Affiance Financial, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Affiance Financial, LLC reported 104 stock positions worth $621.3 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 20.0% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 14.4%) and VG Morningstar TS MKT ETF-US (VTI, 11.2%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 25 and reduced 42. The biggest buy was a new position in Akre Focus ETF (AKRE) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −1%).

Most Recent 13F
Q2 2026
Location
ST. LOUIS PARK, MN
CIK
0001723681
Portfolio Value
$621.3M (Q4 2025)
SEC Filing
0001723681-26-000001 ↗ filed Jan 21, 2026

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 Q3 2025 Q4 2025: $621.3M $621.3M Q4 2025 Q1 2026: $616.6M Q1 2026 Q2 2026: $694.8M Q2 2026

Holdings 104 stocks · $621.3M
VOO Vanguard S&P 500 ETF 19.98% 197,900 $124.1M Add +0.2%
AGG iShares Core U.S. Aggregate 14.43% 897,669 $89.7M Add +8.9%
VTI VG Morningstar TS MKT ETF-US 11.19% 207,374 $69.5M Add +7.3%
AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO 6.92% 656,658 $43.0M New
VEA Vanguard Ftse Developed ETF 5.44% 540,982 $33.8M Reduce -0.8%
IEFA iShares Core MSCI Eafe ETF 4.50% 312,451 $28.0M Add +9.3%
IWF iShares Russell 1000 Growth 3.75% 49,280 $23.3M Add +13.5%
VTV Vanguard Mrngstr Val ETF-Aui 2.74% 89,155 $17.0M Add +12.5%
VXF Vanguard Extended Market ETF 2.72% 80,694 $16.9M Reduce -0.8%
AAPL Apple Inc. 1.92% 43,879 $11.9M Reduce -3.6%
VWO Vanguard Ftse Emerging Marke 1.85% 213,386 $11.5M Reduce -0.6%
IJH iShares Core S&P Midcap ETF 1.79% 168,475 $11.1M Reduce -0.9%
SPEM State Street SP PTF Em ETF 1.60% 212,549 $9.9M Add +8.4%
BOND PIMCO Active Bond Exchange-T 1.08% 71,780 $6.7M Add +33.6%
IVV iShares Core S&P 500 ETF 0.98% 8,900 $6.1M Reduce -1.9%
CGCP Cap Group Core Plus Income 0.89% 245,357 $5.6M Add +27.6%
MSFT Microsoft Corp. 0.86% 11,108 $5.4M Reduce -2.5%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.84% 119,710 $5.2M Add +11.6%
VT Vanguard Tot World STK ETF 0.75% 33,179 $4.7M Reduce -0.0%
IJR iShares Core S&P Small-Cap E 0.72% 37,278 $4.5M Add +9.0%
GOOG Alphabet Inc. Class C 0.71% 14,148 $4.4M Reduce -2.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.67% 6,079 $4.1M Reduce -0.5%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 0.58% 89,568 $3.6M Reduce -38.4%
VIG Vanguard Dividend Apprec ETF 0.49% 13,938 $3.1M No change
META Meta Platforms Inc. Class A 0.48% 4,554 $3.0M Reduce -1.8%
EFG iShares MSCI Eafe Growth ETF 0.48% 26,274 $3.0M Reduce -0.2%
GOOGL Alphabet Inc. Class A 0.48% 9,527 $3.0M Reduce -3.4%
AMZN Amazon.com Inc. 0.46% 12,459 $2.9M Reduce -0.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.46% 9,847 $2.9M Add +13.5%
JPM JPMorgan Chase & Co. 0.44% 8,534 $2.7M Reduce -0.8%
ESGD iShares Trust iShares ESG Aw 0.44% 28,876 $2.7M Reduce -1.2%
NVDA Nvidia Corp. 0.43% 14,410 $2.7M Reduce -0.5%
ESGE iShares Inc. iShares ESG Awar 0.36% 50,164 $2.2M Reduce -1.2%
QQQ Invesco QQQ Trust Series 1 0.35% 3,554 $2.2M Add +8.1%
IWD iShares Russell 1000 Value E 0.35% 10,247 $2.2M No change
BRK.B Berkshire Hathaway Inc. Class B 0.34% 4,224 $2.1M Add +4.2%
WMT Walmart Inc. 0.33% 18,522 $2.1M Reduce -9.0%
VGT Vanguard Info Tech ETF 0.33% 2,709 $2.0M No change
VXUS Vanguard Total Intl Stock 0.32% 26,086 $2.0M Add +5.2%
UNH Unitedhealth Group Inc. 0.31% 5,891 $1.9M Reduce -2.2%
XLP SS Consumer Staples Sel Sect 0.25% 20,063 $1.6M Reduce -2.5%
MMM 3M Co. 0.24% 9,462 $1.5M Reduce -0.4%
LLY Eli Lilly & Co. 0.24% 1,405 $1.5M Reduce -7.6%
EFA iShares MSCI Eafe ETF 0.23% 14,967 $1.4M No change
XJH Ishare ESG SS S&P Midcap ETF 0.22% 31,038 $1.4M Add +0.2%
MCD McDonald's Corp. 0.22% 4,523 $1.4M Reduce -1.8%
EEM iShares MSCI Emerging Market 0.20% 22,369 $1.2M No change
MAR Marriott International Class A 0.19% 3,765 $1.2M No change
MUB iShares National Muni Bond E 0.18% 10,724 $1.1M Add +0.0%
IXC iShares Global Energy ETF 0.17% 24,755 $1.0M Add +0.1%
TSLA Tesla Inc. 0.17% 2,285 $1.0M No change
IWP iShares Russell Mid-Cap Grow 0.16% 7,186 $984K No change
TGT Target Corp. 0.15% 9,457 $924K Reduce -2.3%
XLV SS Health Care Select Sector 0.15% 5,862 $907K Reduce -9.5%
IYW iShares Ustechnology ETF 0.14% 4,400 $879K Reduce -8.3%
TECH Bio-Techne Corp. 0.14% 14,839 $873K No change
ORCL Oracle Corp. 0.14% 4,409 $859K Reduce -1.4%
JNJ Johnson & Johnson 0.13% 4,043 $837K Reduce -5.0%
PRVA Privia Health Group Inc. 0.13% 34,742 $824K No change
JPST JPMorgan Ultra-Short Income 0.13% 15,659 $792K Reduce -1.6%
NOW ServiceNow Inc. 0.12% 4,990 $764K Add +10.0%
DCI Donaldson Co. Inc. 0.10% 7,326 $650K No change
ABBV Abbvie Inc. 0.10% 2,746 $627K Reduce -2.8%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.09% 4,984 $557K Reduce -0.9%
HON Honeywell International Inc. 0.09% 2,819 $550K Reduce -1.8%
ECL Ecolab Inc. 0.09% 2,078 $546K No change
PRU Prudential Financial Inc. 0.09% 4,719 $533K Add +0.2%
GIS General Mills Inc. 0.09% 11,416 $531K Add +1.7%
XLK SS Technology Select Sector 0.08% 3,652 $526K No change
SCHG Schwab US Large-Cap Growth 0.08% 15,606 $509K Add +0.2%
LMT Lockheed Martin Corp. 0.08% 1,015 $491K No change
NSPR Inspiremd Inc. 0.07% 250,370 $446K No change
UNP Union Pacific Corp. 0.07% 1,828 $423K No change
VIOO Vanguard S&P Small-Cap 600 E 0.07% 3,705 $411K No change
IVE iShares S&P 500 Value ETF 0.07% 1,917 $407K No change
COST Costco Wholesale Corp. 0.06% 448 $387K Add +1.8%
PG The Procter & Gamble Co. 0.06% 2,667 $382K Reduce -4.8%
NFLX Netflix Inc. 0.06% 3,980 $373K Add +9.3%
NOC Northrop Grumman Corp. 0.06% 654 $373K No change
VGLT Vanguard Long-Term Treasury 0.06% 6,485 $362K No change
VONV Vanguard Russell 1000 Value 0.06% 3,761 $347K No change
GILD Gilead Sciences Inc. 0.05% 2,774 $340K No change
XEL Xcel Energy Inc. 0.05% 4,592 $339K Reduce -23.3%
DVY iShares Select Dividend ETF 0.05% 2,275 $321K No change
DEO Diageo PLC-Sponsored ADR 0.05% 3,702 $319K No change
KXI iShares Global Consumer Stap 0.05% 4,800 $310K No change
ABT Abbott Laboratories 0.05% 2,401 $301K Reduce -8.4%
V Visa Inc. Class A 0.05% 837 $294K Add +11.4%
CAT Caterpillar Inc. 0.05% 508 $291K No change
MDT Medtronic PLC 0.05% 2,979 $286K Reduce -1.8%
MPT Medical Properties Trust Inc. 0.05% 56,321 $282K No change
XOM Exxon Mobil Corp. 0.04% 2,260 $272K No change
RTX RTX Corp. 0.04% 1,354 $248K No change
IOO iShares Global 100 ETF 0.04% 1,952 $247K Reduce -5.6%
PNR Pentair PLC 0.04% 2,351 $245K No change
BA The Boeing Co. 0.04% 1,114 $242K Reduce -9.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 2,124 $242K Reduce -16.7%
NVT Nvent Electric PLC 0.04% 2,351 $240K No change
WFC Wells Fargo & Co. 0.04% 2,550 $238K No change
ORI Old Republic Intl Corp. 0.04% 5,203 $237K No change
STLD Steel Dynamics Inc. 0.04% 1,325 $225K New
CVX Chevron Corp. 0.04% 1,471 $224K Reduce -7.7%
DHR Danaher Corp. 0.03% 928 $212K New
BTZ BlackRock Credit Allocation 0.02% 14,100 $153K No change

Options reported separately and not counted above: QQQ puts ($553K).

Portfolio Sells Q3 2025 → Q4 2025
VEA Vanguard Ftse Developed ETF Reduce -0.8% 5.44% −0.51
CGUS Cap Group Core Equity Reduce -38.4% 0.58% −0.47
VXF Vanguard Extended Market ETF Reduce -0.8% 2.72% −0.38
VWO Vanguard Ftse Emerging Marke Reduce -0.6% 1.85% −0.27
IJH iShares Core S&P Midcap ETF Reduce -0.9% 1.79% −0.23
MSFT Microsoft Corp. Reduce -2.5% 0.86% −0.21
AAPL Apple Inc. Reduce -3.6% 1.92% −0.19
META Meta Platforms Inc. Class A Reduce -1.8% 0.48% −0.14
IVV iShares Core S&P 500 ETF Reduce -1.9% 0.98% −0.12
ORCL Oracle Corp. Reduce -1.4% 0.14% −0.09
BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −0.09
VT Vanguard Tot World STK ETF Reduce -0.0% 0.75% −0.08
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.5% 0.67% −0.07
UNH Unitedhealth Group Inc. Reduce -2.2% 0.31% −0.07
EFG iShares MSCI Eafe Growth ETF Reduce -0.2% 0.48% −0.06
NVDA Nvidia Corp. Reduce -0.5% 0.43% −0.06
ESGD iShares Trust iShares ESG Aw Reduce -1.2% 0.44% −0.05
JPM JPMorgan Chase & Co. Reduce -0.8% 0.44% −0.05
WMT Walmart Inc. Reduce -9.0% 0.33% −0.05
IYK iShares US Consumer Staples Sold out 0.00% −0.05
ESGE iShares Inc. iShares ESG Awar Reduce -1.2% 0.36% −0.04
XLP SS Consumer Staples Sel Sect Reduce -2.5% 0.25% −0.04
HD Home Depot Inc. Sold out 0.00% −0.04
AMZN Amazon.com Inc. Reduce -0.6% 0.46% −0.04
XEL Xcel Energy Inc. Reduce -23.3% 0.05% −0.03
MCD McDonald's Corp. Reduce -1.8% 0.22% −0.03
IYW iShares Ustechnology ETF Reduce -8.3% 0.14% −0.03
MMM 3M Co. Reduce -0.4% 0.24% −0.02
HON Honeywell International Inc. Reduce -1.8% 0.09% −0.02
JPST JPMorgan Ultra-Short Income Reduce -1.6% 0.13% −0.02
ABBV Abbvie Inc. Reduce -2.8% 0.10% −0.02
XLV SS Health Care Select Sector Reduce -9.5% 0.15% −0.02
PG The Procter & Gamble Co. Reduce -4.8% 0.06% −0.02
ABT Abbott Laboratories Reduce -8.4% 0.05% −0.02
DIS The Walt Disney Co. Reduce -16.7% 0.04% −0.01
IVOO Vanguard S&P Mid-Cap 400 ETF Reduce -0.9% 0.09% −0.01
BA The Boeing Co. Reduce -9.4% 0.04% −0.01
TGT Target Corp. Reduce -2.3% 0.15% −0.01
CVX Chevron Corp. Reduce -7.7% 0.04% −0.01
JNJ Johnson & Johnson Reduce -5.0% 0.13% −0.01
MDT Medtronic PLC Reduce -1.8% 0.05% −0.01
IOO iShares Global 100 ETF Reduce -5.6% 0.04% −0.01
LLY Eli Lilly & Co. Reduce -7.6% 0.24% +0.03
GOOGL Alphabet Inc. Class A Reduce -3.4% 0.48% +0.04
GOOG Alphabet Inc. Class C Reduce -2.3% 0.71% +0.07

Portfolio Buys Q3 2025 → Q4 2025
AKRE Akre Focus ETF New 6.92% +6.92
BOND PIMCO Active Bond Exchange-T Add +33.6% 1.08% +0.16
CGCP Cap Group Core Plus Income Add +27.6% 0.89% +0.10
IWF iShares Russell 1000 Growth Add +13.5% 3.75% +0.05
VTV Vanguard Mrngstr Val ETF-Aui Add +12.5% 2.74% +0.05
STLD Steel Dynamics Inc. New 0.04% +0.04
DHR Danaher Corp. New 0.03% +0.03
CGDV Cap Group Dividend Value Add +11.6% 0.84% +0.02
V Visa Inc. Class A Add +11.4% 0.05% +0.00
PRU Prudential Financial Inc. Add +0.2% 0.09% −0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +13.5% 0.46% −0.00
QQQ Invesco QQQ Trust Series 1 Add +8.1% 0.35% −0.01
SCHG Schwab US Large-Cap Growth Add +0.2% 0.08% −0.01
COST Costco Wholesale Corp. Add +1.8% 0.06% −0.01
VXUS Vanguard Total Intl Stock Add +5.2% 0.32% −0.01
GIS General Mills Inc. Add +1.7% 0.09% −0.02
IJR iShares Core S&P Small-Cap E Add +9.0% 0.72% −0.02
NFLX Netflix Inc. Add +9.3% 0.06% −0.02
IXC iShares Global Energy ETF Add +0.1% 0.17% −0.02
MUB iShares National Muni Bond E Add +0.0% 0.18% −0.02
XJH Ishare ESG SS S&P Midcap ETF Add +0.2% 0.22% −0.02
NOW ServiceNow Inc. Add +10.0% 0.12% −0.03
BRK.B Berkshire Hathaway Inc. Class B Add +4.2% 0.34% −0.03
IEFA iShares Core MSCI Eafe ETF Add +9.3% 4.50% −0.05
SPEM State Street SP PTF Em ETF Add +8.4% 1.60% −0.07
VTI VG Morningstar TS MKT ETF-US Add +7.3% 11.19% −0.36
AGG iShares Core U.S. Aggregate Add +8.9% 14.43% −0.62
VOO Vanguard S&P 500 ETF Add +0.2% 19.98% −2.05

Options Activity Q3 2025 → Q4 2025
QQQ Invesco QQQ Trust Series 1 put New 900 $553K

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