REGENTS OF THE UNIVERSITY OF CALIFORNIA

CIK 0000315054 · Q1 2026

13F Equity AUM

$3.0B

+7.2% QoQ

Positions

+1 QoQ

AUM Rank

#1,392

Top 11%

Skill Alpha (FF)

+10.5%/yr^ns

No Clear Edge

Rank #276 · Top 3%

vs S&P +3.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 92.3%Top 10: 100.0%Top 20: 100.0%

STT42.4%

OTF18.0%

ASML15.4%

BN12.1%

GLDM4.4%

BX2.5%

CG2.4%

FDS1.6%

QTOP1.0%

SRZN0.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services84.4%

Technology15.4%

Other0.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 11Median: 2.47%Avg: 9.09%

0–0.5%

2(0.1%)

0.5–1%

0(0.0%)

1–3%

4(7.5%)

3–5%

1(4.4%)

5%+

4(87.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 11Unique: 0vs 20 funds

0.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

0.2%

0.2%

0.2%

0.2%

0.3%

GEODE CAPITAL MANAGEMENT, LLC

0.2%

VANGUARD CAPITAL MANAGEMENT LLC

0.2%

STATE STREET CORP

0.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New3Increased2Decreased3Exited1

New Positions

GLDM4.4%

+1.4M

BX2.5%

+645K

CG2.4%

+1.5M

Increased

STT42.4%

+1.4M(+16%)

FDS1.6%

+123K(+118%)

Decreased

OWL0.0%

-5,925,228(-99%)

ASML15.4%

-75,677(-18%)

BN12.1%

-2(0%)

Exited

DBRG

-1,763,937

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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