Cosner Financial Group, LLC

Cosner Financial Group, LLC is a wealth-management firm allocating client money, specialised in energy (71% of the long book), running a $182.1M US long book across 34 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 MORNINGSTAR MID-CAP, ISHARES CORE S&P TOTAL U.S., ISHARES BROAD USD INVESTMENT, ISHARES S&P 500 VALUE ETF, ISHARES CORE S&P U.S. VALUE.

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