Nepc LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nepc LLC reported 49 stock positions worth $3.8 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 13.2% of the portfolio, followed by Vanguard S/T Corp. Bond ETF (VCSH, 10.5%) and Vanguard Long-Term Treasury (VGLT, 10.3%). Compared with Q2 2025, it opened 2 new positions, sold out of 3, added to 15 and reduced 14. The biggest buy was Vanguard Long-Term Treasury (VGLT, shares +6%) and the biggest sale an exit from Ste STR SPDR PT S&P 500 ETF (SPYM).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001424799
- Portfolio Value
- $3.8B (Q3 2025)
- SEC Filing
- 0000929638-25-004272 ↗ filed Nov 14, 2025
Holdings Value
Holdings 49 stocks · $3.8B
| VOO Vanguard S&P 500 ETF | 13.19% | 818,600 | $501.3M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 10.54% | 5,010,411 | $400.5M | Reduce -0.8% |
| VGLT Vanguard Long-Term Treasury | 10.30% | 6,884,141 | $391.4M | Add +5.6% |
| VGIT Vanguard Intermediate-Term T | 10.23% | 6,472,647 | $388.6M | Add +1.9% |
| VCIT Vanguard Int-Term Corporate | 9.79% | 4,423,287 | $372.0M | No change |
| VTC Vanguard Total Corporate BND | 5.07% | 2,455,525 | $192.5M | No change |
| VEA Vanguard Ftse Developed ETF | 4.34% | 2,752,987 | $165.0M | Reduce -26.8% |
| SCHP Schwab U.S. Tips ETF | 3.26% | 4,592,089 | $123.8M | Reduce -8.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.88% | 587,402 | $109.5M | Reduce -10.9% |
| VWO Vanguard Ftse Emerging Marke | 2.85% | 1,996,647 | $108.2M | Reduce -10.7% |
| IEMG iShares Core MSCI Emerging | 2.76% | 1,591,307 | $104.9M | Add +1.3% |
| VT Vanguard Tot World STK ETF | 2.74% | 755,778 | $104.1M | Reduce -43.0% |
| USHY iShares Broad Usd High Yield | 2.55% | 2,563,323 | $96.8M | No change |
| SHYG iShares 0-5 YR HY Corp. Bond | 2.51% | 2,200,963 | $95.3M | No change |
| VXF Vanguard Extended Market ETF | 2.05% | 372,004 | $77.9M | Reduce -18.5% |
| VGSH Vanguard Short-Term Treasury | 1.90% | 1,226,718 | $72.2M | No change |
| SPBO SS SPDR P Corp. Bond ETF | 1.28% | 1,639,446 | $48.6M | Reduce -35.8% |
| GLDM SPDR Gold Minishares Trust | 1.24% | 614,865 | $47.0M | Reduce -11.2% |
| GNR State Street SPDR S&P Global | 1.14% | 730,890 | $43.3M | Reduce -15.1% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 1.12% | 1,981,840 | $42.7M | Reduce -8.9% |
| REET iShares Global REIT ETF | 1.11% | 1,642,929 | $42.0M | Reduce -11.3% |
| IGF iShares Global Infrastructur | 1.07% | 665,979 | $40.7M | Reduce -15.4% |
| SPHY SS SPDR P High Yield ETF | 0.88% | 1,400,581 | $33.5M | Reduce -24.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.73% | 41,609 | $27.7M | Add +16.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.69% | 89,095 | $26.2M | Add +5.8% |
| IEFA iShares Core MSCI Eafe ETF | 0.46% | 198,113 | $17.3M | Add +32.5% |
| PGR Progressive Corp. | 0.42% | 64,992 | $16.0M | No change |
| IWM iShares Russell 2000 ETF | 0.32% | 50,697 | $12.3M | Add +13.3% |
| IEF iShares 7-10 Year Treasury B | 0.30% | 116,950 | $11.3M | New |
| EFA iShares MSCI Eafe ETF | 0.29% | 119,376 | $11.1M | Add +13.8% |
| IWV iShares Russell 3000 ETF | 0.28% | 27,849 | $10.6M | Add +0.0% |
| IVV iShares Core S&P 500 ETF | 0.27% | 15,220 | $10.2M | Add +0.3% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.25% | 237,827 | $9.4M | Add +18.4% |
| TOV Jlens 500 Jewish Advy US ETF | 0.22% | 297,975 | $8.4M | No change |
| IJH iShares Core S&P Midcap ETF | 0.13% | 75,182 | $4.9M | Add +0.3% |
| IJR iShares Core S&P Small-Cap E | 0.11% | 33,632 | $4.0M | Add +0.3% |
| EAGG iShares ESG Aware US Aggrega | 0.10% | 78,457 | $3.8M | No change |
| EEM iShares MSCI Emerging Market | 0.10% | 68,855 | $3.7M | Add +45.7% |
| ITOT iShares Core S&P Total U.S. | 0.10% | 25,076 | $3.7M | No change |
| VTIP Vanguard Short-Term Tips | 0.09% | 65,564 | $3.3M | No change |
| EIS iShares MSCI Israel ETF | 0.08% | 31,069 | $3.1M | No change |
| EFAX State Street SPDR MSCI Eafe | 0.07% | 53,260 | $2.6M | New |
| IYR iShares US Real Estate ETF | 0.06% | 21,553 | $2.1M | Add +1.2% |
| ESGU iShares ESG Aware MSCI USA | 0.05% | 13,905 | $2.0M | No change |
| ESGD iShares Trust iShares ESG Aw | 0.03% | 12,495 | $1.2M | No change |
| VSS Vanguard Ftse All Wo X-US SC | 0.03% | 8,114 | $1.2M | No change |
| SUSA iShares ESG Optimized MSCI U | 0.03% | 7,646 | $1.0M | No change |
| SNPE Xtrckr S&P 500 Scor&scrn ETF | 0.01% | 9,245 | $555K | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.00% | 160 | $9K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SPYM Ste STR SPDR PT S&P 500 ETF | Sold out | 0.00% | −1.79 |
| VT Vanguard Tot World STK ETF | Reduce -43.0% | 2.74% | −1.57 |
| VEA Vanguard Ftse Developed ETF | Reduce -26.8% | 4.34% | −1.08 |
| SPBO SS SPDR P Corp. Bond ETF | Reduce -35.8% | 1.28% | −0.61 |
| GOVT iShares US Treasury Bond ETF | Sold out | 0.00% | −0.28 |
| SPHY SS SPDR P High Yield ETF | Reduce -24.5% | 0.88% | −0.23 |
| VXF Vanguard Extended Market ETF | Reduce -18.5% | 2.05% | −0.18 |
| SCHP Schwab U.S. Tips ETF | Reduce -8.4% | 3.26% | −0.13 |
| IGF iShares Global Infrastructur | Reduce -15.4% | 1.07% | −0.11 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -10.9% | 2.88% | −0.07 |
| REET iShares Global REIT ETF | Reduce -11.3% | 1.11% | −0.05 |
| GNR State Street SPDR S&P Global | Reduce -15.1% | 1.14% | −0.04 |
| BCI Abrdn Bloomberg All Commodit | Reduce -8.9% | 1.12% | −0.02 |
| ICLN iShares Global Clean Energy | Sold out | 0.00% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -10.7% | 2.85% | +0.05 |
| GLDM SPDR Gold Minishares Trust | Reduce -11.2% | 1.24% | +0.09 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -0.8% | 10.54% | +0.38 |
Portfolio Buys Q2 2025 → Q3 2025
| VGLT Vanguard Long-Term Treasury | Add +5.6% | 10.30% | +1.04 |
| VGIT Vanguard Intermediate-Term T | Add +1.9% | 10.23% | +0.61 |
| IEMG iShares Core MSCI Emerging | Add +1.3% | 2.76% | +0.37 |
| IEF iShares 7-10 Year Treasury B | New | 0.30% | +0.30 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +16.5% | 0.73% | +0.17 |
| IEFA iShares Core MSCI Eafe ETF | Add +32.5% | 0.46% | +0.14 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +5.8% | 0.69% | +0.09 |
| IWM iShares Russell 2000 ETF | Add +13.3% | 0.32% | +0.08 |
| EFAX State Street SPDR MSCI Eafe | New | 0.07% | +0.07 |
| EFA iShares MSCI Eafe ETF | Add +13.8% | 0.29% | +0.06 |
| HEFA Isha Curr Hedged MSCI Eafe | Add +18.4% | 0.25% | +0.06 |
| EEM iShares MSCI Emerging Market | Add +45.7% | 0.10% | +0.04 |
| IWV iShares Russell 3000 ETF | Add +0.0% | 0.28% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 0.27% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +0.3% | 0.11% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +0.3% | 0.13% | +0.01 |
| IYR iShares US Real Estate ETF | Add +1.2% | 0.06% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 53 | $5.4B | VOO, VCIT, VGIT, VCSH, VGLT |
| Q1 2026 | 51 | $5.0B | VOO, VCIT, VGIT, VCSH, VGLT |
| Q4 2025 | 51 | $4.7B | VOO, VCIT, VGIT, VCSH, VGLT |
| Q3 2025 | 49 | $3.8B | VOO, VCSH, VGLT, VGIT, VCIT |
| Q2 2025Amended | 50 | $4.0B | VOO, VCSH, VGIT, VCIT, VGLT |
| Q1 2025Amended | 47 | $3.6B | VOO, VCSH, VGIT, VGLT, VCIT |
| Q4 2024 | 47 | $3.7B | VGIT, VOO, VGLT, VCSH, VCIT |
| Q3 2024 | 41 | $3.3B | VGIT, VCSH, VOO, VCIT, VGLT |
| Q2 2024 | 41 | $3.0B | VGIT, VCSH, VCIT, VOO, VGLT |
| Q1 2024 | 40 | $2.9B | VGIT, VCSH, VCIT, VOO, VGLT |