Asset Allocation

As of December 31, 2025.
Type % Net
Cash 12.44%
Stock 3.84%
Bond 108.4%
Convertible 0.00%
Preferred -15.74%
Other -8.99%
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Bond Sector Exposure

As of December 31, 2025
Type % Net
Government 26.38%
Corporate 7.57%
Securitized 4.28%
Municipal 58.13%
Other 3.64%
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Region Exposure

% Developed Markets: 103.1%    % Emerging Markets: 1.55%    % Unidentified Markets: -4.63%

Americas 103.7%
99.56%
Canada 0.25%
United States 99.31%
4.10%
Argentina 0.10%
Brazil 0.37%
Colombia 0.12%
Mexico 0.44%
Peru 0.04%
As of December 31, 2025. Region breakdown data is calculated by using the long position holdings of the portfolio.
Greater Europe 0.80%
United Kingdom 0.37%
0.32%
France 0.02%
Germany 0.05%
Ireland 0.01%
Italy 0.00%
Netherlands 0.10%
Sweden 0.02%
0.00%
0.12%
Egypt 0.08%
Israel 0.04%
Nigeria 0.00%
Greater Asia 0.16%
Japan 0.00%
0.02%
Australia 0.02%
0.11%
0.03%
Kazakhstan 0.03%
Unidentified Region -4.63%

Bond Credit Quality Exposure

AAA 2.90%
AA 35.35%
A 11.09%
BBB 9.19%
BB 4.36%
B 3.57%
Below B 0.82%
    CCC 0.77%
    CC 0.01%
    C 0.00%
    DDD 0.00%
    DD 0.00%
    D 0.04%
Not Rated 4.72%
Not Available 27.99%
Short Term 0.00%
As of December 31, 2025
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Bond Maturity Exposure

Short Term
20.31%
Less than 1 Year
20.31%
Intermediate
24.53%
1 to 3 Years
5.74%
3 to 5 Years
7.02%
5 to 10 Years
11.78%
Long Term
55.04%
10 to 20 Years
17.78%
20 to 30 Years
29.50%
Over 30 Years
7.76%
Other
0.11%
As of December 31, 2025
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