Liberty Mutual Group Asset Management Inc.

Liberty Mutual Group Asset Management's Q1 2026 13F is a $1.25B, 57-position fund with one of the most extreme single-name concentrations in this batch — Crescent Energy ($497.5M, 39.8% of AUM, +$188.3M, +65.4% shares) dominates the portfolio so thoroughly that the rest of the book functions as a satellite sleeve around an oil-and-gas E&P core. The quarter's headline trade is the $188.3M increase in Crescent — a double-digit-percent raise that brings the position from 29.4% to 39.8% of AUM and signals an acceleration of conviction in the Permian-focused E&P rather than a simple mark-to-market move. The offset was a rotation out of high-yield credit (HYG -$126.9M, -59.3% shares) and into investment-grade-and-active-credit alternatives (SRLN +$61.0M, +107.2% shares; IEF +$88.0M but +357% shares from a tiny base; USHY +$29.6M, +121.3% shares; USIG +$36.6M, new; BKLN +$25.0M, new) — a within-credit reallocation from passive high-yield to active-and-short-duration vehicles that is consistent with a view that cyclical credit spreads are compressing and that the manager wants exposure through structures that can capture carry without duration risk. The fund also made its largest-ever QXO opening ($79.3M, 6.3%, +$0.5M, +0.0% shares) — a home-improvement-and-construction name that benefits from the same housing-and-renovation demand that drives the insurance company's core business line — and trimmed Blue Owl (-$18.8M, -66.5%), Ares Capital (-$3.1M, -31.4%), and Morgan Stanley Direct Lending (-$3.1M, -43.1%) across its BDC/private-credit sleeve. The 36 total changes (7 new, 8 sold, 7 increased, 3 decreased, 11 unchanged) is moderate churn driven by the credit-and-energy rotation. At a 78.00 whaleScore on $1.25B, this is best read as an insurance-company asset manager using its 13F to express a high-conviction Permian-energy bet (Crescent at 40%) alongside a defensive credit-and-equity satellite that is being restructured from passive high-yield into active-and-short-duration vehicles.