Passaic Partners LLC

Hedge Fund • Multi-Strategy

Passaic Partners LLC is a Multi-Strategy Hedge Fund based in Newark, NJ led by Carl Joshua Silva, reporting $1.4B in AUM as of Q3 2025 with 100% ETF concentration, 98% concentrated in top 10 holdings, and 41% allocation to SPY.

CIOCarl Joshua Silva

Portfolio Value: $830.6M
Positions: 11
Top Holding: SPY at 40.9%
Last Reported: Q3 2025

Address110 Edison Place, Suite 304, Newark, NJ, 07102, United States

Top Holdings

Largest long holdings in Passaic Partners LLC's portfolio (97.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$339.7M	40.90%	-$51.6M Sold	— 510.0K shares	Q4 2021 Held for 3y 11m
2 iShares Core MSCI EAFE ETF IEFA	ETF ETF	$182.2M	21.93%	+$6.0M Bought	— 2.1M shares	Q4 2021 Held for 3y 11m
3 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$76.1M	9.16%	-$4.3M Sold	— 1.2M shares	Q4 2021 Held for 3y 11m
4 iShares Core S&P 500 ETF IVV	ETF ETF	$70.8M	8.53%	-$2.2M Sold	— 105.8K shares	Q1 2024 Held for 1y 8m
5 Vanguard S&P 500 ETF VOO	ETF ETF	$51.4M	6.18%	-$5.4M Sold	— 83.9K shares	Q1 2024 Held for 1y 8m
6 XLV Health Care Select Sector SPDR Fund XLV	ETF ETF	$18.8M	2.26%	+$4.8M Bought	— 134.8K shares	Q3 2024 Held for 1y 2m
7 iShares U.S. Real Estate IYR	ETF ETF	$18.4M	2.21%	-$2.7M Sold	— 189.3K shares	Q4 2021 Held for 3y 11m
8 Consumer Staples Select Sector SPDR Fund XLP	ETF ETF	$18.4M	2.21%	+$5.3M Bought	— 234.5K shares	Q3 2024 Held for 1y 2m
9 SPDR S&P Homebuilders XHB	ETF ETF	$18.3M	2.21%	+$18.3M Bought	— 165.3K shares	Q1 2024 Held for 1y 8m
10 Utilities Select Sector SPDR Fund XLU	ETF ETF	$18.3M	2.20%	+$3.8M Bought	— 209.9K shares	Q3 2024 Held for 1y 2m

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Changes

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

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Market Value

$830.6M

Prior: $826.8M

Q/Q Change

+0.46%

+$3.8M

Net Flows % of MV

-8.32%

Turnover Ratio

7.65%

New Purchases

0 stocks

Added To

4 stocks

+$19.8M

Sold Out Of

0 stocks

Reduced Holdings

6 stocks

-$88.9M

Increased Positions

Position	Shares Δ	Change
1 Consumer Staples Select Sector SPDR Fund XLP	+40.15%	167.3K → 234.5K +$5.3M
2 XLV Health Care Select Sector SPDR Fund XLV	+34.22%	100.4K → 134.8K +$4.8M
3 Utilities Select Sector SPDR Fund XLU	+25.91%	166.7K → 209.9K +$3.8M
4 iShares Core MSCI EAFE ETF IEFA	+3.41%	2.0M → 2.1M +$6.0M

Decreased Positions

Position	Shares Δ	Change
1 iShares Core U.S. Aggregate Bond AGG	-55.38%	408.9K → 182.5K −$22.7M
2 SPDR S&P 500 ETF Trust SPY	-13.19%	587.4K → 510.0K −$51.6M
3 iShares U.S. Real Estate IYR	-12.82%	217.1K → 189.3K −$2.7M
4 Vanguard S&P 500 ETF VOO	-9.44%	92.6K → 83.9K −$5.4M
5 iShares Core MSCI Emerging Markets IEMG	-5.33%	1.2M → 1.2M −$4.3M