Affiance Financial, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 10, 2025), Affiance Financial, LLC reported 103 stock positions worth $492.2 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 21.6% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 14.8%) and VG Morningstar TS MKT ETF-US (VTI, 11.4%). Compared with Q1 2025, it opened 5 new positions, sold out of 3, added to 41 and reduced 28. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +13%) and the biggest sale Cap Group Core Equity (CGUS, shares −47%).

Most Recent 13F
Q2 2026
Location
ST. LOUIS PARK, MN
CIK
0001723681
Portfolio Value
$492.2M (Q2 2025)
SEC Filing
0001085146-25-003718 ↗ filed Jul 10, 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 Q1 2025 Q2 2025: $492.2M $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 103 stocks · $492.2M
VOO Vanguard S&P 500 ETF 21.56% 186,789 $106.1M Add +13.0%
AGG iShares Core U.S. Aggregate 14.81% 734,676 $72.9M Add +12.6%
VTI VG Morningstar TS MKT ETF-US 11.40% 184,563 $56.1M Add +10.8%
VEA Vanguard Ftse Developed ETF 6.16% 531,391 $30.3M Add +7.7%
IEFA iShares Core MSCI Eafe ETF 4.57% 269,604 $22.5M Add +9.0%
IWF iShares Russell 1000 Growth 3.46% 40,099 $17.0M Add +17.6%
VXF Vanguard Extended Market ETF 3.03% 77,415 $14.9M Add +10.5%
VTV Vanguard Mrngstr Val ETF-Aui 2.63% 73,247 $12.9M Add +12.3%
IJH iShares Core S&P Midcap ETF 2.15% 170,622 $10.6M Reduce -2.7%
VWO Vanguard Ftse Emerging Marke 2.05% 203,828 $10.1M Add +10.7%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 1.97% 262,404 $9.7M Reduce -46.5%
AAPL Apple Inc. 1.91% 45,844 $9.4M Reduce -2.6%
SPEM State Street SP PTF Em ETF 1.60% 184,599 $7.9M Add +14.3%
MSFT Microsoft Corp. 1.17% 11,551 $5.7M Reduce -0.6%
IVV iShares Core S&P 500 ETF 1.15% 9,101 $5.7M Reduce -0.0%
BOND PIMCO Active Bond Exchange-T 0.89% 47,306 $4.4M Add +5.3%
VT Vanguard Tot World STK ETF 0.82% 31,356 $4.0M Add +6.1%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.81% 101,343 $4.0M Add +5.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.78% 6,234 $3.9M Add +0.4%
CGCP Cap Group Core Plus Income 0.78% 170,480 $3.8M Add +7.0%
IJR iShares Core S&P Small-Cap E 0.72% 32,389 $3.5M Add +5.7%
META Meta Platforms Inc. Class A 0.70% 4,654 $3.4M Add +0.7%
EFG iShares MSCI Eafe Growth ETF 0.65% 28,549 $3.2M Reduce -0.5%
VIG Vanguard Dividend Apprec ETF 0.57% 13,615 $2.8M No change
AMZN Amazon.com Inc. 0.55% 12,361 $2.7M Add +6.4%
ESGD iShares Trust iShares ESG Aw 0.53% 29,485 $2.6M Add +2.5%
GOOG Alphabet Inc. Class C 0.52% 14,478 $2.6M No change
JPM JPMorgan Chase & Co. 0.50% 8,445 $2.4M Add +2.5%
NVDA Nvidia Corp. 0.46% 14,357 $2.3M Add +5.2%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.46% 8,008 $2.2M Add +5.8%
ESGE iShares Inc. iShares ESG Awar 0.42% 52,573 $2.1M Add +0.5%
IWD iShares Russell 1000 Value E 0.40% 10,247 $2.0M Add +1.5%
UNH Unitedhealth Group Inc. 0.37% 5,864 $1.8M Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B 0.36% 3,696 $1.8M Reduce -7.8%
QQQ Invesco QQQ Trust Series 1 0.36% 3,192 $1.8M Reduce -10.5%
VGT Vanguard Info Tech ETF 0.36% 2,644 $1.8M Add +0.1%
VXUS Vanguard Total Intl Stock 0.35% 25,183 $1.7M Reduce -0.9%
GOOGL Alphabet Inc. Class A 0.35% 9,854 $1.7M Add +1.0%
XLP SS Consumer Staples Sel Sect 0.34% 20,769 $1.7M Reduce -0.3%
MCD McDonald's Corp. 0.31% 5,262 $1.5M Reduce -7.3%
MMM 3M Co. 0.30% 9,591 $1.5M Reduce -3.2%
EFA iShares MSCI Eafe ETF 0.27% 14,967 $1.3M Reduce -1.6%
XJH Ishare ESG SS S&P Midcap ETF 0.26% 31,214 $1.3M Add +6.7%
LLY Eli Lilly & Co. 0.26% 1,636 $1.3M Reduce -0.7%
ORCL Oracle Corp. 0.23% 5,243 $1.1M Add +0.6%
EEM iShares MSCI Emerging Market 0.22% 22,369 $1.1M No change
TGT Target Corp. 0.21% 10,497 $1.0M Reduce -6.4%
MAR Marriott International Class A 0.21% 3,765 $1.0M No change
IWP iShares Russell Mid-Cap Grow 0.20% 7,186 $997K Reduce -0.5%
IXC iShares Global Energy ETF 0.20% 24,736 $972K Add +0.1%
NOW ServiceNow Inc. 0.19% 915 $941K No change
XLV SS Health Care Select Sector 0.18% 6,475 $873K Reduce -7.8%
JPST JPMorgan Ultra-Short Income 0.17% 16,202 $821K Reduce -1.4%
IYW iShares Ustechnology ETF 0.16% 4,676 $810K No change
PRVA Privia Health Group Inc. 0.16% 34,742 $799K No change
TECH Bio-Techne Corp. 0.16% 14,839 $763K Reduce -11.2%
MUB iShares National Muni Bond E 0.15% 7,259 $758K Add +7.2%
TSLA Tesla Inc. 0.14% 2,186 $694K Add +2.7%
HON Honeywell International Inc. 0.14% 2,965 $690K No change
JNJ Johnson & Johnson 0.14% 4,426 $676K Reduce -11.3%
GIS General Mills Inc. 0.13% 12,469 $646K Reduce -5.4%
BIL SS SPDR BB 1-3M T-Bill ETF 0.13% 7,040 $646K Add +135.9%
ECL Ecolab Inc. 0.11% 2,078 $560K Add +0.1%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.11% 5,030 $528K No change
ABBV Abbvie Inc. 0.11% 2,814 $522K Add +0.9%
PRU Prudential Financial Inc. 0.10% 4,704 $505K Add +0.2%
NFLX Netflix Inc. 0.10% 369 $494K No change
LMT Lockheed Martin Corp. 0.10% 1,015 $470K Add +1.5%
XLK SS Technology Select Sector 0.09% 1,730 $438K New
PG The Procter & Gamble Co. 0.09% 2,734 $436K Add +2.2%
SCHG Schwab US Large-Cap Growth 0.09% 14,876 $435K No change
NSPR Inspiremd Inc. 0.09% 189,122 $429K No change
COST Costco Wholesale Corp. 0.09% 430 $427K Reduce -24.8%
UNP Union Pacific Corp. 0.09% 1,828 $421K No change
XEL Xcel Energy Inc. 0.08% 6,067 $413K No change
ABT Abbott Laboratories 0.08% 2,843 $387K Reduce -11.5%
VIOO Vanguard S&P Small-Cap 600 E 0.08% 3,705 $375K No change
IVE iShares S&P 500 Value ETF 0.08% 1,917 $375K No change
DEO Diageo PLC-Sponsored ADR 0.08% 3,702 $373K No change
VGLT Vanguard Long-Term Treasury 0.07% 6,485 $364K No change
NOC Northrop Grumman Corp. 0.07% 654 $327K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 2,550 $316K Reduce -12.6%
KXI iShares Global Consumer Stap 0.06% 4,800 $314K No change
GILD Gilead Sciences Inc. 0.06% 2,774 $308K No change
DVY iShares Select Dividend ETF 0.06% 2,275 $302K No change
VONV Vanguard Russell 1000 Value 0.06% 3,395 $289K New
MDT Medtronic PLC 0.05% 3,074 $268K No change
XOM Exxon Mobil Corp. 0.05% 2,483 $268K Add +1.7%
V Visa Inc. Class A 0.05% 751 $267K Reduce -13.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 889 $262K New
IYK iShares US Consumer Staples 0.05% 3,675 $259K No change
WMT Walmart Inc. 0.05% 2,637 $258K Reduce -6.4%
BA The Boeing Co. 0.05% 1,229 $258K No change
MPT Medical Properties Trust Inc. 0.05% 56,321 $243K No change
PNR Pentair PLC 0.05% 2,351 $241K No change
IOO iShares Global 100 ETF 0.05% 2,103 $227K Reduce -4.6%
HD Home Depot Inc. 0.05% 614 $225K Add +4.1%
BTZ BlackRock Credit Allocation 0.04% 20,000 $218K No change
CVX Chevron Corp. 0.04% 1,471 $211K Add +4.2%
WFC Wells Fargo & Co. 0.04% 2,550 $204K New
KO The Coca-Cola Co. 0.04% 2,839 $201K Reduce -5.2%
CRM Salesforce Inc. 0.04% 734 $200K New
ORI Old Republic Intl Corp. 0.04% 5,203 $200K No change

Options reported separately and not counted above: MMM puts ($122K).

Portfolio Sells Q1 2025 → Q2 2025
CGUS Cap Group Core Equity Reduce -46.5% 1.97% −1.85
AAPL Apple Inc. Reduce -2.6% 1.91% −0.52
IJH iShares Core S&P Midcap ETF Reduce -2.7% 2.15% −0.23
BRK.B Berkshire Hathaway Inc. Class B Reduce -7.8% 0.36% −0.13
MCD McDonald's Corp. Reduce -7.3% 0.31% −0.10
RSPS Invesco S&P 500 Equal Weight Sold out 0.00% −0.07
TECH Bio-Techne Corp. Reduce -11.2% 0.16% −0.07
TGT Target Corp. Reduce -6.4% 0.21% −0.06
XLV SS Health Care Select Sector Reduce -7.8% 0.18% −0.06
LLY Eli Lilly & Co. Reduce -0.7% 0.26% −0.06
SPYM Ste STR SPDR PT S&P 500 ETF Sold out 0.00% −0.06
JNJ Johnson & Johnson Reduce -11.3% 0.14% −0.06
XLP SS Consumer Staples Sel Sect Reduce -0.3% 0.34% −0.05
DHR Danaher Corp. Sold out 0.00% −0.05
GIS General Mills Inc. Reduce -5.4% 0.13% −0.05
IVV iShares Core S&P 500 ETF Reduce -0.0% 1.15% −0.04
MMM 3M Co. Reduce -3.2% 0.30% −0.04
COST Costco Wholesale Corp. Reduce -24.8% 0.09% −0.04
QQQ Invesco QQQ Trust Series 1 Reduce -10.5% 0.36% −0.03
JPST JPMorgan Ultra-Short Income Reduce -1.4% 0.17% −0.03
ABT Abbott Laboratories Reduce -11.5% 0.08% −0.02
EFG iShares MSCI Eafe Growth ETF Reduce -0.5% 0.65% −0.02
EFA iShares MSCI Eafe ETF Reduce -1.6% 0.27% −0.02
V Visa Inc. Class A Reduce -13.8% 0.05% −0.02
VXUS Vanguard Total Intl Stock Reduce -0.9% 0.35% −0.01
KO The Coca-Cola Co. Reduce -5.2% 0.04% −0.01
WMT Walmart Inc. Reduce -6.4% 0.05% −0.01
IOO iShares Global 100 ETF Reduce -4.6% 0.05% −0.00
DIS The Walt Disney Co. Reduce -12.6% 0.06% −0.00
IWP iShares Russell Mid-Cap Grow Reduce -0.5% 0.20% +0.00
MSFT Microsoft Corp. Reduce -0.6% 1.17% +0.15

Portfolio Buys Q1 2025 → Q2 2025
VOO Vanguard S&P 500 ETF Add +13.0% 21.56% +1.77
VTI VG Morningstar TS MKT ETF-US Add +10.8% 11.40% +0.73
IWF iShares Russell 1000 Growth Add +17.6% 3.46% +0.59
VEA Vanguard Ftse Developed ETF Add +7.7% 6.16% +0.31
VXF Vanguard Extended Market ETF Add +10.5% 3.03% +0.22
IEFA iShares Core MSCI Eafe ETF Add +9.0% 4.57% +0.21
SPEM State Street SP PTF Em ETF Add +14.3% 1.60% +0.12
NVDA Nvidia Corp. Add +5.2% 0.46% +0.12
VWO Vanguard Ftse Emerging Marke Add +10.7% 2.05% +0.11
XLK SS Technology Select Sector New 0.09% +0.09
META Meta Platforms Inc. Class A Add +0.7% 0.70% +0.08
BIL SS SPDR BB 1-3M T-Bill ETF Add +135.9% 0.13% +0.07
ORCL Oracle Corp. Add +0.6% 0.23% +0.06
VONV Vanguard Russell 1000 Value New 0.06% +0.06
IBM Intl Business Machines Corp. New 0.05% +0.05
WFC Wells Fargo & Co. New 0.04% +0.04
CRM Salesforce Inc. New 0.04% +0.04
AMZN Amazon.com Inc. Add +6.4% 0.55% +0.04
JPM JPMorgan Chase & Co. Add +2.5% 0.50% +0.03
VGT Vanguard Info Tech ETF Add +0.1% 0.36% +0.02
VT Vanguard Tot World STK ETF Add +6.1% 0.82% +0.02
CGDV Cap Group Dividend Value Add +5.7% 0.81% +0.02
TSLA Tesla Inc. Add +2.7% 0.14% +0.01
VTV Vanguard Mrngstr Val ETF-Aui Add +12.3% 2.63% +0.01
GOOGL Alphabet Inc. Class A Add +1.0% 0.35% +0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +5.8% 0.46% −0.00
XJH Ishare ESG SS S&P Midcap ETF Add +6.7% 0.26% −0.00
HD Home Depot Inc. Add +4.1% 0.05% −0.00
ESGE iShares Inc. iShares ESG Awar Add +0.5% 0.42% −0.01
LMT Lockheed Martin Corp. Add +1.5% 0.10% −0.01
ECL Ecolab Inc. Add +0.1% 0.11% −0.01
CVX Chevron Corp. Add +4.2% 0.04% −0.01
MUB iShares National Muni Bond E Add +7.2% 0.15% −0.01
ESGD iShares Trust iShares ESG Aw Add +2.5% 0.53% −0.01
XOM Exxon Mobil Corp. Add +1.7% 0.05% −0.01
PG The Procter & Gamble Co. Add +2.2% 0.09% −0.02
PRU Prudential Financial Inc. Add +0.2% 0.10% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +0.4% 0.78% −0.03
IJR iShares Core S&P Small-Cap E Add +5.7% 0.72% −0.03
ABBV Abbvie Inc. Add +0.9% 0.11% −0.03
IWD iShares Russell 1000 Value E Add +1.5% 0.40% −0.04
IXC iShares Global Energy ETF Add +0.1% 0.20% −0.04
CGCP Cap Group Core Plus Income Add +7.0% 0.78% −0.05
BOND PIMCO Active Bond Exchange-T Add +5.3% 0.89% −0.08
AGG iShares Core U.S. Aggregate Add +12.6% 14.81% −0.23
UNH Unitedhealth Group Inc. Add +0.5% 0.37% −0.34

Options Activity Q1 2025 → Q2 2025
MMM 3M Co. put Reduce -57.9% 800 $122K

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