American Family Investments, Inc.

American Family Investments' $3.80B portfolio is a 79%-ETF fixed-income-heavy vehicle with no meaningful stock-selection mandate. The portfolio is split between high-yield corporate credit (BHYB, $1.89B, 49.7%; JNK, $341M, 9.0%) and investment-grade corporate and sovereign bonds (SPIB, VCIT, LQD, IWV broad equity exposure, VOO, HYD muni bonds) with a small single-stock tail — only Bowhead Specialty Holdings ($105M, 2.8%), Tidewater ($10M, 0.3%), and a handful of near-ETF names. Q1 saw aggressive additions within the credit sleeve: BHYB increased by $328M (22%), JNK up $138M (71%), VCIT nearly tripled to $228M, SPIB increased $47M, and HYD added $46M. The two new positions — iShares Global Infrastructure (IGF, $92M) and SPDR Real Estate (XLRE, $56M) — represent a diversification into infrastructure and real-estate sectors. The $1.03B AUM growth (from $2.78B to $3.80B) reflects both market appreciation in the high-yield sleeve and new capital additions. The portfolio is passively allocated across a high-yield credit mandate with very limited equity or single-stock exposure — no active stock-selection signal exists.