SCS Capital Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 19, 2025), SCS Capital Management LLC reported 511 stock positions worth $7.9 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 9.0% of the portfolio, followed by Vanguard Intermediate-Term T (VGIT, 8.1%) and iShares Russell 3000 ETF (IWV, 7.7%). Compared with Q4 2024, it opened 442 new positions, added to 40 and reduced 28. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Vanguard Mrngstr Val ETF-Aui (VTV, shares −22%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001303159
Portfolio Value
$7.9B (Q1 2025)
SEC Filing
0001303159-25-000003 ↗ filed May 19, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $4.7B Q1 2024 Q2 2024: $4.8B Q2 2024 Q3 2024: $5.0B Q3 2024 Q4 2024: $4.8B Q4 2024 Q1 2025: $7.9B $7.9B Q1 2025 Q2 2025: $9.0B Q2 2025 Q3 2025: $9.2B Q3 2025 Q4 2025: $9.4B Q4 2025 Q1 2026: $9.4B Q1 2026 Q2 2026: $10.6B Q2 2026

Holdings 511 stocks · $7.9B
VTI VG Morningstar TS MKT ETF-US 8.98% 2,567,844 $705.7M Add +21.4%
VGIT Vanguard Intermediate-Term T 8.11% 10,725,550 $637.1M Add +2.1%
IWV iShares Russell 3000 ETF 7.69% 1,902,762 $604.4M Add +9.0%
VEA Vanguard Ftse Developed ETF 6.73% 10,411,294 $529.2M Add +48.0%
SPY SS SPDR S&P 500 ETF Trust-US 4.94% 692,477 $388.2M Add +177.4%
SCHF Schwab Intl Equity ETF 3.31% 13,136,350 $259.8M Add +22.1%
SCHB Schwab US Broad Market ETF 3.26% 11,901,176 $256.2M Add +16.6%
VGSH Vanguard Short-Term Treasury 3.25% 4,350,425 $255.3M Add +3.5%
VOO Vanguard S&P 500 ETF 3.08% 470,732 $241.9M New
QUAL iShares MSCI USA Quality Fac 2.64% 1,212,303 $207.2M Add +30.9%
VYM Vanguard High DVD Yield ETF 2.53% 1,540,670 $198.7M New
VTV Vanguard Mrngstr Val ETF-Aui 2.43% 1,104,007 $190.7M Reduce -22.1%
VGLT Vanguard Long-Term Treasury 2.31% 3,151,629 $181.6M Add +5.5%
VWO Vanguard Ftse Emerging Marke 2.19% 3,804,080 $172.2M Add +24.8%
SPYM Ste STR SPDR PT S&P 500 ETF 2.13% 2,544,362 $167.3M New
SPYG SS SPDR P S&P 500 Growth ETF 1.83% 1,793,264 $144.1M Add +94.1%
IEFA iShares Core MSCI Eafe ETF 1.54% 1,602,444 $121.2M Add +723.8%
VTEB Vanguard Tax-Exempt Bond ETF 1.48% 2,342,086 $116.2M Reduce -0.9%
VIGI Vanguard Int Div App Indx FD 0.98% 928,899 $77.0M New
IVV iShares Core S&P 500 ETF 0.84% 117,636 $66.1M New
IVW iShares S&P 500 Growth ETF 0.68% 572,153 $53.1M Add +1.1%
XPEL Xpel Inc. 0.65% 1,751,540 $51.5M New
STIP iShares 0-5 Year Tips Bond E 0.65% 495,768 $51.3M Add +64.2%
EFA iShares MSCI Eafe ETF 0.65% 621,092 $50.8M Add +23.6%
AAPL Apple Inc. 0.61% 217,546 $48.3M Reduce -20.8%
IJH iShares Core S&P Midcap ETF 0.61% 816,408 $47.6M Add +24639.6%
VT Vanguard Tot World STK ETF 0.59% 399,513 $46.3M Add +5.2%
ALNY Alnylam Pharmaceuticals Inc. 0.59% 171,077 $46.2M New
VONG Vanguard Russell 1000 Growth 0.57% 482,571 $44.8M New
VDE Vanguard Energy ETF 0.55% 335,025 $43.5M Reduce -1.8%
BND Vanguard Total Bond Market 0.55% 587,542 $43.2M New
VNQ Vanguard Real Estate ETF 0.50% 431,908 $39.1M Add +27.6%
ESGV Vanguard ESG US Stock ETF 0.48% 382,717 $37.5M Add +14.7%
NYT New York Times Co. Class A 0.43% 675,162 $33.5M New
IEMG iShares Core MSCI Emerging 0.42% 610,615 $33.0M Add +401.1%
MDY State Street SPDR S&P Midcap 0.42% 61,505 $32.9M New
SCHO Schwab Short-Term US Treas 0.41% 1,313,120 $32.0M Reduce -37.3%
COWZ Pacer US Cash Cows 100 ETF 0.41% 581,282 $31.8M New
IQLT iShares MSCI International Q 0.40% 787,829 $31.3M Add +51.2%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.37% 114,278 $29.4M New
IUSG iShares Core S&P U.S. Growth 0.36% 225,166 $28.6M New
MSFT Microsoft Corp. 0.36% 75,260 $28.3M Reduce -57.6%
PDBC Invesco Optimum Yield Divers 0.33% 1,928,973 $26.3M Reduce -0.3%
IWF iShares Russell 1000 Growth 0.33% 72,132 $26.0M New
IJR iShares Core S&P Small-Cap E 0.32% 243,852 $25.5M New
VSGX Vanguard ESG Intl Stock ETF 0.32% 428,475 $25.3M Reduce -1.6%
GLD SPDR Gold Shares 0.32% 86,891 $25.0M Add +29.9%
XME SS SPDR S&P Metals Mining 0.32% 446,747 $25.0M Add +0.0%
BIP Brookfield Infrastructure Pa 0.32% 832,033 $24.8M New
VB Vanguard Most SM-Cap ETF-Usd 0.31% 110,662 $24.5M New
VIG Vanguard Dividend Apprec ETF 0.31% 125,685 $24.4M New
LPLA LPL Financial Holdings Inc. 0.30% 72,528 $23.7M New
QQQ Invesco QQQ Trust Series 1 0.29% 48,005 $22.5M New
SCHE Schwab Emrg Mrkts Eqty ETF 0.26% 733,854 $20.2M Add +21.1%
AMZN Amazon.com Inc. 0.26% 106,199 $20.2M Reduce -65.8%
MUB iShares National Muni Bond E 0.25% 186,183 $19.6M New
NVDA Nvidia Corp. 0.25% 177,996 $19.3M Add +130.4%
VGT Vanguard Info Tech ETF 0.23% 33,324 $18.1M Add +39.1%
AGIO Agios Pharmaceuticals Inc. 0.23% 611,098 $17.9M New
AGG iShares Core U.S. Aggregate 0.22% 172,786 $17.1M Reduce -11.6%
META Meta Platforms Inc. Class A 0.21% 28,337 $16.3M Reduce -18.2%
BEP Brookfield Renewable Partner 0.20% 719,281 $15.9M New
VMC Vulcan Materials Co. 0.20% 67,363 $15.7M New
TFPM Triple Flag Precious Met 0.19% 792,613 $15.2M New
KO The Coca-Cola Co. 0.19% 210,744 $15.2M New
EVLV Evolv Technologies Holdings 0.19% 4,827,173 $15.1M New
VUG Vanguard Mrngstar GR ETF-Sui 0.19% 40,452 $15.0M Add +24.0%
BRK.B Berkshire Hathaway Inc. Class B 0.19% 27,996 $14.9M New
JPM JPMorgan Chase & Co. 0.19% 59,437 $14.6M New
SPTL SS SPDR PF LNG TRM TSY E-Usd 0.18% 531,559 $14.5M Reduce -11.1%
PHM Pultegroup Inc. 0.18% 140,774 $14.5M New
IWB iShares Russell 1000 ETF 0.18% 47,167 $14.5M New
SPDW Ste STR SPDR PT DW Eu ETF 0.18% 382,221 $13.9M New
TSLX Sixth Street Specialty Lendi 0.17% 605,232 $13.5M New
EEM iShares MSCI Emerging Market 0.16% 293,078 $12.8M Add +18.3%
GOVT iShares US Treasury Bond ETF 0.15% 524,477 $12.1M Reduce -23.3%
ARCC Ares Capital Corp. 0.15% 531,499 $11.8M New
CINF Cincinnati Financial Corp. 0.14% 74,936 $11.1M New
VEU Vanguard Ftse All-World Ex-U 0.14% 181,799 $11.0M Add +55.1%
ABNB Airbnb Inc. Class A 0.14% 91,678 $11.0M New
FSK FS KKR Capital Corp. 0.14% 499,863 $10.8M New
OBDC Blue Owl Capital Corp. 0.13% 687,962 $10.3M New
SCHX Schwab US Large-Cap ETF 0.13% 464,556 $10.3M New
GOOG Alphabet Inc. Class C 0.13% 64,835 $10.1M Add +150.4%
TOST Toast Inc. Class A 0.13% 298,910 $9.9M Reduce -24.5%
HCA HCA Healthcare Inc. 0.13% 28,656 $9.9M New
IWD iShares Russell 1000 Value E 0.12% 51,196 $9.6M New
BIPC Brookfield Infrastructure-A 0.12% 265,754 $9.6M New
ITCI Intra-Cellular Therapies Inc. 0.12% 72,743 $9.6M New
IWM iShares Russell 2000 ETF 0.12% 47,850 $9.5M Add +2231.9%
PANW Palo Alto Networks Inc. 0.12% 55,211 $9.4M New
TGT Target Corp. 0.12% 89,725 $9.4M New
XOM Exxon Mobil Corp. 0.12% 78,372 $9.3M New
JNJ Johnson & Johnson 0.12% 55,905 $9.3M New
GS Goldman Sachs Group Inc. 0.11% 16,087 $8.8M New
MCHI iShares MSCI China ETF 0.11% 155,554 $8.5M Reduce -12.0%
SCHD Schwab US DVD Equity ETF 0.11% 301,780 $8.4M New
PG The Procter & Gamble Co. 0.10% 46,936 $8.0M New
CUZ Cousins Properties Inc. 0.09% 251,540 $7.4M New
AVGO Broadcom Inc. 0.09% 44,250 $7.4M New

Show all 511 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $695K (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 325$401KNew
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 245$294KNew

Total filed on the 13F, all lines: $7.9B.

Portfolio Sells Q4 2024 → Q1 2025
VTV Vanguard Mrngstr Val ETF-Aui Reduce -22.1% 2.43% −2.52
MSFT Microsoft Corp. Reduce -57.6% 0.36% −1.19
AMZN Amazon.com Inc. Reduce -65.8% 0.26% −1.15
GOOGL Alphabet Inc. Class A Reduce -84.1% 0.09% −1.06
VTEB Vanguard Tax-Exempt Bond ETF Reduce -0.9% 1.48% −0.96
AAPL Apple Inc. Reduce -20.8% 0.61% −0.80
SCHO Schwab Short-Term US Treas Reduce -37.3% 0.41% −0.63
VDE Vanguard Energy ETF Reduce -1.8% 0.55% −0.30
TSLA Tesla Inc. Reduce -76.1% 0.03% −0.28
EFV iShares MSCI Eafe Value ETF Reduce -90.4% 0.02% −0.23
META Meta Platforms Inc. Class A Reduce -18.2% 0.21% −0.21
TSM Taiwan Semiconductor-SP ADR Reduce -73.6% 0.03% −0.20
VSGX Vanguard ESG Intl Stock ETF Reduce -1.6% 0.32% −0.19
PDBC Invesco Optimum Yield Divers Reduce -0.3% 0.33% −0.18
AGG iShares Core U.S. Aggregate Reduce -11.6% 0.22% −0.17
TOST Toast Inc. Class A Reduce -24.5% 0.13% −0.17
GOVT iShares US Treasury Bond ETF Reduce -23.3% 0.15% −0.17
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -11.1% 0.18% −0.14
ITOT iShares Core S&P Total U.S. Reduce -52.2% 0.04% −0.09
MCHI iShares MSCI China ETF Reduce -12.0% 0.11% −0.06
OEF iShares S&P 100 ETF Reduce -0.3% 0.07% −0.05
IBTF iShares Ibonds Dec 2025 Term Reduce -4.9% 0.03% −0.02
IBTG iShares Ibonds Dec 2026 Term Reduce -4.9% 0.03% −0.02
IBTH iShares Ibonds Dec 2027 Term Reduce -4.9% 0.03% −0.02
IBTI iShares Ibonds Dec 2028 Term Reduce -4.9% 0.03% −0.02
IBTJ iShares Ibonds Dec 2029 Term Reduce -4.9% 0.03% −0.02
MDYG SS SPDR S&P 400 MC GR ETF Reduce -8.0% 0.01% −0.01
DBC Invesco DB Commodity Index T Reduce -1.1% 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
VOO Vanguard S&P 500 ETF New 3.08% +3.08
VYM Vanguard High DVD Yield ETF New 2.53% +2.53
SPYM Ste STR SPDR PT S&P 500 ETF New 2.13% +2.13
SPY SS SPDR S&P 500 ETF Trust-US Add +177.4% 4.94% +1.92
IEFA iShares Core MSCI Eafe ETF Add +723.8% 1.54% +1.26
VIGI Vanguard Int Div App Indx FD New 0.98% +0.98
IVV iShares Core S&P 500 ETF New 0.84% +0.84
XPEL Xpel Inc. New 0.65% +0.65
IJH iShares Core S&P Midcap ETF Add +24639.6% 0.61% +0.60
ALNY Alnylam Pharmaceuticals Inc. New 0.59% +0.59
VONG Vanguard Russell 1000 Growth New 0.57% +0.57
BND Vanguard Total Bond Market New 0.55% +0.55
NYT New York Times Co. Class A New 0.43% +0.43
MDY State Street SPDR S&P Midcap New 0.42% +0.42
COWZ Pacer US Cash Cows 100 ETF New 0.41% +0.41
VV Vngrd Mrgstr LRG-Cap ETF-Usd New 0.37% +0.37
IUSG iShares Core S&P U.S. Growth New 0.36% +0.36
IWF iShares Russell 1000 Growth New 0.33% +0.33
IJR iShares Core S&P Small-Cap E New 0.32% +0.32
BIP Brookfield Infrastructure Pa New 0.32% +0.32
VB Vanguard Most SM-Cap ETF-Usd New 0.31% +0.31
VIG Vanguard Dividend Apprec ETF New 0.31% +0.31
LPLA LPL Financial Holdings Inc. New 0.30% +0.30
IEMG iShares Core MSCI Emerging Add +401.1% 0.42% +0.29
QQQ Invesco QQQ Trust Series 1 New 0.29% +0.29
MUB iShares National Muni Bond E New 0.25% +0.25
AGIO Agios Pharmaceuticals Inc. New 0.23% +0.23
BEP Brookfield Renewable Partner New 0.20% +0.20
VMC Vulcan Materials Co. New 0.20% +0.20
TFPM Triple Flag Precious Met New 0.19% +0.19
KO The Coca-Cola Co. New 0.19% +0.19
EVLV Evolv Technologies Holdings New 0.19% +0.19
BRK.B Berkshire Hathaway Inc. Class B New 0.19% +0.19
JPM JPMorgan Chase & Co. New 0.19% +0.19
PHM Pultegroup Inc. New 0.18% +0.18
IWB iShares Russell 1000 ETF New 0.18% +0.18
SPDW Ste STR SPDR PT DW Eu ETF New 0.18% +0.18
TSLX Sixth Street Specialty Lendi New 0.17% +0.17
SPYG SS SPDR P S&P 500 Growth ETF Add +94.1% 1.83% +0.16
ARCC Ares Capital Corp. New 0.15% +0.15
CINF Cincinnati Financial Corp. New 0.14% +0.14
ABNB Airbnb Inc. Class A New 0.14% +0.14
FSK FS KKR Capital Corp. New 0.14% +0.14
OBDC Blue Owl Capital Corp. New 0.13% +0.13
SCHX Schwab US Large-Cap ETF New 0.13% +0.13
HCA HCA Healthcare Inc. New 0.13% +0.13
IWD iShares Russell 1000 Value E New 0.12% +0.12
BIPC Brookfield Infrastructure-A New 0.12% +0.12
ITCI Intra-Cellular Therapies Inc. New 0.12% +0.12
PANW Palo Alto Networks Inc. New 0.12% +0.12

Notes & Other Activity Q4 2024 → Q1 2025
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L New 325 $401K
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A New 245 $294K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 483$10.6BVGIT, VTI, IWV, VEA, SPY
Q1 2026 466$9.4BVGIT, VTI, IWV, VEA, SPY
Q4 2025 491$9.4BVGIT, VTI, IWV, VEA, SPY
Q3 2025 509$9.2BVGIT, VTI, IWV, VEA, SPY
Q2 2025 547$9.0BVTI, IWV, VGIT, VEA, SPY
Q1 2025Amended 511$7.9BVTI, VGIT, IWV, VEA, SPY
Q4 2024 69$4.8BVTI, VGIT, IWV, VEA, VGSH
Q3 2024 68$5.0BIWV, VGIT, VTI, VEA, SCHB
Q2 2024 67$4.8BIWV, VTI, VGIT, VEA, SCHB
Q1 2024Amended 71$4.7BIWV, VGIT, VTI, VEA, SCHB