Constant Guidance Portfolio Rebalancing
Constant Guidance Shifts Portfolio, Adds SPYX and Emerging Markets While Reducing Bond Fund Exposure
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Key Points
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Brighton Jones LLC increased its stake in iShares MSCI Emerging Markets ETF (EEM) by about 1.7% in the fourth quarter, now holding 118,587 shares worth roughly $4,959,000.
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AQR Capital Management LLC boosted its position in EEM by about 13.3% in the first quarter, owning 80,248 shares valued at approximately $3,507,000 after new purchases.
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Major buyers expanded PYLD exposure across several firms: Morgan Stanley now holds 17,115,719 PYLD shares worth about $456,647,000 after adding more in the fourth quarter; Bank of America (DE) holds 15,573,447 shares valued at about $417,991,000 after additional purchases; LPL Financial LLC owns 14,584,034 shares worth roughly $389,102,000 following the last quarter’s activity, with Sequoia Financial Advisors LLC at 10,994,877 shares ($288,066,000) and HighTower Advisors LLC also increasing its stake.
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Philip Morris International announced a major expansion of its ZYN manufacturing campus in Aurora, Colorado, doubling planned investment to about $1.2 billion through 2028 and positioning the facility as PMI’s U.S. production and export hub, with potential to generate about $550 million in annual economic output and support roughly 1,000 indirect jobs.
Constant Guidance Financial LLC made two notable new bets in the first quarter, including a fresh $681,000 stake in the SPDR S&P Fossil Fuel Reserves Free ETF (SPYX), according to Ticker Report. The purchase of 12,835 shares made SPYX the firm's 20th largest holding, at about 0.5% of its total portfolio.
The moves show a firm adding to equities and sector-focused ETFs while cutting back on fixed income. Constant Guidance slashed its position in the PIMCO Multi Sector Bond Active ETF (PYLD) by 83.5%, selling 116,990 shares and keeping just 23,120 shares worth about $606,000, Watchlist News reported.
New ETF Stakes Round Out the Portfolio
Alongside SPYX, Constant Guidance also opened a new position in the iShares MSCI Emerging Markets ETF (EEM), buying 11,764 shares worth roughly $668,000, according to Watchlist News. That stake ranks as the firm's 22nd largest holding and also makes up about 0.5% of its total assets. SPYX tracks companies that avoid fossil fuel reserves, giving the portfolio a sustainability tilt.
The firm also added exposure to individual stocks. It picked up 4,018 shares of Dell Technologies for about $659,000, making Dell its 23rd largest holding, Watchlist News reported. Its biggest single move was a $25.9 million investment in the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), which became its 3rd largest position, per Ticker Report.
Philip Morris Bet Comes With a Billion-Dollar Backdrop
Constant Guidance bought 2,842 shares of Philip Morris International (PM) valued at roughly $470,000, Ticker Report reported. The stake is small, but the company behind it is making a massive move. Philip Morris announced it is doubling planned investment in its ZYN nicotine pouch manufacturing campus in Aurora, Colorado, to about $1.2 billion through 2028.
The Aurora facility is set to become PMI's main U.S. production and export hub. The expansion could generate about $550 million in annual economic output and support roughly 1,000 indirect jobs. ZYN has been one of the fastest-growing tobacco alternatives in the U.S. market.
Big Institutions Keep Piling Into PYLD
While Constant Guidance was cutting PYLD, major institutions were doing the opposite. Morgan Stanley now holds 17,115,719 PYLD shares worth about $456.6 million after adding more in the fourth quarter, according to Watchlist News. Bank of America holds 15,573,447 shares valued at about $418 million, and LPL Financial owns 14,584,034 shares worth roughly $389 million.
Sequoia Financial Advisors holds 10,994,877 PYLD shares worth about $288 million, and HighTower Advisors also increased its stake. The contrast is stark: while large firms are loading up on the bond ETF, Constant Guidance moved sharply in the other direction, cutting its exposure by more than four-fifths in a single quarter.
Other Funds Also Adjusted EEM Positions in Q1
Constant Guidance was not alone in touching EEM this quarter. AQR Capital Management boosted its EEM stake by about 13.3% in the first quarter, bringing its total to 80,248 shares valued at roughly $3.5 million, according to Watchlist News. Brighton Jones LLC also holds a larger position, with 118,587 shares worth about $4.96 million after a 1.7% increase in the fourth quarter.
The moves across multiple firms point to a broader rebalancing trend. Investors appear to be selectively adding equity and sector ETF exposure while making targeted cuts in fixed income. Constant Guidance's first-quarter filings fit squarely into that pattern.
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