Avalon Advisory Group

Avalon Advisory Group is a wealth-management firm allocating client money, specialised in technology (100% of the long book), running a $247.9M US long book across 12 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 TOTAL STOCK MKT ETF, ISHARES 7-10 YEAR TREASURY B, VANGUARD FTSE ALL-WORLD EX-U, ISHARES CORE S&P TOTAL U.S., SCHWAB INTL EQUITY ETF.

Over the last 9 quarters its long book ran on average 1.2pp 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.