For the vast majority of retail investors, learning about the ETFs in this image is enough to outperform the US stock market! 🧐
This image shows the holdings of the Aspriant Fund. It manages assets worth up to $4 billion with only 2,000 clients, averaging $2 million per client, primarily serving high-net-worth individuals and family offices.
Its asset portfolio consists mainly of various ETFs, making it highly worthy of study and reference. It strictly adheres to a 60/40 allocation ratio between stocks and bonds, aligning with the four-quadrant investment method of the Merrill Lynch Investment Clock.
1️⃣ US Large-Cap and Broad Market Core
Representative Tickers: $IVV / $VOO / $SPY / $VTI / $IWB
Core Positioning: The foundational assets of the US market.
Differentiation Analysis:
IVV / VOO / SPY: All track the S&P 500 Index. Their top three holdings are almost identical, representing the core of the US large-cap market. SPY has the highest liquidity, suitable for options/institutional trading; IVV and VOO have lower fees, suitable for long-term Buy & Hold.
VTI / IWB: Include large, mid, and small caps, representing the "Total US Stock Market." VTI includes over 3,000 companies, offering broader representation than the S&P 500.
2️⃣ US Style and Factor Strategies
Value Factor: $IUSV (Large/Mid Cap Value), $DFUV (Total Market Value), $VBR (Small Cap Value), $VIOV (S&P 600 Small Cap Value)
Logic: Leans towards mature or cyclical enterprises with low P/E ratios and high dividends (Financials, Industrials, Energy). VBR and VIOV combine small-cap and value characteristics, offering high elasticity.
Dividend Growth: $VIG
Logic: Screens for large, high-quality companies that have increased dividends for over 10 consecutive years. Strong defensive attributes, combining cash flow with high-quality financials.
Small-Cap Core: $VB
Logic: Covers the overall US small-cap stock market, more directly impacted by macroeconomic cycles and interest rates.
3️⃣ International and Global Stocks
Developed Markets: $IEFA, $EFV
Logic: Concentrated in mature markets like Europe, Japan, and Australia. Valuations are typically lower than US stocks, with higher dividend yields.
Emerging Markets: $IEMG
Logic: Covers China, India, South Korea, Brazil, etc., featuring both high growth potential and high volatility.
Global Total Market and Active Factors: $VEU (Non-US Total Market), $DFAX (Non-US Core Factors), $ACWV (Global Low Volatility)
Logic: ACWV minimizes drawdowns in bear markets by screening for low-beta and low-variance stocks; DFAX employs active enhancement based on academic factors (market cap, value, profitability).
4️⃣ Bonds and Fixed Income
Comprehensive Bonds: $BND (Vanguard Total Bond Market), $FBND (Fidelity Active Management Total Bond)
Logic: Includes government bonds, investment-grade corporate bonds, and agency mortgage-backed securities, providing stable interest income and hedging capabilities against stock risk.
Municipal Bonds: $VTEB / $MUB
Logic: Issued by US state/local governments. Interest income is generally exempt from federal income tax, making them highly favored by high-income and high-tax-bracket Americans.
5️⃣ Mixed Assets
Stock-Bond Mix: $AOR (iShares 60/40 Classic Growth Allocation)
Logic: A one-click global dynamic balanced asset portfolio of "60% Stocks + 40% Bonds".
