STEPHENS GROUP ASSET MANAGEMENT, LLC

Stephens Group Asset Management's $1.57B Q1 2026 13F is a 100% ETF portfolio constructed from Vanguard and iShares factor funds. The manager rotated out of bond exposure — cutting SPDR intermediate Treasury by 22.5%, Schwab short-term by 25.7%, and SPDR intermediate bond by 23.0% — and redeployed the proceeds into equity factor ETFs, with Vanguard mid-cap growth (VOT) up 45% in shares, large-cap growth (VUG) up 29%, and small-cap value (VBR) up 21%. There are no single-stock positions anywhere in the filing. The changes are consistent with a risk-on reallocation from fixed income to equity factors, executed mechanically within an ETF sleeve. The whaleScore of 74.75 measures the scale of the wealth platform, not active stock-picking skill.