Balentine's Portfolio Shifts
Balentine Adjusts Portfolio, Trimming Some ETF Stakes While Boosting Others
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Key Points
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Balentine sold 9,020 shares of Vanguard Russell 1000 Value ETF (VONV) in Q1, leaving 180,169 shares; VONV opened at $106.94 on Thursday and has traded within a 12-month range of $84.13 to $108.02.
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Balentine boosted its position in iShares MSCI Global Quality Factor ETF (AQLT) by 69,524 shares in Q1 to 6,657,001 shares, representing about 0.88% of AQLT and roughly $183.996 million in value; AQLT opened at $31.37 and tracks the MSCI ACWI Quality index.
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Balentine cut its stake in SPDR Nuveen ICE Municipal Bond ETF (TFI) by 81.5% in Q1, with the remaining shares opening around $45.64 as part of a range that has a 52-week low of $44.19 and a high of $46.50.
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In iShares National Muni Bond ETF (MUB), Balentine reduced its stake by 53.4% to 330,343 shares; MUB trades within a 52-week range of about $103.14 to $109.00, and the fund has about 90.19% of its shares owned by hedge funds and institutional investors.
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Besides VONV, the VONV positioning saw broad activity from other funds in the quarter, including new positions for YANKCOM Partnership and Quadrant Capital Group, plus sizable increases for Victory Capital (up 139.6 to 448 shares) and Newbridge Financial (up 355% to 455 shares), and a new stake for Optima Capital.
Atlanta-based wealth manager Balentine LLC made a sharp pivot in its ETF portfolio during Q1 2026, slashing its municipal bond holdings while doubling down on global equity quality. The firm cut its stake in the SPDR Nuveen ICE Municipal Bond ETF (TFI) by 81.5%, leaving just 38,989 shares, and trimmed its iShares National Muni Bond ETF (MUB) position by 53.4% to 330,343 shares, according to Watchlist News.
At the same time, Balentine boosted its iShares MSCI Global Quality Factor ETF (AQLT) stake by 69,524 shares to 6,657,001 shares — worth roughly $184 million. AQLT now sits as the firm's 5th largest holding, making up 7.4% of its roughly $2.48 billion managed portfolio.
Balentine Nearly Exits Municipal Bond Market in One Quarter
The muni bond selloff was dramatic. Balentine held over 210,000 shares of TFI before Q1. It now holds 38,989. That is an 81.5% cut in a single quarter. The remaining TFI shares trade in a 52-week range of $44.19 to $46.50, opening near $45.64, according to Watchlist News.
MUB saw a similar retreat. Balentine cut that position by 53.4%, dropping to 330,343 shares. MUB trades between $103.14 and $109.00 over the past year. Institutional investors own 90.19% of MUB's shares, making Balentine's exit a notable withdrawal from a heavily crowded trade.
Global Quality ETF Becomes Firm's Cornerstone Bet
While bonds were sold off, AQLT got a bigger seat at the table. Balentine added 69,524 shares in Q1, bringing its total to 6,657,001. That is about 0.88% of the entire AQLT fund. The ETF tracks the MSCI ACWI Quality index, which targets companies with strong balance sheets and steady earnings, according to Ticker Report.
AQLT opened at $31.37 on Thursday. The $184 million position now ranks 5th in Balentine's portfolio. This signals that the firm is betting on global companies with financial strength over domestic fixed income safety, a clear shift in the firm's risk outlook for the second half of 2026.
Smaller Trims Hit Value and Domestic Quality ETFs
Balentine also made modest cuts to two other equity ETFs. It sold 9,020 shares of Vanguard Russell 1000 Value ETF (VONV), reducing that stake by 4.8% to 180,169 shares. VONV opened at $106.94 on Thursday and has traded between $84.13 and $108.02 over the past 12 months, according to Watchlist News.
The firm also cut its iShares MSCI USA Quality Factor ETF (QUAL) position by 4.8% to 55,482 shares. QUAL now ranks 19th in the portfolio at just 0.4% of holdings. While Balentine trimmed VONV, other firms moved the other way. Victory Capital grew its VONV stake by 139.6%. Newbridge Financial jumped 355% into the ETF. YANKCOM Partnership and Optima Capital both opened new VONV positions in the same quarter.
Why Balentine Is Rethinking Risk for High-Net-Worth Clients
Balentine manages over $5.3 billion for wealthy clients. Its strategy groups assets into risk "Building Blocks" — not by asset class. Municipal bonds have long served as a tax-efficient tool for those clients. The heavy selloff in TFI and MUB suggests the firm now sees duration risk as a bigger threat than tax savings, according to Ticker Report.
The firm's focus on AQLT points toward international equity. The MSCI ACWI index had its best year since 2019 in the prior period, gaining 22.9%. Balentine appears to be positioning for global outperformance while stepping back from long-duration bonds in a higher-rate environment. Its Q2 moves will show whether this pivot holds.
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