DAIDO LIFE INSURANCE CO

DAIDO LIFE INSURANCE CO is a wealth-management firm allocating client money, running a $677.9M US long book across 6 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: SS SPDR S&P 500 ETF TRUST-US, ISHARES CORE S&P 500 ETF, ISHARES RUSSELL 1000 ETF, INVESCO RUSSELL 1000 DYN M/F, STE STR SPDR PT S&P 500 ETF.

Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.