Portfolio concentration
As of March 31, 2026 · N-PORT
Holdings
359
Top-10 weight
24.01%
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.
103
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.
52.0
Holdings
As of March 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | US TREASURY N/B | — | 27,145,000 | $27.04M | 4.45% |
| 2 | GERMANY FEDERAL REPUBLIC OF 2.6% 08/15/2035 REGS | — | 19,355,000 | $21.67M | 3.56% |
| 3 | American Beacon U.S. Government Money Market Fund | — | 21,529,403 | $21.53M | 3.54% |
| 4 | Bundesrepublik Deutschland Bundesanleihe | — | 15,950,000 | $18.25M | 3.00% |
| 5 | US TREASURY N/B | — | 12,100,000 | $12.41M | 2.04% |
| 6 | GERMANY FEDERAL REPUBLIC OF 2.5% 02/15/2035 REGS | — | 10,610,000 | $11.83M | 1.94% |
| 7 | US TREASURY N/B | — | 11,570,000 | $11.29M | 1.86% |
| 8 | US TREASURY N/B | — | 6,200,000 | $6.08M | 1.00% |
| 9 | Bundesobligation | — | 5,300,000 | $6.06M | 1.00% |
| 10 | Nationwide Building Society | ZQ86 | 4,300,000 | $5.70M | 0.94% |
| 11 | Nationwide Building Society | — | 3,386,700 | $5.69M | 0.94% |
| 12 | Rothesay Life PLC | — | 4,493,000 | $5.16M | 0.85% |
| 13 | UniCredit SpA | — | 3,800,000 | $4.52M | 0.74% |
| 14 | Intesa Sanpaolo SpA | — | 2,791,000 | $4.19M | 0.69% |
| 15 | PHOENIX GRP HLD PLC | — | 3,100,000 | $3.98M | 0.65% |
| 16 | Achmea BV | — | 3,300,000 | $3.75M | 0.62% |
| 17 | Real Finance Bonds No. 6 PLC | — | 2,500,000 | $3.75M | 0.62% |
| 18 | Legal & General Group PLC | — | 3,000,000 | $3.68M | 0.60% |
| 19 | Direct Line Insurance Group PLC | — | 2,760,000 | $3.56M | 0.59% |
| 20 | NATWEST GROUP PLC 4.500000% MATURITY: PERPETUAL | — | 2,700,000 | $3.40M | 0.56% |
| 21 | Coventry Building Society | BF25 | 2,400,000 | $3.26M | 0.54% |
| 22 | Barclays PLC | YU32 | 2,400,000 | $3.25M | 0.53% |
| 23 | Equinix Europe 2 Financing Corp. LLC | — | 2,765,000 | $3.08M | 0.51% |
| 24 | Societe Generale SA | — | 2,700,000 | $3.06M | 0.50% |
| 25 | LLOYDS BK GR PLC | — | 2,600,000 | $3.02M | 0.50% |
| 26 | Abanca Corp. Bancaria SA | — | 2,600,000 | $3.01M | 0.49% |
| 27 | Erste Group Bank AG (pfd) 4.25% 04/15/2174 Perpetual | ERSTBK | 2,600,000 | $2.95M | 0.49% |
| 28 | BNP Paribas SA | — | 2,600,000 | $2.93M | 0.48% |
| 29 | Golub Capital CLO 87B Ltd. | — | 3,000,000 | $2.90M | 0.48% |
| 30 | Arbour CLO IV DAC | — | 2,500,000 | $2.89M | 0.47% |
| 31 | ASR Nederland NV | — | 2,450,000 | $2.88M | 0.47% |
| 32 | Deutsche Bank AG | — | 2,400,000 | $2.87M | 0.47% |
| 33 | CaixaBank SA | — | 2,600,000 | $2.87M | 0.47% |
| 34 | Barclays PLC | — | 2,100,000 | $2.85M | 0.47% |
| 35 | UNICREDIT SPA | — | 2,500,000 | $2.85M | 0.47% |
| 36 | Pension Insurance Corp. PLC | — | 2,100,000 | $2.79M | 0.46% |
| 37 | Aegon Ltd. | — | 2,400,000 | $2.77M | 0.46% |
| 38 | Zurich Finance Ireland II DAC | — | 2,800,000 | $2.73M | 0.45% |
| 39 | URI 6.125 03/15/34 144A | URI | 2,645,000 | $2.68M | 0.44% |
| 40 | Unipol Assicurazioni SpA | — | 2,140,000 | $2.52M | 0.41% |
| 41 | JYSKE BANK AS 5.125%/VAR 05/01/2035 REGS | — | 2,100,000 | $2.50M | 0.41% |
| 42 | Jyske Bank AS | — | 2,200,000 | $2.48M | 0.41% |
| 43 | American Beacon U.S. Government Money Market Fund | — | 2,470,459 | $2.47M | 0.41% |
| 44 | ING GROEP NV 3.875%/VAR 08/20/2037 REGS | — | 2,200,000 | $2.47M | 0.41% |
| 45 | Banco Bilbao Vizcaya Argentaria SA | — | 2,200,000 | $2.44M | 0.40% |
| 46 | Ballyrock CLO 29 Ltd., Series 2025-29A, Class D | — | 2,500,000 | $2.42M | 0.40% |
| 47 | BAWAG Group AG | — | 2,000,000 | $2.38M | 0.39% |
| 48 | VICI PROPERTIE | — | 2,340,000 | $2.36M | 0.39% |
| 49 | BUPA Finance PLC | — | 2,156,000 | $2.33M | 0.38% |
| 50 | Thistle CLO DAC | — | 2,000,000 | $2.31M | 0.38% |
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