What's Your Non-Equity Portfolio Look Like?


Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Jan 21, 2008
With all the understandable angst about no good choices for fixed income or cash, despite lots of bits and pieces of info, I wonder what our non-equity portfolios all look like - percentages in various bond, funds, cash, etc.?

In case someone wonders, I wouldn't think annuities, real estate, Soc Sec or pensions should be included, but to each his/her own.

I don't recommend what we're currently holding (below), there will be some substantial changes this month.

Of course only if you're comfortable sharing your percentages...might be interesting.


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No fancy pie charts for me.
PenFed CDs 5%
Sallie Mae Inflation bonds 5%
Other individual bonds 1%
I bonds .5%
Money Markets checking, saving 7%

Oh I should say this percentage of total liquid assets.
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Something approximately like
50% Total US Bond
16% GNMA fund
16% short-term corporate bond
08% TIAA real estate account
08% TIAA traditional annuity
02% cash from recent dividends to be reinvested somewhere shortly
Non-equity portion = 32% of portfolio.

Of this non-equity portion, the breakdown is as follows.

Stable Value Fund (401k) = 32%
I-bond = 26%
Cash (MM and loose cash in various accounts) = 24%
Global bond = 10%
US bond = 8%
Total = 100%

The 24% cash is what has been bothering me. It needs a home, and should be in bonds, but I am still debating. Its percentage in portfolio is 24% X 32% = 7.7% of portfolio, which is more than 2 years of expense. It is currently earning very little.

If I put that in something like PenFed CD, it would get me several Ks in interest. The market timer in me wants that cash floating free, so I can use it for some opportunistic moves. But again, that should ideally be in bonds.
My fixed income portfolio looks like this at the moment:
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My target AA is 60% equities, 4% cash (online savings) and 34% fixed income.

Right now the fixed income is 29% PenFed 3% 5 year CDs, 3% whole life policy, 33% MM, 15% Guggenheim 2017-2018 High Yield target maturity funds and 20% Vanguard International Bond Index Fund.

Usually, the 33% in MM would be in corporate bonds. I recently decided to transition from Guggenheim's 2019/2020 corporate target maturity bond funds to iShares 2020 corporate target maturity bond fund (IBDC) and completed the sales but haven't completed the purchases yet.

Wondering if I should wait, but right now I plan to get into IBDC over the next 6-12 months if I can buy at NAV or at a discount.
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27.4% PenFed 3% CDs
40.1% Cash (MM Funds here and there)
21% Bond Fund (OSTIX)
11.5% REIT

Currently AA is 69% equities ad 31% non-equity (stated above). A little risky for an old dog like me..I should back off ETFs and stock funds this year, or have nerves of steel.;)
Wellesley (fixed income portion) - 9.8%
Vanguard High Yield Corporate - 12.7%
Cash/Prime Money Market - 14%
Vanguard Short Term Investment Grade - 34.7%
PenFed CD (well, as soon as the transfer goes through, until then in Total Bond) - 28.9%
For the Fixed Income portion only, the bulk is in these 2:
50% in Sh-Term Investment Grade bonds (keeping the duration short),
26% Wellesley (the portion that's in bonds --letting the experts manage some),

Then some of these for further diversification:
Intermediate-term bonds,
International bonds,
High Yield bonds, and
a touch of Deed of Trust (farmland).


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Great topic. I'm very interested to see what people are doing here because my own FI portfolio is very sub-optimal (partly due to laziness and partly due to focusing on equities at the start of my investing back when there were those juicy 3% real i-bonds).

Cash @0% (MM, bank) -- 27%
Cash @0.85% (ally) -- 17%
i-bond @1.18 (0% real) -- 13%
CDs @3% (penfed) -- 5%
ST Corp @1.5% -- 24%
Int Corp @2.9% -- 3.5%
Total BND @2.2% -- 12%
13%cash (in AMEX savings @.85%)
33%PenFed 5 year CD's
Balance in Bond Funds yet to be determined, but likely split between what is in Wellington and what is in Fidelity Freedom Fund 2015 (husband's 401k)
The "big bond fund" I mention in my signature line is a Fidelity long-term corporate bond fund which invests in corporate bonds at (BBB) or slightly below investment grade (BB, some B). I have about 80% of my taxable account's bond fund holdings in that fund. In my IRA I have bond fund holdings (about half of the IRA) in an intermediate-term, investment-grade, corporate bond fund. In my taxable account I also have some holdings in a national intermediate-term muni bond fund and a home-state (NY) long-term bond fund as a holdover form my working years when I was in a higher tax bracket.
Savings accounts, PenFed Cds, gold - 29.3%
loans to others, property sold and receiving payments: 20.7%

Rental and investment property (our version of equities) 50%
24.5 % in bonds and 10.5% in cash .
Bonds are mostly short & intermediate with .97% in long term .
26% Wellesley (the portion that's in bonds --letting the experts manage some),
I have some in Wellesley, too, for the same reasons.

Percentage of the fixed income portion of my portfolio, only:

22%..TSP G Fund
31%..VBTLX Total Bond Market Index
37%..VWIAX Wellesley (bond portion)
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Non-equity is about 36% lf my total. Distributed as follows:

20.5% CDs
6.7% Stable Value
15.5% merger arbitrage funds
12% cash
17% foreign bonds
28.3% US bonds
37% - cash (including CD's)
13% - International
47% - US (30% NHILX, 30% DFRPX 10% VWINX and several others..)
I assume the various classes like Business Development Companies, Utilities, REITs, Pipeline MLPs and the like would be considered "equities" for the purposes of this exercise.

Fixed Income as a % of overall portfolio: ~14%, average yield 5.95%

6.7% Preferred stocks, average yield 7.73%
4.2% I-bonds, average current yield 4.5%
0.9% Wellington/Windsor/Wellesley combined
0.8% Vanguard Convertible Bond Fund VCVSX, yield ~2.1%
0.7% Global/Senior loan ETFs, average yield 7.69%
0.5% Municipal ETFs (may double weighting later this year), avg yield 5.05%
0.3% Individual bond (Fairfax Financial), coupon 8.3% (will hold to maturity)
0.3% Cash (Edited to add "cash" and %)

I also have an amount equal to about 6% of my portfolio in EE bonds and a PenFed CD, but those are earmarked for paying off my mortgage as they mature over the next few years, so I don't include that in my portfolio values/weightings.
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Bond = 32.9%
cash = 25.89%

Wellesly ......................... 6%
Star .............................. 2%
Fidelity MN Muni .............. 10
Fidelity Strategic Income ...12
Inflation-Protect Sec Adm...15
Short-term Treasury......... 35
Total Bond Market............ 20
Non-equity portion is approx. 45.6%, as follows:

6.0% Cash/Money Markets

2.0% I-bonds (currently yielding 1.18% annualized)

7.2% VG short term corporate bond ETF (SEC 30-day yield 1.42%)
2.3% VG limited term tax exempt fund (SEC 30-day yield 0.88%)
4.7% VG intermediate term tax exempt fund (SEC 30-day yield 2.48%)
6.5% individual muni bonds (weighted average yield 5.10%)
5.0% VG total bond fund (SEC 30-day yield 2.21%)
5.0% VG/PIMCO inflation-protected bond funds
4.7% VG high-yield corporate fund (SEC 30-day yield 4.45%)
1.1% Templeton global bond fund (SEC 30-day yield 1.96%)
1.1% individual preferred stocks (weighted average yield 7.66%)
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