Brown Financial Advisory
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Brown Financial Advisory reported 55 stock positions worth $181.2 million. Its top holding was Ste STR SPDR PT S&P 500 ETF (SPYM) at 41.3% of the portfolio, followed by Vanguard Most SM-Cap ETF-Usd (VB, 15.3%) and Dimensional Em Ex Cce ETF (DEXC, 10.5%). Compared with Q1 2025, it opened 5 new positions, sold out of 1, added to 28 and reduced 9. The biggest buy was Ste STR SPDR PT S&P 500 ETF (SPYM, shares +7%) and the biggest sale Dimensional US Real Est ETF (DFAR, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- FAIRHOPE, AL
- CIK
- 0001843853
- Portfolio Value
- $181.2M (Q2 2025)
- SEC Filing
- 0001085146-25-004194 ↗ filed Jul 28, 2025
Holdings Value
Holdings 55 stocks · $181.2M
| SPYM Ste STR SPDR PT S&P 500 ETF | 41.31% | 1,029,929 | $74.9M | Add +6.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 15.33% | 117,257 | $27.8M | Add +16.7% |
| DEXC Dimensional Em Ex Cce ETF | 10.50% | 348,784 | $19.0M | Add +4.2% |
| IWB iShares Russell 1000 ETF | 5.51% | 29,407 | $10.0M | Reduce -0.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 4.99% | 223,341 | $9.0M | Reduce -3.7% |
| DFAR Dimensional US Real Est ETF | 2.15% | 166,368 | $3.9M | Reduce -64.4% |
| VONE Vanguard Russell 1000 | 1.86% | 11,985 | $3.4M | Reduce -0.1% |
| SPAB SS SPDR P Agg Bond ETF | 1.23% | 87,149 | $2.2M | Add +453.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.17% | 4,346 | $2.1M | Add +4.0% |
| IWF iShares Russell 1000 Growth | 1.14% | 4,869 | $2.1M | Add +2.0% |
| AVDE Avantis International Equity | 1.05% | 25,603 | $1.9M | No change |
| SPEM State Street SP PTF Em ETF | 1.00% | 42,338 | $1.8M | Reduce -10.8% |
| MSFT Microsoft Corp. | 0.88% | 3,213 | $1.6M | Add +48.8% |
| IVV iShares Core S&P 500 ETF | 0.82% | 2,391 | $1.5M | Reduce -1.0% |
| AAPL Apple Inc. | 0.64% | 5,686 | $1.2M | Add +50.8% |
| VYM Vanguard High DVD Yield ETF | 0.61% | 8,250 | $1.1M | Add +28.5% |
| SPHY SS SPDR P High Yield ETF | 0.55% | 42,148 | $1.0M | Add +6.8% |
| IWD iShares Russell 1000 Value E | 0.55% | 5,117 | $994K | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.44% | 8,412 | $790K | Add +34.9% |
| FBND Fidelity Total Bond ETF | 0.41% | 16,287 | $745K | Add +18.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.39% | 2,339 | $711K | No change |
| ABBV Abbvie Inc. | 0.38% | 3,713 | $689K | Add +21.7% |
| SXT Sensient Technologies Corp. | 0.36% | 6,579 | $648K | Reduce -37.8% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.34% | 25,314 | $621K | Add +49.8% |
| NVDA Nvidia Corp. | 0.34% | 3,848 | $608K | Add +37.6% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.32% | 13,495 | $575K | No change |
| AMZN Amazon.com Inc. | 0.31% | 2,541 | $557K | Add +113.0% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.29% | 2,334 | $525K | Add +94.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.26% | 768 | $474K | No change |
| WMT Walmart Inc. | 0.26% | 4,755 | $465K | Add +73.7% |
| VNQ Vanguard Real Estate ETF | 0.25% | 5,087 | $453K | Reduce -1.8% |
| VEA Vanguard Ftse Developed ETF | 0.25% | 7,903 | $451K | Add +22.1% |
| BSCT Invesco Bulletshares 2029 CB | 0.23% | 22,730 | $425K | Add +40.3% |
| BSCS Invesco Bulletshares 2028 CB | 0.23% | 20,734 | $425K | Add +40.2% |
| BSCR Invesco Bulletshares 2027 CB | 0.23% | 21,549 | $423K | Add +40.2% |
| XMHQ Invesco S&P Midcap Qual ETF | 0.23% | 4,229 | $415K | Add +23.5% |
| IWM iShares Russell 2000 ETF | 0.22% | 1,811 | $391K | No change |
| USRT iShares Core US REIT ETF | 0.21% | 6,850 | $387K | Reduce -11.3% |
| HD Home Depot Inc. | 0.21% | 1,053 | $386K | Add +31.1% |
| AVEM Avantis Emerging Markets Eq | 0.21% | 5,559 | $381K | No change |
| SO The Southern Co. | 0.20% | 4,043 | $371K | Add +44.2% |
| IQLT iShares MSCI International Q | 0.20% | 8,538 | $369K | Add +14.8% |
| VGSH Vanguard Short-Term Treasury | 0.20% | 6,015 | $354K | Add +28.4% |
| JPM JPMorgan Chase & Co. | 0.19% | 1,183 | $343K | Add +28.9% |
| L Loews Corp. | 0.17% | 3,377 | $310K | No change |
| VXF Vanguard Extended Market ETF | 0.16% | 1,487 | $287K | No change |
| QUS SS SPDR MSCI U Stratfact ETF | 0.15% | 1,720 | $281K | No change |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.15% | 2,091 | $274K | New |
| VTWO Vanguard Russell 2000 ETF | 0.14% | 2,947 | $257K | No change |
| ABT Abbott Laboratories | 0.14% | 1,804 | $245K | No change |
| SCHG Schwab US Large-Cap Growth | 0.13% | 8,240 | $241K | New |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.13% | 1,463 | $241K | New |
| USFR Wisdomtree Floating Rate Tre | 0.13% | 4,667 | $235K | New |
| PRF Invesco Rafi US 1000 ETF | 0.12% | 4,993 | $211K | No change |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 0.11% | 2,158 | $205K | New |
Portfolio Sells Q1 2025 → Q2 2025
| DFAR Dimensional US Real Est ETF | Reduce -64.4% | 2.15% | −4.85 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -3.7% | 4.99% | −0.34 |
| IWB iShares Russell 1000 ETF | Reduce -0.3% | 5.51% | −0.20 |
| SPEM State Street SP PTF Em ETF | Reduce -10.8% | 1.00% | −0.18 |
| SXT Sensient Technologies Corp. | Reduce -37.8% | 0.36% | −0.14 |
| USRT iShares Core US REIT ETF | Reduce -11.3% | 0.21% | −0.07 |
| VONE Vanguard Russell 1000 | Reduce -0.1% | 1.86% | −0.06 |
| VNQ Vanguard Real Estate ETF | Reduce -1.8% | 0.25% | −0.05 |
| IVV iShares Core S&P 500 ETF | Reduce -1.0% | 0.82% | −0.04 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +6.9% | 41.31% | +1.36 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +16.7% | 15.33% | +1.28 |
| SPAB SS SPDR P Agg Bond ETF | Add +453.1% | 1.23% | +0.98 |
| DEXC Dimensional Em Ex Cce ETF | Add +4.2% | 10.50% | +0.44 |
| MSFT Microsoft Corp. | Add +48.8% | 0.88% | +0.37 |
| AMZN Amazon.com Inc. | Add +113.0% | 0.31% | +0.16 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | New | 0.15% | +0.15 |
| NVDA Nvidia Corp. | Add +37.6% | 0.34% | +0.14 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Add +94.8% | 0.29% | +0.14 |
| SCHG Schwab US Large-Cap Growth | New | 0.13% | +0.13 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | New | 0.13% | +0.13 |
| USFR Wisdomtree Floating Rate Tre | New | 0.13% | +0.13 |
| AAPL Apple Inc. | Add +50.8% | 0.64% | +0.12 |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | New | 0.11% | +0.11 |
| WMT Walmart Inc. | Add +73.7% | 0.26% | +0.11 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +49.8% | 0.34% | +0.09 |
| VYM Vanguard High DVD Yield ETF | Add +28.5% | 0.61% | +0.09 |
| USMV iShares MSCI USA Min Vol Fac | Add +34.9% | 0.44% | +0.07 |
| IWF iShares Russell 1000 Growth | Add +2.0% | 1.14% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +28.9% | 0.19% | +0.05 |
| BSCT Invesco Bulletshares 2029 CB | Add +40.3% | 0.23% | +0.05 |
| BSCS Invesco Bulletshares 2028 CB | Add +40.2% | 0.23% | +0.04 |
| BSCR Invesco Bulletshares 2027 CB | Add +40.2% | 0.23% | +0.04 |
| SO The Southern Co. | Add +44.2% | 0.20% | +0.04 |
| VEA Vanguard Ftse Developed ETF | Add +22.1% | 0.25% | +0.04 |
| XMHQ Invesco S&P Midcap Qual ETF | Add +23.5% | 0.23% | +0.03 |
| HD Home Depot Inc. | Add +31.1% | 0.21% | +0.03 |
| VGSH Vanguard Short-Term Treasury | Add +28.4% | 0.20% | +0.02 |
| IQLT iShares MSCI International Q | Add +14.8% | 0.20% | +0.02 |
| FBND Fidelity Total Bond ETF | Add +18.9% | 0.41% | +0.02 |
| ABBV Abbvie Inc. | Add +21.7% | 0.38% | −0.02 |
| SPHY SS SPDR P High Yield ETF | Add +6.8% | 0.55% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.0% | 1.17% | −0.24 |
Options Activity Q1 2025 → Q2 2025
| CVX Chevron Corp. | put | Sold out | 9,100 | $1.5Mbefore exit |
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 |