ETF portfolio rebalance
Heck Capital Adjusts Q2 ETF Portfolio, Cutting Bonds While Adding Emerging Market and Commodity Funds
Key Points
Heck Capital sold 74,132 shares of IEF in Q2, trimming the position by 53.3% to 64,857 shares and valuing it at about $6.13 million in the SEC filing; the stock opened at $92.87 with the 50-day and 200-day moving averages at roughly $93.75 and $94.92 respectively.
DFAE moved from being avoided to a new holding for Heck Capital: 19,245 shares valued at about $774,000; DFAE opened at $38.77, with a 50-day MA of $39.01 and a 200-day MA of $37.41, and a 52-week range of $29.64 to $42.16.
CMDY represents a meaningful new allocation: 407,139 shares worth about $22.49 million, and it now accounts for roughly 1.3% of Heck Capital’s portfolio, making it the 16th largest holding.
IUSB was markedly reduced: a 47.9% decrease to 105,140 shares after selling 96,751; the position was worth about $4.85 million, with IUSB opening at $45.42 and showing a 50-day MA around $45.56 and a 200-day MA near $46.00.
BBAG continued to grow: an 8.4% increase to 236,638 shares valued at about $10.87 million; BBAG opened at $45.13 with a 50-day MA of about $45.56 and a 1-year range of $44.71 to $47.18.
Heck Capital Advisors LLC made a sharp pivot in its ETF holdings during the second quarter, cutting its stake in the iShares 7-10 Year Treasury Bond ETF (IEF) by more than half while pouring $22.5 million into a new commodity position. The Wisconsin-based firm, which manages roughly $1.67 billion in reported holdings, filed the changes with the SEC on July 10, according to Watchlist News.
The moves signal a deliberate shift away from intermediate U.S. Treasury debt and toward hard assets and diversified bond strategies. The firm now holds positions across commodities, emerging market equities, and aggregate bond funds — a broader mix than its previous Treasury-heavy lineup.
Heck Capital Slashes Treasury Holdings by More Than Half
Heck Capital sold 74,132 shares of IEF during the second quarter. That trimmed the position by 53.3%, leaving the firm with 64,857 shares worth about $6.13 million. IEF tracks U.S. Treasury bonds with maturities of seven to ten years. The fund opened at $92.87, with its 50-day average sitting at $93.75 and its 200-day average at $94.92, according to Watchlist News.
The firm also cut its iShares Core Total USD Bond Market ETF (IUSB) stake by 47.9%, selling 96,751 shares. It now holds 105,140 shares valued at about $4.85 million, according to Ticker Report. IUSB opened at $45.42. The dual reduction in Treasury and broad bond funds shows a clear move away from pure government duration risk — the danger that rising interest rates will erode bond values.
$22.5 Million Commodity Bet Becomes the Firm's 16th Largest Holding
The firm's biggest new move was a fresh stake in the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). Heck Capital bought 407,139 shares worth about $22.49 million. That single position now makes up roughly 1.3% of its total 13F portfolio and ranks as its 16th largest holding. CMDY uses a strategy designed to reduce losses from rolling futures contracts — a common drag on commodity returns.
The trade is seen as a bet against inflation. Commodities like energy, metals, and agricultural goods tend to hold value when prices rise broadly. By picking CMDY specifically, the firm chose a fund built to capture commodity gains more efficiently than standard futures-linked products.
New Emerging Market Stake and Growing Aggregate Bond Position
Heck Capital also opened a brand-new position in the Dimensional Emerging Core Equity Market ETF (DFAE), buying 19,245 shares valued at about $774,000, according to Watchlist News. DFAE targets smaller, cheaper, and more profitable companies in developing economies — a different approach than standard index funds. The fund opened at $38.77, with a 52-week range of $29.64 to $42.16.
On the fixed-income side, the firm grew its JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG) position by 8.4%, bringing it to 236,638 shares worth about $10.87 million. BBAG holds a mix of corporate bonds, government debt, and mortgage-backed securities. That diversity makes it less sensitive to interest rate moves than a pure Treasury fund like IEF.
A Broader Shift Away From Government Debt Toward Diversified Risk
Taken together, the trades show a firm moving away from concentrated bets on U.S. government bonds. Heck Capital is adding inflation protection through commodities, factor-based emerging market exposure through DFAE, and broader fixed-income coverage through BBAG. The strategy trades the relative safety of Treasuries for a wider spread of risks and potential returns.
The firm also reduced its iShares CMBS ETF (CMBS) holdings by 46.1% and trimmed its Freedom 100 Emerging Markets ETF (FRDM) stake by 9.6%, according to Watchlist News. Those cuts free up capital for the new positions. The overall picture is a portfolio built for a world where interest rates stay high and inflation stays sticky.
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