Flagstone Financial Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Flagstone Financial Management reported 62 stock positions worth $379.0 million. Its top holding was Dimensional US Eq MKT ETF (DFUS) at 28.6% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 10.6%) and Ste STR SPDR PT DW Eu ETF (SPDW, 7.5%). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 24 and reduced 10. The biggest buy was Dimensional US Eq MKT ETF (DFUS, shares +2%) and the biggest sale PIMCO Intermediate Municipal (MUNI, shares −9%).

Most Recent 13F
Q2 2026
Location
LINCOLN, NE
CIK
0001968890
Portfolio Value
$379.0M (Q3 2025)
SEC Filing
0001754960-25-000744 ↗ filed Oct 31, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $258.8M Q1 2024 Q2 2024: $268.8M Q2 2024 Q3 2024: $298.2M Q3 2024 Q4 2024: $301.0M Q4 2024 Q1 2025: $310.5M Q1 2025 Q2 2025: $348.9M Q2 2025 Q3 2025: $379.0M $379.0M Q3 2025 Q4 2025: $389.9M Q4 2025 Q1 2026: $402.9M Q1 2026 Q2 2026: $447.2M Q2 2026

Holdings 62 stocks · $379.0M
DFUS Dimensional US Eq MKT ETF 28.58% 1,495,008 $108.3M Add +1.9%
IGIB iShares 5-10Y Inv Grade Corp. 10.57% 740,520 $40.1M Add +4.8%
SPDW Ste STR SPDR PT DW Eu ETF 7.49% 663,535 $28.4M Add +0.8%
SPSB SS SPDR P St C Corp. ETF 6.52% 816,255 $24.7M Add +5.7%
SPTI SS SPDR P Int Term TSY ETF 6.10% 799,735 $23.1M Add +5.2%
BNDX Vanguard Total Intl Bond ETF 5.50% 421,253 $20.8M Add +6.4%
AVUV Avantis US Small Cap Value 5.01% 190,665 $19.0M Add +3.5%
DFEM Dimensional Emrg MRKT Core 4.27% 504,148 $16.2M Reduce -0.9%
AVUS Avantis U.S. Equity ETF 3.79% 132,085 $14.4M Add +0.7%
AVDV Avantis Intl S/C Value ETF 3.78% 160,846 $14.3M Reduce -1.4%
VNQ Vanguard Real Estate ETF 2.59% 107,483 $9.8M Add +5.5%
AVEM Avantis Emerging Markets Eq 1.91% 96,273 $7.2M Reduce -6.5%
BRK.B Berkshire Hathaway Inc. Class B 1.63% 12,305 $6.2M Add +0.0%
MUNI PIMCO Intermediate Municipal 1.36% 98,474 $5.1M Reduce -8.9%
AVDE Avantis International Equity 1.11% 53,341 $4.2M Reduce -4.5%
MUB iShares National Muni Bond E 0.84% 29,737 $3.2M Add +59.8%
AAPL Apple Inc. 0.81% 12,017 $3.1M Reduce -1.6%
MSFT Microsoft Corp. 0.72% 5,237 $2.7M Reduce -4.1%
SUSB iShares ESG Aware 1-5 Year U 0.55% 82,991 $2.1M Add +1.7%
SPTM SS SPDR P S&P 1500 Comp ETF 0.53% 25,100 $2.0M Add +0.1%
DFSU Dimensional US Sus CORE1 ETF 0.53% 47,461 $2.0M Add +65.5%
JPM JPMorgan Chase & Co. 0.31% 3,781 $1.2M No change
USB US Bancorp 0.31% 24,637 $1.2M Add +0.0%
AVRE Avantis Real Estate ETF 0.31% 26,637 $1.2M Add +9.0%
DFSV Dimensional US Small Cap Val 0.27% 32,265 $1.0M No change
DFAE Dimensional Emerging Core Eq 0.26% 31,663 $998K No change
WFC Wells Fargo & Co. 0.25% 11,257 $944K Add +0.1%
NVDA Nvidia Corp. 0.25% 5,007 $934K Add +1.5%
DFSB Dim GLB Sustain Fix Inc. ETF 0.24% 16,989 $905K Add +36.2%
VIG Vanguard Dividend Apprec ETF 0.22% 3,904 $842K Reduce -5.0%
IWR iShares Russell Mid-Cap ETF 0.20% 7,823 $755K No change
BRK.A Berkshire Hathaway Inc. Class A 0.20% 1 $754K No change
XOM Exxon Mobil Corp. 0.20% 6,680 $753K No change
DFSI Dimensional Int Sus COR1 ETF 0.19% 17,665 $723K Add +35.1%
GOOG Alphabet Inc. Class C 0.18% 2,877 $701K No change
VTI VG Morningstar TS MKT ETF-US 0.18% 2,087 $685K Add +1.1%
MA Mastercard Inc. Class A 0.16% 1,085 $617K No change
VGIT Vanguard Intermediate-Term T 0.16% 10,029 $602K Add +4.7%
DFAR Dimensional US Real Est ETF 0.13% 21,166 $505K No change
DE Deere & Co. 0.13% 1,097 $502K No change
MKL Markel Group Inc. 0.13% 254 $485K No change
DFSE Dimensional Em Sus CORE1 ETF 0.12% 11,043 $454K Add +32.1%
IWM iShares Russell 2000 ETF 0.11% 1,758 $425K No change
SPIB SS SPDR P Int C Corp. ETF 0.10% 11,531 $391K No change
DFIV Dimensional International Va 0.09% 7,651 $353K Reduce -1.7%
BOC Boston Omaha Corp. Class A 0.08% 22,515 $294K Add +27.8%
WMT Walmart Inc. 0.07% 2,745 $283K No change
XLF SS Financial Select Sector 0.07% 5,227 $282K No change
AMZN Amazon.com Inc. 0.07% 1,269 $279K No change
UNP Union Pacific Corp. 0.07% 1,093 $258K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.07% 4,836 $249K No change
ETN Eaton Corp. PLC 0.07% 664 $249K No change
IEI iShares 3-7 Year Treasury Bo 0.06% 2,042 $244K No change
GOOGL Alphabet Inc. Class A 0.06% 987 $240K New
DFAT Dimensional US Target Value 0.06% 4,113 $239K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 337 $225K No change
ROK Rockwell Automation Inc. 0.06% 631 $221K No change
SHOP Shopify Inc. Class A 0.06% 1,480 $220K New
VEA Vanguard Ftse Developed ETF 0.06% 3,596 $215K No change
XLK SS Technology Select Sector 0.06% 761 $214K New
IEFA iShares Core MSCI Eafe ETF 0.06% 2,418 $211K Reduce -7.4%
JNJ Johnson & Johnson 0.05% 1,110 $206K New

Portfolio Sells Q2 2025 → Q3 2025
MUNI PIMCO Intermediate Municipal Reduce -8.9% 1.36% −0.23
AVEM Avantis Emerging Markets Eq Reduce -6.5% 1.91% −0.11
AVDE Avantis International Equity Reduce -4.5% 1.11% −0.07
MSFT Microsoft Corp. Reduce -4.1% 0.72% −0.06
DFEM Dimensional Emrg MRKT Core Reduce -0.9% 4.27% −0.06
VIG Vanguard Dividend Apprec ETF Reduce -5.0% 0.22% −0.02
IEFA iShares Core MSCI Eafe ETF Reduce -7.4% 0.06% −0.01
DFIV Dimensional International Va Reduce -1.7% 0.09% −0.00
NCNA Nucana PLC Sold out 0.00% −0.00
AVDV Avantis Intl S/C Value ETF Reduce -1.4% 3.78% +0.07
AAPL Apple Inc. Reduce -1.6% 0.81% +0.09

Portfolio Buys Q2 2025 → Q3 2025
DFUS Dimensional US Eq MKT ETF Add +1.9% 28.58% +0.40
MUB iShares National Muni Bond E Add +59.8% 0.84% +0.28
DFSU Dimensional US Sus CORE1 ETF Add +65.5% 0.53% +0.21
AVUV Avantis US Small Cap Value Add +3.5% 5.01% +0.20
GOOGL Alphabet Inc. Class A New 0.06% +0.06
SHOP Shopify Inc. Class A New 0.06% +0.06
XLK SS Technology Select Sector New 0.06% +0.06
JNJ Johnson & Johnson New 0.05% +0.05
DFSB Dim GLB Sustain Fix Inc. ETF Add +36.2% 0.24% +0.05
DFSI Dimensional Int Sus COR1 ETF Add +35.1% 0.19% +0.04
DFSE Dimensional Em Sus CORE1 ETF Add +32.1% 0.12% +0.03
NVDA Nvidia Corp. Add +1.5% 0.25% +0.02
BOC Boston Omaha Corp. Class A Add +27.8% 0.08% +0.01
AVRE Avantis Real Estate ETF Add +9.0% 0.31% +0.00
VTI VG Morningstar TS MKT ETF-US Add +1.1% 0.18% +0.00
AVUS Avantis U.S. Equity ETF Add +0.7% 3.79% −0.00
SPTM SS SPDR P S&P 1500 Comp ETF Add +0.1% 0.53% −0.00
USB US Bancorp Add +0.0% 0.31% −0.01
VGIT Vanguard Intermediate-Term T Add +4.7% 0.16% −0.01
VNQ Vanguard Real Estate ETF Add +5.5% 2.59% −0.01
WFC Wells Fargo & Co. Add +0.1% 0.25% −0.01
SUSB iShares ESG Aware 1-5 Year U Add +1.7% 0.55% −0.03
BRK.B Berkshire Hathaway Inc. Class B Add +0.0% 1.63% −0.08
BNDX Vanguard Total Intl Bond ETF Add +6.4% 5.50% −0.12
SPDW Ste STR SPDR PT DW Eu ETF Add +0.8% 7.49% −0.15
SPSB SS SPDR P St C Corp. ETF Add +5.7% 6.52% −0.16
SPTI SS SPDR P Int Term TSY ETF Add +5.2% 6.10% −0.17
IGIB iShares 5-10Y Inv Grade Corp. Add +4.8% 10.57% −0.23

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 77$447.2MDFUS, IGIB, SPDW, SPSB, SPTI
Q1 2026 71$402.9MDFUS, IGIB, SPDW, SPSB, SPTI
Q4 2025 66$389.9MDFUS, IGIB, SPDW, SPSB, SPTI
Q3 2025 62$379.0MDFUS, IGIB, SPDW, SPSB, SPTI
Q2 2025 59$348.9MDFUS, IGIB, SPDW, SPSB, SPTI
Q1 2025 53$310.5MDFUS, IGIB, SPDW, SPSB, SPTI
Q4 2024 54$301.0MDFUS, IGIB, SPDW, SPSB, SPTI
Q3 2024 53$298.2MDFUS, IGIB, SPDW, SPSB, SPTI
Q2 2024 45$268.8MDFUS, IGIB, SPDW, SPSB, SPTI
Q1 2024 43$258.8MDFUS, SPDW, SPSB, IGIB, SPTI