Financial Consulate, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Financial Consulate, Inc. reported 1,148 stock positions worth $708.2 million. Its top holding was Schwab US Large-Cap ETF (SCHX) at 19.1% of the portfolio, followed by Dimensional US High Profi Et (DUHP, 10.5%) and PIMCO Rafi Dynamic Multi-Fac (MFDX, 8.5%). Compared with Q2 2025, it opened 1,112 new positions, sold out of 1, added to 14 and reduced 14. The biggest buy was a new position in Apple (AAPL) and the biggest sale PIMCO Rafi Dynamic Multi-Fac (MFDX, shares −0%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001624510
Portfolio Value
$708.2M (Q3 2025)
SEC Filing
0001624510-25-000009 ↗ filed Oct 21, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $338.4M Q1 2024 Q2 2024: $341.2M Q2 2024 Q3 2024: $376.5M Q3 2024 Q4 2024: $377.1M Q4 2024 Q1 2025: $396.2M Q1 2025 Q2 2025: $506.5M Q2 2025 Q3 2025: $708.2M $708.2M Q3 2025 Q4 2025: $731.4M Q4 2025 Q1 2026: $802.6M Q1 2026 Q2 2026: $898.5M Q2 2026

Holdings 1,148 stocks · $708.2M
SCHX Schwab US Large-Cap ETF 19.09% 5,133,075 $135.2M Add +9.1%
DUHP Dimensional US High Profi Et 10.54% 1,976,255 $74.6M Add +5.4%
MFDX PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER 8.53% 1,625,269 $60.4M Reduce -0.2%
SCHF Schwab Intl Equity ETF 5.96% 1,814,057 $42.2M Reduce -0.9%
DIHP Dimensional International Hi 5.06% 1,179,624 $35.9M Add +41.7%
FNDB Schwab Fndmntl US BRD Mr ETF 4.45% 1,223,305 $31.5M Reduce -14.0%
DFAS Dimensional US Small Cap ETF 4.03% 416,923 $28.5M Add +4.8%
VTIP Vanguard Short-Term Tips 3.53% 493,122 $25.0M Add +5.3%
SCHD Schwab US DVD Equity ETF 3.04% 788,071 $21.5M Reduce -1.4%
FLQM Franklin U.S. Mid Cap Multif 2.90% 364,147 $20.6M Add +1.3%
AAPL Apple Inc. 2.83% 78,624 $20.0M New
TCAF T Rowe PRC Cap Appreciation 2.43% 456,491 $17.2M Reduce -11.3%
PULS Pgim Ultra Short Bond ETF 1.76% 250,418 $12.5M Add +110.4%
MKC McCormick & Co.-Non VTG SHRS 1.74% 183,699 $12.3M New
FNDF Schwab Fndmn Intl LRG Co. ETF 1.45% 239,681 $10.3M Add +27.6%
GMF State Street SPDR S&P Emergi 1.27% 64,606 $9.0M Reduce -28.8%
MSFT Microsoft Corp. 1.18% 16,190 $8.4M New
PATK Patrick Industries Inc. 0.78% 53,341 $5.5M New
MFUS PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER 0.77% 97,035 $5.5M Add +52.7%
NVDA Nvidia Corp. 0.75% 28,534 $5.3M New
VOO Vanguard S&P 500 ETF 0.52% 6,022 $3.7M Add +1.8%
SCHB Schwab US Broad Market ETF 0.44% 120,210 $3.1M Add +2.5%
SPGM State Street SPDR Portfolio 0.43% 40,326 $3.0M Reduce -2.1%
PNC PNC Financial Services Group 0.42% 14,638 $2.9M New
AMZN Amazon.com Inc. 0.38% 12,322 $2.7M New
IVV iShares Core S&P 500 ETF 0.36% 3,815 $2.6M Reduce -1.3%
DFAT Dimensional US Target Value 0.32% 39,038 $2.3M Reduce -39.3%
SCHR Schwab Intermediate-Term US 0.31% 86,422 $2.2M Reduce -1.7%
GOOG Alphabet Inc. Class C 0.27% 7,716 $1.9M New
SCHG Schwab US Large-Cap Growth 0.26% 58,254 $1.9M Add +0.1%
TXG 10X Genomics Inc. Class A 0.26% 156,457 $1.8M New
JPM JPMorgan Chase & Co. 0.25% 5,511 $1.7M New
LMT Lockheed Martin Corp. 0.24% 3,431 $1.7M New
MA Mastercard Inc. Class A 0.23% 2,811 $1.6M New
MLCI Mount Logan Capital Inc. 0.22% 201,898 $1.6M New
VGT Vanguard Info Tech ETF 0.21% 1,999 $1.5M No change
GOOGL Alphabet Inc. Class A 0.21% 5,995 $1.5M Add +8.0%
RTX RTX Corp. 0.19% 7,912 $1.3M New
ITOT iShares Core S&P Total U.S. 0.19% 9,020 $1.3M No change
PG The Procter & Gamble Co. 0.18% 8,220 $1.3M New
COST Costco Wholesale Corp. 0.17% 1,283 $1.2M New
DOCU Docusign Inc. 0.16% 15,654 $1.1M New
CEG Constellation Energy 0.16% 3,416 $1.1M New
V Visa Inc. Class A 0.16% 3,265 $1.1M New
BRK.B Berkshire Hathaway Inc. Class B 0.15% 2,148 $1.1M Reduce -1.8%
XOM Exxon Mobil Corp. 0.15% 9,545 $1.1M New
TSLA Tesla Inc. 0.15% 2,418 $1.1M New
SCHW Schwab (charles) Corp. 0.15% 11,187 $1.1M New
CWI State Street SPDR MSCI Acwi 0.15% 30,171 $1.1M No change
CAT Caterpillar Inc. 0.15% 2,191 $1.0M New
FAST Fastenal Co. 0.14% 20,535 $1.0M New
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) 0.14% 985,000 $974K Add +1.2%
PENNYMAC CORP (PMT 5.5 03/15/26) 0.14% 961,000 $959K No change
LLY Eli Lilly & Co. 0.13% 1,229 $938K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.13% 6,416 $927K New
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) 0.13% 925,000 $905K New
FUBOTV INC (FUBO 3.25 02/15/26) 0.13% 911,000 $901K New
UBER Uber Technologies Inc. 0.13% 9,091 $891K New
HD Home Depot Inc. 0.12% 2,109 $855K New
HEI.A Heico Corp. Class A 0.11% 3,180 $808K New
MGP INGREDIENTS INC (MGPI 1.875 11/15/41) 0.11% 843,000 $807K New
UPS United Parcel Service Class B 0.11% 9,057 $757K New
BRK.A Berkshire Hathaway Inc. Class A 0.11% 1 $754K New
MRK Merck & Co. Inc. 0.11% 8,867 $744K New
DHR Danaher Corp. 0.11% 3,753 $744K New
MCD McDonald's Corp. 0.10% 2,443 $742K New
ABBV Abbvie Inc. 0.10% 3,159 $731K New
SCHM Schwab US Mid Cap ETF 0.10% 23,212 $688K New
HPE Hewlett Packard Enterprise 0.09% 27,230 $669K New
VTI VG Morningstar TS MKT ETF-US 0.09% 1,991 $653K No change
VEEV Veeva Systems Inc. Class A 0.09% 2,145 $639K New
SNAP INC (SNAP 0 05/01/27) 0.09% 681,000 $625K New
JNJ Johnson & Johnson 0.09% 3,364 $624K New
META Meta Platforms Inc. Class A 0.09% 847 $622K New
VMC Vulcan Materials Co. 0.09% 1,992 $613K New
CSX CSX Corp. 0.09% 17,225 $612K New
T AT&T Inc. 0.08% 21,241 $600K New
TDG Transdigm Group Inc. 0.08% 452 $596K New
BANDWIDTH INC (BAND 0.5 04/01/28) 0.08% 693,000 $591K New
ACNB Acnb Corp. 0.08% 13,366 $589K New
MPWR Monolithic Power Systems Inc. 0.08% 639 $588K New
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) 0.08% 599,000 $585K New
CVX Chevron Corp. 0.08% 3,690 $573K New
CDNS Cadence Design SYS Inc. 0.08% 1,618 $568K New
NOW ServiceNow Inc. 0.08% 611 $562K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 1,954 $551K New
CBRE CBRE Group Inc. Class A 0.08% 3,462 $545K New
REDFIN CORP (RDFN 0.5 04/01/27) 0.08% 583,000 $543K New
VLTO Veralto Corp. 0.08% 5,014 $535K New
ISRG Intuitive Surgical Inc. 0.07% 1,183 $529K New
AGG iShares Core U.S. Aggregate 0.07% 5,203 $522K No change
BNDX Vanguard Total Intl Bond ETF 0.07% 10,526 $521K No change
IWF iShares Russell 1000 Growth 0.07% 1,070 $501K No change
PEP Pepsico Inc. 0.07% 3,504 $492K New
XLY SS Consumer Disc Select Sect 0.07% 2,052 $492K Reduce -8.9%
URI United Rentals Inc. 0.07% 504 $481K New
ASML ASML Holding NV-NY Reg SHS 0.07% 496 $480K New
WCN Waste Connections Inc. 0.07% 2,678 $471K New
VIS Vanguard Industrials ETF 0.07% 1,574 $466K Reduce -10.0%
SCHZ Schwab US Aggregate Bond ETF 0.06% 19,168 $450K Reduce -0.0%

Show all 1,148 holdings

Other holdings (5): bonds, preferreds, convertibles and warrants · $4K (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 61$2KNew
ASPSW Altisource Portfolio - 30 *W EXP 04/30/203 1,550$1KNew
ASPSZ Altisource Portfolio - 29C *W EXP 04/02/202 1,550$899New
DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 25$3New
SQFTW Presidio Property TRST -CW27 *W EXP 01/24/202 7$1New

Total filed on the 13F, all lines: $708.2M.

Portfolio Sells Q2 2025 → Q3 2025
MFDX PIMCO Rafi Dynamic Multi-Fac Reduce -0.2% 8.53% −3.02
FNDB Schwab Fndmntl US BRD Mr ETF Reduce -14.0% 4.45% −2.29
SCHF Schwab Intl Equity ETF Reduce -0.9% 5.96% −2.02
TCAF T Rowe PRC Cap Appreciation Reduce -11.3% 2.43% −1.16
SCHD Schwab US DVD Equity ETF Reduce -1.4% 3.04% −1.15
GMF State Street SPDR S&P Emergi Reduce -28.8% 1.27% −1.00
DFAT Dimensional US Target Value Reduce -39.3% 0.32% −0.36
TURN 180 Degree Capital Corp. Sold out 0.00% −0.29
SPGM State Street SPDR Portfolio Reduce -2.1% 0.43% −0.13
SCHR Schwab Intermediate-Term US Reduce -1.7% 0.31% −0.13
IVV iShares Core S&P 500 ETF Reduce -1.3% 0.36% −0.11
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.8% 0.15% −0.06
VIS Vanguard Industrials ETF Reduce -10.0% 0.07% −0.03
XLY SS Consumer Disc Select Sect Reduce -8.9% 0.07% −0.03
SCHZ Schwab US Aggregate Bond ETF Reduce -0.0% 0.06% −0.02

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. New 2.83% +2.83
MKC McCormick & Co.-Non VTG SHRS New 1.74% +1.74
MSFT Microsoft Corp. New 1.18% +1.18
PATK Patrick Industries Inc. New 0.78% +0.78
NVDA Nvidia Corp. New 0.75% +0.75
PULS Pgim Ultra Short Bond ETF Add +110.4% 1.76% +0.59
PNC PNC Financial Services Group New 0.42% +0.42
AMZN Amazon.com Inc. New 0.38% +0.38
GOOG Alphabet Inc. Class C New 0.27% +0.27
TXG 10X Genomics Inc. Class A New 0.26% +0.26
JPM JPMorgan Chase & Co. New 0.25% +0.25
LMT Lockheed Martin Corp. New 0.24% +0.24
MA Mastercard Inc. Class A New 0.23% +0.23
MLCI Mount Logan Capital Inc. New 0.22% +0.22
DIHP Dimensional International Hi Add +41.7% 5.06% +0.21
RTX RTX Corp. New 0.19% +0.19
PG The Procter & Gamble Co. New 0.18% +0.18
COST Costco Wholesale Corp. New 0.17% +0.17
DOCU Docusign Inc. New 0.16% +0.16
CEG Constellation Energy New 0.16% +0.16
V Visa Inc. Class A New 0.16% +0.16
XOM Exxon Mobil Corp. New 0.15% +0.15
TSLA Tesla Inc. New 0.15% +0.15
SCHW Schwab (charles) Corp. New 0.15% +0.15
CAT Caterpillar Inc. New 0.15% +0.15
FAST Fastenal Co. New 0.14% +0.14
LLY Eli Lilly & Co. New 0.13% +0.13
TJX TJX Companies Inc. New 0.13% +0.13
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) New 0.13% +0.13
FUBOTV INC (FUBO 3.25 02/15/26) New 0.13% +0.13
UBER Uber Technologies Inc. New 0.13% +0.13
HD Home Depot Inc. New 0.12% +0.12
HEI.A Heico Corp. Class A New 0.11% +0.11
MGP INGREDIENTS INC (MGPI 1.875 11/15/41) New 0.11% +0.11
UPS United Parcel Service Class B New 0.11% +0.11
BRK.A Berkshire Hathaway Inc. Class A New 0.11% +0.11
DHR Danaher Corp. New 0.11% +0.11
MRK Merck & Co. Inc. New 0.11% +0.11
MCD McDonald's Corp. New 0.10% +0.10
ABBV Abbvie Inc. New 0.10% +0.10
MFUS PIMCO Rafi Dynamic Multi-Fac Add +52.7% 0.77% +0.10
SCHM Schwab US Mid Cap ETF New 0.10% +0.10
HPE Hewlett Packard Enterprise New 0.09% +0.09
VEEV Veeva Systems Inc. Class A New 0.09% +0.09
SNAP INC (SNAP 0 05/01/27) New 0.09% +0.09
JNJ Johnson & Johnson New 0.09% +0.09
META Meta Platforms Inc. Class A New 0.09% +0.09
VMC Vulcan Materials Co. New 0.09% +0.09
CSX CSX Corp. New 0.09% +0.09
T AT&T Inc. New 0.08% +0.08

Notes & Other Activity Q2 2025 → Q3 2025
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 New 61 $2K
ASPSW Altisource Portfolio - 30 *W EXP 04/30/203 New 1,550 $1K
ASPSZ Altisource Portfolio - 29C *W EXP 04/02/202 New 1,550 $899
DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 New 25 $3
SQFTW Presidio Property TRST -CW27 *W EXP 01/24/202 New 7 $1

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,440$898.5MSCHX, DUHP, MFDX, SCHF, DIHP
Q1 2026 1,394$802.6MSCHX, DUHP, MFDX, SCHF, DIHP
Q4 2025 1,330$731.4MSCHX, DUHP, MFDX, SCHF, DIHP
Q3 2025 1,148$708.2MSCHX, DUHP, MFDX, SCHF, DIHP
Q2 2025 37$506.5MSCHX, DUHP, MFDX, SCHF, FNDB
Q1 2025 26$396.2MSCHX, MFDX, FNDB, SCHF, DUHP
Q4 2024 31$377.1MSCHX, SCHF, FNDB, MFDX, DUHP
Q3 2024 34$376.5MSCHX, SCHF, FNDB, MFDX, DUHP
Q2 2024 35$341.2MSCHX, SCHF, FNDB, DUHP, MFDX
Q1 2024 40$338.4MSCHX, SCHF, FNDB, DUHP, MFDX