Stairway Partners, LLC

Long Only Manager

Stairway Partners, LLC is a Long Only Manager based in Minneapolis, MN led by Kevin Terhaar, reporting $2.0B in AUM as of Q3 2025 with 100% ETF concentration and 91% concentrated in top 10 holdings.

MemberKevin Terhaar

Portfolio Value: $1.9B
Positions: 18
Top Holding: IEFA at 14.62%
Last Reported: Q3 2025

Address4999 France Avenue South, Suite 260, Minneapolis, MN, 55410-1734, United States

Top Holdings

Largest long holdings in Stairway Partners, LLC's portfolio (90.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares Core MSCI EAFE ETF IEFA	ETF ETF	$275.2M	14.62%	+$4.1M Bought	— 3.2M shares	Q3 2024 Held for 1y 2m
2 iShares Russell 1000 Value IWD	ETF ETF	$267.1M	14.19%	+$4.6M Bought	— 1.3M shares	≤ Q2 2013 Held for 12y 5m+
3 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$232.3M	12.33%	+$2.1M Bought	— 3.5M shares	≤ Q2 2013 Held for 12y 5m+
4 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$204.8M	10.88%	+$7.0M Bought	— 2.0M shares	Q1 2023 Held for 2y 8m
5 iShares Russell 1000 Growth IWF	ETF ETF	$198.4M	10.54%	-$2.1M Sold	— 423.6K shares	≤ Q2 2013 Held for 12y 5m+
6 iShares Core S&P 500 ETF IVV	ETF ETF	$161.7M	8.59%	—	— 241.6K shares	Q3 2024 Held for 1y 2m
7 Vanguard Total Bond Market BND	ETF ETF	$160.0M	8.50%	+$3.6M Bought	— 2.2M shares	Q1 2023 Held for 2y 8m
8 Vanguard FTSE Europe VGK	ETF ETF	$87.7M	4.66%	-$89.5K Sold	— 1.1M shares	≤ Q2 2013 Held for 12y 5m+
9 iShares Russell 2000 IWM	ETF ETF	$79.2M	4.20%	-$58.8K Sold	— 327.1K shares	≤ Q2 2013 Held for 12y 5m+
10 iShares MSCI Canada EWC	ETF ETF	$42.9M	2.28%	-$65.9K Sold	— 848.4K shares	Q3 2024 Held for 1y 2m

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Changes

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

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Market Value

$1.9B

Prior: $1.8B

Q/Q Change

+6.8%

+$119.9M

Net Flows % of MV

+0.982%

Turnover Ratio

0.757%

New Purchases

0 stocks

Added To

7 stocks

+$23.5M

Sold Out Of

0 stocks

Reduced Holdings

10 stocks

-$5.0M

Increased Positions

Position	Shares Δ	Change
1 iShares iBoxx High Yield Corporate Bond HYG	+4.39%	311.1K → 324.7K +$1.1M
2 iShares J.P. Morgan USD Emerging Markets Bond EMB	+4.32%	230.8K → 240.7K +$949.0K
3 iShares Core U.S. Aggregate Bond AGG	+3.55%	2.0M → 2.0M +$7.0M
4 Vanguard Total Bond Market BND	+2.29%	2.1M → 2.2M +$3.6M
5 iShares Russell 1000 Value IWD	+1.75%	1.3M → 1.3M +$4.6M

Decreased Positions

Position	Shares Δ	Change
1 Vanguard Tax-Exempt Bond Index Fund VTEB	-5.87%	333.9K → 314.3K −$980.7K
2 iShares National Muni Bond MUB	-5.15%	158.4K → 150.2K −$869.0K
3 SPDR S&P 500 ETF Trust SPY	-1.45%	10.0K → 9.9K −$96.6K
4 iShares Russell 3000 IWV	-1.43%	63.1K → 62.2K −$341.0K
5 iShares MSCI EAFE EFA	-1.09%	308.1K → 304.7K −$314.7K