Bedel Financial Consulting, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Bedel Financial Consulting, Inc. reported 289 stock positions worth $929.3 million. Its top holding was Eli Lilly (LLY) at 37.9% of the portfolio, followed by Dimensional International (DFAI, 6.0%) and Vanguard Tax-Exempt Bond ETF (VTEB, 3.7%). Compared with Q3 2025, it opened 16 new positions, sold out of 12, added to 125 and reduced 72. The biggest buy was Vanguard SH Term Tax-Ex Bond (VTES, shares +629%) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- INDIANAPOLIS, IN
- CIK
- 0001730511
- Portfolio Value
- $929.3M (Q4 2025)
- SEC Filing
- 0001765380-26-000047 ↗ filed Jan 28, 2026
Holdings Value
Holdings 289 stocks · $929.3M
| LLY Eli Lilly & Co. | 37.94% | 328,037 | $352.5M | Reduce -0.1% |
| DFAI Dimensional International Co. | 5.98% | 1,458,188 | $55.6M | Add +1.4% |
| VTEB Vanguard Tax-Exempt Bond ETF | 3.74% | 691,896 | $34.8M | Add +4.6% |
| DFAE Dimensional Emerging Core Eq | 2.59% | 739,164 | $24.1M | Add +16.6% |
| AAPL Apple Inc. | 2.27% | 77,747 | $21.1M | Reduce -2.1% |
| VTES Vanguard SH Term Tax-Ex Bond | 1.80% | 164,779 | $16.7M | Add +628.7% |
| MSFT Microsoft Corp. | 1.75% | 33,631 | $16.3M | Reduce -0.9% |
| AVDV Avantis Intl S/C Value ETF | 1.61% | 159,661 | $15.0M | Add +5.2% |
| EFG iShares MSCI Eafe Growth ETF | 1.50% | 122,227 | $13.9M | Add +0.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.40% | 19,060 | $13.0M | Reduce -1.7% |
| IMCG iShares Morningstar Mid-Cap | 1.37% | 159,323 | $12.7M | Add +2.7% |
| CGGR Cap Group Growth Equity | 1.35% | 281,826 | $12.5M | Reduce -1.9% |
| JPM JPMorgan Chase & Co. | 1.10% | 31,717 | $10.2M | Add +1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.01% | 18,671 | $9.4M | Reduce -1.1% |
| PAPR Innovator U.S. Equity Power | 1.00% | 236,921 | $9.3M | Reduce -0.3% |
| TOTL SS Doubleline TR Tact ETF | 0.99% | 228,099 | $9.2M | Add +9.7% |
| IVV iShares Core S&P 500 ETF | 0.83% | 11,239 | $7.7M | Reduce -1.4% |
| FYC First Trust Small Cap Growth | 0.77% | 74,442 | $7.2M | Add +1.1% |
| IMCV iShares Morningstar Mid-Cap | 0.76% | 86,288 | $7.1M | Add +5.4% |
| GOOGL Alphabet Inc. Class A | 0.71% | 21,050 | $6.6M | Add +0.3% |
| FLV American Century Focused Lar | 0.67% | 82,767 | $6.3M | Add +4.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.67% | 77,550 | $6.2M | Add +42.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.62% | 17,293 | $5.8M | Add +67.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.57% | 7 | $5.3M | No change |
| ISCF iShares International Small | 0.54% | 120,960 | $5.0M | Reduce -0.9% |
| NVDA Nvidia Corp. | 0.51% | 25,215 | $4.7M | Add +0.7% |
| COWZ Pacer US Cash Cows 100 ETF | 0.50% | 77,735 | $4.7M | Reduce -2.4% |
| GOOG Alphabet Inc. Class C | 0.50% | 14,820 | $4.7M | Reduce -10.2% |
| IMCB iShares Morningstar Mid-Cap | 0.48% | 53,735 | $4.4M | Add +6.8% |
| DFIV Dimensional International Va | 0.47% | 87,416 | $4.4M | Add +1.1% |
| PFFV Global X Variable Rate Pref | 0.45% | 188,064 | $4.2M | Reduce -13.3% |
| DFAT Dimensional US Target Value | 0.43% | 66,539 | $4.0M | Add +10.1% |
| IWR iShares Russell Mid-Cap ETF | 0.42% | 40,210 | $3.9M | Add +9.6% |
| CMI Cummins Inc. | 0.39% | 7,112 | $3.6M | Reduce -0.4% |
| QUAL iShares MSCI USA Quality Fac | 0.38% | 17,647 | $3.5M | Reduce -7.4% |
| GLD SPDR Gold Shares | 0.36% | 8,354 | $3.3M | Add +55.9% |
| VOO Vanguard S&P 500 ETF | 0.35% | 5,118 | $3.2M | Add +23.1% |
| AMZN Amazon.com Inc. | 0.34% | 13,880 | $3.2M | Reduce -2.5% |
| ORCL Oracle Corp. | 0.32% | 15,366 | $3.0M | Reduce -3.8% |
| VNLA Janus Henderson Short Durati | 0.32% | 60,711 | $3.0M | Add +16.1% |
| IWM iShares Russell 2000 ETF | 0.32% | 11,984 | $3.0M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.31% | 23,993 | $2.9M | Add +7.3% |
| QGRO American Century US Quality | 0.30% | 24,746 | $2.8M | Add +0.6% |
| WMT Walmart Inc. | 0.30% | 25,345 | $2.8M | Reduce -2.8% |
| IJUL Innovator International Deve | 0.30% | 82,306 | $2.8M | No change |
| JNJ Johnson & Johnson | 0.30% | 13,298 | $2.8M | Reduce -6.4% |
| ABBV Abbvie Inc. | 0.29% | 11,724 | $2.7M | Reduce -6.9% |
| EFA iShares MSCI Eafe ETF | 0.28% | 26,649 | $2.6M | Add +0.8% |
| AMAT Applied Materials Inc. | 0.26% | 9,230 | $2.4M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.25% | 29,602 | $2.3M | Reduce -2.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.23% | 4,471 | $2.2M | Reduce -1.8% |
| GSPY Gotham Enhanced 500 ETF | 0.23% | 59,181 | $2.2M | Reduce -4.6% |
| MCD McDonald's Corp. | 0.23% | 7,131 | $2.2M | Add +4.5% |
| IJH iShares Core S&P Midcap ETF | 0.23% | 32,833 | $2.2M | Reduce -3.4% |
| IWF iShares Russell 1000 Growth | 0.23% | 4,464 | $2.1M | Add +4.2% |
| META Meta Platforms Inc. Class A | 0.22% | 3,061 | $2.0M | Add +1.7% |
| FNX First Trust Mid Cap Core Alp | 0.21% | 15,700 | $2.0M | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.21% | 29,083 | $2.0M | Reduce -0.0% |
| HD Home Depot Inc. | 0.21% | 5,548 | $1.9M | Reduce -0.4% |
| BUFB Innovator Ladd Allo Buff ETF | 0.20% | 51,151 | $1.9M | Add +21.2% |
| ISRG Intuitive Surgical Inc. | 0.20% | 3,245 | $1.8M | Add +0.4% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.20% | 39,215 | $1.8M | Add +9.8% |
| PEP Pepsico Inc. | 0.19% | 12,490 | $1.8M | No change |
| IBHF iShares Ibond 2026 HY & Inc. | 0.19% | 76,993 | $1.8M | Add +105.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.19% | 23,834 | $1.8M | Add +278.4% |
| PG The Procter & Gamble Co. | 0.19% | 12,106 | $1.7M | No change |
| KO The Coca-Cola Co. | 0.19% | 24,771 | $1.7M | Add +6.1% |
| POCT Innovator U.S. Equity Power | 0.19% | 39,213 | $1.7M | No change |
| CALF PCR US SM CP CSH CWS ETF-Usd | 0.18% | 38,290 | $1.7M | Reduce -0.3% |
| AXP American Express Co. | 0.18% | 4,462 | $1.7M | Add +2.7% |
| VWO Vanguard Ftse Emerging Marke | 0.18% | 30,365 | $1.6M | Add +141.4% |
| PLTR Palantir Technologies Inc. Class A | 0.17% | 9,041 | $1.6M | Add +1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.17% | 14,109 | $1.6M | Reduce -0.3% |
| TCHP T Rowe Price Blue Chip Growt | 0.17% | 32,169 | $1.6M | Add +0.4% |
| TSLA Tesla Inc. | 0.17% | 3,526 | $1.6M | Reduce -2.0% |
| SPG Simon Property Group Inc. | 0.16% | 7,875 | $1.5M | Add +0.5% |
| IWS iShares Russell Mid-Cap Valu | 0.16% | 10,314 | $1.5M | Reduce -0.2% |
| UOCT Innovator U.S. Equity Ultra | 0.15% | 36,171 | $1.4M | No change |
| LOW Lowe's Cos Inc. | 0.15% | 5,847 | $1.4M | Add +1.5% |
| BSX Boston Scientific Corp. | 0.15% | 14,618 | $1.4M | Add +0.4% |
| CVX Chevron Corp. | 0.14% | 8,806 | $1.3M | Reduce -0.4% |
| HBAN Huntington Bancshares Inc. | 0.14% | 77,313 | $1.3M | Add +0.6% |
| FDN First Trust DJ Internet Ind | 0.14% | 4,875 | $1.3M | No change |
| PJUL Innovator U.S. Equity Power | 0.14% | 27,641 | $1.3M | No change |
| HON Honeywell International Inc. | 0.14% | 6,461 | $1.3M | Add +0.0% |
| MINT PIMCO Enhanced Short Maturit | 0.13% | 12,445 | $1.2M | Reduce -7.4% |
| HELO JPMorgan Hedged Equity ETF | 0.13% | 18,771 | $1.2M | Reduce -1.7% |
| VXUS Vanguard Total Intl Stock | 0.13% | 16,362 | $1.2M | Reduce -5.1% |
| DFAS Dimensional US Small Cap ETF | 0.13% | 17,463 | $1.2M | Add +0.0% |
| ADP Automatic Data Processing | 0.13% | 4,682 | $1.2M | Add +0.0% |
| RTX RTX Corp. | 0.13% | 6,418 | $1.2M | Add +3.5% |
| AVGO Broadcom Inc. | 0.12% | 3,283 | $1.1M | Reduce -4.2% |
| FBTC Fidelity Wise Origin Bitcoin | 0.12% | 14,766 | $1.1M | No change |
| CAT Caterpillar Inc. | 0.12% | 1,958 | $1.1M | Add +0.5% |
| V Visa Inc. Class A | 0.12% | 3,133 | $1.1M | Add +1.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.12% | 4,255 | $1.1M | Add +6.0% |
| IWD iShares Russell 1000 Value E | 0.12% | 5,196 | $1.1M | Add +9.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.12% | 5,715 | $1.1M | Add +1.1% |
| VGT Vanguard Info Tech ETF | 0.12% | 1,444 | $1.1M | Add +48.3% |
| IEI iShares 3-7 Year Treasury Bo | 0.12% | 9,071 | $1.1M | New |
Options reported separately and not counted above: LLY puts ($72K).
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.9% | 1.75% | −0.49 |
| AAPL Apple Inc. | Reduce -2.1% | 2.27% | −0.31 |
| CGGR Cap Group Growth Equity | Reduce -1.9% | 1.35% | −0.26 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.7% | 1.40% | −0.25 |
| ORCL Oracle Corp. | Reduce -3.8% | 0.32% | −0.25 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.1% | 1.01% | −0.20 |
| PFFV Global X Variable Rate Pref | Reduce -13.3% | 0.45% | −0.19 |
| PAPR Innovator U.S. Equity Power | Reduce -0.3% | 1.00% | −0.17 |
| IVV iShares Core S&P 500 ETF | Reduce -1.4% | 0.83% | −0.15 |
| ORLY O'reilly Automotive Inc. | Reduce -41.0% | 0.09% | −0.12 |
| ISCF iShares International Small | Reduce -0.9% | 0.54% | −0.10 |
| QUAL iShares MSCI USA Quality Fac | Reduce -7.4% | 0.38% | −0.10 |
| IBHE iShares Ibonds 2025 H/Y Inc. | Sold out | 0.00% | −0.09 |
| ABBV Abbvie Inc. | Reduce -6.9% | 0.29% | −0.08 |
| HD Home Depot Inc. | Reduce -0.4% | 0.21% | −0.08 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -2.4% | 0.50% | −0.08 |
| GSPY Gotham Enhanced 500 ETF | Reduce -4.6% | 0.23% | −0.06 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.05 |
| AMZN Amazon.com Inc. | Reduce -2.5% | 0.34% | −0.05 |
| IWM iShares Russell 2000 ETF | Reduce -0.4% | 0.32% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Reduce -3.4% | 0.23% | −0.05 |
| LKFN Lakeland Financial Corp. | Sold out | 0.00% | −0.05 |
| RMD Resmed Inc. | Reduce -52.4% | 0.03% | −0.05 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.05 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -1.8% | 0.23% | −0.04 |
| JNJ Johnson & Johnson | Reduce -6.4% | 0.30% | −0.04 |
| NKE Nike Inc. Class B | Reduce -52.8% | 0.02% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -8.6% | 0.10% | −0.04 |
| WMT Walmart Inc. | Reduce -2.8% | 0.30% | −0.04 |
| MINT PIMCO Enhanced Short Maturit | Reduce -7.4% | 0.13% | −0.04 |
| CLX Clorox Company | Sold out | 0.00% | −0.04 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −0.04 |
| DIS The Walt Disney Co. | Reduce -0.3% | 0.17% | −0.03 |
| TSLA Tesla Inc. | Reduce -2.0% | 0.17% | −0.03 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -0.3% | 0.18% | −0.03 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -0.0% | 0.21% | −0.03 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.03 |
| CVX Chevron Corp. | Reduce -0.4% | 0.14% | −0.03 |
| IRM Iron Mountain Inc. | Sold out | 0.00% | −0.03 |
| NFLX Netflix Inc. | Reduce -10.4% | 0.04% | −0.03 |
| EXLS Exlservice Holdings Inc. | Reduce -5.7% | 0.09% | −0.03 |
| VXUS Vanguard Total Intl Stock | Reduce -5.1% | 0.13% | −0.03 |
| INTC Intel Corp. | Reduce -16.9% | 0.10% | −0.03 |
| IWS iShares Russell Mid-Cap Valu | Reduce -0.2% | 0.16% | −0.03 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.03 |
| SBUX Starbucks Corp. | Reduce -24.5% | 0.05% | −0.03 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.03 |
| KE Kimball Electronics Inc. | Sold out | 0.00% | −0.03 |
| WSO Watsco Inc. | Sold out | 0.00% | −0.03 |
| HELO JPMorgan Hedged Equity ETF | Reduce -1.7% | 0.13% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| VTES Vanguard SH Term Tax-Ex Bond | Add +628.7% | 1.80% | +1.51 |
| VTI VG Morningstar TS MKT ETF-US | Add +67.4% | 0.62% | +0.19 |
| VEU Vanguard Ftse All-World Ex-U | Add +278.4% | 0.19% | +0.13 |
| IEI iShares 3-7 Year Treasury Bo | New | 0.12% | +0.12 |
| GLD SPDR Gold Shares | Add +55.9% | 0.36% | +0.11 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +42.7% | 0.67% | +0.11 |
| SCZ iShares MSCI Eafe Small-Cap | New | 0.09% | +0.09 |
| VWO Vanguard Ftse Emerging Marke | Add +141.4% | 0.18% | +0.09 |
| IJS iShares S&P Small-Cap 600 Va | Add +340.8% | 0.11% | +0.08 |
| IBHF iShares Ibond 2026 HY & Inc. | Add +105.5% | 0.19% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 0.71% | +0.06 |
| PUSH Pgim Ultra SHRT MNPL BND ETF | New | 0.04% | +0.04 |
| SHYM iShares Short Duration High | New | 0.04% | +0.04 |
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.04% | +0.04 |
| DFAE Dimensional Emerging Core Eq | Add +16.6% | 2.59% | +0.04 |
| USMV iShares MSCI USA Min Vol Fac | New | 0.03% | +0.03 |
| SLV iShares Silver Trust | New | 0.03% | +0.03 |
| SCHD Schwab US DVD Equity ETF | Add +62.7% | 0.10% | +0.03 |
| MCK McKesson Corp. | New | 0.02% | +0.02 |
| WAT Waters Corp. | New | 0.02% | +0.02 |
| VGT Vanguard Info Tech ETF | Add +48.3% | 0.12% | +0.02 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.02% | +0.02 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | New | 0.02% | +0.02 |
| IYH iShares U.S. Healthcare ETF | New | 0.02% | +0.02 |
| PRU Prudential Financial Inc. | New | 0.02% | +0.02 |
| EXC Exelon Corp. | New | 0.02% | +0.02 |
| LNC Lincoln National Corp. | New | 0.02% | +0.02 |
| LITE Lumentum Holdings Inc. | New | 0.02% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +23.1% | 0.35% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +0.4% | 0.20% | +0.01 |
| BUFB Innovator Ladd Allo Buff ETF | Add +21.2% | 0.20% | +0.01 |
| ELV Elevance Health Inc. | Add +19.0% | 0.10% | +0.01 |
| BAC Bank of America Corp. | Add +16.8% | 0.10% | +0.00 |
| MRK Merck & Co. Inc. | Add +0.1% | 0.08% | +0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +25.6% | 0.08% | +0.00 |
| BA The Boeing Co. | Add +29.6% | 0.04% | +0.00 |
| C Citigroup Inc. | Add +15.0% | 0.03% | +0.00 |
| DUK Duke Energy Corp. | Add +32.6% | 0.06% | +0.00 |
| PLD Prologis Inc. | Add +18.7% | 0.03% | +0.00 |
| CEG Constellation Energy | Add +15.5% | 0.05% | +0.00 |
| CB Chubb Ltd. | Add +14.9% | 0.03% | +0.00 |
| CAT Caterpillar Inc. | Add +0.5% | 0.12% | +0.00 |
| ACN Accenture PLC Class A | Add +11.7% | 0.04% | +0.00 |
| MS Morgan Stanley | Add +7.3% | 0.06% | +0.00 |
| GEV GE Vernova Inc. | Add +9.6% | 0.03% | −0.00 |
| RING iShares MSCI Global Gold Min | Add +0.1% | 0.03% | −0.00 |
| XLI SS Industrial Select Sector | Add +12.4% | 0.03% | −0.00 |
| GDX Vaneck Gold Miners ETF | Add +0.1% | 0.03% | −0.00 |
| NOTVQ Inotiv Inc. | Add +8.7% | 0.00% | −0.00 |
| COF Capital One Financial Corp. | Add +0.1% | 0.05% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 307 | $1.0B | LLY, DFAI, VTEB, DFAE, AAPL |
| Q1 2026 | 293 | $870.0M | LLY, DFAI, VTEB, DFAE, AAPL |
| Q4 2025 | 289 | $929.3M | LLY, DFAI, VTEB, DFAE, AAPL |
| Q3 2025 | 285 | $782.8M | LLY, DFAI, VTEB, AAPL, DFAE |
| Q2 2025 | 273 | $732.3M | LLY, DFAI, VTEB, DFAE, MSFT |
| Q1 2025 | 260 | $697.0M | LLY, DFAI, VTEB, AAPL, DFAE |
| Q4 2024 | 266 | $719.4M | LLY, DFAI, VTEB, AAPL, DFAE |
| Q3 2024 | 258 | $708.7M | LLY, DFAI, VTEB, AAPL, DFAE |
| Q2 2024 | 250 | $682.3M | LLY, DFAI, VTEB, AAPL, MSFT |
| Q1 2024 | 252 | $637.4M | LLY, DFAI, VTEB, MSFT, AAPL |