Milliman Financial Risk Management LLC

Registered adviser

CIK

1547927

Location

CHICAGO, IL

Portfolio Value

Mid $6,403,033,219

Diversification

Highly concentrated

Filing Date

Global Rank

#458 / 6,827 ▼ 3 · as of Sep 2022

Period ended 4 years ago

Filed Nov 4, 2022 · 4y

11 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 159377

Roster of Nov 1, 2026

Regulatory AUM

$40,329,783,469

Main clients

Registered funds and BDCs (64% of AUM)

LEI

5493002H8STET494T224

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$40,329,783,469	Registered funds and BDCs (64%)
Apr 2025 to Mar 2026	$41,061,051,956	Registered funds and BDCs (58%)
Apr 2024 to Mar 2025	$42,927,399,019	Diversified
May 2023 to Mar 2024	$42,884,691,036	Diversified
Apr 2023	$42,884,691,036	Diversified
Apr 2022 to Mar 2023	$34,310,528,057	Insurance companies (64%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2022, never from the firm's own description.

Style

Concentrated

The top 10 positions are 100.0% of the book (60%+)

Turnover

Medium turnover

30.8% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 8.5 quarters, but 67.0% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 95.1%; sector active share 72.0% against the combined 13F book's sector weights.

Over time 11 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

9 tracked positions · as of Sep 30, 2022 · Δ vs Jun 30, 2022

Top Position

54.6%

−1.7 pts

Top 5

97.9%

+0.1 pts

Top 10

100.0%

0.0 pts

HHI

3,556

Highly concentrated−143

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2022

Sector	% Portfolio	Value	Positions
Unclassified	100.0%	$6,403,033,219	9

Last Quarter's Activity

Export CSV

Sep 30, 2022 vs Jun 30, 2022

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
VEA	Vanguard FTSE Developed Markets ETF	+795,563	14,587,039	$530,384,738
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	+605,778	14,164,976	$1,010,387,738
AGG	iShares Core U.S. Aggregate Bond ETF	+102,403	12,060,440	$1,161,902,789
SCHB	Schwab U.S. Broad Market ETF	+81,617	3,294,953	$138,355,405
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	+42,688	5,481,942	$983,844,130
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	+38,915	3,656,397	$133,421,926
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
SHV	iShares 0-1 Year Treasury Bond ETF	−2,855,057	18,183,727	$2,000,209,970
ITOT	iShares Core S&P Total U.S. Stock Market ETF	−127,677	4,209,995	$334,863,002
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

9 tracked positions · $6,403,033,219 total · filing declares 9 positions · $6,403,033,000 · as of Sep 30, 2022

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SHV	iShares 0-1 Year Treasury Bond ETF	Reduced	18,183,727	-2,855,057	$2,000,209,970	−13.6%	3	unpriced	31.24%
AGG	iShares Core U.S. Aggregate Bond ETF	Added	12,060,440	+102,403	$1,161,902,789	−4.4%	11+	before history	18.15%
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	Added	14,164,976	+605,778	$1,010,387,738	−1.0%	11+	before history	15.78%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Added	5,481,942	+42,688	$983,844,130	−4.1%	11+	before history	15.37%
VEA	Vanguard FTSE Developed Markets ETF	Added	14,587,039	+795,563	$530,384,738	−5.7%	11+	before history	8.28%
ITOT	iShares Core S&P Total U.S. Stock Market ETF	Reduced	4,209,995	-127,677	$334,863,002	−7.9%	11+	before history	5.23%
SCHB	Schwab U.S. Broad Market ETF	Added	3,294,953	+81,617	$138,355,405	−2.6%	11+	before history	2.16%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Added	3,656,397	+38,915	$133,421,926	−11.4%	11+	before history	2.08%
SCHZ	Schwab U.S. Aggregate Bond ETF	Held	2,420,294	0	$109,663,521	−5.3%	10	unpriced	1.71%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.