Relative Value Partners Group, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Relative Value Partners Group, LLC reported 281 stock positions worth $1.6 billion. Its top holding was Vanguard Mrngstr Val ETF-Aui (VTV) at 6.0% of the portfolio, followed by iShares S&P 100 ETF (OEF, 5.5%) and VG Morningstar TS MKT ETF-US (VTI, 4.7%). Compared with Q4 2023, it opened 7 new positions, sold out of 5, added to 74 and reduced 117. The biggest buy was a new position in Proshares TR and the biggest sale an exit from Golub Capital BDC (GBDC).
- Most Recent 13F
- Q2 2024
- Location
- NORTHBROOK, IL
- CIK
- 0001649910
- Portfolio Value
- $1.6B (Q1 2024)
- SEC Filing
- 0001649910-24-000011 ↗ filed May 13, 2024
Holdings Value
Holdings 281 stocks · $1.6B
| VTV Vanguard Mrngstr Val ETF-Aui | 6.02% | 634,569 | $95.7M | Reduce -1.8% |
| OEF iShares S&P 100 ETF | 5.48% | 381,083 | $87.1M | Reduce -0.7% |
| VTI VG Morningstar TS MKT ETF-US | 4.68% | 310,337 | $74.4M | Reduce -0.3% |
| VMBS Vanguard Mortgage-Backed Sec | 4.08% | 1,405,124 | $64.9M | Add +1.3% |
| VGIT Vanguard Intermediate-Term T | 3.95% | 1,054,586 | $62.7M | Add +0.8% |
| IVV iShares Core S&P 500 ETF | 3.83% | 125,326 | $60.8M | Reduce -2.0% |
| DGRW Wisdomtree U.S. Quality Divi | 3.39% | 757,541 | $53.9M | Reduce -1.1% |
| VEA Vanguard Ftse Developed ETF | 3.14% | 1,052,737 | $49.9M | Add +2.2% |
| PRF Invesco Rafi US 1000 ETF | 3.03% | 1,359,724 | $48.2M | Reduce -1.7% |
| IEF iShares 7-10 Year Treasury B | 2.85% | 469,676 | $45.3M | Reduce -0.1% |
| AVUV Avantis US Small Cap Value | 2.47% | 449,308 | $39.2M | Add +0.3% |
| VGSH Vanguard Short-Term Treasury | 2.40% | 651,628 | $38.1M | Reduce -0.7% |
| SPSB SS SPDR P St C Corp. ETF | 2.34% | 1,241,930 | $37.2M | Add +0.1% |
| JAAA Janus Henderson Aaa Clo ETF | 2.27% | 711,813 | $36.0M | Add +0.4% |
| DFIV Dimensional International Va | 2.17% | 1,016,710 | $34.5M | Add +1.9% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.77% | 545,762 | $28.1M | Reduce -1.8% |
| GOVT iShares US Treasury Bond ETF | 1.66% | 1,146,747 | $26.4M | Reduce -0.4% |
| JMBS Janus Henderson Mortg Backed | 1.60% | 555,276 | $25.5M | Add +7.8% |
| IVE iShares S&P 500 Value ETF | 1.53% | 139,590 | $24.3M | Reduce -6.4% |
| IWD iShares Russell 1000 Value E | 1.39% | 133,159 | $22.0M | Reduce -0.3% |
| SPE Special Opportunities Fund | 1.21% | 1,599,294 | $19.2M | Reduce -1.0% |
| NFJ Virtus DVD Intrst & PRM STR | 1.14% | 1,487,603 | $18.1M | Reduce -0.6% |
| BRW Saba Capital Income & Opport | 1.09% | 2,305,349 | $17.3M | Reduce -0.4% |
| VGT Vanguard Info Tech ETF | 0.86% | 27,617 | $13.6M | Reduce -0.8% |
| DISV Dimensional International SM | 0.78% | 489,439 | $12.4M | Add +2.3% |
| BBDC Barings BDC Inc. | 0.77% | 1,365,433 | $12.3M | Reduce -0.4% |
| IEFA iShares Core MSCI Eafe ETF | 0.70% | 159,678 | $11.2M | Reduce -5.5% |
| ITOT iShares Core S&P Total U.S. | 0.70% | 104,382 | $11.1M | No change |
| IJS iShares S&P Small-Cap 600 Va | 0.69% | 112,890 | $11.0M | Reduce -1.1% |
| XTPZX Tortoise Power & Enrgy Infra | 0.68% | 762,380 | $10.8M | Reduce -0.5% |
| DGS Wisdomtree Em Small Cap | 0.66% | 215,587 | $10.4M | Add +1.6% |
| IJH iShares Core S&P Midcap ETF | 0.66% | 38,243 | $10.4M | Reduce -81.7% |
| DFAU Dimensional US Core Equity M | 0.60% | 284,726 | $9.6M | Add +9.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.57% | 51,254 | $9.0M | Reduce -1.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.54% | 17,911 | $8.6M | Reduce -13.1% |
| IJR iShares Core S&P Small-Cap E | 0.54% | 82,555 | $8.6M | Reduce -0.1% |
| ECAT BlackRock ESG Cap All TRM TR | 0.52% | 508,615 | $8.3M | Reduce -1.5% |
| MSFT Microsoft Corp. | 0.51% | 20,346 | $8.1M | Reduce -0.3% |
| XHLF Bondbloxx BBG 6 MTH US Treas | 0.50% | 158,556 | $8.0M | Reduce -0.1% |
| MCD McDonald's Corp. | 0.50% | 27,207 | $8.0M | Add +0.0% |
| EPS Wisdomtree US Large Cap Fund | 0.50% | 154,812 | $7.9M | Reduce -0.2% |
| NUV Nuveen Municipal Value | 0.47% | 854,258 | $7.5M | Reduce -1.0% |
| JLS Nuveen Mortgage & Income | 0.47% | 433,988 | $7.4M | Reduce -0.0% |
| IEMG iShares Core MSCI Emerging | 0.46% | 150,724 | $7.3M | Reduce -6.1% |
| XEVVX Eaton Vance Ltd. Durat Inc. | 0.45% | 741,822 | $7.2M | Add +2.0% |
| TY Tri-Continental Corp. | 0.43% | 236,144 | $6.8M | Reduce -2.2% |
| VWO Vanguard Ftse Emerging Marke | 0.43% | 171,384 | $6.8M | Add +0.6% |
| LADR Ladder Capital Corp.-REIT | 0.42% | 617,438 | $6.7M | Add +0.0% |
| VLUE iShares MSCI USA Value Facto | 0.41% | 64,343 | $6.5M | Reduce -4.2% |
| AAPL Apple Inc. | 0.40% | 34,573 | $6.4M | Reduce -0.1% |
| GDL GDL Fund | 0.40% | 806,682 | $6.3M | Reduce -4.3% |
| CCAP Crescent Capital BDC Inc. | 0.40% | 383,281 | $6.3M | Add +0.0% |
| SGOV iShares 0-3 Month Treasury B | 0.39% | 61,883 | $6.2M | Reduce -2.0% |
| FTHY First Trust Hi YLD Opp 2027 | 0.37% | 413,238 | $5.9M | Reduce -1.2% |
| JRI Nuveen Real Asset Inc. & GRW | 0.36% | 492,775 | $5.8M | Reduce -0.4% |
| FCT First Trust SNR FL RT Inc. II | 0.36% | 570,335 | $5.7M | Add +1.8% |
| DTF DTF Tax-Free Income 2028 Ter | 0.36% | 523,988 | $5.7M | Reduce -0.2% |
| DFSV Dimensional US Small Cap Val | 0.35% | 196,687 | $5.5M | No change |
| KMI Kinder Morgan Inc. | 0.35% | 326,091 | $5.5M | Reduce -0.1% |
| CMG Chipotle Mexican Grill Inc. | 0.33% | 2,197 | $5.3M | No change |
| IEI iShares 3-7 Year Treasury Bo | 0.33% | 44,672 | $5.2M | Add +2.2% |
| BSV Vanguard Short-Term Bond ETF | 0.32% | 66,566 | $5.1M | Reduce -9.7% |
| BRSP Brightspire Capital Inc. | 0.32% | 712,806 | $5.1M | Add +0.0% |
| DFP Flaherty & Crumrine DYN Pref | 0.32% | 269,481 | $5.1M | Reduce -1.5% |
| EMF Templeton Emerging Markets | 0.32% | 451,790 | $5.1M | Reduce -0.8% |
| SDHY Pgim SHRT Durat Hi YLD | 0.30% | 318,635 | $4.8M | Reduce -1.8% |
| XONE Bondbloxx BBG 1 Dur US Treas | 0.30% | 95,461 | $4.8M | Reduce -17.8% |
| PROSHARES TR | 0.29% | 360,000 | $4.6M | New |
| DFAE Dimensional Emerging Core Eq | 0.28% | 190,929 | $4.4M | Add +4.5% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.28% | 400,713 | $4.4M | Reduce -0.1% |
| VCIT Vanguard Int-Term Corporate | 0.28% | 54,032 | $4.4M | Reduce -4.8% |
| PDX PIMCO Dynamic Income Strat | 0.27% | 217,968 | $4.2M | Reduce -1.3% |
| VXUS Vanguard Total Intl Stock | 0.26% | 73,569 | $4.2M | Reduce -1.6% |
| APO Apollo Global Management Inc. | 0.26% | 40,703 | $4.1M | Add +0.1% |
| IWB iShares Russell 1000 ETF | 0.26% | 15,282 | $4.1M | Reduce -6.4% |
| ACRE Ares Commercial Real Estate | 0.25% | 416,555 | $4.0M | Add +0.1% |
| KO The Coca-Cola Co. | 0.24% | 64,700 | $3.8M | Add +0.0% |
| TSI TCW Strategic Income Fund | 0.24% | 811,922 | $3.8M | Add +4.5% |
| EQC Equity Commonwealth | 0.23% | 195,320 | $3.7M | Reduce -0.1% |
| MUB iShares National Muni Bond E | 0.23% | 34,047 | $3.7M | Reduce -0.1% |
| GPMT Granite Point Mortgage Trust | 0.23% | 658,151 | $3.7M | Add +6.7% |
| GUG Guggenheim Active Allocation | 0.22% | 239,438 | $3.4M | Reduce -2.6% |
| TRTX TPG Re Finance Trust Inc. | 0.21% | 546,856 | $3.3M | Add +0.1% |
| SPIB SS SPDR P Int C Corp. ETF | 0.21% | 100,336 | $3.3M | Reduce -5.1% |
| IBDP iShares Ibonds Dec 2024 Term | 0.20% | 129,966 | $3.3M | Reduce -0.2% |
| MDY State Street SPDR S&P Midcap | 0.20% | 6,467 | $3.2M | No change |
| IAU iShares Gold Trust | 0.20% | 82,937 | $3.2M | No change |
| ASGI Abrdn Global Infrastructure | 0.19% | 170,090 | $3.0M | Reduce -1.0% |
| XFRAX BlackRock Fltng RT Inc. Strat | 0.18% | 233,082 | $2.9M | Reduce -27.3% |
| EFA iShares MSCI Eafe ETF | 0.18% | 38,998 | $2.9M | No change |
| XYL Xylem Inc. | 0.18% | 25,646 | $2.9M | No change |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.18% | 36,581 | $2.8M | Reduce -7.1% |
| EBC Eastern Bankshares Inc. | 0.18% | 202,023 | $2.8M | No change |
| QUAL iShares MSCI USA Quality Fac | 0.18% | 18,502 | $2.8M | Reduce -18.8% |
| WDI Western Asset Divers Inc. | 0.17% | 186,627 | $2.7M | Reduce -10.8% |
| CRBN Ish Low Car Opt Ms Ac ETF-US | 0.17% | 15,966 | $2.7M | No change |
| DFCF Dimensional Core Fixed Inc. | 0.17% | 62,026 | $2.6M | Add +7.8% |
| SBUX Starbucks Corp. | 0.16% | 27,377 | $2.5M | Reduce -0.2% |
| IWF iShares Russell 1000 Growth | 0.16% | 8,144 | $2.5M | No change |
| DFNM Dimensional National Muni BD | 0.16% | 51,369 | $2.5M | Add +0.0% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $34.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | 1,335,294 | $30.3M | Reduce -0.3% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 3,441 | $4.2M | Reduce -0.1% |
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q4 2023 → Q1 2024
| GBDC Golub Capital BDC Inc. | Sold out | 0.00% | −0.14 |
| BKT BlackRock Income Trust | Reduce -90.4% | 0.01% | −0.10 |
| IVE iShares S&P 500 Value ETF | Reduce -6.4% | 1.53% | −0.09 |
| XFRAX BlackRock Fltng RT Inc. Strat | Reduce -27.3% | 0.18% | −0.07 |
| IJH iShares Core S&P Midcap ETF | Reduce -81.7% | 0.66% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -13.1% | 0.54% | −0.07 |
| CCIF Carlyle Credit Income Fund | Reduce -89.0% | 0.01% | −0.06 |
| XONE Bondbloxx BBG 1 Dur US Treas | Reduce -17.8% | 0.30% | −0.06 |
| BRT BRT Apartments Corp. | Reduce -27.5% | 0.09% | −0.05 |
| IEMG iShares Core MSCI Emerging | Reduce -6.1% | 0.46% | −0.05 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -1.1% | 0.69% | −0.04 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -5.5% | 0.70% | −0.04 |
| NFJ Virtus DVD Intrst & PRM STR | Reduce -0.6% | 1.14% | −0.04 |
| QUAL iShares MSCI USA Quality Fac | Reduce -18.8% | 0.18% | −0.03 |
| BSV Vanguard Short-Term Bond ETF | Reduce -9.7% | 0.32% | −0.03 |
| VT Vanguard Tot World STK ETF | Reduce -28.0% | 0.08% | −0.03 |
| IXUS iShares Core Intl Stock ETF | Reduce -16.7% | 0.12% | −0.03 |
| BRW Saba Capital Income & Opport | Reduce -0.4% | 1.09% | −0.03 |
| VOO Vanguard S&P 500 ETF | Reduce -48.3% | 0.03% | −0.03 |
| GDL GDL Fund | Reduce -4.3% | 0.40% | −0.02 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.5% | 0.57% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.1% | 0.54% | −0.02 |
| VLUE iShares MSCI USA Value Facto | Reduce -4.2% | 0.41% | −0.02 |
| PDX PIMCO Dynamic Income Strat | Reduce -1.3% | 0.27% | −0.02 |
| WDI Western Asset Divers Inc. | Reduce -10.8% | 0.17% | −0.02 |
| AAPL Apple Inc. | Reduce -0.1% | 0.40% | −0.01 |
| NCLH Norwegian Cruise Line Holdin | Reduce -47.0% | 0.01% | −0.01 |
| EMF Templeton Emerging Markets | Reduce -0.8% | 0.32% | −0.01 |
| ARKK ARK Innovation ETF | Sold out | 0.00% | −0.01 |
| CTVA Corteva Inc. | Sold out | 0.00% | −0.01 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.01 |
| KMI Kinder Morgan Inc. | Reduce -0.1% | 0.35% | −0.01 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -7.1% | 0.18% | −0.01 |
| IWB iShares Russell 1000 ETF | Reduce -6.4% | 0.26% | −0.01 |
| VCIT Vanguard Int-Term Corporate | Reduce -4.8% | 0.28% | −0.01 |
| VTIP Vanguard Short-Term Tips | Reduce -17.1% | 0.06% | −0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -1.8% | 1.77% | −0.01 |
| SPIB SS SPDR P Int C Corp. ETF | Reduce -5.1% | 0.21% | −0.01 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -24.6% | 0.03% | −0.01 |
| AEF Abrdn Emerging Markets Ex CH | Reduce -0.3% | 0.15% | −0.01 |
| NML Neuberger Energy Infrastruct | Reduce -3.7% | 0.14% | −0.01 |
| GUG Guggenheim Active Allocation | Reduce -2.6% | 0.22% | −0.01 |
| PFE Pfizer Inc. | Reduce -17.2% | 0.03% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -6.2% | 0.09% | −0.01 |
| ASGI Abrdn Global Infrastructure | Reduce -1.0% | 0.19% | −0.01 |
| MIN Aberdeen Intermediate Inc. FD | Reduce -17.9% | 0.05% | −0.01 |
| VXUS Vanguard Total Intl Stock | Reduce -1.6% | 0.26% | −0.01 |
| WTFC Wintrust Financial Corp. | Reduce -35.4% | 0.01% | −0.01 |
| PRF Invesco Rafi US 1000 ETF | Reduce -1.7% | 3.03% | −0.01 |
| HYI Western Asset High Yield Opp | Reduce -15.2% | 0.03% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| PROSHARES TR | New | 0.29% | +0.29 |
| JMBS Janus Henderson Mortg Backed | Add +7.8% | 1.60% | +0.12 |
| VGIT Vanguard Intermediate-Term T | Add +0.8% | 3.95% | +0.07 |
| VMBS Vanguard Mortgage-Backed Sec | Add +1.3% | 4.08% | +0.07 |
| DFAU Dimensional US Core Equity M | Add +9.2% | 0.60% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +2.2% | 3.14% | +0.06 |
| JAAA Janus Henderson Aaa Clo ETF | Add +0.4% | 2.27% | +0.04 |
| SPSB SS SPDR P St C Corp. ETF | Add +0.1% | 2.34% | +0.03 |
| DFIV Dimensional International Va | Add +1.9% | 2.17% | +0.03 |
| APO Apollo Global Management Inc. | Add +0.1% | 0.26% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +5.5% | 0.16% | +0.02 |
| TSI TCW Strategic Income Fund | Add +4.5% | 0.24% | +0.02 |
| XEVVX Eaton Vance Ltd. Durat Inc. | Add +2.0% | 0.45% | +0.02 |
| DFAC Dimensional US Core Equity 2 | New | 0.01% | +0.01 |
| DFCF Dimensional Core Fixed Inc. | Add +7.8% | 0.17% | +0.01 |
| MSI Motorola Solutions Inc. | New | 0.01% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.01% | +0.01 |
| NVDA Nvidia Corp. | Add +1.9% | 0.06% | +0.01 |
| DISV Dimensional International SM | Add +2.3% | 0.78% | +0.01 |
| AGQI First TR Act GLBL QLTY Inc. | New | 0.01% | +0.01 |
| FPF First TR Interm Dur & Inc. | New | 0.01% | +0.01 |
| IEI iShares 3-7 Year Treasury Bo | Add +2.2% | 0.33% | +0.01 |
| MRK Merck & Co. Inc. | Add +0.3% | 0.07% | +0.01 |
| FCT First Trust SNR FL RT Inc. II | Add +1.8% | 0.36% | +0.01 |
| C Citigroup Inc. | Add +0.0% | 0.06% | +0.01 |
| XOM Exxon Mobil Corp. | Add +1.3% | 0.10% | +0.00 |
| PGZ Principal Real Estate Income | Add +0.0% | 0.09% | +0.00 |
| AMZN Amazon.com Inc. | Add +0.0% | 0.15% | +0.00 |
| KO The Coca-Cola Co. | Add +0.0% | 0.24% | +0.00 |
| PSX Phillips 66 | Add +1.1% | 0.04% | +0.00 |
| DFAE Dimensional Emerging Core Eq | Add +4.5% | 0.28% | +0.00 |
| GPMT Granite Point Mortgage Trust | Add +6.7% | 0.23% | +0.00 |
| CMCSA Comcast Corp. Class A | Add +7.8% | 0.03% | +0.00 |
| GM General Motors Co. | Add +0.5% | 0.04% | +0.00 |
| HD Home Depot Inc. | Add +5.2% | 0.04% | +0.00 |
| AMGN Amgen Inc. | Add +0.1% | 0.03% | +0.00 |
| ABT Abbott Laboratories | Add +0.0% | 0.07% | +0.00 |
| SPGI S&P Global Inc. | Add +0.0% | 0.08% | +0.00 |
| GOOG Alphabet Inc. Class C | Add +0.1% | 0.13% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +0.2% | 0.15% | +0.00 |
| JNJ Johnson & Johnson | Add +1.1% | 0.06% | +0.00 |
| COST Costco Wholesale Corp. | Add +0.2% | 0.03% | +0.00 |
| BAC Bank of America Corp. | Add +0.6% | 0.06% | +0.00 |
| BFLY Butterfly Network Inc. | New | 0.00% | +0.00 |
| PEP Pepsico Inc. | Add +4.1% | 0.03% | +0.00 |
| DHR Danaher Corp. | Add +0.1% | 0.02% | +0.00 |
| DFNM Dimensional National Muni BD | Add +0.0% | 0.16% | +0.00 |
| BKNG Booking Holdings Inc. | Add +2.5% | 0.04% | +0.00 |
| DOCU Docusign Inc. | Add +0.3% | 0.02% | +0.00 |
| GS Goldman Sachs Group Inc. | Add +1.5% | 0.04% | +0.00 |
Notes & Other Activity Q4 2023 → Q1 2024
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | Reduce -0.3% | 1,335,294 | $30.3M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -0.1% | 3,441 | $4.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.