Evanson Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Evanson Asset Management, LLC reported 321 stock positions worth $1.8 billion. Its top holding was Dimensional US Core Equity 2 (DFAC) at 8.7% of the portfolio, followed by Sprott Physical Gold Trust (PHYS, 7.6%) and Vanguard 0-3M T-Bill ETF (VBIL, 5.8%). Compared with Q2 2025, it opened 19 new positions, sold out of 21, added to 146 and reduced 75. The biggest buy was Vanguard 0-3M T-Bill ETF (VBIL, shares +29%) and the biggest sale Roundhill Ball Metaverse ETF (METV, shares −6%).
- Most Recent 13F
- Q1 2026
- Location
- CARMEL, CA
- CIK
- 0001626379
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0001085146-25-005927 ↗ filed Oct 14, 2025
Holdings Value
Holdings 321 stocks · $1.8B
| DFAC Dimensional US Core Equity 2 | 8.68% | 3,991,274 | $153.9M | Reduce -0.1% |
| PHYS Sprott Physical Gold Trust | 7.58% | 4,538,192 | $134.4M | Reduce -6.3% |
| VBIL Vanguard 0-3M T-Bill ETF | 5.81% | 1,361,727 | $103.0M | Add +29.5% |
| DFAS Dimensional US Small Cap ETF | 4.43% | 1,146,929 | $78.5M | Add +6.2% |
| AAPL Apple Inc. | 4.28% | 298,167 | $75.9M | Reduce -12.3% |
| DFAX Dimensional World Ex US Core | 4.16% | 2,350,070 | $73.7M | Reduce -1.5% |
| DFUS Dimensional US Eq MKT ETF | 3.75% | 917,920 | $66.5M | Reduce -3.0% |
| DFAT Dimensional US Target Value | 3.60% | 1,095,335 | $63.8M | Reduce -0.5% |
| DFIV Dimensional International Va | 3.53% | 1,356,519 | $62.6M | Add +4.0% |
| DFUV Dimensional US Marketwide Va | 3.32% | 1,317,812 | $58.9M | Reduce -0.5% |
| VTI VG Morningstar TS MKT ETF-US | 3.05% | 164,793 | $54.1M | Add +3.3% |
| GOOGL Alphabet Inc. Class A | 2.72% | 198,146 | $48.2M | Reduce -0.0% |
| METV Roundhill Ball Metaverse ETF | 2.62% | 63,180 | $46.4M | Reduce -6.4% |
| GOOG Alphabet Inc. Class C | 2.53% | 184,214 | $44.9M | Add +1.4% |
| DFIS Dimensional International SM | 2.32% | 1,299,052 | $41.1M | Add +10.8% |
| DISV Dimensional International SM | 2.21% | 1,097,497 | $39.2M | Add +11.1% |
| DFSV Dimensional US Small Cap Val | 1.71% | 952,699 | $30.3M | Add +4.6% |
| VOO Vanguard S&P 500 ETF | 1.52% | 44,028 | $27.0M | Add +13.0% |
| DFIC Dimensional International Co. | 1.45% | 785,209 | $25.7M | Add +4.6% |
| DFAI Dimensional International Co. | 1.16% | 565,914 | $20.6M | Add +3.8% |
| VT Vanguard Tot World STK ETF | 1.06% | 136,398 | $18.8M | Add +0.2% |
| DFEM Dimensional Emrg MRKT Core | 1.02% | 562,798 | $18.0M | Add +6.5% |
| DFEV Dimensional Emrg MRKT Val | 0.96% | 531,974 | $17.0M | Add +11.6% |
| DFLV Dim US Large Cap Value ETF | 0.89% | 478,714 | $15.7M | Add +9.7% |
| MSFT Microsoft Corp. | 0.83% | 28,468 | $14.7M | Add +0.3% |
| NVDA Nvidia Corp. | 0.82% | 78,142 | $14.6M | Add +2.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.81% | 21,493 | $14.3M | Reduce -0.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.75% | 266,067 | $13.3M | Reduce -10.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.65% | 22,835 | $11.5M | Reduce -5.7% |
| DFGR Dim Global Real Estate ETF | 0.64% | 413,890 | $11.3M | Add +17.4% |
| AMZN Amazon.com Inc. | 0.54% | 43,191 | $9.5M | Reduce -4.9% |
| ALRM Alarm.com Holdings Inc. | 0.51% | 169,456 | $9.0M | Reduce -0.0% |
| IJS iShares S&P Small-Cap 600 Va | 0.49% | 78,821 | $8.7M | Add +1.9% |
| DHS Wisdomtree US High Dividend | 0.45% | 79,915 | $8.1M | Add +0.1% |
| VYM Vanguard High DVD Yield ETF | 0.45% | 57,010 | $8.0M | Add +2.8% |
| IWB iShares Russell 1000 ETF | 0.41% | 19,826 | $7.2M | Add +0.1% |
| DLS Wisdomtree Intl S/C DVD Fund | 0.38% | 83,825 | $6.7M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 0.36% | 92,562 | $6.3M | Reduce -0.3% |
| VXUS Vanguard Total Intl Stock | 0.33% | 80,039 | $5.9M | Add +10.7% |
| XLK SS Technology Select Sector | 0.29% | 18,269 | $5.1M | Add +0.1% |
| DFAW Dimensional World Eqty ETF | 0.29% | 71,475 | $5.1M | Add +14.3% |
| BSVO EA Bridgeway Omni Sm-Cp Val | 0.28% | 218,568 | $5.0M | No change |
| IWF iShares Russell 1000 Growth | 0.27% | 10,101 | $4.7M | Add +0.1% |
| VIG Vanguard Dividend Apprec ETF | 0.26% | 21,111 | $4.6M | Reduce -2.6% |
| ACN Accenture PLC Class A | 0.26% | 18,389 | $4.5M | Add +0.1% |
| VNQ Vanguard Real Estate ETF | 0.25% | 49,158 | $4.5M | Reduce -3.0% |
| TSLA Tesla Inc. | 0.23% | 9,015 | $4.0M | Reduce -0.7% |
| SLV iShares Silver Trust | 0.22% | 92,543 | $3.9M | Add +1.6% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.22% | 12,509 | $3.9M | Reduce -0.5% |
| DTH Wisdomtree International Hig | 0.22% | 77,875 | $3.8M | Reduce -13.5% |
| DFAR Dimensional US Real Est ETF | 0.21% | 158,200 | $3.8M | Add +0.7% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.21% | 14,721 | $3.7M | Reduce -2.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.20% | 18,672 | $3.5M | Reduce -5.5% |
| VSS Vanguard Ftse All Wo X-US SC | 0.20% | 24,279 | $3.5M | Add +3.3% |
| VEA Vanguard Ftse Developed ETF | 0.19% | 57,182 | $3.4M | Add +2.9% |
| DIHP Dimensional International Hi | 0.19% | 111,973 | $3.4M | Add +17.5% |
| VEU Vanguard Ftse All-World Ex-U | 0.19% | 46,477 | $3.3M | Add +33.5% |
| DES Wisdomtree US Smallcap Divid | 0.19% | 97,786 | $3.3M | Add +2.8% |
| DFAE Dimensional Emerging Core Eq | 0.19% | 104,324 | $3.3M | Add +51.7% |
| DUHP Dimensional US High Profi Et | 0.19% | 86,931 | $3.3M | Add +1.8% |
| EFA iShares MSCI Eafe ETF | 0.18% | 34,857 | $3.3M | Add +0.1% |
| IVV iShares Core S&P 500 ETF | 0.18% | 4,851 | $3.2M | Reduce -13.3% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.18% | 15,469 | $3.2M | Add +0.6% |
| BND Vanguard Total Bond Market | 0.18% | 42,786 | $3.2M | Add +27.6% |
| ABCS Alpha Blue Cap US S-M DYN | 0.17% | 99,972 | $3.0M | Reduce -0.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.17% | 33,564 | $2.9M | No change |
| IWD iShares Russell 1000 Value E | 0.16% | 14,329 | $2.9M | Add +0.0% |
| VWO Vanguard Ftse Emerging Marke | 0.16% | 51,459 | $2.8M | Add +3.4% |
| VPL Vanguard Ftse Pacific ETF | 0.15% | 30,978 | $2.7M | Add +2.3% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.15% | 31,700 | $2.7M | Add +4.0% |
| VTES Vanguard SH Term Tax-Ex Bond | 0.15% | 25,793 | $2.6M | Add +3.6% |
| CVX Chevron Corp. | 0.15% | 16,618 | $2.6M | Add +4.8% |
| IVW iShares S&P 500 Growth ETF | 0.15% | 21,351 | $2.6M | Reduce -0.5% |
| VGK Vanguard Ftse Europe ETF | 0.14% | 31,463 | $2.5M | Add +2.8% |
| XOM Exxon Mobil Corp. | 0.14% | 21,820 | $2.5M | Add +0.4% |
| AVGE Avantis All Eqty Mrkts ETF | 0.14% | 29,211 | $2.4M | Add +13.6% |
| OKE Oneok Inc. | 0.14% | 33,265 | $2.4M | Add +0.2% |
| IJR iShares Core S&P Small-Cap E | 0.14% | 20,280 | $2.4M | Add +0.5% |
| JNJ Johnson & Johnson | 0.14% | 12,989 | $2.4M | Reduce -10.9% |
| DFNM Dimensional National Muni BD | 0.13% | 48,639 | $2.3M | Reduce -40.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.13% | 4,768 | $2.3M | Reduce -17.1% |
| VGT Vanguard Info Tech ETF | 0.12% | 2,966 | $2.2M | Reduce -6.4% |
| IWC iShares Micro-Cap ETF | 0.12% | 13,697 | $2.0M | Add +1.1% |
| AMD Advanced Micro Devices | 0.11% | 12,556 | $2.0M | Add +0.7% |
| QQQM Invesco Nasdaq 100 ETF | 0.11% | 8,185 | $2.0M | Add +0.1% |
| DVY iShares Select Dividend ETF | 0.11% | 14,059 | $2.0M | Add +0.1% |
| AVDV Avantis Intl S/C Value ETF | 0.11% | 21,548 | $1.9M | Add +6.0% |
| AVUV Avantis US Small Cap Value | 0.11% | 19,185 | $1.9M | Add +6.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.11% | 24,069 | $1.9M | Add +3.9% |
| BSV Vanguard Short-Term Bond ETF | 0.10% | 23,392 | $1.8M | Reduce -8.7% |
| AVGV Avantis All Eq MKTS Val ETF | 0.10% | 25,781 | $1.8M | Add +3.1% |
| VFH Vanguard Financials ETF | 0.10% | 13,645 | $1.8M | Add +0.2% |
| IYR iShares US Real Estate ETF | 0.10% | 18,419 | $1.8M | Add +0.3% |
| AVDE Avantis International Equity | 0.10% | 22,463 | $1.8M | No change |
| SCHX Schwab US Large-Cap ETF | 0.10% | 66,701 | $1.8M | Reduce -0.5% |
| SCHF Schwab Intl Equity ETF | 0.10% | 74,607 | $1.7M | No change |
| VDE Vanguard Energy ETF | 0.10% | 13,782 | $1.7M | Add +0.1% |
| VCR Vanguard Consumer Discre ETF | 0.10% | 4,375 | $1.7M | Add +0.1% |
| SCHD Schwab US DVD Equity ETF | 0.10% | 61,746 | $1.7M | Add +1.7% |
| APPF Appfolio Inc. Class A | 0.09% | 6,000 | $1.7M | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $630K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 251 | $321K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 250 | $309K | No change |
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q2 2025 → Q3 2025
| METV Roundhill Ball Metaverse ETF | Reduce -6.4% | 2.62% | −0.48 |
| DFAC Dimensional US Core Equity 2 | Reduce -0.1% | 8.68% | −0.22 |
| DFAX Dimensional World Ex US Core | Reduce -1.5% | 4.16% | −0.19 |
| DFUS Dimensional US Eq MKT ETF | Reduce -3.0% | 3.75% | −0.19 |
| DFUV Dimensional US Marketwide Va | Reduce -0.5% | 3.32% | −0.16 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -10.3% | 0.75% | −0.15 |
| DFNM Dimensional National Muni BD | Reduce -40.5% | 0.13% | −0.11 |
| DFAT Dimensional US Target Value | Reduce -0.5% | 3.60% | −0.09 |
| ALRM Alarm.com Holdings Inc. | Reduce -0.0% | 0.51% | −0.09 |
| AMZN Amazon.com Inc. | Reduce -4.9% | 0.54% | −0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.7% | 0.65% | −0.08 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −0.08 |
| PFF iShares Preferred & Income S | Sold out | 0.00% | −0.07 |
| PFXF Vaneck Pref Sec X-Financials | Sold out | 0.00% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -54.8% | 0.03% | −0.05 |
| AAPL Apple Inc. | Reduce -12.3% | 4.28% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -47.8% | 0.05% | −0.05 |
| PHYS Sprott Physical Gold Trust | Reduce -6.3% | 7.58% | −0.05 |
| FMDE Fidelity Enhanced Mid Cap Co. | Sold out | 0.00% | −0.05 |
| DTH Wisdomtree International Hig | Reduce -13.5% | 0.22% | −0.04 |
| CSCO Cisco Systems Inc. | Reduce -0.3% | 0.36% | −0.04 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.04 |
| VGSH Vanguard Short-Term Treasury | Sold out | 0.00% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -13.3% | 0.18% | −0.03 |
| SMR Nuscale Power Corp. | Sold out | 0.00% | −0.03 |
| MGNI Magnite Inc. | Sold out | 0.00% | −0.03 |
| EPD Enterprise Products Partners | Reduce -17.1% | 0.09% | −0.03 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −0.03 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -17.1% | 0.13% | −0.03 |
| VNQ Vanguard Real Estate ETF | Reduce -3.0% | 0.25% | −0.03 |
| ADBE Adobe Inc. | Reduce -7.5% | 0.08% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -40.7% | 0.02% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -11.4% | 0.08% | −0.02 |
| HD Home Depot Inc. | Reduce -37.9% | 0.04% | −0.02 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.02 |
| BSV Vanguard Short-Term Bond ETF | Reduce -8.7% | 0.10% | −0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -5.5% | 0.20% | −0.02 |
| DLS Wisdomtree Intl S/C DVD Fund | Reduce -1.3% | 0.38% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.2% | 0.81% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -2.6% | 0.26% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -17.1% | 0.08% | −0.02 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -33.8% | 0.03% | −0.02 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.02 |
| SYY Sysco Corp. | Sold out | 0.00% | −0.02 |
| ABT Abbott Laboratories | Reduce -27.0% | 0.03% | −0.02 |
| IWV iShares Russell 3000 ETF | Reduce -49.1% | 0.02% | −0.02 |
| PDI PIMCO Dynamic Income Fund | Sold out | 0.00% | −0.02 |
| HIO Western Asset Hi Inc. Opport | Sold out | 0.00% | −0.02 |
| GHY Pgim Global High Yield Fund | Sold out | 0.00% | −0.01 |
| IUSV iShares Core S&P U.S. Value | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| VBIL Vanguard 0-3M T-Bill ETF | Add +29.5% | 5.81% | +0.87 |
| GOOG Alphabet Inc. Class C | Add +1.4% | 2.53% | +0.53 |
| DISV Dimensional International SM | Add +11.1% | 2.21% | +0.19 |
| DFAS Dimensional US Small Cap ETF | Add +6.2% | 4.43% | +0.15 |
| VOO Vanguard S&P 500 ETF | Add +13.0% | 1.52% | +0.14 |
| DFIS Dimensional International SM | Add +10.8% | 2.32% | +0.14 |
| NVDA Nvidia Corp. | Add +2.0% | 0.82% | +0.07 |
| DFEV Dimensional Emrg MRKT Val | Add +11.6% | 0.96% | +0.07 |
| DFAE Dimensional Emerging Core Eq | Add +51.7% | 0.19% | +0.06 |
| SPTS SS SPDR P St Term TSY ETF | New | 0.06% | +0.06 |
| DFIV Dimensional International Va | Add +4.0% | 3.53% | +0.06 |
| DFGR Dim Global Real Estate ETF | Add +17.4% | 0.64% | +0.05 |
| DFLV Dim US Large Cap Value ETF | Add +9.7% | 0.89% | +0.05 |
| DFSV Dimensional US Small Cap Val | Add +4.6% | 1.71% | +0.05 |
| DFEM Dimensional Emrg MRKT Core | Add +6.5% | 1.02% | +0.04 |
| VCSH Vanguard S/T Corp. Bond ETF | New | 0.04% | +0.04 |
| VEU Vanguard Ftse All-World Ex-U | Add +33.5% | 0.19% | +0.04 |
| VTI VG Morningstar TS MKT ETF-US | Add +3.3% | 3.05% | +0.04 |
| SLV iShares Silver Trust | Add +1.6% | 0.22% | +0.04 |
| DFAU Dimensional US Core Equity M | Add +105.5% | 0.07% | +0.03 |
| DFAW Dimensional World Eqty ETF | Add +14.3% | 0.29% | +0.03 |
| HUBS HubSpot Inc. | New | 0.03% | +0.03 |
| OKLO Oklo Inc. | New | 0.03% | +0.03 |
| BND Vanguard Total Bond Market | Add +27.6% | 0.18% | +0.03 |
| VCRM Vanguard Core Tax-Ex Bond | New | 0.02% | +0.02 |
| BNDX Vanguard Total Intl Bond ETF | Add +60.8% | 0.07% | +0.02 |
| VXUS Vanguard Total Intl Stock | Add +10.7% | 0.33% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +142.2% | 0.03% | +0.02 |
| BSCS Invesco Bulletshares 2028 CB | New | 0.02% | +0.02 |
| DIHP Dimensional International Hi | Add +17.5% | 0.19% | +0.02 |
| AIQ Global X Art Intel & Tech | New | 0.02% | +0.02 |
| NEM Newmont Corp. | New | 0.02% | +0.02 |
| WTAI Wisdomtree AI and Innovation | New | 0.02% | +0.02 |
| BSJS Invesco Bulletshares 2028 HY | New | 0.01% | +0.01 |
| IBDT iShares Ibonds Dec 2028 ETF | New | 0.01% | +0.01 |
| IBHH iShares Ibonds 2028 TM HY Inc. | New | 0.01% | +0.01 |
| T AT&T Inc. | Add +116.4% | 0.03% | +0.01 |
| SGOV iShares 0-3 Month Treasury B | Add +53.5% | 0.05% | +0.01 |
| CGDV Cap Group Dividend Value | New | 0.01% | +0.01 |
| AVGE Avantis All Eqty Mrkts ETF | Add +13.6% | 0.14% | +0.01 |
| QBTS D-Wave Quantum Inc. | New | 0.01% | +0.01 |
| IJS iShares S&P Small-Cap 600 Va | Add +1.9% | 0.49% | +0.01 |
| SCHP Schwab U.S. Tips ETF | New | 0.01% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | New | 0.01% | +0.01 |
| ORCL Oracle Corp. | Add +1.0% | 0.08% | +0.01 |
| MDB Mongodb Inc. | New | 0.01% | +0.01 |
| IDV iShares International Select | New | 0.01% | +0.01 |
| VUSB Vanguard Ultra Short Bond Et | Add +40.9% | 0.05% | +0.01 |
| AVES Avantis Emerging Markets Val | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +24.3% | 0.03% | +0.01 |
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 |