Burton Enright Welch

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Burton Enright Welch reported 128 stock positions worth $710.5 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 20.5% of the portfolio, followed by Avantis Intl S/C Value ETF (AVDV, 7.5%) and Avantis US Small Cap Value (AVUV, 6.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 4, added to 74 and reduced 42. The biggest buy was Vanguard Core Bond ETF (VCRB, shares +21%) and the biggest sale Avantis U.S. Equity ETF (AVUS, shares −1%).

Most Recent 13F
Q2 2026
Location
WALNUT CREEK, CA
CIK
0002105919
Portfolio Value
$710.5M (Q4 2025)
SEC Filing
0002105919-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $415.7M Q1 2024 Q2 2024: $433.8M Q2 2024 Q3 2024: $466.2M Q3 2024 Q4 2024: $476.2M Q4 2024 Q1 2025: $491.8M Q1 2025 Q2 2025: $576.7M Q2 2025 Q3 2025: $662.4M Q3 2025 Q4 2025: $710.5M $710.5M Q4 2025 Q1 2026: $735.5M Q1 2026 Q2 2026: $851.5M Q2 2026

Holdings 128 stocks · $710.5M
DFAC Dimensional US Core Equity 2 20.50% 3,678,371 $145.6M Add +4.2%
AVDV Avantis Intl S/C Value ETF 7.51% 567,497 $53.3M Add +1.0%
AVUV Avantis US Small Cap Value 6.79% 473,099 $48.2M Add +3.9%
BNDX Vanguard Total Intl Bond ETF 6.49% 954,414 $46.1M Add +12.9%
DUHP Dimensional US High Profi Et 5.78% 1,079,349 $41.0M Add +4.1%
DFIC Dimensional International Co. 5.39% 1,111,853 $38.3M Add +5.5%
DFEM Dimensional Emrg MRKT Core 4.81% 1,033,237 $34.2M Add +3.8%
AVUS Avantis U.S. Equity ETF 3.95% 251,058 $28.1M Reduce -0.6%
VCRB Vanguard Core Bond ETF 2.90% 264,826 $20.6M Add +20.8%
AVDE Avantis International Equity 2.62% 226,482 $18.6M Reduce -0.3%
VTIP Vanguard Short-Term Tips 2.41% 345,508 $17.1M Add +11.9%
DFAR Dimensional US Real Est ETF 2.18% 674,979 $15.5M Add +7.2%
AVEM Avantis Emerging Markets Eq 2.08% 191,892 $14.8M Reduce -2.6%
CVX Chevron Corp. 1.77% 82,664 $12.6M Add +0.1%
CGXU Cap Group Intl Focus filed as CAPITAL GROUP INTL FOCUS EQT 1.41% 337,912 $10.0M Add +21.2%
MCK McKesson Corp. 1.40% 12,158 $10.0M Reduce -0.8%
AAPL Apple Inc. 1.34% 35,077 $9.5M Reduce -0.2%
VGK Vanguard Ftse Europe ETF 1.10% 93,124 $7.8M Reduce -0.0%
LECO Lincoln Electric Holdings 0.70% 20,764 $5.0M Reduce -0.0%
CGIE Cap Group Intl Equity filed as CAPITAL GROUP INTERNATIONAL 0.68% 139,139 $4.8M Add +11.7%
JQUA JPMorgan US Quality Factor 0.62% 70,243 $4.4M Reduce -0.4%
DFAU Dimensional US Core Equity M 0.56% 85,007 $4.0M Add +2.8%
MSFT Microsoft Corp. 0.56% 8,205 $4.0M Add +4.3%
AVGO Broadcom Inc. 0.54% 11,184 $3.9M Add +1.0%
DFAE Dimensional Emerging Core Eq 0.53% 114,608 $3.7M Reduce -0.7%
DFAT Dimensional US Target Value 0.52% 62,265 $3.7M Add +2.3%
VBIL Vanguard 0-3M T-Bill ETF 0.50% 46,760 $3.5M Add +146.6%
TSLA Tesla Inc. 0.48% 7,510 $3.4M Add +47.3%
DCOR Dimensional US Core Eq 1 ETF 0.47% 45,128 $3.3M Reduce -0.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.44% 57,380 $3.2M Reduce -6.6%
NVDA Nvidia Corp. 0.44% 16,846 $3.1M Add +6.1%
DFGR Dim Global Real Estate ETF 0.41% 111,389 $2.9M Add +0.2%
DFSV Dimensional US Small Cap Val 0.40% 86,652 $2.8M Reduce -0.2%
LLY Eli Lilly & Co. 0.40% 2,615 $2.8M Reduce -3.4%
AMZN Amazon.com Inc. 0.39% 12,117 $2.8M Add +2.5%
DISV Dimensional International SM 0.39% 72,917 $2.8M Reduce -0.7%
VTES Vanguard SH Term Tax-Ex Bond 0.37% 25,989 $2.6M Add +11.2%
DFSU Dimensional US Sus CORE1 ETF 0.37% 59,720 $2.6M Add +10.6%
GOOGL Alphabet Inc. Class A 0.34% 7,665 $2.4M Add +4.8%
DFAI Dimensional International Co. 0.34% 62,784 $2.4M Reduce -1.7%
GOOG Alphabet Inc. Class C 0.33% 7,463 $2.3M Add +2.7%
VOO Vanguard S&P 500 ETF 0.33% 3,732 $2.3M Add +15.1%
IVV iShares Core S&P 500 ETF 0.32% 3,309 $2.3M Add +6.3%
IEUR iShares Core MSCI Europe ETF 0.31% 30,864 $2.2M Reduce -3.5%
CNOB Connectone Bancorp Inc. 0.29% 79,662 $2.1M No change
QUAL iShares MSCI USA Quality Fac 0.27% 9,766 $1.9M Reduce -0.3%
VTEC Vanguard Ca Tax-Ex Bond 0.24% 16,716 $1.7M Add +16.8%
BRK.B Berkshire Hathaway Inc. Class B 0.22% 3,162 $1.6M Add +6.3%
VNQ Vanguard Real Estate ETF 0.22% 17,347 $1.5M Reduce -1.8%
AVSU Avantis Resp US Equity ETF 0.20% 18,655 $1.4M Add +86.0%
VCRM Vanguard Core Tax-Ex Bond 0.20% 18,807 $1.4M Add +2.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 2,063 $1.4M Add +15.1%
META Meta Platforms Inc. Class A 0.19% 2,095 $1.4M Add +2.9%
V Visa Inc. Class A 0.19% 3,892 $1.4M Add +1.6%
VXF Vanguard Extended Market ETF 0.19% 6,360 $1.3M Reduce -0.1%
COST Costco Wholesale Corp. 0.17% 1,428 $1.2M Reduce -5.9%
VSDM Vanguard Short Tax-Ex Bond 0.16% 14,697 $1.1M Add +8.0%
CGSM Cap Group Short Muni Income 0.16% 42,575 $1.1M Add +2.8%
DFSE Dimensional Em Sus CORE1 ETF 0.16% 26,810 $1.1M Add +7.7%
VEA Vanguard Ftse Developed ETF 0.15% 16,841 $1.1M Add +1.3%
JPM JPMorgan Chase & Co. 0.14% 3,031 $977K Add +5.7%
CAT Caterpillar Inc. 0.13% 1,640 $940K Add +4.2%
SCHB Schwab US Broad Market ETF 0.13% 35,559 $933K Reduce -1.8%
DFCA Dimensional Calfornia MB ETF 0.13% 18,192 $911K Add +17.8%
ORCL Oracle Corp. 0.13% 4,655 $907K Add +0.3%
JNJ Johnson & Johnson 0.12% 4,063 $841K Add +5.0%
CGMU Cap Group Municipal Income 0.12% 30,239 $828K Add +29.6%
IWF iShares Russell 1000 Growth 0.12% 1,738 $823K Add +0.3%
CDNS Cadence Design SYS Inc. 0.11% 2,540 $794K Reduce -5.0%
VXUS Vanguard Total Intl Stock 0.11% 10,234 $772K Add +22.5%
VPLS Vanguard Core-Plus Bond ETF 0.10% 9,501 $742K Reduce -0.0%
WSM Williams-Sonoma Inc. 0.10% 4,050 $723K Add +0.1%
ADP Automatic Data Processing 0.10% 2,795 $719K Reduce -1.3%
HD Home Depot Inc. 0.10% 1,978 $681K Reduce -0.9%
WFC Wells Fargo & Co. 0.09% 7,183 $669K Add +1.8%
EXPD Expeditors Intl Wash Inc. 0.09% 4,308 $642K Reduce -0.1%
IJH iShares Core S&P Midcap ETF 0.09% 9,335 $616K Add +8.6%
SYK Stryker Corp. 0.09% 1,726 $607K Add +0.6%
BND Vanguard Total Bond Market 0.08% 8,108 $601K Reduce -2.3%
IWD iShares Russell 1000 Value E 0.08% 2,801 $589K No change
VGUS Vanguard Ultra SHRT Treasury 0.08% 7,522 $568K Reduce -9.0%
INTC Intel Corp. 0.08% 14,733 $544K Add +1.2%
VWO Vanguard Ftse Emerging Marke 0.07% 9,640 $518K Reduce -0.2%
DFNM Dimensional National Muni BD 0.07% 10,670 $514K Add +0.4%
PEP Pepsico Inc. 0.07% 3,549 $509K Add +1.3%
DFSI Dimensional Int Sus COR1 ETF 0.07% 11,814 $506K Add +20.8%
GE General Electric filed as GE AEROSPACE 0.07% 1,628 $501K Add +9.6%
CSCO Cisco Systems Inc. 0.07% 6,448 $497K Reduce -2.0%
AXP American Express Co. 0.07% 1,338 $495K Reduce -2.0%
WMT Walmart Inc. 0.07% 4,335 $483K Add +15.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 4,172 $475K Add +2.8%
PHYS Sprott Physical Gold Trust 0.07% 14,071 $465K No change
AVSD Avantis Reps Intern Equi ETF 0.07% 6,247 $464K Add +88.5%
VTI VG Morningstar TS MKT ETF-US 0.06% 1,342 $450K Add +1.7%
PG The Procter & Gamble Co. 0.06% 3,069 $440K Reduce -0.3%
ISRG Intuitive Surgical Inc. 0.06% 768 $435K Add +7.7%
VUSB Vanguard Ultra Short Bond Et 0.06% 8,661 $432K Add +31.1%
VT Vanguard Tot World STK ETF 0.06% 3,057 $431K Reduce -2.5%
VOOG Vanguard S&P 500 Growth ETF 0.06% 966 $429K No change
XOM Exxon Mobil Corp. 0.06% 3,564 $429K Add +7.8%
SCHX Schwab US Large-Cap ETF 0.06% 15,842 $426K Reduce -3.4%
MCD McDonald's Corp. 0.06% 1,362 $416K Add +7.3%
ABBV Abbvie Inc. 0.06% 1,763 $403K Add +17.4%
BA The Boeing Co. 0.06% 1,851 $402K Add +2.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,323 $392K Reduce -1.3%
IEFA iShares Core MSCI Eafe ETF 0.05% 4,323 $387K No change
AVSE Avantis Resp Emerg MKTS Eq-E 0.05% 5,900 $383K Add +68.6%
QQQ Invesco QQQ Trust Series 1 0.05% 603 $371K Reduce -14.0%
DFIS Dimensional International SM 0.05% 10,332 $340K No change
AMAT Applied Materials Inc. 0.05% 1,303 $335K Reduce -2.8%
SCHF Schwab Intl Equity ETF 0.04% 12,143 $292K Reduce -16.0%
T AT&T Inc. 0.04% 11,685 $290K Reduce -2.0%
SCHA Schwab US Small-Cap ETF 0.04% 9,903 $282K Add +0.1%
VGT Vanguard Info Tech ETF 0.04% 363 $273K No change
GEV GE Vernova Inc. 0.04% 413 $270K Add +12.2%
GS Goldman Sachs Group Inc. 0.04% 290 $255K Add +6.2%
AMGN Amgen Inc. 0.04% 775 $254K Add +5.3%
GLD SPDR Gold Shares 0.03% 610 $242K No change
DOCU Docusign Inc. 0.03% 3,519 $241K Reduce -0.2%
NFLX Netflix Inc. 0.03% 2,476 $232K Add +7.2%
BLK BlackRock Inc. 0.03% 203 $217K No change
LMT Lockheed Martin Corp. 0.03% 444 $215K New
SCHW Schwab (charles) Corp. 0.03% 2,140 $214K Reduce -31.7%
INTU Intuit Inc. 0.03% 322 $213K Add +6.3%
EVRG Evergy Inc. 0.03% 2,912 $211K Reduce -1.3%
AMD Advanced Micro Devices 0.03% 955 $205K New
LOW Lowe's Cos Inc. 0.03% 833 $201K Add +4.1%
CERS Cerus Corp. 0.00% 11,056 $23K No change

Portfolio Sells Q3 2025 → Q4 2025
AVUS Avantis U.S. Equity ETF Reduce -0.6% 3.95% −0.20
AVEM Avantis Emerging Markets Eq Reduce -2.6% 2.08% −0.15
AVDE Avantis International Equity Reduce -0.3% 2.62% −0.08
JQUA JPMorgan US Quality Factor Reduce -0.4% 0.62% −0.04
LECO Lincoln Electric Holdings Reduce -0.0% 0.70% −0.04
COST Costco Wholesale Corp. Reduce -5.9% 0.17% −0.04
AZO AutoZone Inc. Sold out 0.00% −0.04
BAC Bank of America Corp. Reduce -6.6% 0.44% −0.03
BX Blackstone Inc. Sold out 0.00% −0.03
ABT Abbott Laboratories Sold out 0.00% −0.03
TXN Texas Instruments Inc. Sold out 0.00% −0.03
CDNS Cadence Design SYS Inc. Reduce -5.0% 0.11% −0.03
VNQ Vanguard Real Estate ETF Reduce -1.8% 0.22% −0.03
HD Home Depot Inc. Reduce -0.9% 0.10% −0.03
VGK Vanguard Ftse Europe ETF Reduce -0.0% 1.10% −0.03
MCK McKesson Corp. Reduce -0.8% 1.40% −0.03
ADP Automatic Data Processing Reduce -1.3% 0.10% −0.02
DFAE Dimensional Emerging Core Eq Reduce -0.7% 0.53% −0.02
DCOR Dimensional US Core Eq 1 ETF Reduce -0.2% 0.47% −0.02
IEUR iShares Core MSCI Europe ETF Reduce -3.5% 0.31% −0.02
DFSV Dimensional US Small Cap Val Reduce -0.2% 0.40% −0.02
SCHW Schwab (charles) Corp. Reduce -31.7% 0.03% −0.02
VGUS Vanguard Ultra SHRT Treasury Reduce -9.0% 0.08% −0.01
QUAL iShares MSCI USA Quality Fac Reduce -0.3% 0.27% −0.01
VXF Vanguard Extended Market ETF Reduce -0.1% 0.19% −0.01
DFAI Dimensional International Co. Reduce -1.7% 0.34% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -14.0% 0.05% −0.01
T AT&T Inc. Reduce -2.0% 0.04% −0.01
SCHF Schwab Intl Equity ETF Reduce -16.0% 0.04% −0.01
PG The Procter & Gamble Co. Reduce -0.3% 0.06% −0.01
SCHB Schwab US Broad Market ETF Reduce -1.8% 0.13% −0.01
AAPL Apple Inc. Reduce -0.2% 1.34% −0.01
BND Vanguard Total Bond Market Reduce -2.3% 0.08% −0.01
VPLS Vanguard Core-Plus Bond ETF Reduce -0.0% 0.10% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -0.2% 0.07% −0.01
DISV Dimensional International SM Reduce -0.7% 0.39% −0.01
SCHX Schwab US Large-Cap ETF Reduce -3.4% 0.06% −0.01
DOCU Docusign Inc. Reduce -0.2% 0.03% −0.00
VT Vanguard Tot World STK ETF Reduce -2.5% 0.06% −0.00
EVRG Evergy Inc. Reduce -1.3% 0.03% −0.00
IBM Intl Business Machines Corp. Reduce -1.3% 0.06% −0.00
AXP American Express Co. Reduce -2.0% 0.07% +0.00
CSCO Cisco Systems Inc. Reduce -2.0% 0.07% +0.00
AMAT Applied Materials Inc. Reduce -2.8% 0.05% +0.01
EXPD Expeditors Intl Wash Inc. Reduce -0.1% 0.09% +0.01
LLY Eli Lilly & Co. Reduce -3.4% 0.40% +0.08

Portfolio Buys Q3 2025 → Q4 2025
VCRB Vanguard Core Bond ETF Add +20.8% 2.90% +0.31
VBIL Vanguard 0-3M T-Bill ETF Add +146.6% 0.50% +0.28
BNDX Vanguard Total Intl Bond ETF Add +12.9% 6.49% +0.18
DFIC Dimensional International Co. Add +5.5% 5.39% +0.18
CGXU Cap Group Intl Focus Add +21.2% 1.41% +0.16
TSLA Tesla Inc. Add +47.3% 0.48% +0.13
AVSU Avantis Resp US Equity ETF Add +86.0% 0.20% +0.09
GOOGL Alphabet Inc. Class A Add +4.8% 0.34% +0.07
GOOG Alphabet Inc. Class C Add +2.7% 0.33% +0.06
CGIE Cap Group Intl Equity Add +11.7% 0.68% +0.05
VTIP Vanguard Short-Term Tips Add +11.9% 2.41% +0.05
LMT Lockheed Martin Corp. New 0.03% +0.03
VOO Vanguard S&P 500 ETF Add +15.1% 0.33% +0.03
AVSD Avantis Reps Intern Equi ETF Add +88.5% 0.07% +0.03
AMD Advanced Micro Devices New 0.03% +0.03
AVSE Avantis Resp Emerg MKTS Eq-E Add +68.6% 0.05% +0.02
CGMU Cap Group Municipal Income Add +29.6% 0.12% +0.02
VTEC Vanguard Ca Tax-Ex Bond Add +16.8% 0.24% +0.02
CAT Caterpillar Inc. Add +4.2% 0.13% +0.02
DFSU Dimensional US Sus CORE1 ETF Add +10.6% 0.37% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +15.1% 0.20% +0.02
VXUS Vanguard Total Intl Stock Add +22.5% 0.11% +0.02
ISRG Intuitive Surgical Inc. Add +7.7% 0.06% +0.01
DFCA Dimensional Calfornia MB ETF Add +17.8% 0.13% +0.01
VTES Vanguard SH Term Tax-Ex Bond Add +11.2% 0.37% +0.01
VUSB Vanguard Ultra Short Bond Et Add +31.1% 0.06% +0.01
DFSI Dimensional Int Sus COR1 ETF Add +20.8% 0.07% +0.01
JNJ Johnson & Johnson Add +5.0% 0.12% +0.01
WMT Walmart Inc. Add +15.9% 0.07% +0.01
WFC Wells Fargo & Co. Add +1.8% 0.09% +0.00
AMGN Amgen Inc. Add +5.3% 0.04% +0.00
IVV iShares Core S&P 500 ETF Add +6.3% 0.32% +0.00
ABBV Abbvie Inc. Add +17.4% 0.06% +0.00
XOM Exxon Mobil Corp. Add +7.8% 0.06% +0.00
GEV GE Vernova Inc. Add +12.2% 0.04% +0.00
GE General Electric Add +9.6% 0.07% +0.00
GS Goldman Sachs Group Inc. Add +6.2% 0.04% +0.00
INTC Intel Corp. Add +1.2% 0.08% +0.00
DFSE Dimensional Em Sus CORE1 ETF Add +7.7% 0.16% +0.00
IJH iShares Core S&P Midcap ETF Add +8.6% 0.09% +0.00
AMZN Amazon.com Inc. Add +2.5% 0.39% +0.00
JPM JPMorgan Chase & Co. Add +5.7% 0.14% +0.00
VSDM Vanguard Short Tax-Ex Bond Add +8.0% 0.16% +0.00
MCD McDonald's Corp. Add +7.3% 0.06% +0.00
INTU Intuit Inc. Add +6.3% 0.03% −0.00
SCHA Schwab US Small-Cap ETF Add +0.1% 0.04% −0.00
VTI VG Morningstar TS MKT ETF-US Add +1.7% 0.06% −0.00
BRK.B Berkshire Hathaway Inc. Class B Add +6.3% 0.22% −0.00
BA The Boeing Co. Add +2.8% 0.06% −0.00
LOW Lowe's Cos Inc. Add +4.1% 0.03% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 136$851.5MDFAC, AVUV, AVDV, BNDX, DUHP
Q1 2026 134$735.5MDFAC, AVDV, AVUV, BNDX, DUHP
Q4 2025 128$710.5MDFAC, AVDV, AVUV, BNDX, DUHP
Q3 2025 130$662.4MDFAC, AVDV, AVUV, BNDX, DUHP
Q2 2025 123$576.7MDFAC, AVDV, AVUV, DUHP, DFIC
Q1 2025 104$491.8MDFAC, AVDV, AVUV, DUHP, DFEM
Q4 2024 98$476.2MDFAC, AVUV, AVDV, DUHP, DFEM
Q3 2024 93$466.2MDFAC, AVUV, AVDV, DUHP, DFEM
Q2 2024 92$433.8MDFAC, AVUV, AVDV, DUHP, DFEM
Q1 2024 89$415.7MDFAC, AVUV, AVDV, DUHP, DFEM