Adaptive Financial Consulting, LLC

Adaptive Financial Consulting, LLC is a wealth-management firm allocating client money, running a $261.1M US long book across 18 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ISHARES CORE U.S. AGGREGATE, VANGUARD S/T CORP BOND ETF, ISHARES CORE S&P 500 ETF, ISHARES MSCI USA MIN VOL FAC, ISHARES S&P 500 GROWTH ETF.

Over the last 9 quarters its long book ran on average 1.7pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.