Affiance Financial, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 15, 2024), Affiance Financial, LLC reported 95 stock positions worth $369.1 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 19.9% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 13.9%) and VG Morningstar TS MKT ETF-US (VTI, 10.9%). Compared with Q4 2023, it opened 7 new positions, sold out of 7, added to 30 and reduced 33. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +25%) and the biggest sale iShares Core S&P Small-Cap E (IJR, shares −49%).

Most Recent 13F
Q2 2026
Location
ST. LOUIS PARK, MN
CIK
0001723681
Portfolio Value
$369.1M (Q1 2024)
SEC Filing
0001085146-24-001802 ↗ filed Apr 15, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $369.1M $369.1M Q1 2024 Q2 2024: $383.2M Q2 2024 Q3 2024: $412.0M Q3 2024 Q4 2024: $418.1M Q4 2024 Q1 2025: $429.3M Q1 2025 Q2 2025: $492.2M Q2 2025 Q3 2025: $549.2M Q3 2025 Q4 2025: $621.3M Q4 2025 Q1 2026: $616.6M Q1 2026 Q2 2026: $694.8M Q2 2026

Holdings 95 stocks · $369.1M
VOO Vanguard S&P 500 ETF 19.94% 153,089 $73.6M Add +2.5%
AGG iShares Core U.S. Aggregate 13.87% 522,665 $51.2M Add +6.9%
VTI VG Morningstar TS MKT ETF-US 10.90% 154,757 $40.2M Add +25.3%
VEA Vanguard Ftse Developed ETF 6.10% 449,110 $22.5M Add +4.8%
IEFA iShares Core MSCI Eafe ETF 4.05% 201,560 $15.0M Add +30.5%
IJH iShares Core S&P Midcap ETF 3.22% 195,491 $11.9M Reduce -26.9%
VXF Vanguard Extended Market ETF 2.97% 62,584 $11.0M Add +5.6%
IWF iShares Russell 1000 Growth 2.40% 26,320 $8.9M Add +6.6%
AAPL Apple Inc. 2.38% 51,286 $8.8M Add +2.5%
VTV Vanguard Mrngstr Val ETF-Aui 2.32% 52,628 $8.6M Add +5.9%
VWO Vanguard Ftse Emerging Marke 1.82% 160,949 $6.7M Add +6.2%
IVV iShares Core S&P 500 ETF 1.47% 10,328 $5.4M Add +3.0%
RSPS Invesco S&P 500 Equal Weight 1.47% 164,763 $5.4M Reduce -31.7%
XLV SS Health Care Select Sector 1.41% 35,200 $5.2M Add +439.1%
MSFT Microsoft Corp. 1.33% 11,670 $4.9M Add +0.6%
SPEM State Street SP PTF Em ETF 1.26% 128,394 $4.6M Add +18.4%
IJR iShares Core S&P Small-Cap E 1.14% 38,168 $4.2M Reduce -48.8%
UNH Unitedhealth Group Inc. 1.07% 7,961 $3.9M Add +1.5%
EFG iShares MSCI Eafe Growth ETF 0.96% 34,192 $3.5M Reduce -12.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.77% 5,467 $2.9M Add +0.9%
VT Vanguard Tot World STK ETF 0.77% 25,570 $2.8M Add +4.3%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.75% 85,403 $2.8M Reduce -5.1%
BOND PIMCO Active Bond Exchange-T 0.70% 28,282 $2.6M Add +54.2%
META Meta Platforms Inc. Class A 0.70% 5,317 $2.6M Reduce -17.5%
VIG Vanguard Dividend Apprec ETF 0.69% 13,901 $2.5M Reduce -1.1%
CGCP Cap Group Core Plus Income 0.62% 101,722 $2.3M Add +57.2%
TGT Target Corp. 0.60% 12,541 $2.2M Reduce -2.3%
GOOG Alphabet Inc. Class C 0.60% 14,438 $2.2M Reduce -1.3%
AMZN Amazon.com Inc. 0.52% 10,690 $1.9M Add +4.3%
MCD McDonald's Corp. 0.51% 6,733 $1.9M Reduce -5.6%
IWD iShares Russell 1000 Value E 0.50% 10,405 $1.9M No change
ESGD iShares Trust iShares ESG Aw 0.50% 22,935 $1.8M Reduce -4.5%
XLP SS Consumer Staples Sel Sect 0.47% 22,919 $1.8M Reduce -4.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.44% 6,567 $1.6M Reduce -34.6%
BRK.B Berkshire Hathaway Inc. Class B 0.44% 3,836 $1.6M Add +7.9%
TECH Bio-Techne Corp. 0.39% 20,426 $1.4M Reduce -7.5%
JPM JPMorgan Chase & Co. 0.39% 7,148 $1.4M No change
LLY Eli Lilly & Co. 0.39% 1,840 $1.4M Add +0.3%
GOOGL Alphabet Inc. Class A 0.38% 9,350 $1.4M Add +4.5%
ESGE iShares Inc. iShares ESG Awar 0.37% 42,663 $1.4M Add +13.5%
EFA iShares MSCI Eafe ETF 0.37% 17,073 $1.4M Add +0.8%
VGT Vanguard Info Tech ETF 0.36% 2,534 $1.3M No change
QQQ Invesco QQQ Trust Series 1 0.33% 2,723 $1.2M Reduce -17.6%
EEM iShares MSCI Emerging Market 0.31% 28,082 $1.2M Reduce -0.4%
IXC iShares Global Energy ETF 0.31% 26,556 $1.1M No change
MMM 3M Co. 0.31% 10,667 $1.1M Reduce -0.3%
JPST JPMorgan Ultra-Short Income 0.28% 20,185 $1.0M Reduce -6.3%
GIS General Mills Inc. 0.27% 14,315 $1.0M Reduce -2.9%
NVDA Nvidia Corp. 0.27% 1,099 $993K New
MAR Marriott International Class A 0.25% 3,678 $928K No change
BNDX Vanguard Total Intl Bond ETF 0.24% 18,293 $900K Reduce -14.7%
JNJ Johnson & Johnson 0.24% 5,585 $884K Reduce -0.1%
IWP iShares Russell Mid-Cap Grow 0.22% 7,222 $824K Reduce -7.5%
XJH Ishare ESG SS S&P Midcap ETF 0.22% 19,795 $813K Reduce -47.2%
NOW ServiceNow Inc. 0.21% 1,002 $764K Reduce -27.5%
IYW iShares Ustechnology ETF 0.20% 5,434 $734K No change
HON Honeywell International Inc. 0.19% 3,328 $683K Add +24.3%
PRVA Privia Health Group Inc. 0.18% 34,742 $681K No change
TSLA Tesla Inc. 0.17% 3,636 $639K Reduce -46.1%
ECL Ecolab Inc. 0.16% 2,539 $586K Reduce -22.8%
VNQ Vanguard Real Estate ETF 0.15% 6,504 $563K Reduce -83.8%
DEO Diageo PLC-Sponsored ADR 0.15% 3,702 $551K No change
ABBV Abbvie Inc. 0.15% 3,019 $550K No change
PRU Prudential Financial Inc. 0.15% 4,669 $548K Add +0.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.14% 4,308 $527K Reduce -1.3%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.14% 5,030 $518K No change
ORCL Oracle Corp. 0.13% 3,793 $476K Reduce -7.3%
LMT Lockheed Martin Corp. 0.12% 1,000 $455K No change
UNP Union Pacific Corp. 0.12% 1,733 $426K No change
COST Costco Wholesale Corp. 0.11% 551 $404K Add +1.3%
ABT Abbott Laboratories 0.11% 3,468 $394K No change
VGLT Vanguard Long-Term Treasury 0.10% 6,485 $384K No change
VIOO Vanguard S&P Small-Cap 600 E 0.10% 3,705 $376K No change
XOM Exxon Mobil Corp. 0.10% 3,199 $372K No change
SCHG Schwab US Large-Cap Growth 0.10% 3,953 $367K No change
XEL Xcel Energy Inc. 0.10% 6,752 $363K No change
IVE iShares S&P 500 Value ETF 0.10% 1,917 $358K No change
INTC Intel Corp. 0.09% 7,550 $334K Reduce -10.0%
PG The Procter & Gamble Co. 0.09% 2,044 $332K Reduce -6.2%
DHR Danaher Corp. 0.09% 1,324 $331K No change
NOC Northrop Grumman Corp. 0.08% 654 $313K No change
KXI iShares Global Consumer Stap 0.08% 4,981 $304K No change
AOR iShares Core 60/40 Balanced 0.08% 5,247 $292K Add +0.4%
MDT Medtronic PLC 0.07% 3,173 $277K Reduce -27.9%
MPT Medical Properties Trust Inc. 0.07% 56,321 $265K No change
V Visa Inc. Class A 0.07% 905 $253K Add +3.3%
BA The Boeing Co. 0.07% 1,307 $252K No change
IYK iShares US Consumer Staples 0.07% 3,675 $249K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.06% 3,702 $228K Reduce -33.6%
NFLX Netflix Inc. 0.06% 374 $227K New
IOO iShares Global 100 ETF 0.06% 2,441 $218K New
WFC Wells Fargo & Co. 0.06% 3,683 $213K New
CRM Salesforce Inc. 0.06% 677 $204K New
PNR Pentair PLC 0.05% 2,351 $201K New
BTZ BlackRock Credit Allocation 0.03% 10,000 $107K New

Options reported separately and not counted above: MMM puts ($95), DHR puts ($75).

Portfolio Sells Q4 2023 → Q1 2024
IJR iShares Core S&P Small-Cap E Reduce -48.8% 1.14% −1.20
IJH iShares Core S&P Midcap ETF Reduce -26.9% 3.22% −1.10
VNQ Vanguard Real Estate ETF Reduce -83.8% 0.15% −0.88
RSPS Invesco S&P 500 Equal Weight Reduce -31.7% 1.47% −0.74
TLT iShares 20+ Year Treasury BD Sold out 0.00% −0.46
XLK SS Technology Select Sector Sold out 0.00% −0.34
TSLA Tesla Inc. Reduce -46.1% 0.17% −0.32
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -34.6% 0.44% −0.24
XJH Ishare ESG SS S&P Midcap ETF Reduce -47.2% 0.22% −0.19
DAL Delta Air Lines Inc. Sold out 0.00% −0.16
EFG iShares MSCI Eafe Growth ETF Reduce -12.9% 0.96% −0.15
DFS Discover Financial Services Sold out 0.00% −0.12
TECH Bio-Techne Corp. Reduce -7.5% 0.39% −0.11
MCD McDonald's Corp. Reduce -5.6% 0.51% −0.10
NOW ServiceNow Inc. Reduce -27.5% 0.21% −0.08
T AT&T Inc. Sold out 0.00% −0.07
VBR Vngrd Mrngst SL-CP Val ETF-U Sold out 0.00% −0.07
QQQ Invesco QQQ Trust Series 1 Reduce -17.6% 0.33% −0.07
BNDX Vanguard Total Intl Bond ETF Reduce -14.7% 0.24% −0.06
JAAA Janus Henderson Aaa Clo ETF Sold out 0.00% −0.06
JPST JPMorgan Ultra-Short Income Reduce -6.3% 0.28% −0.04
MMM 3M Co. Reduce -0.3% 0.31% −0.03
INTC Intel Corp. Reduce -10.0% 0.09% −0.03
ESGD iShares Trust iShares ESG Aw Reduce -4.5% 0.50% −0.03
ECL Ecolab Inc. Reduce -22.8% 0.16% −0.03
MDT Medtronic PLC Reduce -27.9% 0.07% −0.03
CGDV Cap Group Dividend Value Reduce -5.1% 0.75% −0.03
SPYM Ste STR SPDR PT S&P 500 ETF Reduce -33.6% 0.06% −0.03
XLP SS Consumer Staples Sel Sect Reduce -4.4% 0.47% −0.03
EEM iShares MSCI Emerging Market Reduce -0.4% 0.31% −0.02
JNJ Johnson & Johnson Reduce -0.1% 0.24% −0.02
IWP iShares Russell Mid-Cap Grow Reduce -7.5% 0.22% −0.01
VIG Vanguard Dividend Apprec ETF Reduce -1.1% 0.69% −0.01
GIS General Mills Inc. Reduce -2.9% 0.27% −0.01
GOOG Alphabet Inc. Class C Reduce -1.3% 0.60% −0.00
PG The Procter & Gamble Co. Reduce -6.2% 0.09% −0.00
ORCL Oracle Corp. Reduce -7.3% 0.13% +0.00
DIS The Walt Disney Co. Reduce -1.3% 0.14% +0.03
META Meta Platforms Inc. Class A Reduce -17.5% 0.70% +0.04
TGT Target Corp. Reduce -2.3% 0.60% +0.07

Portfolio Buys Q4 2023 → Q1 2024
VTI VG Morningstar TS MKT ETF-US Add +25.3% 10.90% +2.37
XLV SS Health Care Select Sector Add +439.1% 1.41% +1.15
VOO Vanguard S&P 500 ETF Add +2.5% 19.94% +0.95
IEFA iShares Core MSCI Eafe ETF Add +30.5% 4.05% +0.89
NVDA Nvidia Corp. New 0.27% +0.27
IWF iShares Russell 1000 Growth Add +6.6% 2.40% +0.22
BOND PIMCO Active Bond Exchange-T Add +54.2% 0.70% +0.21
CGCP Cap Group Core Plus Income Add +57.2% 0.62% +0.19
VTV Vanguard Mrngstr Val ETF-Aui Add +5.9% 2.32% +0.16
SPEM State Street SP PTF Em ETF Add +18.4% 1.26% +0.14
VXF Vanguard Extended Market ETF Add +5.6% 2.97% +0.14
VEA Vanguard Ftse Developed ETF Add +4.8% 6.10% +0.13
IVV iShares Core S&P 500 ETF Add +3.0% 1.47% +0.08
LLY Eli Lilly & Co. Add +0.3% 0.39% +0.08
AMZN Amazon.com Inc. Add +4.3% 0.52% +0.07
BRK.B Berkshire Hathaway Inc. Class B Add +7.9% 0.44% +0.07
NFLX Netflix Inc. New 0.06% +0.06
MSFT Microsoft Corp. Add +0.6% 1.33% +0.06
IOO iShares Global 100 ETF New 0.06% +0.06
WFC Wells Fargo & Co. New 0.06% +0.06
CRM Salesforce Inc. New 0.06% +0.06
PNR Pentair PLC New 0.05% +0.05
VT Vanguard Tot World STK ETF Add +4.3% 0.77% +0.03
BTZ BlackRock Credit Allocation New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +0.9% 0.77% +0.03
ESGE iShares Inc. iShares ESG Awar Add +13.5% 0.37% +0.02
HON Honeywell International Inc. Add +24.3% 0.19% +0.02
GOOGL Alphabet Inc. Class A Add +4.5% 0.38% +0.02
VWO Vanguard Ftse Emerging Marke Add +6.2% 1.82% +0.01
PRU Prudential Financial Inc. Add +0.1% 0.15% +0.01
COST Costco Wholesale Corp. Add +1.3% 0.11% +0.00
V Visa Inc. Class A Add +3.3% 0.07% +0.00
AOR iShares Core 60/40 Balanced Add +0.4% 0.08% −0.00
EFA iShares MSCI Eafe ETF Add +0.8% 0.37% −0.00
UNH Unitedhealth Group Inc. Add +1.5% 1.07% −0.14
AGG iShares Core U.S. Aggregate Add +6.9% 13.87% −0.26
AAPL Apple Inc. Add +2.5% 2.38% −0.42

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 110$694.8MVOO, AGG, VTI, IEFA, VEA
Q1 2026 105$616.6MVOO, AGG, VTI, IEFA, VEA
Q4 2025 104$621.3MVOO, AGG, VTI, AKRE, VEA
Q3 2025 104$549.2MVOO, AGG, VTI, VEA, IEFA
Q2 2025 103$492.2MVOO, AGG, VTI, VEA, IEFA
Q1 2025 101$429.3MVOO, AGG, VTI, VEA, IEFA
Q4 2024 102$418.1MVOO, AGG, VTI, VEA, IEFA
Q3 2024 98$412.0MVOO, AGG, VTI, VEA, IEFA
Q2 2024 96$383.2MVOO, AGG, VTI, VEA, IEFA
Q1 2024 95$369.1MVOO, AGG, VTI, VEA, IEFA