Kensington Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Kensington Asset Management, LLC reported 29 stock positions worth $951.5 million. Its top holding was iShares Broad Usd High Yield (USHY) at 18.0% of the portfolio, followed by SS SPDR BB High Yield Bond (JNK, 11.4%) and Vanguard S&P 500 ETF (VOO, 11.3%). Compared with Q4 2024, it opened 9 new positions, sold out of 6, added to 4 and reduced 8. The biggest buy was a new position in Vanguard S/T Corp. Bond ETF (VCSH) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001979884
- Portfolio Value
- $951.5M (Q1 2025)
- SEC Filing
- 0001979884-25-000005 ↗ filed May 13, 2025
Holdings Value
Holdings 29 stocks · $951.5M
| USHY iShares Broad Usd High Yield | 17.99% | 4,651,110 | $171.2M | Reduce -1.8% |
| JNK SS SPDR BB High Yield Bond | 11.39% | 1,136,980 | $108.4M | No change |
| VOO Vanguard S&P 500 ETF | 11.28% | 208,811 | $107.3M | Reduce -72.4% |
| SPHY SS SPDR P High Yield ETF | 10.29% | 4,179,100 | $97.9M | No change |
| ANGL Vaneck Fallen Angel High YLD | 6.73% | 2,219,726 | $64.1M | Reduce -6.3% |
| JAAA Janus Henderson Aaa Clo ETF | 5.60% | 1,050,087 | $53.2M | Reduce -28.6% |
| SRLN SS Blackstone Sr Loan ETF | 5.38% | 1,244,811 | $51.2M | No change |
| SJNK SS SPDR BB St Hi Yield ETF | 3.83% | 1,450,000 | $36.5M | No change |
| HYLB Xtrackers Usd High Yield Cor | 3.69% | 970,000 | $35.1M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 3.36% | 404,709 | $31.9M | New |
| BKLN Invesco Senior Loan ETF | 3.27% | 1,503,940 | $31.1M | No change |
| LONZ PIMCO Senior Loan Active ETF | 2.21% | 418,184 | $21.1M | Add +57.5% |
| HYGV NT HY Val-SCRD BD ETF | 2.20% | 518,700 | $20.9M | No change |
| PULS Pgim Ultra Short Bond ETF | 1.38% | 264,464 | $13.2M | New |
| FLHY Franklin High Yield Corporat | 1.27% | 508,911 | $12.1M | Add +27.1% |
| JSI JH Securitized Income ETF | 1.18% | 215,100 | $11.3M | New |
| PYLD PIMCO Multisector Bond Actv | 0.89% | 319,651 | $8.4M | Reduce -28.4% |
| SGOL Abrdn Physical Gold Shares | 0.88% | 280,678 | $8.4M | Reduce -3.0% |
| FLOT iShares Floating Rate Bond E | 0.85% | 158,447 | $8.1M | New |
| IYR iShares US Real Estate ETF | 0.82% | 81,873 | $7.8M | New |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.82% | 118,903 | $7.8M | Add +14.3% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.82% | 98,852 | $7.8M | Add +7.7% |
| INVESCO QQQ TR | 0.81% | 16,493 | $7.7M | New |
| VGK Vanguard Ftse Europe ETF | 0.81% | 109,665 | $7.7M | New |
| IEF iShares 7-10 Year Treasury B | 0.76% | 75,620 | $7.2M | Reduce -2.8% |
| BKUI BNY Mellon Ultr SHRT Inc. ETF | 0.65% | 124,401 | $6.2M | New |
| VNLA Janus Henderson Short Durati | 0.61% | 118,940 | $5.8M | New |
| JBBB Janus Henderson B-BBB Clo Et | 0.15% | 29,260 | $1.4M | Reduce -94.2% |
| JHHY John Hancock High Yield ETF | 0.07% | 25,000 | $634K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −24.20 |
| VOO Vanguard S&P 500 ETF | Reduce -72.4% | 11.28% | −12.65 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −2.61 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −2.09 |
| JBBB Janus Henderson B-BBB Clo Et | Reduce -94.2% | 0.15% | −1.29 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −0.69 |
| SPSM SS SPDR P S&P 600 Small Cap | Sold out | 0.00% | −0.19 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Sold out | 0.00% | −0.09 |
| PYLD PIMCO Multisector Bond Actv | Reduce -28.4% | 0.89% | +0.21 |
| IEF iShares 7-10 Year Treasury B | Reduce -2.8% | 0.76% | +0.34 |
| SGOL Abrdn Physical Gold Shares | Reduce -3.0% | 0.88% | +0.45 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -28.6% | 5.60% | +1.23 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -6.3% | 6.73% | +2.75 |
| USHY iShares Broad Usd High Yield | Reduce -1.8% | 17.99% | +7.78 |
Portfolio Buys Q4 2024 → Q1 2025
| VCSH Vanguard S/T Corp. Bond ETF | New | 3.36% | +3.36 |
| LONZ PIMCO Senior Loan Active ETF | Add +57.5% | 2.21% | +1.42 |
| PULS Pgim Ultra Short Bond ETF | New | 1.38% | +1.38 |
| JSI JH Securitized Income ETF | New | 1.18% | +1.18 |
| FLOT iShares Floating Rate Bond E | New | 0.85% | +0.85 |
| IYR iShares US Real Estate ETF | New | 0.82% | +0.82 |
| INVESCO QQQ TR | New | 0.81% | +0.81 |
| VGK Vanguard Ftse Europe ETF | New | 0.81% | +0.81 |
| FLHY Franklin High Yield Corporat | Add +27.1% | 1.27% | +0.71 |
| BKUI BNY Mellon Ultr SHRT Inc. ETF | New | 0.65% | +0.65 |
| VNLA Janus Henderson Short Durati | New | 0.61% | +0.61 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +14.3% | 0.82% | +0.40 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +7.7% | 0.82% | +0.40 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 39 | $1.8B | VOO, PULS, VUSB, JPST, FLOT |
| Q1 2026Amended | 41 | $1.8B | VOO, QQQ, PULS, VUSB, JPST |
| Q4 2025 | 41 | $1.9B | VOO, QQQ, USHY, MGK, VUG |
| Q3 2025 | 37 | $1.7B | VOO, QQQ, USHY, VUG, MGK |
| Q2 2025 | 29 | $1.3B | VOO, QQQ, USHY, MGK, IWF |
| Q1 2025 | 29 | $951.5M | USHY, JNK, VOO, SPHY, ANGL |
| Q4 2024 | 26 | $1.7B | QQQ, VOO, USHY, JNK, SPHY |
| Q3 2024 | 30 | $1.8B | VOO, QQQ, USHY, JNK, SPHY |
| Q2 2024Amended | 20 | $926.6M | JAAA, USHY, JNK, BKLN, SPHY |
| Q1 2024 | 23 | $2.0B | QQQ, VOO, USHY, JNK, MGK |