NEPC LLC

NEPC LLC is a wealth-management firm allocating client money, specialised in financials (100% of the long book), running a $5.02B US long book across 51 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: VANGUARD S&P 500 ETF, VANGUARD INT-TERM CORPORATE, VANGUARD INTERMEDIATE-TERM T, VANGUARD S/T CORP BOND ETF, VANGUARD LONG-TERM TREASURY.

Over the last 9 quarters its long book ran on average 2.1pp 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.