Affiance Financial, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), Affiance Financial, LLC reported 102 stock positions worth $418.1 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 20.3% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 13.4%) and VG Morningstar TS MKT ETF-US (VTI, 11.6%). Compared with Q3 2024, it opened 7 new positions, sold out of 3, added to 38 and reduced 34. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +4%) and the biggest sale Invesco S&P 500 Equal Weight (RSPS, shares −10%).

Most Recent 13F
Q2 2026
Location
ST. LOUIS PARK, MN
CIK
0001723681
Portfolio Value
$418.1M (Q4 2024)
SEC Filing
0001085146-25-000379 ↗ filed Jan 21, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $369.1M Q1 2024 Q2 2024: $383.2M Q2 2024 Q3 2024: $412.0M Q3 2024 Q4 2024: $418.1M $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 102 stocks · $418.1M
VOO Vanguard S&P 500 ETF 20.27% 157,257 $84.7M Add +0.7%
AGG iShares Core U.S. Aggregate 13.37% 576,795 $55.9M Add +4.3%
VTI VG Morningstar TS MKT ETF-US 11.56% 166,727 $48.3M Add +3.5%
VEA Vanguard Ftse Developed ETF 5.56% 486,169 $23.2M Add +3.6%
IEFA iShares Core MSCI Eafe ETF 3.97% 236,401 $16.6M Add +1.4%
AAPL Apple Inc. 3.09% 51,646 $12.9M Add +1.3%
VXF Vanguard Extended Market ETF 3.06% 67,307 $12.8M Add +0.2%
IWF iShares Russell 1000 Growth 2.88% 30,035 $12.1M Add +4.6%
IJH iShares Core S&P Midcap ETF 2.74% 183,862 $11.5M Reduce -3.1%
VTV Vanguard Mrngstr Val ETF-Aui 2.45% 60,528 $10.2M Add +7.5%
VWO Vanguard Ftse Emerging Marke 1.84% 174,229 $7.7M Add +3.4%
SPEM State Street SP PTF Em ETF 1.43% 155,987 $6.0M Add +6.4%
IVV iShares Core S&P 500 ETF 1.32% 9,402 $5.5M Reduce -3.5%
MSFT Microsoft Corp. 1.22% 12,144 $5.1M Reduce -0.8%
XLV SS Health Care Select Sector 1.18% 36,010 $5.0M Reduce -4.3%
RSPS Invesco S&P 500 Equal Weight 1.08% 150,535 $4.5M Reduce -9.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.90% 6,440 $3.8M Add +0.5%
IJR iShares Core S&P Small-Cap E 0.88% 32,020 $3.7M Reduce -0.1%
BOND PIMCO Active Bond Exchange-T 0.78% 36,219 $3.3M Add +15.8%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.78% 92,359 $3.3M Add +6.4%
VT Vanguard Tot World STK ETF 0.75% 26,554 $3.1M Add +4.5%
UNH Unitedhealth Group Inc. 0.72% 5,978 $3.0M Add +0.3%
CGCP Cap Group Core Plus Income 0.70% 131,141 $2.9M Add +5.9%
EFG iShares MSCI Eafe Growth ETF 0.68% 29,260 $2.8M Reduce -5.0%
GOOG Alphabet Inc. Class C 0.65% 14,277 $2.7M Reduce -0.7%
VIG Vanguard Dividend Apprec ETF 0.64% 13,615 $2.7M Add +0.1%
META Meta Platforms Inc. Class A 0.63% 4,494 $2.6M Add +0.9%
AMZN Amazon.com Inc. 0.61% 11,628 $2.6M Add +9.1%
VXUS Vanguard Total Intl Stock 0.49% 34,448 $2.0M New
JPM JPMorgan Chase & Co. 0.47% 8,240 $2.0M Add +9.7%
IWD iShares Russell 1000 Value E 0.46% 10,405 $1.9M No change
ESGD iShares Trust iShares ESG Aw 0.46% 25,291 $1.9M Add +0.1%
GOOGL Alphabet Inc. Class A 0.46% 10,082 $1.9M Add +7.2%
BRK.B Berkshire Hathaway Inc. Class B 0.44% 4,086 $1.9M Add +0.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.44% 6,982 $1.8M Add +2.7%
NVDA Nvidia Corp. 0.44% 13,554 $1.8M Add +6.6%
QQQ Invesco QQQ Trust Series 1 0.42% 3,473 $1.8M Add +20.6%
XLP SS Consumer Staples Sel Sect 0.42% 22,320 $1.8M Reduce -4.2%
ESGE iShares Inc. iShares ESG Awar 0.40% 50,177 $1.7M Add +0.6%
VGT Vanguard Info Tech ETF 0.40% 2,669 $1.7M Reduce -0.6%
MCD McDonald's Corp. 0.39% 5,678 $1.6M Reduce -9.1%
MUB iShares National Muni Bond E 0.39% 15,361 $1.6M New
TGT Target Corp. 0.37% 11,486 $1.6M Add +0.6%
MMM 3M Co. 0.32% 10,337 $1.3M Reduce -8.2%
TECH Bio-Techne Corp. 0.32% 18,370 $1.3M Reduce -0.7%
LLY Eli Lilly & Co. 0.31% 1,653 $1.3M Reduce -14.1%
EEM iShares MSCI Emerging Market 0.28% 28,175 $1.2M No change
TSLA Tesla Inc. 0.28% 2,884 $1.2M Reduce -24.2%
EFA iShares MSCI Eafe ETF 0.28% 15,217 $1.2M Reduce -10.9%
MAR Marriott International Class A 0.25% 3,765 $1.1M No change
NOW ServiceNow Inc. 0.25% 977 $1.0M Reduce -2.5%
IXC iShares Global Energy ETF 0.23% 25,188 $962K Reduce -2.7%
GIS General Mills Inc. 0.22% 14,643 $934K Reduce -0.1%
IWP iShares Russell Mid-Cap Grow 0.22% 7,222 $915K No change
JPST JPMorgan Ultra-Short Income 0.22% 17,961 $905K Add +12.2%
XJH Ishare ESG SS S&P Midcap ETF 0.21% 21,406 $896K Reduce -0.3%
ORCL Oracle Corp. 0.20% 5,104 $851K Add +0.1%
BNDX Vanguard Total Intl Bond ETF 0.19% 15,868 $778K Reduce -8.6%
IYW iShares Ustechnology ETF 0.18% 4,767 $760K Reduce -11.7%
JNJ Johnson & Johnson 0.18% 5,149 $745K Reduce -6.1%
HON Honeywell International Inc. 0.17% 3,167 $715K Reduce -3.2%
PRVA Privia Health Group Inc. 0.16% 34,742 $679K No change
PRU Prudential Financial Inc. 0.13% 4,688 $556K Add +0.1%
COST Costco Wholesale Corp. 0.13% 591 $542K Reduce -9.2%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.13% 5,030 $531K No change
ABBV Abbvie Inc. 0.13% 2,966 $527K Reduce -1.8%
NSPR Inspiremd Inc. 0.12% 189,122 $497K Add +2.9%
ECL Ecolab Inc. 0.12% 2,077 $487K Add +16.5%
LMT Lockheed Martin Corp. 0.12% 1,000 $486K No change
DEO Diageo PLC-Sponsored ADR 0.11% 3,702 $471K No change
PG The Procter & Gamble Co. 0.11% 2,755 $462K Add +9.3%
UNP Union Pacific Corp. 0.10% 1,863 $425K No change
XEL Xcel Energy Inc. 0.10% 6,167 $416K Reduce -5.4%
SCHG Schwab US Large-Cap Growth 0.10% 14,876 $415K Add +0.3%
VIOO Vanguard S&P Small-Cap 600 E 0.09% 3,705 $393K No change
ABT Abbott Laboratories 0.09% 3,468 $392K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.09% 3,349 $373K Reduce -7.4%
IVE iShares S&P 500 Value ETF 0.09% 1,917 $366K No change
VGLT Vanguard Long-Term Treasury 0.09% 6,485 $359K No change
NFLX Netflix Inc. 0.08% 390 $348K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.08% 3,781 $346K Reduce -26.9%
GILD Gilead Sciences Inc. 0.08% 3,531 $326K No change
MDT Medtronic PLC 0.07% 3,873 $309K Add +22.1%
NOC Northrop Grumman Corp. 0.07% 654 $307K No change
XOM Exxon Mobil Corp. 0.07% 2,835 $305K Reduce -0.7%
BA The Boeing Co. 0.07% 1,694 $300K New
DVY iShares Select Dividend ETF 0.07% 2,275 $299K New
V Visa Inc. Class A 0.07% 931 $294K Reduce -2.4%
KXI iShares Global Consumer Stap 0.07% 4,821 $291K Reduce -3.2%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.07% 992 $287K New
DHR Danaher Corp. 0.06% 1,135 $261K No change
VNQ Vanguard Real Estate ETF 0.06% 2,874 $256K Reduce -21.1%
SPYM Ste STR SPDR PT S&P 500 ETF 0.06% 3,702 $255K No change
WMT Walmart Inc. 0.06% 2,817 $255K No change
CRM Salesforce Inc. 0.06% 753 $252K Reduce -10.4%
IYK iShares US Consumer Staples 0.06% 3,675 $241K No change
PNR Pentair PLC 0.06% 2,351 $237K No change
MPT Medical Properties Trust Inc. 0.05% 56,321 $222K No change
IOO iShares Global 100 ETF 0.05% 2,204 $222K No change
HD Home Depot Inc. 0.05% 550 $214K New
BTZ BlackRock Credit Allocation 0.05% 20,000 $209K Add +100.0%
CVX Chevron Corp. 0.05% 1,412 $205K New

Options reported separately and not counted above: MMM puts ($245K), DHR puts ($92K).

Portfolio Sells Q3 2024 → Q4 2024
RSPS Invesco S&P 500 Equal Weight Reduce -9.8% 1.08% −0.23
XLV SS Health Care Select Sector Reduce -4.3% 1.18% −0.22
IJH iShares Core S&P Midcap ETF Reduce -3.1% 2.74% −0.13
EFG iShares MSCI Eafe Growth ETF Reduce -5.0% 0.68% −0.13
LLY Eli Lilly & Co. Reduce -14.1% 0.31% −0.11
EFA iShares MSCI Eafe ETF Reduce -10.9% 0.28% −0.07
MCD McDonald's Corp. Reduce -9.1% 0.39% −0.07
KO The Coca-Cola Co. Sold out 0.00% −0.06
MSFT Microsoft Corp. Reduce -0.8% 1.22% −0.05
MMM 3M Co. Reduce -8.2% 0.32% −0.05
SOLV Solventum Corp. Sold out 0.00% −0.05
WFC Wells Fargo & Co. Sold out 0.00% −0.05
XLP SS Consumer Staples Sel Sect Reduce -4.2% 0.42% −0.05
TECH Bio-Techne Corp. Reduce -0.7% 0.32% −0.04
IVV iShares Core S&P 500 ETF Reduce -3.5% 1.32% −0.04
GIS General Mills Inc. Reduce -0.1% 0.22% −0.04
JNJ Johnson & Johnson Reduce -6.1% 0.18% −0.04
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -26.9% 0.08% −0.03
IJR iShares Core S&P Small-Cap E Reduce -0.1% 0.88% −0.03
BNDX Vanguard Total Intl Bond ETF Reduce -8.6% 0.19% −0.03
VNQ Vanguard Real Estate ETF Reduce -21.1% 0.06% −0.02
IXC iShares Global Energy ETF Reduce -2.7% 0.23% −0.02
ABBV Abbvie Inc. Reduce -1.8% 0.13% −0.02
IYW iShares Ustechnology ETF Reduce -11.7% 0.18% −0.02
COST Costco Wholesale Corp. Reduce -9.2% 0.13% −0.01
KXI iShares Global Consumer Stap Reduce -3.2% 0.07% −0.01
XOM Exxon Mobil Corp. Reduce -0.7% 0.07% −0.01
XJH Ishare ESG SS S&P Midcap ETF Reduce -0.3% 0.21% −0.01
XEL Xcel Energy Inc. Reduce -5.4% 0.10% −0.00
CRM Salesforce Inc. Reduce -10.4% 0.06% +0.00
DIS The Walt Disney Co. Reduce -7.4% 0.09% +0.00
V Visa Inc. Class A Reduce -2.4% 0.07% +0.01
HON Honeywell International Inc. Reduce -3.2% 0.17% +0.01
VGT Vanguard Info Tech ETF Reduce -0.6% 0.40% +0.01
NOW ServiceNow Inc. Reduce -2.5% 0.25% +0.03
TSLA Tesla Inc. Reduce -24.2% 0.28% +0.04
GOOG Alphabet Inc. Class C Reduce -0.7% 0.65% +0.07

Portfolio Buys Q3 2024 → Q4 2024
VTI VG Morningstar TS MKT ETF-US Add +3.5% 11.56% +0.49
VXUS Vanguard Total Intl Stock New 0.49% +0.49
MUB iShares National Muni Bond E New 0.39% +0.39
IWF iShares Russell 1000 Growth Add +4.6% 2.88% +0.27
VOO Vanguard S&P 500 ETF Add +0.7% 20.27% +0.26
AAPL Apple Inc. Add +1.3% 3.09% +0.21
AMZN Amazon.com Inc. Add +9.1% 0.61% +0.13
VXF Vanguard Extended Market ETF Add +0.2% 3.06% +0.09
JPM JPMorgan Chase & Co. Add +9.7% 0.47% +0.09
QQQ Invesco QQQ Trust Series 1 Add +20.6% 0.42% +0.08
GOOGL Alphabet Inc. Class A Add +7.2% 0.46% +0.08
BA The Boeing Co. New 0.07% +0.07
DVY iShares Select Dividend ETF New 0.07% +0.07
MSTR Strategy Inc. New 0.07% +0.07
VTV Vanguard Mrngstr Val ETF-Aui Add +7.5% 2.45% +0.07
BOND PIMCO Active Bond Exchange-T Add +15.8% 0.78% +0.07
NVDA Nvidia Corp. Add +6.6% 0.44% +0.06
HD Home Depot Inc. New 0.05% +0.05
CVX Chevron Corp. New 0.05% +0.05
BTZ BlackRock Credit Allocation Add +100.0% 0.05% +0.02
JPST JPMorgan Ultra-Short Income Add +12.2% 0.22% +0.02
CGDV Cap Group Dividend Value Add +6.4% 0.78% +0.01
META Meta Platforms Inc. Class A Add +0.9% 0.63% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +0.5% 0.90% +0.01
VT Vanguard Tot World STK ETF Add +4.5% 0.75% +0.01
ECL Ecolab Inc. Add +16.5% 0.12% +0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +2.7% 0.44% +0.01
SCHG Schwab US Large-Cap Growth Add +0.3% 0.10% +0.01
MDT Medtronic PLC Add +22.1% 0.07% +0.00
PG The Procter & Gamble Co. Add +9.3% 0.11% +0.00
CGCP Cap Group Core Plus Income Add +5.9% 0.70% +0.00
NSPR Inspiremd Inc. Add +2.9% 0.12% −0.00
PRU Prudential Financial Inc. Add +0.1% 0.13% −0.00
ORCL Oracle Corp. Add +0.1% 0.20% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +0.4% 0.44% −0.01
VIG Vanguard Dividend Apprec ETF Add +0.1% 0.64% −0.02
SPEM State Street SP PTF Em ETF Add +6.4% 1.43% −0.04
ESGE iShares Inc. iShares ESG Awar Add +0.6% 0.40% −0.04
ESGD iShares Trust iShares ESG Aw Add +0.1% 0.46% −0.06
TGT Target Corp. Add +0.6% 0.37% −0.06
VWO Vanguard Ftse Emerging Marke Add +3.4% 1.84% −0.12
UNH Unitedhealth Group Inc. Add +0.3% 0.72% −0.12
AGG iShares Core U.S. Aggregate Add +4.3% 13.37% −0.23
IEFA iShares Core MSCI Eafe ETF Add +1.4% 3.97% −0.44
VEA Vanguard Ftse Developed ETF Add +3.6% 5.56% −0.45

Options Activity Q3 2024 → Q4 2024
MMM 3M Co. put Add +11.8% 1,900 $245K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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