Klaas Financial Asset Advisors, LLC

Klaas Financial Asset Advisors, LLC is a wealth-management firm allocating client money, running a $724.2M US long book across 59 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: STE STR SPDR PT S&P 500 ETF, DIMENSIONAL INTERNATIONAL CO, ISHARES MBS ETF, VANGUARD INTERMEDIATE-TERM T, VANGUARD SHORT-TERM TREASURY.

Over the last 9 quarters its long book ran on average 1.4pp 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.