Portfolio concentration
As of September 30, 2025 · N-PORT
Holdings
88
Top-10 weight
27.32%
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.
60
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.
71.0
Holdings
As of September 30, 2025 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | US TREASURY N/B | — | 9,000,000 | $9.00M | 5.24% |
| 2 | US TREASURY N/B | — | 5,500,000 | $5.49M | 3.20% |
| 3 | U.S. Treasury Bills | B | 5,500,000 | $5.46M | 3.18% |
| 4 | US TREASURY N/B | — | 5,000,000 | $5.00M | 2.91% |
| 5 | FREDDIE MAC POOL FR QG2979 | — | 4,361,553 | $3.83M | 2.23% |
| 6 | FREMF 2017-K69 Mortgage Trust 3.73 | FREMF | 3,895,000 | $3.83M | 2.23% |
| 7 | FR RB5324 | — | 3,668,186 | $3.69M | 2.15% |
| 8 | US TREASURY N/B | — | 3,500,000 | $3.52M | 2.05% |
| 9 | PRKCM Trust, Series 2023-AFC3, Class A2 | — | 3,373,657 | $3.41M | 1.99% |
| 10 | US TREASURY N/B | — | 3,000,000 | $3.01M | 1.76% |
| 11 | FN MA5553 | — | 2,786,689 | $2.81M | 1.64% |
| 12 | FNMA, 30 Year | — | 3,017,814 | $2.76M | 1.61% |
| 13 | US TREASURY N/B | — | 2,750,000 | $2.74M | 1.60% |
| 14 | State Street Corp | — | 2,750,000 | $2.69M | 1.57% |
| 15 | NAVSL 2019-GA A | NAVSL | 2,745,677 | $2.67M | 1.56% |
| 16 | US ULTRA BOND CBT Sep25 | — | 2,642,722 | $2.64M | 1.54% |
| 17 | Bunker Hill Loan Depositary Trust 2019-3 | — | 2,650,000 | $2.63M | 1.53% |
| 18 | FREMF MORTGAGE TRUST FREMF 2017 K65 B 144A | FREMF | 2,650,000 | $2.63M | 1.53% |
| 19 | FREDDIE MAC REMICS FHR 4609 QV | — | 2,634,912 | $2.59M | 1.51% |
| 20 | HHT 2025-MAUI B 144A FRN 03-15-42 | — | 2,500,000 | $2.50M | 1.46% |
| 21 | UST BILLS 0% 11/13/2025 | — | 2,500,000 | $2.49M | 1.45% |
| 22 | SMB Private Education Loan Trust, Series 2021-C, Class C | — | 2,846,381 | $2.49M | 1.45% |
| 23 | SWCH COMMERCIAL MORTGAGE TRUST SWCH 2025 DATA A 144A | SWCH | 2,500,000 | $2.49M | 1.45% |
| 24 | NAVSL 2021-EA A 144A 0.97% 12-16-69 | NAVSL | 2,713,111 | $2.45M | 1.42% |
| 25 | MTB F 02/01/27 | MTB | 2,411,000 | $2.38M | 1.39% |
| 26 | Nelnet Student Loan Trust 2004-4 | — | 2,284,939 | $2.25M | 1.31% |
| 27 | SMB Private Education Loan Trust 2015-A | — | 2,260,000 | $2.25M | 1.31% |
| 28 | DOMINION ENERGY | — | 2,000,000 | $2.09M | 1.22% |
| 29 | FR SD8349 | — | 2,055,687 | $2.08M | 1.21% |
| 30 | US TREASURY N/B | — | 2,200,000 | $2.07M | 1.21% |
| 31 | ASHTEAD CAPITAL | — | 2,000,000 | $2.07M | 1.21% |
| 32 | Sunoco L.P. | — | 2,000,000 | $2.04M | 1.19% |
| 33 | Freddie Mac REMICS | — | 2,014,405 | $2.03M | 1.18% |
| 34 | ET V6.5 PERP H | ET | 2,000,000 | $2.01M | 1.17% |
| 35 | ICG US CLO 2015-2R Ltd | — | 2,000,000 | $1.99M | 1.16% |
| 36 | Residential Mortgage Loan Trust, Series 2020-2, Class A2 | — | 1,999,406 | $1.99M | 1.16% |
| 37 | US TREASURY N/B | — | 2,000,000 | $1.98M | 1.16% |
| 38 | FREMF Mortgage Trust, Series 2019-K98, Class B | — | 2,000,000 | $1.93M | 1.13% |
| 39 | HEALTH CARE SERVICE CORP SR UNSECURED 144A 06/30 2.2 | HCSERV | 2,000,000 | $1.81M | 1.05% |
| 40 | ROYAL CARIBBEAN CRUISES SR UNSECURED 144A 09/31 5.625 | RCL | 1,750,000 | $1.78M | 1.04% |
| 41 | New York Life Global Funding | — | 1,750,000 | $1.75M | 1.02% |
| 42 | US BANCORP | — | 2,000,000 | $1.72M | 1.00% |
| 43 | NAVSL 2021-CA A 144A 1.06% 10-15-69 | NAVSL | 1,872,114 | $1.71M | 0.99% |
| 44 | FREMF Mortgage Trust, Series 2017-K70, Class C | — | 1,750,000 | $1.71M | 0.99% |
| 45 | MERCK & CO INC | — | 1,900,000 | $1.70M | 0.99% |
| 46 | Sequoia Mortgage Trust 2021-5 | — | 1,904,072 | $1.67M | 0.97% |
| 47 | BOEING CO | — | 2,034,000 | $1.65M | 0.96% |
| 48 | LAS VEGAS SAN | — | 1,500,000 | $1.53M | 0.89% |
| 49 | EXPAND ENERGY CORP REGD 144A P/P 5.87500000 | EXE | 1,500,000 | $1.51M | 0.88% |
| 50 | Trysail CLO 2022-1 Ltd | — | 1,500,000 | $1.50M | 0.88% |
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