Carlson Capital Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Carlson Capital Management reported 112 stock positions worth $2.3 billion. Its top holding was Sequoia Global Value ETF (SFGV) at 39.7% of the portfolio, followed by Distillate US Fundamental St (DSTL, 12.7%) and Vanguard S/T Corp. Bond ETF (VCSH, 10.2%). Compared with Q3 2024, it opened 3 new positions, sold out of 6, added to 54 and reduced 37. The biggest buy was Vanguard Short-Term Bond ETF (BSV, shares +10%) and the biggest sale Distillate US Fundamental St (DSTL, shares −3%).

Most Recent 13F
Q4 2024
Location
NORTHFIELD, MN
CIK
0001581298
Portfolio Value
$2.3B (Q4 2024)
SEC Filing
0001581298-25-000001 ↗ filed Feb 10, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.1B Q1 2024 Q2 2024: $2.1B Q2 2024 Q3 2024: $2.4B Q3 2024 Q4 2024: $2.3B $2.3B Q4 2024

Holdings 112 stocks · $2.3B
SFGV Sequoia Global Value ETF 39.69% 33,332,105 $909.3M Add +2.4%
DSTL Distillate US Fundamental St 12.74% 5,315,101 $291.9M Reduce -3.1%
VCSH Vanguard S/T Corp. Bond ETF 10.15% 2,981,093 $232.6M Add +5.0%
BSV Vanguard Short-Term Bond ETF 7.70% 2,282,489 $176.4M Add +10.0%
DIHP Dimensional International Hi 4.31% 3,912,589 $98.7M Add +0.4%
COWZ Pacer US Cash Cows 100 ETF 4.20% 1,703,034 $96.2M Reduce -1.7%
AVUV Avantis US Small Cap Value 3.29% 781,089 $75.4M Add +0.8%
DFEM Dimensional Emrg MRKT Core 2.56% 2,235,787 $58.6M Add +0.1%
VTI VG Morningstar TS MKT ETF-US 2.07% 163,822 $47.5M Reduce -2.7%
ICOW Pacer Developed Markets Inte 1.89% 1,479,824 $43.2M Add +2.3%
AVDV Avantis Intl S/C Value ETF 1.62% 570,294 $37.1M Add +1.0%
VNQ Vanguard Real Estate ETF 1.16% 297,951 $26.5M Add +8.0%
VEA Vanguard Ftse Developed ETF 0.84% 400,526 $19.2M Add +1.5%
VGSH Vanguard Short-Term Treasury 0.74% 292,047 $17.0M Reduce -1.6%
AAPL Apple Inc. 0.63% 57,832 $14.5M Add +28.2%
UNH Unitedhealth Group Inc. 0.59% 26,524 $13.4M Reduce -5.1%
ACN Accenture PLC Class A 0.48% 31,020 $10.9M Reduce -0.5%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.35% 29,893 $8.1M Reduce -3.9%
MMM 3M Co. 0.34% 60,084 $7.8M Reduce -0.6%
MSFT Microsoft Corp. 0.33% 18,097 $7.6M Reduce -7.7%
IQLT iShares MSCI International Q 0.27% 165,362 $6.1M Add +43.1%
DFAT Dimensional US Target Value 0.24% 99,247 $5.5M Reduce -3.8%
AVRE Avantis Real Estate ETF 0.24% 128,552 $5.4M Reduce -9.4%
AVEM Avantis Emerging Markets Eq 0.21% 81,153 $4.8M Add +33.8%
DFIV Dimensional International Va 0.16% 104,963 $3.7M Add +13.5%
TSLA Tesla Inc. 0.15% 8,526 $3.4M Add +1.6%
SHW The Sherwin-Williams Co. 0.14% 9,748 $3.3M Reduce -7.6%
DFSU Dimensional US Sus CORE1 ETF 0.12% 75,409 $2.9M Add +27.0%
IAU iShares Gold Trust 0.12% 57,334 $2.8M Add +0.2%
HBAN Huntington Bancshares Inc. 0.12% 163,575 $2.7M Add +0.4%
DUHP Dimensional US High Profi Et 0.11% 74,307 $2.5M Reduce -8.0%
GGG Graco Inc. 0.10% 26,699 $2.3M Add +0.8%
AMZN Amazon.com Inc. 0.10% 10,178 $2.2M Add +7.5%
BRK.B Berkshire Hathaway Inc. Class B 0.10% 4,917 $2.2M Add +1.1%
VWO Vanguard Ftse Emerging Marke 0.08% 42,685 $1.9M Reduce -8.8%
DFAR Dimensional US Real Est ETF 0.08% 79,064 $1.8M Reduce -24.8%
AVGO Broadcom Inc. 0.08% 7,433 $1.7M Add +6.5%
DFUV Dimensional US Marketwide Va 0.07% 37,278 $1.5M Add +0.6%
NVDA Nvidia Corp. 0.06% 10,380 $1.4M Add +19.2%
VIG Vanguard Dividend Apprec ETF 0.06% 6,874 $1.3M Add +0.9%
IWO iShares Russell 2000 Growth 0.06% 4,501 $1.3M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 7,333 $1.2M Reduce -1.9%
HON Honeywell International Inc. 0.05% 5,355 $1.2M Reduce -0.2%
META Meta Platforms Inc. Class A 0.05% 1,896 $1.1M Add +6.6%
GOOGL Alphabet Inc. Class A 0.05% 5,683 $1.1M Reduce -0.7%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.05% 5,331 $1.1M Add +1.3%
XOM Exxon Mobil Corp. 0.05% 9,620 $1.0M Add +2.0%
DFSI Dimensional Int Sus COR1 ETF 0.05% 31,429 $1.0M Add +37.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 1,656 $971K Add +27.8%
IEFA iShares Core MSCI Eafe ETF 0.04% 13,721 $964K No change
GOOG Alphabet Inc. Class C 0.04% 5,012 $954K Add +6.4%
QQQ Invesco QQQ Trust Series 1 0.04% 1,860 $951K Add +10.9%
VB Vanguard Most SM-Cap ETF-Usd 0.04% 3,905 $938K Add +5.0%
SUB iShares Short-Term National 0.04% 8,853 $934K Add +19.1%
MCK McKesson Corp. 0.04% 1,635 $932K Add +0.3%
HRB H&R Block Inc. filed as BLOCK H & R INC 0.04% 17,400 $919K No change
ABNB Airbnb Inc. Class A 0.03% 6,038 $793K Reduce -31.6%
WFC Wells Fargo & Co. 0.03% 11,016 $774K Add +3.5%
FUL H.B. Fuller Co. filed as FULLER H B CO 0.03% 10,915 $737K Reduce -7.1%
COST Costco Wholesale Corp. 0.03% 800 $733K Reduce -5.3%
SCHX Schwab US Large-Cap ETF 0.03% 31,392 $728K No change
SOLV Solventum Corp. 0.03% 10,890 $719K Reduce -0.3%
BSX Boston Scientific Corp. 0.03% 7,396 $661K No change
DISV Dimensional International SM 0.03% 24,337 $647K New
WMT Walmart Inc. 0.03% 7,074 $639K Reduce -5.7%
ITOT iShares Core S&P Total U.S. 0.03% 4,830 $621K Reduce -6.8%
CHRW C.H. Robinson Worldwide Inc. 0.03% 5,992 $619K Add +0.5%
USB US Bancorp 0.03% 12,335 $590K Reduce -9.9%
IVV iShares Core S&P 500 ETF 0.03% 982 $578K Add +18.3%
DLS Wisdomtree Intl S/C DVD Fund 0.02% 8,816 $555K Reduce -0.1%
MAR Marriott International Class A 0.02% 1,974 $551K Add +0.2%
BMI Badger Meter Inc. 0.02% 2,550 $541K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.02% 1,297 $532K No change
PEP Pepsico Inc. 0.02% 3,450 $525K Reduce -7.2%
WTV Wisdomtree U.S. Value Fund 0.02% 6,181 $517K Reduce -2.1%
JNJ Johnson & Johnson 0.02% 3,494 $505K Add +1.6%
CVX Chevron Corp. 0.02% 3,350 $485K Add +6.5%
DFAS Dimensional US Small Cap ETF 0.02% 7,383 $480K Reduce -2.6%
SLYV SS SPDR S&P 600 SC Val ETF 0.02% 4,871 $425K No change
DFSE Dimensional Em Sus CORE1 ETF 0.02% 12,683 $420K Add +21.9%
EFV iShares MSCI Eafe Value ETF 0.02% 7,720 $405K No change
AHR American Healthcare REIT Inc. 0.02% 14,227 $404K No change
LLY Eli Lilly & Co. 0.02% 513 $396K Reduce -79.0%
SCHF Schwab Intl Equity ETF 0.02% 20,809 $385K Reduce -5.2%
QUAL iShares MSCI USA Quality Fac 0.02% 2,062 $367K No change
ABBV Abbvie Inc. 0.02% 2,029 $361K Add +28.8%
JPM JPMorgan Chase & Co. 0.01% 1,436 $344K Add +40.4%
UNP Union Pacific Corp. 0.01% 1,483 $338K Reduce -1.7%
IYT iShares US Transportation Et 0.01% 4,923 $333K No change
XEL Xcel Energy Inc. 0.01% 4,837 $327K Add +25.6%
FAST Fastenal Co. 0.01% 4,335 $312K Add +2.1%
TGT Target Corp. 0.01% 2,293 $310K Reduce -63.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 1,408 $310K Add +23.4%
JEF Jefferies Financial Group Inc. 0.01% 3,876 $304K Reduce -3.1%
V Visa Inc. Class A 0.01% 941 $297K Add +11.8%
VOO Vanguard S&P 500 ETF 0.01% 525 $283K Add +21.0%
AMP Ameriprise Financial Inc. 0.01% 530 $282K New
DE Deere & Co. 0.01% 625 $265K No change
DFUS Dimensional US Eq MKT ETF 0.01% 4,099 $261K Reduce -7.6%
GWX State Street SPDR S&P Intern 0.01% 8,009 $248K No change

Show all 112 holdings

Portfolio Sells Q3 2024 → Q4 2024
DSTL Distillate US Fundamental St Reduce -3.1% 12.74% −0.48
UNH Unitedhealth Group Inc. Reduce -5.1% 0.59% −0.11
LLY Eli Lilly & Co. Reduce -79.0% 0.02% −0.07
COWZ Pacer US Cash Cows 100 ETF Reduce -1.7% 4.20% −0.05
AVRE Avantis Real Estate ETF Reduce -9.4% 0.24% −0.05
DFAR Dimensional US Real Est ETF Reduce -24.8% 0.08% −0.03
ABT Abbott Laboratories Reduce -76.0% 0.01% −0.03
TGT Target Corp. Reduce -63.6% 0.01% −0.03
DHR Danaher Corp. Sold out 0.00% −0.03
SHW The Sherwin-Williams Co. Reduce -7.6% 0.14% −0.03
MSFT Microsoft Corp. Reduce -7.7% 0.33% −0.03
USIG iShares Broad Usd Investment Sold out 0.00% −0.01
VWO Vanguard Ftse Emerging Marke Reduce -8.8% 0.08% −0.01
ABNB Airbnb Inc. Class A Reduce -31.6% 0.03% −0.01
MMM 3M Co. Reduce -0.6% 0.34% −0.01
MCD McDonald's Corp. Sold out 0.00% −0.01
ACWV iShares MSCI Global Min Vol Sold out 0.00% −0.01
SCHO Schwab Short-Term US Treas Sold out 0.00% −0.01
OXY Occidental Petroleum Corp. Sold out 0.00% −0.01
FUL H.B. Fuller Co. Reduce -7.1% 0.03% −0.01
DUHP Dimensional US High Profi Et Reduce -8.0% 0.11% −0.01
PEP Pepsico Inc. Reduce -7.2% 0.02% −0.00
DFAT Dimensional US Target Value Reduce -3.8% 0.24% −0.00
SCHF Schwab Intl Equity ETF Reduce -5.2% 0.02% −0.00
VGSH Vanguard Short-Term Treasury Reduce -1.6% 0.74% −0.00
DSTX Distillate International Fun Reduce -9.5% 0.01% −0.00
DLS Wisdomtree Intl S/C DVD Fund Reduce -0.1% 0.02% −0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -1.9% 0.05% −0.00
UNP Union Pacific Corp. Reduce -1.7% 0.01% −0.00
SOLV Solventum Corp. Reduce -0.3% 0.03% −0.00
USB US Bancorp Reduce -9.9% 0.03% −0.00
ITOT iShares Core S&P Total U.S. Reduce -6.8% 0.03% −0.00
DFUS Dimensional US Eq MKT ETF Reduce -7.6% 0.01% −0.00
DFAS Dimensional US Small Cap ETF Reduce -2.6% 0.02% +0.00
COST Costco Wholesale Corp. Reduce -5.3% 0.03% +0.00
WTV Wisdomtree U.S. Value Fund Reduce -2.1% 0.02% +0.00
WMT Walmart Inc. Reduce -5.7% 0.03% +0.00
JEF Jefferies Financial Group Inc. Reduce -3.1% 0.01% +0.00
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -3.9% 0.35% +0.00
HON Honeywell International Inc. Reduce -0.2% 0.05% +0.01
GOOGL Alphabet Inc. Class A Reduce -0.7% 0.05% +0.01
ACN Accenture PLC Class A Reduce -0.5% 0.48% +0.01
VTI VG Morningstar TS MKT ETF-US Reduce -2.7% 2.07% +0.05

Portfolio Buys Q3 2024 → Q4 2024
BSV Vanguard Short-Term Bond ETF Add +10.0% 7.70% +0.77
VCSH Vanguard S/T Corp. Bond ETF Add +5.0% 10.15% +0.58
AAPL Apple Inc. Add +28.2% 0.63% +0.19
AVUV Avantis US Small Cap Value Add +0.8% 3.29% +0.13
IQLT iShares MSCI International Q Add +43.1% 0.27% +0.06
TSLA Tesla Inc. Add +1.6% 0.15% +0.06
AVEM Avantis Emerging Markets Eq Add +33.8% 0.21% +0.04
DFSU Dimensional US Sus CORE1 ETF Add +27.0% 0.12% +0.03
DISV Dimensional International SM New 0.03% +0.03
AVGO Broadcom Inc. Add +6.5% 0.08% +0.02
AMZN Amazon.com Inc. Add +7.5% 0.10% +0.02
VNQ Vanguard Real Estate ETF Add +8.0% 1.16% +0.02
NVDA Nvidia Corp. Add +19.2% 0.06% +0.02
HBAN Huntington Bancshares Inc. Add +0.4% 0.12% +0.01
DFIV Dimensional International Va Add +13.5% 0.16% +0.01
AMP Ameriprise Financial Inc. New 0.01% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +27.8% 0.04% +0.01
DFSI Dimensional Int Sus COR1 ETF Add +37.1% 0.05% +0.01
CAT Caterpillar Inc. New 0.01% +0.01
GOOG Alphabet Inc. Class C Add +6.4% 0.04% +0.01
WFC Wells Fargo & Co. Add +3.5% 0.03% +0.01
SUB iShares Short-Term National Add +19.1% 0.04% +0.01
QQQ Invesco QQQ Trust Series 1 Add +10.9% 0.04% +0.01
MCK McKesson Corp. Add +0.3% 0.04% +0.01
JPM JPMorgan Chase & Co. Add +40.4% 0.01% +0.01
META Meta Platforms Inc. Class A Add +6.6% 0.05% +0.01
IVV iShares Core S&P 500 ETF Add +18.3% 0.03% +0.00
XEL Xcel Energy Inc. Add +25.6% 0.01% +0.00
VB Vanguard Most SM-Cap ETF-Usd Add +5.0% 0.04% +0.00
MAR Marriott International Class A Add +0.2% 0.02% +0.00
V Visa Inc. Class A Add +11.8% 0.01% +0.00
IAU iShares Gold Trust Add +0.2% 0.12% +0.00
IBM Intl Business Machines Corp. Add +23.4% 0.01% +0.00
DFSE Dimensional Em Sus CORE1 ETF Add +21.9% 0.02% +0.00
VOO Vanguard S&P 500 ETF Add +21.0% 0.01% +0.00
ABBV Abbvie Inc. Add +28.8% 0.02% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +1.1% 0.10% +0.00
CVX Chevron Corp. Add +6.5% 0.02% +0.00
VIG Vanguard Dividend Apprec ETF Add +0.9% 0.06% +0.00
PG The Procter & Gamble Co. Add +13.4% 0.01% +0.00
VBR Vngrd Mrngst SL-CP Val ETF-U Add +1.3% 0.05% +0.00
DFUV Dimensional US Marketwide Va Add +0.6% 0.07% +0.00
FAST Fastenal Co. Add +2.1% 0.01% +0.00
GLD SPDR Gold Shares Add +0.3% 0.01% +0.00
IDEV iShares Core MSCI Dev MKTS Add +8.3% 0.01% +0.00
GGG Graco Inc. Add +0.8% 0.10% −0.00
IBRX Immunitybio Inc. Add +5.3% 0.00% −0.00
CHRW C.H. Robinson Worldwide Inc. Add +0.5% 0.03% −0.00
LMT Lockheed Martin Corp. Add +1.6% 0.01% −0.00
JNJ Johnson & Johnson Add +1.6% 0.02% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2024 112$2.3BSFGV, DSTL, VCSH, BSV, DIHP
Q3 2024 115$2.4BSFGV, DSTL, VCSH, BSV, DIHP
Q2 2024 106$2.1BSFGV, DSTL, VCSH, BSV, DIHP
Q1 2024 102$2.1BSFGV, DSTL, VCSH, BSV, DIHP