Capstone Financial Advisors, Inc.

Name: Capstone Financial Advisors, Inc. 13F holdings, Q1 2025
Creator: Capstone Financial Advisors, Inc.
Published: 2025-05-09

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Capstone Financial Advisors, Inc. reported 156 stock positions worth $1.6 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 16.6% of the portfolio, followed by iShares Russell 1000 ETF (IWB, 12.8%) and Dimensional US Core Equity 2 (DFAC, 11.5%). Compared with Q4 2024, it opened 8 new positions, sold out of 7, added to 55 and reduced 64. The biggest buy was NT GLBL BRD Infra ETF (NFRA, shares +3%) and the biggest sale iShares Russell 1000 ETF (IWB, shares −2%).

Most Recent 13F: Q2 2026
Location: DOWNERS GROVE, IL
CIK: 0001599217
Portfolio Value: $1.6B (Q1 2025)
SEC Filing: 0001599217-25-000003 ↗ filed May 9, 2025

Holdings Value

Holdings 156 stocks · $1.6B


VTI VG Morningstar TS MKT ETF-US	16.60%	960,904	$264.1M	Add +1.1%
IWB iShares Russell 1000 ETF	12.85%	666,279	$204.4M	Reduce -2.1%
DFAC Dimensional US Core Equity 2	11.55%	5,567,604	$183.7M	Add +0.3%
BND Vanguard Total Bond Market	7.79%	1,686,655	$123.9M	Add +1.6%
NFRA NT GLBL BRD Infra ETF	7.64%	2,109,611	$121.6M	Add +2.6%
VXUS Vanguard Total Intl Stock	4.67%	1,196,493	$74.3M	Add +0.4%
MCD McDonald's Corp.	4.24%	215,790	$67.4M	Reduce -0.4%
IXUS iShares Core Intl Stock ETF	3.88%	884,262	$61.7M	Reduce -1.9%
DFAX Dimensional World Ex US Core	3.57%	2,168,282	$56.8M	Reduce -2.2%
BNDX Vanguard Total Intl Bond ETF	3.23%	1,052,090	$51.4M	Add +1.8%
IWF iShares Russell 1000 Growth	2.61%	115,020	$41.5M	Reduce -0.2%
TLTD NT Dev Exus Ftilt ETF	2.19%	464,908	$34.8M	Reduce -0.5%
AAPL Apple Inc.	2.08%	149,258	$33.2M	Reduce -4.1%
TILT NT Mstar US Ftilt ETF	1.96%	151,444	$31.2M	Reduce -1.1%
REET iShares Global REIT ETF	1.28%	837,944	$20.3M	Add +0.1%
ITOT iShares Core S&P Total U.S.	1.24%	161,841	$19.7M	Reduce -0.9%
JPM JPMorgan Chase & Co.	0.85%	54,976	$13.5M	Add +0.0%
AVRE Avantis Real Estate ETF	0.76%	280,245	$12.1M	Reduce -18.2%
AGG iShares Core U.S. Aggregate	0.60%	95,828	$9.5M	Add +0.6%
MDY State Street SPDR S&P Midcap	0.53%	15,663	$8.4M	Reduce -0.5%
VIG Vanguard Dividend Apprec ETF	0.52%	42,387	$8.2M	Reduce -1.5%
IAGG iShares Intl Aggregate Bond	0.41%	130,722	$6.5M	Reduce -6.5%
AMZN Amazon.com Inc.	0.41%	33,896	$6.4M	Reduce -6.0%
BRK.A Berkshire Hathaway Inc. Class A	0.40%	8	$6.4M	New
IGF iShares Global Infrastructur	0.38%	110,840	$6.1M	Reduce -10.6%
IWM iShares Russell 2000 ETF	0.35%	27,641	$5.5M	Reduce -1.1%
VTWO Vanguard Russell 2000 ETF	0.33%	66,019	$5.3M	Add +0.5%
MSFT Microsoft Corp.	0.33%	14,118	$5.3M	Add +2.1%
CME Cme Group Inc.	0.33%	19,824	$5.3M	Reduce -1.7%
VONE Vanguard Russell 1000	0.32%	20,292	$5.2M	Reduce -0.6%
NVDA Nvidia Corp.	0.32%	46,916	$5.1M	Reduce -18.5%
VTEB Vanguard Tax-Exempt Bond ETF	0.28%	90,066	$4.5M	Reduce -9.7%
COST Costco Wholesale Corp.	0.23%	3,840	$3.6M	Reduce -4.3%
GWW WW Grainger Inc. filed as GRAINGER W W INC	0.22%	3,537	$3.5M	Reduce -42.6%
RWO State Street SPDR Dow Jones	0.18%	66,449	$2.9M	Add +0.0%
WMT Walmart Inc.	0.18%	32,553	$2.9M	Reduce -15.8%
QCOM Qualcomm Inc.	0.16%	17,070	$2.6M	Reduce -0.2%
MSTR Strategy Inc. filed as MICROSTRATEGY INC	0.15%	8,073	$2.3M	Add +20.2%
TY Tri-Continental Corp.	0.15%	75,513	$2.3M	No change
SPY SS SPDR S&P 500 ETF Trust-US	0.14%	4,014	$2.2M	Reduce -0.7%
BRK.B Berkshire Hathaway Inc. Class B	0.13%	4,017	$2.1M	Reduce -0.5%
MUB iShares National Muni Bond E	0.13%	19,354	$2.0M	Reduce -0.3%
ACN Accenture PLC Class A	0.11%	5,640	$1.8M	Add +7.2%
XOM Exxon Mobil Corp.	0.10%	13,640	$1.6M	Add +6.3%
META Meta Platforms Inc. Class A	0.10%	2,742	$1.6M	Reduce -6.7%
UL Unilever PLC	0.10%	26,084	$1.6M	Add +0.8%
JNJ Johnson & Johnson	0.09%	8,874	$1.5M	Reduce -2.8%
ETN Eaton Corp. PLC	0.09%	5,404	$1.5M	No change
CBOE Cboe Global Markets Inc.	0.09%	6,376	$1.4M	Reduce -0.1%
WBA Walgreens Boots Alliance Inc.	0.09%	126,176	$1.4M	Reduce -7.2%
CI The Cigna Group	0.09%	4,182	$1.4M	No change
DRI Darden Restaurants Inc.	0.09%	6,622	$1.4M	Add +0.0%
DJT Trump Media & Technology Gro	0.08%	67,600	$1.3M	Add +42.0%
GIS General Mills Inc.	0.08%	21,478	$1.3M	No change
DFAU Dimensional US Core Equity M	0.08%	32,776	$1.3M	Add +0.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.08%	5,034	$1.3M	Reduce -0.5%
KO The Coca-Cola Co.	0.08%	16,919	$1.2M	Reduce -1.7%
VOO Vanguard S&P 500 ETF	0.07%	2,305	$1.2M	Add +19.6%
BMY Bristol-Myers Squibb Co.	0.07%	17,747	$1.1M	Reduce -0.6%
ALK Alaska Air Group Inc.	0.06%	19,540	$962K	Add +47.8%
CAT Caterpillar Inc.	0.06%	2,860	$943K	Add +0.1%
FITB Fifth Third Bancorp	0.05%	21,924	$859K	Add +0.0%
ICE Intercontinental Exchange Inc.	0.05%	4,975	$858K	Add +0.3%
MRK Merck & Co. Inc.	0.05%	9,410	$845K	Reduce -6.5%
ADX Adams Diversified Equity	0.05%	41,116	$781K	Add +1.2%
CMG Chipotle Mexican Grill Inc.	0.05%	15,396	$773K	Reduce -0.3%
INTC Intel Corp.	0.05%	32,850	$746K	Add +0.8%
TSLA Tesla Inc.	0.05%	2,863	$742K	Reduce -11.5%
IWV iShares Russell 3000 ETF	0.05%	2,335	$742K	Add +0.3%
LUMN Lumen Technologies Inc.	0.05%	185,686	$728K	No change
IVV iShares Core S&P 500 ETF	0.05%	1,276	$717K	Add +1.8%
ABBV Abbvie Inc.	0.04%	3,415	$716K	Reduce -9.5%
PG The Procter & Gamble Co.	0.04%	4,135	$705K	Add +9.5%
QQQ Invesco QQQ Trust Series 1	0.04%	1,476	$692K	Reduce -10.8%
GOOGL Alphabet Inc. Class A	0.04%	4,417	$683K	Reduce -29.6%
LW Lamb Weston Holdings Inc.	0.04%	12,388	$660K	No change
PLTR Palantir Technologies Inc. Class A	0.04%	7,474	$631K	Reduce -51.8%
JEPI JPMorgan Equity Premium Inco	0.04%	10,429	$596K	Reduce -4.1%
DFAI Dimensional International Co.	0.04%	18,791	$587K	Reduce -15.9%
ICSH iShares Ultra Short Duration	0.04%	11,503	$583K	Add +0.7%
DFIC Dimensional International Co.	0.04%	20,750	$576K	No change
PEP Pepsico Inc.	0.04%	3,767	$565K	Reduce -0.5%
ESGV Vanguard ESG US Stock ETF	0.04%	5,755	$564K	Reduce -21.7%
CRWD CrowdStrike Holdings Inc. Class A	0.04%	1,597	$563K	Reduce -2.2%
AGGY Wisdomtree Yield Enhanced US	0.04%	12,955	$563K	Add +1.1%
NFLX Netflix Inc.	0.03%	586	$546K	No change
CVX Chevron Corp.	0.03%	3,173	$531K	Reduce -6.7%
SCHB Schwab US Broad Market ETF	0.03%	24,181	$521K	Add +0.6%
AMGN Amgen Inc.	0.03%	1,668	$520K	Add +0.2%
ALL Allstate Corp.	0.03%	2,418	$501K	Add +53.9%
ABT Abbott Laboratories	0.03%	3,753	$498K	Reduce -2.1%
EZBC Franklin Bitcoin ETF	0.03%	10,000	$478K	No change
CL Colgate-Palmolive Co.	0.03%	5,083	$476K	No change
MA Mastercard Inc. Class A	0.03%	816	$447K	Add +0.1%
HD Home Depot Inc.	0.03%	1,209	$443K	Add +1.9%
VEA Vanguard Ftse Developed ETF	0.03%	8,331	$423K	Add +5.5%
BY Byline Bancorp Inc.	0.03%	15,871	$415K	No change
VZ Verizon Communications Inc.	0.03%	9,100	$413K	Add +4.0%
GE General Electric filed as GE AEROSPACE	0.03%	2,004	$401K	Add +7.9%
KMX Carmax Inc.	0.02%	5,000	$390K	No change
ESTC Elastic NV	0.02%	4,310	$384K	No change
VTV Vanguard Mrngstr Val ETF-Aui	0.02%	2,184	$377K	Add +5.6%
T AT&T Inc.	0.02%	13,229	$374K	Add +0.1%
UNH Unitedhealth Group Inc.	0.02%	697	$365K	Add +3.0%
GOOG Alphabet Inc. Class C	0.02%	2,322	$363K	Add +7.2%
GDDY GoDaddy Inc. Class A	0.02%	2,000	$360K	No change
SCHX Schwab US Large-Cap ETF	0.02%	16,094	$355K	Add +1.4%
FICO Fair Isaac Corp.	0.02%	187	$345K	No change
VGT Vanguard Info Tech ETF	0.02%	599	$325K	No change
VEU Vanguard Ftse All-World Ex-U	0.02%	5,315	$322K	Add +0.0%
AVGO Broadcom Inc.	0.02%	1,822	$305K	Reduce -40.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.02%	3,080	$304K	Reduce -13.6%
IJR iShares Core S&P Small-Cap E	0.02%	2,845	$298K	Add +0.3%
WTFC Wintrust Financial Corp.	0.02%	2,639	$297K	New
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F	0.02%	5,573	$283K	Reduce -16.2%
PTLO Portillo's Inc. Class A	0.02%	23,725	$282K	Reduce -7.8%
MPC Marathon Petroleum Corp.	0.02%	1,900	$277K	Reduce -0.2%
F Ford Motor Co. filed as FORD MTR CO	0.02%	27,388	$275K	Reduce -2.1%
LLY Eli Lilly & Co.	0.02%	332	$274K	Reduce -19.8%
BA The Boeing Co.	0.02%	1,544	$263K	Reduce -31.2%
ADM Archer-Daniels-Midland Co.	0.02%	5,473	$263K	Reduce -1.9%
LRCX Lam Research Corp.	0.02%	3,477	$253K	No change
PFE Pfizer Inc.	0.02%	9,945	$252K	Add +9.5%
GDX Vaneck Gold Miners ETF	0.02%	5,335	$245K	New
LMT Lockheed Martin Corp.	0.02%	539	$241K	Add +1.5%
CSCO Cisco Systems Inc.	0.02%	3,882	$240K	Add +0.1%
BNDW Vanguard Total World Bond Et	0.01%	3,451	$237K	Add +0.5%
COFS Choiceone Financial SVCS Inc.	0.01%	8,100	$233K	New
WFC Wells Fargo & Co.	0.01%	3,227	$232K	No change
V Visa Inc. Class A	0.01%	654	$229K	Reduce -25.0%
CE Celanese Corp.	0.01%	4,000	$227K	New
CSX CSX Corp.	0.01%	7,614	$224K	No change
HON Honeywell International Inc.	0.01%	1,039	$220K	Add +0.4%
GSG iShares S&P Gsci Commodity I	0.01%	9,600	$219K	No change
PANW Palo Alto Networks Inc.	0.01%	1,281	$219K	Reduce -7.3%
GLD SPDR Gold Shares	0.01%	746	$215K	New
RYAAY Ryanair Holdings PLC-SP ADR	0.01%	5,000	$212K	No change
XLP SS Consumer Staples Sel Sect	0.01%	2,552	$208K	Reduce -1.8%
XLI SS Industrial Select Sector	0.01%	1,576	$207K	New
IJH iShares Core S&P Midcap ETF	0.01%	3,495	$204K	Add +0.3%
LYFT LYFT Inc. Class A	0.01%	11,938	$142K	Reduce -1.5%
HTZ Hertz Global Hldgs Inc.	0.01%	30,000	$118K	No change
ABEV Ambev SA-ADR	0.01%	50,000	$117K	Add +100.0%
VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD	0.01%	10,000	$101K	No change
TV Grupo Televisa SA-Spon ADR	0.01%	50,000	$88K	Reduce -16.7%
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP	0.00%	10,065	$66K	New
STKS One Group Hospitality Inc. filed as THE ONE GROUP HOSPITALITY IN	0.00%	20,000	$60K	No change
LDI Loandepot Inc. Class A	0.00%	40,000	$48K	Add +60.0%
ZVIA Zevia PBC-A	0.00%	20,000	$43K	Reduce -60.0%
EB Eventbrite Inc. Class A	0.00%	15,000	$32K	No change
AMC AMC Entertainment HLDS Class A	0.00%	10,002	$29K	No change
GGB Gerdau SA -Spon ADR	0.00%	10,000	$28K	No change
NDLS Noodles & Co.	0.00%	25,000	$27K	No change
LNKS Linkers Industries Ltd. Class A	0.00%	30,000	$14K	Add +50.0%
ORIENTAL RISE HLDGS LTD	0.00%	10,000	$12K	No change
GURE Gulf Resources Inc.	0.00%	10,000	$7K	Reduce -50.0%

Other holdings (2): bonds, preferreds, convertibles and warrants · $3.0M (not counted above)

Security	Class	Shares / Principal	Value	Change
MSTR Strategy Inc.	CL A NEW · principal	9,000	$2.6M	New
MCD McDonald's Corp.	COM · principal	1,200	$375K	New

Total filed on the 13F, all lines: $1.6B.

Portfolio Sells Q4 2024 → Q1 2025


IWB iShares Russell 1000 ETF	Reduce -2.1%	12.85%	−0.70
AAPL Apple Inc.	Reduce -4.1%	2.08%	−0.32
IWF iShares Russell 1000 Growth	Reduce -0.2%	2.61%	−0.25
GWW WW Grainger Inc.	Reduce -42.6%	0.22%	−0.18
NVDA Nvidia Corp.	Reduce -18.5%	0.32%	−0.16
AVRE Avantis Real Estate ETF	Reduce -18.2%	0.76%	−0.13
RKLB Rocket Lab USA Inc.	Sold out	0.00%	−0.08
TILT NT Mstar US Ftilt ETF	Reduce -1.1%	1.96%	−0.08
AMZN Amazon.com Inc.	Reduce -6.0%	0.41%	−0.08
ITOT iShares Core S&P Total U.S.	Reduce -0.9%	1.24%	−0.06
WMT Walmart Inc.	Reduce -15.8%	0.18%	−0.04
IWM iShares Russell 2000 ETF	Reduce -1.1%	0.35%	−0.03
TSLA Tesla Inc.	Reduce -11.5%	0.05%	−0.03
PLTR Palantir Technologies Inc. Class A	Reduce -51.8%	0.04%	−0.03
GOOGL Alphabet Inc. Class A	Reduce -29.6%	0.04%	−0.03
MDY State Street SPDR S&P Midcap	Reduce -0.5%	0.53%	−0.03
VTEB Vanguard Tax-Exempt Bond ETF	Reduce -9.7%	0.28%	−0.03
AVGO Broadcom Inc.	Reduce -40.0%	0.02%	−0.02
IBIT iShares Bitcoin Trust ETF	Sold out	0.00%	−0.02
IAGG iShares Intl Aggregate Bond	Reduce -6.5%	0.41%	−0.02
IGF iShares Global Infrastructur	Reduce -10.6%	0.38%	−0.02
ARW Arrow Electronics Inc.	Sold out	0.00%	−0.02
BAC Bank of America Corp.	Sold out	0.00%	−0.01
LOW Lowe's Cos Inc.	Sold out	0.00%	−0.01
VUG Vanguard Mrngstar GR ETF-Sui	Sold out	0.00%	−0.01
VONE Vanguard Russell 1000	Reduce -0.6%	0.32%	−0.01
ESGV Vanguard ESG US Stock ETF	Reduce -21.7%	0.04%	−0.01
ZVIA Zevia PBC-A	Reduce -60.0%	0.00%	−0.01
CMG Chipotle Mexican Grill Inc.	Reduce -0.3%	0.05%	−0.01
MRK Merck & Co. Inc.	Reduce -6.5%	0.05%	−0.01
QQQ Invesco QQQ Trust Series 1	Reduce -10.8%	0.04%	−0.01
BA The Boeing Co.	Reduce -31.2%	0.02%	−0.01
META Meta Platforms Inc. Class A	Reduce -6.7%	0.10%	−0.01
DIS The Walt Disney Co.	Reduce -13.6%	0.02%	−0.01
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -0.7%	0.14%	−0.01
VIG Vanguard Dividend Apprec ETF	Reduce -1.5%	0.52%	−0.00
DFAI Dimensional International Co.	Reduce -15.9%	0.04%	−0.00
JMST JPM Ultra-Short Muni Income	Reduce -16.2%	0.02%	−0.00
V Visa Inc. Class A	Reduce -25.0%	0.01%	−0.00
LLY Eli Lilly & Co.	Reduce -19.8%	0.02%	−0.00
PANW Palo Alto Networks Inc.	Reduce -7.3%	0.01%	−0.00
JEPI JPMorgan Equity Premium Inco	Reduce -4.1%	0.04%	−0.00
ADM Archer-Daniels-Midland Co.	Reduce -1.9%	0.02%	−0.00
TV Grupo Televisa SA-Spon ADR	Reduce -16.7%	0.01%	−0.00
LYFT LYFT Inc. Class A	Reduce -1.5%	0.01%	−0.00
TMC TMC the Metals Co. Inc.	Sold out	0.00%	−0.00
GURE Gulf Resources Inc.	Reduce -50.0%	0.00%	−0.00
PEP Pepsico Inc.	Reduce -0.5%	0.04%	−0.00
F Ford Motor Co.	Reduce -2.1%	0.02%	+0.00
MUB iShares National Muni Bond E	Reduce -0.3%	0.13%	+0.00

Portfolio Buys Q4 2024 → Q1 2025


NFRA NT GLBL BRD Infra ETF	Add +2.6%	7.64%	+0.75
BND Vanguard Total Bond Market	Add +1.6%	7.79%	+0.42
BRK.A Berkshire Hathaway Inc. Class A	New	0.40%	+0.40
VXUS Vanguard Total Intl Stock	Add +0.4%	4.67%	+0.33
BNDX Vanguard Total Intl Bond ETF	Add +1.8%	3.23%	+0.10
REET iShares Global REIT ETF	Add +0.1%	1.28%	+0.04
JPM JPMorgan Chase & Co.	Add +0.0%	0.85%	+0.03
MSTR Strategy Inc.	Add +20.2%	0.15%	+0.03
AGG iShares Core U.S. Aggregate	Add +0.6%	0.60%	+0.03
WTFC Wintrust Financial Corp.	New	0.02%	+0.02
XOM Exxon Mobil Corp.	Add +6.3%	0.10%	+0.02
GDX Vaneck Gold Miners ETF	New	0.02%	+0.02
COFS Choiceone Financial SVCS Inc.	New	0.01%	+0.01
CE Celanese Corp.	New	0.01%	+0.01
GLD SPDR Gold Shares	New	0.01%	+0.01
XLI SS Industrial Select Sector	New	0.01%	+0.01
ALL Allstate Corp.	Add +53.9%	0.03%	+0.01
VOO Vanguard S&P 500 ETF	Add +19.6%	0.07%	+0.01
DRI Darden Restaurants Inc.	Add +0.0%	0.09%	+0.01
ICE Intercontinental Exchange Inc.	Add +0.3%	0.05%	+0.01
ALK Alaska Air Group Inc.	Add +47.8%	0.06%	+0.01
UL Unilever PLC	Add +0.8%	0.10%	+0.01
INTC Intel Corp.	Add +0.8%	0.05%	+0.01
RWO State Street SPDR Dow Jones	Add +0.0%	0.18%	+0.01
GE General Electric	Add +7.9%	0.03%	+0.01
AMGN Amgen Inc.	Add +0.2%	0.03%	+0.01
PG The Procter & Gamble Co.	Add +9.5%	0.04%	+0.01
T AT&T Inc.	Add +0.1%	0.02%	+0.00
ABEV Ambev SA-ADR	Add +100.0%	0.01%	+0.00
VZ Verizon Communications Inc.	Add +4.0%	0.03%	+0.00
CALY Callaway Golf Company	New	0.00%	+0.00
VEA Vanguard Ftse Developed ETF	Add +5.5%	0.03%	+0.00
VTV Vanguard Mrngstr Val ETF-Aui	Add +5.6%	0.02%	+0.00
UNH Unitedhealth Group Inc.	Add +3.0%	0.02%	+0.00
MA Mastercard Inc. Class A	Add +0.1%	0.03%	+0.00
VEU Vanguard Ftse All-World Ex-U	Add +0.0%	0.02%	+0.00
AGGY Wisdomtree Yield Enhanced US	Add +1.1%	0.04%	+0.00
ICSH iShares Ultra Short Duration	Add +0.7%	0.04%	+0.00
PFE Pfizer Inc.	Add +9.5%	0.02%	+0.00
CSCO Cisco Systems Inc.	Add +0.1%	0.02%	+0.00
BNDW Vanguard Total World Bond Et	Add +0.5%	0.01%	+0.00
LDI Loandepot Inc. Class A	Add +60.0%	0.00%	−0.00
SCHX Schwab US Large-Cap ETF	Add +1.4%	0.02%	−0.00
HON Honeywell International Inc.	Add +0.4%	0.01%	−0.00
IVV iShares Core S&P 500 ETF	Add +1.8%	0.05%	−0.00
IJH iShares Core S&P Midcap ETF	Add +0.3%	0.01%	−0.00
HD Home Depot Inc.	Add +1.9%	0.03%	−0.00
LMT Lockheed Martin Corp.	Add +1.5%	0.02%	−0.00
LNKS Linkers Industries Ltd. Class A	Add +50.0%	0.00%	−0.00
SCHB Schwab US Broad Market ETF	Add +0.6%	0.03%	−0.00

Options Activity Q4 2024 → Q1 2025


MSTR Strategy Inc.	call	Sold out	3,000	$869Kbefore exit
MCD McDonald's Corp.	put	Sold out	1,200	$348Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025


MSTR Strategy Inc.	CL A NEW · principal	New	9,000	$2.6M
MCD McDonald's Corp.	COM · principal	New	1,200	$375K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	191	$2.1B	VTI, IWB, DFAC, NFRA, BND
Q1 2026	185	$1.9B	VTI, IWB, DFAC, NFRA, BND
Q4 2025	184	$1.9B	VTI, IWB, DFAC, NFRA, BND
Q3 2025	182	$1.8B	VTI, IWB, DFAC, NFRA, BND
Q2 2025	175	$1.7B	VTI, IWB, DFAC, NFRA, BND
Q1 2025	156	$1.6B	VTI, IWB, DFAC, BND, NFRA
Q4 2024	155	$1.6B	VTI, IWB, DFAC, BND, NFRA
Q3 2024	157	$1.6B	VTI, IWB, DFAC, NFRA, BND
Q2 2024	157	$1.5B	VTI, IWB, DFAC, BND, NFRA
Q1 2024	150	$1.5B	VTI, IWB, DFAC, BND, NFRA