Kensington Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Kensington Asset Management, LLC reported 37 stock positions worth $1.7 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 22.3% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 13.2%) and iShares Broad Usd High Yield (USHY, 7.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 1, added to 20 and reduced 5. The biggest buy was a new position in Pgim Ultra Short Bond ETF (PULS) and the biggest sale iShares Broad Usd High Yield (USHY, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001979884
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001979884-25-000008 ↗ filed Nov 12, 2025
Holdings Value
Holdings 37 stocks · $1.7B
| VOO Vanguard S&P 500 ETF | 22.31% | 607,767 | $372.2M | Add +10.6% |
| QQQ Invesco QQQ Trust Series 1 | 13.24% | 367,902 | $220.9M | Add +0.3% |
| USHY iShares Broad Usd High Yield | 7.11% | 3,140,450 | $118.6M | Reduce -17.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 6.35% | 220,810 | $105.9M | Add +1.4% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 6.31% | 261,800 | $105.4M | No change |
| IWF iShares Russell 1000 Growth | 6.31% | 224,830 | $105.3M | No change |
| SPHY SS SPDR P High Yield ETF | 4.55% | 3,170,930 | $75.9M | Reduce -4.6% |
| PULS Pgim Ultra Short Bond ETF | 3.47% | 1,162,387 | $57.9M | New |
| FLOT iShares Floating Rate Bond E | 3.34% | 1,089,966 | $55.7M | Add +271.4% |
| FLTR Vaneck Ig Floating Rate ETF | 3.29% | 2,147,092 | $54.9M | Add +126.6% |
| JPST JPMorgan Ultra-Short Income | 3.28% | 1,080,232 | $54.8M | Add +1382.7% |
| VNLA Janus Henderson Short Durati | 3.06% | 1,035,956 | $51.1M | Add +197.0% |
| HYLB Xtrackers Usd High Yield Cor | 2.94% | 1,322,962 | $49.1M | Reduce -30.0% |
| ANGL Vaneck Fallen Angel High YLD | 2.43% | 1,363,870 | $40.5M | No change |
| PYLD PIMCO Multisector Bond Actv | 2.32% | 1,443,355 | $38.7M | Reduce -4.3% |
| GSST Goldman Sachs Ultra Short Bo | 1.97% | 647,061 | $32.8M | Add +37.6% |
| YEAR AB Ultra Short Income ETF filed as AB ACTIVE ETFS INC | 1.51% | 497,486 | $25.2M | Add +396.8% |
| JSI JH Securitized Income ETF | 1.20% | 383,352 | $20.0M | Add +2.2% |
| VUSB Vanguard Ultra Short Bond Et | 0.57% | 189,035 | $9.5M | Add +173.6% |
| IEF iShares 7-10 Year Treasury B | 0.48% | 83,454 | $8.0M | Reduce -43.2% |
| BKUI BNY Mellon Ultr SHRT Inc. ETF | 0.42% | 138,713 | $6.9M | Add +2.2% |
| SGOL Abrdn Physical Gold Shares | 0.38% | 170,684 | $6.3M | New |
| SPEM State Street SP PTF Em ETF | 0.36% | 126,629 | $5.9M | Add +35.6% |
| FLJP Franklin Ftse Japan ETF | 0.34% | 166,439 | $5.8M | Add +38.5% |
| VGK Vanguard Ftse Europe ETF | 0.34% | 71,622 | $5.7M | Add +44.0% |
| CDX Simplify High Yield ETF | 0.27% | 200,172 | $4.6M | New |
| JHHY John Hancock High Yield ETF | 0.27% | 350,152 | $4.6M | Add +1300.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 13,900 | $4.6M | New |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | 0.25% | 107,289 | $4.2M | Add +883.8% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.17% | 51,875 | $2.9M | New |
| CGUI Cap Group Ultra Short Income | 0.17% | 111,925 | $2.8M | Add +86.8% |
| HDV iShares Core High Dividend E | 0.17% | 22,500 | $2.8M | New |
| NUSB Nuveen Ultra Short Income | 0.15% | 100,700 | $2.6M | New |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.14% | 42,264 | $2.3M | New |
| BKGI BNY Mellon GLBL Infra Inc. | 0.10% | 43,846 | $1.7M | Add +10.4% |
| EMHY iShares J.P. Morgan Em High | 0.08% | 31,923 | $1.3M | New |
| EMB iShares JP Morgan Usd Emergi | 0.07% | 12,542 | $1.2M | Add +17.4% |
Portfolio Sells Q2 2025 → Q3 2025
| USHY iShares Broad Usd High Yield | Reduce -17.3% | 7.11% | −3.64 |
| HYLB Xtrackers Usd High Yield Cor | Reduce -30.0% | 2.94% | −2.33 |
| SPHY SS SPDR P High Yield ETF | Reduce -4.6% | 4.55% | −1.42 |
| PYLD PIMCO Multisector Bond Actv | Reduce -4.3% | 2.32% | −0.70 |
| IEF iShares 7-10 Year Treasury B | Reduce -43.2% | 0.48% | −0.58 |
| USMV iShares MSCI USA Min Vol Fac | Sold out | 0.00% | −0.17 |
Portfolio Buys Q2 2025 → Q3 2025
| PULS Pgim Ultra Short Bond ETF | New | 3.47% | +3.47 |
| JPST JPMorgan Ultra-Short Income | Add +1382.7% | 3.28% | +3.01 |
| FLOT iShares Floating Rate Bond E | Add +271.4% | 3.34% | +2.21 |
| VNLA Janus Henderson Short Durati | Add +197.0% | 3.06% | +1.76 |
| FLTR Vaneck Ig Floating Rate ETF | Add +126.6% | 3.29% | +1.47 |
| YEAR AB Ultra Short Income ETF | Add +396.8% | 1.51% | +1.13 |
| SGOL Abrdn Physical Gold Shares | New | 0.38% | +0.38 |
| VUSB Vanguard Ultra Short Bond Et | Add +173.6% | 0.57% | +0.31 |
| CDX Simplify High Yield ETF | New | 0.27% | +0.27 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.27% | +0.27 |
| JHHY John Hancock High Yield ETF | Add +1300.6% | 0.27% | +0.23 |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | Add +883.8% | 0.25% | +0.22 |
| SPYV SS SPDR P S&P 500 Value ETF | New | 0.17% | +0.17 |
| GSST Goldman Sachs Ultra Short Bo | Add +37.6% | 1.97% | +0.17 |
| HDV iShares Core High Dividend E | New | 0.17% | +0.17 |
| NUSB Nuveen Ultra Short Income | New | 0.15% | +0.15 |
| IGIB iShares 5-10Y Inv Grade Corp. | New | 0.14% | +0.14 |
| EMHY iShares J.P. Morgan Em High | New | 0.08% | +0.08 |
| CGUI Cap Group Ultra Short Income | Add +86.8% | 0.17% | +0.06 |
| SPEM State Street SP PTF Em ETF | Add +35.6% | 0.36% | +0.05 |
| FLJP Franklin Ftse Japan ETF | Add +38.5% | 0.34% | +0.05 |
| VGK Vanguard Ftse Europe ETF | Add +44.0% | 0.34% | +0.05 |
| EMB iShares JP Morgan Usd Emergi | Add +17.4% | 0.07% | −0.00 |
| BKGI BNY Mellon GLBL Infra Inc. | Add +10.4% | 0.10% | −0.02 |
| BKUI BNY Mellon Ultr SHRT Inc. ETF | Add +2.2% | 0.42% | −0.10 |
| JSI JH Securitized Income ETF | Add +2.2% | 1.20% | −0.29 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1.4% | 6.35% | −0.86 |
| VOO Vanguard S&P 500 ETF | Add +10.6% | 22.31% | −1.26 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.3% | 13.24% | −2.04 |
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 |