Liberty Mutual Group Asset Management portfolio

What changed this quarter

21 positions with a change (10 new, 3 added to, 6 trimmed, 2 sold); also, 3 entered through an IPO. 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Crescent Energy−88%fewer sharesReduced
  39.8% → 3.6%
• Ssga Active ETF Tr+56%more sharesIncreased
  9.7% → 16.5%
• State Str Spdr S&P 500 ETF T+114%more sharesIncreased
  2.7% → 7.3%
• iShares Msci Acwi ETF+2.4 ppof portfolioNew
  — → 2.6%
• iShares Core U.s. Aggregate ETF+2.2 ppof portfolioNew
  — → 2.4%
• Uber Technologies+1.1 ppof portfolioNew
  — → 1.1%
• Ishares−1.0 ppof portfolioSold out
  1.0% → —
• Vanguard S&P 500 ETF−7.2%fewer sharesReduced
  10.2% → 11.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Ssga Active ETF TrSRLN16.5%
• Vanguard S&P 500 ETFVOO11.8%
• Fervo EnergyFRVO9.9%
• iShares 7-10 Year Treasury B ETFIEF9.8%
• Ishares TrHYG7.5%
• State Str Spdr S&P 500 ETF TSPY7.3%
• QXOQXO6.2%
• iShares Broad USD High Yield ETFUSHY4.8%
• Crescent EnergyCRGY3.6%
• iShares Broad USD Investment ETFUSIG3.2%
• iShares Msci Acwi ETFACWI2.6%
• Blue OWL CapitalOBDC2.5%
• KardiganKARD2.5%
• iShares Core U.s. Aggregate ETFAGG2.4%
• Invesco Senior Loan ETFBKLN2.2%
• Office Properties Income TrustOPI1.9%
• Uber Technologies(bond)1.1%
• ServiceNowNOW0.7%
• Affirm HoldingsAFRM0.5%
• Ares CapitalARCC0.4%
• DatadogDDOG0.3%
• Nine Energy ServiceNINE0.3%
• NavanNAVN0.3%
• Robinhood MarketsHOOD0.3%
• Morgan Stanley Direct Lending FundMSDL0.3%
• KORE Group Holdings0.3%
• Summit MidstreamSMC0.2%
• ServiceTitanTTAN0.1%
• Nebius GroupNBIS0.1%
• FigmaFIG0.1%
• Circle Internet GroupCRCLunder 0.1%
• Planet Labs PBCPLunder 0.1%
• Blend LabsBLNDunder 0.1%
• RubrikRBRKunder 0.1%
• Opendoor TechnologiesOPENunder 0.1%
• Rhythm PharmaceuticalsRYTMunder 0.1%
• GCT Semiconductor HoldingGCTS/WS(warrant)under 0.1%