SCS Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), SCS Capital Management LLC reported 509 stock positions worth $9.2 billion. Its top holding was Vanguard Intermediate-Term T (VGIT) at 9.8% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 9.2%) and iShares Russell 3000 ETF (IWV, 7.7%). Compared with Q2 2025, it opened 28 new positions, sold out of 66, added to 116 and reduced 266. The biggest buy was Vanguard Intermediate-Term T (VGIT, shares +41%) and the biggest sale Vanguard Short-Term Treasury (VGSH, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001303159
- Portfolio Value
- $9.2B (Q3 2025)
- SEC Filing
- 0001303159-25-000012 ↗ filed Nov 13, 2025
Holdings Value
Holdings 509 stocks · $9.2B
| VGIT Vanguard Intermediate-Term T | 9.76% | 14,919,197 | $895.6M | Add +41.5% |
| VTI VG Morningstar TS MKT ETF-US | 9.18% | 2,565,178 | $842.1M | Reduce -5.3% |
| IWV iShares Russell 3000 ETF | 7.71% | 1,866,416 | $707.3M | Reduce -0.5% |
| VEA Vanguard Ftse Developed ETF | 6.40% | 9,807,610 | $587.7M | Reduce -4.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 5.12% | 704,458 | $469.8M | Reduce -2.6% |
| SCHB Schwab US Broad Market ETF | 3.42% | 12,199,923 | $313.7M | Reduce -0.2% |
| SCHF Schwab Intl Equity ETF | 3.22% | 12,685,293 | $295.3M | Reduce -2.1% |
| VOO Vanguard S&P 500 ETF | 3.10% | 462,582 | $284.0M | Reduce -3.2% |
| QUAL iShares MSCI USA Quality Fac | 2.64% | 1,244,123 | $242.0M | Reduce -19.6% |
| VYM Vanguard High DVD Yield ETF | 2.32% | 1,511,250 | $213.0M | Reduce -1.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.28% | 1,121,099 | $209.2M | Add +1.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 2.18% | 2,553,688 | $200.1M | Add +1.3% |
| VWO Vanguard Ftse Emerging Marke | 2.16% | 3,665,055 | $198.6M | Reduce -0.5% |
| SPYG SS SPDR P S&P 500 Growth ETF | 2.16% | 1,898,383 | $198.4M | Add +3.4% |
| IEFA iShares Core MSCI Eafe ETF | 1.56% | 1,635,604 | $142.8M | Reduce -0.0% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.07% | 1,954,254 | $97.8M | Reduce -4.2% |
| IVV iShares Core S&P 500 ETF | 0.91% | 124,576 | $83.4M | Reduce -0.8% |
| VONG Vanguard Russell 1000 Growth | 0.82% | 622,305 | $75.0M | Reduce -2.7% |
| VT Vanguard Tot World STK ETF | 0.81% | 538,183 | $74.2M | Add +22.9% |
| RSP Invesco S&P 500 Equal Weight | 0.79% | 381,978 | $72.5M | Add +920.5% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.75% | 150,668 | $68.7M | Reduce -11.7% |
| VIGI Vanguard Int Div App Indx FD | 0.73% | 752,710 | $67.4M | Reduce -6.3% |
| IVW iShares S&P 500 Growth ETF | 0.66% | 499,052 | $60.2M | Reduce -17.1% |
| MSFT Microsoft Corp. | 0.64% | 114,206 | $59.2M | Reduce -9.2% |
| AAPL Apple Inc. | 0.61% | 220,735 | $56.2M | Reduce -5.1% |
| EFA iShares MSCI Eafe ETF | 0.61% | 594,990 | $55.6M | Reduce -0.8% |
| STIP iShares 0-5 Year Tips Bond E | 0.57% | 502,177 | $51.9M | Reduce -1.3% |
| ESGV Vanguard ESG US Stock ETF | 0.52% | 405,662 | $48.0M | Add +0.0% |
| VGLT Vanguard Long-Term Treasury | 0.51% | 825,848 | $47.0M | Reduce -74.0% |
| VDE Vanguard Energy ETF | 0.47% | 340,165 | $42.8M | Reduce -1.2% |
| XPEL Xpel Inc. | 0.45% | 1,241,540 | $41.1M | No change |
| XME SS SPDR S&P Metals Mining | 0.45% | 439,896 | $41.0M | Reduce -3.4% |
| IJH iShares Core S&P Midcap ETF | 0.45% | 626,053 | $40.9M | Reduce -6.4% |
| NYT New York Times Co. Class A | 0.44% | 710,533 | $40.8M | Reduce -9.6% |
| AVGO Broadcom Inc. | 0.44% | 121,596 | $40.1M | Reduce -5.9% |
| BND Vanguard Total Bond Market | 0.43% | 532,291 | $39.6M | Reduce -6.0% |
| VNQ Vanguard Real Estate ETF | 0.43% | 428,066 | $39.1M | Reduce -2.7% |
| JPM JPMorgan Chase & Co. | 0.42% | 121,511 | $38.3M | Reduce -8.5% |
| IEMG iShares Core MSCI Emerging | 0.40% | 562,933 | $37.1M | Reduce -2.5% |
| IQLT iShares MSCI International Q | 0.39% | 803,518 | $35.5M | Add +0.1% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.38% | 113,230 | $34.9M | Reduce -0.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.38% | 136,412 | $34.7M | Reduce -0.2% |
| IUSG iShares Core S&P U.S. Growth | 0.37% | 203,954 | $33.6M | Reduce -6.5% |
| IWF iShares Russell 1000 Growth | 0.36% | 70,927 | $33.2M | Reduce -1.8% |
| NVDA Nvidia Corp. | 0.36% | 175,186 | $32.7M | Reduce -6.3% |
| META Meta Platforms Inc. Class A | 0.35% | 44,101 | $32.4M | Reduce -0.4% |
| SCHO Schwab Short-Term US Treas | 0.35% | 1,323,278 | $32.3M | Reduce -0.6% |
| RTX RTX Corp. | 0.35% | 190,753 | $31.9M | Reduce -5.7% |
| VSGX Vanguard ESG Intl Stock ETF | 0.35% | 457,022 | $31.7M | Add +0.1% |
| MDY State Street SPDR S&P Midcap | 0.34% | 53,046 | $31.6M | Reduce -4.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.34% | 52,394 | $31.5M | Add +2.8% |
| GLD SPDR Gold Shares | 0.34% | 86,490 | $30.7M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.33% | 165,665 | $30.7M | Reduce -3.5% |
| KO The Coca-Cola Co. | 0.33% | 449,998 | $30.0M | Reduce -2.9% |
| HCA HCA Healthcare Inc. | 0.32% | 68,003 | $29.0M | Reduce -0.3% |
| MS Morgan Stanley | 0.29% | 165,004 | $26.2M | Reduce -0.9% |
| VIG Vanguard Dividend Apprec ETF | 0.28% | 120,613 | $26.1M | Reduce -8.6% |
| PDBC Invesco Optimum Yield Divers | 0.28% | 1,938,452 | $26.0M | Reduce -1.3% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.27% | 746,002 | $24.9M | Reduce -0.5% |
| AGIO Agios Pharmaceuticals Inc. | 0.26% | 598,765 | $24.0M | Reduce -0.9% |
| AMZN Amazon.com Inc. | 0.25% | 105,925 | $23.3M | Reduce -6.7% |
| EVLV Evolv Technologies Holdings | 0.25% | 3,144,029 | $23.0M | Reduce -27.2% |
| VGT Vanguard Info Tech ETF | 0.24% | 29,670 | $22.2M | Add +0.6% |
| WMT Walmart Inc. | 0.23% | 208,603 | $21.5M | Reduce -0.8% |
| VMC Vulcan Materials Co. | 0.22% | 66,590 | $20.5M | Reduce -1.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.21% | 40,629 | $19.5M | Reduce -1.0% |
| IWB iShares Russell 1000 ETF | 0.21% | 51,529 | $18.8M | Reduce -2.1% |
| TRGP Targa Resources Corp. | 0.20% | 110,857 | $18.6M | Reduce -0.0% |
| PHM Pultegroup Inc. | 0.20% | 140,511 | $18.6M | Reduce -0.2% |
| TFC Truist Financial Corp. | 0.19% | 387,828 | $17.7M | Add +1.4% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.19% | 1,111,589 | $17.7M | Add +0.4% |
| NSC Norfolk Southern Corp. | 0.19% | 57,089 | $17.2M | Add +36.6% |
| MUB iShares National Muni Bond E | 0.18% | 156,628 | $16.7M | Reduce -11.3% |
| IJR iShares Core S&P Small-Cap E | 0.18% | 138,084 | $16.4M | Reduce -11.6% |
| VTR Ventas Inc. | 0.18% | 231,549 | $16.3M | Add +6.8% |
| CCEP Coca-Cola Europacific Partne | 0.18% | 179,717 | $16.2M | Add +0.3% |
| QCOM Qualcomm Inc. | 0.17% | 96,431 | $16.0M | Add +7.5% |
| HIW Highwoods Properties Inc. | 0.17% | 504,135 | $16.0M | Add +177.0% |
| GOOG Alphabet Inc. Class C | 0.17% | 65,454 | $15.9M | Reduce -0.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.17% | 30,200 | $15.2M | Add +6.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 53,558 | $15.0M | Reduce -7.6% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.16% | 349,062 | $14.9M | Reduce -9.3% |
| EEM iShares MSCI Emerging Market | 0.16% | 277,203 | $14.8M | Reduce -3.0% |
| AGG iShares Core U.S. Aggregate | 0.16% | 146,462 | $14.7M | Reduce -11.2% |
| TSLX Sixth Street Specialty Lendi | 0.16% | 636,338 | $14.5M | Add +2.2% |
| ORCL Oracle Corp. | 0.16% | 51,690 | $14.5M | Reduce -31.5% |
| SHEL Shell PLC-ADR | 0.16% | 202,215 | $14.5M | Reduce -3.0% |
| DKS Dick's Sporting Goods Inc. | 0.16% | 64,284 | $14.3M | Add +0.2% |
| CVX Chevron Corp. | 0.15% | 90,767 | $14.1M | Reduce -24.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.15% | 183,607 | $14.1M | Reduce -0.2% |
| UL Unilever PLC | 0.14% | 221,807 | $13.1M | Add +0.9% |
| VEU Vanguard Ftse All-World Ex-U | 0.14% | 182,894 | $13.1M | Add +0.8% |
| GOVT iShares US Treasury Bond ETF | 0.14% | 549,676 | $12.7M | Add +0.5% |
| GS Goldman Sachs Group Inc. | 0.14% | 15,873 | $12.6M | Reduce -1.6% |
| TOST Toast Inc. Class A | 0.13% | 336,630 | $12.3M | Add +12.5% |
| SCHX Schwab US Large-Cap ETF | 0.13% | 464,681 | $12.2M | Add +0.0% |
| CINF Cincinnati Financial Corp. | 0.13% | 74,952 | $11.9M | Reduce -6.7% |
| IWD iShares Russell 1000 Value E | 0.13% | 57,358 | $11.7M | Reduce -0.4% |
| RELX Relx PLC - Spon ADR | 0.13% | 240,534 | $11.5M | Add +0.7% |
| IWM iShares Russell 2000 ETF | 0.13% | 47,396 | $11.5M | Reduce -1.0% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $743K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 325 | $416K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 265 | $327K | No change |
Total filed on the 13F, all lines: $9.2B.
Portfolio Sells Q2 2025 → Q3 2025
| VGSH Vanguard Short-Term Treasury | Reduce -95.8% | 0.12% | −2.67 |
| VGLT Vanguard Long-Term Treasury | Reduce -74.0% | 0.51% | −1.46 |
| QUAL iShares MSCI USA Quality Fac | Reduce -19.6% | 2.64% | −0.50 |
| BIP Brookfield Infrastructure Pa | Reduce -96.7% | 0.01% | −0.18 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -86.8% | 0.02% | −0.13 |
| VNO Vornado Realty Trust | Sold out | 0.00% | −0.11 |
| BEP Brookfield Renewable Partner | Reduce -83.9% | 0.02% | −0.11 |
| PG The Procter & Gamble Co. | Reduce -44.3% | 0.11% | −0.10 |
| IVW iShares S&P 500 Growth ETF | Reduce -17.1% | 0.66% | −0.08 |
| BIPC Brookfield Infrastructure-A | Sold out | 0.00% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -44.9% | 0.10% | −0.07 |
| VIGI Vanguard Int Div App Indx FD | Reduce -6.3% | 0.73% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -38.6% | 0.09% | −0.06 |
| LMT Lockheed Martin Corp. | Reduce -87.3% | 0.01% | −0.06 |
| BAX Baxter International Inc. | Reduce -84.6% | 0.01% | −0.06 |
| VEA Vanguard Ftse Developed ETF | Reduce -4.0% | 6.40% | −0.05 |
| MCHI iShares MSCI China ETF | Reduce -59.2% | 0.05% | −0.05 |
| MSFT Microsoft Corp. | Reduce -9.2% | 0.64% | −0.05 |
| WFC Wells Fargo & Co. | Reduce -75.2% | 0.02% | −0.05 |
| NYT New York Times Co. Class A | Reduce -9.6% | 0.44% | −0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -4.2% | 1.07% | −0.04 |
| EVLV Evolv Technologies Holdings | Reduce -27.2% | 0.25% | −0.04 |
| FSK FS KKR Capital Corp. | Reduce -7.2% | 0.08% | −0.04 |
| CI The Cigna Group | Reduce -24.3% | 0.07% | −0.04 |
| KO The Coca-Cola Co. | Reduce -2.9% | 0.33% | −0.04 |
| CVX Chevron Corp. | Reduce -24.0% | 0.15% | −0.04 |
| BEPC Brookfield Renewable Corp. | Sold out | 0.00% | −0.03 |
| BND Vanguard Total Bond Market | Reduce -6.0% | 0.43% | −0.03 |
| XLK SS Technology Select Sector | Reduce -33.0% | 0.08% | −0.03 |
| ARCC Ares Capital Corp. | Reduce -15.1% | 0.10% | −0.03 |
| BP BP PLC-Spons ADR | Reduce -77.4% | 0.01% | −0.03 |
| TJX TJX Companies Inc. | Reduce -84.4% | 0.01% | −0.03 |
| FERG Ferguson Enterprises Inc. | Reduce -33.8% | 0.05% | −0.03 |
| ORCL Oracle Corp. | Reduce -31.5% | 0.16% | −0.02 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -11.3% | 0.18% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -6.7% | 0.25% | −0.02 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −0.02 |
| AGG iShares Core U.S. Aggregate | Reduce -11.2% | 0.16% | −0.02 |
| QTRX Quanterix Corp. | Reduce -66.1% | 0.01% | −0.02 |
| OBDC Blue Owl Capital Corp. | Reduce -4.3% | 0.09% | −0.02 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -21.5% | 0.07% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -8.6% | 0.28% | −0.02 |
| ABNB Airbnb Inc. Class A | Reduce -1.7% | 0.12% | −0.02 |
| KR Kroger Co. | Reduce -12.0% | 0.07% | −0.02 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -1.3% | 0.57% | −0.01 |
| IJH iShares Core S&P Midcap ETF | Reduce -6.4% | 0.45% | −0.01 |
| AVB Avalonbay Communities Inc. | Reduce -28.4% | 0.03% | −0.01 |
| NOW ServiceNow Inc. | Reduce -2.6% | 0.08% | −0.01 |
| TFPM Triple Flag Precious Met | Reduce -30.1% | 0.07% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| VGIT Vanguard Intermediate-Term T | Add +41.5% | 9.76% | +2.77 |
| RSP Invesco S&P 500 Equal Weight | Add +920.5% | 0.79% | +0.71 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +3.4% | 2.16% | +0.22 |
| VT Vanguard Tot World STK ETF | Add +22.9% | 0.81% | +0.18 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +1.3% | 2.18% | +0.15 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +1.8% | 2.28% | +0.12 |
| HIW Highwoods Properties Inc. | Add +177.0% | 0.17% | +0.11 |
| FDX FedEx Corp. | New | 0.11% | +0.11 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +1364.6% | 0.08% | +0.08 |
| NSC Norfolk Southern Corp. | Add +36.6% | 0.19% | +0.07 |
| MTSR Metsera Inc. | New | 0.05% | +0.05 |
| ORI Old Republic Intl Corp. | New | 0.05% | +0.05 |
| SNOW Snowflake Inc. | Add +509.0% | 0.05% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +2.8% | 0.34% | +0.03 |
| ESGV Vanguard ESG US Stock ETF | Add +0.0% | 0.52% | +0.03 |
| TBN Tamboran Resources Corp. | New | 0.03% | +0.03 |
| VTR Ventas Inc. | Add +6.8% | 0.18% | +0.02 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +0.4% | 0.19% | +0.02 |
| VGT Vanguard Info Tech ETF | Add +0.6% | 0.24% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | Add +20.9% | 0.09% | +0.02 |
| NEU Newmarket Corp. | Add +12.5% | 0.07% | +0.02 |
| QCOM Qualcomm Inc. | Add +7.5% | 0.17% | +0.02 |
| DAL Delta Air Lines Inc. | Add +188.8% | 0.02% | +0.02 |
| DKS Dick's Sporting Goods Inc. | Add +0.2% | 0.16% | +0.01 |
| DB Deutsche Bank AG-Registered | Add +2.0% | 0.08% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.01% | +0.01 |
| VSGX Vanguard ESG Intl Stock ETF | Add +0.1% | 0.35% | +0.01 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 0.01% | +0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.5% | 0.17% | +0.01 |
| BBD Banco Bradesco-ADR | New | 0.01% | +0.01 |
| MELI MercadoLibre Inc. | New | 0.01% | +0.01 |
| TFC Truist Financial Corp. | Add +1.4% | 0.19% | +0.01 |
| ABEV Ambev SA-ADR | New | 0.01% | +0.01 |
| RBRK Rubrik Inc. Class A | Add +184.4% | 0.02% | +0.01 |
| IBM Intl Business Machines Corp. | Add +16.3% | 0.09% | +0.01 |
| FBTC Fidelity Wise Origin Bitcoin | Add +15.5% | 0.04% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.0% | 0.13% | +0.01 |
| OTF Blue Owl Technology Finance | New | 0.01% | +0.01 |
| LOW Lowe's Cos Inc. | Add +70.8% | 0.01% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Add +0.8% | 0.14% | +0.01 |
| BLK BlackRock Inc. | Add +56.2% | 0.02% | +0.01 |
| UMAC Unusual Machines Inc. | Add +174.9% | 0.01% | +0.01 |
| ARTY iShares Future AI & Tech ETF | New | 0.01% | +0.01 |
| VONV Vanguard Russell 1000 Value | Add +57.9% | 0.02% | +0.01 |
| OEF iShares S&P 100 ETF | Add +0.1% | 0.08% | +0.01 |
| PGR Progressive Corp. | Add +168.4% | 0.01% | +0.01 |
| HIMS Hims & Hers Health Inc. | New | 0.00% | +0.00 |
| VTWO Vanguard Russell 2000 ETF | Add +0.1% | 0.05% | +0.00 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 0.00% | +0.00 |
| AMD Advanced Micro Devices | Add +52.9% | 0.01% | +0.00 |
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 |