Angeles Investment Advisors, LLC

Angeles Investment Advisors, LLC is a wealth-management firm allocating client money, specialised in materials (62% of the long book), running a $1.49B US long book across 31 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: VANGUARD S&P 500 ETF, VANGUARD TOTAL INTL STOCK, VANGUARD MORTGAGE-BACKED SEC, TCW TRANSFORM 500 ETF, ISHARES MSCI EAFE VALUE ETF.

Over the last 9 quarters its long book ran on average 0.7pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.