Brown Financial Advisory
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Brown Financial Advisory reported 51 stock positions worth $158.6 million. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 40.0% of the portfolio, followed by Vanguard Most SM-Cap ETF-Usd (VB, 14.1%) and Dimensional Em Ex Cce ETF (DEXC, 10.1%). Compared with Q4 2024, it opened 20 new positions, sold out of 3, added to 11 and reduced 14. The biggest buy was a new position in Dimensional Em Ex Cce ETF (DEXC) and the biggest sale State Street SP PTF Em ETF (SPEM, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- FAIRHOPE, AL
- CIK
- 0001843853
- Portfolio Value
- $158.6M (Q1 2025)
- SEC Filing
- 0001085146-25-002457 ↗ filed Apr 30, 2025
Holdings Value
Holdings 51 stocks · $158.6M
| SPYM Ste STR SPDR PT S&P 500 ETF | 39.95% | 963,502 | $63.4M | Add +5.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 14.05% | 100,508 | $22.3M | Add +19.7% |
| DEXC Dimensional Em Ex Cce ETF | 10.06% | 334,602 | $16.0M | New |
| DFAR Dimensional US Real Est ETF | 7.01% | 467,625 | $11.1M | Reduce -13.9% |
| IWB iShares Russell 1000 ETF | 5.71% | 29,504 | $9.0M | Reduce -7.7% |
| SPDW Ste STR SPDR PT DW Eu ETF | 5.33% | 231,973 | $8.4M | Add +5.7% |
| VONE Vanguard Russell 1000 | 1.92% | 11,997 | $3.0M | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% | 4,177 | $2.2M | Add +6.2% |
| SPEM State Street SP PTF Em ETF | 1.18% | 47,452 | $1.9M | Reduce -66.0% |
| IWF iShares Russell 1000 Growth | 1.09% | 4,771 | $1.7M | Add +29.3% |
| AVDE Avantis International Equity | 1.07% | 25,603 | $1.7M | Reduce -8.8% |
| IVV iShares Core S&P 500 ETF | 0.86% | 2,416 | $1.4M | Reduce -1.1% |
| IWD iShares Russell 1000 Value E | 0.61% | 5,117 | $963K | No change |
| SPHY SS SPDR P High Yield ETF | 0.58% | 39,448 | $924K | Add +2.0% |
| AAPL Apple Inc. | 0.53% | 3,770 | $837K | Add +109.7% |
| VYM Vanguard High DVD Yield ETF | 0.52% | 6,419 | $828K | New |
| MSFT Microsoft Corp. | 0.51% | 2,159 | $810K | Add +233.2% |
| SXT Sensient Technologies Corp. | 0.50% | 10,579 | $787K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.41% | 2,339 | $643K | Reduce -0.2% |
| ABBV Abbvie Inc. | 0.40% | 3,051 | $639K | Add +58.9% |
| FBND Fidelity Total Bond ETF | 0.39% | 13,702 | $625K | New |
| USMV iShares MSCI USA Min Vol Fac | 0.37% | 6,235 | $584K | New |
| SPSM SS SPDR P S&P 600 Small Cap | 0.35% | 13,495 | $550K | No change |
| VNQ Vanguard Real Estate ETF | 0.30% | 5,178 | $469K | Reduce -2.1% |
| USRT iShares Core US REIT ETF | 0.28% | 7,720 | $445K | Reduce -12.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 768 | $430K | Add +32.6% |
| SPAB SS SPDR P Agg Bond ETF | 0.25% | 15,755 | $402K | Reduce -12.8% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.25% | 16,897 | $399K | New |
| IWM iShares Russell 2000 ETF | 0.23% | 1,811 | $361K | Reduce -8.5% |
| AVEM Avantis Emerging Markets Eq | 0.21% | 5,559 | $334K | Reduce -88.0% |
| VEA Vanguard Ftse Developed ETF | 0.21% | 6,471 | $329K | No change |
| XMHQ Invesco S&P Midcap Qual ETF | 0.20% | 3,425 | $314K | New |
| L Loews Corp. | 0.20% | 3,377 | $310K | No change |
| NVDA Nvidia Corp. | 0.19% | 2,796 | $303K | New |
| BSCR Invesco Bulletshares 2027 CB | 0.19% | 15,372 | $301K | New |
| BSCS Invesco Bulletshares 2028 CB | 0.19% | 14,789 | $301K | New |
| BSCT Invesco Bulletshares 2029 CB | 0.19% | 16,196 | $300K | New |
| IQLT iShares MSCI International Q | 0.19% | 7,436 | $295K | New |
| HD Home Depot Inc. | 0.19% | 803 | $294K | New |
| VGSH Vanguard Short-Term Treasury | 0.17% | 4,686 | $275K | New |
| QUS SS SPDR MSCI U Stratfact ETF | 0.17% | 1,720 | $270K | New |
| SO The Southern Co. | 0.16% | 2,803 | $258K | Add +12.7% |
| VXF Vanguard Extended Market ETF | 0.16% | 1,487 | $256K | New |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.15% | 1,198 | $241K | New |
| WMT Walmart Inc. | 0.15% | 2,737 | $240K | New |
| ABT Abbott Laboratories | 0.15% | 1,804 | $239K | Reduce -4.8% |
| VTWO Vanguard Russell 2000 ETF | 0.15% | 2,947 | $238K | No change |
| AMZN Amazon.com Inc. | 0.14% | 1,193 | $227K | New |
| JPM JPMorgan Chase & Co. | 0.14% | 918 | $225K | New |
| PRF Invesco Rafi US 1000 ETF | 0.13% | 4,993 | $202K | New |
| CVX Chevron Corp. | 0.01% | 123 | $21K | Reduce -56.5% |
Options reported separately and not counted above: CVX puts ($1.5M).
Portfolio Sells Q4 2024 → Q1 2025
| SPEM State Street SP PTF Em ETF | Reduce -66.0% | 1.18% | −2.63 |
| DFAR Dimensional US Real Est ETF | Reduce -13.9% | 7.01% | −1.99 |
| AVEM Avantis Emerging Markets Eq | Reduce -88.0% | 0.21% | −1.73 |
| IWB iShares Russell 1000 ETF | Reduce -7.7% | 5.71% | −1.63 |
| VONE Vanguard Russell 1000 | Reduce -0.8% | 1.92% | −0.38 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.20 |
| BNDX Vanguard Total Intl Bond ETF | Sold out | 0.00% | −0.20 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.17 |
| IVV iShares Core S&P 500 ETF | Reduce -1.1% | 0.86% | −0.17 |
| AVDE Avantis International Equity | Reduce -8.8% | 1.07% | −0.16 |
| IWM iShares Russell 2000 ETF | Reduce -8.5% | 0.23% | −0.08 |
| USRT iShares Core US REIT ETF | Reduce -12.8% | 0.28% | −0.08 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.2% | 0.41% | −0.08 |
| SPAB SS SPDR P Agg Bond ETF | Reduce -12.8% | 0.25% | −0.07 |
| VNQ Vanguard Real Estate ETF | Reduce -2.1% | 0.30% | −0.04 |
| CVX Chevron Corp. | Reduce -56.5% | 0.01% | −0.02 |
| ABT Abbott Laboratories | Reduce -4.8% | 0.15% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| DEXC Dimensional Em Ex Cce ETF | New | 10.06% | +10.06 |
| VYM Vanguard High DVD Yield ETF | New | 0.52% | +0.52 |
| FBND Fidelity Total Bond ETF | New | 0.39% | +0.39 |
| USMV iShares MSCI USA Min Vol Fac | New | 0.37% | +0.37 |
| MSFT Microsoft Corp. | Add +233.2% | 0.51% | +0.32 |
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.25% | +0.25 |
| AAPL Apple Inc. | Add +109.7% | 0.53% | +0.21 |
| XMHQ Invesco S&P Midcap Qual ETF | New | 0.20% | +0.20 |
| NVDA Nvidia Corp. | New | 0.19% | +0.19 |
| BSCR Invesco Bulletshares 2027 CB | New | 0.19% | +0.19 |
| BSCS Invesco Bulletshares 2028 CB | New | 0.19% | +0.19 |
| BSCT Invesco Bulletshares 2029 CB | New | 0.19% | +0.19 |
| IQLT iShares MSCI International Q | New | 0.19% | +0.19 |
| HD Home Depot Inc. | New | 0.19% | +0.19 |
| VGSH Vanguard Short-Term Treasury | New | 0.17% | +0.17 |
| QUS SS SPDR MSCI U Stratfact ETF | New | 0.17% | +0.17 |
| VXF Vanguard Extended Market ETF | New | 0.16% | +0.16 |
| ABBV Abbvie Inc. | Add +58.9% | 0.40% | +0.16 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | New | 0.15% | +0.15 |
| WMT Walmart Inc. | New | 0.15% | +0.15 |
| AMZN Amazon.com Inc. | New | 0.14% | +0.14 |
| JPM JPMorgan Chase & Co. | New | 0.14% | +0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.2% | 1.40% | +0.13 |
| PRF Invesco Rafi US 1000 ETF | New | 0.13% | +0.13 |
| IWF iShares Russell 1000 Growth | Add +29.3% | 1.09% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +32.6% | 0.27% | +0.03 |
| SO The Southern Co. | Add +12.7% | 0.16% | +0.02 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +5.7% | 5.33% | −0.01 |
| SPHY SS SPDR P High Yield ETF | Add +2.0% | 0.58% | −0.06 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +19.7% | 14.05% | −0.31 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +5.8% | 39.95% | −4.78 |
Options Activity Q4 2024 → Q1 2025
| CVX Chevron Corp. | put | Add +264.0% | 9,100 | $1.5M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 49 | $239.4M | SPYM, VB, DEXC, IWB, SPDW |
| Q1 2026 | 49 | $201.6M | SPYM, VB, DEXC, IWB, SPDW |
| Q4 2025 | 56 | $197.9M | SPYM, VB, DEXC, IWB, SPDW |
| Q3 2025 | 55 | $191.0M | SPYM, VB, DEXC, IWB, SPDW |
| Q2 2025 | 55 | $181.2M | SPYM, VB, DEXC, IWB, SPDW |
| Q1 2025 | 51 | $158.6M | SPYM, VB, DEXC, DFAR, IWB |
| Q4 2024 | 34 | $140.4M | SPYM, VB, DFAR, IWB, SPDW |
| Q3 2024 | 36 | $141.3M | SPYM, VB, DFAR, IWB, SPDW |
| Q2 2024 | 32 | $130.1M | SPYM, VB, DFAR, IWB, SPDW |
| Q1 2024 | 32 | $128.7M | SPYM, VB, DFAR, IWB, SPDW |