NEPC LLC

Fund of Funds

NEPC LLC is a Fund of Funds based in Boston, MA led by Michael Patrick Manning, reporting $137.33B in AUM as of Q3 2025 with 98% ETF concentration and 73% concentrated in top 10 holdings.

CEOMichael Patrick Manning

Portfolio Value: $3.8B
Positions: 48
Top Holding: VOO at 13.22%
Last Reported: Q3 2025

Address225 Franklin Street, 29th Floor, Boston, MA, 02110, United States

Top Holdings

Largest long holdings in NEPC LLC's portfolio (72.6% 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	$501.3M	13.22%	—	— 818.6K shares	Q2 2023 Held for 2y 5m
2 Vanguard Short-Term Corporate Bond VCSH	ETF ETF	$400.5M	10.56%	-$3.1M Sold	— 5.0M shares	Q1 2021 Held for 4y 8m
3 Vanguard Long-Term Treasury VGLT	ETF ETF	$391.4M	10.33%	+$20.7M Bought	— 6.9M shares	Q3 2023 Held for 2y 2m
4 Vanguard Intermediate-Term Treasury VGIT	ETF ETF	$388.6M	10.25%	+$7.1M Bought	— 6.5M shares	Q4 2022 Held for 2y 11m
5 Vanguard Intermediate-Term Corporate Bond VCIT	ETF ETF	$372.0M	9.81%	—	— 4.4M shares	Q3 2023 Held for 2y 2m
6 Vanguard Total Corporate Bond VTC	ETF ETF	$192.5M	5.08%	—	— 2.5M shares	Q3 2023 Held for 2y 2m
7 Vanguard FTSE Developed Markets VEA	ETF ETF	$165.0M	4.35%	-$60.4M Sold	— 2.8M shares	Q2 2020 Held for 5y 5m
8 Schwab U.S. TIPS SCHP	ETF ETF	$123.8M	3.26%	-$11.3M Sold	— 4.6M shares	Q4 2019 Held for 5y 11m
9 Vanguard Value VTV	ETF ETF	$109.5M	2.89%	-$13.5M Sold	— 587.4K shares	Q1 2022 Held for 3y 8m
10 Vanguard FTSE Emerging Markets VWO	ETF ETF	$108.2M	2.85%	-$12.9M Sold	— 2.0M shares	Q4 2019 Held for 5y 11m

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Changes

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

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Market Value

$3.8B

Prior: $3.9B

Q/Q Change

-3.88%

-$152.9M

Net Flows % of MV

-7.95%

Turnover Ratio

5.36%

New Purchases

1 stocks

$2.6M

Added To

15 stocks

+$44.2M

Sold Out Of

3 stocks

$82.4M

Reduced Holdings

14 stocks

-$265.9M

Increased Positions

Position	Shares Δ	Change
1 SPDR MSCI EAFE Fossil Fuel Reserves Free EFAX	New	0 → 53.3K +$2.6M
2 iShares MSCI Emerging Markets EEM	+45.71%	47.3K → 68.9K +$1.2M
3 iShares Core MSCI EAFE ETF IEFA	+32.49%	149.5K → 198.1K +$4.2M
4 iShares Currency Hedged MSCI EAFE HEFA	+18.41%	200.9K → 237.8K +$1.5M
5 SPDR S&P 500 ETF Trust SPY	+16.5%	35.7K → 41.6K +$3.9M

Decreased Positions

Position	Shares Δ	Change
1 SPDR Portfolio S&P 500 ETF SPLG	Sold	973.6K → 0 −$70.8M
2 iShares U.S. Treasury Bond GOVT	Sold	487.1K → 0 −$11.2M
3 ICLN iShares Global Clean Energy ICLN	Sold	35.5K → 0 −$464.9K
4 Vanguard Total World Stock VT	-43.0%	1.3M → 755.8K −$78.6M
5 SPDR Portfolio Corporate Bond SPBO	-35.83%	2.6M → 1.6M −$27.1M