SCS Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), SCS Capital Management LLC reported 547 stock positions worth $9.0 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 9.1% of the portfolio, followed by iShares Russell 3000 ETF (IWV, 7.3%) and Vanguard Intermediate-Term T (VGIT, 7.0%). Compared with Q1 2025, it opened 54 new positions, sold out of 18, added to 229 and reduced 170. The biggest buy was iShares MSCI USA Quality Fac (QUAL, shares +28%) and the biggest sale Vanguard Intermediate-Term T (VGIT, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001303159
- Portfolio Value
- $9.0B (Q2 2025)
- SEC Filing
- 0001303159-25-000004 ↗ filed Aug 13, 2025
Holdings Value
Holdings 547 stocks · $9.0B
| VTI VG Morningstar TS MKT ETF-US | 9.13% | 2,709,460 | $823.8M | Add +5.5% |
| IWV iShares Russell 3000 ETF | 7.30% | 1,875,573 | $658.3M | Reduce -1.4% |
| VGIT Vanguard Intermediate-Term T | 6.99% | 10,545,183 | $630.7M | Reduce -1.7% |
| VEA Vanguard Ftse Developed ETF | 6.46% | 10,220,446 | $582.7M | Reduce -1.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.97% | 723,637 | $448.0M | Add +4.5% |
| SCHB Schwab US Broad Market ETF | 3.23% | 12,223,396 | $291.3M | Add +2.7% |
| SCHF Schwab Intl Equity ETF | 3.18% | 12,964,048 | $286.5M | Reduce -1.3% |
| QUAL iShares MSCI USA Quality Fac | 3.14% | 1,546,793 | $283.1M | Add +27.6% |
| VOO Vanguard S&P 500 ETF | 3.02% | 477,804 | $272.2M | Add +1.5% |
| VGSH Vanguard Short-Term Treasury | 2.79% | 4,282,925 | $251.8M | Reduce -1.6% |
| VYM Vanguard High DVD Yield ETF | 2.26% | 1,530,826 | $204.1M | Reduce -0.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.16% | 1,100,811 | $194.6M | Reduce -0.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 2.03% | 2,520,673 | $183.2M | Reduce -0.9% |
| VWO Vanguard Ftse Emerging Marke | 2.02% | 3,682,836 | $182.2M | Reduce -3.2% |
| VGLT Vanguard Long-Term Treasury | 1.97% | 3,174,110 | $178.1M | Add +0.7% |
| SPYG SS SPDR P S&P 500 Growth ETF | 1.94% | 1,836,568 | $175.1M | Add +2.4% |
| IEFA iShares Core MSCI Eafe ETF | 1.51% | 1,636,232 | $136.6M | Add +2.1% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.11% | 2,039,201 | $100.0M | Reduce -12.9% |
| IVV iShares Core S&P 500 ETF | 0.86% | 125,627 | $78.0M | Add +6.8% |
| VIGI Vanguard Int Div App Indx FD | 0.80% | 803,708 | $72.4M | Reduce -13.5% |
| VONG Vanguard Russell 1000 Growth | 0.77% | 639,855 | $69.9M | Add +32.6% |
| IVW iShares S&P 500 Growth ETF | 0.73% | 602,015 | $66.3M | Add +5.2% |
| MSFT Microsoft Corp. | 0.69% | 125,739 | $62.5M | Add +67.1% |
| VT Vanguard Tot World STK ETF | 0.62% | 437,831 | $56.3M | Add +9.6% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.62% | 170,662 | $55.7M | Reduce -0.2% |
| EFA iShares MSCI Eafe ETF | 0.59% | 600,031 | $53.6M | Reduce -3.4% |
| STIP iShares 0-5 Year Tips Bond E | 0.58% | 508,917 | $52.4M | Add +2.6% |
| AAPL Apple Inc. | 0.53% | 232,625 | $47.7M | Add +6.9% |
| XPEL Xpel Inc. | 0.49% | 1,241,540 | $44.6M | Reduce -29.1% |
| ESGV Vanguard ESG US Stock ETF | 0.49% | 405,655 | $44.5M | Add +6.0% |
| NYT New York Times Co. Class A | 0.49% | 786,106 | $44.0M | Add +16.4% |
| BND Vanguard Total Bond Market | 0.46% | 566,241 | $41.7M | Reduce -3.6% |
| IJH iShares Core S&P Midcap ETF | 0.46% | 669,029 | $41.5M | Reduce -18.1% |
| VDE Vanguard Energy ETF | 0.45% | 344,174 | $41.0M | Add +2.7% |
| VNQ Vanguard Real Estate ETF | 0.43% | 439,840 | $39.2M | Add +1.8% |
| JPM JPMorgan Chase & Co. | 0.43% | 132,831 | $38.5M | Add +123.5% |
| AVGO Broadcom Inc. | 0.39% | 129,203 | $35.6M | Add +192.0% |
| IQLT iShares MSCI International Q | 0.38% | 802,784 | $34.7M | Add +1.9% |
| IEMG iShares Core MSCI Emerging | 0.38% | 577,154 | $34.6M | Reduce -5.5% |
| KO The Coca-Cola Co. | 0.37% | 463,267 | $33.0M | Add +119.8% |
| IUSG iShares Core S&P U.S. Growth | 0.36% | 218,023 | $32.8M | Reduce -3.2% |
| META Meta Platforms Inc. Class A | 0.36% | 44,291 | $32.7M | Add +56.3% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.36% | 113,825 | $32.5M | Reduce -0.4% |
| SCHO Schwab Short-Term US Treas | 0.36% | 1,331,753 | $32.5M | Add +1.4% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.36% | 136,744 | $32.4M | Add +23.6% |
| MDY State Street SPDR S&P Midcap | 0.35% | 55,547 | $31.5M | Reduce -9.7% |
| IWF iShares Russell 1000 Growth | 0.34% | 72,213 | $30.7M | Add +0.1% |
| XME SS SPDR S&P Metals Mining | 0.34% | 455,434 | $30.6M | Add +1.9% |
| VSGX Vanguard ESG Intl Stock ETF | 0.33% | 456,580 | $29.9M | Add +6.6% |
| RTX RTX Corp. | 0.33% | 202,315 | $29.5M | Add +283.3% |
| NVDA Nvidia Corp. | 0.33% | 186,866 | $29.5M | Add +5.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 50,970 | $28.1M | Add +6.2% |
| VIG Vanguard Dividend Apprec ETF | 0.30% | 131,887 | $27.1M | Add +4.9% |
| GLD SPDR Gold Shares | 0.29% | 86,553 | $26.4M | Reduce -0.4% |
| EVLV Evolv Technologies Holdings | 0.29% | 4,321,270 | $26.4M | Reduce -10.5% |
| JNJ Johnson & Johnson | 0.29% | 171,664 | $26.2M | Add +207.1% |
| HCA HCA Healthcare Inc. | 0.29% | 68,180 | $26.1M | Add +137.9% |
| PDBC Invesco Optimum Yield Divers | 0.28% | 1,964,353 | $25.6M | Add +1.8% |
| AMZN Amazon.com Inc. | 0.28% | 113,506 | $24.9M | Add +6.9% |
| MS Morgan Stanley | 0.26% | 166,446 | $23.4M | Add +289.0% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.25% | 749,377 | $22.6M | Add +2.1% |
| WMT Walmart Inc. | 0.23% | 210,366 | $20.6M | Add +293.4% |
| AGIO Agios Pharmaceuticals Inc. | 0.22% | 604,085 | $20.1M | Reduce -1.1% |
| VGT Vanguard Info Tech ETF | 0.22% | 29,508 | $19.6M | Reduce -11.4% |
| TRGP Targa Resources Corp. | 0.21% | 110,893 | $19.3M | Add +289.3% |
| PG The Procter & Gamble Co. | 0.21% | 120,126 | $19.1M | Add +155.9% |
| MUB iShares National Muni Bond E | 0.20% | 176,557 | $18.4M | Reduce -5.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.20% | 41,036 | $18.0M | Add +1.4% |
| IWB iShares Russell 1000 ETF | 0.20% | 52,649 | $17.9M | Add +11.6% |
| VMC Vulcan Materials Co. | 0.19% | 67,349 | $17.6M | Reduce -0.0% |
| CVX Chevron Corp. | 0.19% | 119,477 | $17.1M | Add +238.7% |
| IJR iShares Core S&P Small-Cap E | 0.19% | 156,171 | $17.1M | Reduce -36.0% |
| CCEP Coca-Cola Europacific Partne | 0.18% | 179,104 | $16.6M | Add +393.4% |
| ORCL Oracle Corp. | 0.18% | 75,477 | $16.5M | Add +122.0% |
| TFC Truist Financial Corp. | 0.18% | 382,554 | $16.4M | Add +383.7% |
| AGG iShares Core U.S. Aggregate | 0.18% | 165,008 | $16.4M | Reduce -4.5% |
| BIP Brookfield Infrastructure Pa | 0.18% | 487,990 | $16.3M | Reduce -41.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.17% | 385,084 | $15.6M | Add +0.8% |
| XOM Exxon Mobil Corp. | 0.17% | 142,088 | $15.3M | Add +81.3% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.17% | 1,107,229 | $15.2M | Add +482.0% |
| PHM Pultegroup Inc. | 0.16% | 140,796 | $14.8M | Add +0.0% |
| TSLX Sixth Street Specialty Lendi | 0.16% | 622,522 | $14.8M | Add +2.9% |
| SHEL Shell PLC-ADR | 0.16% | 208,539 | $14.7M | Add +380.2% |
| LLY Eli Lilly & Co. | 0.16% | 18,334 | $14.3M | Add +184.3% |
| QCOM Qualcomm Inc. | 0.16% | 89,677 | $14.3M | Add +254.0% |
| VTR Ventas Inc. | 0.15% | 216,900 | $13.8M | New |
| EEM iShares MSCI Emerging Market | 0.15% | 285,657 | $13.8M | Reduce -2.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 28,359 | $13.8M | Add +1.3% |
| UL Unilever PLC | 0.15% | 219,778 | $13.4M | Add +440.7% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.15% | 503,541 | $13.4M | Reduce -5.3% |
| TOST Toast Inc. Class A | 0.15% | 299,145 | $13.2M | Add +0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 57,939 | $13.2M | Add +284.1% |
| RELX Relx PLC - Spon ADR | 0.14% | 238,768 | $13.0M | Add +341.1% |
| AZN Astrazeneca PLC-Spons ADR | 0.14% | 184,048 | $12.9M | Add +341.2% |
| DKS Dick's Sporting Goods Inc. | 0.14% | 64,143 | $12.7M | Add +559.6% |
| GOVT iShares US Treasury Bond ETF | 0.14% | 546,923 | $12.6M | Add +4.3% |
| VEU Vanguard Ftse All-World Ex-U | 0.14% | 181,485 | $12.2M | Reduce -0.2% |
| ABNB Airbnb Inc. Class A | 0.13% | 91,191 | $12.1M | Reduce -0.5% |
| CINF Cincinnati Financial Corp. | 0.13% | 80,289 | $12.0M | Add +7.1% |
| ARCC Ares Capital Corp. | 0.13% | 535,527 | $11.8M | Add +0.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $705K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 325 | $394K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 265 | $311K | Add +8.2% |
Total filed on the 13F, all lines: $9.0B.
Portfolio Sells Q1 2025 → Q2 2025
| VGIT Vanguard Intermediate-Term T | Reduce -1.7% | 6.99% | −1.12 |
| VGSH Vanguard Short-Term Treasury | Reduce -1.6% | 2.79% | −0.46 |
| IWV iShares Russell 3000 ETF | Reduce -1.4% | 7.30% | −0.39 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -12.9% | 1.11% | −0.37 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -76.8% | 0.08% | −0.32 |
| VEA Vanguard Ftse Developed ETF | Reduce -1.8% | 6.46% | −0.28 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.3% | 2.16% | −0.27 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.6% | 2.26% | −0.27 |
| LPLA LPL Financial Holdings Inc. | Reduce -77.7% | 0.07% | −0.23 |
| VIGI Vanguard Int Div App Indx FD | Reduce -13.5% | 0.80% | −0.18 |
| VWO Vanguard Ftse Emerging Marke | Reduce -3.2% | 2.02% | −0.17 |
| XPEL Xpel Inc. | Reduce -29.1% | 0.49% | −0.16 |
| IJH iShares Core S&P Midcap ETF | Reduce -18.1% | 0.46% | −0.15 |
| IJR iShares Core S&P Small-Cap E | Reduce -36.0% | 0.19% | −0.14 |
| BIP Brookfield Infrastructure Pa | Reduce -41.4% | 0.18% | −0.13 |
| SCHF Schwab Intl Equity ETF | Reduce -1.3% | 3.18% | −0.13 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.12 |
| TFPM Triple Flag Precious Met | Reduce -58.4% | 0.09% | −0.11 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -0.9% | 2.03% | −0.10 |
| BND Vanguard Total Bond Market | Reduce -3.6% | 0.46% | −0.09 |
| BEP Brookfield Renewable Partner | Reduce -38.2% | 0.13% | −0.08 |
| MDY State Street SPDR S&P Midcap | Reduce -9.7% | 0.35% | −0.07 |
| EFA iShares MSCI Eafe ETF | Reduce -3.4% | 0.59% | −0.05 |
| BIPC Brookfield Infrastructure-A | Reduce -37.3% | 0.08% | −0.05 |
| MUB iShares National Muni Bond E | Reduce -5.2% | 0.20% | −0.05 |
| AGG iShares Core U.S. Aggregate | Reduce -4.5% | 0.18% | −0.04 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -5.3% | 0.15% | −0.04 |
| SPYI Neos S&P 500 High Income ETF | Sold out | 0.00% | −0.04 |
| IEMG iShares Core MSCI Emerging | Reduce -5.5% | 0.38% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -28.9% | 0.04% | −0.03 |
| BUFR FT Vest Lad Buffervetf-Usd I | Reduce -29.6% | 0.06% | −0.03 |
| GLD SPDR Gold Shares | Reduce -0.4% | 0.29% | −0.03 |
| SCHD Schwab US DVD Equity ETF | Reduce -7.6% | 0.08% | −0.03 |
| XLV SS Health Care Select Sector | Reduce -55.0% | 0.01% | −0.02 |
| SOC Sable Offshore Corp. | Reduce -50.0% | 0.01% | −0.02 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -82.2% | 0.00% | −0.02 |
| SCHV Schwab US Large-Cap Value | Reduce -43.7% | 0.02% | −0.02 |
| BEPC Brookfield Renewable Corp. | Reduce -36.0% | 0.03% | −0.02 |
| GBDC Golub Capital BDC Inc. | Reduce -6.1% | 0.06% | −0.02 |
| IVE iShares S&P 500 Value ETF | Reduce -8.6% | 0.07% | −0.02 |
| CB Chubb Ltd. | Reduce -0.6% | 0.07% | −0.02 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -0.4% | 0.36% | −0.01 |
| VTWO Vanguard Russell 2000 ETF | Reduce -18.2% | 0.04% | −0.01 |
| VGT Vanguard Info Tech ETF | Reduce -11.4% | 0.22% | −0.01 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -64.1% | 0.01% | −0.01 |
| RSP Invesco S&P 500 Equal Weight | Reduce -3.8% | 0.08% | −0.01 |
| EEM iShares MSCI Emerging Market | Reduce -2.5% | 0.15% | −0.01 |
| IAT iShares US Regional Banks Et | Reduce -21.2% | 0.03% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -71.2% | 0.00% | −0.01 |
| DVY iShares Select Dividend ETF | Reduce -33.5% | 0.01% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| QUAL iShares MSCI USA Quality Fac | Add +27.6% | 3.14% | +0.50 |
| MSFT Microsoft Corp. | Add +67.1% | 0.69% | +0.33 |
| AVGO Broadcom Inc. | Add +192.0% | 0.39% | +0.30 |
| JPM JPMorgan Chase & Co. | Add +123.5% | 0.43% | +0.24 |
| RTX RTX Corp. | Add +283.3% | 0.33% | +0.24 |
| VONG Vanguard Russell 1000 Growth | Add +32.6% | 0.77% | +0.20 |
| MS Morgan Stanley | Add +289.0% | 0.26% | +0.20 |
| JNJ Johnson & Johnson | Add +207.1% | 0.29% | +0.17 |
| KO The Coca-Cola Co. | Add +119.8% | 0.37% | +0.17 |
| WMT Walmart Inc. | Add +293.4% | 0.23% | +0.17 |
| HCA HCA Healthcare Inc. | Add +137.9% | 0.29% | +0.16 |
| META Meta Platforms Inc. Class A | Add +56.3% | 0.36% | +0.15 |
| VTR Ventas Inc. | New | 0.15% | +0.15 |
| VTI VG Morningstar TS MKT ETF-US | Add +5.5% | 9.13% | +0.15 |
| CCEP Coca-Cola Europacific Partne | Add +393.4% | 0.18% | +0.14 |
| TRGP Targa Resources Corp. | Add +289.3% | 0.21% | +0.14 |
| TFC Truist Financial Corp. | Add +383.7% | 0.18% | +0.14 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +482.0% | 0.17% | +0.14 |
| ORCL Oracle Corp. | Add +122.0% | 0.18% | +0.12 |
| SHEL Shell PLC-ADR | Add +380.2% | 0.16% | +0.12 |
| UL Unilever PLC | Add +440.7% | 0.15% | +0.12 |
| DKS Dick's Sporting Goods Inc. | Add +559.6% | 0.14% | +0.12 |
| CVX Chevron Corp. | Add +238.7% | 0.19% | +0.11 |
| TSM Taiwan Semiconductor-SP ADR | Add +284.1% | 0.15% | +0.11 |
| VNO Vornado Realty Trust | New | 0.11% | +0.11 |
| PG The Procter & Gamble Co. | Add +155.9% | 0.21% | +0.11 |
| RELX Relx PLC - Spon ADR | Add +341.1% | 0.14% | +0.11 |
| QCOM Qualcomm Inc. | Add +254.0% | 0.16% | +0.11 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +2.4% | 1.94% | +0.11 |
| AZN Astrazeneca PLC-Spons ADR | Add +341.2% | 0.14% | +0.10 |
| LLY Eli Lilly & Co. | Add +184.3% | 0.16% | +0.09 |
| NSC Norfolk Southern Corp. | Add +247.6% | 0.12% | +0.08 |
| NVDA Nvidia Corp. | Add +5.0% | 0.33% | +0.08 |
| COF Capital One Financial Corp. | Add +1904.0% | 0.08% | +0.07 |
| FERG Ferguson Enterprises Inc. | Add +1108.1% | 0.08% | +0.07 |
| KR Kroger Co. | Add +1019.7% | 0.08% | +0.07 |
| DB Deutsche Bank AG-Registered | New | 0.07% | +0.07 |
| D Dominion Energy Inc. | Add +959.8% | 0.08% | +0.07 |
| NYT New York Times Co. Class A | Add +16.4% | 0.49% | +0.06 |
| IVW iShares S&P 500 Growth ETF | Add +5.2% | 0.73% | +0.06 |
| DLR Digital Realty Trust Inc. | Add +1033.1% | 0.06% | +0.06 |
| BAX Baxter International Inc. | Add +1209.6% | 0.06% | +0.06 |
| HIW Highwoods Properties Inc. | Add +1107.4% | 0.06% | +0.06 |
| AFL Aflac Inc. | Add +829.3% | 0.06% | +0.05 |
| BX Blackstone Inc. | Add +613.9% | 0.06% | +0.05 |
| LMT Lockheed Martin Corp. | Add +286.6% | 0.07% | +0.05 |
| XOM Exxon Mobil Corp. | Add +81.3% | 0.17% | +0.05 |
| IBM Intl Business Machines Corp. | Add +141.8% | 0.08% | +0.05 |
| XLK SS Technology Select Sector | Add +69.4% | 0.11% | +0.05 |
| UNP Union Pacific Corp. | Add +165.2% | 0.09% | +0.05 |
Notes & Other Activity Q1 2025 → Q2 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +8.2% | 265 | $311K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 483 | $10.6B | VGIT, VTI, IWV, VEA, SPY |
| Q1 2026 | 466 | $9.4B | VGIT, VTI, IWV, VEA, SPY |
| Q4 2025 | 491 | $9.4B | VGIT, VTI, IWV, VEA, SPY |
| Q3 2025 | 509 | $9.2B | VGIT, VTI, IWV, VEA, SPY |
| Q2 2025 | 547 | $9.0B | VTI, IWV, VGIT, VEA, SPY |
| Q1 2025Amended | 511 | $7.9B | VTI, VGIT, IWV, VEA, SPY |
| Q4 2024 | 69 | $4.8B | VTI, VGIT, IWV, VEA, VGSH |
| Q3 2024 | 68 | $5.0B | IWV, VGIT, VTI, VEA, SCHB |
| Q2 2024 | 67 | $4.8B | IWV, VTI, VGIT, VEA, SCHB |
| Q1 2024Amended | 71 | $4.7B | IWV, VGIT, VTI, VEA, SCHB |