Cordoba Advisory Partners LLC

Cordoba Advisory Partners’ $362M 13F book is as close to a pure-play ETF model portfolio as institutional filings get—until you notice the one quarter where the model got a big, deliberate thumbs-up. The fund’s SPY position exploded from $2.5M to $47.7M in a single quarter, a $45M increase that represents the clearest single trade in the filing. That capital came from several sources: the AGG aggregate bond ETF was exited entirely (-$34.1M), VOO large-cap core was cut $4.8M, international equity ETFs were reduced (VGK -$1.3M, VWO -$2.3M, FEZ -$3M), and high-yield bond exposure was trimmed (PFF -$3M, HYG -$2.5M). New money also flowed into QQQ ($16.9M), BKLN senior loans ($6.1M), and preferred-stock ETF PGX ($5M). The remaining individual stock layer—KKR, Ares Management, and Blackstone, each under $1.6M—reads like a thematic bet on alternative-asset managers rather than a core equity strategy. The net picture is a wealth-management firm sizing up U.S. large-cap equities at the expense of fixed-income and international exposure, using the cheapest, most liquid vehicle available.