Investure, LLC

Investure, LLC is a wealth-management firm allocating client money, specialised in real_estate (100% of the long book), running a $2.04B US long book across 17 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: VANGUARD S&P 500 ETF, JPMORGAN BETABUILDERS JAPAN, ISHARES CORE MSCI EAFE ETF, VANGUARD TOTAL STOCK MKT ETF, ISHARES CORE MSCI EMERGING.

Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.