Jordan Park Group LLC

The Exit Side: Treasuries and U.S. Equities

The single most dramatic movement is the $146M reduction in GOVT, the iShares long-duration Treasury ETF, which fell from $433M (25.1% of the book) to $287M (15.3%) — a 33% drawdown in a single quarter. That is not a trimming; that is a deliberate duration and rates bet, exiting the long-end of the U.S. Treasury curve in favor of shorter or more credit-sensitive exposure. SPY (S&P 500) was cut by $223M from $122M to $99.6M and VUG (Vanguard growth) fell from $162M to $138M. HYMB (high-yield munis) shed $30M, IGLB (long-term IG corporates) was zeroed at $7.5M, and the IWF (Russell 1000 growth) position was reduced $1.1M.