Nepc LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Nepc LLC reported 51 stock positions worth $4.7 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 13.6% of the portfolio, followed by Vanguard Int-Term Corporate (VCIT, 10.9%) and Vanguard Intermediate-Term T (VGIT, 10.4%). Compared with Q3 2025, it opened 4 new positions, sold out of 2, added to 33 and reduced 4. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +66%) and the biggest sale iShares Core MSCI Emerging (IEMG, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001424799
- Portfolio Value
- $4.7B (Q4 2025)
- SEC Filing
- 0000929638-26-000646 ↗ filed Feb 17, 2026
Holdings Value
Holdings 51 stocks · $4.7B
| VOO Vanguard S&P 500 ETF | 13.60% | 1,017,491 | $638.1M | Add +24.3% |
| VCIT Vanguard Int-Term Corporate | 10.87% | 6,093,365 | $510.3M | Add +37.8% |
| VGIT Vanguard Intermediate-Term T | 10.39% | 8,137,837 | $487.7M | Add +25.7% |
| VCSH Vanguard S/T Corp. Bond ETF | 9.79% | 5,763,304 | $459.5M | Add +15.0% |
| VGLT Vanguard Long-Term Treasury | 9.23% | 7,763,007 | $433.2M | Add +12.8% |
| VEA Vanguard Ftse Developed ETF | 6.09% | 4,575,987 | $285.9M | Add +66.2% |
| VTC Vanguard Total Corporate BND | 5.85% | 3,533,516 | $274.3M | Add +43.9% |
| SCHP Schwab U.S. Tips ETF | 4.27% | 7,572,111 | $200.6M | Add +64.9% |
| VWO Vanguard Ftse Emerging Marke | 3.46% | 3,017,415 | $162.2M | Add +51.1% |
| USHY iShares Broad Usd High Yield | 3.33% | 4,179,289 | $156.3M | Add +63.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.87% | 704,920 | $134.6M | Add +20.0% |
| VT Vanguard Tot World STK ETF | 2.80% | 930,776 | $131.3M | Add +23.1% |
| VXF Vanguard Extended Market ETF | 2.79% | 626,535 | $131.0M | Add +68.4% |
| VGSH Vanguard Short-Term Treasury | 2.49% | 1,993,299 | $117.1M | Add +62.5% |
| SHYG iShares 0-5 YR HY Corp. Bond | 2.40% | 2,632,283 | $112.8M | Add +19.6% |
| GLDM SPDR Gold Minishares Trust | 1.16% | 634,975 | $54.2M | Add +3.3% |
| GNR State Street SPDR S&P Global | 1.15% | 870,237 | $54.1M | Add +19.1% |
| IGF iShares Global Infrastructur | 1.09% | 834,157 | $51.2M | Add +25.3% |
| REET iShares Global REIT ETF | 1.08% | 2,040,739 | $50.9M | Add +24.2% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.96% | 2,308,347 | $45.1M | Add +16.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.60% | 41,403 | $28.2M | Reduce -0.5% |
| IEFA iShares Core MSCI Eafe ETF | 0.47% | 248,385 | $22.2M | Add +25.4% |
| IWV iShares Russell 3000 ETF | 0.38% | 45,961 | $17.8M | Add +65.0% |
| PGR Progressive Corp. | 0.32% | 64,992 | $14.8M | No change |
| IWM iShares Russell 2000 ETF | 0.27% | 50,846 | $12.5M | Add +0.3% |
| IEMG iShares Core MSCI Emerging | 0.27% | 185,768 | $12.5M | Reduce -88.3% |
| TOV Jlens 500 Jewish Advy US ETF | 0.26% | 421,343 | $12.1M | Add +41.4% |
| EFA iShares MSCI Eafe ETF | 0.25% | 121,179 | $11.6M | Add +1.5% |
| IVV iShares Core S&P 500 ETF | 0.22% | 15,334 | $10.5M | Add +0.8% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.21% | 241,150 | $10.0M | Add +1.4% |
| SPBO SS SPDR P Corp. Bond ETF | 0.16% | 258,781 | $7.6M | Reduce -84.2% |
| IJH iShares Core S&P Midcap ETF | 0.11% | 75,478 | $5.0M | Add +0.4% |
| IJR iShares Core S&P Small-Cap E | 0.09% | 33,763 | $4.1M | Add +0.4% |
| SPHY SS SPDR P High Yield ETF | 0.08% | 163,549 | $3.9M | Reduce -88.3% |
| EEM iShares MSCI Emerging Market | 0.08% | 69,338 | $3.8M | Add +0.7% |
| EAGG iShares ESG Aware US Aggrega | 0.08% | 78,457 | $3.8M | No change |
| ITOT iShares Core S&P Total U.S. | 0.08% | 25,076 | $3.7M | No change |
| EIS iShares MSCI Israel ETF | 0.07% | 31,069 | $3.4M | No change |
| VTIP Vanguard Short-Term Tips | 0.07% | 65,564 | $3.2M | No change |
| EFAX State Street SPDR MSCI Eafe | 0.06% | 53,260 | $2.7M | No change |
| ESGU iShares ESG Aware MSCI USA | 0.04% | 13,905 | $2.1M | No change |
| IYR iShares US Real Estate ETF | 0.04% | 21,747 | $2.0M | Add +0.9% |
| VSS Vanguard Ftse All Wo X-US SC | 0.03% | 10,882 | $1.6M | Add +34.1% |
| ESGD iShares Trust iShares ESG Aw | 0.03% | 13,340 | $1.3M | Add +6.8% |
| SUSA iShares ESG Optimized MSCI U | 0.02% | 7,646 | $1.1M | No change |
| SNPE Xtrckr S&P 500 Scor&scrn ETF | 0.01% | 9,245 | $577K | No change |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.00% | 1,438 | $115K | New |
| VXUS Vanguard Total Intl Stock | 0.00% | 821 | $62K | New |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.00% | 675 | $34K | New |
| VTES Vanguard SH Term Tax-Ex Bond | 0.00% | 299 | $30K | New |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.00% | 160 | $9K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| IEMG iShares Core MSCI Emerging | Reduce -88.3% | 0.27% | −2.49 |
| SPBO SS SPDR P Corp. Bond ETF | Reduce -84.2% | 0.16% | −1.12 |
| SPHY SS SPDR P High Yield ETF | Reduce -88.3% | 0.08% | −0.80 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.69 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.30 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.5% | 0.60% | −0.13 |
Portfolio Buys Q3 2025 → Q4 2025
| VEA Vanguard Ftse Developed ETF | Add +66.2% | 6.09% | +1.75 |
| VCIT Vanguard Int-Term Corporate | Add +37.8% | 10.87% | +1.08 |
| SCHP Schwab U.S. Tips ETF | Add +64.9% | 4.27% | +1.02 |
| USHY iShares Broad Usd High Yield | Add +63.0% | 3.33% | +0.78 |
| VTC Vanguard Total Corporate BND | Add +43.9% | 5.85% | +0.78 |
| VXF Vanguard Extended Market ETF | Add +68.4% | 2.79% | +0.74 |
| VWO Vanguard Ftse Emerging Marke | Add +51.1% | 3.46% | +0.61 |
| VGSH Vanguard Short-Term Treasury | Add +62.5% | 2.49% | +0.59 |
| VOO Vanguard S&P 500 ETF | Add +24.3% | 13.60% | +0.40 |
| VGIT Vanguard Intermediate-Term T | Add +25.7% | 10.39% | +0.17 |
| IWV iShares Russell 3000 ETF | Add +65.0% | 0.38% | +0.10 |
| VT Vanguard Tot World STK ETF | Add +23.1% | 2.80% | +0.06 |
| TOV Jlens 500 Jewish Advy US ETF | Add +41.4% | 0.26% | +0.04 |
| IGF iShares Global Infrastructur | Add +25.3% | 1.09% | +0.02 |
| IEFA iShares Core MSCI Eafe ETF | Add +25.4% | 0.47% | +0.02 |
| GNR State Street SPDR S&P Global | Add +19.1% | 1.15% | +0.01 |
| VSS Vanguard Ftse All Wo X-US SC | Add +34.1% | 0.03% | +0.00 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.00% | +0.00 |
| VXUS Vanguard Total Intl Stock | New | 0.00% | +0.00 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.00% | +0.00 |
| VTES Vanguard SH Term Tax-Ex Bond | New | 0.00% | +0.00 |
| ESGD iShares Trust iShares ESG Aw | Add +6.8% | 0.03% | −0.00 |
| IYR iShares US Real Estate ETF | Add +0.9% | 0.04% | −0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +20.0% | 2.87% | −0.01 |
| EEM iShares MSCI Emerging Market | Add +0.7% | 0.08% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Add +0.4% | 0.09% | −0.02 |
| REET iShares Global REIT ETF | Add +24.2% | 1.08% | −0.02 |
| IJH iShares Core S&P Midcap ETF | Add +0.4% | 0.11% | −0.02 |
| HEFA Isha Curr Hedged MSCI Eafe | Add +1.4% | 0.21% | −0.04 |
| IVV iShares Core S&P 500 ETF | Add +0.8% | 0.22% | −0.04 |
| EFA iShares MSCI Eafe ETF | Add +1.5% | 0.25% | −0.05 |
| IWM iShares Russell 2000 ETF | Add +0.3% | 0.27% | −0.06 |
| GLDM SPDR Gold Minishares Trust | Add +3.3% | 1.16% | −0.08 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +19.6% | 2.40% | −0.10 |
| BCI Abrdn Bloomberg All Commodit | Add +16.5% | 0.96% | −0.16 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +15.0% | 9.79% | −0.75 |
| VGLT Vanguard Long-Term Treasury | Add +12.8% | 9.23% | −1.07 |
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 |