MARQUETTE ASSOCIATES, INC. — 13F Portfolio

MARQUETTE ASSOCIATES, INC. is an independent institutional investment consulting and outsourced CIO (OCIO) firm headquartered in Chicago, IL. The firm advises and manages capital on behalf of public and corporate pension plans, endowments and foundations, health care systems, Taft-Hartley plans, and other institutional investors. It operates as an SEC-registered investment adviser and appears in U.S. regulatory records as an institutional investment manager under CIK #0002042617. Marquette’s core business is building and overseeing multi-asset, multi-manager portfolios tailored to clients’ policy objectives and risk constraints. For advisory-only relationships, the firm provides strategic and tactical asset allocation guidance, manager research and selection, and ongoing monitoring. For OCIO and other discretionary mandates, Marquette assumes responsibility for implementing these policy portfolios directly, allocating to external managers and vehicles across public and private markets. The firm files Form 13F because certain discretionary accounts and pooled vehicles under its control hold reportable U.S.-listed equities and ETFs above the SEC threshold. Each 13F filing aggregates those long U.S.-listed holdings into a single institutional snapshot, giving an external view of the equity and ETF sleeve that Marquette manages directly. It does not capture the full breadth of underlying separate accounts, commingled funds, mutual funds, private partnerships, or non-U.S. securities that are central to client portfolios. Within a 13F analytics environment, these filings are organized into a continuous 13F Portfolio Composition record, but the original SEC submissions remain the definitive source for security-level holdings.

Marquette Associates’ investment strategy is that of a classic institutional consultant and OCIO: a multi-asset, manager-of-managers platform built on capital markets research, asset allocation, and rigorous manager due diligence. The firm’s Investment Committee and research team develop capital market assumptions and strategic policy allocations across equities, fixed income, real assets, and diversifying strategies, which are then customized by client type and objective. Implementation for discretionary mandates relies primarily on external investment managers accessed through separate accounts, commingled funds, and mutual funds, as well as ETFs for efficient, liquid exposure to certain asset classes, regions, or factors. Manager selection is informed by qualitative assessment of team, process, and organization, alongside quantitative evaluation of historical compounding behavior, risk-adjusted outcomes, and factor exposures. The portion of the platform that appears in Form 13F is the subset of U.S.-listed equities and ETFs held directly in discretionary portfolios. In practice, this sleeve typically includes: - Broad-based U.S. equity ETFs or index strategies used as core holdings or transition vehicles. - Style or capitalization ETFs (e.g., value, growth, small-cap) where Marquette chooses to express specific tilts directly. - Select individual equities in cases where client guidelines or specific mandates call for direct stock exposure. Because Marquette’s mandate is multi-asset and benchmark-aware, the 13F equity sleeve is generally diversified across sectors and capitalizations in line with clients’ policy benchmarks, with measured active tilts rather than large directional bets. Turnover in this sleeve is typically low to moderate: strategic exposures are persistent, while reallocations occur in response to policy changes, manager transitions, or tactical positioning rather than high-frequency trading. Within a Portfolio Simulator or Backtesting Service, Marquette’s disclosed holdings can be mapped to market data and normalized to a user-defined notional to construct an approximate Historical Track Record for the U.S.-listed equity and ETF sleeve. This provides a proxy for how that visible portion of Marquette’s implementation would have evolved through different equity regimes—bull markets, corrections, and style rotations—recognizing that the majority of underlying manager exposures and non-U.S. holdings are not visible in 13F data.

Viewed through its public filings under CIK #0002042617, MARQUETTE ASSOCIATES, INC. presents as a research-driven institutional consultant and OCIO provider whose 13F footprint captures only the directly held U.S.-equity and ETF component of a broader multi-manager architecture. The 13F record shows diversified sector exposure, benchmark-aware construction, and turnover patterns consistent with policy-driven allocation and manager transitions rather than tactical trading. For allocators using a 13F analytics platform, the key analytical questions are how the firm’s 13F Portfolio Composition has evolved—stability of core ETF exposures, the scale and direction of any style or sector tilts, and the extent to which direct equities appear alongside fund positions—and how those structural choices have influenced a reconstructed capital path. By feeding the holdings history into a Backtesting Service or Portfolio Simulator and running Performance Backtests Online, users can generate a proxy Historical Track Record for the 13F sleeve and evaluate volatility characteristics, Max Drawdown Depth, and Sharpe Ratio relative to appropriate U.S. equity benchmarks. Because 13F-based analysis omits the underlying external managers, non-U.S. assets, private markets, fixed income portfolios, and any derivative overlays that are central to Marquette’s full client solutions, it should be treated as a complementary, equity-sleeve-focused lens rather than a complete picture of client outcomes. A central open question for further due diligence is how Marquette’s asset-allocation and manager-selection framework—reflected in part by the 13F equity sleeve—adapts to sustained shifts in macro and market regimes, such as persistent changes in interest rates, inflation dynamics, and equity style leadership, and how that adaptability influences the regime sensitivity of institutional portfolios implemented under the firm’s guidance.

The risk characteristics implied by MARQUETTE ASSOCIATES, INC.’s 13F filings reflect a diversified, long-only U.S. equity and ETF allocation embedded within a broader multi-asset, multi-manager structure. At the 13F sleeve level, key risk drivers include: - Equity market exposure: The holdings are predominantly long U.S.-listed equities and ETFs, so they participate in market-wide rallies and drawdowns with a beta calibrated to client policy benchmarks. - Sector diversification: Exposure is spread across major sectors—such as information technology, health care, financials, industrials, and consumer—limiting reliance on any single industry, although modest tilts will arise from Marquette’s asset-allocation and manager-selection views. - Factor tilts: Use of style and capitalization ETFs or active managers can introduce value/growth, quality, and size tilts, which influence how the equity sleeve behaves across different style regimes. Because the 13F equity sleeve is structurally long-only, it absorbs equity drawdowns in stress periods. The depth of those setbacks is governed by overall beta, sector composition, and factor exposures. In contrast, total-client-level risk may be mitigated by allocations to fixed income, real assets, private markets, and diversifiers that are not covered by Form 13F. Reconstructing quarter-end portfolios from the 13F History allows allocators to estimate volatility and downside behavior for a notional portfolio mirroring Marquette’s visible U.S.-equity sleeve. Diagnostics such as Max Drawdown Depth across historical shock periods, coupled with risk-adjusted outcome measures like Sharpe Ratio, provide a quantitative view of how this portion of the platform has balanced upside participation with drawdown risk. Sector and factor attribution can further decompose the contributions of broad market exposure, style tilts, and any direct stock selection to the observed risk profile.