UNC Management Company, Inc.

UNC Management Company, Inc. is a wealth-management firm allocating client money, specialised in energy (100% of the long book), running a $1.64B US long book across 5 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: ISHARES CORE S&P 500 ETF, ISHARES RUSSELL 3000 ETF, ISHARES CORE MSCI EAFE ETF, ISHARES CORE MSCI EMERGING, PERMIAN RESOURCES CORP-CL A.

Over the last 9 quarters its long book ran on average 0.1pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.