Hackensack Meridian Health, Inc.

Hackensack Meridian Health, Inc. is a wealth-management firm allocating client money, running a $1.06B US long book across 7 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 MSCI EAFE ETF, ISHARES CORE MSCI EMERGING, ISHARES RUSSELL 1000 GROWTH, STATE STREET SPDR S&P GLOBAL.

Over the last 9 quarters its long book ran on average 0.3pp per quarter behind 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.