COMMON FUND FOR NONPROFIT ORGANIZATIONS

The Common Fund for Nonprofit Organizations' Q1 2026 13F is a $1.03B, 26-position portfolio composed entirely of exchange-traded funds (ETFs) -- a passive, diversified, buy-and-hold institutional allocation vehicle rather than an active stock-picking portfolio. Total AUM fell from $1.23B in Q4 2025 to $1.03B in Q1 2026 (-$195.6M or -16.0%), a material redemption event consistent with nonprofit endowment-and-foundation cash-outflows. The portfolio's six anchor positions -- SPDR S&P 500 ETF (SPY, $364.1M, 35.2%, -$191.2M, -31.2% shares, the AUM decline's single largest contributor), FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR, $222.0M, 21.4%, +$39.5M, the portfolio's largest absolute increase), iShares MSCI ACWI ETF (ACWI, $122.4M, 11.8%, -$18.9M), Vanguard S&P 500 ETF (VOO, $115.4M, 11.2%, +$9.8M), iShares Core Aggregate Bond ETF (AGG, $53.0M, 5.1%, +$6.9M), and Invesco S&P 500 Equal Weight ETF (RSP, $31.2M, 3.0%, -$10.6M) -- account for 87.7% of AUM. The Q1 2026 activity was exclusively rebalancing within the ETF sleeve -- 13 increased, 10 decreased, 3 unchanged, 0 new, 0 sold -- with no structural asset-allocation shift. GUNR's +$39.5M increase (natural resources / energy / materials) and AGG's +$6.9M (fixed income) signal a modest tilt toward inflation-hedge and defensive-allocation overlays during a quarter where the manager trimmed SPY (-31.2%), ACWI (-11.4%), and EFA (-73.0%) while adding VOO (+14.7%) and AGG. EFA (iShares EAFE international developed equity) was slashed 73.0% -- the portfolio's most dramatic single-position change, from $28.1M to $7.7M -- reflecting a withdrawal from international-equity exposure in favor of US-market beta. The sector breakdown -- ETF $1,031.3M (99.7%), individual equities $3.6M (0.3%, VIA Trans Inc and VanEck Israel ETF) -- is almost exclusively passive ETF exposure. The 77.25 whaleScore on $1.03B reflects the AUM threshold. The portfolio is best characterized as a mid-size nonprofit-institution common fund running a diversified global 60/40 or 70/30 equity/fixed-income allocation with tilts toward natural resources and ESG factors (ESGD, EAGG, CATH) -- the kind of commingled fund structure used by US nonprofits to pool investment management. Its 13F filing is notable precisely because it reflects aggregate nonprofit investment behavior rather than an individual manager's stock-selection conviction; the $1.03B AUM represents the pooled assets of multiple nonprofit organizations.