Angeles Investment Advisors, LLC

Fund of Funds

Angeles Investment Advisors, LLC is a Fund of Funds based in Santa Monica, CA led by Howard David Perlow, reporting $7.1B in AUM as of Q3 2025 with 99% ETF concentration, 97% concentrated in top 10 holdings, and 49% allocation to VOO.

CEOHoward David Perlow

Portfolio Value: $1.5B
Positions: 30
Top Holding: VOO at 48.77%
Last Reported: Q3 2025

Address429 Santa Monica Blvd., Suite 650, Santa Monica, CA, 90401, United States

Top Holdings

Largest long holdings in Angeles Investment Advisors, LLC's portfolio (96.8% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard S&P 500 ETF VOO	ETF ETF	$742.7M	48.77%	-$136.2M Sold	— 1.2M shares	Q4 2018 Held for 6y 11m
2 Vanguard Total International Stock VXUS	ETF ETF	$242.7M	15.94%	-$61.7M Sold	— 3.3M shares	Q2 2019 Held for 6y 5m
3 Vanguard Mega Cap Growth MGK	ETF ETF	$145.0M	9.52%	-$39.9M Sold	— 360.4K shares	Q4 2018 Held for 6y 11m
4 Vanguard Mortgage-Backed Securities VMBS	ETF ETF	$90.3M	5.93%	+$90.3M New	— 1.9M shares	Q3 2025 Held for 2 months
5 Vanguard Long-Term Corporate Bond VCLT	ETF ETF	$85.5M	5.61%	-$39.2M Sold	— 1.1M shares	Q4 2023 Held for 1y 11m
6 TCW Transform 500 ETF VOTE	ETF ETF	$57.3M	3.76%	-$25.5M Sold	— 729.6K shares	Q3 2022 Held for 3y 2m
7 iShares Russell 2000 IWM	ETF ETF	$54.2M	3.56%	+$54.0M Bought	— 224.1K shares	Q4 2020 Held for 4y 11m
8 iShares MSCI Japan EWJ	ETF ETF	$29.9M	1.96%	+$29.9M Bought	— 373.0K shares	Q3 2022 Held for 3y 2m
9 iShares MSCI China MCHI	ETF ETF	$14.9M	0.98%	+$14.9M Bought	— 227.0K shares	Q3 2025 Held for 2 months
10 Vanguard ESG U.S. Stock ESGV	ETF ETF	$10.7M	0.70%	-$16.9M Sold	— 90.2K shares	Q2 2022 Held for 3y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Angeles Investment Advisors, LLC's latest filing

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Market Value

$1.5B

Prior: $1.8B

Q/Q Change

-13.91%

-$246.0M

Net Flows % of MV

-26.75%

Turnover Ratio

21.33%

New Purchases

2 stocks

$93.3M

Added To

4 stocks

+$56.2M

Sold Out Of

5 stocks

$111.9M

Reduced Holdings

13 stocks

-$444.9M

Increased Positions

Position	Shares Δ	Change
1 Vanguard Mortgage-Backed Securities VMBS	New	0 → 1.9M +$90.3M
2 Dimensional International Sustainability Core 1 DFSI	New	0 → 72.1K +$3.0M
3 iShares Russell 2000 IWM	+29,431.23%	759.0 → 224.1K +$54.0M
4 Vanguard FTSE Emerging Markets VWO	+135.64%	25.1K → 59.1K +$1.8M
5 iShares MSCI EAFE Growth EFG	+14.88%	15.2K → 17.4K +$256.8K

Decreased Positions

Position	Shares Δ	Change
1 iShares Broad USD High Yield Corporate Bond USHY	Sold	1.0M → 0 −$39.3M
2 Invesco Senior Loan BKLN	Sold	1.7M → 0 −$34.8M
3 SPDR Bloomberg Short Term High Yield Bond SJNK	Sold	989.5K → 0 −$25.2M
4 iShares Fallen Angels USD Bond FALN	Sold	366.0K → 0 −$9.9M
5 iShares MSCI Intl Value Factor IVLU	Sold	77.7K → 0 −$2.6M