Trustees of Dartmouth College

Trustees of Dartmouth College is a wealth-management firm allocating client money, specialised in financials (83% of the long book), running a $251.6M US long book across 11 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: SS SPDR S&P 500 ETF TRUST-US, VANGUARD FTSE EUROPE ETF, GMO U.S. QUALITY ETF, VANGUARD VALUE ETF, ISHARES CORE MSCI EMERGING.

Over the last 9 quarters its long book ran on average 0.9pp 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.