Amtrust Financial Services, Inc.

Amtrust Financial Services, Inc. is a wealth-management firm allocating client money, specialised in financials (90% of the long book), running a $299.2M US long book across 14 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: VANGUARD S&P 500 ETF, ISHARES CORE S&P 500 ETF, ISHARES 1-5Y INV GRADE CORP, VANGUARD LARGE-CAP ETF, ISHARES CORE U.S. AGGREGATE.

Over the last 9 quarters its long book ran on average 0.5pp 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.