PFM Asset Management LLC

CIK

1715304

Location

Harrisburg, PA

Portfolio Value

Mid $5,329,619,737

Diversification

Highly concentrated

Filing Date

Global Rank

#619 / 6,035 ▲ 75 · as of Sep 2021

Period ended 5 years ago

Filed Nov 12, 2021 · 4y

7 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

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2021, never from the firm's own description.

Style

Unknown

2 stocks, under the 5 needed to band a style

Turnover

Low turnover

2.4% over the last four quarters (under 30%)

Horizon

Medium horizon

Value-weighted holding period 4.4 quarters (4 to under 12)

Closest benchmark: every 13F filer's combined book, active share 97.5%; sector active share 72.8% 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

26 tracked positions · as of Sep 30, 2021 · Δ vs Jun 30, 2021

Top Position

61.3%

−4.3 pts

Top 5

99.1%

+0.1 pts

Top 10

100.0%

0.0 pts

HHI

4,341

Highly concentrated−420

Portfolio Trend

7 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2021

Sector	% Portfolio	Value	Positions
Unclassified	100.0%	$5,329,619,737	26

Last Quarter's Activity

Export CSV

Sep 30, 2021 vs Jun 30, 2021

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
ESGD	iShares ESG Aware MSCI EAFE ETF	+15,393	167,521	$13,130,295
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
USSG	Xtrackers MSCI USA Selection Equity ETF	−13,934	400,397	$15,935,800
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	−3,472	1,312	$51,181
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

26 tracked positions · $5,329,619,737 total · filing declares 29 positions · $5,363,049,000 · as of Sep 30, 2021

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND CALL	Added	14,718,377	+1,587,421	$3,268,362,796	+11.7%	—	—	61.32%
VXUS	Vanguard Total International Stock ETF CALL	Added	8,439,432	+448,770	$533,878,468	+1.7%	—	—	10.02%
CWB	State Street(R) SPDR(R) Bloomberg Convertible Securities ETF CALL	NEW	4,009,999	NEW	$342,253,414	NEW	—	—	6.42%
PFF	iShares Preferred and Income Securities ETF CALL	NEW	8,431,796	NEW	$327,238,002	NEW	—	—	6.14%
IXUS	iShares Core MSCI Total International Stock ETF CALL	Added	3,663,093	+983,082	$260,079,603	+32.4%	—	—	4.88%
IJH	iShares Core S&P Mid-Cap ETF CALL	NEW	694,696	NEW	$182,753,676	NEW	—	—	3.43%
IGIB	iShares 5-10 Year Investment Grade Corporate Bond ETF CALL	Reduced	2,349,124	-325,886	$141,088,387	−12.9%	—	—	2.65%
EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF CALL	Added	947,574	+37,232	$104,289,994	+1.9%	—	—	1.96%
QUAL	iShares MSCI USA Quality Factor ETF CALL	Reduced	196,460	-8,368	$25,879,675	−4.9%	—	—	0.49%
USMV	iShares MSCI USA Min Vol Factor ETF CALL	Reduced	271,488	-28,413	$19,954,368	−9.6%	—	—	0.37%
VNQ	VANGUARD REAL ESTATE INDEX FUND CALL	Reduced	184,800	-58,558	$18,808,944	−24.1%	—	—	0.35%
AGG	iShares Core U.S. Aggregate Bond ETF CALL	Added	141,584	+34,364	$16,258,090	+31.5%	—	—	0.31%
USSG	Xtrackers MSCI USA Selection Equity ETF	Reduced	400,397	-13,934	$15,935,800	−2.7%	4	unpriced	0.30%
	CALL	Added	155,991	+6,135	$14,967,336	+4.5%	—	—	0.28%
VSS	VANGUARD FTSE ALL-WORLD EX-US SMALL-CAP INDEX FUND CALL	Reduced	106,886	-6,487	$14,289,589	−7.6%	—	—	0.27%
ESGD	iShares ESG Aware MSCI EAFE ETF	Added	167,521	+15,393	$13,130,295	+9.2%	5	unpriced	0.25%
IJR	iShares Core S&P Small-Cap ETF CALL	Reduced	77,719	-1,799,534	$8,486,137	−96.0%	—	—	0.16%
EFAV	iShares MSCI EAFE Min Vol Factor ETF CALL	Reduced	97,162	-633	$7,320,185	−0.9%	—	—	0.14%
ITOT	iShares Core S&P Total U.S. Stock Market ETF CALL	Reduced	67,562	-73,906	$6,646,749	−52.4%	—	—	0.12%
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF CALL	Reduced	248,372	-8,113,768	$5,228,230	−96.9%	—	—	0.10%
IWR	iShares Russell Mid-Cap ETF CALL	Reduced	18,933	-117,339	$1,480,939	−86.3%	—	—	0.03%
HYG	iShares iBoxx $ High Yield Corporate Bond ETF CALL	Added	12,396	+23	$1,084,526	−0.4%	—	—	0.02%
	CALL	Held	1,332	0	$153,353	−0.4%	—	—	0.00%
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	Reduced	1,312	-3,472	$51,181	−73.5%	2	unpriced	0.00%
ACWV	iShares Trust	Reduced	169,574	-16,000	$0	—	—	—	0.00%
ESGE	iShares Trust	Reduced	99,118	-58,820	$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.