Aspiriant, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), Aspiriant, LLC reported 287 stock positions worth $2.9 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 11.4% of the portfolio, followed by iShares Core S&P U.S. Value (IUSV, 11.3%) and Vngrd Mrngst SL-CP Val ETF-U (VBR, 10.0%). Compared with Q4 2024, it opened 20 new positions, sold out of 19, added to 122 and reduced 103. The biggest buy was Vngrd Mrngst SL-CP Val ETF-U (VBR, shares +26%) and the biggest sale Alphabet Class A (GOOGL, shares −0%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001433541
Portfolio Value
$2.9B (Q1 2025)
SEC Filing
0001172661-25-001518 ↗ filed Apr 21, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.4B Q1 2024 Q2 2024: $2.5B Q2 2024 Q3 2024: $2.6B Q3 2024 Q4 2024: $2.8B Q4 2024 Q1 2025: $2.9B $2.9B Q1 2025 Q2 2025: $3.1B Q2 2025 Q3 2025: $3.3B Q3 2025 Q4 2025: $3.5B Q4 2025 Q1 2026: $3.5B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 287 stocks · $2.9B
IVV iShares Core S&P 500 ETF 11.39% 583,935 $328.1M Add +9.0%
IUSV iShares Core S&P U.S. Value 11.30% 3,527,185 $325.5M Add +8.0%
VBR Vngrd Mrngst SL-CP Val ETF-U 9.97% 1,541,432 $287.2M Add +25.9%
ACWV iShares MSCI Global Min Vol 9.90% 2,449,396 $285.0M Add +0.9%
VTEB Vanguard Tax-Exempt Bond ETF 9.02% 5,235,595 $259.8M Add +1.3%
VIG Vanguard Dividend Apprec ETF 6.43% 954,913 $185.2M Add +0.4%
VOO Vanguard S&P 500 ETF 2.77% 155,377 $79.8M Add +2.5%
AAPL Apple Inc. 2.66% 344,493 $76.5M Add +14.8%
EFV iShares MSCI Eafe Value ETF 2.32% 1,135,549 $66.9M Reduce -4.3%
IEMG iShares Core MSCI Emerging 1.89% 1,010,377 $54.5M Add +0.9%
IEFA iShares Core MSCI Eafe ETF 1.84% 699,254 $52.9M Add +17.3%
BND Vanguard Total Bond Market 1.28% 503,280 $37.0M Add +2.1%
BRK.B Berkshire Hathaway Inc. Class B 1.19% 64,299 $34.2M Reduce -1.8%
SPY SS SPDR S&P 500 ETF Trust-US 1.17% 60,356 $33.8M Reduce -0.8%
DFUV Dimensional US Marketwide Va 1.00% 702,495 $28.9M Add +0.9%
AOR iShares Core 60/40 Balanced 0.93% 463,928 $26.7M Add +8.7%
VTI VG Morningstar TS MKT ETF-US 0.88% 92,267 $25.4M Add +1.3%
IWB iShares Russell 1000 ETF 0.76% 71,605 $22.0M Add +3.9%
CRBN Ish Low Car Opt Ms Ac ETF-US 0.75% 113,201 $21.6M Add +7.1%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.70% 654,821 $20.2M Reduce -1.7%
VEU Vanguard Ftse All-World Ex-U 0.68% 324,744 $19.7M Add +0.9%
DFAX Dimensional World Ex US Core 0.68% 745,315 $19.5M Add +1.4%
DEM Wisdomtree Emerging Markets 0.64% 439,762 $18.5M Reduce -2.7%
MUB iShares National Muni Bond E 0.63% 172,436 $18.2M Add +3.5%
FBND Fidelity Total Bond ETF 0.62% 393,597 $18.0M Reduce -5.5%
MSFT Microsoft Corp. 0.61% 47,001 $17.6M Add +0.4%
VB Vanguard Most SM-Cap ETF-Usd 0.57% 74,582 $16.5M Add +29.7%
VTV Vanguard Mrngstr Val ETF-Aui 0.53% 87,859 $15.2M Reduce -1.2%
XLF SS Financial Select Sector 0.48% 279,046 $13.9M No change
VSS Vanguard Ftse All Wo X-US SC 0.45% 112,541 $13.0M Add +3.9%
IWN iShares Russell 2000 Value E 0.45% 85,862 $13.0M Add +0.0%
AGG iShares Core U.S. Aggregate 0.43% 126,376 $12.5M Add +0.3%
GOOGL Alphabet Inc. Class A 0.43% 80,187 $12.4M Reduce -0.4%
VGT Vanguard Info Tech ETF 0.39% 20,574 $11.2M Reduce -4.0%
DFAC Dimensional US Core Equity 2 0.36% 314,110 $10.4M Add +11.4%
DFAT Dimensional US Target Value 0.34% 190,141 $9.8M Add +9.9%
PWRD TCW Transform Systems ETF 0.34% 138,595 $9.7M Add +5.4%
IWM iShares Russell 2000 ETF 0.32% 46,862 $9.3M Add +0.0%
IWV iShares Russell 3000 ETF 0.31% 27,961 $8.9M Reduce -0.9%
USMV iShares MSCI USA Min Vol Fac 0.30% 92,854 $8.7M Reduce -11.3%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.30% 236,233 $8.5M Add +6.8%
DFIV Dimensional International Va 0.29% 209,047 $8.2M Reduce -1.6%
VEA Vanguard Ftse Developed ETF 0.26% 145,755 $7.4M Reduce -2.1%
GOOG Alphabet Inc. Class C 0.24% 43,632 $6.8M Reduce -1.3%
EFAV iShares MSCI Eafe Min Vol Fa 0.23% 86,685 $6.8M Reduce -32.2%
DFAS Dimensional US Small Cap ETF 0.23% 112,988 $6.8M Reduce -0.7%
META Meta Platforms Inc. Class A 0.23% 11,442 $6.6M Add +0.9%
QAI Nylim HDG MLT-STR TRC ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET 0.22% 206,742 $6.5M Add +12.9%
JPM JPMorgan Chase & Co. 0.22% 26,253 $6.4M Reduce -3.7%
BRK.A Berkshire Hathaway Inc. Class A 0.22% 8 $6.4M Reduce -20.0%
IWD iShares Russell 1000 Value E 0.22% 33,800 $6.4M No change
VOTE TCW Transform 500 ETF 0.21% 93,543 $6.1M Add +11.2%
AMZN Amazon.com Inc. 0.20% 30,691 $5.8M Reduce -2.8%
PG The Procter & Gamble Co. 0.19% 32,287 $5.5M Reduce -2.4%
SCHX Schwab US Large-Cap ETF 0.18% 231,762 $5.1M Reduce -9.1%
CINF Cincinnati Financial Corp. 0.17% 33,249 $4.9M Add +0.1%
VWO Vanguard Ftse Emerging Marke 0.17% 108,327 $4.9M Reduce -1.9%
EFA iShares MSCI Eafe ETF 0.16% 55,770 $4.6M Add +1.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.15% 11,951 $4.4M Reduce -8.8%
MNA Nylim Merger Arbtrage ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET 0.15% 125,647 $4.3M Add +17.9%
IYY iShares Dow Jones U.S. ETF 0.14% 29,744 $4.0M No change
IJH iShares Core S&P Midcap ETF 0.14% 67,878 $4.0M Add +5.0%
SCZ iShares MSCI Eafe Small-Cap 0.13% 57,260 $3.6M No change
RSP Invesco S&P 500 Equal Weight 0.13% 20,835 $3.6M Reduce -2.2%
IWF iShares Russell 1000 Growth 0.12% 9,883 $3.6M No change
IJR iShares Core S&P Small-Cap E 0.12% 33,818 $3.5M Add +26.7%
IUSG iShares Core S&P U.S. Growth 0.12% 27,787 $3.5M No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.12% 13,624 $3.5M Add +25.9%
JNJ Johnson & Johnson 0.12% 20,992 $3.5M Reduce -6.1%
VNQ Vanguard Real Estate ETF 0.12% 37,436 $3.4M Reduce -2.2%
IWR iShares Russell Mid-Cap ETF 0.12% 39,454 $3.4M No change
VONV Vanguard Russell 1000 Value 0.12% 40,191 $3.3M No change
RY Royal Bank of Canada 0.11% 28,352 $3.2M Reduce -7.8%
DLN Wisdomtree US Largecap Divid 0.11% 40,224 $3.2M Reduce -2.8%
XOM Exxon Mobil Corp. 0.11% 25,986 $3.1M Add +7.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.11% 25,096 $3.1M Add +1.1%
ITOT iShares Core S&P Total U.S. 0.10% 23,425 $2.9M Add +0.4%
PEP Pepsico Inc. 0.10% 18,943 $2.8M Add +4.9%
ORCL Oracle Corp. 0.10% 20,066 $2.8M Add +1.5%
NVDA Nvidia Corp. 0.10% 25,808 $2.8M Add +9.9%
TDG Transdigm Group Inc. 0.10% 2,020 $2.8M Add +0.3%
QQQ Invesco QQQ Trust Series 1 0.10% 5,893 $2.8M Add +17.1%
BILL Bill Holdings Inc. 0.09% 59,597 $2.7M Add +0.0%
VIOV Vanguard S&P Small-Cap 600 V 0.09% 32,252 $2.7M Reduce -1.8%
ABT Abbott Laboratories 0.09% 19,260 $2.6M Reduce -3.4%
CVX Chevron Corp. 0.09% 14,976 $2.5M Reduce -4.7%
VUSB Vanguard Ultra Short Bond Et 0.08% 47,845 $2.4M Add +36.0%
SDG Ish MSCI Glob Sust Deve Goal 0.08% 31,677 $2.3M Reduce -35.1%
QCOM Qualcomm Inc. 0.08% 14,602 $2.2M Reduce -3.8%
UNH Unitedhealth Group Inc. 0.08% 4,217 $2.2M Reduce -6.3%
SHV iShares 0-1 Year Treasury Bo 0.08% 19,723 $2.2M Add +2.3%
SDY SS SPDR S&P Dividend ETF 0.07% 15,564 $2.1M No change
HD Home Depot Inc. 0.07% 5,680 $2.1M Reduce -7.0%
SCHW Schwab (charles) Corp. 0.07% 25,932 $2.0M Add +0.8%
COST Costco Wholesale Corp. 0.07% 2,131 $2.0M Add +5.8%
ACWI iShares MSCI Acwi ETF 0.07% 17,024 $2.0M Reduce -4.7%
EEM iShares MSCI Emerging Market 0.07% 44,319 $1.9M Reduce -2.0%
UNP Union Pacific Corp. 0.07% 8,041 $1.9M Reduce -0.6%
ABBV Abbvie Inc. 0.06% 8,503 $1.8M Reduce -3.1%
TSLA Tesla Inc. 0.06% 6,810 $1.8M Add +25.2%
PAYX Paychex Inc. 0.06% 11,321 $1.7M Add +0.2%
AVGO Broadcom Inc. 0.06% 10,345 $1.7M Reduce -9.9%
MDY State Street SPDR S&P Midcap 0.06% 3,221 $1.7M No change
VNQI Vanguard GLBL Ex-US Real Est 0.06% 42,303 $1.7M Reduce -6.7%
MA Mastercard Inc. Class A 0.06% 3,107 $1.7M Add +2.0%
SCHB Schwab US Broad Market ETF 0.06% 77,840 $1.7M Add +4.8%
V Visa Inc. Class A 0.06% 4,665 $1.6M Reduce -0.7%
WFC Wells Fargo & Co. 0.05% 21,881 $1.6M Reduce -0.8%
LOW Lowe's Cos Inc. 0.05% 6,626 $1.5M Add +0.7%
VYM Vanguard High DVD Yield ETF 0.05% 11,919 $1.5M Add +0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 36,825 $1.5M Add +1.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 14,819 $1.5M Reduce -6.8%
CRM Salesforce Inc. 0.05% 5,432 $1.5M Reduce -17.5%
IWP iShares Russell Mid-Cap Grow 0.05% 12,313 $1.4M No change
RTX RTX Corp. 0.05% 10,886 $1.4M Add +0.2%
SCHD Schwab US DVD Equity ETF 0.05% 50,373 $1.4M Add +0.8%
EEMV iShares MSCI Emg MKT Min Vol 0.05% 24,080 $1.4M Add +6.2%
DSI iShares ESG MSCI KLD 400 ETF 0.05% 13,494 $1.4M No change
AMGN Amgen Inc. 0.05% 4,364 $1.4M Reduce -1.5%
MRK Merck & Co. Inc. 0.05% 15,094 $1.4M Reduce -1.2%
TT Trane Technologies PLC 0.05% 4,004 $1.3M New
NFLX Netflix Inc. 0.05% 1,441 $1.3M Reduce -8.4%
SCHM Schwab US Mid Cap ETF 0.05% 49,695 $1.3M No change
AOM iShares Core 40/60 Moderate 0.05% 29,629 $1.3M No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.04% 4,972 $1.3M Reduce -8.7%
AXP American Express Co. 0.04% 4,629 $1.2M Reduce -10.5%
SCHV Schwab US Large-Cap Value 0.04% 46,166 $1.2M Reduce -12.2%
GD General Dynamics Corp. 0.04% 4,495 $1.2M Add +8.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 4,846 $1.2M Add +0.7%
MMM 3M Co. 0.04% 8,191 $1.2M Reduce -6.8%
SLGN Silgan Holdings Inc. 0.04% 23,145 $1.2M Add +0.1%
WMT Walmart Inc. 0.04% 13,459 $1.2M Reduce -18.0%
GLD SPDR Gold Shares 0.04% 4,026 $1.2M No change
CSCO Cisco Systems Inc. 0.04% 18,631 $1.1M Reduce -13.5%
EAGG iShares ESG Aware US Aggrega 0.04% 24,185 $1.1M Reduce -8.2%
DIHP Dimensional International Hi 0.04% 39,901 $1.1M No change
MPC Marathon Petroleum Corp. 0.04% 7,248 $1.1M Reduce -0.0%
KO The Coca-Cola Co. 0.04% 14,500 $1.0M Reduce -11.5%
GE General Electric filed as GE AEROSPACE 0.04% 5,187 $1.0M Reduce -1.7%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.04% 3,981 $1.0M Reduce -3.6%
DHR Danaher Corp. 0.03% 4,810 $986K Reduce -1.8%
SPG Simon Property Group Inc. 0.03% 5,851 $972K Add +1.3%
VGSH Vanguard Short-Term Treasury 0.03% 15,714 $922K Add +6.6%
ACN Accenture PLC Class A 0.03% 2,936 $916K Reduce -1.9%
ADBE Adobe Inc. 0.03% 2,365 $907K Reduce -3.5%
IWO iShares Russell 2000 Growth 0.03% 3,486 $891K No change
QSR Restaurant Brands Intern 0.03% 13,085 $872K Add +0.0%
SLNO Soleno Therapeutics Inc. 0.03% 12,128 $867K No change
USB US Bancorp 0.03% 20,119 $849K Add +0.7%
TMO Thermo Fisher Scientific Inc. 0.03% 1,691 $841K Add +1.4%
CAT Caterpillar Inc. 0.03% 2,545 $840K Add +3.1%
DVY iShares Select Dividend ETF 0.03% 6,251 $839K Add +2.4%
DGRO iShares Core Dividend Growth 0.03% 13,463 $832K No change
DOCU Docusign Inc. 0.03% 10,114 $823K Add +0.1%
IVE iShares S&P 500 Value ETF 0.03% 4,250 $810K Add +0.6%
CMCSA Comcast Corp. Class A 0.03% 21,482 $793K Add +1.8%
SUSA iShares ESG Optimized MSCI U 0.03% 6,868 $789K No change
BSV Vanguard Short-Term Bond ETF 0.03% 9,784 $766K Reduce -12.6%
CP Canadian Pacific Kansas City 0.03% 10,816 $759K Add +0.1%
PFE Pfizer Inc. 0.03% 29,127 $738K Reduce -7.7%
QEMM State Street SPDR MSCI Emerg 0.02% 12,092 $697K No change
IUSB Ishr CR Unvrse Usd BD ETF-Ui 0.02% 15,108 $696K Reduce -48.0%
REET iShares Global REIT ETF 0.02% 28,296 $686K Reduce -26.5%
VCSH Vanguard S/T Corp. Bond ETF 0.02% 8,587 $678K Reduce -7.8%
KMI Kinder Morgan Inc. 0.02% 23,738 $677K Add +1.7%
BBH Vaneck Biotech ETF 0.02% 4,237 $667K Reduce -2.2%
TEM Tempus AI Inc. Class A 0.02% 13,693 $661K New
XLK SS Technology Select Sector 0.02% 3,084 $637K Reduce -33.3%
VXF Vanguard Extended Market ETF 0.02% 3,680 $634K No change
SHY iShares 1-3 Year Treasury Bo 0.02% 7,473 $618K Add +23.4%
FDX FedEx Corp. 0.02% 2,525 $616K Add +0.9%
IJT iShares S&P Small-Cap 600 GR 0.02% 4,901 $610K No change
MCD McDonald's Corp. 0.02% 1,929 $602K Reduce -24.7%
DUHP Dimensional US High Profi Et 0.02% 18,106 $600K Add +4.7%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.02% 3,672 $590K No change
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.02% 2,398 $587K Add +31.2%
VT Vanguard Tot World STK ETF 0.02% 5,019 $582K Add +3.9%
COP Conocophillips 0.02% 5,466 $574K Reduce -1.9%
GS Goldman Sachs Group Inc. 0.02% 1,025 $560K Add +4.5%
IJJ iShares S&P Mid-Cap 400 Valu 0.02% 4,589 $549K Reduce -1.6%
VAW Vanguard Materials ETF 0.02% 2,890 $546K No change
LLY Eli Lilly & Co. 0.02% 656 $542K Add +2.7%
HBAN Huntington Bancshares Inc. 0.02% 36,036 $541K Add +1.0%
VGIT Vanguard Intermediate-Term T 0.02% 9,056 $538K Add +37.8%
AOA iShares Core 80/20 Aggressiv 0.02% 6,978 $534K No change
NEE Nextera Energy Inc. 0.02% 7,472 $530K Reduce -32.8%
SPLV Invesco S&P 500 Low Volatili 0.02% 7,014 $524K No change
COF Capital One Financial Corp. 0.02% 2,911 $522K Add +2.4%
NOBL Proshares S&P 500 Dividend A 0.02% 5,092 $520K Add +15.0%
DE Deere & Co. 0.02% 1,064 $499K Add +5.1%
ESAB Esab Corp. 0.02% 4,236 $493K Add +0.4%
SBUX Starbucks Corp. 0.02% 4,950 $486K Add +6.6%
VXUS Vanguard Total Intl Stock 0.02% 7,806 $485K Add +67.9%
BMY Bristol-Myers Squibb Co. 0.02% 7,729 $471K Add +2.1%
DUK Duke Energy Corp. 0.02% 3,817 $466K Add +2.0%
IAU iShares Gold Trust 0.02% 7,656 $451K Add +6.4%
HON Honeywell International Inc. 0.02% 2,097 $444K Reduce -16.4%
WM Waste Management Inc. 0.02% 1,918 $444K Add +3.4%
AMAT Applied Materials Inc. 0.02% 3,055 $443K Reduce -39.5%
IDV iShares International Select 0.01% 13,656 $424K Add +0.0%
CHTR Charter Communications Inc. Class A 0.01% 1,128 $416K Add +1.5%
AVUS Avantis U.S. Equity ETF 0.01% 4,493 $415K New
IEI iShares 3-7 Year Treasury Bo 0.01% 3,455 $408K New
IGSB iShares 1-5Y Inv Grade Corp. 0.01% 7,764 $407K Add +42.9%
SCHG Schwab US Large-Cap Growth 0.01% 16,173 $405K Reduce -30.9%
SCHZ Schwab US Aggregate Bond ETF 0.01% 17,356 $402K Reduce -29.3%
SGOV iShares 0-3 Month Treasury B 0.01% 3,928 $395K Reduce -19.4%
MS Morgan Stanley 0.01% 3,366 $393K Add +13.7%
PANW Palo Alto Networks Inc. 0.01% 2,293 $391K Add +11.3%
TFC Truist Financial Corp. 0.01% 9,460 $389K Add +3.5%
TMUS T-Mobile US Inc. 0.01% 1,452 $387K Reduce -23.6%
ECL Ecolab Inc. 0.01% 1,519 $385K Add +1.1%
BLK BlackRock Inc. 0.01% 404 $382K Add +2.3%
VZ Verizon Communications Inc. 0.01% 8,398 $381K Add +8.8%
FROG Jfrog Ltd. 0.01% 11,742 $376K No change
ADP Automatic Data Processing 0.01% 1,227 $375K Reduce -48.3%
AVDE Avantis International Equity 0.01% 5,570 $369K New
QUAL iShares MSCI USA Quality Fac 0.01% 2,145 $367K Add +16.1%
NVO Novo-Nordisk A/S-Spons ADR 0.01% 5,259 $365K Add +0.7%
DFNM Dimensional National Muni BD 0.01% 7,486 $356K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.01% 4,388 $346K Reduce -7.0%
SPDN Dir DLY SP 500 BR 1X ETF-Usi 0.01% 29,790 $345K No change
NET Cloudflare Inc. Class A 0.01% 3,010 $339K Reduce -21.5%
VOOG Vanguard S&P 500 Growth ETF 0.01% 1,010 $338K Add +83.6%
JEF Jefferies Financial Group Inc. 0.01% 6,135 $329K Add +1.0%
GEV GE Vernova Inc. 0.01% 1,074 $328K Reduce -16.2%
NOW ServiceNow Inc. 0.01% 411 $327K Add +1.5%
D Dominion Energy Inc. 0.01% 5,811 $326K Add +1.2%
GSK GSK PLC-Spon ADR 0.01% 8,241 $319K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 758 $318K No change
IWS iShares Russell Mid-Cap Valu 0.01% 2,458 $310K No change
MDT Medtronic PLC 0.01% 3,406 $306K New
HDV iShares Core High Dividend E 0.01% 2,517 $305K Add +8.8%
BDX Becton Dickinson and Co. 0.01% 1,330 $305K Add +18.6%
AIG American International Group 0.01% 3,503 $305K Add +19.8%
LMT Lockheed Martin Corp. 0.01% 676 $302K Reduce -1.3%
RWR SS SPDR Dow Jones REIT ETF 0.01% 3,035 $301K No change
TTE Totalenergies SE -Spon ADR 0.01% 4,582 $296K Add +1.8%
INTC Intel Corp. 0.01% 12,882 $293K Reduce -41.4%
PH Parker Hannifin Corp. 0.01% 474 $288K Reduce -2.3%
PM Philip Morris International 0.01% 1,802 $286K New
RWX State Street SPDR Dow Jones 0.01% 11,657 $285K New
NUEM Nuveen ESG Emerging Markets 0.01% 9,622 $281K No change
BX Blackstone Inc. 0.01% 1,996 $279K Reduce -48.3%
LIN Linde PLC 0.01% 592 $276K Reduce -7.6%
SPYM Ste STR SPDR PT S&P 500 ETF 0.01% 4,145 $273K New
MCK McKesson Corp. 0.01% 405 $273K Reduce -1.7%
MET Metlife Inc. 0.01% 3,336 $268K Add +3.6%
BOX Box Inc. Class A 0.01% 8,600 $265K Reduce -5.0%
CI The Cigna Group 0.01% 801 $264K Add +2.2%
VHT Vanguard Health Care ETF 0.01% 986 $261K No change
QLTY GMO U.S. Quality ETF 0.01% 8,304 $260K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.01% 746 $258K New
GIS General Mills Inc. 0.01% 4,303 $257K New
ICE Intercontinental Exchange Inc. 0.01% 1,490 $257K Add +1.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.01% 3,181 $251K Add +9.7%
NVS Novartis AG-Sponsored ADR 0.01% 2,244 $250K Reduce -19.0%
CB Chubb Ltd. 0.01% 828 $250K Reduce -2.9%
BKNG Booking Holdings Inc. 0.01% 54 $249K Add +3.9%
INTU Intuit Inc. 0.01% 403 $248K Reduce -34.9%
SPGI S&P Global Inc. 0.01% 487 $247K Reduce -0.6%
DFUS Dimensional US Eq MKT ETF 0.01% 4,078 $247K No change
VTEC Vanguard Ca Tax-Ex Bond 0.01% 2,500 $246K Add +1.2%
AVEM Avantis Emerging Markets Eq 0.01% 4,083 $246K New
ENB Enbridge Inc. 0.01% 5,437 $241K No change
NFG National Fuel Gas Co. 0.01% 3,028 $240K New
QLC NT US Qual LC ETF 0.01% 3,756 $240K Reduce -8.9%
VGK Vanguard Ftse Europe ETF 0.01% 3,311 $232K Add +2.9%
T AT&T Inc. 0.01% 8,211 $232K New
REGN Regeneron Pharmaceuticals 0.01% 364 $231K Reduce -5.9%
ITW Illinois Tool Works 0.01% 929 $230K Reduce -2.9%
AFRM Affirm Holdings Inc. 0.01% 5,062 $229K Reduce -0.9%
AVUV Avantis US Small Cap Value 0.01% 2,613 $228K New
SUB iShares Short-Term National 0.01% 2,148 $227K No change
NKE Nike Inc. Class B 0.01% 3,550 $225K Reduce -12.3%
BA The Boeing Co. 0.01% 1,315 $224K Reduce -0.5%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 714 $221K No change
ELV Elevance Health Inc. 0.01% 502 $218K New
ETN Eaton Corp. PLC 0.01% 800 $217K Reduce -19.6%
FNDX Schwab Fndmntl US LRG Co. ETF 0.01% 8,982 $212K No change
DFAR Dimensional US Real Est ETF 0.01% 8,657 $206K New
GWX State Street SPDR S&P Intern 0.01% 6,294 $201K New
BCAL California Bancorp 0.01% 13,912 $199K No change
NOK Nokia Corp.-Spon ADR 0.00% 24,013 $127K Reduce -0.0%
GSBD Goldman Sachs BDC Inc. 0.00% 10,500 $122K New
MRCC Monroe Capital Corp. 0.00% 14,000 $109K Add +7.7%
ABEV Ambev SA-ADR 0.00% 26,502 $62K Reduce -21.2%
Other holdings (1): bonds, preferreds, convertibles and warrants · $341K (not counted above)
SecurityClassShares / PrincipalValueChange
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 13,980$341KNo change

Total filed on the 13F, all lines: $2.9B.

Portfolio Sells Q4 2024 → Q1 2025
GOOGL Alphabet Inc. Class A Reduce -0.4% 0.43% −0.12
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.8% 1.17% −0.12
VGT Vanguard Info Tech ETF Reduce -4.0% 0.39% −0.09
EFAV iShares MSCI Eafe Min Vol Fa Reduce -32.2% 0.23% −0.09
GOOG Alphabet Inc. Class C Reduce -1.3% 0.24% −0.07
FBND Fidelity Total Bond ETF Reduce -5.5% 0.62% −0.05
AMZN Amazon.com Inc. Reduce -2.8% 0.20% −0.05
SDG Ish MSCI Glob Sust Deve Goal Reduce -35.1% 0.08% −0.05
VUG Vanguard Mrngstar GR ETF-Sui Reduce -8.8% 0.15% −0.04
AVGO Broadcom Inc. Reduce -9.9% 0.06% −0.04
SCHX Schwab US Large-Cap ETF Reduce -9.1% 0.18% −0.04
USMV iShares MSCI USA Min Vol Fac Reduce -11.3% 0.30% −0.03
DFAS Dimensional US Small Cap ETF Reduce -0.7% 0.23% −0.03
IWV iShares Russell 3000 ETF Reduce -0.9% 0.31% −0.03
CRM Salesforce Inc. Reduce -17.5% 0.05% −0.03
BRK.A Berkshire Hathaway Inc. Class A Reduce -20.0% 0.22% −0.02
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -48.0% 0.02% −0.02
RY Royal Bank of Canada Reduce -7.8% 0.11% −0.02
DEM Wisdomtree Emerging Markets Reduce -2.7% 0.64% −0.02
VTV Vanguard Mrngstr Val ETF-Aui Reduce -1.2% 0.53% −0.02
L Loews Corp. Sold out 0.00% −0.02
XLK SS Technology Select Sector Reduce -33.3% 0.02% −0.02
VIOV Vanguard S&P Small-Cap 600 V Reduce -1.8% 0.09% −0.02
SYK Stryker Corp. Sold out 0.00% −0.02
ONEV SS SPDR R1000 Lo Vol Foc ETF Sold out 0.00% −0.01
BX Blackstone Inc. Reduce -48.3% 0.01% −0.01
AMAT Applied Materials Inc. Reduce -39.5% 0.02% −0.01
HD Home Depot Inc. Reduce -7.0% 0.07% −0.01
DIS The Walt Disney Co. Reduce -6.8% 0.05% −0.01
WMT Walmart Inc. Reduce -18.0% 0.04% −0.01
JPM JPMorgan Chase & Co. Reduce -3.7% 0.22% −0.01
AXP American Express Co. Reduce -10.5% 0.04% −0.01
SLYG SS SPDR S&P 600 SC GR ETF Sold out 0.00% −0.01
ADP Automatic Data Processing Reduce -48.3% 0.01% −0.01
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -8.7% 0.04% −0.01
TXN Texas Instruments Inc. Sold out 0.00% −0.01
NEE Nextera Energy Inc. Reduce -32.8% 0.02% −0.01
RMD Resmed Inc. Sold out 0.00% −0.01
RSP Invesco S&P 500 Equal Weight Reduce -2.2% 0.13% −0.01
REET iShares Global REIT ETF Reduce -26.5% 0.02% −0.01
SCHG Schwab US Large-Cap Growth Reduce -30.9% 0.01% −0.01
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.01
PG The Procter & Gamble Co. Reduce -2.4% 0.19% −0.01
SOLV Solventum Corp. Sold out 0.00% −0.01
FTNT Fortinet Inc. Sold out 0.00% −0.01
SRE Sempra Sold out 0.00% −0.01
ADBE Adobe Inc. Reduce -3.5% 0.03% −0.01
ORLY O'reilly Automotive Inc. Sold out 0.00% −0.01
TGT Target Corp. Sold out 0.00% −0.01
MRK Merck & Co. Inc. Reduce -1.2% 0.05% −0.01

Portfolio Buys Q4 2024 → Q1 2025
VBR Vngrd Mrngst SL-CP Val ETF-U Add +25.9% 9.97% +1.21
IUSV iShares Core S&P U.S. Value Add +8.0% 11.30% +0.38
ACWV iShares MSCI Global Min Vol Add +0.9% 9.90% +0.33
IEFA iShares Core MSCI Eafe ETF Add +17.3% 1.84% +0.32
VB Vanguard Most SM-Cap ETF-Usd Add +29.7% 0.57% +0.08
TT Trane Technologies PLC New 0.05% +0.05
AOR iShares Core 60/40 Balanced Add +8.7% 0.93% +0.04
FNDF Schwab Fndmn Intl LRG Co. ETF Add +6.8% 0.30% +0.03
TEM Tempus AI Inc. Class A New 0.02% +0.02
MNA Nylim Merger Arbtrage ETF-Ui Add +17.9% 0.15% +0.02
VUSB Vanguard Ultra Short Bond Et Add +36.0% 0.08% +0.02
DFAX Dimensional World Ex US Core Add +1.4% 0.68% +0.02
QAI Nylim HDG MLT-STR TRC ETF-Ui Add +12.9% 0.22% +0.02
VEU Vanguard Ftse All-World Ex-U Add +0.9% 0.68% +0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +25.9% 0.12% +0.02
AVUS Avantis U.S. Equity ETF New 0.01% +0.01
IEI iShares 3-7 Year Treasury Bo New 0.01% +0.01
XOM Exxon Mobil Corp. Add +7.8% 0.11% +0.01
AVDE Avantis International Equity New 0.01% +0.01
CRBN Ish Low Car Opt Ms Ac ETF-US Add +7.1% 0.75% +0.01
IJR iShares Core S&P Small-Cap E Add +26.7% 0.12% +0.01
GSK GSK PLC-Spon ADR New 0.01% +0.01
MDT Medtronic PLC New 0.01% +0.01
PM Philip Morris International New 0.01% +0.01
RWX State Street SPDR Dow Jones New 0.01% +0.01
SPYM Ste STR SPDR PT S&P 500 ETF New 0.01% +0.01
AJG Arthur J Gallagher & Co. New 0.01% +0.01
GIS General Mills Inc. New 0.01% +0.01
AVEM Avantis Emerging Markets Eq New 0.01% +0.01
EFA iShares MSCI Eafe ETF Add +1.7% 0.16% +0.01
NFG National Fuel Gas Co. New 0.01% +0.01
T AT&T Inc. New 0.01% +0.01
AVUV Avantis US Small Cap Value New 0.01% +0.01
ELV Elevance Health Inc. New 0.01% +0.01
DFAC Dimensional US Core Equity 2 Add +11.4% 0.36% +0.01
DFAR Dimensional US Real Est ETF New 0.01% +0.01
GWX State Street SPDR S&P Intern New 0.01% +0.01
VXUS Vanguard Total Intl Stock Add +67.9% 0.02% +0.01
IEMG iShares Core MSCI Emerging Add +0.9% 1.89% +0.01
TDG Transdigm Group Inc. Add +0.3% 0.10% +0.00
VGIT Vanguard Intermediate-Term T Add +37.8% 0.02% +0.00
RTX RTX Corp. Add +0.2% 0.05% +0.00
VOOG Vanguard S&P 500 Growth ETF Add +83.6% 0.01% +0.00
GSBD Goldman Sachs BDC Inc. New 0.00% +0.00
IGSB iShares 1-5Y Inv Grade Corp. Add +42.9% 0.01% +0.00
VSS Vanguard Ftse All Wo X-US SC Add +3.9% 0.45% +0.00
IBM Intl Business Machines Corp. Add +0.7% 0.04% +0.00
VOT Vngrd Mrngstr MC GRW ETF-Usd Add +31.2% 0.02% +0.00
SHY iShares 1-3 Year Treasury Bo Add +23.4% 0.02% +0.00
PAYX Paychex Inc. Add +0.2% 0.06% +0.00

Options Activity Q4 2024 → Q1 2025
BRK.B Berkshire Hathaway Inc. Class B call Sold out 1,000 $453Kbefore 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 399$4.1BIVV, VBR, IUSV, ACWV, VIG
Q1 2026 337$3.5BIVV, VBR, IUSV, ACWV, VTEB
Q4 2025 318$3.5BIVV, IUSV, VBR, ACWV, VTEB
Q3 2025 296$3.3BIVV, IUSV, VBR, ACWV, VIG
Q2 2025 307$3.1BIVV, IUSV, VBR, ACWV, VTEB
Q1 2025 287$2.9BIVV, IUSV, VBR, ACWV, VTEB
Q4 2024 286$2.8BIVV, IUSV, ACWV, VTEB, VBR
Q3 2024 290$2.6BACWV, IUSV, VTEB, IVV, VIG
Q2 2024 279$2.5BVTEB, ACWV, IUSV, IVV, VIG
Q1 2024 315$2.4BACWV, VTEB, IUSV, IVV, VIG