Mill Creek Capital Advisors, LLC

Key Holdings

The portfolio is characterized by extreme concentration in its top positions, with the three largest holdings accounting for nearly 67.6% of the total assets.

• IXUS (iShares Core MSCI Total International Stock ETF): This is the largest holding at $428.48 million (29.95% of the portfolio). This indicates a strong conviction in international developed markets ex-US/Canada.
• IEFA (iShares Core MSCI EAFE ETF): The second largest holding at $383.75 million (26.82%). Combined with IXUS, the firm has allocated over 56% of its capital to international equities.
• IEMG (iShares Core MSCI Emerging Markets ETF): The third largest holding at $156.76 million (10.96%). This reinforces a distinct "global" tilt, moving away from a US-centric portfolio.
• GOVT (iShares U.S. Treasury Bond ETF): Representing 7.43% of the portfolio ($106.23M), this serves as the primary fixed income allocation, likely acting as a stabilizer and liquidity reservoir.