Name: Constellation Investments, Inc. 13F Holdings
Creator: 13F Insight

AI Analysis · Q2 2026

Constellation Investments' Q4 2025 13F is a $3.01B, 19-position portfolio composed entirely of exchange-traded funds -- a passive, diversified, institutional-grade core-satellite allocation with zero individual equity names. Total AUM fell from $3.24B in Q3 2025 to $3.01B in Q4 2025 (-$227M or -7.1%), a moderate decline consistent with bond-and-equity market volatility in Q4 2025. The six anchor positions -- iShares Core S&P Total U.S. Stock Market ETF (IVV, $887M, 29.5%, reduced -9.7% shares, the largest position but trimmed), iShares Core Aggregate Bond ETF (AGG, $588M, 19.5%, reduced -16.2% shares, the second-largest and the most dramatically reduced), Vanguard S&P 500 ETF (VOO, $572M, 19.0%, +6.9% shares, increased), Vanguard Total Stock Market ETF (VTI, $189M, 6.3%, flat), iShares Core S&P Total International Developed Stock ETF (ITOT, $158M, 5.2%, +82.2% shares, the portfolio's largest percentage increase -- nearly doubled), and Vanguard Intermediate-Term Corporate Bond ETF (VCIT, $127M, 4.2%, -12.3% shares) -- total $2.52B or 83.7% of AUM. The Q4 2025 activity was exclusively rebalancing: 2 new opens (Invesco QQQ $103M, Vanguard Total Bond Market ETF BND $81M), 2 sold (iShares Core S&P Small-Cap ETF IJH, which had been $93.7M at 1.42M shares -- SOLD entirely; and iShares Russell 2000 ETF IJR, $24M -- sold), 2 increased (ITOT +$67.4M, VOO +$10.5M), and 6 decreased (IVV -$143.6M, AGG -$117.7M, IJH -$63.0M via sale, IWB -$7.0M, VCIT -$19.5M, CLOA -$2.6M). The most notable trade is IJH's complete liquidation -- iShares Core S&P Small-Cap ETF at $93.7M was reduced to zero, suggesting the manager exited small-cap equity exposure in Q4 2025. ITOT's +82.2% share surge (nearly doubling from 608K to 1.11M shares) is the largest percentage increase and signals a rotation from S&P 500 concentration toward total-market diversification. Aggregated fixed-income (AGG + VCIT + VGIT + BND + LQD) totals approximately $799M or 26.5% of AUM in Q4, versus approximately $815M (25.1%) in Q3 -- the fixed-income sleeve was roughly maintained with a modest duration shift. SPY was absent entirely from Q4 (not in Q4 holdings) despite being a significant Q3 QQQ position. The 18 Q4 positions are 100% ETF. The 76.50 whaleScore on $3.01B reflects AUM. The portfolio reads as a mid-size institutional fiduciary (pension fund, Taft-Hartley plan, or foundation) running a core US equity / international equity / fixed-income / real-asset allocation using low-cost index ETFs. The Q4 2025 delta is best read as: a passive institutional investor maintained its core large-cap equity anchor (IVV, VOO, VTI, now augmented with ITOT at +82%) while trimming bonds (AGG -117.7M, VCIT -19.5M) and exiting small-cap equity entirely (IJH -93.7M SOLD) while adding total-bond-market coverage via BND ($81M). AUM declined -7.1% reflecting broader market movements -- the portfolio is long-only, diversified, and benchmarked.

The six-anchor core: IVV ($887M, 29.5%, 1.36M shares, -9.7% shares, -$143.6M from $1.03B) -- iShares Core S&P 500 ETF -- is the portfolio's largest position and US large-cap equity anchor. The -9.7% share reduction trimmed IVV from 31.8% of Q3 AUM to 29.5% of Q4 AUM. AGG ($588M, 19.5%, 5.92M shares, -16.2%) -- iShares Core Aggregate Bond ETF (investment-grade US fixed income) -- is the portfolio's fixed-income core and was the quarter's second-largest reduction at -$117.7M. The -16.2% share decline suggests the manager reduced aggregate-bond exposure to extend duration or shift into corporate credit; aggregate bonds declined in Q4 2025 as rates rose. VOO ($572M, 19.0%, 957K shares, +6.9%, +$10.5M) -- Vanguard S&P 500 ETF -- is the portfolio's second US large-cap core and was increased alongside the IVV reduction, a classic index-switch pattern (SPDR share class → Vanguard share class) where the manager migrates assets to a lower-cost share class. VTI ($189M, 6.3%, 588K shares, flat) -- Vanguard Total Stock Market ETF (US large+mid+small cap) -- held steady as the portfolio's broad-market diversification sleeve. ITOT ($158M, 5.2%, 1.11M shares, +82.2%, +$67.4M) -- iShares Core S&P Total US Stock Market ETF -- is the portfolio's total-market sleeve and the Q4's largest percentage increase; the +82% share surge (from 608K to 1.11M) signals a deliberate rotation from large-cap concentration toward total-market diversification, possibly in response to small-cap valuation concerns or a tactical view that the S&P 500 was too concentrated. VCIT ($127M, 4.2%, 1.53M shares, -12.3%, -$19.5M) -- Vanguard Intermediate-Term Corporate Bond ETF -- is the portfolio's corporate-bond sleeve; reduced as part of the broader fixed-income de-risking.

The fixed-income sleeve in context (Q4 2025): AGG $588M + VCIT $127M + VGIT $8.3M + BND (new) $81M + LQD $27M = $831M or 27.6% of AUM. This is the portfolio's ballast. The manager decreased AGG (-$118M), VCIT (-$19.5M), and IJH (-$63M via sale, though IJH is equity) and increased VOO (+$10.5M) and ITOT (+$67M). The net bond reduction is approximately -$137.5M of the $227M total AUM decline, with ITOT's +$67M partially offsetting; the remaining $63M is IJH's exit. The equity sleeve's IVV trim (-$144M) + ITOT add (+$67M) is a zero-sum rotation WITHIN US large-cap equity: the manager shifted $67M from S&P 500 concentration into total-market breadth while trimming $144M of S&P 500 exposure.

Quarter at a glance — Q2 2026

Top 10 holdings

Filing history