Portfolio Shift
Crescent Grove Advisors actively rebalances portfolio, trimming quality US equity and adding gold, copper, emerging markets ETFs.
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Key Points
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Crescent Grove sold 2,537 shares of QUAL in Q1, reducing its stake by 13.7% to 15,952 shares (approximately $3.06 million in value).
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In SGOV, Crescent Grove held 180,134 shares after the quarter, about 1.7% of its portfolio, making it the 15th-largest holding in the account.
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Crescent Grove initiated a new position in VanEck Merk Gold ETF (OUNZ) and the stock data show OUNZ opened at $38.60 on Friday, with a 12-month low of $31.48 and a high of $53.35 and a market cap around $2.49 billion.
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The fund increased its IEMG stake by 12,315 shares in Q1, bringing total IEMG to 367,043 shares worth about $25.601 million, accounting for 2.5% of Crescent Grove’s portfolio and ranking as the sixth-largest holding.
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Crescent Grove added 13,127 shares to COPX, a position valued at roughly $1.002 million; COPX was trading around $73.35 at the time, with a 12-month price range of $41.94–$99.99 and moving averages near $82.14 (50- and 200-day).
Crescent Grove Advisors LLC made a series of notable portfolio shifts in the first quarter, trimming two major ETF stakes while opening new positions in gold and copper mining funds, according to Watchlist News and Ticker Report. The Wisconsin-based firm's moves signal a deliberate rotation away from large-cap U.S. equities and short-term bonds toward commodity-linked exposure.
The firm's largest holding touched by the changes was its emerging markets position. Crescent Grove added 12,315 shares of the iShares Core MSCI Emerging Markets ETF (IEMG), bringing its total to 367,043 shares worth about $25.60 million — roughly 2.5% of its portfolio and its sixth-largest holding, per Ticker Report.
Crescent Grove Cuts QUAL and SGOV Stakes in Q1
The firm sold 2,537 shares of the iShares MSCI USA Quality Factor ETF (QUAL) during the quarter. That reduced its QUAL stake by 13.7%, leaving it with 15,952 shares worth about $3.06 million, according to Watchlist News. QUAL tracks large-cap U.S. stocks with strong earnings quality — companies with high return on equity and low debt.
Crescent Grove also cut its position in the iShares 0-3 Month Treasury Bond ETF (SGOV) by 12.2%. It held 180,134 shares at quarter's end, valued at roughly $18.13 million. Despite the trim, SGOV remained the firm's 15th-largest holding at about 1.7% of the portfolio. SGOV holds ultra-short U.S. Treasury bills — one of the safest bond investments available.
New Gold and Copper Positions Signal Commodity Bet
Crescent Grove opened a brand-new stake in the VanEck Merk Gold ETF (OUNZ), buying 35,750 shares worth approximately $1.61 million, according to Watchlist News. OUNZ gives investors direct exposure to physical gold. The ETF opened at $38.60 on Friday and has a 12-month price range of $31.48 to $53.35, with a market cap near $2.49 billion.
The firm also initiated a new position in the Global X Copper Miners ETF (COPX), picking up 13,127 shares valued at about $1.00 million, per Ticker Report. COPX was trading near $73.35 at the time, within a wide 12-month range of $41.94 to $99.99. Its 50- and 200-day moving averages both sit near $82.14, well above recent trading levels.
Crescent Grove Also Trimmed Core S&P 500 Exposure
Beyond QUAL and SGOV, Crescent Grove reduced its stake in the iShares Core S&P 500 ETF (IVV) by 2.7%, selling 2,763 shares, according to Ticker Report. The firm now holds 97,750 shares of IVV. That is a smaller cut than its QUAL reduction, but it fits the same pattern: pulling back from broad U.S. equity funds.
On the other side of the ledger, Crescent Grove raised its stake in the iShares Currency Hedged MSCI EAFE ETF (HEFA) by 7.5% during Q1, now holding 218,230 shares worth about $9.27 million, per Watchlist News. It also grew its Invesco S&P 500 Equal Weight ETF (RSP) position by 183.3%, adding 13,268 shares valued at about $2.55 million.
What the Moves Tell Us About Crescent Grove's Strategy
Taken together, the trades show a firm diversifying away from concentrated U.S. equity risk. Crescent Grove trimmed quality-factor and S&P 500 ETFs while boosting international equity exposure through IEMG and HEFA. Both funds focus on markets outside the United States, spreading geographic risk.
The new gold and copper positions are the sharpest signal. Adding OUNZ and COPX in the same quarter suggests the firm sees value in hard assets. Copper is closely tied to global industrial demand, while gold often rises when investors seek safety or hedge against inflation. Crescent Grove appears to be positioning for a more uncertain economic environment ahead.
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