iShares High Yield SystematiHYDBETF
13F holders, Q1 2025 (March 31)246holders +4
38new positions
27sold out
$47.05avg. 13F price*
At the end of Q1 2025, 246 institutions reported holding iShares High Yield Systemati (HYDB) in their 13F filings, up 4 from Q4 2024. 38 opened new positions and 27 sold out. The largest holders were Renaissancere Holdings Ltd. ($238.2M), Bank of America Corp. ($140.1M) and Envestnet Asset Management Inc. ($127.8M).
- Company
- iShares High Yield Systemati
- CUSIP
- 46435G250
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q4 2024 → Q1 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 38 | $272.9M |
| Exits | 27 | $21.6M |
All 13F filers, Q4 2024 → Q1 2025: 10,131,960 shares bought and 2,498,692 shares sold, net +7,633,268 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 246 holders
| Renaissancere Holdings Ltd. | 38.06% | New | 5,057,726 | $238.2M |
| Bank of America Corp. | 0.01% | Add +502.5% | 2,975,615 | $140.1M |
| Envestnet Asset Management Inc. | 0.04% | Add +1.2% | 2,713,773 | $127.8M |
| Wealthspire Advisors, LLC | 0.35% | Add +4.7% | 1,243,992 | $58.6M |
| LPL Financial LLC | 0.02% | Reduce -20.2% | 1,128,859 | $53.2M |
| Ameriprise Financial Inc. | 0.01% | Add +12.0% | 757,183 | $35.7M |
| Assetmark, Inc. | 0.08% | Add +2.7% | 605,844 | $28.5M |
| State of New Jersey Common Pension Fund D | 0.12% | Reduce -53.6% | 563,120 | $26.5M |
| JPMorgan Chase & Co. | 0.00% | Add +19.1% | 525,357 | $24.7M |
| Cwm, LLC | 0.09% | Add +53.9% | 502,686 | $23.7M |
| Morgan Stanley | 0.00% | Add +12.0% | 496,438 | $23.4M |
| BlackRock, Inc. | 0.00% | Add +7.1% | 492,282 | $23.2M |
| Captrust Financial Advisors | 0.06% | Reduce -24.6% | 489,381 | $23.0M |
| Strategic Planning Group, LLC | 4.21% | New | 456,706 | $21.5M |
| IHT Wealth Management, LLC | 0.65% | Reduce -14.8% | 441,983 | $20.8M |
| Cetera Investment Advisers | 0.04% | Reduce -1.1% | 437,594 | $20.6M |
| Manning & Napier Advisors LLC | 0.23% | Reduce -6.4% | 392,550 | $18.5M |
| Cornerstone Planning Group LLC | 3.49% | Add +3.3% | 318,044 | $14.6M |
| Capital Investment Counsel, LLC | 2.27% | Add +16.6% | 291,149 | $13.7M |
| Outlook Wealth Advisors, LLC | 3.77% | Add +20.9% | 287,863 | $13.6M |
| MML Investors Services, LLC | 0.04% | Add +75.8% | 274,802 | $12.9M |
| Envestnet Portfolio Solutions, Inc. | 0.05% | Reduce -19.9% | 263,605 | $12.4M |
| IMA Advisory Services, Inc. | 1.47% | Reduce -6.1% | 262,984 | $12.4M |
| Ocean Park Asset Management, LLC | 0.40% | Add +37.4% | 240,799 | $11.3M |
| Insight Wealth Strategies, LLC | 1.46% | Add +99.1% | 230,917 | $10.9M |
| Osaic Holdings, Inc. | 0.02% | Add +13.9% | 227,139 | $10.7M |
| Betterment LLC | 0.02% | Add +23.2% | 222,167 | $10.5M |
| Compound Planning, Inc. | 0.41% | Add +14.2% | 192,001 | $9.0M |
| TL Private Wealth | 4.38% | Reduce -1.7% | 197,846 | $8.8M |
| UBS Group AG | 0.00% | Add +175.7% | 185,043 | $8.7M |
| Dahring | Cusmano LLC | 7.28% | Add +7.8% | 179,411 | $8.4M |
| Sax Wealth Advisors, LLC | 0.53% | Add +17.9% | 157,017 | $7.4M |
| Park Avenue Securities LLC | 0.09% | Add +9.7% | 149,170 | $7.0M |
| Bank of New York Mellon Corp | 0.00% | Add +34.2% | 148,760 | $7.0M |
| Foundations Investment Advisors, LLC | 0.13% | Add +40.5% | 144,124 | $6.8M |
| Kestra Investment Management, LLC | 0.11% | Reduce -72.3% | 126,984 | $5.8M |
| United Capital Financial Advisors, LLC | 0.05% | Reduce -18.2% | 120,958 | $5.7M |
| Waverly Advisors, LLC | 0.07% | Add +12.0% | 117,692 | $5.5M |
| Creative Financial Designs Inc. | 0.41% | Add +2.5% | 109,381 | $5.2M |
| Commonwealth Equity Services, LLC | 0.01% | Reduce -53.8% | 109,286 | $5.1M |
| Raymond James Financial Inc. | 0.00% | Add +24.2% | 105,987 | $5.0M |
| Cottonwood Capital Advisors, LLC | 3.66% | Add +17.5% | 105,697 | $5.0M |
| Janney Montgomery Scott LLC | 0.01% | Add +4.6% | 102,178 | $4.8M |
| Sanctuary Advisors, LLC | 0.03% | Add +4.9% | 100,931 | $4.8M |
| NewEdge Advisors, LLC | 0.03% | Add +15.0% | 99,933 | $4.7M |
| Systelligence, LLC | 1.11% | Reduce -19.2% | 98,013 | $4.6M |
| Correct Capital Wealth Management | 0.89% | Reduce -34.9% | 95,071 | $4.5M |
| Mascagni Wealth Management, Inc. | 4.41% | No change | 94,074 | $4.4M |
| Kelly Financial Services LLC | 1.35% | Add +2.8% | 82,384 | $3.9M |
| OneDigital Investment Advisors LLC | 0.05% | Reduce -32.7% | 80,820 | $3.8M |
| NorthCoast Asset Management LLC | 0.02% | Reduce -0.6% | 71,627 | $3.4M |
| Tennessee Valley Asset Management Partners | 0.53% | Add +704.8% | 69,645 | $3.3M |
| Advisory Resource Group | 0.65% | Reduce -55.4% | 68,178 | $3.2M |
| Triad Wealth Partners, LLC | 1.00% | Add +9.1% | 68,081 | $3.2M |
| Dynasty Wealth Management, LLC | 0.05% | Add +15.2% | 66,304 | $3.1M |
| Stifel Financial Corp. | 0.00% | Add +9.1% | 62,145 | $2.9M |
| Savvy Advisors, Inc. | 0.28% | Add +118.7% | 59,626 | $2.8M |
| Sagespring Wealth Partners, LLC | 0.07% | Add +14.3% | 57,448 | $2.7M |
| Beacon Financial Planning, Inc. | 1.54% | Add +366.4% | 56,757 | $2.7M |
| Avantax Advisory Services, Inc. | 0.02% | Add +10.9% | 56,366 | $2.7M |
| Summit X, LLC | 0.56% | Reduce -17.2% | 56,364 | $2.7M |
| Retirement Planning Group, LLC / NY | 2.68% | Add +0.6% | 56,033 | $2.6M |
| Ascent Group, LLC | 0.11% | Add +193.3% | 55,918 | $2.6M |
| Cambridge Investment Research Advisors, Inc. | 0.01% | Add +3.9% | 55,444 | $2.6M |
| CreativeOne Wealth, LLC | 0.08% | Add +1.6% | 54,766 | $2.6M |
| Merit Financial Group, LLC | 0.04% | Add +651.1% | 54,111 | $2.5M |
| Stratos Wealth Partners, LTD. | 0.04% | New | 50,151 | $2.4M |
| Kestra Advisory Services, LLC | 0.01% | Add +4.0% | 49,247 | $2.3M |
| Veridan Wealth LLC | 1.04% | Add +3.6% | 48,822 | $2.3M |
| Truist Financial Corp. | 0.00% | Add +1.3% | 44,837 | $2.1M |
| Dynamic Advisor Solutions LLC | 0.07% | Add +16.1% | 43,103 | $2.0M |
| Liberty Square Wealth Partners LLC | 0.77% | Add +87.5% | 43,073 | $2.0M |
| Fig Financial Advisory Services Inc. | 1.43% | Add +22.9% | 43,015 | $2.0M |
| Atria Wealth Solutions, Inc. | 0.02% | Add +0.6% | 40,906 | $1.9M |
| Atria Investments, Inc | 0.02% | Add +10.4% | 40,812 | $1.9M |
| US Bancorp \de | 0.00% | Reduce -0.1% | 39,430 | $1.9M |
| SteelPeak Wealth, LLC | 0.07% | Add +41.9% | 36,656 | $1.7M |
| Continuum Advisory, LLC | 0.21% | Add +0.0% | 35,064 | $1.7M |
| Integrated Wealth Concepts LLC | 0.02% | New | 34,308 | $1.6M |
| Apollon Wealth Management, LLC | 0.03% | Add +5.0% | 32,681 | $1.5M |
| Security Financial Services, INC. | 0.30% | Reduce -8.2% | 31,916 | $1.5M |
| Avestar Capital, LLC | 0.13% | Add +5.1% | 29,388 | $1.4M |
| Modern Wealth Management, LLC | 0.04% | Add +5.9% | 28,836 | $1.4M |
| IFP Advisors, Inc | 0.04% | Add +88.6% | 27,552 | $1.3M |
| TSA Wealth Managment LLC | 0.51% | Add +10.0% | 27,194 | $1.3M |
| Rovin Capital /Ut/ | 0.41% | Add +16.5% | 27,132 | $1.3M |
| Regal Investment Advisors LLC | 0.10% | Add +52.7% | 26,571 | $1.3M |
| Seamount Financial Group Inc. | 0.85% | Add +51.7% | 26,436 | $1.2M |
| Trek Financial, LLC | 0.09% | Add +77.4% | 26,341 | $1.2M |
| U.S. Capital Wealth Advisors, LLC | 0.04% | Add +14.8% | 26,155 | $1.2M |
| Midwest Capital Advisors, LLC | 0.74% | Add +12.8% | 25,626 | $1.2M |
| Private Advisor Group, LLC | 0.01% | Add +43.4% | 24,856 | $1.2M |
| Watershed Private Wealth LLC | 0.45% | Add +8.1% | 23,944 | $1.1M |
| Thoroughbred Financial Services, LLC | 0.07% | Add +0.2% | 23,521 | $1.1M |
| Royal Bank of Canada | 0.00% | Add +27.9% | 23,331 | $1.1M |
| Summit Wealth Partners, LLC | 0.22% | Reduce -19.6% | 23,184 | $1.1M |
| Sharkey, Howes & Javer | 0.15% | Add +38.8% | 22,396 | $1.1M |
| Allworth Financial LP | 0.01% | Add +424.6% | 22,632 | $1.0M |
| HighTower Advisors, LLC | 0.00% | Add +2.5% | 21,992 | $1.0M |
| Hennion & Walsh Asset Management, Inc. | 0.05% | Add +2.3% | 21,958 | $1.0M |
| Equitable Holdings, Inc. | 0.01% | Reduce -14.5% | 21,947 | $1.0M |
| TFB Advisors LLC | 0.28% | Add +49.4% | 20,333 | $957K |
| Armor Investment Advisors, LLC | 0.38% | Add +2.8% | 19,654 | $926K |
| Thrivent Financial for Lutherans | 0.00% | No change | 18,482 | $883K |
| CFS Investment Advisory Services, LLC | 0.08% | Reduce -3.5% | 18,684 | $880K |
| Westbourne Investments, Inc. | 0.49% | Add +1.4% | 17,123 | $806K |
| JFS Wealth Advisors, LLC | 0.05% | New | 16,649 | $784K |
| Tidemark, LLC | 0.28% | Add +682.6% | 16,481 | $776K |
| Strategic Blueprint, LLC | 0.04% | Add +8.2% | 16,367 | $771K |
| World Investment Advisors | 0.02% | New | 15,574 | $733K |
| AE Wealth Management LLC | 0.01% | Add +122.2% | 14,909 | $702K |
| Integrated Advisors Network LLC | 0.04% | Add +63.5% | 14,816 | $698K |
| High Falls Advisors, Inc | 0.16% | Add +4.1% | 14,754 | $695K |
| Blue Trust, Inc. | 0.01% | Reduce -0.7% | 14,581 | $687K |
| Kingsview Wealth Management, LLC | 0.01% | Add +9.2% | 14,479 | $682K |
| Cook Wealth, LLC | 0.33% | Add +5.5% | 14,791 | $681K |
| Arkadios Wealth Advisors | 0.02% | Add +45.9% | 13,962 | $657K |
| Sovran Advisors, LLC | 0.08% | New | 14,237 | $652K |
| Synovus Financial Corp. | 0.01% | New | 13,516 | $636K |
| Icon Wealth Advisors, LLC | 0.05% | Add +1.6% | 12,653 | $596K |
| 5T Wealth, LLC | 0.33% | Add +2.4% | 12,437 | $586K |
| Riverchase Wealth Management, LLC | 0.40% | Add +63.6% | 12,125 | $571K |
| Exchange Traded Concepts, LLC | 0.01% | Reduce -6.4% | 11,968 | $564K |
| Atlatl Advisers LLC | 0.37% | Reduce -1.8% | 11,949 | $563K |
| Lansing Street Advisors | 0.19% | New | 11,881 | $559K |
| ShoreHaven Wealth Partners, LLC | 0.26% | Reduce -2.2% | 11,708 | $551K |
| Advus Financial Partners, LLC | 0.15% | Add +83.7% | 11,439 | $539K |
| Hoxton Planning & Management, LLC | 0.20% | New | 11,409 | $537K |
| SigFig Wealth Management, LLC | 0.02% | Add +0.5% | 11,068 | $521K |
| Farther Finance Advisors, LLC | 0.01% | Add +107.0% | 10,504 | $492K |
| Simplicity Wealth,LLC | 0.04% | New | 10,221 | $481K |
| ROI Financial Advisors, LLC | 0.35% | Add +43.1% | 10,112 | $476K |
| True Vision MN LLC | 0.28% | Reduce -0.3% | 10,063 | $474K |
| Shared Vision Wealth Group LLC | 0.26% | Add +11.6% | 9,975 | $470K |
| Oxinas Partners, LLC | 0.27% | Reduce -10.3% | 9,887 | $466K |
| Absolute Capital Management, LLC | 0.27% | Reduce -8.4% | 9,804 | $462K |
| MA Private Wealth | 0.08% | New | 9,571 | $451K |
| OneAscent Financial Services LLC | 0.03% | Add +2.0% | 9,233 | $435K |
| Copperleaf Capital, LLC | 0.26% | New | 9,065 | $427K |
| Capital Investment Advisors, LLC | 0.01% | Add +20.7% | 8,995 | $424K |
| Mirae Asset Global Investments Co., Ltd. | 0.00% | New | 8,955 | $421K |
| WealthShield Partners, LLC | 0.05% | Add +5.6% | 8,759 | $412K |
| Brookstone Capital Management | 0.01% | Reduce -11.2% | 8,647 | $407K |
| West Wealth Group, LLC | 0.12% | Add +10.6% | 8,654 | $406K |
| NBT Bank, N.A. | 0.03% | New | 8,595 | $405K |
| Steward Partners Investment Advisory, LLC | 0.00% | Add +1.5% | 8,415 | $396K |
| Cedar Point Capital Partners, LLC | 0.25% | Reduce -0.2% | 8,062 | $380K |
| Prime Capital Investment Advisors, LLC | 0.00% | Add +5.6% | 7,994 | $376K |
| Claro Advisors Inc. | 0.05% | Add +14.4% | 7,930 | $373K |
| Meridian Wealth Management, LLC | 0.02% | Add +22.6% | 7,920 | $373K |
| ONE Advisory Partners, LLC | 0.16% | Reduce -2.0% | 7,855 | $370K |
| JPL Wealth Management, LLC | 0.10% | Add +48.3% | 7,805 | $368K |
| Glass Jacobson Investment Advisors llc | 0.12% | No change | 7,796 | $367K |
| Summit Investment Advisors, Inc. | 0.32% | Add +1.1% | 7,915 | $365K |
| Cranbrook Wealth Management, LLC | 0.08% | Add +88.0% | 7,586 | $357K |
| Buttonwood Financial Group, LLC | 0.20% | Add +6.5% | 7,577 | $341K |
| Madrona Financial Services, LLC | 0.09% | Add +3.6% | 7,204 | $339K |
| Breakwater Capital Group | 0.06% | New | 7,011 | $330K |
| Cobblestone Asset Management LLC | 0.19% | Add +39.6% | 6,897 | $325K |
| Cyndeo Wealth Partners, LLC | 0.02% | Add +17.3% | 6,772 | $319K |
| Cypress Wealth Services, LLC | 0.06% | Add +11.7% | 6,687 | $315K |
| Invst, LLC | 0.04% | Reduce -28.0% | 6,656 | $313K |
| International Assets Investment Management, LLC | 0.03% | No change | 6,599 | $311K |
| Peapack Gladstone Financial Corp. | 0.00% | Add +5.7% | 6,500 | $306K |
| Matthew Goff Investment Advisor, LLC | 0.06% | No change | 6,370 | $300K |
| JB Capital LLC | 0.02% | Reduce -5.2% | 6,286 | $296K |
| Bay Harbor Wealth Management, LLC | 0.09% | Add +11.0% | 6,118 | $288K |
| PAX Financial Group, LLC | 0.05% | Reduce -22.9% | 6,054 | $285K |
| Pettinga Financial Advisors LLC | 0.07% | New | 6,009 | $283K |
| Mach-1 Financial Group, LLC | 0.08% | New | 6,000 | $283K |
| Balanced Rock Investment Advisors LLC | 0.22% | Add +1.6% | 5,962 | $281K |
| Horst & Graben Wealth Management LLC | 0.05% | Reduce -69.4% | 5,930 | $279K |
| BOS Asset Management, LLC | 0.10% | Add +7.5% | 5,928 | $279K |
| Opus Capital Group, LLC | 0.04% | Add +14.0% | 5,877 | $277K |
| Orion Porfolio Solutions, LLC | 0.00% | Add +17.9% | 5,830 | $275K |
| Orion Portfolio Solutions, LLC | 0.00% | Add +17.9% | 5,830 | $275K |
| Northwestern Mutual Wealth Management Co. | 0.00% | Reduce -12.4% | 5,737 | $270K |
| Victory Financial Group, LLC | 0.05% | New | 5,605 | $264K |
| Comerica Bank | 0.00% | Add +10.9% | 5,593 | $263K |
| Principal Securities, Inc. | 0.01% | No change | 5,545 | $261K |
| Quadrant Private Wealth Management, LLC | 0.06% | Reduce -51.2% | 5,483 | $258K |
| PKS Advisory Services, LLC | 0.07% | New | 5,477 | $258K |
| Independent Advisor Alliance | 0.01% | Reduce -30.3% | 5,446 | $256K |
| Spectrum Wealth Counsel, LLC | 0.03% | Add +10.7% | 5,383 | $253K |
| Snowden Capital Advisors LLC | 0.01% | Add +4.1% | 5,109 | $241K |
| Prosperity Consulting Group, LLC | 0.02% | Add +9.1% | 5,098 | $240K |
| Pennsylvania Capital Management Inc. | 0.09% | Add +1.0% | 5,005 | $236K |
| First Horizon Advisors, Inc. | 0.01% | Add +29.6% | 4,896 | $231K |
| Diversify Advisory Services, LLC | 0.01% | New | 4,798 | $224K |
| Tsfg, LLC | 0.05% | Add +39.5% | 4,714 | $222K |
| Endeavor Private Wealth, Inc. | 0.12% | Add +58.1% | 4,687 | $221K |
| Unique Wealth Strategies, LLC | 0.10% | Reduce -1.8% | 4,652 | $219K |
| Sigma Planning Corp | 0.01% | New | 4,457 | $210K |
| BlueStem Wealth Partners, LLC | 0.03% | New | 4,438 | $209K |
| Barnes Wealth Management Group, Inc | 0.13% | New | 4,435 | $209K |
| Two West Capital Advisors LLC | 0.17% | New | 4,623 | $208K |
| Sequoia Financial Advisors, LLC | 0.00% | New | 4,314 | $203K |
| Capital Analysts, LLC | 0.01% | Add +5.1% | 4,257 | $200K |
| Mather Group, Llc. | 0.00% | Add +2.9% | 3,921 | $185K |
| Aptus Capital Advisors, LLC | 0.00% | Reduce -7.1% | 3,323 | $156K |
| Stone House Investment Management, LLC | 0.03% | New | 3,263 | $154K |
| Private Trust Co. NA | 0.01% | Add +78.0% | 2,282 | $107K |
| Keystone Financial Group, Inc. | 0.06% | New | 1,946 | $90K |
| Blume Capital Management, Inc. | 0.02% | New | 1,670 | $79K |
| North Star Investment Management Corp. | 0.00% | No change | 1,175 | $55K |
| Lanark Financial, Inc. | 0.00% | — | 1,134 | $53K |
| Twin City Private Wealth, LLC | 0.05% | Reduce -23.8% | 1,122 | $53K |
| Spire Wealth Management | 0.00% | Reduce -0.7% | 1,093 | $51K |
| Ameriflex Group, Inc. | 0.02% | Reduce -36.6% | 1,079 | $51K |
| Sound Income Strategies, LLC | 0.00% | No change | 1,077 | $51K |
| Sunbelt Securities, Inc. | 0.00% | Reduce -43.4% | 1,063 | $50K |
| PNC Financial Services Group, Inc. | 0.00% | Add +342.6% | 1,049 | $49K |
| Legacy Wealth Managment, LLC | 0.03% | New | 999 | $47K |
| Geneos Wealth Management Inc. | 0.00% | No change | 954 | $45K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +1003.5% | 938 | $44K |
| Arax Advisory Partners | 0.00% | New | 900 | $42K |
| Adirondack Trust Co. | 0.02% | No change | 882 | $42K |
| FMR LLC | 0.00% | Reduce -41.2% | 740 | $35K |
| Retirement Wealth Solutions LLC | 0.03% | Add +19.4% | 737 | $35K |
| Bank of Montreal | 0.00% | New | 542 | $26K |
| Eukles Asset Management | 0.01% | No change | 477 | $22K |
| CoreCap Advisors, LLC | 0.00% | Add +161.8% | 432 | $20K |
| Cape Investment Advisory, Inc. | 0.01% | Add +186.4% | 378 | $18K |
| Coldstream Capital Management Inc. | 0.00% | New | 378 | $18K |
| Wells Financial Advisors INC | 0.02% | No change | 320 | $15K |
| Moisand Fitzgerald Tamayo, LLC | 0.00% | No change | 306 | $14K |
| Abound Wealth Management | 0.00% | New | 303 | $14K |
| New Republic Capital, LLC | 0.00% | Add +0.9% | 233 | $11K |
| Park Square Financial Group, LLC | 0.01% | Reduce -50.5% | 200 | $9K |
| Wells Fargo & Company | 0.00% | Add +700.0% | 200 | $9K |
| AdvisorNet Financial, Inc | 0.00% | Add +16.1% | 188 | $9K |
| Collier Financial | 0.01% | Reduce -98.3% | 184 | $9K |
| Johnson Financial Group, Inc. | 0.00% | New | 159 | $7K |
| Milestone Investment Advisors LLC | 0.00% | No change | 140 | $7K |
| CIBC Private Wealth Group LLC | 0.00% | New | 136 | $6K |
| Park Place Capital Corp | 0.00% | No change | 111 | $5K |
| Ancora Advisors LLC | 0.00% | Reduce -18.6% | 101 | $5K |
| Front Row Advisors LLC | 0.00% | No change | 100 | $5K |
| Parallel Advisors, LLC | 0.00% | Reduce -33.0% | 79 | $4K |
| Clark Wealth Partners | 0.00% | New | 66 | $3K |
| Guardian Wealth Advisors, LLC / NC | 0.00% | Reduce -51.3% | 38 | $2K |
| O'shaughnessy Asset Management, LLC | 0.00% | New | 32 | $2K |
| Richardson Financial Services Inc. | 0.00% | Reduce -9.1% | 30 | $1K |
| MAI Capital Management | 0.00% | No change | 16 | $754 |
| Raleigh Capital Management Inc. | 0.00% | Reduce -92.2% | 9 | $433 |
| LGT Financial Advisors LLC | 0.00% | Reduce -99.7% | 2 | $89 |
"% of holder's portfolio" is HYDB's weight in each manager's 13F, not the share of iShares High Yield Systemati the manager owns.