Constellation Investments, Inc.

Registered adviser

CIK

1573575

Location

MONTGOMERY, OH

Portfolio Value

Mid $2,505,548,028

Diversification

Highly concentrated

Filing Date

Global Rank

#1,202 / 8,827 ▼ 62 · as of Jun 2026

3Y Alpha vs SPY

-4.4%

Period ended 38 days ago

Filed Oct 28, 2026 · 10d

8 quarters · since Dec 2024

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 107528

Roster of Nov 1, 2026

Regulatory AUM

$31,477,906,332

Main clients

Diversified

Private funds

4 funds · Securitized asset funds

Focus by fund count, roster of Nov 1, 2026

$473,240,096 gross assets

Registered funds advised

25 series (3 index, 0 ETFs)

$11,162,839,142 net assets· N-CEN Dec 31, 2025

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	$31,477,906,332	Diversified
Apr 2025 to Mar 2026	$26,311,127,270	Insurance companies (57%)
Mar 2024 to Mar 2025	$11,745,374,185	Registered funds and BDCs (99%)
May 2023 to Feb 2024	$10,894,454,296	Registered funds and BDCs (99%)
Apr 2023	$10,894,454,296	Registered funds and BDCs (99%)
Mar 2022 to Mar 2023	$11,582,124,107	Registered funds and BDCs (99%)

3 earlier changes not shown.

Stated strategy

Index / passive, Quantitative / systematic, Fundamental active, Value, Growth, Income, Fixed income / rates, Multi-asset, Private markets, Wealth management / planning Form ADV Part 2A, Mar 31, 2026 · original

In the firm's words

Index / passive: Total return approximating that of the Standard & Poor's 500® Index (S&P 500® Index)
Quantitative / systematic: Those stocks are selected by a mathematical investment process that seeks to achieve returns similar to those of the S&P 500® Index over the long term with lower absolute volatility.
Fundamental active: From a bottom-up perspective, CINV employs fundamental credit analysis within a relative value framework.
Value: Long-term growth of capital by primarily investing in the equity securities of U.S. companies that Alliance Bernstein believes are trading at attractive valuations that have strong or improving business models.
Growth: Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.
Income: High current income by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes, if any) in lower rated corporate debt obligations commonly referred to as "junk bonds."
Fixed income / rates: Total return by investing, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities, primarily U.S. dollar denominated, investment grade, fixed income securities.
Multi-asset: The Adviser allocates Portfolio assets across a broad range of asset classes primarily through investments in unaffiliated, actively or passively managed exchange traded funds.
Private markets: We invest certain client accounts in secured corporate loans.
Wealth management / planning: Each Model Portfolio is a Fund of Funds that invests in a carefully selected combination of underlying funds based on each Portfolio’s target asset allocation.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Concentrated

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

Turnover

Low turnover

7.5% over the last four quarters (under 30%)

Horizon

Medium horizon

Value-weighted holding period 6.9 quarters (4 to under 12)

Closest benchmark: every 13F filer's combined book, active share 93.1%; sector active share 87.1% against the combined 13F book's sector weights.

Over time 7 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

18 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

64.3%

+2.9 pts

Top 5

99.0%

+0.5 pts

Top 10

100.0%

0.0 pts

HHI

4,859

Highly concentrated+328

Portfolio Trend

8 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	100.0%	$2,505,548,028	18

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
IEFA	iShares Core MSCI EAFE ETF	+1,338,217	2,080,323	$201,541,692
IEMG	iShares Trust	+961,042	1,323,458	$0
AGG	iShares Core U.S. Aggregate Bond ETF	+285,293	5,909,841	$558,716,368
No positions match the current search.

Trimmed

Positions the filer reduced

12 positions

Ticker	Company	Δ Shares	Shares	Value
IVV	iShares Core S&P 500 ETF	−635,123	625,086	$478,722,113
SPYV	State Street(R) SPDR(R) Portfolio S&P 500(R) Value ETF	−308,906	403,094	$24,641,136
VOO	VANGUARD 500 INDEX FUND	−252,701	683,472	$479,018,185
ITOT	iShares Core S&P Total U.S. Stock Market ETF	−221,944	886,056	$147,333,391
VCIT	VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND	−167,572	1,107,763	$86,748,920
QQQ	Invesco Qqq Trust, Series 1	−122,727	53,181	$39,341,708
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	−96,962	490,961	$183,737,244
IJH	iShares Core S&P Mid-Cap ETF	−48,034	406,966	$29,281,203
IWB	iShares Russell 1000 ETF	−46,454	54,987	$22,881,740
VGIT	VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND	−37,655	77,854	$4,411,207
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	−28,997	1,071,003	$75,130,860
VOOV	VANGUARD S&P 500 VALUE INDEX FUND	−7,000	7,000	$1,542,380
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	2,245,663	$109,386,244
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	249,317	$27,193,005
CLOA		27,000	$1,401,570
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

18 tracked positions · $2,505,548,028 total · filing declares 18 positions · $2,612,959,887 · as of Sep 30, 2026

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AGG	iShares Core U.S. Aggregate Bond ETF	Added	5,909,841	+285,293	$558,716,368	+0.4%	22.30%
VOO	VANGUARD 500 INDEX FUND	Reduced	683,472	-252,701	$479,018,185	−25.5%	19.12%
IVV	iShares Core S&P 500 ETF	Reduced	625,086	-635,123	$478,722,113	−49.3%	19.11%
IEFA	iShares Core MSCI EAFE ETF	Added	2,080,323	+1,338,217	$201,541,692	+181.2%	8.04%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Reduced	490,961	-96,962	$183,737,244	−15.5%	7.33%
ITOT	iShares Core S&P Total U.S. Stock Market ETF	Reduced	886,056	-221,944	$147,333,391	−19.1%	5.88%
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	NEW	2,245,663	NEW	$109,386,244	NEW	4.37%
VCIT	VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND	Reduced	1,107,763	-167,572	$86,748,920	−17.7%	3.46%
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	Reduced	1,071,003	-28,997	$75,130,860	−7.0%	3.00%
MBB	iShares MBS ETF	Held	495,924	0	$44,444,708	−5.2%	1.77%
QQQ	Invesco Qqq Trust, Series 1	Reduced	53,181	-122,727	$39,341,708	−69.6%	1.57%
IJH	iShares Core S&P Mid-Cap ETF	Reduced	406,966	-48,034	$29,281,203	−16.5%	1.17%
SPYV	State Street(R) SPDR(R) Portfolio S&P 500(R) Value ETF	Reduced	403,094	-308,906	$24,641,136	−43.1%	0.98%
IWB	iShares Russell 1000 ETF	Reduced	54,987	-46,454	$22,881,740	−44.9%	0.91%
EFA	iShares MSCI EAFE ETF	Held	179,699	0	$18,668,929	+0.0%	0.75%
VGIT	VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND	Reduced	77,854	-37,655	$4,411,207	−35.3%	0.18%
VOOV	VANGUARD S&P 500 VALUE INDEX FUND	Reduced	7,000	-7,000	$1,542,380	−49.7%	0.06%
IEMG	iShares Trust	Added	1,323,458	+961,042	$0	−100.0%	0.00%

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.