Tanglewood Wealth Management, Inc.

Tanglewood Wealth Management, Inc. is a wealth-management firm allocating client money, specialised in financials (99% of the long book), running a $1.21B US long book across 38 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: VANGUARD TOTAL STOCK MKT ETF, ISHARES 3-7 YEAR TREASURY BO, VANGUARD FTSE DEVELOPED ETF, ISHARES GOLD TRUST, ISHARES 1-3 YEAR TREASURY BO.

Over the last 9 quarters its long book ran on average 0.4pp per quarter behind 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.