Boulay Financial Advisors, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Boulay Financial Advisors, LLC reported 5 stock positions worth $850.5 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 29.2% of the portfolio, followed by Vaneck Morningstar Wide Moat (MOAT, 26.0%) and iShares Russell Top 200 Grow (IWY, 19.2%). Compared with Q3 2025, it opened 1 new position, added to 3 and reduced 1. The biggest buy was a new position in Schwab Fndmn Intl LRG Co. ETF (FNDF) and the biggest sale Running Oak Efficient GR ETF (RUNN, shares −5%).

Most Recent 13F
Q2 2026
Location
EDEN PRAIRIE, MN
CIK
0002056342
Portfolio Value
$850.5M (Q4 2025)
SEC Filing
0002056342-26-000001 ↗ filed Feb 12, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2025: $299.3M Q1 2025 Q2 2025: $663.0M Q2 2025 Q3 2025: $712.4M Q3 2025 Q4 2025: $850.5M $850.5M Q4 2025 Q1 2026: $871.3M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 5 stocks · $850.5M
FNDX Schwab Fndmntl US LRG Co. ETF 29.20% 9,126,260 $248.3M Add +4.0%
MOAT Vaneck Morningstar Wide Moat 25.97% 2,132,699 $220.9M Add +0.6%
IWY iShares Russell Top 200 Grow 19.18% 589,152 $163.2M Add +3.0%
FNDF Schwab Fndmn Intl LRG Co. ETF 13.08% 2,461,305 $111.3M New
RUNN Running Oak Efficient GR ETF 12.56% 3,204,936 $106.9M Reduce -4.5%

Portfolio Sells Q3 2025 → Q4 2025
RUNN Running Oak Efficient GR ETF Reduce -4.5% 12.56% −3.59

Portfolio Buys Q3 2025 → Q4 2025
FNDF Schwab Fndmn Intl LRG Co. ETF New 13.08% +13.08
IWY iShares Russell Top 200 Grow Add +3.0% 19.18% −2.79
FNDX Schwab Fndmntl US LRG Co. ETF Add +4.0% 29.20% −3.19
MOAT Vaneck Morningstar Wide Moat Add +0.6% 25.97% −3.52

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 6$1.1BFNDX, MOAT, IWY, FNDF, XCEM
Q1 2026 5$871.3MFNDX, MOAT, IWY, FNDF, XCEM
Q4 2025 5$850.5MFNDX, MOAT, IWY, FNDF, RUNN
Q3 2025 4$712.4MFNDX, MOAT, IWY, RUNN
Q2 2025Amended 4$663.0MFNDX, MOAT, IWY, RUNN
Q1 2025 2$299.3MMOAT, FNDX