SUN LIFE FINANCIAL INC

SUN LIFE FINANCIAL INC is a wealth-management firm allocating client money, specialised in real_estate (81% of the long book), running a $1.76B US long book across 45 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, ISHARES CORE S&P 500 ETF, XTRCKR S&P 500 SCOR&SCRN ETF, VANGUARD S&P 500 ETF, ISHARES MSCI TAIWAN ETF.

Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.