Pacific Life Fund Advisors LLC

Pacific Life Fund Advisors' Q1 2026 13F is a $871M, 21-position ETF-only portfolio that is unusually concentrated for an insurance-company asset manager — the top five iShares Russell-factor ETFs (IWD $171.7M, IWS $88.4M, IWN $81.3M, IWP $77.7M, IWO $63.5M) account for 55.4% of AUM on their own, giving the fund a small-and-mid-cap value-and-growth factor tilt that is more characteristic of a dedicated factor-timing vehicle than a generalist insurance-company book. The quarter's headline move is a $47.8M (-23.0% shares) reduction in IWD (iShares Russell 1000 Value, the portfolio's largest position) alongside a $17.5M increase in IWO (iShares Russell 2000 Growth, +42.0% shares) — a within-factor rotation from large-cap value to small-cap growth that is the most informative signal in the filing. The decreases are widespread: 16 of 21 positions were reduced in share terms, including IWS (mid-value -$11.3M, -14.2%), IWP (mid-growth -$11.6M, -7.0%), EFV (iShares MSCI EAFE Value -$11.5M, -28.2%), IEMG (EM -$5.4M but +8.1% shares — net mixed), TIP (inflation -$5.7M, -30.5%), AVIG (Avantis Intermediate-Term Fixed Income -$17.8M, -37.2%), and AVLV (large-cap value -$9.4M, -37.4%). The sole new open is EFG (iShares MSCI EAFE Growth, $13.0M) — an international-equity growth sleeve that had not been in the prior book. The increases, besides IWO, are IEMG (+8.1% shares, despite a dollar 'decrease' that reflects mark-to-market), AVUV (small-cap value +$2.5M, +22.7%), VONG (Nasdaq-100 growth +$1.4M fewer dollars but +7.0% shares), and AVEM (emerging-markets ex-China +$0.9M, +19.3%). The AUM dropped from $970.9M in Q4 2025 to $871M in Q1 2026 — a $100M AUM decline that is driving the across-the-board share reductions: the manager is scaling the portfolio down in proportion rather than making strategic sells. At a 78.25 whaleScore on $871M with a factor-ETF-only book, this is best read as an insurance-company sub-account that uses iShares and Avantis factor ETFs to implement a US small-and-mid-cap value-plus-growth mandate, with the Q1 delta reflecting a modest tactical tilt toward small-cap growth (IWO +42%) and international growth (EFG new) while the overall portfolio is shrinking in response to AUM outflows.