Angeles Investment Advisors, LLC

Angeles Investment Advisors manages a $1.49 billion register that is structurally unambiguous: a core-satellite ETF portfolio built around Vanguard's own fund complex, with IShares and a handful of single-stock positions filling the sleeves. The Q1 2026 turnover contains one extraordinary pivot — an essentially complete liquidation of the Vanguard Mega-Cap Growth ETF (MGK), which was reduced from roughly $90.1 million to $1.1 million, a 99% cut in share count — alongside a parallel 80% reduction in the iShares Russell 2000 (IWM), the fund's small-cap proxy. In their place, Angeles Energy (XLE) was opened at a new $35.8 million position (the largest new addition by absolute value), value-oriented US sleeves (VTV, VCLT) and IEMG (emerging markets) were modestly topped up, and a Vanguard ESG tilts sleeve (ESGV, VSGX) was maintained. The two single-stock picks — Knife River (KNF, construction materials) and Everus Construction Group (ECG) — both increased their registry positions modestly, while MDU Resources Group held steady as the fund's only utility name. The net effect is a portfolio that significantly reduced its mega-cap growth and small-cap growth exposure and tilted modestly toward energy and value-factor sleeves while maintaining the core VOO/VXUS infrastructure that anchors its $1.5 billion book.