Towneley Capital Management, Inc / DE

Towneley Capital Management, Inc / DE is a wealth-management firm allocating client money, specialised in financials (99% of the long book), running a $477.8M US long book across 42 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, VANGUARD TOTAL INTL STOCK, VANGUARD INTERMEDIATE-TERM T, HARBOR LONG-TERM GROWERS ETF, JANUS HENDERSON MORTG BACKED.

Over the last 9 quarters its long book ran on average 1pp 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.