Johns Hopkins University

Johns Hopkins University is a wealth-management firm allocating client money, specialised in financials (94% of the long book), running a $1.38B US long book across 13 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: ISHARES CORE U.S. AGGREGATE, INVESCO QQQ TRUST SERIES 1, STATE STREET SPDR S&P GLOBAL, ISHARES MSCI EMR MRK EX CHNA, ISHARES RUSSELL 1000 ETF.

Over the last 9 quarters its long book ran on average 1.8pp 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.