Stance Capital's significant portfolio shifts
Stance Capital LLC Sharply Increases CHGX Stake, Makes Significant Portfolio Shifts in Q4
Anonymous
Key Points
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In its SEC filing narrative for STNC, the ETF is described as an “actively-managed, non-transparent ETF” that holds a “concentrated portfolio of US firms screened for ESG criteria” using the “Blue Tractor non-transparent model” and was launched on Mar 16, 2021.
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For STNC specifically, Stance Capital reported owning 440,871 shares equivalent to about 0.17% of the fund—valued at roughly $14.61 million at the end of the most recent reporting period—after selling 29,127 shares in the quarter.
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While Stance increased BG sharply, other major institutional moves show the stock drawing broad attention: Glencore plc doubled its position in Q4 (up 100.0%) to 65,612,206 shares worth about $5.845 billion, and Vanguard Group also added (up 4.6%) to 17,570,009 shares worth about $1.565 billion.
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Institutional ownership for BG remains very high—hedge funds and other institutional investors own 86.23% of the company’s stock—underscoring why quarterly 13F changes can materially shift the holder base.
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For CHGX, Stance’s stake was larger than the portfolio-weight figure suggests: Stance owned about 5.12% of the ETF, valued at approximately $7.067 million, after purchasing 209,992 additional shares (to 259,956 total).
Stance Capital LLC made one of its boldest portfolio moves in the fourth quarter, boosting its stake in the Stance Sustainable Beta ETF (CHGX) by 420.3% — buying 209,992 additional shares to reach 259,956 total, worth about $7.07 million, according to Fintel. The firm also dramatically increased its bet on agribusiness giant Bunge Global SA (BG), expanding that position by a staggering 9,240.8% to 38,671 shares valued at roughly $3.4 million.
The moves signal a sharp strategic shift. Stance trimmed its flagship Hennessy Sustainable ETF (STNC) position by 6.2%, selling 29,127 shares, while doubling down on both an agribusiness play and its own passive sustainable-beta fund. The rebalancing came as the broader ESG investing world faced growing political and market headwinds.
CHGX Jumps to Stance's Second-Largest Holding
After buying nearly 210,000 new shares in Q4 2023, Stance Capital now owns about 5.12% of CHGX, according to StockZoa. That makes CHGX the firm's second-largest holding, representing roughly 2.6% of its total portfolio. The ETF — formerly known as the AXS Change Finance ESG ETF — merged with the Stance Sustainable Beta ETF in April 2025, consolidating under the CHGX ticker on Nasdaq.
Meanwhile, Stance kept its biggest position in STNC, the Hennessy Sustainable ETF, despite trimming it. That fund holds 440,871 Stance-owned shares worth about $14.61 million — about 5.4% of the firm's total portfolio, according to Fintel. STNC is an actively managed, non-transparent ETF launched March 16, 2021. It uses the Blue Tractor model, which shields the fund's holdings to prevent other traders from front-running its moves.
Stance's Massive Bunge Bet Tracks a Landmark Merger
Stance's 9,240.8% surge in Bunge Global SA was not made in a vacuum. In June 2023, Bunge announced a deal to merge with Viterra Limited, creating an $18 billion agribusiness giant. That merger closed July 2, 2025, after China gave final regulatory approval, according to a Bunge press release. Stance's aggressive buying in Q4 2023 appears timed to get ahead of that deal.
Stance was not alone in piling into BG. Glencore plc doubled its position in Q4 2023 — up 100% — to over 65.6 million shares worth roughly $5.85 billion, according to MarketBeat. Vanguard Group also added, increasing its stake by 4.6% to 17.57 million shares worth about $1.57 billion. Overall, hedge funds and institutional investors own 86.23% of Bunge's stock.
Stance's Founder Bets on ESG's 'Pimply Teenager' Phase
Stance Capital founder Bill Davis has a blunt view of ESG investing right now. In May 2024, Davis described ESG as being in a "pimply teenager stage," pushing for a focus on hard fundamentals rather than broad ethical labels. His strategy uses ESG screening not just for values alignment, but as a tool to find high-quality companies and cut tail risk — the chance of a sudden, severe loss.
That philosophy explains the portfolio shift. Reducing the active STNC fund while adding to the passive CHGX and making a high-conviction bet on Bunge reflects what analysts call a "beta-plus" approach — pairing cheap index-style exposure with targeted, research-driven picks. Stance also opened new positions in companies like American Water Works and Cigna Group in Q4, according to Ticker Report, broadening its industrial and healthcare exposure.
Agribusiness and ESG Consolidation Reshape the Landscape
The Bunge-Viterra merger creates a dominant player in global grain trading. Bunge CEO Greg Heckman framed the deal as a way to "connect farmers to consumers" in a volatile trade environment. The combined company is expected to generate $190 million in synergies by 2026, according to Brownfield Ag News. But critics at Spruce Point Capital Management issued a forensic review warning that the merger's complexity could hide accounting weaknesses.
On the ETF side, the merger of CHGX and Stance's earlier fund points to a broader trend: small ESG fund managers are consolidating to compete with giants like BlackRock and Vanguard. Stance's Q4 moves — buying more of its own ETF, backing an agribusiness merger, and trimming its flagship active fund — suggest the firm is betting that scale and fundamentals, not just ESG labels, will drive returns ahead.
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