Alaska Permanent Capital Management, LLC

Alaska Permanent Capital Management, LLC is a wealth-management firm allocating client money, specialised in technology (100% of the long book), running a $1.43B US long book across 39 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, VANGUARD TOTAL BOND MARKET, ISHARES CORE S&P MIDCAP ETF, ISHARES CORE MSCI EAFE ETF, ISHARES CORE MSCI EMERGING.

Over the last 9 quarters its long book ran on average 1.1pp 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.