Managers / Q1 2026
NEPC LLC
CIK 0001424799 · 225 FRANKLIN STREET, 29TH FLOOR, BOSTON, MA, 02110 · 617-374-1300
Summary
Nepc LLC reported $5.0B in U.S.-listed holdings across 51 positions for Q1 2026.
Its largest position, Vanguard Index Fds, represents 11.6% of the portfolio.
Compared with Q4 2025, the fund opened 1 new position and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 100.0% · $5.0B
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VANGUARD MALVERN FDS | NEW | +2.33M | 2.33M | +$180M | $180M |
| SPDR SERIES TRUST | ADDED | +465.4K | 724.2K | +$13M | $21M |
| SPDR SERIES TRUST | ADDED | +166.7K | 330.2K | +$4M | $8M |
| PGRPROGRESSIVE CORP | SOLD OUT | −65.0K | 0 | −$15M | $0 |
| ISHARES TR | ADDED | +52.2K | 130.7K | +$2M | $6M |
| VANGUARD SCOTTSDALE FDS | ADDED | +1.15M | 4.68M | +$85M | $360M |
| ISHARES TR | ADDED | +2.3K | 9.9K | +$242,716 | $1M |
| ISHARES TR | ADDED | +1.05M | 5.23M | +$36M | $193M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VGSHVANGUARD SCOTTSDALE FDS | INT-TERM CORP · INTER TERM TREAS · SHRT TRM CORP BD · LONG TERM TREAS · TOTAL CORP BND · SHORT TERM TREAS | 48.49% | $2.4B | 35.67M |
| 2 | VTVVANGUARD INDEX FDS | S&P 500 ETF SHS · VALUE ETF · EXTEND MKT ETF | 16.96% | $852M | 2.31M |
| 3 | ESGDISHARES TR | BROAD USD HIGH · 0-5YR HI YL CP · GLB INFRASTR ETF · GLOBAL REIT ETF · CORE MSCI EAFE · RUSSELL 3000 ETF · RUSSELL 2000 ETF · MSCI EAFE ETF · HDG MSCI EAFE · CORE S&P 500 ETF · ESG AWR US AGRGT · CORE S&P MCP ETF · CORE S&P SCP ETF · CORE S&P TTL STK · MSCI EMG MKT ETF · U.S. REAL ES ETF · ESG AWR MSCI USA · ESG OPTIMIZED · ESG AW MSCI EAFE | 10.38% | $522M | 11.83M |
| 4 | VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 5.72% | $288M | 4.49M |
| 5 | VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF · TT WRLD ST ETF · FTSE SMCAP ETF | 5.71% | $287M | 3.91M |
| 6 | SCHWAB STRATEGIC TR | US TIPS ETF | 4.21% | $211M | 7.95M |
| 7 | VANGUARD MALVERN FDS | CORE BD ETF · STRM INFPROIDX | 3.66% | $184M | 2.40M |
| 8 | SPDR INDEX SHS FDS | GLB NAT RESRCE · MSCI EAFE FS ETF | 1.14% | $57M | 785.0K |
| 9 | ABRDN ETFS | BBRG ALL COMD K1 | 1.12% | $56M | 2.31M |
| 10 | WORLD GOLD TR | SPDR GLD MINIS | 0.95% | $48M | 516.4K |
| 11 | SPDR SERIES TRUST | PORTFOLIO CRPORT · PORTFOLI HIGH YLD · PORTFOLIO S&P500 | 0.57% | $29M | 1.06M |
| 12 | SPDR S&P 500 ETF TRUST | TR UNIT | 0.52% | $26M | 40.0K |
| 13 | ISHARES INC | CORE MSCI EMKT · MSCI ISRAEL ETF | 0.33% | $16M | 214.7K |
| 14 | EA SERIES TRUST | JLENS 500 JEWISH | 0.23% | $12M | 431.1K |
| 15 | DBX ETF TR | XTRACKRS S&P 500 | 0.01% | $550,540 | 9.2K |
| 16 | VANGUARD STAR FDS | VG TL INTL STK F | 0.00% | $63,307 | 821 |
| 17 | VANGUARD MUN BD FDS | TAX EXEMPT BD | 0.00% | $33,676 | 675 |
| 18 | VANGUARD WELLINGTON FD | SHORT TRM TAX EX | 0.00% | $28,016 | 277 |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $5.0B | 51 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $4.7B | 51 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $3.8B | 49 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $3.9B | 49 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025REVEALED | $3.6B | 47 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $3.7B | 47 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $3.3B | 41 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $3.0B | 41 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $2.9B | 40 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $1.8B | 38 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.