 | FNCL 2.5 4/26 | — | 3,969,786 | $3.34M | 0.54% |
| 19 | SV RNO Property Owner 1 LLC | — | 3,235,000 | $3.20M | 0.52% |
| 20 | EMRLD Borrower L.P., Incremental Term Loan B | EMECLI | 3,126,302 | $3.12M | 0.51% |
| 21 | JPMORGAN CHASE | — | 3,158,000 | $3.09M | 0.50% |
| 22 | TYSN Mortgage Trust, Series 2023-CRNR, Class A | TYSN | 2,921,612 | $3.04M | 0.49% |
| 23 | UMBS, 30 Year | FNMA | 3,484,802 | $2.98M | 0.48% |
| 24 | Genesee & Wyoming Term Loan B 200 2031-03-25 | GWR | 2,909,287 | $2.89M | 0.47% |
| 25 | Formula One Term Loan B 200 2031-09-01 | FMUONE | 2,869,649 | $2.86M | 0.46% |
| 26 | SORT 2022-1A A2 144A 6.11% 08-15-62 | SORT | 2,938,929 | $2.86M | 0.46% |
| 27 | G2SF 2.5 4/24 | — | 3,288,763 | $2.83M | 0.46% |
| 28 | BX Trust, Series 2025-VLT7, Class A | BX | 2,820,000 | $2.81M | 0.45% |
| 29 | UFC Holdings, LLC, Term Loan | ZUFFAL | 2,805,054 | $2.80M | 0.45% |
| 30 | UMBS Pool, 30 Year | FHLMC | 2,633,130 | $2.72M | 0.44% |
| 31 | FN MA4378 | — | 3,309,282 | $2.69M | 0.44% |
| 32 | UMBS Pool, 30 Year | FHLMC | 2,577,059 | $2.61M | 0.42% |
| 33 | UMBS, 30 Year | FNMA | 3,036,796 | $2.60M | 0.42% |
| 34 | G2SF 3.5 5/25 | — | 2,835,736 | $2.59M | 0.42% |
| 35 | BANK OF AMER CRP | — | 2,466,000 | $2.51M | 0.41% |
| 36 | G2 MA7535 | — | 2,805,193 | $2.51M | 0.41% |
| 37 | FNMA, Other | FNMA | 3,052,733 | $2.50M | 0.41% |
| 38 | FNCL 4.5 4/26 | — | 2,567,852 | $2.48M | 0.40% |
| 39 | HUMANA INC | — | 2,414,000 | $2.46M | 0.40% |
| 40 | FRSTST TL B 1L USD | FRSTST | 2,454,495 | $2.45M | 0.40% |
| 41 | UMBS Pool, 30 Year | FHLMC | 2,858,818 | $2.43M | 0.39% |
| 42 | UMBS Pool, 30 Year | FHLMC | 2,371,379 | $2.42M | 0.39% |
| 43 | LPL HOLDINGS INC | — | 2,402,000 | $2.38M | 0.39% |
| 44 | NCLH 5.875 01/15/31 144A | NCLH | 2,384,000 | $2.32M | 0.38% |
| 45 | AGL CLO 26 Ltd., Series 2023-26A, Class A1R | AGL | 2,303,000 | $2.30M | 0.37% |
| 46 | HESS MIDSTREAM PARTNERS LP 4.25% 02/15/2030 144A | HESM | 2,344,000 | $2.25M | 0.37% |
| 47 | TEP 6.75 03/15/34 144A | TEP | 2,216,000 | $2.23M | 0.36% |
| 48 | Federal National Mortgage Association Connecticut Avenue Securities Trust | FNMA | 2,186,000 | $2.21M | 0.36% |
| 49 | CVS HEALTH CORP | — | 2,364,000 | $2.18M | 0.35% |
| 50 | Carnival Corp. | — | 2,179,000 | $2.18M | 0.35% |
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