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

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.4B $1.4B Q1 2025 Q2 2025: $1.6B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.9B Q1 2026

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%
SCZ iShares MSCI Eafe Small-Cap 0.10% 22,113 $1.4M No change
DEM Wisdomtree Emerging Markets 0.10% 33,182 $1.4M Add +1.4%
AVDV Avantis Intl S/C Value ETF 0.10% 20,016 $1.4M Reduce -13.7%
MA Mastercard Inc. Class A 0.10% 2,502 $1.4M Add +12.3%
APPF Appfolio Inc. Class A 0.09% 6,087 $1.3M Add +1.4%
AVGV Avantis All Eq MKTS Val ETF 0.09% 21,643 $1.3M Add +19.0%
QQQM Invesco Nasdaq 100 ETF 0.09% 6,730 $1.3M Add +1.2%
AMD Advanced Micro Devices 0.09% 12,612 $1.3M Reduce -6.7%
SPYM Ste STR SPDR PT S&P 500 ETF 0.09% 19,124 $1.3M Add +0.3%
XYZ Block Inc. 0.09% 22,500 $1.2M No change
SCHO Schwab Short-Term US Treas 0.08% 48,020 $1.2M Add +57.1%
DFAU Dimensional US Core Equity M 0.08% 29,450 $1.1M Add +0.0%
JPM JPMorgan Chase & Co. 0.08% 4,402 $1.1M Reduce -18.9%
GSG iShares S&P Gsci Commodity I 0.08% 47,347 $1.1M Reduce -0.7%
XLI SS Industrial Select Sector 0.08% 8,193 $1.1M Add +0.2%
AXP American Express Co. 0.08% 3,989 $1.1M No change
DGS Wisdomtree Em Small Cap 0.07% 21,829 $1.1M Add +0.0%
SYLD Cambria Shareholder Yield Et 0.07% 16,483 $1.1M No change
EEM iShares MSCI Emerging Market 0.07% 23,885 $1.0M No change
MDY State Street SPDR S&P Midcap 0.07% 1,949 $1.0M Reduce -0.1%
DEHP Dimensional Emrg MRK Hi Prof 0.07% 40,602 $1.0M Add +0.5%
INTU Intuit Inc. 0.07% 1,663 $1.0M Reduce -4.9%
IWM iShares Russell 2000 ETF 0.07% 5,106 $1.0M Reduce -3.4%
IGV iShares Expanded Tech-Softwa 0.07% 11,226 $999K No change
VUSB Vanguard Ultra Short Bond Et 0.07% 19,827 $988K Add +14.6%
IWN iShares Russell 2000 Value E 0.07% 6,427 $970K No change
IJH iShares Core S&P Midcap ETF 0.07% 16,433 $959K Add +0.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.07% 3,562 $921K Add +0.0%
AVUS Avantis U.S. Equity ETF 0.06% 9,917 $916K Reduce -4.1%
BIV Vanguard Intermediate-Term B 0.06% 11,834 $906K Add +0.3%
IVE iShares S&P 500 Value ETF 0.06% 4,721 $900K Reduce -15.3%
ABBV Abbvie Inc. 0.06% 4,281 $897K Add +21.5%
DXIV Dimensional Intr Vtor E ETF 0.06% 17,263 $896K Add +1.6%
ICF iShares Select U.S. REIT ETF 0.06% 14,275 $878K No change
VTIP Vanguard Short-Term Tips 0.06% 17,579 $877K No change
AVIV Avantis Intl LRG Cap Val ETF 0.06% 15,146 $858K Add +2.9%
IEMG iShares Core MSCI Emerging 0.06% 15,722 $849K No change
SCHK Schwab 1000 Index ETF 0.06% 31,421 $846K Reduce -0.5%
MCD McDonald's Corp. 0.06% 2,704 $845K Reduce -13.4%
PM Philip Morris International 0.06% 5,256 $834K Reduce -6.1%
SHY iShares 1-3 Year Treasury Bo 0.06% 9,551 $790K Add +0.5%
V Visa Inc. Class A 0.06% 2,240 $785K Reduce -4.0%
ORCL Oracle Corp. 0.06% 5,554 $776K Add +22.4%
XLP SS Consumer Staples Sel Sect 0.05% 9,485 $775K Add +0.3%
SCHB Schwab US Broad Market ETF 0.05% 35,312 $760K Add +4.2%
DXUV Dimensional US Vtor Eqty ETF 0.05% 14,482 $728K Add +141.9%
WMT Walmart Inc. 0.05% 7,843 $689K Reduce -14.7%
NFLX Netflix Inc. 0.05% 729 $680K Reduce -11.0%
WDAY Workday Inc. Class A 0.05% 2,890 $675K Reduce -3.4%
FMDE Fidelity Enhanced Mid Cap Co. 0.05% 21,316 $668K Add +0.3%
NOW ServiceNow Inc. 0.05% 838 $667K No change
OKTA Okta Inc. 0.05% 6,244 $657K Add +90.3%
IHF iShares U.S. Healthcare Prov 0.05% 12,189 $644K Add +0.1%
VGSH Vanguard Short-Term Treasury 0.05% 10,942 $642K Add +69.6%
DOL Wisdomtree TR DVLP Intnl-Usd 0.05% 11,545 $636K Add +0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 2,528 $629K Add +12.1%
QCOM Qualcomm Inc. 0.04% 4,092 $629K Reduce -17.6%
FNDX Schwab Fndmntl US LRG Co. ETF 0.04% 26,442 $624K No change
MCHI iShares MSCI China ETF 0.04% 11,282 $614K No change
BA The Boeing Co. 0.04% 3,579 $610K Reduce -8.0%
VEEV Veeva Systems Inc. Class A 0.04% 2,599 $602K New
HD Home Depot Inc. 0.04% 1,623 $595K Reduce -7.5%
COST Costco Wholesale Corp. 0.04% 627 $593K Reduce -16.1%
PSLV Sprott Physical Silver Trust 0.04% 50,300 $583K No change
FNDF Schwab Fndmn Intl LRG Co. ETF 0.04% 15,982 $578K No change
EFV iShares MSCI Eafe Value ETF 0.04% 9,652 $569K No change
UNP Union Pacific Corp. 0.04% 2,391 $565K Reduce -12.2%
AMGN Amgen Inc. 0.04% 1,801 $561K Add +8.2%
JPST JPMorgan Ultra-Short Income 0.04% 10,951 $554K Add +9.5%
DHR Danaher Corp. 0.04% 2,660 $545K Reduce -21.1%
WTW Willis Towers Watson PLC 0.04% 1,576 $533K No change
ABT Abbott Laboratories 0.04% 4,014 $532K Reduce -1.5%
DXYZ Destiny TECH100 Inc. 0.04% 15,000 $531K No change
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.04% 1,803 $520K Reduce -31.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.04% 6,555 $517K Reduce -4.5%
DJP Ipath Bloomberg Commodity Inc. filed as BARCLAYS BANK PLC 0.04% 14,538 $513K No change
SCHG Schwab US Large-Cap Growth 0.04% 20,260 $507K Add +1.1%
T AT&T Inc. 0.04% 17,835 $504K Add +31.4%
SGOV iShares 0-3 Month Treasury B 0.03% 4,858 $489K Add +84.1%
SON Sonoco Products Co. 0.03% 2,927 $486K Reduce -8.4%
IDU iShares US Utilities ETF 0.03% 4,753 $482K Add +0.1%
BBNX Beta Bionics Inc. 0.03% 38,772 $475K New
VNQI Vanguard GLBL Ex-US Real Est 0.03% 11,647 $471K Reduce -3.5%
SCHA Schwab US Small-Cap ETF 0.03% 20,075 $470K Add +0.6%
KMI Kinder Morgan Inc. 0.03% 16,408 $468K Add +24.0%
IWS iShares Russell Mid-Cap Valu 0.03% 3,697 $466K Add +0.0%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,844 $464K Add +0.1%
IYY iShares Dow Jones U.S. ETF 0.03% 3,398 $462K Add +0.3%
ITOT iShares Core S&P Total U.S. 0.03% 3,771 $460K Add +6.0%
DON Wisdomtree US Midcap Dividen 0.03% 9,202 $456K Add +0.1%
SHOP Shopify Inc. Class A 0.03% 4,761 $455K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.03% 10,485 $454K No change
CVLT Commvault Systems Inc. 0.03% 2,860 $451K No change
DCOR Dimensional US Core Eq 1 ETF 0.03% 7,295 $447K Add +23.6%
IWV iShares Russell 3000 ETF 0.03% 1,406 $447K No change
ADP Automatic Data Processing 0.03% 1,461 $446K Add +71.7%
GPI Group 1 Automotive Inc. 0.03% 1,150 $439K No change
AEM Agnico Eagle Mines Ltd. 0.03% 4,023 $436K No change
PDBC Invesco Optimum Yield Divers 0.03% 31,573 $430K Reduce -18.2%
UNH Unitedhealth Group Inc. 0.03% 797 $417K Add +23.0%
ZETA Zeta Global Holdings Corp. Class A 0.03% 30,612 $415K No change
CAT Caterpillar Inc. 0.03% 1,250 $412K Reduce -7.4%
TIP iShares Tips Bond ETF 0.03% 3,672 $408K No change
VOE Vngrd Mrngstr MD-Cap Val ETF 0.03% 2,482 $398K Add +0.5%
SCHE Schwab Emrg Mrkts Eqty ETF 0.03% 14,055 $387K No change
INFL Horizon Kinetics Infl Benef 0.03% 9,492 $386K Add +0.4%
MO Altria Group Inc. 0.03% 6,366 $382K Reduce -17.3%
BAR Graniteshares Gold Trust 0.03% 12,204 $376K No change
AVSC Avantis US Small Cap Equity 0.03% 7,716 $373K Add +0.3%
PYPL PayPal Holdings Inc. 0.03% 5,720 $373K Reduce -4.4%
APPN Appian Corp. Class A 0.03% 12,943 $373K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.03% 10,235 $373K No change
TSM Taiwan Semiconductor-SP ADR 0.03% 2,217 $368K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 2,983 $363K Add +77.1%
IBIT iShares Bitcoin Trust ETF 0.03% 7,680 $360K Add +40.5%
HEFA Isha Curr Hedged MSCI Eafe 0.03% 9,831 $357K No change
BL Blackline Inc. 0.03% 7,350 $356K No change
STT State Street Corp. 0.03% 3,975 $356K No change
VCIT Vanguard Int-Term Corporate 0.03% 4,350 $356K Add +0.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.03% 8,464 $354K No change
AVDS Avantis Intl SM Cap Eq ETF 0.02% 6,437 $350K No change
EFG iShares MSCI Eafe Growth ETF 0.02% 3,428 $343K No change
ESNT Essent Group Ltd. 0.02% 5,934 $343K No change
STPZ PIMCO 1-5 Year US Tips Index 0.02% 6,306 $341K No change
VEU Vanguard Ftse All-World Ex-U 0.02% 5,540 $336K Add +0.1%
DUSB Dimension Ultrashort Fi ETF 0.02% 6,418 $326K Add +0.6%
AVEM Avantis Emerging Markets Eq 0.02% 5,384 $324K Reduce -38.6%
FTNT Fortinet Inc. 0.02% 3,363 $324K No change
MRK Merck & Co. Inc. 0.02% 3,499 $314K Add +6.5%
IEUR iShares Core MSCI Europe ETF 0.02% 5,217 $314K No change
XLE SS Energy Select Sector 0.02% 3,345 $313K Add +0.2%
SBUX Starbucks Corp. 0.02% 3,160 $310K Add +0.1%
WELL Welltower Inc. 0.02% 1,988 $305K Reduce -47.4%
CYRX Cryoport Inc. 0.02% 50,000 $304K No change
BNDX Vanguard Total Intl Bond ETF 0.02% 6,158 $301K Reduce -5.8%
SCHV Schwab US Large-Cap Value 0.02% 11,298 $300K Reduce -2.2%
DFCA Dimensional Calfornia MB ETF 0.02% 5,977 $296K Add +1.6%
FLOT iShares Floating Rate Bond E 0.02% 5,790 $296K Add +0.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,931 $289K Reduce -21.2%
VPU Vanguard Utilities ETF 0.02% 1,683 $287K No change
BMVP Invesco Bloomberg MVP Multi- 0.02% 6,021 $287K No change
NEE Nextera Energy Inc. 0.02% 4,047 $287K Reduce -6.6%
VHT Vanguard Health Care ETF 0.02% 1,082 $286K Add +1.2%
EEMV iShares MSCI Emg MKT Min Vol 0.02% 4,844 $283K No change
RWO State Street SPDR Dow Jones 0.02% 6,467 $282K Reduce -1.2%
COP Conocophillips 0.02% 2,668 $280K Add +10.6%
VZ Verizon Communications Inc. 0.02% 6,171 $280K Add +18.6%
CL Colgate-Palmolive Co. 0.02% 2,968 $278K Reduce -67.6%
AGI Alamos Gold Inc. Class A 0.02% 10,400 $278K No change
PFE Pfizer Inc. 0.02% 10,872 $276K Reduce -27.1%
IGSB iShares 1-5Y Inv Grade Corp. 0.02% 5,251 $275K Add +0.7%
VRTX Vertex Pharmaceuticals Inc. 0.02% 566 $275K No change
LOW Lowe's Cos Inc. 0.02% 1,176 $274K New
SCHR Schwab Intermediate-Term US 0.02% 10,988 $273K Add +0.7%
SPOT Spotify Technology SA 0.02% 494 $272K New
XLB SS Materials Select Sector 0.02% 3,152 $271K Add +0.3%
IGIB iShares 5-10Y Inv Grade Corp. 0.02% 5,102 $268K No change
CRWD CrowdStrike Holdings Inc. Class A 0.02% 747 $263K Add +2.8%
INTC Intel Corp. 0.02% 11,510 $261K Reduce -13.3%
VXF Vanguard Extended Market ETF 0.02% 1,512 $260K No change
SPYX SS SPDR S&P 500 Foss FL ETF 0.02% 5,648 $258K No change
SO The Southern Co. 0.02% 2,779 $256K New
CMG Chipotle Mexican Grill Inc. 0.02% 5,070 $255K Add +1.0%
CET Central Securities Corp. 0.02% 5,653 $254K No change
FCX Freeport-McMoran Inc. 0.02% 6,700 $254K Reduce -26.1%
NOBL Proshares S&P 500 Dividend A 0.02% 2,467 $252K No change
PH Parker Hannifin Corp. 0.02% 414 $252K New
ILCG iShares Morningstar Growth E 0.02% 3,100 $251K No change
AVRE Avantis Real Estate ETF 0.02% 5,717 $246K Add +0.5%
ED Consolidated Edison Inc. 0.02% 2,200 $243K New
MGNI Magnite Inc. 0.02% 21,171 $242K No change
AVSD Avantis Reps Intern Equi ETF 0.02% 4,004 $240K No change
BKNG Booking Holdings Inc. 0.02% 51 $235K No change
SHW The Sherwin-Williams Co. 0.02% 671 $234K New
CARR Carrier Global Corp. 0.02% 3,688 $234K New
GD General Dynamics Corp. 0.02% 857 $234K Reduce -10.4%
BINC iShares Flex I A ETF-Usd Inc. 0.02% 4,447 $233K No change
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.02% 948 $232K Reduce -19.1%
STIP iShares 0-5 Year Tips Bond E 0.02% 2,241 $232K No change
IUSV iShares Core S&P U.S. Value 0.02% 2,501 $231K Add +0.4%
BIP Brookfield Infrastructure Pa 0.02% 7,715 $230K No change
XSVM Invesco S&P Smallcap Value W 0.02% 4,455 $224K No change
DE Deere & Co. 0.02% 476 $223K Add +0.4%
CRM Salesforce Inc. 0.02% 820 $220K Reduce -38.2%
PEP Pepsico Inc. 0.02% 1,459 $219K Reduce -31.0%
AEP American Electric Power 0.02% 1,995 $218K New
TMO Thermo Fisher Scientific Inc. 0.02% 435 $216K Reduce -45.3%
GS Goldman Sachs Group Inc. 0.02% 396 $216K Add +11.2%
IMCG iShares Morningstar Mid-Cap 0.02% 3,000 $214K No change
FDX FedEx Corp. 0.02% 879 $214K Add +6.0%
SMR Nuscale Power Corp. 0.02% 15,000 $212K Add +36.4%
SPYG SS SPDR P S&P 500 Growth ETF 0.01% 2,604 $209K Reduce -5.4%
AVLV Avantis US Large Cap Value 0.01% 3,106 $203K New
SMH Vaneck Semiconductor ETF 0.01% 952 $201K Reduce -9.5%
IDV iShares International Select 0.01% 6,459 $200K New
TLRY Tilray Brands Inc. 0.01% 262,798 $173K No change
COMP Compass Inc. Class A 0.01% 19,500 $170K No change
KRP Kimbell Royalty Partners LP 0.01% 10,472 $147K New
AAL American Airlines Group Inc. 0.01% 11,084 $117K Reduce -8.3%
PBI Pitney Bowes Inc. 0.01% 10,990 $99K Add +0.6%
NGD New Gold Inc. 0.01% 26,584 $99K No change
RWT Redwood Trust Inc. 0.01% 14,000 $85K No change
LTBR Lightbridge Corp. 0.01% 10,000 $75K No change
BARK Bark Inc. 0.00% 23,000 $32K No change
ATOS Atossa Therapeutics Inc. 0.00% 10,000 $7K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $610K (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 251$310KAdd +2.5%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 250$300KNo 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

QuarterPositions13F Reported ValueTop Holdings
Q1 2026 319$1.9BDFAC, VBIL, PHYS, DFAS, DFAX
Q4 2025 324$1.9BDFAC, VBIL, PHYS, DFAS, DFAX
Q3 2025 321$1.8BDFAC, PHYS, VBIL, DFAS, AAPL
Q2 2025 323$1.6BDFAC, PHYS, VBIL, DFAX, AAPL
Q1 2025 305$1.4BDFAC, PHYS, AAPL, DFAS, DFAX
Q4 2024 305$1.5BDFAC, PHYS, AAPL, DFAS, DFAX
Q3 2024 303$1.4BDFAC, PHYS, AAPL, DFAX, DFAS
Q2 2024 297$1.4BDFAC, PHYS, AAPL, DFAX, METV
Q1 2024 305$1.3BDFAC, PHYS, AAPL, DFAX, DFAT