Aspiriant, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Aspiriant, LLC reported 307 stock positions worth $3.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 12.3% of the portfolio, followed by iShares Core S&P U.S. Value (IUSV, 10.8%) and Vngrd Mrngst SL-CP Val ETF-U (VBR, 9.2%). Compared with Q1 2025, it opened 28 new positions, sold out of 8, added to 101 and reduced 131. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +7%) and the biggest sale Vanguard Tax-Exempt Bond ETF (VTEB, shares −8%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001433541
Portfolio Value
$3.1B (Q2 2025)
SEC Filing
0001172661-25-002762 ↗ filed Jul 29, 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 Q1 2025 Q2 2025: $3.1B $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 307 stocks · $3.1B
IVV iShares Core S&P 500 ETF 12.33% 624,720 $387.9M Add +7.0%
IUSV iShares Core S&P U.S. Value 10.76% 3,576,178 $338.4M Add +1.4%
VBR Vngrd Mrngst SL-CP Val ETF-U 9.20% 1,483,454 $289.3M Reduce -3.8%
ACWV iShares MSCI Global Min Vol 9.10% 2,415,137 $286.4M Reduce -1.4%
VTEB Vanguard Tax-Exempt Bond ETF 7.50% 4,813,806 $236.0M Reduce -8.1%
VIG Vanguard Dividend Apprec ETF 6.27% 964,064 $197.3M Add +1.0%
VOO Vanguard S&P 500 ETF 2.85% 157,684 $89.6M Add +1.5%
EFV iShares MSCI Eafe Value ETF 2.28% 1,128,310 $71.6M Reduce -0.6%
IEFA iShares Core MSCI Eafe ETF 2.05% 771,658 $64.4M Add +10.3%
AAPL Apple Inc. 1.96% 300,315 $61.6M Reduce -12.8%
IEMG iShares Core MSCI Emerging 1.93% 1,011,769 $60.7M Add +0.1%
BND Vanguard Total Bond Market 1.24% 530,152 $39.0M Add +5.3%
IWB iShares Russell 1000 ETF 1.22% 112,672 $38.3M Add +57.4%
SPY SS SPDR S&P 500 ETF Trust-US 1.20% 61,012 $37.7M Add +1.1%
MUB iShares National Muni Bond E 1.13% 340,459 $35.6M Add +97.4%
BRK.B Berkshire Hathaway Inc. Class B 0.97% 62,782 $30.5M Reduce -2.4%
DFUV Dimensional US Marketwide Va 0.97% 720,613 $30.5M Add +2.6%
VIOV Vanguard S&P Small-Cap 600 V 0.93% 340,934 $29.2M Add +957.1%
VTI VG Morningstar TS MKT ETF-US 0.93% 95,846 $29.1M Add +3.9%
AGG iShares Core U.S. Aggregate 0.90% 285,460 $28.3M Add +125.9%
AOR iShares Core 60/40 Balanced 0.89% 452,195 $27.8M Reduce -2.5%
CRBN Ish Low Car Opt Ms Ac ETF-US 0.76% 113,526 $24.0M Add +0.3%
MSFT Microsoft Corp. 0.74% 46,947 $23.4M Reduce -0.1%
VEU Vanguard Ftse All-World Ex-U 0.70% 327,792 $22.0M Add +0.9%
FBND Fidelity Total Bond ETF 0.70% 479,364 $21.9M Add +21.8%
DFAX Dimensional World Ex US Core 0.70% 745,315 $21.9M No change
FNDE Schwab Fndmntl Em MRK Eq ETF 0.67% 636,111 $21.0M Reduce -2.9%
DEM Wisdomtree Emerging Markets 0.61% 422,475 $19.1M Reduce -3.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.58% 104,063 $18.4M Add +18.4%
VB Vanguard Most SM-Cap ETF-Usd 0.53% 70,004 $16.6M Reduce -6.1%
DFNM Dimensional National Muni BD 0.52% 347,452 $16.5M Add +4541.4%
VSS Vanguard Ftse All Wo X-US SC 0.48% 111,774 $15.0M Reduce -0.7%
XLF SS Financial Select Sector 0.46% 279,046 $14.6M No change
IWN iShares Russell 2000 Value E 0.43% 84,961 $13.4M Reduce -1.1%
GOOGL Alphabet Inc. Class A 0.42% 75,264 $13.3M Reduce -6.1%
PWRD TCW Transform Systems ETF 0.41% 141,515 $12.8M Add +2.1%
DFAC Dimensional US Core Equity 2 0.37% 324,443 $11.6M Add +3.3%
DFAT Dimensional US Target Value 0.33% 193,868 $10.5M Add +2.0%
IWM iShares Russell 2000 ETF 0.32% 46,458 $10.0M Reduce -0.9%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.32% 248,098 $9.9M Add +5.0%
IWV iShares Russell 3000 ETF 0.28% 25,520 $9.0M Reduce -8.7%
EFA iShares MSCI Eafe ETF 0.28% 99,808 $8.9M Add +79.0%
DFIV Dimensional International Va 0.28% 204,352 $8.8M Reduce -2.3%
VGT Vanguard Info Tech ETF 0.27% 12,891 $8.6M Reduce -37.3%
META Meta Platforms Inc. Class A 0.26% 11,069 $8.2M Reduce -3.3%
USMV iShares MSCI USA Min Vol Fac 0.26% 86,569 $8.1M Reduce -6.8%
GOOG Alphabet Inc. Class C 0.25% 43,492 $7.7M Reduce -0.3%
VEA Vanguard Ftse Developed ETF 0.24% 134,618 $7.7M Reduce -7.6%
VOTE TCW Transform 500 ETF 0.24% 102,247 $7.4M Add +9.3%
IWR iShares Russell Mid-Cap ETF 0.23% 78,908 $7.3M Add +100.0%
DFAS Dimensional US Small Cap ETF 0.23% 112,693 $7.2M Reduce -0.3%
JPM JPMorgan Chase & Co. 0.22% 24,330 $7.1M Reduce -7.3%
IWD iShares Russell 1000 Value E 0.22% 35,820 $7.0M Add +6.0%
EFAV iShares MSCI Eafe Min Vol Fa 0.21% 78,711 $6.6M Reduce -9.2%
AMZN Amazon.com Inc. 0.21% 30,122 $6.6M Reduce -1.9%
BRK.A Berkshire Hathaway Inc. Class A 0.19% 8 $5.8M No change
SCHX Schwab US Large-Cap ETF 0.18% 230,410 $5.6M Reduce -0.6%
VWO Vanguard Ftse Emerging Marke 0.17% 108,842 $5.4M Add +0.5%
DLN Wisdomtree US Largecap Divid 0.17% 65,224 $5.4M Add +62.1%
IJR iShares Core S&P Small-Cap E 0.17% 48,781 $5.3M Add +44.3%
VUG Vanguard Mrngstar GR ETF-Sui 0.17% 11,951 $5.2M No change
PG The Procter & Gamble Co. 0.16% 32,524 $5.2M Add +0.7%
ITOT iShares Core S&P Total U.S. 0.16% 37,939 $5.1M Add +62.0%
QAI Nylim HDG MLT-STR TRC ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET 0.16% 153,062 $4.9M Reduce -26.0%
MNA Nylim Merger Arbtrage ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET 0.15% 131,679 $4.6M Add +4.8%
IYY iShares Dow Jones U.S. ETF 0.14% 29,744 $4.5M No change
CINF Cincinnati Financial Corp. 0.14% 29,934 $4.5M Reduce -10.0%
ORCL Oracle Corp. 0.14% 19,994 $4.4M Reduce -0.4%
EEM iShares MSCI Emerging Market 0.14% 88,726 $4.3M Add +100.2%
IWF iShares Russell 1000 Growth 0.13% 9,996 $4.2M Add +1.1%
SCZ iShares MSCI Eafe Small-Cap 0.13% 58,150 $4.2M Add +1.6%
IUSG iShares Core S&P U.S. Growth 0.13% 27,787 $4.2M No change
VTIP Vanguard Short-Term Tips 0.13% 81,710 $4.1M New
IJH iShares Core S&P Midcap ETF 0.13% 66,227 $4.1M Reduce -2.4%
NVDA Nvidia Corp. 0.13% 25,838 $4.1M Add +0.1%
QQQ Invesco QQQ Trust Series 1 0.13% 7,219 $4.0M Add +22.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.12% 13,337 $3.8M Reduce -2.1%
RY Royal Bank of Canada 0.12% 28,359 $3.7M Add +0.0%
VONV Vanguard Russell 1000 Value 0.11% 40,191 $3.4M No change
IWP iShares Russell Mid-Cap Grow 0.11% 24,666 $3.4M Add +100.3%
RSP Invesco S&P 500 Equal Weight 0.11% 18,223 $3.3M Reduce -12.5%
VNQ Vanguard Real Estate ETF 0.10% 37,013 $3.3M Reduce -1.1%
VUSB Vanguard Ultra Short Bond Et 0.10% 62,926 $3.1M Add +31.5%
JNJ Johnson & Johnson 0.10% 20,226 $3.1M Reduce -3.6%
AVGO Broadcom Inc. 0.10% 11,080 $3.1M Add +7.1%
TDG Transdigm Group Inc. 0.10% 2,006 $3.1M Reduce -0.7%
XOM Exxon Mobil Corp. 0.09% 25,610 $2.8M Reduce -1.4%
BILL Bill Holdings Inc. 0.09% 59,607 $2.8M Add +0.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.09% 22,032 $2.7M Reduce -12.2%
PEP Pepsico Inc. 0.08% 18,742 $2.5M Reduce -1.1%
VXUS Vanguard Total Intl Stock 0.08% 35,129 $2.4M Add +350.0%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.08% 21,626 $2.4M New
ABT Abbott Laboratories 0.07% 17,259 $2.3M Reduce -10.4%
SCHW Schwab (charles) Corp. 0.07% 24,806 $2.3M Reduce -4.3%
ACWI iShares MSCI Acwi ETF 0.07% 17,374 $2.2M Add +2.1%
COST Costco Wholesale Corp. 0.07% 2,211 $2.2M Add +3.8%
TSLA Tesla Inc. 0.07% 6,697 $2.1M Reduce -1.7%
SDY SS SPDR S&P Dividend ETF 0.07% 15,564 $2.1M No change
SHV iShares 0-1 Year Treasury Bo 0.07% 19,060 $2.1M Reduce -3.4%
HD Home Depot Inc. 0.07% 5,634 $2.1M Reduce -0.8%
QCOM Qualcomm Inc. 0.06% 12,779 $2.0M Reduce -12.5%
CVX Chevron Corp. 0.06% 14,138 $2.0M Reduce -5.6%
NFLX Netflix Inc. 0.06% 1,445 $1.9M Add +0.3%
VNQI Vanguard GLBL Ex-US Real Est 0.06% 41,519 $1.9M Reduce -1.9%
MA Mastercard Inc. Class A 0.06% 3,326 $1.9M Add +7.0%
SCHB Schwab US Broad Market ETF 0.06% 77,840 $1.9M No change
MDY State Street SPDR S&P Midcap 0.06% 3,221 $1.8M No change
WFC Wells Fargo & Co. 0.06% 22,650 $1.8M Add +3.5%
ADP Automatic Data Processing 0.06% 5,871 $1.8M Add +378.5%
AOM iShares Core 40/60 Moderate 0.06% 38,787 $1.8M Add +30.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 13,491 $1.7M Reduce -9.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 34,900 $1.7M Reduce -5.2%
IVE iShares S&P 500 Value ETF 0.05% 8,448 $1.7M Add +98.8%
TT Trane Technologies PLC 0.05% 3,768 $1.6M Reduce -5.9%
PAYX Paychex Inc. 0.05% 11,297 $1.6M Reduce -0.2%
UNP Union Pacific Corp. 0.05% 7,135 $1.6M Reduce -11.3%
V Visa Inc. Class A 0.05% 4,599 $1.6M Reduce -1.4%
DSI iShares ESG MSCI KLD 400 ETF 0.05% 13,494 $1.6M No change
ABBV Abbvie Inc. 0.05% 8,396 $1.6M Reduce -1.3%
VYM Vanguard High DVD Yield ETF 0.05% 11,624 $1.5M Reduce -2.5%
LOW Lowe's Cos Inc. 0.05% 6,613 $1.5M Reduce -0.2%
GD General Dynamics Corp. 0.05% 4,949 $1.4M Add +10.1%
AXP American Express Co. 0.04% 4,410 $1.4M Reduce -4.7%
RTX RTX Corp. 0.04% 9,557 $1.4M Reduce -12.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 4,717 $1.4M Reduce -2.7%
CRM Salesforce Inc. 0.04% 5,080 $1.4M Reduce -6.5%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.04% 4,972 $1.4M No change
EEMV iShares MSCI Emg MKT Min Vol 0.04% 21,584 $1.4M Reduce -10.4%
MRK Merck & Co. Inc. 0.04% 16,790 $1.3M Add +11.2%
WMT Walmart Inc. 0.04% 13,431 $1.3M Reduce -0.2%
SCHV Schwab US Large-Cap Value 0.04% 46,166 $1.3M No change
CSCO Cisco Systems Inc. 0.04% 18,238 $1.3M Reduce -2.1%
SLGN Silgan Holdings Inc. 0.04% 23,152 $1.3M Add +0.0%
AMGN Amgen Inc. 0.04% 4,411 $1.2M Add +1.1%
SCHD Schwab US DVD Equity ETF 0.04% 45,339 $1.2M Reduce -10.0%
GE General Electric filed as GE AEROSPACE 0.04% 4,662 $1.2M Reduce -10.1%
DIHP Dimensional International Hi 0.04% 39,901 $1.2M No change
EAGG iShares ESG Aware US Aggrega 0.04% 24,185 $1.1M No change
MPC Marathon Petroleum Corp. 0.04% 6,815 $1.1M Reduce -6.0%
ADBE Adobe Inc. 0.04% 2,917 $1.1M Add +23.3%
MMM 3M Co. 0.04% 7,371 $1.1M Reduce -10.0%
VXF Vanguard Extended Market ETF 0.04% 5,793 $1.1M Add +57.4%
AOA iShares Core 80/20 Aggressiv 0.03% 12,688 $1.1M Add +81.8%
SHY iShares 1-3 Year Treasury Bo 0.03% 12,722 $1.1M Add +70.2%
UNH Unitedhealth Group Inc. 0.03% 3,361 $1.0M Reduce -20.3%
SLNO Soleno Therapeutics Inc. 0.03% 12,128 $1.0M No change
IWO iShares Russell 2000 Growth 0.03% 3,504 $1.0M Add +0.5%
KO The Coca-Cola Co. 0.03% 13,844 $979K Reduce -4.5%
CAT Caterpillar Inc. 0.03% 2,511 $975K Reduce -1.3%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.03% 3,410 $954K Reduce -14.3%
ACN Accenture PLC Class A 0.03% 3,166 $946K Add +7.8%
VGSH Vanguard Short-Term Treasury 0.03% 15,888 $934K Add +1.1%
USB US Bancorp 0.03% 20,296 $918K Add +0.9%
BNDX Vanguard Total Intl Bond ETF 0.03% 18,413 $912K New
DHR Danaher Corp. 0.03% 4,594 $908K Reduce -4.5%
SUSA iShares ESG Optimized MSCI U 0.03% 6,868 $871K No change
QSR Restaurant Brands Intern 0.03% 13,088 $868K Add +0.0%
SPG Simon Property Group Inc. 0.03% 5,386 $866K Reduce -8.0%
DGRO iShares Core Dividend Growth 0.03% 13,463 $861K No change
DVY iShares Select Dividend ETF 0.03% 6,251 $830K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.03% 10,082 $813K Add +129.8%
GLD SPDR Gold Shares 0.03% 2,649 $807K Reduce -34.2%
COF Capital One Financial Corp. 0.03% 3,778 $804K Add +29.8%
DOCU Docusign Inc. 0.03% 10,117 $788K Add +0.0%
CP Canadian Pacific Kansas City 0.02% 9,836 $780K Reduce -9.1%
SDG Ish MSCI Glob Sust Deve Goal 0.02% 10,180 $772K Reduce -67.9%
BSV Vanguard Short-Term Bond ETF 0.02% 9,784 $770K No change
QEMM State Street SPDR MSCI Emerg 0.02% 12,092 $762K No change
XLK SS Technology Select Sector 0.02% 2,990 $757K Reduce -3.0%
KMI Kinder Morgan Inc. 0.02% 24,887 $732K Add +4.8%
GS Goldman Sachs Group Inc. 0.02% 1,003 $710K Reduce -2.1%
ESGU iShares ESG Aware MSCI USA 0.02% 5,082 $688K New
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.02% 2,398 $682K No change
PFE Pfizer Inc. 0.02% 27,652 $670K Reduce -5.1%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 0.02% 14,491 $670K Reduce -4.1%
TMO Thermo Fisher Scientific Inc. 0.02% 1,628 $660K Reduce -3.7%
IWS iShares Russell Mid-Cap Valu 0.02% 4,950 $654K Add +101.4%
IJT iShares S&P Small-Cap 600 GR 0.02% 4,901 $652K No change
VT Vanguard Tot World STK ETF 0.02% 5,069 $651K Add +1.0%
CMCSA Comcast Corp. Class A 0.02% 18,204 $650K Reduce -15.3%
FDX FedEx Corp. 0.02% 2,814 $640K Add +11.4%
DUHP Dimensional US High Profi Et 0.02% 17,299 $615K Reduce -4.5%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.02% 3,672 $604K No change
HBAN Huntington Bancshares Inc. 0.02% 35,883 $601K Reduce -0.4%
AMAT Applied Materials Inc. 0.02% 3,240 $593K Add +6.1%
BBH Vaneck Biotech ETF 0.02% 3,727 $571K Reduce -12.0%
MCD McDonald's Corp. 0.02% 1,856 $542K Reduce -3.8%
DE Deere & Co. 0.02% 1,039 $528K Reduce -2.4%
GEV GE Vernova Inc. 0.02% 987 $522K Reduce -8.1%
FROG Jfrog Ltd. 0.02% 11,742 $515K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.02% 4,165 $515K Reduce -9.2%
NOBL Proshares S&P 500 Dividend A 0.02% 5,092 $513K No change
PANW Palo Alto Networks Inc. 0.02% 2,497 $511K Add +8.9%
SPLV Invesco S&P 500 Low Volatili 0.02% 7,014 $511K No change
ESAB Esab Corp. 0.02% 4,233 $510K Reduce -0.1%
CHTR Charter Communications Inc. Class A 0.02% 1,234 $504K Add +9.4%
TFC Truist Financial Corp. 0.02% 11,637 $500K Add +23.0%
REET iShares Global REIT ETF 0.02% 20,204 $499K Reduce -28.6%
LLY Eli Lilly & Co. 0.02% 631 $492K Reduce -3.8%
NOW ServiceNow Inc. 0.02% 478 $491K Add +16.3%
ECL Ecolab Inc. 0.02% 1,791 $483K Add +17.9%
IAU iShares Gold Trust 0.02% 7,716 $481K Add +0.8%
SCHG Schwab US Large-Cap Growth 0.01% 16,172 $472K Reduce -0.0%
IDV iShares International Select 0.01% 13,655 $471K Reduce -0.0%
TIP iShares Tips Bond ETF 0.01% 4,239 $466K New
AVUS Avantis U.S. Equity ETF 0.01% 4,493 $453K No change
VAW Vanguard Materials ETF 0.01% 2,324 $453K Reduce -19.6%
MS Morgan Stanley 0.01% 3,211 $452K Reduce -4.6%
SBUX Starbucks Corp. 0.01% 4,929 $452K Reduce -0.4%
LMT Lockheed Martin Corp. 0.01% 958 $444K Add +41.7%
SCHM Schwab US Mid Cap ETF 0.01% 15,702 $440K Reduce -68.4%
VOOG Vanguard S&P 500 Growth ETF 0.01% 1,105 $438K Add +9.4%
WM Waste Management Inc. 0.01% 1,911 $437K Reduce -0.4%
COP Conocophillips 0.01% 4,751 $426K Reduce -13.1%
VCSH Vanguard S/T Corp. Bond ETF 0.01% 5,284 $420K Reduce -38.5%
VGIT Vanguard Intermediate-Term T 0.01% 6,907 $413K Reduce -23.7%
AVDE Avantis International Equity 0.01% 5,570 $412K No change
RBRK Rubrik Inc. Class A 0.01% 4,588 $411K New
BKNG Booking Holdings Inc. 0.01% 71 $411K Add +31.5%
IGSB iShares 1-5Y Inv Grade Corp. 0.01% 7,764 $410K No change
HON Honeywell International Inc. 0.01% 1,740 $405K Reduce -17.0%
PM Philip Morris International 0.01% 2,211 $403K Add +22.7%
DUK Duke Energy Corp. 0.01% 3,403 $402K Reduce -10.8%
BLK BlackRock Inc. 0.01% 380 $399K Reduce -5.9%
TMUS T-Mobile US Inc. 0.01% 1,667 $397K Add +14.8%
MCK McKesson Corp. 0.01% 535 $392K Add +32.1%
SCHZ Schwab US Aggregate Bond ETF 0.01% 16,828 $391K Reduce -3.0%
INTC Intel Corp. 0.01% 17,217 $386K Add +33.6%
CB Chubb Ltd. 0.01% 1,326 $384K Add +60.1%
QUAL iShares MSCI USA Quality Fac 0.01% 2,101 $384K Reduce -2.0%
TEM Tempus AI Inc. Class A 0.01% 5,872 $373K Reduce -57.1%
BMY Bristol-Myers Squibb Co. 0.01% 7,653 $354K Reduce -1.0%
AFRM Affirm Holdings Inc. 0.01% 5,082 $351K Add +0.4%
IXN iShares Global Tech ETF 0.01% 3,804 $351K New
VZ Verizon Communications Inc. 0.01% 7,921 $343K Reduce -5.7%
NVO Novo-Nordisk A/S-Spons ADR 0.01% 4,886 $337K Reduce -7.1%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.01% 758 $334K No change
JEF Jefferies Financial Group Inc. 0.01% 6,104 $334K Reduce -0.5%
D Dominion Energy Inc. 0.01% 5,794 $327K Reduce -0.3%
PH Parker Hannifin Corp. 0.01% 462 $323K Reduce -2.5%
NUEM Nuveen ESG Emerging Markets 0.01% 9,622 $320K No change
RWX State Street SPDR Dow Jones 0.01% 11,657 $319K No change
AOK iShares Core 30/70 Conservat 0.01% 8,060 $315K New
GSK GSK PLC-Spon ADR 0.01% 8,119 $312K Reduce -1.5%
MET Metlife Inc. 0.01% 3,866 $311K Add +15.9%
SPYM Ste STR SPDR PT S&P 500 ETF 0.01% 4,254 $309K Add +2.6%
SPDN Dir DLY SP 500 BR 1X ETF-Usi 0.01% 29,790 $307K No change
ANET Arista Networks Inc. 0.01% 2,986 $305K New
ITW Illinois Tool Works 0.01% 1,233 $305K Add +32.7%
WMB Williams Cos Inc. 0.01% 4,820 $303K New
AIG American International Group 0.01% 3,505 $300K Add +0.1%
ICE Intercontinental Exchange Inc. 0.01% 1,620 $297K Add +8.7%
CI The Cigna Group 0.01% 896 $296K Add +11.9%
NEE Nextera Energy Inc. 0.01% 4,254 $295K Reduce -43.1%
HDV iShares Core High Dividend E 0.01% 2,517 $295K No change
BOX Box Inc. Class A 0.01% 8,610 $294K Add +0.1%
RWR SS SPDR Dow Jones REIT ETF 0.01% 3,035 $293K No change
MNST Monster Beverage Corp. 0.01% 4,649 $291K New
INTU Intuit Inc. 0.01% 367 $289K Reduce -8.9%
BX Blackstone Inc. 0.01% 1,934 $289K Reduce -3.1%
MDT Medtronic PLC 0.01% 3,273 $285K Reduce -3.9%
QLTY GMO U.S. Quality ETF 0.01% 8,304 $284K No change
IVW iShares S&P 500 Growth ETF 0.01% 2,570 $283K New
NFG National Fuel Gas Co. 0.01% 3,307 $280K Add +9.2%
AVEM Avantis Emerging Markets Eq 0.01% 4,083 $280K No change
TTE Totalenergies SE -Spon ADR 0.01% 4,500 $276K Reduce -1.8%
DFUS Dimensional US Eq MKT ETF 0.01% 4,078 $273K No change
BA The Boeing Co. 0.01% 1,283 $269K Reduce -2.4%
LIN Linde PLC 0.01% 572 $268K Reduce -3.4%
QLC NT US Qual LC ETF 0.01% 3,756 $268K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 714 $262K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.01% 3,175 $259K Reduce -0.2%
DTE DTE Energy Company 0.01% 1,957 $259K New
T AT&T Inc. 0.01% 8,956 $259K Add +9.1%
VGK Vanguard Ftse Europe ETF 0.01% 3,293 $255K Reduce -0.5%
RBLX Roblox Corp. Class A 0.01% 2,401 $253K New
IBIT iShares Bitcoin Trust ETF 0.01% 4,118 $252K New
NVS Novartis AG-Sponsored ADR 0.01% 2,043 $247K Reduce -9.0%
VTEC Vanguard Ca Tax-Ex Bond 0.01% 2,530 $247K Add +1.2%
ENB Enbridge Inc. 0.01% 5,437 $246K No change
PNC PNC Financial Services Group 0.01% 1,311 $244K New
ETN Eaton Corp. PLC 0.01% 679 $242K Reduce -15.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.01% 746 $239K No change
IEI iShares 3-7 Year Treasury Bo 0.01% 2,004 $239K Reduce -42.0%
AVUV Avantis US Small Cap Value 0.01% 2,610 $238K Reduce -0.1%
GWX State Street SPDR S&P Intern 0.01% 6,294 $234K No change
DVN Devon Energy Corp. 0.01% 7,243 $230K New
SUB iShares Short-Term National 0.01% 2,148 $228K No change
FTNT Fortinet Inc. 0.01% 2,154 $228K New
SPGI S&P Global Inc. 0.01% 422 $223K Reduce -13.3%
FNDX Schwab Fndmntl US LRG Co. ETF 0.01% 8,982 $220K No change
GIS General Mills Inc. 0.01% 4,241 $220K Reduce -1.4%
BCAL California Bancorp 0.01% 13,912 $219K No change
VONG Vanguard Russell 1000 Growth 0.01% 2,001 $218K New
ZS Zscaler Inc. 0.01% 694 $218K New
VRSN Verisign Inc. 0.01% 747 $216K New
MORN Morningstar Inc. 0.01% 687 $216K New
EFG iShares MSCI Eafe Growth ETF 0.01% 1,888 $211K New
PSA Public Storage 0.01% 717 $210K New
MO Altria Group Inc. 0.01% 3,538 $207K New
SNOW Snowflake Inc. 0.01% 899 $201K New
MSCI MSCI Inc. 0.01% 347 $200K New
PCG P G & E Corp. 0.01% 12,790 $178K New
GSBD Goldman Sachs BDC Inc. 0.00% 11,500 $129K Add +9.5%
NOK Nokia Corp.-Spon ADR 0.00% 23,500 $122K Reduce -2.1%
MRCC Monroe Capital Corp. 0.00% 19,000 $121K Add +35.7%
ABEV Ambev SA-ADR 0.00% 26,603 $64K Add +0.4%

Options reported separately and not counted above: BRK.B calls ($729K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $331K (not counted above)
SecurityClassShares / PrincipalValueChange
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 13,980$331KNo change

Total filed on the 13F, all lines: $3.1B.

Portfolio Sells Q1 2025 → Q2 2025
VTEB Vanguard Tax-Exempt Bond ETF Reduce -8.1% 7.50% −1.51
ACWV iShares MSCI Global Min Vol Reduce -1.4% 9.10% −0.79
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -3.8% 9.20% −0.77
AAPL Apple Inc. Reduce -12.8% 1.96% −0.70
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.4% 0.97% −0.22
VGT Vanguard Info Tech ETF Reduce -37.3% 0.27% −0.12
QAI Nylim HDG MLT-STR TRC ETF-Ui Reduce -26.0% 0.16% −0.07
SDG Ish MSCI Glob Sust Deve Goal Reduce -67.9% 0.02% −0.06
VB Vanguard Most SM-Cap ETF-Usd Reduce -6.1% 0.53% −0.05
EFV iShares MSCI Eafe Value ETF Reduce -0.6% 2.28% −0.05
USMV iShares MSCI USA Min Vol Fac Reduce -6.8% 0.26% −0.04
UNH Unitedhealth Group Inc. Reduce -20.3% 0.03% −0.04
AOR iShares Core 60/40 Balanced Reduce -2.5% 0.89% −0.04
DEM Wisdomtree Emerging Markets Reduce -3.9% 0.61% −0.03
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -2.9% 0.67% −0.03
SCHM Schwab US Mid Cap ETF Reduce -68.4% 0.01% −0.03
CINF Cincinnati Financial Corp. Reduce -10.0% 0.14% −0.03
EFAV iShares MSCI Eafe Min Vol Fa Reduce -9.2% 0.21% −0.02
IWN iShares Russell 2000 Value E Reduce -1.1% 0.43% −0.02
IWV iShares Russell 3000 ETF Reduce -8.7% 0.28% −0.02
CVX Chevron Corp. Reduce -5.6% 0.06% −0.02
JNJ Johnson & Johnson Reduce -3.6% 0.10% −0.02
RSP Invesco S&P 500 Equal Weight Reduce -12.5% 0.11% −0.02
PEP Pepsico Inc. Reduce -1.1% 0.08% −0.02
TJX TJX Companies Inc. Reduce -12.2% 0.09% −0.02
XOM Exxon Mobil Corp. Reduce -1.4% 0.09% −0.02
GLD SPDR Gold Shares Reduce -34.2% 0.03% −0.01
ABT Abbott Laboratories Reduce -10.4% 0.07% −0.01
UNP Union Pacific Corp. Reduce -11.3% 0.05% −0.01
SGOV iShares 0-3 Month Treasury B Sold out 0.00% −0.01
QCOM Qualcomm Inc. Reduce -12.5% 0.06% −0.01
VEA Vanguard Ftse Developed ETF Reduce -7.6% 0.24% −0.01
VNQ Vanguard Real Estate ETF Reduce -1.1% 0.10% −0.01
ABBV Abbvie Inc. Reduce -1.3% 0.05% −0.01
NET Cloudflare Inc. Class A Sold out 0.00% −0.01
TEM Tempus AI Inc. Class A Reduce -57.1% 0.01% −0.01
SCHD Schwab US DVD Equity ETF Reduce -10.0% 0.04% −0.01
BDX Becton Dickinson and Co. Sold out 0.00% −0.01
VCSH Vanguard S/T Corp. Bond ETF Reduce -38.5% 0.01% −0.01
VHT Vanguard Health Care ETF Sold out 0.00% −0.01
NEE Nextera Energy Inc. Reduce -43.1% 0.01% −0.01
GOOGL Alphabet Inc. Class A Reduce -6.1% 0.42% −0.01
SHV iShares 0-1 Year Treasury Bo Reduce -3.4% 0.07% −0.01
PAYX Paychex Inc. Reduce -0.2% 0.05% −0.01
TMO Thermo Fisher Scientific Inc. Reduce -3.7% 0.02% −0.01
REET iShares Global REIT ETF Reduce -28.6% 0.02% −0.01
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.01
NKE Nike Inc. Class B Sold out 0.00% −0.01
ELV Elevance Health Inc. Sold out 0.00% −0.01
DFIV Dimensional International Va Reduce -2.3% 0.28% −0.01

Portfolio Buys Q1 2025 → Q2 2025
IVV iShares Core S&P 500 ETF Add +7.0% 12.33% +0.94
VIOV Vanguard S&P Small-Cap 600 V Add +957.1% 0.93% +0.83
DFNM Dimensional National Muni BD Add +4541.4% 0.52% +0.51
MUB iShares National Muni Bond E Add +97.4% 1.13% +0.50
AGG iShares Core U.S. Aggregate Add +125.9% 0.90% +0.47
IWB iShares Russell 1000 ETF Add +57.4% 1.22% +0.45
IEFA iShares Core MSCI Eafe ETF Add +10.3% 2.05% +0.21
VTIP Vanguard Short-Term Tips New 0.13% +0.13
EFA iShares MSCI Eafe ETF Add +79.0% 0.28% +0.13
IWR iShares Russell Mid-Cap ETF Add +100.0% 0.23% +0.11
VOO Vanguard S&P 500 ETF Add +1.5% 2.85% +0.08
LQD Ishr Ibx Usd Invgd CB ETF-Ui New 0.08% +0.08
FBND Fidelity Total Bond ETF Add +21.8% 0.70% +0.07
PWRD TCW Transform Systems ETF Add +2.1% 0.41% +0.07
EEM iShares MSCI Emerging Market Add +100.2% 0.14% +0.07
ITOT iShares Core S&P Total U.S. Add +62.0% 0.16% +0.06
VXUS Vanguard Total Intl Stock Add +350.0% 0.08% +0.06
DLN Wisdomtree US Largecap Divid Add +62.1% 0.17% +0.06
IWP iShares Russell Mid-Cap Grow Add +100.3% 0.11% +0.06
VTV Vanguard Mrngstr Val ETF-Aui Add +18.4% 0.58% +0.06
IJR iShares Core S&P Small-Cap E Add +44.3% 0.17% +0.05
VTI VG Morningstar TS MKT ETF-US Add +3.9% 0.93% +0.05
ADP Automatic Data Processing Add +378.5% 0.06% +0.04
IEMG iShares Core MSCI Emerging Add +0.1% 1.93% +0.04
AVGO Broadcom Inc. Add +7.1% 0.10% +0.04
NVDA Nvidia Corp. Add +0.1% 0.13% +0.03
QQQ Invesco QQQ Trust Series 1 Add +22.5% 0.13% +0.03
BNDX Vanguard Total Intl Bond ETF New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +1.1% 1.20% +0.03
IVE iShares S&P 500 Value ETF Add +98.8% 0.05% +0.02
VOTE TCW Transform 500 ETF Add +9.3% 0.24% +0.02
ESGU iShares ESG Aware MSCI USA New 0.02% +0.02
FNDF Schwab Fndmn Intl LRG Co. ETF Add +5.0% 0.32% +0.02
VUSB Vanguard Ultra Short Bond Et Add +31.5% 0.10% +0.02
VEU Vanguard Ftse All-World Ex-U Add +0.9% 0.70% +0.02
AOA iShares Core 80/20 Aggressiv Add +81.8% 0.03% +0.02
NFLX Netflix Inc. Add +0.3% 0.06% +0.01
TIP iShares Tips Bond ETF New 0.01% +0.01
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +129.8% 0.03% +0.01
VXF Vanguard Extended Market ETF Add +57.4% 0.04% +0.01
CRBN Ish Low Car Opt Ms Ac ETF-US Add +0.3% 0.76% +0.01
RBRK Rubrik Inc. Class A New 0.01% +0.01
SHY iShares 1-3 Year Treasury Bo Add +70.2% 0.03% +0.01
AOM iShares Core 40/60 Moderate Add +30.9% 0.06% +0.01
IXN iShares Global Tech ETF New 0.01% +0.01
IWF iShares Russell 1000 Growth Add +1.1% 0.13% +0.01
DFAC Dimensional US Core Equity 2 Add +3.3% 0.37% +0.01
IWS iShares Russell Mid-Cap Valu Add +101.4% 0.02% +0.01
AOK iShares Core 30/70 Conservat New 0.01% +0.01
ANET Arista Networks Inc. New 0.01% +0.01

Options Activity Q1 2025 → Q2 2025
BRK.B Berkshire Hathaway Inc. Class B call New 1,500 $729K

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