Flagstone Financial Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Flagstone Financial Management reported 66 stock positions worth $389.9 million. Its top holding was Dimensional US Eq MKT ETF (DFUS) at 28.3% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 10.5%) and Ste STR SPDR PT DW Eu ETF (SPDW, 7.5%). Compared with Q3 2025, it opened 4 new positions, added to 24 and reduced 14. The biggest buy was PIMCO Intermediate Municipal (MUNI, shares +18%) and the biggest sale Dimensional US Eq MKT ETF (DFUS, shares −1%).

Most Recent 13F
Q2 2026
Location
LINCOLN, NE
CIK
0001968890
Portfolio Value
$389.9M (Q4 2025)
SEC Filing
0001754960-26-000161 ↗ filed Feb 9, 2026

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 Q3 2025 Q4 2025: $389.9M $389.9M Q4 2025 Q1 2026: $402.9M Q1 2026 Q2 2026: $447.2M Q2 2026

Holdings 66 stocks · $389.9M
DFUS Dimensional US Eq MKT ETF 28.27% 1,486,333 $110.2M Reduce -0.6%
IGIB iShares 5-10Y Inv Grade Corp. 10.51% 760,236 $41.0M Add +2.7%
SPDW Ste STR SPDR PT DW Eu ETF 7.49% 657,191 $29.2M Reduce -1.0%
SPSB SS SPDR P St C Corp. ETF 6.60% 852,175 $25.7M Add +4.4%
SPTI SS SPDR P Int Term TSY ETF 6.08% 822,162 $23.7M Add +2.8%
BNDX Vanguard Total Intl Bond ETF 5.43% 438,274 $21.2M Add +4.0%
AVUV Avantis US Small Cap Value 5.01% 191,469 $19.5M Add +0.4%
DFEM Dimensional Emrg MRKT Core 4.18% 492,792 $16.3M Reduce -2.3%
AVUS Avantis U.S. Equity ETF 3.83% 133,728 $14.9M Add +1.2%
AVDV Avantis Intl S/C Value ETF 3.72% 154,223 $14.5M Reduce -4.1%
VNQ Vanguard Real Estate ETF 2.55% 112,150 $9.9M Add +4.3%
AVEM Avantis Emerging Markets Eq 1.87% 94,704 $7.3M Reduce -1.6%
BRK.B Berkshire Hathaway Inc. Class B 1.57% 12,189 $6.1M Reduce -0.9%
MUNI PIMCO Intermediate Municipal 1.56% 115,713 $6.1M Add +17.5%
AVDE Avantis International Equity 1.12% 52,904 $4.4M Reduce -0.8%
MUB iShares National Muni Bond E 0.82% 29,842 $3.2M Add +0.3%
AAPL Apple Inc. 0.81% 11,583 $3.1M Reduce -3.6%
MSFT Microsoft Corp. 0.64% 5,155 $2.5M Reduce -1.6%
DFSU Dimensional US Sus CORE1 ETF 0.58% 51,893 $2.3M Add +9.3%
SUSB iShares ESG Aware 1-5 Year U 0.56% 86,842 $2.2M Add +4.6%
SPTM SS SPDR P S&P 1500 Comp ETF 0.53% 25,023 $2.1M Reduce -0.3%
USB US Bancorp 0.34% 24,526 $1.3M Reduce -0.5%
AVRE Avantis Real Estate ETF 0.31% 28,087 $1.2M Add +5.4%
JPM JPMorgan Chase & Co. 0.29% 3,542 $1.1M Reduce -6.3%
WFC Wells Fargo & Co. 0.28% 11,846 $1.1M Add +5.2%
DFSV Dimensional US Small Cap Val 0.27% 32,265 $1.1M No change
DFAE Dimensional Emerging Core Eq 0.26% 31,663 $1.0M No change
NVDA Nvidia Corp. 0.24% 5,037 $939K Add +0.6%
DFSB Dim GLB Sustain Fix Inc. ETF 0.24% 17,887 $927K Add +5.3%
GOOG Alphabet Inc. Class C 0.23% 2,877 $903K No change
DFSI Dimensional Int Sus COR1 ETF 0.21% 19,147 $820K Add +8.4%
XOM Exxon Mobil Corp. 0.21% 6,680 $804K No change
BRK.A Berkshire Hathaway Inc. Class A 0.19% 1 $755K No change
IWR iShares Russell Mid-Cap ETF 0.19% 7,823 $753K No change
VIG Vanguard Dividend Apprec ETF 0.19% 3,331 $732K Reduce -14.7%
VTI VG Morningstar TS MKT ETF-US 0.18% 2,088 $700K Add +0.1%
MA Mastercard Inc. Class A 0.16% 1,090 $622K Add +0.5%
VGIT Vanguard Intermediate-Term T 0.15% 10,029 $601K No change
MKL Markel Group Inc. 0.14% 254 $546K No change
DFSE Dimensional Em Sus CORE1 ETF 0.13% 12,611 $523K Add +14.2%
DFAR Dimensional US Real Est ETF 0.12% 21,166 $485K No change
DE Deere & Co. 0.12% 1,032 $481K Reduce -5.9%
IWM iShares Russell 2000 ETF 0.11% 1,758 $433K No change
SPIB SS SPDR P Int C Corp. ETF 0.10% 11,531 $390K No change
DFIV Dimensional International Va 0.10% 7,651 $382K No change
JNJ Johnson & Johnson 0.10% 1,811 $375K Add +63.1%
ELS Equity Lifestyle Properties 0.09% 6,065 $368K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.09% 6,436 $354K Add +33.1%
QQQ Invesco QQQ Trust Series 1 0.09% 552 $339K New
AMZN Amazon.com Inc. 0.09% 1,469 $339K Add +15.8%
GOOGL Alphabet Inc. Class A 0.08% 987 $309K No change
WMT Walmart Inc. 0.08% 2,745 $306K No change
BOC Boston Omaha Corp. Class A 0.08% 24,215 $300K Add +7.5%
PEP Pepsico Inc. 0.07% 2,000 $287K New
XLF SS Financial Select Sector 0.07% 5,227 $286K No change
ROK Rockwell Automation Inc. 0.07% 681 $265K Add +7.9%
UNP Union Pacific Corp. 0.06% 1,093 $253K No change
ORCL Oracle Corp. 0.06% 1,277 $249K New
DFAT Dimensional US Target Value 0.06% 4,113 $245K No change
IEI iShares 3-7 Year Treasury Bo 0.06% 2,042 $244K No change
SHOP Shopify Inc. Class A 0.06% 1,480 $238K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 337 $230K No change
VEA Vanguard Ftse Developed ETF 0.06% 3,596 $225K No change
XLK SS Technology Select Sector 0.06% 1,522 $219K No change
IEFA iShares Core MSCI Eafe ETF 0.06% 2,418 $216K No change
ETN Eaton Corp. PLC 0.05% 664 $211K No change

Portfolio Sells Q3 2025 → Q4 2025
DFUS Dimensional US Eq MKT ETF Reduce -0.6% 28.27% −0.30
DFEM Dimensional Emrg MRKT Core Reduce -2.3% 4.18% −0.09
MSFT Microsoft Corp. Reduce -1.6% 0.64% −0.08
AVDV Avantis Intl S/C Value ETF Reduce -4.1% 3.72% −0.06
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.9% 1.57% −0.06
AVEM Avantis Emerging Markets Eq Reduce -1.6% 1.87% −0.04
VIG Vanguard Dividend Apprec ETF Reduce -14.7% 0.19% −0.03
JPM JPMorgan Chase & Co. Reduce -6.3% 0.29% −0.02
DE Deere & Co. Reduce -5.9% 0.12% −0.01
SPDW Ste STR SPDR PT DW Eu ETF Reduce -1.0% 7.49% −0.01
SPTM SS SPDR P S&P 1500 Comp ETF Reduce -0.3% 0.53% −0.00
AAPL Apple Inc. Reduce -3.6% 0.81% +0.00
AVDE Avantis International Equity Reduce -0.8% 1.12% +0.01
USB US Bancorp Reduce -0.5% 0.34% +0.02

Portfolio Buys Q3 2025 → Q4 2025
MUNI PIMCO Intermediate Municipal Add +17.5% 1.56% +0.20
ELS Equity Lifestyle Properties New 0.09% +0.09
QQQ Invesco QQQ Trust Series 1 New 0.09% +0.09
SPSB SS SPDR P St C Corp. ETF Add +4.4% 6.60% +0.08
PEP Pepsico Inc. New 0.07% +0.07
ORCL Oracle Corp. New 0.06% +0.06
DFSU Dimensional US Sus CORE1 ETF Add +9.3% 0.58% +0.05
AVUS Avantis U.S. Equity ETF Add +1.2% 3.83% +0.05
JNJ Johnson & Johnson Add +63.1% 0.10% +0.04
WFC Wells Fargo & Co. Add +5.2% 0.28% +0.03
BAC Bank of America Corp. Add +33.1% 0.09% +0.03
DFSI Dimensional Int Sus COR1 ETF Add +8.4% 0.21% +0.02
DFSE Dimensional Em Sus CORE1 ETF Add +14.2% 0.13% +0.01
AMZN Amazon.com Inc. Add +15.8% 0.09% +0.01
ROK Rockwell Automation Inc. Add +7.9% 0.07% +0.01
SUSB iShares ESG Aware 1-5 Year U Add +4.6% 0.56% +0.01
AVRE Avantis Real Estate ETF Add +5.4% 0.31% +0.00
AVUV Avantis US Small Cap Value Add +0.4% 5.01% +0.00
BOC Boston Omaha Corp. Class A Add +7.5% 0.08% −0.00
DFSB Dim GLB Sustain Fix Inc. ETF Add +5.3% 0.24% −0.00
VTI VG Morningstar TS MKT ETF-US Add +0.1% 0.18% −0.00
MA Mastercard Inc. Class A Add +0.5% 0.16% −0.00
NVDA Nvidia Corp. Add +0.6% 0.24% −0.01
MUB iShares National Muni Bond E Add +0.3% 0.82% −0.02
SPTI SS SPDR P Int Term TSY ETF Add +2.8% 6.08% −0.02
VNQ Vanguard Real Estate ETF Add +4.3% 2.55% −0.05
IGIB iShares 5-10Y Inv Grade Corp. Add +2.7% 10.51% −0.06
BNDX Vanguard Total Intl Bond ETF Add +4.0% 5.43% −0.07

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