NEW YORK LIFE INSURANCE CO

NEW YORK LIFE INSURANCE CO is an insurance company managing float, specialised in technology (100% of the long book), running a $490.6M US long book across 6 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, SS SPDR S&P 500 ETF TRUST-US, NYLI MACKAY MUNI SHRT DURAT, NYLI MACKAY SECUR INC ETF, NYLI MACKAY CA MUNI INTERM.

Over the last 9 quarters its long book ran on average 0.8pp 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.