BLUESTEM FINANCIAL ADVISORS, LLC

BLUESTEM FINANCIAL ADVISORS, LLC is a wealth-management firm allocating client money, specialised in technology (87% of the long book), running a $258.9M US long book across 33 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: ISHARES CORE S&P 500 ETF, VANGUARD TOTAL BOND MARKET, VANGUARD FTSE ALL-WORLD EX-U, VANGUARD SMALL-CAP ETF, VANGUARD REAL ESTATE 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.