Elfun Trusts 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 38.53%, top 10 53.74%, top 20 72.74%, with NVDA 10.30%, MSFT 8.12%, GOOGL 7.72%, AAPL 6.85%, AMZN 5.54%, META 4.32%. The baseline result is return 15.86%, alpha 2.08%, beta 1.03, Sharpe 0.87, Sortino 1.07, max drawdown -31.93%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Information Technology 36.73%, Financials 13.04%, Communication Services 12.04%, Industrials 10.24%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2023-06-30 (1.65% vs SPY -1.77%, excess 3.42%, turnover 11.35%); the weakest was 2024-09-30 (0.97% vs SPY 2.76%, excess -1.79%, turnover 13.68%). The latest rows (2025-03-31 (10.79% vs SPY 9.22%, excess 1.57%, turnover 21.05%); 2025-06-30 (3.22% vs SPY 4.20%, excess -0.98%, turnover 19.10%); 2025-09-30 (1.79% vs SPY 1.49%, excess 0.31%, turnover 15.78%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether NVDA 10.30%, MSFT 8.12%, GOOGL 7.72%, AAPL 6.85% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -31.93% is acceptable for the user's risk budget.