Fund Evaluation Group, LLC

Fund Evaluation Group, LLC is a wealth-management firm allocating client money, specialised in financials (88% of the long book), running a $3.25B US long book across 73 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, ISHARES US TREASURY BOND ETF, SCHWAB US LARGE-CAP GROWTH, SCHWAB US LARGE-CAP ETF, ISHARES CORE INTL STOCK ETF.

Over the last 9 quarters its long book ran on average 0.6pp 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.