# QS Investors, LLC

> Institutional holdings reported to the SEC as of Q2 2021 on Form 13F. CIK 1501436. Source: https://holderbook.com/funds/1501436-qs-investors-llc/

- Reported value: $8.5B
- Positions: 1,094
- Weight of the ten largest: 45.3%
- Filed: 2021-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $816.8M | 9,509,887 | 9.6% | 11 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $766.7M | 1,783,416 | 9.1% | 11 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $754.4M | 3,116,360 | 8.9% | 11 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $397.4M | 3,445,364 | 4.7% | 11 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $306.5M | 4,834,458 | 3.6% | 11 |
| LEGG MASON ETF INVT | [LVHD](https://holderbook.com/stocks/LVHD/) | $194.8M | 5,340,135 | 2.3% | 11 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $192.6M | 1,852,093 | 2.3% | 11 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $142.0M | 331,739 | 1.7% | 11 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $132.5M | 967,143 | 1.6% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $128.5M | 474,420 | 1.5% | 11 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $117.1M | 810,984 | 1.4% | 11 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $99.9M | 1,520,333 | 1.2% | 11 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $96.3M | 1,686,586 | 1.1% | 11 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $78.5M | 995,056 | 0.9% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $70.7M | 20,564 | 0.8% | 11 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $67.5M | 299,613 | 0.8% | 11 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $66.8M | 892,022 | 0.8% | 10 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $64.6M | 1,254,626 | 0.8% | 11 |
| VANGUARD INDEX FDS | [VBK](https://holderbook.com/stocks/VBK/) | $60.2M | 207,835 | 0.7% | 11 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $54.9M | 158,018 | 0.6% | 11 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $53.2M | 394,291 | 0.6% | 11 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $52.4M | 20,911 | 0.6% | 11 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $47.3M | 287,113 | 0.6% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $47.2M | 19,334 | 0.6% | 11 |
| LEGG MASON ETF INVT TR | [CACG](https://holderbook.com/stocks/CACG/) | $44.1M | 889,118 | 0.5% | 9 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $44.1M | 831,246 | 0.5% | 11 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $40.5M | 641,957 | 0.5% | 11 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $37.7M | 984,393 | 0.4% | 11 |
| SPDR SERIES TRUST | [CWB](https://holderbook.com/stocks/CWB/) | $37.2M | 428,527 | 0.4% | 11 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $35.6M | 90,423 | 0.4% | 4 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $35.1M | 274,282 | 0.4% | 11 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $34.4M | 877,216 | 0.4% | 11 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $33.9M | 341,751 | 0.4% | 11 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $32.5M | 219,451 | 0.4% | 11 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $32.5M | 81,131 | 0.4% | 11 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $32.4M | 598,338 | 0.4% | 11 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $32.0M | 571,658 | 0.4% | 11 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $31.4M | 222,476 | 0.4% | 11 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $30.1M | 386,999 | 0.4% | 11 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $30.1M | 360,238 | 0.4% | 11 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $29.8M | 78,786 | 0.4% | 11 |
| LEGG MASON ETF INVT | [LVHI](https://holderbook.com/stocks/LVHI/) | $29.3M | 1,137,038 | 0.3% | 11 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $29.0M | 393,426 | 0.3% | 11 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $28.5M | 148,207 | 0.3% | 11 |
| ISHARES TR | [EFAV](https://holderbook.com/stocks/EFAV/) | $28.5M | 376,959 | 0.3% | 11 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $28.2M | 162,421 | 0.3% | 11 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $25.8M | 130,118 | 0.3% | 11 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $25.7M | 244,972 | 0.3% | 11 |
| GENERAL MILLS INC | [GIS](https://holderbook.com/stocks/GIS/) | $24.4M | 399,650 | 0.3% | 11 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $24.0M | 249,652 | 0.3% | 11 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $23.7M | 59,913 | 0.3% | 11 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $23.4M | 287,567 | 0.3% | 11 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $23.3M | 100,752 | 0.3% | 11 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $22.8M | 146,796 | 0.3% | 11 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $22.6M | 125,470 | 0.3% | 11 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $22.5M | 74,789 | 0.3% | 11 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $21.6M | 27,015 | 0.3% | 11 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $21.3M | 149,265 | 0.3% | 11 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $20.8M | 370,775 | 0.2% | 11 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $20.8M | 106,633 | 0.2% | 11 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $20.7M | 342,029 | 0.2% | 11 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $20.7M | 139,586 | 0.2% | 11 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $20.6M | 70,636 | 0.2% | 11 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $20.5M | 84,689 | 0.2% | 11 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $19.9M | 33,904 | 0.2% | 11 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $19.8M | 225,086 | 0.2% | 1 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $19.4M | 204,171 | 0.2% | 9 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $18.9M | 222,928 | 0.2% | 11 |
| KELLOGG CO | [K](https://holderbook.com/stocks/K/) | $18.8M | 292,784 | 0.2% | 11 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $18.3M | 41,399 | 0.2% | 11 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $18.0M | 406,972 | 0.2% | 11 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $17.6M | 25,956 | 0.2% | 11 |
| LAM RESEARCH CORP | [LRCXXXXX](https://holderbook.com/stocks/LRCXXXXX/) | $17.5M | 26,823 | 0.2% | 11 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $17.1M | 90,680 | 0.2% | 11 |
| LOGITECH INTL S A | [LOGI](https://holderbook.com/stocks/LOGI/) | $17.0M | 154,983 | 0.2% | 11 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $17.0M | 312,810 | 0.2% | 11 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $16.6M | 72,302 | 0.2% | 11 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $16.4M | 71,528 | 0.2% | 11 |
| SMUCKER J M CO | [SJM](https://holderbook.com/stocks/SJM/) | $16.4M | 126,486 | 0.2% | 11 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $16.0M | 260,158 | 0.2% | 11 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $15.9M | 28,477 | 0.2% | 11 |
| ISHARES TR | [HDV](https://holderbook.com/stocks/HDV/) | $15.6M | 161,694 | 0.2% | 5 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $15.4M | 143,338 | 0.2% | 11 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $15.3M | 56,538 | 0.2% | 11 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $15.2M | 314,207 | 0.2% | 11 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $15.0M | 63,116 | 0.2% | 11 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $14.8M | 515,904 | 0.2% | 11 |
| PULTE GROUP INC | [PHM](https://holderbook.com/stocks/PHM/) | $14.8M | 271,289 | 0.2% | 11 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $14.7M | 220,550 | 0.2% | 11 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $14.7M | 92,629 | 0.2% | 11 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $14.7M | 45,966 | 0.2% | 11 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $14.3M | 92,373 | 0.2% | 1 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $14.2M | 212,381 | 0.2% | 11 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $14.1M | 195,949 | 0.2% | 11 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $13.6M | 67,659 | 0.2% | 11 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $13.4M | 93,404 | 0.2% | 11 |
| INVESCO EXCH TRADED FD TR II | [SPHD](https://holderbook.com/stocks/SPHD/) | $13.0M | 293,798 | 0.2% | 11 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $12.8M | 211,428 | 0.2% | 11 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $12.8M | 246,130 | 0.2% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $12.8M | 45,880 | 0.2% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2021 | +5.8% | +8.0% | -2.2% | 100% |
| Q1 2021 | +4.5% | +6.0% | -1.5% | 100% |
| Q4 2020 | +9.2% | +11.6% | -2.5% | 100% |
| Q3 2020 | +4.2% | +8.6% | -4.4% | 100% |
| Q2 2020 | +16.5% | +19.6% | -3.1% | 100% |
| Q1 2020 | -19.6% | -19.9% | +0.3% | 100% |
| Q4 2019 | +5.0% | +8.5% | -3.5% | 100% |
| Q3 2019 | +0.8% | +1.3% | -0.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2021 | $8.5B | 1,094 |
| Q1 2021 | $8.6B | 1,178 |
| Q4 2020 | $8.3B | 1,177 |
| Q3 2020 | $7.5B | 1,164 |
| Q2 2020 | $7.2B | 1,637 |
| Q1 2020 | $6.3B | 1,648 |
| Q4 2019 | $10.0B | 1,619 |
| Q3 2019 | $9.2B | 1,630 |
| Q2 2019 | $9.3B | 1,627 |
| Q1 2019 | $9.1B | 1,635 |
| Q4 2018 | $7.8B | 1,891 |