Managers / Q3 2021 · view latest →
Milliman Financial Risk Management LLC
CIK 0001547927 · 71 S. WACKER DRIVE, 31ST FLOOR, CHICAGO, IL, 60606 · 3127260677
Summary
Milliman Financial Risk Management LLC reported $8.4B in U.S.-listed holdings across 10 positions for Q3 2021.
The portfolio is heavily concentrated: Vanguard Index Fds alone accounts for 23.6% of reported value.
The book was largely unchanged from Q2 2021.
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 · 93.5% · $7.9B
- Other · 6.5% · $551M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SCHWAB STRATEGIC TR | TRIMMED | −752.4K | 2.88M | −$80M | $300M |
| VANGUARD BD INDEX FD INC | TRIMMED | −931.9K | 15.68M | −$87M | $1.3B |
| VANGUARD TAX MANAGED INTL FD | HELD | −723.3K | 20.95M | −$59M | $1.1B |
| VANGUARD INTL EQUITY INDEX F | HELD | −194.7K | 5.82M | −$36M | $291M |
| ISHARES TR | HELD | −238.4K | 9.17M | −$27M | $902M |
| ISHARES TR | HELD | −204.4K | 15.75M | −$31M | $1.8B |
| VANGUARD INDEX FDS | HELD | +0 | 8.94M | −$7M | $2.0B |
| TRANSAMERICA ETF TR | HELD | +0 | 5.19M | +$3M | $378M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ISHARES TR | CORE US AGGBD ET · CORE S&P TTL STK | 32.20% | $2.7B | 24.92M |
| 2 | VANGUARD INDEX FDS | TOTAL STK MKT | 23.58% | $2.0B | 8.94M |
| 3 | VANGUARD BD INDEX FD INC | TOTAL BND MRKT | 15.92% | $1.3B | 15.68M |
| 4 | VANGUARD TAX MANAGED INTL FD | FTSE DEV MKT ETF | 12.56% | $1.1B | 20.95M |
| 5 | TRANSAMERICA ETF TR | DELTASHS S&P 500 · DELTASHS S&P INT | 6.54% | $551M | 8.52M |
| 6 | SCHWAB STRATEGIC TR | US BRD MKT ETF · US AGGREGATE B | 5.74% | $483M | 6.27M |
| 7 | VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 3.46% | $291M | 5.82M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2022 | $6.4B | 9 | Nov 4, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $6.9B | 9 | Aug 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $7.7B | 9 | May 17, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $8.5B | 10 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $8.4B | 10 | Oct 26, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $8.7B | 10 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $8.6B | 11 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $8.8B | 11 | Feb 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $8.5B | 11 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $8.5B | 11 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $9.4B | 10 | Feb 6, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $9.2B | 10 | Nov 7, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $9.4B | 10 | Aug 7, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $9.4B | 10 | May 13, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $9.0B | 11 | Feb 12, 2019 | 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 ↗.