Data as of Q4 2025 (Dec 31, 2025)

NEPC LLC

•CIK: 1424799•Filing: Q4 2025

NEPC LLC, a hedge fund with $4.7 billion in assets under management, is known for its focus on low-cost, diversified equity and bond ETFs, with top holdings heavily weighted towards Vanguard ETFs. Recently, the fund has made notable shifts by adding VEA and IWV significantly, while cutting positions in SPHY and IEMG by 88%, reflecting a strategic pivot towards more growth-oriented and international exposure.

Total AUM
$4.7B
QoQ Performance
+23.5%
Positions
19
Top 10 Concentration
76.9%
Latest Filing
Q4 2025

Top Holdings Allocation

VOO
VCIT
VGIT
VCSH
VGLT
VEA
VTC
VOO13.6%
VCIT10.9%
VGIT10.4%
VCSH9.8%
VGLT9.2%
VEA6.1%
VTC5.8%
SCHP4.3%

📈 Biggest Buys

VCIT
VANGUARD SCOTTSDALE FDS
+37.8%
10.9% of portfolio
VOO
VANGUARD INDEX FDS
+24.3%
13.6% of portfolio
VEA
VANGUARD TAX-MANAGED FDS
+66.2%
6.1% of portfolio
VGIT
VANGUARD SCOTTSDALE FDS
+25.7%
10.4% of portfolio
VTC
VANGUARD SCOTTSDALE FDS
+43.9%
5.8% of portfolio

📉 Biggest Sells

IEMG
ISHARES INC
-88.3%
0.3% of portfolio
SPBO
SPDR SERIES TRUST
-84.2%
0.2% of portfolio
SPHY
SPDR SERIES TRUST
-88.3%
0.1% of portfolio
SPY
SPDR S&P 500 ETF TRUST
-0.5%
0.6% of portfolio

Sector Breakdown

Other85.6%
ETF14.4%

🚪 Exited Positionssold since Q3 2025

VO
VANGUARD INDEX FDS
SOLD
$26.2M
IEF
ISHARES TR
SOLD
$11.3M

Changes from Q3 2025

NEW4 new positions
↑33 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

VOO13.6%
VANGUARD INDEX FDS
$638.1M
VCIT10.9%
VANGUARD SCOTTSDALE FDS
$510.3M
VGIT10.4%
VANGUARD SCOTTSDALE FDS
$487.7M
VCSH9.8%
VANGUARD SCOTTSDALE FDS
$459.5M
VGLT9.2%
VANGUARD SCOTTSDALE FDS
$433.2M

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