Affiance Financial, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Affiance Financial, LLC reported 104 stock positions worth $549.2 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 22.0% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 15.1%) and VG Morningstar TS MKT ETF-US (VTI, 11.6%). Compared with Q2 2025, it opened 4 new positions, sold out of 3, added to 38 and reduced 32. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +6%) and the biggest sale Cap Group Core Equity (CGUS, shares −45%).

Most Recent 13F
Q2 2026
Location
ST. LOUIS PARK, MN
CIK
0001723681
Portfolio Value
$549.2M (Q3 2025)
SEC Filing
0001085146-25-005939 ↗ filed Oct 14, 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 Q2 2025 Q3 2025: $549.2M $549.2M Q3 2025 Q4 2025: $621.3M Q4 2025 Q1 2026: $616.6M Q1 2026 Q2 2026: $694.8M Q2 2026

Holdings 104 stocks · $549.2M
VOO Vanguard S&P 500 ETF 22.02% 197,497 $120.9M Add +5.7%
AGG iShares Core U.S. Aggregate 15.05% 824,609 $82.7M Add +12.2%
VTI VG Morningstar TS MKT ETF-US 11.55% 193,355 $63.5M Add +4.8%
VEA Vanguard Ftse Developed ETF 5.95% 545,067 $32.7M Add +2.6%
IEFA iShares Core MSCI Eafe ETF 4.55% 285,978 $25.0M Add +6.1%
IWF iShares Russell 1000 Growth 3.70% 43,424 $20.3M Add +8.3%
VXF Vanguard Extended Market ETF 3.10% 81,333 $17.0M Add +5.1%
VTV Vanguard Mrngstr Val ETF-Aui 2.69% 79,230 $14.8M Add +8.2%
VWO Vanguard Ftse Emerging Marke 2.12% 214,608 $11.6M Add +5.3%
AAPL Apple Inc. 2.11% 45,543 $11.6M Reduce -0.7%
IJH iShares Core S&P Midcap ETF 2.02% 170,026 $11.1M Reduce -0.3%
SPEM State Street SP PTF Em ETF 1.67% 195,998 $9.2M Add +6.2%
IVV iShares Core S&P 500 ETF 1.11% 9,072 $6.1M Reduce -0.3%
MSFT Microsoft Corp. 1.07% 11,387 $5.9M Reduce -1.4%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 1.05% 145,346 $5.7M Reduce -44.6%
BOND PIMCO Active Bond Exchange-T 0.91% 53,744 $5.0M Add +13.6%
VT Vanguard Tot World STK ETF 0.83% 33,183 $4.6M Add +5.8%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.82% 107,269 $4.5M Add +5.8%
CGCP Cap Group Core Plus Income 0.80% 192,243 $4.4M Add +12.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.74% 6,108 $4.1M Reduce -2.0%
IJR iShares Core S&P Small-Cap E 0.74% 34,191 $4.1M Add +5.6%
GOOG Alphabet Inc. Class C 0.64% 14,478 $3.5M No change
META Meta Platforms Inc. Class A 0.62% 4,636 $3.4M Reduce -0.4%
VIG Vanguard Dividend Apprec ETF 0.55% 13,938 $3.0M Add +2.4%
EFG iShares MSCI Eafe Growth ETF 0.55% 26,319 $3.0M Reduce -7.8%
AMZN Amazon.com Inc. 0.50% 12,528 $2.8M Add +1.4%
ESGD iShares Trust iShares ESG Aw 0.49% 29,238 $2.7M Reduce -0.8%
JPM JPMorgan Chase & Co. 0.49% 8,605 $2.7M Add +1.9%
NVDA Nvidia Corp. 0.49% 14,488 $2.7M Add +0.9%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.46% 8,677 $2.5M Add +8.3%
GOOGL Alphabet Inc. Class A 0.44% 9,859 $2.4M Add +0.1%
ESGE iShares Inc. iShares ESG Awar 0.40% 50,779 $2.2M Reduce -3.4%
WMT Walmart Inc. 0.38% 20,357 $2.1M Add +672.0%
IWD iShares Russell 1000 Value E 0.38% 10,247 $2.1M No change
UNH Unitedhealth Group Inc. 0.38% 6,023 $2.1M Add +2.7%
BRK.B Berkshire Hathaway Inc. Class B 0.37% 4,055 $2.0M Add +9.7%
VGT Vanguard Info Tech ETF 0.37% 2,709 $2.0M Add +2.5%
QQQ Invesco QQQ Trust Series 1 0.36% 3,287 $2.0M Add +3.0%
VXUS Vanguard Total Intl Stock 0.33% 24,786 $1.8M Reduce -1.6%
XLP SS Consumer Staples Sel Sect 0.29% 20,574 $1.6M Reduce -0.9%
MMM 3M Co. 0.27% 9,501 $1.5M Reduce -0.9%
MCD McDonald's Corp. 0.25% 4,604 $1.4M Reduce -12.5%
EFA iShares MSCI Eafe ETF 0.25% 14,967 $1.4M No change
XJH Ishare ESG SS S&P Midcap ETF 0.25% 30,972 $1.4M Reduce -0.8%
ORCL Oracle Corp. 0.23% 4,474 $1.3M Reduce -14.7%
EEM iShares MSCI Emerging Market 0.22% 22,369 $1.2M No change
LLY Eli Lilly & Co. 0.21% 1,521 $1.2M Reduce -7.0%
MUB iShares National Muni Bond E 0.21% 10,720 $1.1M Add +47.7%
IXC iShares Global Energy ETF 0.19% 24,736 $1.0M No change
IWP iShares Russell Mid-Cap Grow 0.19% 7,186 $1.0M No change
TSLA Tesla Inc. 0.18% 2,285 $1.0M Add +4.5%
MAR Marriott International Class A 0.18% 3,765 $981K No change
IYW iShares Ustechnology ETF 0.17% 4,800 $940K Add +2.6%
XLV SS Health Care Select Sector 0.16% 6,475 $901K No change
TGT Target Corp. 0.16% 9,682 $868K Reduce -7.8%
PRVA Privia Health Group Inc. 0.16% 34,742 $865K No change
NOW ServiceNow Inc. 0.15% 907 $835K Reduce -0.9%
TECH Bio-Techne Corp. 0.15% 14,839 $825K No change
JPST JPMorgan Ultra-Short Income 0.15% 15,915 $807K Reduce -1.8%
JNJ Johnson & Johnson 0.14% 4,254 $789K Reduce -3.9%
ABBV Abbvie Inc. 0.12% 2,825 $654K Add +0.4%
HON Honeywell International Inc. 0.11% 2,871 $604K Reduce -3.2%
NSPR Inspiremd Inc. 0.11% 250,370 $603K Add +32.4%
DCI Donaldson Co. Inc. 0.11% 7,326 $600K New
ECL Ecolab Inc. 0.10% 2,078 $569K No change
GIS General Mills Inc. 0.10% 11,229 $566K Reduce -9.9%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.10% 5,030 $555K No change
XLK SS Technology Select Sector 0.09% 1,826 $515K Add +5.5%
LMT Lockheed Martin Corp. 0.09% 1,015 $507K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.09% 5,420 $497K Reduce -23.0%
SCHG Schwab US Large-Cap Growth 0.09% 15,575 $497K Add +4.7%
PRU Prudential Financial Inc. 0.09% 4,711 $489K Add +0.1%
XEL Xcel Energy Inc. 0.09% 5,989 $483K Reduce -1.3%
NFLX Netflix Inc. 0.08% 364 $436K Reduce -1.4%
UNP Union Pacific Corp. 0.08% 1,828 $432K No change
PG The Procter & Gamble Co. 0.08% 2,803 $431K Add +2.5%
VIOO Vanguard S&P Small-Cap 600 E 0.07% 3,705 $409K No change
COST Costco Wholesale Corp. 0.07% 440 $408K Add +2.3%
NOC Northrop Grumman Corp. 0.07% 654 $398K No change
IVE iShares S&P 500 Value ETF 0.07% 1,917 $396K No change
VGLT Vanguard Long-Term Treasury 0.07% 6,485 $369K No change
DEO Diageo PLC-Sponsored ADR 0.06% 3,702 $353K No change
ABT Abbott Laboratories 0.06% 2,620 $351K Reduce -7.8%
VONV Vanguard Russell 1000 Value 0.06% 3,761 $336K Add +10.8%
DVY iShares Select Dividend ETF 0.06% 2,275 $323K No change
KXI iShares Global Consumer Stap 0.06% 4,800 $309K No change
GILD Gilead Sciences Inc. 0.06% 2,774 $308K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 2,550 $292K No change
MDT Medtronic PLC 0.05% 3,032 $289K Reduce -1.4%
MPT Medical Properties Trust Inc. 0.05% 56,321 $286K No change
BA The Boeing Co. 0.05% 1,229 $265K No change
PNR Pentair PLC 0.05% 2,351 $260K No change
V Visa Inc. Class A 0.05% 751 $256K No change
XOM Exxon Mobil Corp. 0.05% 2,260 $255K Reduce -9.0%
IYK iShares US Consumer Staples 0.05% 3,675 $251K No change
IOO iShares Global 100 ETF 0.05% 2,067 $248K Reduce -1.7%
CVX Chevron Corp. 0.05% 1,594 $248K Add +8.4%
CAT Caterpillar Inc. 0.04% 508 $242K New
NVT Nvent Electric PLC 0.04% 2,351 $232K New
HD Home Depot Inc. 0.04% 564 $229K Reduce -8.1%

Show all 104 holdings

Portfolio Sells Q2 2025 → Q3 2025
CGUS Cap Group Core Equity Reduce -44.6% 1.05% −0.92
IJH iShares Core S&P Midcap ETF Reduce -0.3% 2.02% −0.13
EFG iShares MSCI Eafe Growth ETF Reduce -7.8% 0.55% −0.10
MSFT Microsoft Corp. Reduce -1.4% 1.07% −0.09
META Meta Platforms Inc. Class A Reduce -0.4% 0.62% −0.08
MCD McDonald's Corp. Reduce -12.5% 0.25% −0.06
IBM Intl Business Machines Corp. Sold out 0.00% −0.05
TGT Target Corp. Reduce -7.8% 0.16% −0.05
XLP SS Consumer Staples Sel Sect Reduce -0.9% 0.29% −0.05
LLY Eli Lilly & Co. Reduce -7.0% 0.21% −0.05
IVV iShares Core S&P 500 ETF Reduce -0.3% 1.11% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.0% 0.74% −0.04
KO The Coca-Cola Co. Sold out 0.00% −0.04
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -23.0% 0.09% −0.04
CRM Salesforce Inc. Sold out 0.00% −0.04
ESGD iShares Trust iShares ESG Aw Reduce -0.8% 0.49% −0.04
NOW ServiceNow Inc. Reduce -0.9% 0.15% −0.04
HON Honeywell International Inc. Reduce -3.2% 0.11% −0.03
GIS General Mills Inc. Reduce -9.9% 0.10% −0.03
MMM 3M Co. Reduce -0.9% 0.27% −0.03
VXUS Vanguard Total Intl Stock Reduce -1.6% 0.33% −0.02
NFLX Netflix Inc. Reduce -1.4% 0.08% −0.02
JPST JPMorgan Ultra-Short Income Reduce -1.8% 0.15% −0.02
ESGE iShares Inc. iShares ESG Awar Reduce -3.4% 0.40% −0.02
BTZ BlackRock Credit Allocation Reduce -29.5% 0.03% −0.02
XJH Ishare ESG SS S&P Midcap ETF Reduce -0.8% 0.25% −0.02
ABT Abbott Laboratories Reduce -7.8% 0.06% −0.01
XOM Exxon Mobil Corp. Reduce -9.0% 0.05% −0.01
HD Home Depot Inc. Reduce -8.1% 0.04% −0.00
ORCL Oracle Corp. Reduce -14.7% 0.23% −0.00
MDT Medtronic PLC Reduce -1.4% 0.05% −0.00
IOO iShares Global 100 ETF Reduce -1.7% 0.05% −0.00
XEL Xcel Energy Inc. Reduce -1.3% 0.09% +0.00
JNJ Johnson & Johnson Reduce -3.9% 0.14% +0.01
AAPL Apple Inc. Reduce -0.7% 2.11% +0.20

Portfolio Buys Q2 2025 → Q3 2025
VOO Vanguard S&P 500 ETF Add +5.7% 22.02% +0.46
WMT Walmart Inc. Add +672.0% 0.38% +0.33
AGG iShares Core U.S. Aggregate Add +12.2% 15.05% +0.24
IWF iShares Russell 1000 Growth Add +8.3% 3.70% +0.24
VTI VG Morningstar TS MKT ETF-US Add +4.8% 11.55% +0.16
DCI Donaldson Co. Inc. New 0.11% +0.11
GOOGL Alphabet Inc. Class A Add +0.1% 0.44% +0.08
VXF Vanguard Extended Market ETF Add +5.1% 3.10% +0.07
VWO Vanguard Ftse Emerging Marke Add +5.3% 2.12% +0.07
SPEM State Street SP PTF Em ETF Add +6.2% 1.67% +0.07
VTV Vanguard Mrngstr Val ETF-Aui Add +8.2% 2.69% +0.06
MUB iShares National Muni Bond E Add +47.7% 0.21% +0.05
CAT Caterpillar Inc. New 0.04% +0.04
TSLA Tesla Inc. Add +4.5% 0.18% +0.04
NVT Nvent Electric PLC New 0.04% +0.04
RTX RTX Corp. New 0.04% +0.04
NVDA Nvidia Corp. Add +0.9% 0.49% +0.03
BOND PIMCO Active Bond Exchange-T Add +13.6% 0.91% +0.03
NSPR Inspiremd Inc. Add +32.4% 0.11% +0.02
IJR iShares Core S&P Small-Cap E Add +5.6% 0.74% +0.02
CGCP Cap Group Core Plus Income Add +12.8% 0.80% +0.02
VT Vanguard Tot World STK ETF Add +5.8% 0.83% +0.01
ABBV Abbvie Inc. Add +0.4% 0.12% +0.01
VGT Vanguard Info Tech ETF Add +2.5% 0.37% +0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +8.3% 0.46% +0.01
CGDV Cap Group Dividend Value Add +5.8% 0.82% +0.01
UNH Unitedhealth Group Inc. Add +2.7% 0.38% +0.01
IYW iShares Ustechnology ETF Add +2.6% 0.17% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +9.7% 0.37% +0.01
XLK SS Technology Select Sector Add +5.5% 0.09% +0.00
VONV Vanguard Russell 1000 Value Add +10.8% 0.06% +0.00
CVX Chevron Corp. Add +8.4% 0.05% +0.00
SCHG Schwab US Large-Cap Growth Add +4.7% 0.09% +0.00
QQQ Invesco QQQ Trust Series 1 Add +3.0% 0.36% +0.00
JPM JPMorgan Chase & Co. Add +1.9% 0.49% −0.00
PG The Procter & Gamble Co. Add +2.5% 0.08% −0.01
COST Costco Wholesale Corp. Add +2.3% 0.07% −0.01
PRU Prudential Financial Inc. Add +0.1% 0.09% −0.01
VIG Vanguard Dividend Apprec ETF Add +2.4% 0.55% −0.02
IEFA iShares Core MSCI Eafe ETF Add +6.1% 4.55% −0.03
AMZN Amazon.com Inc. Add +1.4% 0.50% −0.05
VEA Vanguard Ftse Developed ETF Add +2.6% 5.95% −0.21

Options Activity Q2 2025 → Q3 2025
MMM 3M Co. put Sold out 800 $122Kbefore 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