Fund Evaluation Group, LLC

Fund Evaluation Group, LLC (CIK 0001356249, $3.25B AUM, 73 holdings, WhaleScore 75.50) filed its March 31, 2026 13F-HR on May 8 with a 100% ETF portfolio — no individual stocks — organized as a core-satellite structure anchored by IVV (34.2%, $1.11B), GOVT (12.7%, $412M), SCHG (9.6%, $311M), and SCHX (7.3%, $238M). The quarter saw 58 changes: 8 new positions, 8 sold, 17 increased, 12 decreased, 13 unchanged. The headline trade: VTI (Vanguard Total Stock Market) surged +5,818% from 5,007 to 296,314 shares — a near-$95M bulk entry that transforms VTI from a token position to the fifth-largest holding. GOVT rose +6.5% (+$23M), IXUS +14.1% (+$29M), VTIP +25.6% (+$16M), and VEA jumped +1,914% from 11,074 to 223,029 shares (+$14M) — all fixed-income or international-Ex-US additions. Eight new ETFs: VOTE (TCW Transform 500 ESG, +$33M), RSP (Invesco Equal Weight, +$23M), SDY (SPDR Dividend, +$13M), VB (Vanguard Small-Cap, +$7.7M), EAGL (Eagle Capital Select, +$3.4M), SPGM (SPDR Global, +$2M), IWF (iShares Large-Cap Growth, +$1.8M), and IWP (iShares Mid-Cap Growth, +$1.6M). The sell side trimmed REITs sharply: VNQ, SCHH, and ICF (three separate REIT ETFs) all eliminated; TIP (inflation-protected bond) also sold; SUSA (ESG Select) –45.2%; VSGX (ESG Int'l) –35%; ESGD (ESG EAFE) –13.6%; SCHF (international equity) –3.4%. Honest read: a diversified ETF-only RIA rotating from REITs and single-factor ESG into rate-sensitive TIPS/bond ETFs and broad-market core-plus-satellite — a textbook liability-matching, low-cost indexing strategy executing its quarterly rebalance with deliberate ESG and factor tilts that distinguish it from a pure passive index fund.