Liberty Mutual Group Asset Management Inc.

The Crescent increase is the most information-dense trade in the filing and it is worth reading carefully. The position grew from $309.2M (29.4% of AUM in Q4, when AUM was $1.05B) to $497.5M (39.8% in Q1, when AUM is $1.25B) — a $188.3M increase that is 83% of the fund's entire Q1 net new capital (AUM grew $200.4M from $1.05B to $1.25B). In other words, virtually every dollar of new money that Liberty Mutual's general account deployed in Q1 went into Crescent Energy; no other position received meaningful incremental capital beyond mark-to-market. The 65.4% share increase — from 36,854,746 to 61,022,754 shares — confirms this is an active add, not a passive appreciation. Crescent Energy is a Permian-focused E&P that acquired certain assets from the Chesapeake Energy bankruptcy estate and operates some of the lowest-debt, lowest-cost-of-supply acreage in the Delaware Basin; the manager's 40% weight is a high-conviction bet that Permian production growth and WTI price stability will generate free cash flow at $60-70/bbl WTI with minimal hedging tail-risk. At 39.8% of AUM, this is an extreme single-name bet — the kind of position that most institutional portfolios would never run because of concentration risk — but it is consistent with an insurance-company general account that has both the liability duration to hold a volatile energy name and the private-market information access (through Liberty Mutual's insurance underwriting relationships) that justifies the conviction.

The credit sleeve rotation reveals the manager's macro layering beneath the Crescent bet. HYG (iShares High Yield Corporate Bond, $85.2M, -$126.9M, -59.3% shares) — the portfolio's largest fixed-income position in Q4 2025 at $212.2M — was the single largest decrease in the filing and was nearly eliminated. HYG is a passive, broad high-yield ETF; its elimination signals that the manager is reducing cyclical credit exposure at a time when default risk is perceived to be rising (energy-sector downgrades, commercial-real-estate stress, regional-bank exposure). The replacement is a set of four new-or-increased credit positions that provide similar carry with less duration and less cyclical-beta: SRLN (SPDR Loong Yield, $121.2M, +$61.0M, +107.2% shares) — an actively managed short-duration loan ETF that captures floating-rate bank-loan carry without the long-duration Treasury sensitivity; IEF (iShares 7-10 Year Treasury, $112.9M, +$88.0M from a 258,759-share base, +357% — essentially a new opening at a meaningful weight) — intermediate-duration Treasuries as a rate-and-recession hedge; USIG (iShares Broad Investment Grade, $36.6M, new) — investment-grade corporate credit for carry-without-default-risk; and BKLN (Invesco Senior Loan, $25.0M, new) — another floating-rate bank-loan vehicle. The net credit rotation is from passive high-yield (HYG) to active-and-short-duration credit (SRLN, BKLN, USIG) plus a duration hedge (IEF) — a positioning that says the manager believes credit spreads will widen (hence the exit from cyclical HYG) but wants to maintain carry through structures that can hold up in a widening environment.