Evanson Asset Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), Evanson Asset Management, LLC reported 305 stock positions worth $1.4 billion. Its top holding was Dimensional US Core Equity 2 (DFAC) at 9.1% of the portfolio, followed by Sprott Physical Gold Trust (PHYS, 8.6%) and Apple (AAPL, 6.6%). Compared with Q4 2024, it opened 16 new positions, sold out of 16, added to 120 and reduced 96. The biggest buy was Dimensional International (DFIC, shares +6%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q1 2026
- Location
- CARMEL, CA
- CIK
- 0001626379
- Portfolio Value
- $1.4B (Q1 2025)
- SEC Filing
- 0001085146-25-002223 ↗ filed Apr 22, 2025
Holdings Value
Holdings 305 stocks · $1.4B
| DFAC Dimensional US Core Equity 2 | 9.09% | 3,887,805 | $128.3M | Reduce -3.8% |
| PHYS Sprott Physical Gold Trust | 8.57% | 5,026,589 | $120.9M | Reduce -5.7% |
| AAPL Apple Inc. | 6.56% | 416,595 | $92.5M | Reduce -1.5% |
| DFAS Dimensional US Small Cap ETF | 4.56% | 1,075,829 | $64.3M | Add +1.1% |
| DFAX Dimensional World Ex US Core | 4.43% | 2,384,699 | $62.5M | Reduce -9.6% |
| DFUS Dimensional US Eq MKT ETF | 4.16% | 969,812 | $58.7M | Reduce -0.2% |
| DFAT Dimensional US Target Value | 3.96% | 1,085,486 | $55.9M | Reduce -2.0% |
| DFUV Dimensional US Marketwide Va | 3.83% | 1,310,922 | $54.0M | Reduce -1.9% |
| DFIV Dimensional International Va | 3.50% | 1,253,809 | $49.3M | Reduce -1.9% |
| VTI VG Morningstar TS MKT ETF-US | 3.12% | 159,899 | $43.9M | Reduce -0.2% |
| METV Roundhill Ball Metaverse ETF | 2.72% | 66,490 | $38.3M | Reduce -9.3% |
| GOOGL Alphabet Inc. Class A | 2.16% | 196,768 | $30.4M | Reduce -0.7% |
| DFIS Dimensional International SM | 2.07% | 1,132,539 | $29.3M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 1.98% | 178,377 | $27.9M | Reduce -0.5% |
| DISV Dimensional International SM | 1.96% | 947,654 | $27.6M | Reduce -6.1% |
| DFSV Dimensional US Small Cap Val | 1.78% | 893,983 | $25.2M | Add +0.9% |
| VOO Vanguard S&P 500 ETF | 1.49% | 40,875 | $21.0M | Reduce -7.9% |
| DFIC Dimensional International Co. | 1.46% | 740,648 | $20.6M | Add +5.5% |
| DFAI Dimensional International Co. | 1.18% | 532,643 | $16.6M | Reduce -5.7% |
| VT Vanguard Tot World STK ETF | 1.12% | 135,693 | $15.7M | Add +0.2% |
| DFEM Dimensional Emrg MRKT Core | 0.97% | 517,544 | $13.7M | Add +10.0% |
| DFLV Dim US Large Cap Value ETF | 0.94% | 432,790 | $13.2M | Add +4.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.91% | 258,783 | $12.8M | Reduce -4.3% |
| DFEV Dimensional Emrg MRKT Val | 0.88% | 458,246 | $12.4M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 0.87% | 64,522 | $12.3M | Reduce -4.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.85% | 21,375 | $12.0M | Reduce -8.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.80% | 21,197 | $11.3M | Add +1.8% |
| MSFT Microsoft Corp. | 0.73% | 27,322 | $10.3M | Reduce -0.7% |
| ALRM Alarm.com Holdings Inc. | 0.67% | 169,786 | $9.4M | Reduce -19.2% |
| DFGR Dim Global Real Estate ETF | 0.62% | 333,335 | $8.8M | Add +9.9% |
| DHS Wisdomtree US High Dividend | 0.57% | 80,984 | $8.0M | Reduce -0.4% |
| NVDA Nvidia Corp. | 0.56% | 73,415 | $8.0M | Add +43.6% |
| IJS iShares S&P Small-Cap 600 Va | 0.54% | 77,927 | $7.6M | Add +0.1% |
| VYM Vanguard High DVD Yield ETF | 0.51% | 55,316 | $7.1M | Add +0.4% |
| IWB iShares Russell 1000 ETF | 0.43% | 19,805 | $6.1M | Add +0.1% |
| ACN Accenture PLC Class A | 0.41% | 18,388 | $5.7M | Add +2.2% |
| DLS Wisdomtree Intl S/C DVD Fund | 0.40% | 84,635 | $5.6M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 0.39% | 89,882 | $5.5M | Reduce -1.3% |
| VNQ Vanguard Real Estate ETF | 0.32% | 50,188 | $4.5M | Add +0.1% |
| VXUS Vanguard Total Intl Stock | 0.29% | 66,916 | $4.2M | Add +25.2% |
| DTH Wisdomtree International Hig | 0.29% | 96,459 | $4.1M | Reduce -0.6% |
| DFNM Dimensional National Muni BD | 0.29% | 84,812 | $4.0M | Reduce -11.5% |
| VIG Vanguard Dividend Apprec ETF | 0.28% | 20,464 | $4.0M | Add +0.2% |
| XLK SS Technology Select Sector | 0.27% | 18,246 | $3.8M | Add +0.1% |
| IWF iShares Russell 1000 Growth | 0.26% | 10,100 | $3.6M | Add +20.2% |
| BSVO EA Bridgeway Omni Sm-Cp Val | 0.26% | 186,370 | $3.6M | No change |
| DFAR Dimensional US Real Est ETF | 0.25% | 151,142 | $3.6M | Reduce -31.6% |
| DFAW Dimensional World Eqty ETF | 0.25% | 58,096 | $3.6M | Add +26.3% |
| OKE Oneok Inc. | 0.25% | 34,924 | $3.5M | Add +0.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.24% | 19,953 | $3.4M | Reduce -5.5% |
| DUHP Dimensional US High Profi Et | 0.23% | 98,824 | $3.3M | Add +47.8% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.23% | 12,737 | $3.3M | Reduce -2.2% |
| IVV iShares Core S&P 500 ETF | 0.22% | 5,600 | $3.1M | Add +0.1% |
| DES Wisdomtree US Smallcap Divid | 0.21% | 92,446 | $3.0M | Add +0.2% |
| EFA iShares MSCI Eafe ETF | 0.20% | 34,980 | $2.9M | Reduce -0.7% |
| SLV iShares Silver Trust | 0.20% | 91,803 | $2.8M | Add +0.1% |
| VEA Vanguard Ftse Developed ETF | 0.20% | 55,242 | $2.8M | Add +1.8% |
| ABCS Alpha Blue Cap US S-M DYN | 0.20% | 101,006 | $2.8M | Add +0.3% |
| IWD iShares Russell 1000 Value E | 0.19% | 14,333 | $2.7M | Add +6.2% |
| CVX Chevron Corp. | 0.19% | 15,687 | $2.6M | Reduce -2.7% |
| VSS Vanguard Ftse All Wo X-US SC | 0.18% | 22,436 | $2.6M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.18% | 21,682 | $2.6M | Reduce -7.7% |
| VTES Vanguard SH Term Tax-Ex Bond | 0.18% | 24,819 | $2.5M | Reduce -3.6% |
| EPD Enterprise Products Partners | 0.18% | 72,835 | $2.5M | Reduce -0.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.18% | 13,330 | $2.5M | Add +7.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.17% | 32,640 | $2.5M | No change |
| CORT Corcept Therapeutics Inc. | 0.17% | 20,915 | $2.4M | No change |
| TSLA Tesla Inc. | 0.17% | 8,997 | $2.3M | Add +13.3% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.16% | 30,492 | $2.2M | No change |
| DIHP Dimensional International Hi | 0.16% | 82,418 | $2.2M | Add +5.5% |
| VWO Vanguard Ftse Emerging Marke | 0.16% | 48,522 | $2.2M | Add +2.1% |
| VPL Vanguard Ftse Pacific ETF | 0.16% | 30,267 | $2.2M | Reduce -0.3% |
| BND Vanguard Total Bond Market | 0.15% | 29,296 | $2.2M | Add +1.3% |
| JNJ Johnson & Johnson | 0.15% | 12,974 | $2.2M | Reduce -3.2% |
| VGK Vanguard Ftse Europe ETF | 0.15% | 30,430 | $2.1M | Reduce -1.6% |
| IJR iShares Core S&P Small-Cap E | 0.15% | 20,344 | $2.1M | Reduce -7.6% |
| DVY iShares Select Dividend ETF | 0.15% | 15,840 | $2.1M | Reduce -2.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.15% | 5,661 | $2.1M | Add +1.4% |
| DFAE Dimensional Emerging Core Eq | 0.14% | 77,298 | $2.0M | Add +2.9% |
| BSV Vanguard Short-Term Bond ETF | 0.14% | 25,481 | $2.0M | Add +0.3% |
| IVW iShares S&P 500 Growth ETF | 0.14% | 21,462 | $2.0M | Reduce -23.4% |
| VGT Vanguard Info Tech ETF | 0.14% | 3,626 | $2.0M | Reduce -9.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.14% | 8,715 | $1.9M | Add +8.7% |
| VDE Vanguard Energy ETF | 0.13% | 13,744 | $1.8M | Add +0.4% |
| IYR iShares US Real Estate ETF | 0.12% | 18,372 | $1.8M | Add +0.2% |
| AVGE Avantis All Eqty Mrkts ETF | 0.12% | 23,897 | $1.7M | Add +1.2% |
| ADBE Adobe Inc. | 0.12% | 4,432 | $1.7M | Reduce -0.9% |
| SCHD Schwab US DVD Equity ETF | 0.12% | 60,717 | $1.7M | Add +7.1% |
| MUB iShares National Muni Bond E | 0.12% | 15,500 | $1.6M | New |
| VFH Vanguard Financials ETF | 0.12% | 13,674 | $1.6M | Add +0.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.11% | 2 | $1.6M | New |
| PG The Procter & Gamble Co. | 0.11% | 9,278 | $1.6M | Reduce -3.8% |
| DFCF Dimensional Core Fixed Inc. | 0.11% | 37,012 | $1.6M | Add +0.3% |
| AVUV Avantis US Small Cap Value | 0.11% | 17,286 | $1.5M | Add +22.7% |
| IWC iShares Micro-Cap ETF | 0.11% | 13,538 | $1.5M | Add +0.1% |
| SCHF Schwab Intl Equity ETF | 0.10% | 74,869 | $1.5M | No change |
| SCHX Schwab US Large-Cap ETF | 0.10% | 66,956 | $1.5M | Add +2.0% |
| AVDE Avantis International Equity | 0.10% | 22,205 | $1.5M | Reduce -0.3% |
| VCR Vanguard Consumer Discre ETF | 0.10% | 4,364 | $1.4M | Add +0.1% |
| LLY Eli Lilly & Co. | 0.10% | 1,710 | $1.4M | Add +15.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $610K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 251 | $310K | Add +2.5% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 250 | $300K | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -1.5% | 6.56% | −0.70 |
| DFAC Dimensional US Core Equity 2 | Reduce -3.8% | 9.09% | −0.49 |
| GOOGL Alphabet Inc. Class A | Reduce -0.7% | 2.16% | −0.41 |
| GOOG Alphabet Inc. Class C | Reduce -0.5% | 1.98% | −0.36 |
| DFAT Dimensional US Target Value | Reduce -2.0% | 3.96% | −0.26 |
| METV Roundhill Ball Metaverse ETF | Reduce -9.3% | 2.72% | −0.23 |
| ALRM Alarm.com Holdings Inc. | Reduce -19.2% | 0.67% | −0.21 |
| VOO Vanguard S&P 500 ETF | Reduce -7.9% | 1.49% | −0.15 |
| AMZN Amazon.com Inc. | Reduce -4.0% | 0.87% | −0.14 |
| DFAR Dimensional US Real Est ETF | Reduce -31.6% | 0.25% | −0.10 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -8.4% | 0.85% | −0.09 |
| DFUS Dimensional US Eq MKT ETF | Reduce -0.2% | 4.16% | −0.09 |
| MSFT Microsoft Corp. | Reduce -0.7% | 0.73% | −0.07 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.2% | 3.12% | −0.07 |
| DFAX Dimensional World Ex US Core | Reduce -9.6% | 4.43% | −0.07 |
| IVW iShares S&P 500 Growth ETF | Reduce -23.4% | 0.14% | −0.05 |
| ICSH iShares Ultra Short Duration | Sold out | 0.00% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -67.6% | 0.02% | −0.04 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.04 |
| EFAV iShares MSCI Eafe Min Vol Fa | Sold out | 0.00% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -9.2% | 0.14% | −0.03 |
| DFNM Dimensional National Muni BD | Reduce -11.5% | 0.29% | −0.03 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -7.6% | 0.15% | −0.02 |
| AMD Advanced Micro Devices | Reduce -6.7% | 0.09% | −0.02 |
| BEP Brookfield Renewable Partner | Sold out | 0.00% | −0.02 |
| O Realty Income Corp. | Sold out | 0.00% | −0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -4.3% | 0.91% | −0.02 |
| MDB Mongodb Inc. | Sold out | 0.00% | −0.02 |
| ALGN Align Technology Inc. | Sold out | 0.00% | −0.02 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.02 |
| ADBE Adobe Inc. | Reduce -0.9% | 0.12% | −0.02 |
| MSTR Strategy Inc. | Reduce -31.8% | 0.04% | −0.02 |
| CRM Salesforce Inc. | Reduce -38.2% | 0.02% | −0.01 |
| DHR Danaher Corp. | Reduce -21.1% | 0.04% | −0.01 |
| IWP iShares Russell Mid-Cap Grow | Sold out | 0.00% | −0.01 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.01 |
| ILCB iShares Morningstar U.S. Equ | Sold out | 0.00% | −0.01 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -45.3% | 0.02% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -18.9% | 0.08% | −0.01 |
| AVEM Avantis Emerging Markets Eq | Reduce -38.6% | 0.02% | −0.01 |
| AES AES Corp. | Sold out | 0.00% | −0.01 |
| WELL Welltower Inc. | Reduce -47.4% | 0.02% | −0.01 |
| IVE iShares S&P 500 Value ETF | Reduce -15.3% | 0.06% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -4.4% | 0.03% | −0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -2.2% | 0.23% | −0.01 |
| WMT Walmart Inc. | Reduce -14.7% | 0.05% | −0.01 |
| DIS The Walt Disney Co. | Reduce -21.2% | 0.02% | −0.01 |
| IWM iShares Russell 2000 ETF | Reduce -3.4% | 0.07% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| DFIC Dimensional International Co. | Add +5.5% | 1.46% | +0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.8% | 0.80% | +0.15 |
| DFEM Dimensional Emrg MRKT Core | Add +10.0% | 0.97% | +0.13 |
| MUB iShares National Muni Bond E | New | 0.12% | +0.12 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.11% | +0.11 |
| NVDA Nvidia Corp. | Add +43.6% | 0.56% | +0.09 |
| DFGR Dim Global Real Estate ETF | Add +9.9% | 0.62% | +0.09 |
| DFLV Dim US Large Cap Value ETF | Add +4.8% | 0.94% | +0.09 |
| VXUS Vanguard Total Intl Stock | Add +25.2% | 0.29% | +0.08 |
| DUHP Dimensional US High Profi Et | Add +47.8% | 0.23% | +0.08 |
| DFAW Dimensional World Eqty ETF | Add +26.3% | 0.25% | +0.06 |
| VEEV Veeva Systems Inc. Class A | New | 0.04% | +0.04 |
| SLV iShares Silver Trust | Add +0.1% | 0.20% | +0.04 |
| BBNX Beta Bionics Inc. | New | 0.03% | +0.03 |
| SCHO Schwab Short-Term US Treas | Add +57.1% | 0.08% | +0.03 |
| DXUV Dimensional US Vtor Eqty ETF | Add +141.9% | 0.05% | +0.03 |
| OKTA Okta Inc. | Add +90.3% | 0.05% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +20.2% | 0.26% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.03% | +0.03 |
| VT Vanguard Tot World STK ETF | Add +0.2% | 1.12% | +0.03 |
| VYM Vanguard High DVD Yield ETF | Add +0.4% | 0.51% | +0.02 |
| DIHP Dimensional International Hi | Add +5.5% | 0.16% | +0.02 |
| LLY Eli Lilly & Co. | Add +15.8% | 0.10% | +0.02 |
| VEA Vanguard Ftse Developed ETF | Add +1.8% | 0.20% | +0.02 |
| ABBV Abbvie Inc. | Add +21.5% | 0.06% | +0.02 |
| IWD iShares Russell 1000 Value E | Add +6.2% | 0.19% | +0.02 |
| VGSH Vanguard Short-Term Treasury | Add +69.6% | 0.05% | +0.02 |
| LOW Lowe's Cos Inc. | New | 0.02% | +0.02 |
| SPOT Spotify Technology SA | New | 0.02% | +0.02 |
| SO The Southern Co. | New | 0.02% | +0.02 |
| PH Parker Hannifin Corp. | New | 0.02% | +0.02 |
| AVGV Avantis All Eq MKTS Val ETF | Add +19.0% | 0.09% | +0.02 |
| ED Consolidated Edison Inc. | New | 0.02% | +0.02 |
| MA Mastercard Inc. Class A | Add +12.3% | 0.10% | +0.02 |
| CARR Carrier Global Corp. | New | 0.02% | +0.02 |
| SHW The Sherwin-Williams Co. | New | 0.02% | +0.02 |
| SGOV iShares 0-3 Month Treasury B | Add +84.1% | 0.03% | +0.02 |
| VNQ Vanguard Real Estate ETF | Add +0.1% | 0.32% | +0.02 |
| AEP American Electric Power | New | 0.02% | +0.02 |
| T AT&T Inc. | Add +31.4% | 0.04% | +0.01 |
| ADP Automatic Data Processing | Add +71.7% | 0.03% | +0.01 |
| AVLV Avantis US Large Cap Value | New | 0.01% | +0.01 |
| IDV iShares International Select | New | 0.01% | +0.01 |
| SCHD Schwab US DVD Equity ETF | Add +7.1% | 0.12% | +0.01 |
| AVUV Avantis US Small Cap Value | Add +22.7% | 0.11% | +0.01 |
| VDE Vanguard Energy ETF | Add +0.4% | 0.13% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +2.1% | 0.16% | +0.01 |
| TJX TJX Companies Inc. | Add +77.1% | 0.03% | +0.01 |
| DFAE Dimensional Emerging Core Eq | Add +2.9% | 0.14% | +0.01 |
| VUSB Vanguard Ultra Short Bond Et | Add +14.6% | 0.07% | +0.01 |
Notes & Other Activity Q4 2024 → Q1 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +2.5% | 251 | $310K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026 | 319 | $1.9B | DFAC, VBIL, PHYS, DFAS, DFAX |
| Q4 2025 | 324 | $1.9B | DFAC, VBIL, PHYS, DFAS, DFAX |
| Q3 2025 | 321 | $1.8B | DFAC, PHYS, VBIL, DFAS, AAPL |
| Q2 2025 | 323 | $1.6B | DFAC, PHYS, VBIL, DFAX, AAPL |
| Q1 2025 | 305 | $1.4B | DFAC, PHYS, AAPL, DFAS, DFAX |
| Q4 2024 | 305 | $1.5B | DFAC, PHYS, AAPL, DFAS, DFAX |
| Q3 2024 | 303 | $1.4B | DFAC, PHYS, AAPL, DFAX, DFAS |
| Q2 2024 | 297 | $1.4B | DFAC, PHYS, AAPL, DFAX, METV |
| Q1 2024 | 305 | $1.3B | DFAC, PHYS, AAPL, DFAX, DFAT |