Affiance Financial, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 9, 2025), Affiance Financial, LLC reported 101 stock positions worth $429.3 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 19.8% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 15.0%) and VG Morningstar TS MKT ETF-US (VTI, 10.7%). Compared with Q4 2024, it opened 3 new positions, sold out of 4, added to 25 and reduced 47. The biggest buy was a new position in Cap Group Core Equity (CGUS) and the biggest sale Invesco S&P 500 Equal Weight (RSPS, shares −93%).

Most Recent 13F
Q2 2026
Location
ST. LOUIS PARK, MN
CIK
0001723681
Portfolio Value
$429.3M (Q1 2025)
SEC Filing
0001085146-25-001968 ↗ filed Apr 9, 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 Q4 2024 Q1 2025: $429.3M $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 101 stocks · $429.3M
VOO Vanguard S&P 500 ETF 19.79% 165,296 $84.9M Add +5.1%
AGG iShares Core U.S. Aggregate 15.04% 652,521 $64.5M Add +13.1%
VTI VG Morningstar TS MKT ETF-US 10.66% 166,545 $45.8M Reduce -0.1%
VEA Vanguard Ftse Developed ETF 5.84% 493,260 $25.1M Add +1.5%
IEFA iShares Core MSCI Eafe ETF 4.36% 247,418 $18.7M Add +4.7%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 3.82% 490,885 $16.4M New
IWF iShares Russell 1000 Growth 2.87% 34,095 $12.3M Add +13.5%
VXF Vanguard Extended Market ETF 2.81% 70,033 $12.1M Add +4.0%
VTV Vanguard Mrngstr Val ETF-Aui 2.63% 65,229 $11.3M Add +7.8%
AAPL Apple Inc. 2.44% 47,063 $10.5M Reduce -8.9%
IJH iShares Core S&P Midcap ETF 2.38% 175,391 $10.2M Reduce -4.6%
VWO Vanguard Ftse Emerging Marke 1.94% 184,188 $8.3M Add +5.7%
SPEM State Street SP PTF Em ETF 1.48% 161,569 $6.4M Add +3.6%
IVV iShares Core S&P 500 ETF 1.19% 9,102 $5.1M Reduce -3.2%
MSFT Microsoft Corp. 1.02% 11,616 $4.4M Reduce -4.3%
BOND PIMCO Active Bond Exchange-T 0.97% 44,925 $4.2M Add +24.0%
CGCP Cap Group Core Plus Income 0.83% 159,354 $3.6M Add +21.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.81% 6,209 $3.5M Reduce -3.6%
VT Vanguard Tot World STK ETF 0.80% 29,561 $3.4M Add +11.3%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.80% 95,880 $3.4M Add +3.8%
IJR iShares Core S&P Small-Cap E 0.75% 30,637 $3.2M Reduce -4.3%
UNH Unitedhealth Group Inc. 0.71% 5,838 $3.1M Reduce -2.3%
EFG iShares MSCI Eafe Growth ETF 0.67% 28,691 $2.9M Reduce -1.9%
META Meta Platforms Inc. Class A 0.62% 4,624 $2.7M Add +2.9%
VIG Vanguard Dividend Apprec ETF 0.62% 13,615 $2.6M No change
ESGD iShares Trust iShares ESG Aw 0.55% 28,776 $2.4M Add +13.8%
GOOG Alphabet Inc. Class C 0.53% 14,478 $2.3M Add +1.4%
AMZN Amazon.com Inc. 0.51% 11,617 $2.2M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 0.50% 4,009 $2.1M Reduce -1.9%
JPM JPMorgan Chase & Co. 0.47% 8,240 $2.0M No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.46% 7,568 $2.0M Add +8.4%
IWD iShares Russell 1000 Value E 0.44% 10,096 $1.9M Reduce -3.0%
ESGE iShares Inc. iShares ESG Awar 0.43% 52,321 $1.8M Add +4.3%
MCD McDonald's Corp. 0.41% 5,678 $1.8M No change
XLP SS Consumer Staples Sel Sect 0.40% 20,840 $1.7M Reduce -6.6%
QQQ Invesco QQQ Trust Series 1 0.39% 3,565 $1.7M Add +2.6%
VXUS Vanguard Total Intl Stock 0.37% 25,414 $1.6M Reduce -26.2%
GOOGL Alphabet Inc. Class A 0.35% 9,754 $1.5M Reduce -3.3%
NVDA Nvidia Corp. 0.34% 13,651 $1.5M Add +0.7%
MMM 3M Co. 0.34% 9,910 $1.5M Reduce -4.1%
VGT Vanguard Info Tech ETF 0.33% 2,640 $1.4M Reduce -1.1%
LLY Eli Lilly & Co. 0.32% 1,647 $1.4M Reduce -0.4%
EFA iShares MSCI Eafe ETF 0.29% 15,217 $1.2M No change
TGT Target Corp. 0.27% 11,219 $1.2M Reduce -2.3%
XJH Ishare ESG SS S&P Midcap ETF 0.27% 29,247 $1.1M Add +36.6%
IXC iShares Global Energy ETF 0.24% 24,720 $1.0M Reduce -1.9%
XLV SS Health Care Select Sector 0.24% 7,026 $1.0M Reduce -80.5%
TECH Bio-Techne Corp. 0.23% 16,706 $979K Reduce -9.1%
EEM iShares MSCI Emerging Market 0.23% 22,369 $978K Reduce -20.6%
MAR Marriott International Class A 0.21% 3,765 $897K No change
IWP iShares Russell Mid-Cap Grow 0.20% 7,222 $849K No change
JPST JPMorgan Ultra-Short Income 0.19% 16,426 $832K Reduce -8.6%
JNJ Johnson & Johnson 0.19% 4,988 $827K Reduce -3.1%
GIS General Mills Inc. 0.18% 13,184 $788K Reduce -10.0%
PRVA Privia Health Group Inc. 0.18% 34,742 $780K No change
ORCL Oracle Corp. 0.17% 5,210 $728K Add +2.1%
NOW ServiceNow Inc. 0.17% 915 $728K Reduce -6.3%
MUB iShares National Muni Bond E 0.17% 6,770 $714K Reduce -55.9%
IYW iShares Ustechnology ETF 0.15% 4,676 $657K Reduce -1.9%
HON Honeywell International Inc. 0.15% 2,965 $628K Reduce -6.4%
ABBV Abbvie Inc. 0.14% 2,788 $584K Reduce -6.0%
TSLA Tesla Inc. 0.13% 2,128 $551K Reduce -26.2%
COST Costco Wholesale Corp. 0.13% 572 $542K Reduce -3.2%
ECL Ecolab Inc. 0.12% 2,077 $527K No change
PRU Prudential Financial Inc. 0.12% 4,696 $524K Add +0.2%
NSPR Inspiremd Inc. 0.12% 189,122 $509K No change
IVOO Vanguard S&P Mid-Cap 400 ETF 0.12% 5,030 $496K No change
PG The Procter & Gamble Co. 0.11% 2,676 $456K Reduce -2.9%
LMT Lockheed Martin Corp. 0.10% 1,000 $447K No change
UNP Union Pacific Corp. 0.10% 1,828 $432K Reduce -1.9%
XEL Xcel Energy Inc. 0.10% 6,067 $429K Reduce -1.6%
ABT Abbott Laboratories 0.10% 3,214 $426K Reduce -7.3%
DEO Diageo PLC-Sponsored ADR 0.09% 3,702 $388K No change
VGLT Vanguard Long-Term Treasury 0.09% 6,485 $374K No change
SCHG Schwab US Large-Cap Growth 0.09% 14,876 $372K No change
IVE iShares S&P 500 Value ETF 0.09% 1,917 $365K No change
VIOO Vanguard S&P Small-Cap 600 E 0.08% 3,705 $358K No change
NFLX Netflix Inc. 0.08% 369 $344K Reduce -5.4%
MPT Medical Properties Trust Inc. 0.08% 56,321 $340K No change
NOC Northrop Grumman Corp. 0.08% 654 $335K No change
RSPS Invesco S&P 500 Equal Weight 0.07% 10,315 $318K Reduce -93.2%
GILD Gilead Sciences Inc. 0.07% 2,774 $311K Reduce -21.4%
KXI iShares Global Consumer Stap 0.07% 4,800 $307K Reduce -0.4%
DVY iShares Select Dividend ETF 0.07% 2,275 $306K No change
V Visa Inc. Class A 0.07% 871 $305K Reduce -6.4%
XOM Exxon Mobil Corp. 0.07% 2,441 $290K Reduce -13.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 2,917 $288K Reduce -12.9%
MDT Medtronic PLC 0.06% 3,074 $276K Reduce -20.6%
BIL SS SPDR BB 1-3M T-Bill ETF 0.06% 2,984 $274K Reduce -21.1%
IYK iShares US Consumer Staples 0.06% 3,675 $263K No change
WMT Walmart Inc. 0.06% 2,817 $247K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.06% 3,702 $243K No change
CVX Chevron Corp. 0.06% 1,412 $236K No change
DHR Danaher Corp. 0.05% 1,136 $233K Add +0.1%
HD Home Depot Inc. 0.05% 590 $216K Add +7.3%
KO The Coca-Cola Co. 0.05% 2,994 $214K New
BTZ BlackRock Credit Allocation 0.05% 20,000 $214K No change
IOO iShares Global 100 ETF 0.05% 2,204 $212K No change
BA The Boeing Co. 0.05% 1,229 $210K Reduce -27.4%
PNR Pentair PLC 0.05% 2,351 $206K No change
ORI Old Republic Intl Corp. 0.05% 5,203 $204K New

Options reported separately and not counted above: MMM puts ($279K).

Portfolio Sells Q4 2024 → Q1 2025
RSPS Invesco S&P 500 Equal Weight Reduce -93.2% 0.07% −1.01
XLV SS Health Care Select Sector Reduce -80.5% 0.24% −0.95
VTI VG Morningstar TS MKT ETF-US Reduce -0.1% 10.66% −0.89
AAPL Apple Inc. Reduce -8.9% 2.44% −0.66
IJH iShares Core S&P Midcap ETF Reduce -4.6% 2.38% −0.36
MUB iShares National Muni Bond E Reduce -55.9% 0.17% −0.23
MSFT Microsoft Corp. Reduce -4.3% 1.02% −0.21
BNDX Vanguard Total Intl Bond ETF Sold out 0.00% −0.19
TSLA Tesla Inc. Reduce -26.2% 0.13% −0.15
IJR iShares Core S&P Small-Cap E Reduce -4.3% 0.75% −0.14
IVV iShares Core S&P 500 ETF Reduce -3.2% 1.19% −0.13
VXUS Vanguard Total Intl Stock Reduce -26.2% 0.37% −0.12
GOOGL Alphabet Inc. Class A Reduce -3.3% 0.35% −0.11
TGT Target Corp. Reduce -2.3% 0.27% −0.10
AMZN Amazon.com Inc. Reduce -0.1% 0.51% −0.10
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.6% 0.81% −0.09
TECH Bio-Techne Corp. Reduce -9.1% 0.23% −0.09
NOW ServiceNow Inc. Reduce -6.3% 0.17% −0.08
MSTR Strategy Inc. Sold out 0.00% −0.07
VGT Vanguard Info Tech ETF Reduce -1.1% 0.33% −0.06
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.06
CRM Salesforce Inc. Sold out 0.00% −0.06
EEM iShares MSCI Emerging Market Reduce -20.6% 0.23% −0.05
GIS General Mills Inc. Reduce -10.0% 0.18% −0.04
IYW iShares Ustechnology ETF Reduce -1.9% 0.15% −0.03
HON Honeywell International Inc. Reduce -6.4% 0.15% −0.02
XLP SS Consumer Staples Sel Sect Reduce -6.6% 0.40% −0.02
BA The Boeing Co. Reduce -27.4% 0.05% −0.02
JPST JPMorgan Ultra-Short Income Reduce -8.6% 0.19% −0.02
DIS The Walt Disney Co. Reduce -12.9% 0.07% −0.02
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -21.1% 0.06% −0.02
IWD iShares Russell 1000 Value E Reduce -3.0% 0.44% −0.02
UNH Unitedhealth Group Inc. Reduce -2.3% 0.71% −0.01
MDT Medtronic PLC Reduce -20.6% 0.06% −0.01
EFG iShares MSCI Eafe Growth ETF Reduce -1.9% 0.67% −0.01
GILD Gilead Sciences Inc. Reduce -21.4% 0.07% −0.01
XOM Exxon Mobil Corp. Reduce -13.9% 0.07% −0.01
PG The Procter & Gamble Co. Reduce -2.9% 0.11% −0.00
COST Costco Wholesale Corp. Reduce -3.2% 0.13% −0.00
NFLX Netflix Inc. Reduce -5.4% 0.08% −0.00
UNP Union Pacific Corp. Reduce -1.9% 0.10% −0.00
XEL Xcel Energy Inc. Reduce -1.6% 0.10% +0.00
V Visa Inc. Class A Reduce -6.4% 0.07% +0.00
KXI iShares Global Consumer Stap Reduce -0.4% 0.07% +0.00
ABT Abbott Laboratories Reduce -7.3% 0.10% +0.01
ABBV Abbvie Inc. Reduce -6.0% 0.14% +0.01
LLY Eli Lilly & Co. Reduce -0.4% 0.32% +0.01
IXC iShares Global Energy ETF Reduce -1.9% 0.24% +0.01
JNJ Johnson & Johnson Reduce -3.1% 0.19% +0.01
MMM 3M Co. Reduce -4.1% 0.34% +0.02

Portfolio Buys Q4 2024 → Q1 2025
CGUS Cap Group Core Equity New 3.82% +3.82
AGG iShares Core U.S. Aggregate Add +13.1% 15.04% +1.67
IEFA iShares Core MSCI Eafe ETF Add +4.7% 4.36% +0.39
VEA Vanguard Ftse Developed ETF Add +1.5% 5.84% +0.28
BOND PIMCO Active Bond Exchange-T Add +24.0% 0.97% +0.18
VTV Vanguard Mrngstr Val ETF-Aui Add +7.8% 2.63% +0.17
CGCP Cap Group Core Plus Income Add +21.5% 0.83% +0.14
VWO Vanguard Ftse Emerging Marke Add +5.7% 1.94% +0.11
ESGD iShares Trust iShares ESG Aw Add +13.8% 0.55% +0.09
VT Vanguard Tot World STK ETF Add +11.3% 0.80% +0.05
XJH Ishare ESG SS S&P Midcap ETF Add +36.6% 0.27% +0.05
SPEM State Street SP PTF Em ETF Add +3.6% 1.48% +0.05
KO The Coca-Cola Co. New 0.05% +0.05
ORI Old Republic Intl Corp. New 0.05% +0.05
ESGE iShares Inc. iShares ESG Awar Add +4.3% 0.43% +0.03
CGDV Cap Group Dividend Value Add +3.8% 0.80% +0.02
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +8.4% 0.46% +0.01
HD Home Depot Inc. Add +7.3% 0.05% −0.00
DHR Danaher Corp. Add +0.1% 0.05% −0.01
META Meta Platforms Inc. Class A Add +2.9% 0.62% −0.01
PRU Prudential Financial Inc. Add +0.2% 0.12% −0.01
IWF iShares Russell 1000 Growth Add +13.5% 2.87% −0.02
ORCL Oracle Corp. Add +2.1% 0.17% −0.03
QQQ Invesco QQQ Trust Series 1 Add +2.6% 0.39% −0.04
NVDA Nvidia Corp. Add +0.7% 0.34% −0.09
GOOG Alphabet Inc. Class C Add +1.4% 0.53% −0.12
VXF Vanguard Extended Market ETF Add +4.0% 2.81% −0.25
VOO Vanguard S&P 500 ETF Add +5.1% 19.79% −0.48

Options Activity Q4 2024 → Q1 2025
DHR Danaher Corp. put Sold out 400 $92Kbefore exit

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