Cerity Partners 13F Portfolio

The biggest dollar adds make the thesis clear: Cerity wants scalable, low-friction exposure to US beta, AI upside, and higher-quality global risk.

On the equity core, the step-up is unmistakable:

• VTI was lifted by 21.8% to 1.00%, a $148.2M increase, as Cerity doubles down on total US market beta rather than any single cap sleeve.
• VOO and IVV each saw >$100M in incremental capital ($109.0M and $106.4M respectively), reinforcing S&P 500 exposure as the backbone of the book.
• SPYM, a more capital-efficient S&P 500 exposure, surged +48.8% for a $100.7M add, showing a taste for cost/tax optimization on top of simple beta.

On the thematic side, Cerity is still very happy owning AI infrastructure rather than trying to time a top:

• NVDA saw another 4.5% share add, a $117.3M dollar increase, even with the position already up 157.8% vs their average cost.
• Semis more broadly remain in build mode: AMD (+5.4%), MU (+11.5%), AVGO (+1.3%), TSM (+2.3%) and KLAC (+5.9%) were all increased.

Internationally, the fund is scaling into higher-quality overseas equity exposure without making heroic macro calls:

• IEMG (+11.9%), IDEV (+16.8%), VEA (+5.0%), IEFA (+2.2%), VEU (+9.5%), and the quality-tilted IQLT (+19.9%) all saw meaningful adds, with IQLT’s $51.3M increase standing out as a clear statement that “quality” is the preferred way to own foreign equities.

The notable trims show Cerity taking chips off the table in factor and smart‑beta wrappers rather than abandoning any of its marquee growth or AI names.

The largest reductions by dollars are all in ETF overlays:

• QUAL was cut by 3.7%, freeing up about $32.1M; MTUM was reduced by 7.0%, releasing another $28.6M, despite MTUM still sitting more than 113.0% above Cerity’s average cost.
• SCHX was trimmed 3.5% (about $20.0M), while ITOT was nudged down 1.4%; these look more like housekeeping between overlapping large‑cap and total‑market exposures than a real change in equity stance.

On the single‑name side, the scalpel is very light:

• In tech, only PANW was modestly trimmed (‑2.2%, about $7.8M) even though it’s up more than 205.0% versus cost; that looks like position sizing, not a thesis reversal on cybersecurity.
• In staples/retail, WMT was shaved 1.9% (about $6.7M), and PG barely moved (‑0.2%), but neither change is big enough to imply a categorical view on US consumers.

The pattern is consistent: Cerity is simplifying a crowded ETF shelf and reallocating toward a smaller set of broad, liquid vehicles. The high‑conviction single‑stock winners — especially in semis and mega‑cap tech — are still being added to or at least fully held.

The sector widget understates the story because so much of this book is carried in multi‑sector ETFs. Looking through the labels, the real move this quarter is toward larger index sleeves and a thicker fixed‑income cushion, with only a slight shading down of pure tech and consumer concentration.

By the 13F’s own sector tags, Technology ticks down from 32.78% to 32.16% despite fresh dollars into NVDA, AMD, MU, AVGO, KLAC and TSM. That small decline is purely mechanical: the denominator is rising faster in broad equity ETFs and bond funds than in single tech names.

Consumer exposure also edges lower on net — PG, WMT and COST are either flat or slightly trimmed while AMZN is increased but remains a modest 1.47% of the book. Health care is broadly steady at 4.15%, with incremental adds to LLY, JNJ and ABBV, all of which are comfortably profitable positions.

The real incremental “sector” this quarter is liquidity and duration. Bond ETFs AGG (+11.4%), SPAB (+13.4%), and VGIT (+7.9%), plus T‑bill fund SGOV (+27.5%), are all meaningful percentage adds, even if their individual weights remain around the 0.4–1.2% band. Cerity is gently rebalancing a very equity‑heavy history into something that can withstand a more volatile next three years than the last three.

Viewed as a whole, 2026‑Q2 looks like Cerity formalizing the portfolio structure that delivered a 70.24% cumulative three‑year gain — and quietly reducing the ways that structure could blow up. The moves say: keep the upside engine (US large‑cap, AI, quality growth), but own it through bigger, simpler wrappers and with more fixed‑income ballast.

Rising conviction in VOO, IVV, SPY, VTI, QQQ, RSP and SPYM tells you where the real bet lies: US equity indices as a durable compounder, not a trade. The continued build in NVDA and the broader semis complex indicates they still see AI infrastructure as early, not late, in its monetization arc.

At the same time, incrementally larger stakes in AGG, SPAB, VGIT and SGOV show a manager acknowledging that returns like the past three years aren’t a permanent state of nature. They’re harvesting some momentum/factor excess (via QUAL and MTUM trims), diversifying overseas through quality‑tilted ETFs, and controlling tail risk without exiting their winners.

For anyone tracking institutional positioning, the message is straightforward: Cerity is behaving like a mature allocator, not a tourist. The book is being rebuilt around scalable index and thematic cores, with idiosyncratic factor bets slowly phased out — a setup that should make future quarters more about broad market direction and AI adoption than about whether one smart‑beta sleeve works in a given year.