Kensington Asset Management portfolio

What changed this quarter

39 positions with a change (3 new, 26 added to, 5 trimmed, 5 sold). 9 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Invesco QQQ Trust Series 1 ETF−98%fewer sharesReduced
  10.9% → 0.3%
• Vanguard S&P 500 ETF−25%fewer sharesReduced
  26.3% → 22.8%
• Vanguard Ultra Short Bond ET ETF+45%more sharesIncreased
  7.7% → 11.2%
• Pgim Ultra Short Bond ETF+37%more sharesIncreased
  8.7% → 11.9%
• J P Morgan Exchange Traded Fund+35%more sharesIncreased
  5.5% → 7.4%
• iShares Floating Rate Bond E ETF+38%more sharesIncreased
  4.2% → 5.8%
• Janus Detroit Str Tr−0.7 ppof portfolioSold out
  0.7% → —
• Vanguard Short-term Treasury ETF+51%more sharesIncreased
  1.1% → 1.6%
• Vanguard Intermediate-term T ETF+61%more sharesIncreased
  0.9% → 1.4%

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

• Vanguard S&P 500 ETFVOO22.8%
• Pgim Ultra Short Bond ETFPULS11.9%
• Vanguard Ultra Short Bond ET ETFVUSB11.2%
• J P Morgan Exchange Traded FundJPST7.4%
• iShares Floating Rate Bond E ETFFLOT5.8%
• Janus Henderson Short Durati ETFVNLA5.4%
• Vaneck ETF TrustFLTR4.6%
• State Street SPDR P High Yield ETFSPHY4.4%
• iShares Broad USD High Yield ETFUSHY4.3%
• DBX ETF TrHYLB2.5%
• Pimco Multisector Bond Actv ETFPYLD2.5%
• Goldman Sachs Ultra Short BO ETFGSST2.5%
• AB Active EtfsYEAR2.4%
• Vaneck ETF TrustANGL2.0%
• Janus Henderson AAA CLO ETFJAAA1.7%
• Vanguard Short-term Treasury ETFVGSH1.6%
• Vanguard Intermediate-term T ETFVGIT1.4%
• Vanguard Index FundsVTI0.8%
• BNY Mellon ETF TrustBKUI0.4%
• Capital GRP Fixed Incm ETF TCGUI0.4%
• Spdr Index SHS FundsSPEM0.3%
• State Street SPDR P S&P 600 Small Cap ETFSPSM0.3%
• Franklin Ftse Japan ETFFLJP0.3%
• Invesco Optimum Yield Divers ETFPDBC0.3%
• Invesco QQQ Trust Series 1 ETFQQQ0.3%
• iShares Core High Dividend E ETFHDV0.3%
• Vanguard Long-term Treasury ETFVGLT0.3%
• BNY Mellon ETF TrustBKGI0.2%
• BlackRock ETF TrustIALT0.2%
• IsharesEMHY0.2%
• Abrdn Physical Gold Shares ETFSGOL0.2%
• Simplify US Eq Plus MGD FUT ETFCTAP0.1%
• Nushares ETF TrNUSB0.1%
• EA Series TrustFRDM0.1%
• Invesco S&P International De ETFIDMO0.1%
• iShares JP Morgan USD Emergi ETFEMB0.1%
• Nushares ETF TrNSCI0.1%
• John Hancock Exchange TradedJHHYunder 0.1%
• Pimco Senior Loan Active ETFLONZunder 0.1%