Bailard Portfolio holdings
Bailard is an independent wealth and asset manager, started in 1969 by three alumni of the Stanford Graduate School of Business. In 1979 it brought out one of the earliest US mutual funds that invests in foreign stocks, and in 1990 it began serving pension funds, endowments and foundations and introduced a commercial real estate fund. Its equity portfolios mix model-based research, company analysis and judgment, and for clients who want their investments to reflect social and environmental values it builds sustainable and impact portfolios. It was formerly called Bailard, Biehl & Kaiser, and is a wholly owned subsidiary of the privately owned BB&K Holdings; Sonya Mughal became chief executive in 2021 after 27 years at the firm.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Invesco QQQ Trust
QQQ
|
+$71.5M |
| 2 |
iShares Short-Term National Muni Bond ETF
SUB
|
+$11.1M |
| 3 |
NextEra Energy
NEE
|
+$6.48M |
| 4 |
Chevron
CVX
|
+$5.6M |
| 5 |
Shift4
FOUR
|
+$4.05M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$75.1M |
| 2 |
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
|
+$71.3M |
| 3 |
iShares iBonds Dec 2024 Term Treasury ETF
IBTE
|
+$16.5M |
| 4 |
State Street SPDR Nuveen ICE Municipal Bond ETF
TFI
|
+$13M |
| 5 |
Illinois Tool Works
ITW
|
+$6.04M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 40.86% |
| 2 | Technology | 21.56% |
| 3 | Healthcare | 8.06% |
| 4 | Financials | 6.75% |
| 5 | Consumer Discretionary | 4.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$5.09T
| $171M | 5.98% |
881,381
-17,834
| -2% | -$3.11M |
2013 Q2
40 quarters
|
|
2
Microsoft
MSFT
$4.05T
| $158M | 5.54% |
464,935
-7,643
| -2% | -$2.4M |
2013 Q2
40 quarters
|
|
|
3
Invesco QQQ Trust
QQQ
$460B
| $110M | 3.86% |
298,507
+212,368
| +247% | +$71.5M |
2016 Q1
29 quarters
|
|
4
State Street SPDR S&P 500 ETF Trust
SPY
$798B
| $95.3M | 3.33% |
215,099
+6,490
| +3% | +$2.72M |
2016 Q1
29 quarters
|
|
5
iShares MSCI EAFE ETF
EFA
$77.9B
| $79.2M | 2.77% |
1,092,416
+13,012
| +1% | +$945K |
2016 Q1
29 quarters
|
|
6
Alphabet (Google) Class A
GOOGL
$3.54T
| $64.2M | 2.25% |
536,513
-2,101
| -0.4% | -$242K |
2015 Q4
30 quarters
|
|
7
Vanguard Morningstar Total Stock Market ETF
VTI
$688B
| $57.1M | 2% |
259,244
-6,171
| -2% | -$1.29M |
2016 Q1
29 quarters
|
|
8
iShares Core MSCI EAFE ETF
IEFA
$193B
| $55.9M | 1.95% |
827,453
-1,826
| -0.2% | -$124K |
2018 Q4
18 quarters
|
|
9
Vanguard Information Technology ETF
VGT
$139B
| $51.7M | 1.81% |
935,616
-3,200
| -0.3% | -$161K |
2016 Q1
29 quarters
|
|
10
Janus Henderson Mortgage-Backed Securities ETF
JMBS
$6.33B
| $46M | 1.61% |
1,006,049
+15,862
| +2% | +$732K |
2020 Q4
10 quarters
|
|
11
iShares California Muni Bond ETF
CMF
$5.48B
| $43.9M | 1.53% |
770,548
-37,963
| -5% | -$2.16M |
2016 Q1
29 quarters
|
|
12
Visa
V
$788B
| $37.7M | 1.32% |
158,830
-4,342
| -3% | -$994K |
2016 Q2
28 quarters
|
|
|
13
State Street SPDR Nuveen ICE Municipal Bond ETF
TFI
$2.96B
| $37.1M | 1.3% |
804,605
-281,615
| -26% | -$13M |
2016 Q1
29 quarters
|
|
14
iShares US Treasury Bond ETF
GOVT
$43.3B
| $36.9M | 1.29% |
1,613,100
-145,994
| -8% | -$3.39M |
2019 Q1
17 quarters
|
|
15
UnitedHealth
UNH
$356B
| $36.1M | 1.26% |
75,105
-1,415
| -2% | -$692K |
2016 Q1
29 quarters
|
|
16
iShares Core S&P 500 ETF
IVV
$873B
| $35.7M | 1.25% |
80,129
+6,944
| +9% | +$2.93M |
2016 Q1
29 quarters
|
|
|
17
iShares Short-Term National Muni Bond ETF
SUB
$13.4B
| $35.3M | 1.24% |
339,647
+106,396
| +46% | +$11.1M |
2022 Q2
4 quarters
|
|
18
Vanguard Morningstar Small-Cap Value ETF
VBR
$37.8B
| $34.7M | 1.21% |
209,752
+8,256
| +4% | +$1.3M |
2013 Q4
38 quarters
|
|
19
NVIDIA
NVDA
$4.31T
| $34.3M | 1.2% |
810,350
-38,810
| -5% | -$1.29M |
2017 Q4
22 quarters
|
|
20
iShares National Muni Bond ETF
MUB
$55.1B
| $34.1M | 1.19% |
319,041
-9,924
| -3% | -$1.06M |
2016 Q4
26 quarters
|
|
21
Amazon
AMZN
$2.89T
| $31.5M | 1.1% |
242,020
-1,107
| -0.5% | -$126K |
2013 Q3
39 quarters
|
|
22
Vanguard FTSE All-World ex-US ETF
VEU
$67.1B
| $29.8M | 1.04% |
548,327
+19,849
| +4% | +$1.08M |
2016 Q1
29 quarters
|
|
23
iShares S&P Small-Cap 600 Value ETF
IJS
$7.75B
| $29.8M | 1.04% |
313,310
+4,395
| +1% | +$402K |
2016 Q1
29 quarters
|
|
24
Home Depot
HD
$353B
| $24.6M | 0.86% |
79,348
-1,703
| -2% | -$503K |
2016 Q1
29 quarters
|
|
25
Adobe
ADBE
$92.3B
| $23M | 0.8% |
47,068
-1,223
| -3% | -$493K |
2016 Q2
28 quarters
|
|
Similar funds
Bailard's Q2 2023 Portfolio in Review
As of Q2 2023, Bailard held 808 positions worth $2.86B, up 2.4% from $2.79B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bailard withdrew a net $107M in Q2 2023, closing 125 positions and reducing 272 holdings. Its most notable exit was iShares iBonds Dec 2024 Term Treasury ETF, an estimated $16.5M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 41% of assets, down from 43% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Bailard opened a new position in Shift4 worth $4.2M.
- Bailard's largest Q2 2023 buy was Shift4: 61,842 shares worth $4.2M.
- Bailard added most to Invesco QQQ Trust in Q2 2023, an estimated $71.5M increase.
- Bailard's biggest Q2 2023 reduction was SPDR Gold Trust, cutting an estimated $75.1M.
- Bailard fully exited iShares iBonds Dec 2024 Term Treasury ETF in Q2 2023, selling an estimated $16.5M.
- Bailard's ten largest holdings make up 31% of its $2.86B portfolio in Q2 2023.
- Bailard opened 98 new positions and closed 125 in Q2 2023.
- Bailard's portfolio value rose 2.4% quarter-over-quarter to $2.86B.
Based on Bailard's 13F filing for Q2 2023, filed 20 Jul 2023.