Liberty Mutual Group Asset Management Inc.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed February 14, 2025), Liberty Mutual Group Asset Management Inc. reported 117 stock positions worth $351.0 million. Its top holding was Vanguard Int-Term Corporate (VCIT) at 20.4% of the portfolio, followed by Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, 5.3%) and Altus Power (AMPS, 4.1%). Compared with Q4 2023, it opened 11 new positions, sold out of 6, added to 8 and reduced 24. The biggest buy was a new position in Avalonbay Communities (AVB) and the biggest sale an exit from Physicians Realty Trust.

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001533497
Portfolio Value
$351.0M (Q1 2024)
SEC Filing
0000950123-25-002492 ↗ filed Feb 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $351.0M $351.0M Q1 2024 Q2 2024: $679.3M Q2 2024 Q3 2024: $660.1M Q3 2024 Q4 2024: $420.1M Q4 2024 Q1 2025: $301.0M Q1 2025 Q2 2025: $460.6M Q2 2025 Q3 2025: $314.5M Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 117 stocks · $351.0M
VCIT Vanguard Int-Term Corporate 20.42% 890,000 $71.7M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 5.28% 238,254 $18.5M No change
AMPS Altus Power Inc. 4.09% 3,000,000 $14.3M No change
AMT American Tower Corp. 3.26% 57,899 $11.4M Reduce -4.1%
PLD Prologis Inc. 3.09% 83,173 $10.8M No change
EQIX Equinix Inc. 2.37% 10,074 $8.3M Reduce -14.1%
WELL Welltower Inc. 2.24% 84,296 $7.9M Add +32.3%
EXR Extra Space Storage Inc. 2.15% 51,274 $7.5M No change
VICI Vici Properties Inc. filed as VICI PPTYS INC 1.77% 208,176 $6.2M No change
AVB Avalonbay Communities Inc. 1.75% 33,171 $6.2M New
DLR Digital Realty Trust Inc. 1.65% 40,272 $5.8M Reduce -0.3%
REXR Rexford Industrial Realty Inc. 1.56% 108,779 $5.5M No change
ADC Agree Realty Corp. 1.41% 86,753 $5.0M New
REG Regency Centers Corp. 1.38% 79,888 $4.8M Add +13.5%
DEXCOM INC (DXCM 0.25 11/15/25) 1.27% 4,075,000 $4.5M No change
FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO DEL 1.19% 4,054,000 $4.2M No change
SPG Simon Property Group Inc. 1.19% 26,637 $4.2M No change
SUI Sun Communities Inc. filed as SUN CMNTYS INC 1.16% 31,628 $4.1M Add +25.1%
UDR Udr Inc. 1.08% 101,455 $3.8M No change
RHP Ryman Hospitality Properties 1.08% 32,792 $3.8M Reduce -7.4%
INVH Invitation Homes Inc. 1.07% 105,218 $3.7M Reduce -16.8%
SOUTHWEST AIRLINES CO (LUV 1.25 05/01/25) 0.96% 3,340,000 $3.4M No change
DOC Healthpeak Properties Inc. 0.95% 177,654 $3.3M Add +113.7%
CCI Crown Castle Inc. 0.92% 30,382 $3.2M No change
MAA Mid-America Apartment Comm 0.91% 24,291 $3.2M Add +116.7%
ZILLOW GROUP INC (Z 1.375 09/01/26) 0.90% 2,575,000 $3.2M No change
SOUTHERN CO (SO 3.875 12/15/25) 0.89% 3,150,000 $3.1M New
BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) 0.89% 3,100,000 $3.1M No change
FRT Federal Realty Invs Trust 0.83% 28,551 $2.9M No change
MIDDLEBY CORP (MIDD 1 09/01/25) 0.82% 2,180,000 $2.9M No change
DAYFORCE INC (DAY 0.25 03/15/26) 0.81% 3,125,000 $2.9M No change
PSA Public Storage 0.76% 9,193 $2.7M No change
ETSY INC (ETSY 0.25 06/15/28) 0.75% 3,325,000 $2.6M Reduce -7.6%
AFRM Affirm Holdings Inc. 0.74% 69,374 $2.6M No change
BXP BXP Inc. filed as BOSTON PROPERTIES INC 0.72% 38,946 $2.5M No change
EPRT Essential Properties Realty 0.72% 94,644 $2.5M New
STAG Stag Industrial Inc. 0.72% 65,455 $2.5M No change
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) 0.70% 2,470,000 $2.4M Reduce -8.3%
SMLP Summit Midstream Partners LP 0.68% 84,840 $2.4M No change
SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) 0.67% 2,200,000 $2.4M No change
UBER TECHNOLOGIES INC (UBER 0 12/15/25) 0.66% 2,050,000 $2.3M No change
DATADOG INC (DDOG 0.125 06/15/25) 0.65% 1,610,000 $2.3M No change
PCH Potlatchdeltic Corp. 0.63% 47,383 $2.2M New
EPR Epr Properties filed as EPR PPTYS 0.59% 48,430 $2.1M No change
BLOCK INC (XYZ 0.125 03/01/25) 0.56% 1,935,000 $2.0M Reduce -10.4%
AXON ENTERPRISE INC (AXON 0.5 12/15/27) 0.56% 1,350,000 $2.0M No change
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) 0.55% 1,955,000 $1.9M New
LUMENTUM HOLDINGS INC (LITE 0.5 12/15/26) 0.54% 2,163,000 $1.9M No change
SITC Site Centers Corp. filed as SITE CTRS CORP 0.52% 124,949 $1.8M No change
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) 0.52% 1,500,000 $1.8M No change
RAPID7 INC (RPD 0.25 03/15/27) 0.49% 1,975,000 $1.7M No change
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) 0.49% 885,000 $1.7M Reduce -32.4%
INSULET CORPORATION (PODD 0.375 09/01/26) 0.49% 1,642,000 $1.7M No change
ENPHASE ENERGY INC (ENPH 0 03/01/28) 0.48% 1,975,000 $1.7M No change
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) 0.48% 1,750,000 $1.7M No change
MONGODB INC (MDB 0.25 01/15/26) 0.47% 950,000 $1.7M Reduce -14.4%
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) 0.47% 1,150,000 $1.7M New
CUZ Cousins Properties Inc. 0.47% 67,966 $1.6M Reduce -4.2%
U Unity Software Inc. 0.46% 60,306 $1.6M New
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) 0.45% 1,625,000 $1.6M Reduce -23.5%
BILL HOLDINGS INC (BILL 0 12/01/25) 0.45% 1,675,000 $1.6M Reduce -11.8%
SLG SL Green Realty Corp. 0.43% 27,508 $1.5M Reduce -41.1%
WY Weyerhaeuser Co. 0.42% 41,159 $1.5M Reduce -34.4%
CTRE Caretrust REIT Inc. 0.42% 60,087 $1.5M Add +3.6%
SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) 0.42% 1,605,000 $1.5M No change
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) 0.42% 1,675,000 $1.5M Reduce -41.7%
ENSG The Ensign Group Inc. 0.42% 11,741 $1.5M Reduce -39.0%
POST HOLDINGS INC (POST 2.5 08/15/27) filed as POST HLDGS INC 0.42% 1,299,000 $1.5M No change
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) 0.41% 1,525,000 $1.4M No change
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) 0.40% 1,575,000 $1.4M No change
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) 0.40% 1,475,000 $1.4M Reduce -47.3%
DROPBOX INC (DBX 0 03/01/28) 0.36% 1,350,000 $1.3M No change
KORE GROUP HLDGS INC 0.36% 1,598,000 $1.3M No change
SEA LTD (SEALTD 2.375 12/01/25) 0.35% 1,225,000 $1.2M No change
AIRBNB INC (ABNB 0 03/15/26) 0.34% 1,300,000 $1.2M Reduce -14.8%
ZSCALER INC. (ZS 0.125 07/01/25) 0.34% 875,000 $1.2M Reduce -58.8%
SNAP INC (SNAP 0.125 03/01/28) 0.34% 1,559,000 $1.2M No change
ENVESTNET INC (ENV 2.625 12/01/27) 0.32% 1,075,000 $1.1M No change
AHR American Healthcare REIT Inc. 0.32% 75,135 $1.1M New
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) 0.31% 1,160,000 $1.1M No change
VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 0.29% 25,931 $1.0M Reduce -29.9%
BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) 0.29% 1,025,000 $1.0M No change
LCI INDUSTRIES (LCII 1.125 05/15/26) 0.29% 1,025,000 $1.0M No change
CYBERARK SOFTWARE LTD (CYBR 0 11/15/24) 0.27% 550,000 $937K Reduce -62.1%
ON SEMICONDUCTOR CORP (ON 0 05/01/27) 0.27% 635,000 $932K No change
HST Host Hotels & Resorts Inc. 0.26% 44,903 $929K Add +5.0%
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) 0.26% 925,000 $895K No change
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) 0.23% 725,000 $802K Reduce -21.6%
WEAV Weave Communications Inc. 0.22% 66,979 $769K New
ALARM.COM HLDGS INC (ALRM 0 01/15/26) 0.22% 825,000 $755K No change
SEA LTD (SEALTD 0.25 09/15/26) 0.21% 854,000 $730K No change
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) 0.20% 828,000 $714K Add +93.5%
SHOPIFY INC (SHOPCN 0.125 11/01/25) 0.20% 750,000 $712K No change
UNITY SOFTWARE INC (U 0 11/15/26) 0.20% 830,000 $703K No change
REDFIN CORP (RDFN 0.5 04/01/27) 0.20% 1,275,000 $701K No change
CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) 0.19% 775,000 $680K No change
MICROCHIP TECHNOLOGY INC (MCHP 0.125 11/15/24) 0.18% 600,000 $637K No change
CABLE ONE INC (CABO 0 03/15/26) 0.18% 725,000 $631K No change
LIVONGO HEALTH (TDOC 0.875 06/01/25) 0.17% 625,000 $591K No change
PALO ALTO NETWORKS (PANW 0.375 06/01/25) 0.16% 200,000 $571K No change

Show all 117 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $53K (not counted above)
SecurityClassShares / PrincipalValueChange
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 125,000$48KNew
CNDAW Concord Acquisition A -CW28 *W EXP 99/99/999 50,000$6KNo change

Total filed on the 13F, all lines: $351.0M.

Portfolio Sells Q4 2023 → Q1 2024
PHYSICIANS REALTY TRUST Sold out 0.00% −0.70
ZSCALER INC. (ZS 0.125 07/01/25) Reduce -58.8% 0.34% −0.59
AMT American Tower Corp. Reduce -4.1% 3.26% −0.51
EQIX Equinix Inc. Reduce -14.1% 2.37% −0.36
INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) Reduce -47.3% 0.40% −0.36
CYBERARK SOFTWARE LTD (CYBR 0 11/15/24) Reduce -62.1% 0.27% −0.33
VMRK Vivmark Residential Sold out 0.00% −0.32
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) Reduce -32.4% 0.49% −0.23
SRC Spirit Realty Capital Inc. Sold out 0.00% −0.23
OKTA INC (OKTA 0.375 06/15/26) Sold out 0.00% −0.21
WY Weyerhaeuser Co. Reduce -34.4% 0.42% −0.21
ENSG The Ensign Group Inc. Reduce -39.0% 0.42% −0.21
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) Reduce -41.7% 0.42% −0.18
INVH Invitation Homes Inc. Reduce -16.8% 1.07% −0.18
SLG SL Green Realty Corp. Reduce -41.1% 0.43% −0.18
MONGODB INC (MDB 0.25 01/15/26) Reduce -14.4% 0.47% −0.16
VTMX Corp. Inmobiliaria Vesta-ADR Reduce -29.9% 0.29% −0.13
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) Reduce -23.5% 0.45% −0.13
SPOTIFY USA INC (SPOT 0 03/15/26) Reduce -48.5% 0.11% −0.10
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) Reduce -8.3% 0.70% −0.09
ETSY INC (ETSY 0.25 06/15/28) Reduce -7.6% 0.75% −0.09
BILL HOLDINGS INC (BILL 0 12/01/25) Reduce -11.8% 0.45% −0.07
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) Reduce -21.6% 0.23% −0.07
PATH Uipath Inc. Class A Sold out 0.00% −0.06
AIRBNB INC (ABNB 0 03/15/26) Reduce -14.8% 0.34% −0.05
RHP Ryman Hospitality Properties Reduce -7.4% 1.08% −0.05
BLOCK INC (XYZ 0.125 03/01/25) Reduce -10.4% 0.56% −0.05
CUZ Cousins Properties Inc. Reduce -4.2% 0.47% −0.03
GCTS.WS Concord Acquisition Corp. III Sold out 0.00% −0.00
DLR Digital Realty Trust Inc. Reduce -0.3% 1.65% +0.08

Portfolio Buys Q4 2023 → Q1 2024
AVB Avalonbay Communities Inc. New 1.75% +1.75
ADC Agree Realty Corp. New 1.41% +1.41
SOUTHERN CO (SO 3.875 12/15/25) New 0.89% +0.89
EPRT Essential Properties Realty New 0.72% +0.72
PCH Potlatchdeltic Corp. New 0.63% +0.63
WELL Welltower Inc. Add +32.3% 2.24% +0.58
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) New 0.55% +0.55
MAA Mid-America Apartment Comm Add +116.7% 0.91% +0.47
DOC Healthpeak Properties Inc. Add +113.7% 0.95% +0.47
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) New 0.47% +0.47
U Unity Software Inc. New 0.46% +0.46
AHR American Healthcare REIT Inc. New 0.32% +0.32
WEAV Weave Communications Inc. New 0.22% +0.22
SUI Sun Communities Inc. Add +25.1% 1.16% +0.18
CFLT Confluent Inc. Class A New 0.14% +0.14
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) Add +93.5% 0.20% +0.10
CTRE Caretrust REIT Inc. Add +3.6% 0.42% +0.04
HST Host Hotels & Resorts Inc. Add +5.0% 0.26% +0.02
REG Regency Centers Corp. Add +13.5% 1.38% +0.01

Notes & Other Activity Q4 2023 → Q1 2024
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 New 125,000 $48K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 38$1.1BSRLN, VOO, FRVO, IEF, HYG
Q1 2026 27$1.2BCRGY, VOO, SRLN, IEF, HYG
Q4 2025 28$1.1BCRGY, HYG, DXJ, VOO, QXO
Q3 2025 12$314.5MDXJ, HYG, QXO, SRLN, AFRM
Q2 2025 19$460.6MHYG, DXJ, QXO, BKLN, AFRM
Q1 2025 15$301.0MVOO, DXJ, QXO, AMPS, AFRM
Q4 2024 14$420.1MVOO, BKLN, DXJ, QXO, AMPS
Q3 2024Amended 48$660.1MSPY, LQD, USHY, QXO, DXJ
Q2 2024Amended 116$679.3MBKLN, VCIT, VOO, SRLN, AMPS
Q1 2024Amended 117$351.0MVCIT, HYG, AMPS, AMT, PLD