Amtrust Financial Services Portfolio Concentration Analysis: Heavy Exposure in S&P 500 ETFs

As of June 30, 2026, Amtrust Financial Services Inc. manages a portfolio valued at $336.27 million.

The analysis reveals notable concentration in large-cap U.S. stock market exposure through two dominant positions: VOO and IVV. These holdings represent the largest allocations within the fund's portfolio structure.

Top Holdings Analysis

VANGUARD INDEX FDS (VOO): This ETF, tracking the S&P 500 index, constitutes approximately 40.09% of Amtrust Financial Services Inc.'s portfolio value as of June 30, 2026. The fund holds 196,400 shares with a market value of $134.89 million.

ISHARES TR (IVV): Another major S&P 500 tracker, iShares Core S&P 50 Index ETF (IVV), holds the second position in Amtrust's portfolio with a weight of about 35.17%. The fund owns 158,000 shares valued at $118.32 million.

These two holdings alone account for roughly three-quarters of the total portfolio value ($336.27 million). Other significant positions include:

• VANGUARD INDEX FDS (VV): Vanguard S&P 500 Small-Cap ETF, holding $15.75 million worth of shares.
• ISHARES TR (AGG): iShares Core S&P U.S. Aggregate Bond ETF, contributing about $9.76 million to the portfolio.
• SPDR SERIES TRUST (SPIB): SPDR Portfolio S&P 500 Equal Weight REIT & Rotating ETF, adding approximately $6.39 million in value.
• ISHARES BITCOIN TRUST ETF (IBIT): This is a more recent addition showing significant growth with an increase of 45.56% in its portfolio allocation percentage and corresponding share count, now representing about $2.95 million or 0.88%.

Additionally, the fund holds shares in SPDR SERIES TRUST (IVV), which is already covered as a top holding, and other ETFs like IWM (Invesco QQQ) and SPAB (SPDR Portfolio S&P 500 Dividend Select). The portfolio also includes exposure to LMND (Lemonade), categorized under Financial Services.

Portfolio Concentration Overview

The overall sector allocation data indicates that the vast majority of Amtrust's holdings, around 98.66% ($331.75 million) are classified as 'Unknown', primarily due to the large ETF positions which often obscure underlying stock sectors.

Despite this, there is clear exposure within specific sectors:

• Financial Services: The fund holds LMND (Lemonade), a company in this sector, contributing $3.68 million or 1.10% to the portfolio.

• Real Estate: SPDR Portfolio S&P 500 Equal Weight REIT & Rotating ETF (SPIB) provides exposure here, accounting for about $6.40 million or 1.90% of the total value.
• Healthcare: A small allocation to healthcare stocks is present in the portfolio, representing only $200,031 or approximately 0.06%.

The top holdings list confirms that VOO and IVV are not just large but also stable components of Amtrust Financial Services Inc.'s investment strategy as of June 30, 2026.