STEPHENS GROUP ASSET MANAGEMENT, LLC

STEPHENS GROUP ASSET MANAGEMENT, LLC is a wealth-management firm allocating client money, running a $1.57B US long book across 26 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 MID-CAP VALUE ETF, VANGUARD VALUE ETF, VANGUARD GROWTH ETF, VANGUARD MID-CAP GROWTH ETF, ISHARES RUSSELL MID-CAP VALU.

Over the last 9 quarters its long book ran on average 1.1pp 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.