Portfolio concentration
As of January 31, 2026 · N-PORT
Holdings
200
Top-10 weight
31.35%
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.
55.4
Holdings
As of January 31, 2026 · N-PORT| # | Security | Ticker | Shares | Value | % of fund |
|---|---|---|---|---|---|
| 1 | Willow Tree Clo I LLC | — | 1,000,000 | $1.01M | 4.80% |
| 2 | US TREASURY N/B | — | 1,300,000 | $821.92K | 3.92% |
| 3 | FANNIE MAE POOL | — | 951,162 | $811.57K | 3.87% |
| 4 | Fannie Mae Pool | — | 803,586 | $691.17K | 3.29% |
| 5 | FREDDIE MAC POOL UMBS P#QE0312 2.00000000 | — | 780,919 | $636.38K | 3.03% |
| 6 | Uniform Mortgage-Backed Securities | — | 673,007 | $573.81K | 2.74% |
| 7 | FNMA 30YR 5.5% 10/01/2053#CB7336 | — | 563,268 | $573.39K | 2.73% |
| 8 | UMBS | — | 609,139 | $517.65K | 2.47% |
| 9 | FNMA 30YR 2% 09/01/2051#BT0240 | — | 613,850 | $500.81K | 2.39% |
| 10 | FN MA4437 | — | 610,127 | $498.92K | 2.38% |
| 11 | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U | FGUXX | 458,068 | $458.07K | 2.18% |
| 12 | FN MA4547 | — | 561,253 | $455.44K | 2.17% |
| 13 | FN MA4237 | — | 528,107 | $433.00K | 2.06% |
| 14 | FN MA4599 | — | 412,566 | $366.13K | 1.75% |
| 15 | US TREASURY N/B | — | 350,000 | $364.59K | 1.74% |
| 16 | US TREASURY N/B | — | 520,000 | $361.42K | 1.72% |
| 17 | Uniform Mortgage-Backed Securities | FHLMC | 344,961 | $307.30K | 1.46% |
| 18 | Freddie Mac Multifamily Structured Pass Through Certificates | — | 300,000 | $302.58K | 1.44% |
| 19 | PAGAYA AI DEBT TRUST 2023-8 PAID 2023-8 B | — | 288,691 | $294.58K | 1.40% |
| 20 | Freddie Mac Pool | — | 337,864 | $287.88K | 1.37% |
| 21 | FR SD8150 | — | 346,100 | $283.29K | 1.35% |
| 22 | OBX 2022-J2 Trust | — | 350,000 | $261.12K | 1.24% |
| 23 | Uniform Mortgage-Backed Securities | FHLMC | 304,776 | $260.34K | 1.24% |
| 24 | FNCL UMBS 2.0 SD6284 01-01-54 | — | 316,234 | $257.01K | 1.23% |
| 25 | Saluda Grade Alternative Mortgage Trust 2025-LOC5 | — | 250,000 | $252.29K | 1.20% |
| 26 | FIGRE Trust 2026-HE1 | — | 250,000 | $250.71K | 1.20% |
| 27 | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFI SER K-172 CL A2 V/R 4.58100000 | — | 250,000 | $250.67K | 1.19% |
| 28 | FIGRE Trust 2025-HE6 | — | 250,000 | $249.69K | 1.19% |
| 29 | FIGRE Trust 2025-HE7 | — | 250,000 | $249.34K | 1.19% |
| 30 | New Residential Mortgage Loan Trust, Series 2025-NQM5, Class M1 | — | 250,000 | $249.30K | 1.19% |
| 31 | FHMS K-171 A2 | — | 250,000 | $248.83K | 1.19% |
| 32 | FN MA4512 | — | 256,522 | $219.11K | 1.04% |
| 33 | COLT 2021-RPL1 Trust | — | 250,000 | $218.32K | 1.04% |
| 34 | CIM TRUST 2022-R1 | — | 250,000 | $210.56K | 1.00% |
| 35 | TOWD POINT MORTGAGE TRUST TPMT 2021 1 A1 144A | — | 221,325 | $210.01K | 1.00% |
| 36 | Federal National Mortgage Association, Inc. | — | 251,897 | $205.67K | 0.98% |
| 37 | CPS Auto Trust | — | 200,000 | $202.13K | 0.96% |
| 38 | iShares Broad USD High Yield Corporate Bond ETF | — | 4,548 | $171.19K | 0.82% |
| 39 | Fannie Mae Pool | — | 190,921 | $163.26K | 0.78% |
| 40 | INVESCO SENIOR LOAN ETF MUTUAL FUND | BKLN US | 7,229 | $149.93K | 0.71% |
| 41 | ATLX Trust, Series 2024-RPL1, Class M1 | — | 150,000 | $145.45K | 0.69% |
| 42 | JPMORGAN CHASE | — | 115,000 | $115.53K | 0.55% |
| 43 | BANK OF AMER CRP | — | 120,000 | $105.34K | 0.50% |
| 44 | PNC FINANCIAL | — | 100,000 | $104.95K | 0.50% |
| 45 | BRAVO RESIDENTIAL FUNDING TRUST 2021-NQM3 BRAVO 2021-NQM3 A1 | — | 107,850 | $102.47K | 0.49% |
| 46 | ACHD Trust Series 2025-DS1, Class B | ACHD | 100,000 | $101.70K | 0.48% |
| 47 | VISIO TRUST VISIO_21-1R | — | 99,478 | $94.20K | 0.45% |
| 48 | WELLS FARGO CO | — | 90,000 | $93.82K | 0.45% |
| 49 | CAPITAL ONE FINL | — | 90,000 | $93.23K | 0.44% |
| 50 | AMERICAN EXPRESS | — | 90,000 | $92.18K | 0.44% |
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