SCS Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), SCS Capital Management LLC reported 491 stock positions worth $9.4 billion. Its top holding was Vanguard Intermediate-Term T (VGIT) at 10.6% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 9.0%) and iShares Russell 3000 ETF (IWV, 7.7%). Compared with Q3 2025, it opened 18 new positions, sold out of 38, added to 156 and reduced 222. The biggest buy was Vanguard 0-3M T-Bill ETF (VBIL, shares +8269%) and the biggest sale iShares MSCI USA Quality Fac (QUAL, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001303159
- Portfolio Value
- $9.4B (Q4 2025)
- SEC Filing
- 0001303159-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 491 stocks · $9.4B
| VGIT Vanguard Intermediate-Term T | 10.62% | 16,724,645 | $1.0B | Add +12.1% |
| VTI VG Morningstar TS MKT ETF-US | 9.02% | 2,539,532 | $851.4M | Reduce -1.0% |
| IWV iShares Russell 3000 ETF | 7.68% | 1,874,800 | $725.3M | Add +0.5% |
| VEA Vanguard Ftse Developed ETF | 6.28% | 9,489,679 | $592.8M | Reduce -3.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 5.10% | 704,587 | $481.2M | Add +0.0% |
| SCHB Schwab US Broad Market ETF | 3.31% | 11,909,368 | $312.4M | Reduce -2.4% |
| SCHF Schwab Intl Equity ETF | 3.19% | 12,527,998 | $301.2M | Reduce -1.2% |
| VOO Vanguard S&P 500 ETF | 3.07% | 462,701 | $290.2M | Add +0.0% |
| VYM Vanguard High DVD Yield ETF | 2.29% | 1,505,250 | $216.0M | Reduce -0.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 2.23% | 2,627,987 | $210.8M | Add +2.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.11% | 1,042,872 | $199.2M | Reduce -7.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 2.09% | 1,845,611 | $196.9M | Reduce -2.8% |
| VWO Vanguard Ftse Emerging Marke | 2.04% | 3,572,897 | $192.1M | Reduce -2.5% |
| QUAL iShares MSCI USA Quality Fac | 1.76% | 837,390 | $166.3M | Reduce -32.7% |
| IEFA iShares Core MSCI Eafe ETF | 1.61% | 1,697,724 | $151.9M | Add +3.8% |
| RSP Invesco S&P 500 Equal Weight | 1.21% | 596,705 | $114.3M | Add +56.2% |
| VT Vanguard Tot World STK ETF | 1.10% | 734,752 | $103.6M | Add +36.5% |
| VBIL Vanguard 0-3M T-Bill ETF | 1.10% | 1,370,698 | $103.4M | Add +8269.1% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.04% | 1,945,859 | $97.9M | Reduce -0.4% |
| IVV iShares Core S&P 500 ETF | 0.86% | 118,383 | $81.1M | Reduce -5.0% |
| VONG Vanguard Russell 1000 Growth | 0.80% | 621,420 | $75.7M | Reduce -0.1% |
| VIGI Vanguard Int Div App Indx FD | 0.70% | 719,745 | $65.8M | Reduce -4.4% |
| XPEL Xpel Inc. | 0.66% | 1,241,540 | $62.0M | No change |
| AGG iShares Core U.S. Aggregate | 0.65% | 613,113 | $61.2M | Add +318.6% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.63% | 149,611 | $59.5M | Reduce -0.7% |
| IVW iShares S&P 500 Growth ETF | 0.62% | 472,402 | $58.2M | Reduce -5.3% |
| AAPL Apple Inc. | 0.61% | 212,435 | $57.8M | Reduce -3.8% |
| EFA iShares MSCI Eafe ETF | 0.60% | 587,733 | $56.4M | Reduce -1.2% |
| STIP iShares 0-5 Year Tips Bond E | 0.59% | 542,986 | $55.6M | Add +8.1% |
| MSFT Microsoft Corp. | 0.56% | 108,592 | $52.5M | Reduce -4.9% |
| VGLT Vanguard Long-Term Treasury | 0.53% | 894,920 | $49.9M | Add +8.4% |
| NYT New York Times Co. Class A | 0.52% | 709,475 | $49.3M | Reduce -0.1% |
| ESGV Vanguard ESG US Stock ETF | 0.50% | 392,849 | $47.5M | Reduce -3.2% |
| VDE Vanguard Energy ETF | 0.49% | 370,931 | $46.7M | Add +9.0% |
| VNQ Vanguard Real Estate ETF | 0.42% | 446,251 | $39.5M | Add +4.3% |
| IJH iShares Core S&P Midcap ETF | 0.42% | 593,542 | $39.2M | Reduce -5.2% |
| IEMG iShares Core MSCI Emerging | 0.41% | 578,172 | $38.9M | Add +2.7% |
| JPM JPMorgan Chase & Co. | 0.40% | 117,079 | $37.7M | Reduce -3.6% |
| AVGO Broadcom Inc. | 0.38% | 102,986 | $35.6M | Reduce -15.3% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.38% | 112,902 | $35.5M | Reduce -0.3% |
| IQLT iShares MSCI International Q | 0.37% | 762,143 | $34.6M | Reduce -5.2% |
| IUSG iShares Core S&P U.S. Growth | 0.37% | 205,706 | $34.5M | Add +0.9% |
| SCHO Schwab Short-Term US Treas | 0.36% | 1,402,884 | $34.2M | Add +6.0% |
| IWF iShares Russell 1000 Growth | 0.36% | 71,958 | $34.1M | Add +1.4% |
| RTX RTX Corp. | 0.36% | 185,612 | $34.0M | Reduce -2.7% |
| GLD SPDR Gold Shares | 0.36% | 85,046 | $33.7M | Reduce -1.7% |
| BND Vanguard Total Bond Market | 0.36% | 454,125 | $33.6M | Reduce -14.7% |
| JNJ Johnson & Johnson | 0.35% | 161,365 | $33.4M | Reduce -2.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.34% | 125,385 | $32.3M | Reduce -8.1% |
| NVDA Nvidia Corp. | 0.34% | 172,094 | $32.1M | Reduce -1.8% |
| XME SS SPDR S&P Metals Mining | 0.34% | 307,647 | $31.9M | Reduce -30.1% |
| VSGX Vanguard ESG Intl Stock ETF | 0.34% | 444,824 | $31.9M | Reduce -2.7% |
| MDY State Street SPDR S&P Midcap | 0.34% | 52,453 | $31.7M | Reduce -1.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.33% | 51,044 | $31.4M | Reduce -2.6% |
| META Meta Platforms Inc. Class A | 0.30% | 43,066 | $28.4M | Reduce -2.4% |
| MS Morgan Stanley | 0.30% | 158,942 | $28.2M | Reduce -3.7% |
| HCA HCA Healthcare Inc. | 0.30% | 60,182 | $28.1M | Reduce -11.5% |
| PDBC Invesco Optimum Yield Divers | 0.30% | 2,111,753 | $28.0M | Add +8.9% |
| KO The Coca-Cola Co. | 0.30% | 399,711 | $27.9M | Reduce -11.2% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.26% | 742,539 | $24.3M | Reduce -0.5% |
| VIG Vanguard Dividend Apprec ETF | 0.26% | 109,931 | $24.2M | Reduce -8.9% |
| AMZN Amazon.com Inc. | 0.25% | 102,141 | $23.6M | Reduce -3.6% |
| WMT Walmart Inc. | 0.25% | 208,620 | $23.3M | Add +0.0% |
| VGT Vanguard Info Tech ETF | 0.23% | 29,251 | $22.0M | Reduce -1.4% |
| EVLV Evolv Technologies Holdings | 0.23% | 3,094,015 | $21.5M | Reduce -1.6% |
| TRGP Targa Resources Corp. | 0.22% | 114,183 | $21.1M | Add +3.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.20% | 39,049 | $19.1M | Reduce -3.9% |
| VMC Vulcan Materials Co. | 0.20% | 66,588 | $19.0M | Reduce 0.0% |
| TFC Truist Financial Corp. | 0.20% | 385,791 | $19.0M | Reduce -0.5% |
| VTR Ventas Inc. | 0.20% | 238,795 | $18.6M | Add +3.1% |
| IWB iShares Russell 1000 ETF | 0.19% | 49,136 | $18.3M | Reduce -4.6% |
| GOOG Alphabet Inc. Class C | 0.19% | 56,301 | $17.7M | Reduce -14.0% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.19% | 1,109,514 | $17.6M | Reduce -0.2% |
| QCOM Qualcomm Inc. | 0.18% | 97,714 | $16.7M | Add +1.3% |
| MUB iShares National Muni Bond E | 0.17% | 154,146 | $16.5M | Reduce -1.6% |
| PHM Pultegroup Inc. | 0.17% | 140,596 | $16.5M | Add +0.1% |
| NSC Norfolk Southern Corp. | 0.17% | 57,016 | $16.5M | Reduce -0.1% |
| AGIO Agios Pharmaceuticals Inc. | 0.17% | 598,765 | $16.3M | No change |
| CCEP Coca-Cola Europacific Partne | 0.17% | 179,591 | $16.3M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.17% | 53,441 | $16.3M | Reduce -0.2% |
| IJR iShares Core S&P Small-Cap E | 0.17% | 134,641 | $16.2M | Reduce -2.5% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.16% | 349,062 | $15.5M | No change |
| SHEL Shell PLC-ADR | 0.16% | 202,463 | $14.9M | Add +0.1% |
| EEM iShares MSCI Emerging Market | 0.15% | 263,107 | $14.4M | Reduce -5.1% |
| TSLX Sixth Street Specialty Lendi | 0.15% | 649,887 | $14.1M | Add +2.1% |
| DKS Dick's Sporting Goods Inc. | 0.15% | 71,121 | $14.1M | Add +10.6% |
| GS Goldman Sachs Group Inc. | 0.15% | 16,018 | $14.1M | Add +0.9% |
| FDX FedEx Corp. | 0.15% | 47,652 | $13.8M | Add +12.9% |
| GOOGL Alphabet Inc. Class A | 0.14% | 43,318 | $13.6M | Reduce -7.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.14% | 181,298 | $13.3M | Reduce -0.9% |
| GOVT iShares US Treasury Bond ETF | 0.14% | 578,537 | $13.3M | Add +5.3% |
| CVX Chevron Corp. | 0.14% | 86,607 | $13.2M | Reduce -4.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.14% | 26,203 | $13.2M | Reduce -13.2% |
| UL Unilever PLC-Sponsored ADR | 0.14% | 197,408 | $12.9M | Add +0.2% |
| SCHX Schwab US Large-Cap ETF | 0.13% | 460,431 | $12.4M | Reduce -0.9% |
| CINF Cincinnati Financial Corp. | 0.13% | 74,911 | $12.2M | Reduce -0.1% |
| LLY Eli Lilly & Co. | 0.13% | 11,049 | $11.9M | Reduce -1.9% |
| ABNB Airbnb Inc. Class A | 0.12% | 82,166 | $11.2M | Reduce -8.3% |
| IWM iShares Russell 2000 ETF | 0.12% | 44,732 | $11.0M | Reduce -5.6% |
| PG The Procter & Gamble Co. | 0.12% | 76,271 | $10.9M | Add +14.1% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $786K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 343 | $435K | Add +5.5% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 289 | $350K | Add +9.1% |
Total filed on the 13F, all lines: $9.4B.
Portfolio Sells Q3 2025 → Q4 2025
| QUAL iShares MSCI USA Quality Fac | Reduce -32.7% | 1.76% | −0.87 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -7.0% | 2.11% | −0.17 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.0% | 9.02% | −0.16 |
| VWO Vanguard Ftse Emerging Marke | Reduce -2.5% | 2.04% | −0.13 |
| VEA Vanguard Ftse Developed ETF | Reduce -3.2% | 6.28% | −0.12 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -82.5% | 0.03% | −0.12 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -0.7% | 0.63% | −0.12 |
| HIW Highwoods Properties Inc. | Reduce -55.3% | 0.06% | −0.11 |
| XME SS SPDR S&P Metals Mining | Reduce -30.1% | 0.34% | −0.11 |
| SCHB Schwab US Broad Market ETF | Reduce -2.4% | 3.31% | −0.11 |
| MSFT Microsoft Corp. | Reduce -4.9% | 0.56% | −0.09 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -2.8% | 2.09% | −0.08 |
| BND Vanguard Total Bond Market | Reduce -14.7% | 0.36% | −0.07 |
| FSK FS KKR Capital Corp. | Reduce -75.4% | 0.02% | −0.06 |
| IBIT iShares Bitcoin Trust ETF | Reduce -55.9% | 0.03% | −0.06 |
| AVGO Broadcom Inc. | Reduce -15.3% | 0.38% | −0.06 |
| META Meta Platforms Inc. Class A | Reduce -2.4% | 0.30% | −0.05 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.05 |
| IVV iShares Core S&P 500 ETF | Reduce -5.0% | 0.86% | −0.05 |
| IVW iShares S&P 500 Growth ETF | Reduce -5.3% | 0.62% | −0.04 |
| VIGI Vanguard Int Div App Indx FD | Reduce -4.4% | 0.70% | −0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -8.1% | 0.34% | −0.04 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.4% | 2.29% | −0.03 |
| KO The Coca-Cola Co. | Reduce -11.2% | 0.30% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -5.2% | 0.42% | −0.03 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -0.4% | 1.04% | −0.03 |
| VIG Vanguard Dividend Apprec ETF | Reduce -8.9% | 0.26% | −0.03 |
| IWD iShares Russell 1000 Value E | Reduce -21.6% | 0.10% | −0.03 |
| SCHF Schwab Intl Equity ETF | Reduce -1.2% | 3.19% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -13.2% | 0.14% | −0.03 |
| IBTF iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.03 |
| EVLV Evolv Technologies Holdings | Reduce -1.6% | 0.23% | −0.02 |
| VMC Vulcan Materials Co. | Reduce 0.0% | 0.20% | −0.02 |
| TOST Toast Inc. Class A | Reduce -11.0% | 0.11% | −0.02 |
| ESGV Vanguard ESG US Stock ETF | Reduce -3.2% | 0.50% | −0.02 |
| IQLT iShares MSCI International Q | Reduce -5.2% | 0.37% | −0.02 |
| HCA HCA Healthcare Inc. | Reduce -11.5% | 0.30% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -3.6% | 0.40% | −0.02 |
| IBTG iShares Ibonds Dec 2026 Term | Reduce -66.2% | 0.01% | −0.02 |
| NVDA Nvidia Corp. | Reduce -1.8% | 0.34% | −0.02 |
| VONG Vanguard Russell 1000 Growth | Reduce -0.1% | 0.80% | −0.02 |
| NOW ServiceNow Inc. | Reduce -0.3% | 0.06% | −0.02 |
| MCHI iShares MSCI China ETF | Reduce -24.3% | 0.03% | −0.02 |
| TFPM Triple Flag Precious Met | Reduce -27.7% | 0.06% | −0.01 |
| PANW Palo Alto Networks Inc. | Reduce -0.1% | 0.10% | −0.01 |
| GBDC Golub Capital BDC Inc. | Reduce -24.1% | 0.04% | −0.01 |
| CVX Chevron Corp. | Reduce -4.6% | 0.14% | −0.01 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -68.6% | 0.01% | −0.01 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -0.5% | 0.26% | −0.01 |
| NSC Norfolk Southern Corp. | Reduce -0.1% | 0.17% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| VBIL Vanguard 0-3M T-Bill ETF | Add +8269.1% | 1.10% | +1.08 |
| VGIT Vanguard Intermediate-Term T | Add +12.1% | 10.62% | +0.86 |
| AGG iShares Core U.S. Aggregate | Add +318.6% | 0.65% | +0.49 |
| RSP Invesco S&P 500 Equal Weight | Add +56.2% | 1.21% | +0.42 |
| VT Vanguard Tot World STK ETF | Add +36.5% | 1.10% | +0.29 |
| BPRE Bluerock Private Real Estate | New | 0.06% | +0.06 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +2.9% | 2.23% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | Add +3.8% | 1.61% | +0.05 |
| DRI Darden Restaurants Inc. | New | 0.05% | +0.05 |
| FDX FedEx Corp. | Add +12.9% | 0.15% | +0.04 |
| AKRE Akre Focus ETF | New | 0.04% | +0.04 |
| FANG Diamondback Energy Inc. | Add +276.8% | 0.04% | +0.03 |
| VDE Vanguard Energy ETF | Add +9.0% | 0.49% | +0.03 |
| STIP iShares 0-5 Year Tips Bond E | Add +8.1% | 0.59% | +0.02 |
| IGF iShares Global Infrastructur | New | 0.02% | +0.02 |
| TRGP Targa Resources Corp. | Add +3.0% | 0.22% | +0.02 |
| BA The Boeing Co. | Add +30.9% | 0.09% | +0.02 |
| VTR Ventas Inc. | Add +3.1% | 0.20% | +0.02 |
| VGLT Vanguard Long-Term Treasury | Add +8.4% | 0.53% | +0.02 |
| IAU iShares Gold Trust | Add +217.3% | 0.02% | +0.02 |
| PDBC Invesco Optimum Yield Divers | Add +8.9% | 0.30% | +0.01 |
| WMT Walmart Inc. | Add +0.0% | 0.25% | +0.01 |
| GS Goldman Sachs Group Inc. | Add +0.9% | 0.15% | +0.01 |
| SCHO Schwab Short-Term US Treas | Add +6.0% | 0.36% | +0.01 |
| OTF Blue Owl Technology Finance | Add +106.5% | 0.02% | +0.01 |
| IBTK iShares Ibonds Dec 2030 Trea | New | 0.01% | +0.01 |
| IEMG iShares Core MSCI Emerging | Add +2.7% | 0.41% | +0.01 |
| ORI Old Republic Intl Corp. | Add +6.6% | 0.05% | +0.01 |
| CB Chubb Ltd. | Add +0.2% | 0.08% | +0.01 |
| MRK Merck & Co. Inc. | Add +1.9% | 0.03% | +0.01 |
| DB Deutsche Bank AG-Registered | Add +0.0% | 0.09% | +0.01 |
| BUFR FT Vest Lad Buffervetf-Usd I | Add +8.1% | 0.07% | +0.00 |
| SLV iShares Silver Trust | Add +9.1% | 0.01% | +0.00 |
| CMCSA Comcast Corp. Class A | New | 0.00% | +0.00 |
| PG The Procter & Gamble Co. | Add +14.1% | 0.12% | +0.00 |
| WFC Wells Fargo & Co. | Add +13.7% | 0.02% | +0.00 |
| RVMD Revolution Medicines Inc. | New | 0.00% | +0.00 |
| ASML ASML Holding NV-NY Reg SHS | Add +66.4% | 0.01% | +0.00 |
| INTU Intuit Inc. | New | 0.00% | +0.00 |
| TEVA Teva Pharmaceutical-SP ADR | New | 0.00% | +0.00 |
| MU Micron Technology Inc. | Add +1.0% | 0.01% | +0.00 |
| GOVT iShares US Treasury Bond ETF | Add +5.3% | 0.14% | +0.00 |
| CRM Salesforce Inc. | Add +1.3% | 0.03% | +0.00 |
| CSCO Cisco Systems Inc. | Add +3.5% | 0.02% | +0.00 |
| ICF iShares Select U.S. REIT ETF | Add +35.5% | 0.01% | +0.00 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.00% | +0.00 |
| QCOM Qualcomm Inc. | Add +1.3% | 0.18% | +0.00 |
| TMO Thermo Fisher Scientific Inc. | Add +4.1% | 0.01% | +0.00 |
| TRV The Travelers Cos Inc. | New | 0.00% | +0.00 |
| IVLU iShares MSCI International V | Add +0.6% | 0.05% | +0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +5.5% | 343 | $435K |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +9.1% | 289 | $350K |
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 |