Kensington Asset Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Kensington Asset Management, LLC reported 41 stock positions worth $1.9 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 22.5% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 12.0%) and iShares Broad Usd High Yield (USHY, 7.4%). Compared with Q3 2025, it opened 6 new positions, sold out of 2, added to 23 and reduced 4. The biggest buy was Vanguard Ultra Short Bond Et (VUSB, shares +485%) and the biggest sale an exit from iShares 7-10 Year Treasury B (IEF).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001979884
- Portfolio Value
- $1.9B (Q4 2025)
- SEC Filing
- 0001979884-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 41 stocks · $1.9B
| VOO Vanguard S&P 500 ETF | 22.53% | 690,058 | $435.9M | Add +13.5% |
| QQQ Invesco QQQ Trust Series 1 | 12.01% | 375,243 | $232.4M | Add +2.0% |
| USHY iShares Broad Usd High Yield | 7.40% | 3,828,128 | $143.3M | Add +21.9% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 5.63% | 261,800 | $108.9M | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 5.61% | 220,810 | $108.6M | No change |
| IWF iShares Russell 1000 Growth | 5.54% | 224,830 | $107.2M | No change |
| PULS Pgim Ultra Short Bond ETF | 4.07% | 1,588,148 | $78.7M | Add +36.6% |
| SPHY SS SPDR P High Yield ETF | 3.99% | 3,261,605 | $77.3M | Add +2.9% |
| VNLA Janus Henderson Short Durati | 3.81% | 1,502,049 | $73.8M | Add +45.0% |
| FLTR Vaneck Ig Floating Rate ETF | 3.41% | 2,589,451 | $65.9M | Add +20.6% |
| JPST JPMorgan Ultra-Short Income | 3.05% | 1,161,999 | $59.0M | Add +7.6% |
| FLOT iShares Floating Rate Bond E | 2.86% | 1,089,966 | $55.4M | No change |
| VUSB Vanguard Ultra Short Bond Et | 2.85% | 1,105,568 | $55.1M | Add +484.9% |
| HYLB Xtrackers Usd High Yield Cor | 2.52% | 1,322,962 | $48.8M | No change |
| ANGL Vaneck Fallen Angel High YLD | 2.12% | 1,394,430 | $41.0M | Add +2.2% |
| PYLD PIMCO Multisector Bond Actv | 2.05% | 1,475,964 | $39.6M | Add +2.3% |
| GSST Goldman Sachs Ultra Short Bo | 1.86% | 708,974 | $35.9M | Add +9.6% |
| YEAR AB Ultra Short Income ETF filed as AB ACTIVE ETFS INC | 1.35% | 515,597 | $26.1M | Add +3.6% |
| JSI JH Securitized Income ETF | 0.96% | 355,124 | $18.5M | Reduce -7.4% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.60% | 245,342 | $11.6M | New |
| SGOL Abrdn Physical Gold Shares | 0.59% | 278,002 | $11.5M | Add +62.9% |
| SPEM State Street SP PTF Em ETF | 0.57% | 237,569 | $11.1M | Add +87.6% |
| FLJP Franklin Ftse Japan ETF | 0.56% | 313,581 | $10.8M | Add +88.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.43% | 104,498 | $8.3M | New |
| JAAA Janus Henderson Aaa Clo ETF | 0.42% | 161,644 | $8.2M | New |
| BKUI BNY Mellon Ultr SHRT Inc. ETF | 0.36% | 138,713 | $6.9M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.35% | 20,285 | $6.9M | Add +45.9% |
| USIG iShares Broad Usd Investment | 0.35% | 129,603 | $6.7M | New |
| VGSH Vanguard Short-Term Treasury | 0.27% | 87,874 | $5.2M | New |
| CDX Simplify High Yield ETF | 0.25% | 218,669 | $4.9M | Add +9.2% |
| CGUI Cap Group Ultra Short Income | 0.24% | 184,915 | $4.7M | Add +65.2% |
| JHHY John Hancock High Yield ETF | 0.23% | 175,076 | $4.5M | Reduce -50.0% |
| XCCC Bondbloxx-CCC-Usd HY Corp. BD | 0.21% | 107,289 | $4.1M | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.15% | 52,464 | $2.8M | Add +24.1% |
| HDV iShares Core High Dividend E | 0.14% | 22,450 | $2.7M | Reduce -0.2% |
| BKGI BNY Mellon GLBL Infra Inc. | 0.14% | 64,716 | $2.6M | Add +47.6% |
| NUSB Nuveen Ultra Short Income | 0.13% | 100,700 | $2.5M | No change |
| SPYV SS SPDR P S&P 500 Value ETF | 0.12% | 41,880 | $2.4M | Reduce -19.3% |
| EMHY iShares J.P. Morgan Em High | 0.11% | 53,432 | $2.2M | Add +67.4% |
| EMB iShares JP Morgan Usd Emergi | 0.08% | 16,462 | $1.6M | Add +31.3% |
| NSCI Nuveen Securitized Incom ETF | 0.07% | 50,000 | $1.3M | New |
Portfolio Sells Q3 2025 → Q4 2025
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.48 |
| VGK Vanguard Ftse Europe ETF | Sold out | 0.00% | −0.34 |
| JSI JH Securitized Income ETF | Reduce -7.4% | 0.96% | −0.24 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -19.3% | 0.12% | −0.05 |
| JHHY John Hancock High Yield ETF | Reduce -50.0% | 0.23% | −0.04 |
| HDV iShares Core High Dividend E | Reduce -0.2% | 0.14% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| VUSB Vanguard Ultra Short Bond Et | Add +484.9% | 2.85% | +2.28 |
| VNLA Janus Henderson Short Durati | Add +45.0% | 3.81% | +0.75 |
| SPSM SS SPDR P S&P 600 Small Cap | New | 0.60% | +0.60 |
| PULS Pgim Ultra Short Bond ETF | Add +36.6% | 4.07% | +0.60 |
| VCSH Vanguard S/T Corp. Bond ETF | New | 0.43% | +0.43 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.42% | +0.42 |
| USIG iShares Broad Usd Investment | New | 0.35% | +0.35 |
| USHY iShares Broad Usd High Yield | Add +21.9% | 7.40% | +0.29 |
| VGSH Vanguard Short-Term Treasury | New | 0.27% | +0.27 |
| VOO Vanguard S&P 500 ETF | Add +13.5% | 22.53% | +0.22 |
| SPEM State Street SP PTF Em ETF | Add +87.6% | 0.57% | +0.22 |
| SGOL Abrdn Physical Gold Shares | Add +62.9% | 0.59% | +0.22 |
| FLJP Franklin Ftse Japan ETF | Add +88.4% | 0.56% | +0.22 |
| FLTR Vaneck Ig Floating Rate ETF | Add +20.6% | 3.41% | +0.12 |
| VTI VG Morningstar TS MKT ETF-US | Add +45.9% | 0.35% | +0.08 |
| CGUI Cap Group Ultra Short Income | Add +65.2% | 0.24% | +0.07 |
| NSCI Nuveen Securitized Incom ETF | New | 0.07% | +0.07 |
| EMHY iShares J.P. Morgan Em High | Add +67.4% | 0.11% | +0.04 |
| BKGI BNY Mellon GLBL Infra Inc. | Add +47.6% | 0.14% | +0.03 |
| EMB iShares JP Morgan Usd Emergi | Add +31.3% | 0.08% | +0.01 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +24.1% | 0.15% | +0.01 |
| CDX Simplify High Yield ETF | Add +9.2% | 0.25% | −0.02 |
| GSST Goldman Sachs Ultra Short Bo | Add +9.6% | 1.86% | −0.11 |
| YEAR AB Ultra Short Income ETF | Add +3.6% | 1.35% | −0.16 |
| JPST JPMorgan Ultra-Short Income | Add +7.6% | 3.05% | −0.24 |
| PYLD PIMCO Multisector Bond Actv | Add +2.3% | 2.05% | −0.27 |
| ANGL Vaneck Fallen Angel High YLD | Add +2.2% | 2.12% | −0.31 |
| SPHY SS SPDR P High Yield ETF | Add +2.9% | 3.99% | −0.56 |
| QQQ Invesco QQQ Trust Series 1 | Add +2.0% | 12.01% | −1.23 |
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 |