SHP, TD Capital, and Bank of Hawaii Show How ETF Allocators Split Between 39% and 51% Top-Five Concentration

SHP Wealth Management, TD Capital Management, and Bank of Hawaii all look ETF-heavy in Q4 2025, but the resemblance ends there. SHP put VOO at 27.1% and pushed its top five to about 50.9% of assets. TD spreads its core across ITOT, VTI, IVV, and bond sleeves, while Bank of Hawaii made VEA its top line and leaned harder into international exposure. These are three different allocator personalities hiding under the same 13F label.

TL;DR

• SHP: The most concentrated of the three, with a benchmark-heavy core led by VOO at 27.1% of $1.29B AUM.
• TD Capital: Broad-market beta plus a visible ballast layer in short-duration and aggregate bond ETFs, managing $1.13B.
• Bank of Hawaii: More global by construction, with VEA, IXUS, and growth ETFs all near the top, overseeing $2.02B.
• Top-five range: Roughly 39.6% at Bank of Hawaii to 50.9% at SHP.
• Main read: ETF-heavy does not mean interchangeable. You still have to identify what role each sleeve is playing.
• Cross-reference: See our SHP deep dive, our TD Capital piece, and our Bank of Hawaii breakdown.

Filing Snapshot

The Same ETF Wrapper Is Doing Three Different Jobs

SHP's top book is blunt. VOO, DGRO, IUSG, VCIT, and ISTB together tell you the manager wants benchmark equity, quality growth, and credit sleeves to do most of the work. That is why SHP's filing is useful as a window into advisor model portfolios rather than single-name conviction.

TD Capital is less concentrated and more explicitly balanced. ITOT, VTI, and IVV create the equity core, while BSV and LDUR show a meaningful short-duration and bond sleeve. The result is a filing that looks more like risk-budget management than a directional stock call.

Bank of Hawaii takes the most global route of the three. With VEA, IXUS, VUG, IVV, and SPY all near the top, the filing reads like a globally diversified asset-allocation stack with selective U.S. growth overlays.

Why the 39% to 51% Top-Five Band Still Matters

Top-five concentration is not just a trivia metric here. It tells you how much discretion is living in the top sleeves. SHP's 50%-plus top five means the allocator's philosophy is heavily encoded in a handful of building blocks. TD and Bank of Hawaii sit closer to 39%-40%, which still matters, but implies slightly more distribution across the tail.

That is the right way to read ETF-heavy filings on 13F Insight. The signal is not whether the manager owns lots of ETFs. The signal is how much the manager is willing to express through a few repeatable sleeves.

What Analysts Might Misread

The easy mistake is to call all three filings passive. They are not passive in the same sense. SHP is active in concentration choice. TD is active in balancing broad equity against duration risk. Bank of Hawaii is active in how much of the top book sits outside a pure U.S. large-cap core.

Questions Investors Search For

Are ETF-heavy 13Fs all the same?

No. The wrapper may be the same, but the top-sleeve mix still reveals very different portfolio construction choices.

Why is SHP more concentrated than TD Capital?

Because SHP lets a smaller set of ETFs carry more of the allocation burden, while TD spreads exposure more broadly across broad-market and bond sleeves.

What makes Bank of Hawaii's filing different?

Its top holdings lean more visibly toward international and global exposure, with VEA and IXUS carrying real weight.

How should retail investors use this comparison?

Use it to separate benchmark cores, growth tilts, and bond ballast rather than asking which ETF-heavy filing looks the most exciting.