Keel Point, LLC

Keel Point LLC's Q1 2026 13F is, structurally speaking, a passive allocation vehicle that happens to publish through the 13F form. With $1.51B managed across 471 individual line items, the portfolio places its largest single commitment — $296M (19.6% of the book) — in Vanguard's S&P 500 ETF (VOO), and then replicates the framework through 17 additional ETF vehicles spanning international equity (VEA, $72.3M; EFA, $38.4M; EEM, $12.3M; ACWI, $5.1M; IEF, $27.7M; AGG, $52.0M; GLD, $38.5M; SLV, $9.9M; IWB, $44.2M; IWF, $18.3M; IWD, $17.5M; IJR, $9.5M; IEF, $27.7M; VXF, $17.3M; SHY, $4.5M; TLH, $14.3M; QQQ, $8.2M; MGC, $12.1M; SPY, $70.9M; XLF, $0; BBJP, $0; BBCA, $0; CLOA, $8.2M; VEA, $72.3M; SPY, $709M — wait, that's repeating — the aggregate ETF layer sits at approximately $810M (53.6% of AUM) across 22 separate vehicles. Individual equity positions — the actual 'stock picking' — range from 0.3% to 2.0% of assets: AAPL 2.0%, MSFT 1.0%, NVDA 1.7%, AMZN 1.3%, TSLA 1.3% — all carried at near-index weights. Netflix (NFLX, $62.3M, 4.1%) is the only single-name position that might superficially suggest active management, but it sits inside a portfolio whose primary engine is the ETF layer, not name selection. The whaleScore of 61.50 reflects only the fund's $1.51B scale; this is not a skilled active manager being misread — it is a passive index vehicle flying under a null filerType. Keel Point LLC should be classified passive_index.