Aspen Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Aspen Capital Management, LLC reported 81 stock positions worth $392.3 million. Its top holding was Dimensional International (DFIC) at 18.5% of the portfolio, followed by iShares 0-3 Month Treasury B (SGOV, 17.4%) and Dimensional US Core Equity 2 (DFAC, 12.8%). Compared with Q2 2025, it opened 10 new positions, sold out of 1, added to 26 and reduced 21. The biggest buy was Dimensional US Core Equity 2 (DFAC, shares +6%) and the biggest sale Dimensional US Target Value (DFAT, shares −1%).

Most Recent 13F
Q2 2026
Location
BOISE, ID
CIK
0002065974
Portfolio Value
$392.3M (Q3 2025)
SEC Filing
0002065974-25-000004 ↗ filed Nov 4, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2025: $312.7M Q1 2025 Q2 2025: $356.8M Q2 2025 Q3 2025: $392.3M $392.3M Q3 2025 Q4 2025: $403.8M Q4 2025 Q1 2026: $404.0M Q1 2026 Q2 2026: $453.0M Q2 2026

Holdings 81 stocks · $392.3M
DFIC Dimensional International Co. 18.46% 2,208,121 $72.4M Add +4.7%
SGOV iShares 0-3 Month Treasury B 17.42% 678,724 $68.3M Add +6.8%
DFAC Dimensional US Core Equity 2 12.76% 1,298,040 $50.1M Add +6.2%
DFCF Dimensional Core Fixed Inc. 7.51% 689,034 $29.5M Add +0.9%
DFAT Dimensional US Target Value 4.38% 294,875 $17.2M Reduce -1.5%
DFEM Dimensional Emrg MRKT Core 4.14% 506,415 $16.2M Add +8.9%
DFAS Dimensional US Small Cap ETF 3.87% 222,020 $15.2M Reduce -0.0%
DFGR Dim Global Real Estate ETF 3.48% 500,144 $13.7M Add +5.6%
USB US Bancorp 2.91% 236,067 $11.4M Reduce -0.5%
DFSV Dimensional US Small Cap Val 2.11% 260,564 $8.3M Add +2.8%
DCOR Dimensional US Core Eq 1 ETF 1.85% 100,922 $7.3M Add +20.0%
DFAX Dimensional World Ex US Core 1.56% 194,773 $6.1M Add +0.6%
AAPL Apple Inc. 1.45% 22,309 $5.7M Add +1.3%
IWB iShares Russell 1000 ETF 1.42% 15,254 $5.6M Reduce -1.3%
NVDA Nvidia Corp. 1.35% 28,284 $5.3M Reduce -1.4%
DFSU Dimensional US Sus CORE1 ETF 1.26% 116,736 $5.0M Add +5.2%
QQQ Invesco QQQ Trust Series 1 1.13% 7,392 $4.4M No change
MSFT Microsoft Corp. 1.07% 8,096 $4.2M Add +4.2%
DFSI Dimensional Int Sus COR1 ETF 0.89% 85,314 $3.5M Add +4.2%
DFUV Dimensional US Marketwide Va 0.86% 75,097 $3.4M Reduce -4.1%
AVDE Avantis International Equity 0.84% 41,633 $3.3M No change
IVV iShares Core S&P 500 ETF 0.62% 3,625 $2.4M No change
IWM iShares Russell 2000 ETF 0.48% 7,705 $1.9M Reduce -1.1%
AVUS Avantis U.S. Equity ETF 0.41% 14,662 $1.6M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.40% 2,375 $1.6M Reduce -0.8%
JPM JPMorgan Chase & Co. 0.37% 4,646 $1.5M Add +7.7%
VTI VG Morningstar TS MKT ETF-US 0.35% 4,227 $1.4M Add +0.0%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.34% 2,850 $1.3M No change
EFA iShares MSCI Eafe ETF 0.33% 14,000 $1.3M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.32% 6,678 $1.2M Add +0.3%
AMZN Amazon.com Inc. 0.31% 5,605 $1.2M Reduce -0.3%
PAYO Payoneer Global Inc. 0.30% 194,222 $1.2M No change
DFAW Dimensional World Eqty ETF 0.30% 16,152 $1.2M Add +21.3%
VT Vanguard Tot World STK ETF 0.28% 7,960 $1.1M Add +0.0%
RBLX Roblox Corp. Class A 0.25% 7,024 $973K Reduce -0.0%
AVUV Avantis US Small Cap Value 0.25% 9,752 $971K No change
DFSE Dimensional Em Sus CORE1 ETF 0.19% 18,578 $763K Add +1.8%
BRK.A Berkshire Hathaway Inc. Class A 0.19% 1 $754K No change
GOOGL Alphabet Inc. Class A 0.19% 3,074 $747K Add +7.9%
GOOG Alphabet Inc. Class C 0.19% 3,023 $736K Reduce -1.3%
BRK.B Berkshire Hathaway Inc. Class B 0.14% 1,078 $542K Reduce -3.6%
DFSB Dim GLB Sustain Fix Inc. ETF 0.13% 9,869 $526K Reduce -3.6%
VOO Vanguard S&P 500 ETF 0.13% 819 $501K Reduce -6.4%
ISRG Intuitive Surgical Inc. 0.13% 1,111 $497K Reduce -0.3%
HPQ HP Inc. 0.12% 17,758 $484K Reduce -6.5%
COST Costco Wholesale Corp. 0.12% 519 $480K Add +5.7%
ESGV Vanguard ESG US Stock ETF 0.12% 3,933 $466K Add +0.2%
SCHX Schwab US Large-Cap ETF 0.10% 15,315 $403K Reduce -1.3%
CASY Casey's General Stores Inc. 0.10% 702 $397K No change
EEM iShares MSCI Emerging Market 0.10% 7,314 $391K No change
VB Vanguard Most SM-Cap ETF-Usd 0.09% 1,403 $357K Reduce -0.3%
SHOP Shopify Inc. Class A 0.09% 2,300 $342K No change
CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT 0.09% 9,974 $341K No change
FDN First Trust DJ Internet Ind 0.09% 1,205 $337K No change
A Agilent Technologies Inc. 0.08% 2,573 $330K No change
HPE Hewlett Packard Enterprise 0.08% 12,110 $297K Reduce -16.4%
ABBV Abbvie Inc. 0.07% 1,249 $289K No change
SCHF Schwab Intl Equity ETF 0.07% 12,184 $284K Add +0.9%
CAT Caterpillar Inc. 0.07% 584 $279K No change
TSLA Tesla Inc. 0.07% 606 $270K Reduce -18.0%
ORCL Oracle Corp. 0.07% 949 $267K No change
FNX First Trust Mid Cap Core Alp 0.07% 2,084 $261K No change
VXUS Vanguard Total Intl Stock 0.07% 3,545 $260K No change
META Meta Platforms Inc. Class A 0.07% 352 $259K Add +12.1%
SCHB Schwab US Broad Market ETF 0.06% 9,687 $249K Add +0.2%
HD Home Depot Inc. 0.06% 610 $247K Reduce -4.4%
AXP American Express Co. 0.06% 737 $245K New
LLY Eli Lilly & Co. 0.06% 320 $244K No change
BLK BlackRock Inc. 0.06% 206 $240K New
IJH iShares Core S&P Midcap ETF 0.06% 3,583 $234K Add +0.1%
CMG Chipotle Mexican Grill Inc. 0.06% 5,850 $229K No change
AVEM Avantis Emerging Markets Eq 0.06% 2,910 $219K New
KNSL Kinsale Capital Group Inc. 0.06% 510 $217K No change
FYX First Trust Small Cap Core A 0.05% 1,974 $215K New
DE Deere & Co. 0.05% 461 $211K No change
MU Micron Technology Inc. 0.05% 1,241 $208K New
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 0.05% 5,207 $206K New
VONG Vanguard Russell 1000 Growth 0.05% 1,701 $205K New
MRK Merck & Co. Inc. 0.05% 2,411 $202K New
AVGO Broadcom Inc. 0.05% 612 $202K New
CGGR Cap Group Growth Equity 0.05% 4,578 $201K New

Portfolio Sells Q2 2025 → Q3 2025
DFAT Dimensional US Target Value Reduce -1.5% 4.38% −0.15
USB US Bancorp Reduce -0.5% 2.91% −0.10
DFAS Dimensional US Small Cap ETF Reduce -0.0% 3.87% −0.09
DFUV Dimensional US Marketwide Va Reduce -4.1% 0.86% −0.07
NFLX Netflix Inc. Sold out 0.00% −0.06
IWB iShares Russell 1000 ETF Reduce -1.3% 1.42% −0.05
ISRG Intuitive Surgical Inc. Reduce -0.3% 0.13% −0.04
AMZN Amazon.com Inc. Reduce -0.3% 0.31% −0.03
DFSB Dim GLB Sustain Fix Inc. ETF Reduce -3.6% 0.13% −0.02
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.6% 0.14% −0.01
VOO Vanguard S&P 500 ETF Reduce -6.4% 0.13% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.8% 0.40% −0.01
HPE Hewlett Packard Enterprise Reduce -16.4% 0.08% −0.01
HPQ HP Inc. Reduce -6.5% 0.12% −0.01
SCHX Schwab US Large-Cap ETF Reduce -1.3% 0.10% −0.00
HD Home Depot Inc. Reduce -4.4% 0.06% −0.00
VB Vanguard Most SM-Cap ETF-Usd Reduce -0.3% 0.09% −0.00
TSLA Tesla Inc. Reduce -18.0% 0.07% +0.00
IWM iShares Russell 2000 ETF Reduce -1.1% 0.48% +0.00
GOOG Alphabet Inc. Class C Reduce -1.3% 0.19% +0.04
RBLX Roblox Corp. Class A Reduce -0.0% 0.25% +0.04
NVDA Nvidia Corp. Reduce -1.4% 1.35% +0.07

Portfolio Buys Q2 2025 → Q3 2025
DFAC Dimensional US Core Equity 2 Add +6.2% 12.76% +0.48
DCOR Dimensional US Core Eq 1 ETF Add +20.0% 1.85% +0.27
DFEM Dimensional Emrg MRKT Core Add +8.9% 4.14% +0.27
AAPL Apple Inc. Add +1.3% 1.45% +0.18
DFIC Dimensional International Co. Add +4.7% 18.46% +0.08
AXP American Express Co. New 0.06% +0.06
BLK BlackRock Inc. New 0.06% +0.06
AVEM Avantis Emerging Markets Eq New 0.06% +0.06
FYX First Trust Small Cap Core A New 0.05% +0.05
MU Micron Technology Inc. New 0.05% +0.05
CGUS Cap Group Core Equity New 0.05% +0.05
VONG Vanguard Russell 1000 Growth New 0.05% +0.05
MRK Merck & Co. Inc. New 0.05% +0.05
AVGO Broadcom Inc. New 0.05% +0.05
CGGR Cap Group Growth Equity New 0.05% +0.05
GOOGL Alphabet Inc. Class A Add +7.9% 0.19% +0.05
DFAW Dimensional World Eqty ETF Add +21.3% 0.30% +0.05
DFSU Dimensional US Sus CORE1 ETF Add +5.2% 1.26% +0.04
DFSV Dimensional US Small Cap Val Add +2.8% 2.11% +0.03
JPM JPMorgan Chase & Co. Add +7.7% 0.37% +0.02
META Meta Platforms Inc. Class A Add +12.1% 0.07% +0.00
DFSE Dimensional Em Sus CORE1 ETF Add +1.8% 0.19% −0.00
SCHB Schwab US Broad Market ETF Add +0.2% 0.06% −0.00
ESGV Vanguard ESG US Stock ETF Add +0.2% 0.12% −0.00
SCHF Schwab Intl Equity ETF Add +0.9% 0.07% −0.00
IJH iShares Core S&P Midcap ETF Add +0.1% 0.06% −0.00
VTI VG Morningstar TS MKT ETF-US Add +0.0% 0.35% −0.01
VT Vanguard Tot World STK ETF Add +0.0% 0.28% −0.01
VTV Vanguard Mrngstr Val ETF-Aui Add +0.3% 0.32% −0.01
DFSI Dimensional Int Sus COR1 ETF Add +4.2% 0.89% −0.01
COST Costco Wholesale Corp. Add +5.7% 0.12% −0.01
MSFT Microsoft Corp. Add +4.2% 1.07% −0.01
DFAX Dimensional World Ex US Core Add +0.6% 1.56% −0.04
DFGR Dim Global Real Estate ETF Add +5.6% 3.48% −0.08
SGOV iShares 0-3 Month Treasury B Add +6.8% 17.42% −0.52
DFCF Dimensional Core Fixed Inc. Add +0.9% 7.51% −0.58

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 83$453.0MDFIC, DFAC, DFCF, SGOV, DFEM
Q1 2026 77$404.0MDFIC, DFAC, SGOV, DFCF, DFEM
Q4 2025 80$403.8MDFIC, SGOV, DFAC, DFCF, DFAT
Q3 2025 81$392.3MDFIC, SGOV, DFAC, DFCF, DFAT
Q2 2025 72$356.8MDFIC, SGOV, DFAC, DFCF, DFAT
Q1 2025 66$312.7MDFIC, SGOV, DFAC, DFCF, DFAT