Flagstone Financial Management

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 27, 2026), Flagstone Financial Management reported 71 stock positions worth $402.9 million. Its top holding was Dimensional US Eq MKT ETF (DFUS) at 26.9% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 10.7%) and Ste STR SPDR PT DW Eu ETF (SPDW, 7.4%). Compared with Q4 2025, it opened 6 new positions, sold out of 1, added to 25 and reduced 18. The biggest buy was PIMCO Intermediate Municipal (MUNI, shares +44%) and the biggest sale Microsoft (MSFT, shares −2%).

Most Recent 13F
Q2 2026
Location
LINCOLN, NE
CIK
0001968890
Portfolio Value
$402.9M (Q1 2026)
SEC Filing
0001754960-26-000338 ↗ filed Apr 27, 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 Q4 2025 Q1 2026: $402.9M $402.9M Q1 2026 Q2 2026: $447.2M Q2 2026

Holdings 71 stocks · $402.9M
DFUS Dimensional US Eq MKT ETF 26.95% 1,531,004 $108.6M Add +3.0%
IGIB iShares 5-10Y Inv Grade Corp. 10.70% 809,747 $43.1M Add +6.5%
SPDW Ste STR SPDR PT DW Eu ETF 7.38% 651,133 $29.7M Reduce -0.9%
SPSB SS SPDR P St C Corp. ETF 6.81% 912,452 $27.4M Add +7.1%
SPTI SS SPDR P Int Term TSY ETF 6.16% 866,477 $24.8M Add +5.4%
BNDX Vanguard Total Intl Bond ETF 5.68% 475,934 $22.9M Add +8.6%
AVUV Avantis US Small Cap Value 5.31% 193,507 $21.4M Add +1.1%
DFEM Dimensional Emrg MRKT Core 4.18% 487,786 $16.9M Reduce -1.0%
AVUS Avantis U.S. Equity ETF 3.72% 134,767 $15.0M Add +0.8%
AVDV Avantis Intl S/C Value ETF 3.63% 146,479 $14.6M Reduce -5.0%
VNQ Vanguard Real Estate ETF 2.58% 117,361 $10.4M Add +4.7%
MUNI PIMCO Intermediate Municipal 2.15% 166,076 $8.7M Add +43.5%
AVEM Avantis Emerging Markets Eq 1.84% 92,032 $7.4M Reduce -2.8%
BRK.B Berkshire Hathaway Inc. Class B 1.44% 12,118 $5.8M Reduce -0.6%
AVDE Avantis International Equity 1.08% 51,461 $4.4M Reduce -2.7%
MUB iShares National Muni Bond E 0.79% 29,874 $3.2M Add +0.1%
AAPL Apple Inc. 0.73% 11,658 $3.0M Add +0.7%
DFSU Dimensional US Sus CORE1 ETF 0.55% 53,949 $2.2M Add +4.0%
SUSB iShares ESG Aware 1-5 Year U 0.54% 86,206 $2.2M Reduce -0.7%
SPTM SS SPDR P S&P 1500 Comp ETF 0.49% 25,023 $2.0M No change
JPM JPMorgan Chase & Co. 0.49% 6,694 $2.0M Add +89.0%
MSFT Microsoft Corp. 0.47% 5,076 $1.9M Reduce -1.5%
DFSV Dimensional US Small Cap Val 0.32% 37,318 $1.3M Add +15.7%
USB US Bancorp 0.32% 24,530 $1.3M Add +0.0%
AVRE Avantis Real Estate ETF 0.31% 28,812 $1.3M Add +2.6%
XOM Exxon Mobil Corp. 0.29% 6,820 $1.2M Add +2.1%
DFAE Dimensional Emerging Core Eq 0.26% 31,426 $1.1M Reduce -0.8%
DFSB Dim GLB Sustain Fix Inc. ETF 0.22% 17,130 $886K Reduce -4.2%
NVDA Nvidia Corp. 0.22% 5,037 $879K No change
WFC Wells Fargo & Co. 0.21% 10,738 $855K Reduce -9.3%
GOOG Alphabet Inc. Class C 0.21% 2,952 $847K Add +2.6%
DFSI Dimensional Int Sus COR1 ETF 0.20% 19,131 $811K Reduce -0.1%
IWR iShares Russell Mid-Cap ETF 0.19% 7,823 $761K No change
BRK.A Berkshire Hathaway Inc. Class A 0.18% 1 $718K No change
VIG Vanguard Dividend Apprec ETF 0.17% 3,190 $686K Reduce -4.2%
VTI VG Morningstar TS MKT ETF-US 0.17% 2,088 $670K No change
VGIT Vanguard Intermediate-Term T 0.16% 10,612 $632K Add +5.8%
DE Deere & Co. 0.14% 1,032 $581K No change
MA Mastercard Inc. Class A 0.14% 1,140 $570K Add +4.6%
PEP Pepsico Inc. 0.13% 3,400 $528K Add +70.0%
DFAR Dimensional US Real Est ETF 0.12% 21,166 $501K No change
DFSE Dimensional Em Sus CORE1 ETF 0.12% 11,712 $496K Reduce -7.1%
MKL Markel Group Inc. 0.12% 254 $486K No change
ORCL Oracle Corp. 0.12% 3,278 $482K Add +156.7%
JNJ Johnson & Johnson 0.12% 1,936 $473K Add +6.9%
AMZN Amazon.com Inc. 0.11% 2,150 $448K Add +46.4%
IWM iShares Russell 2000 ETF 0.11% 1,758 $436K No change
VEA Vanguard Ftse Developed ETF 0.10% 6,586 $422K Add +83.2%
SPIB SS SPDR P Int C Corp. ETF 0.10% 11,531 $387K No change
DFIV Dimensional International Va 0.10% 7,320 $386K Reduce -4.3%
ELS Equity Lifestyle Properties 0.09% 5,677 $354K Reduce -6.4%
WMT Walmart Inc. 0.08% 2,745 $341K No change
VZ Verizon Communications Inc. 0.08% 6,608 $332K New
QQQ Invesco QQQ Trust Series 1 0.08% 536 $309K Reduce -2.9%
GOOGL Alphabet Inc. Class A 0.07% 987 $284K No change
BOC Boston Omaha Corp. Class A 0.07% 24,215 $283K No change
CSCO Cisco Systems Inc. 0.07% 3,551 $276K New
UNP Union Pacific Corp. 0.07% 1,093 $265K No change
XLF SS Financial Select Sector 0.06% 5,227 $258K No change
DFAT Dimensional US Target Value 0.06% 4,113 $257K No change
VLO Valero Energy Corp. 0.06% 1,000 $247K New
ROK Rockwell Automation Inc. 0.06% 681 $244K No change
IEI iShares 3-7 Year Treasury Bo 0.06% 2,042 $242K No change
GILD Gilead Sciences Inc. 0.06% 1,737 $242K New
ETN Eaton Corp. PLC 0.06% 664 $237K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 4,836 $236K Reduce -24.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 337 $219K No change
IEFA iShares Core MSCI Eafe ETF 0.05% 2,418 $219K No change
NEE Nextera Energy Inc. 0.05% 2,333 $217K New
PM Philip Morris International 0.05% 1,300 $215K New
XLK SS Technology Select Sector 0.05% 1,522 $202K No change

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -1.5% 0.47% −0.17
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.6% 1.44% −0.13
SPDW Ste STR SPDR PT DW Eu ETF Reduce -0.9% 7.38% −0.11
AVDV Avantis Intl S/C Value ETF Reduce -5.0% 3.63% −0.09
WFC Wells Fargo & Co. Reduce -9.3% 0.21% −0.07
SHOP Shopify Inc. Class A Sold out 0.00% −0.06
AVDE Avantis International Equity Reduce -2.7% 1.08% −0.03
BAC Bank of America Corp. Reduce -24.9% 0.06% −0.03
AVEM Avantis Emerging Markets Eq Reduce -2.8% 1.84% −0.03
SUSB iShares ESG Aware 1-5 Year U Reduce -0.7% 0.54% −0.03
DFSB Dim GLB Sustain Fix Inc. ETF Reduce -4.2% 0.22% −0.02
VIG Vanguard Dividend Apprec ETF Reduce -4.2% 0.17% −0.02
DFSE Dimensional Em Sus CORE1 ETF Reduce -7.1% 0.12% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -2.9% 0.08% −0.01
DFSI Dimensional Int Sus COR1 ETF Reduce -0.1% 0.20% −0.01
ELS Equity Lifestyle Properties Reduce -6.4% 0.09% −0.01
DFIV Dimensional International Va Reduce -4.3% 0.10% −0.00
DFAE Dimensional Emerging Core Eq Reduce -0.8% 0.26% −0.00
DFEM Dimensional Emrg MRKT Core Reduce -1.0% 4.18% +0.00

Portfolio Buys Q4 2025 → Q1 2026
MUNI PIMCO Intermediate Municipal Add +43.5% 2.15% +0.60
AVUV Avantis US Small Cap Value Add +1.1% 5.31% +0.30
BNDX Vanguard Total Intl Bond ETF Add +8.6% 5.68% +0.25
SPSB SS SPDR P St C Corp. ETF Add +7.1% 6.81% +0.21
JPM JPMorgan Chase & Co. Add +89.0% 0.49% +0.20
IGIB iShares 5-10Y Inv Grade Corp. Add +6.5% 10.70% +0.19
SPTI SS SPDR P Int Term TSY ETF Add +5.4% 6.16% +0.08
VZ Verizon Communications Inc. New 0.08% +0.08
XOM Exxon Mobil Corp. Add +2.1% 0.29% +0.08
CSCO Cisco Systems Inc. New 0.07% +0.07
VLO Valero Energy Corp. New 0.06% +0.06
GILD Gilead Sciences Inc. New 0.06% +0.06
PEP Pepsico Inc. Add +70.0% 0.13% +0.06
ORCL Oracle Corp. Add +156.7% 0.12% +0.06
NEE Nextera Energy Inc. New 0.05% +0.05
PM Philip Morris International New 0.05% +0.05
DFSV Dimensional US Small Cap Val Add +15.7% 0.32% +0.05
VEA Vanguard Ftse Developed ETF Add +83.2% 0.10% +0.05
VNQ Vanguard Real Estate ETF Add +4.7% 2.58% +0.04
AMZN Amazon.com Inc. Add +46.4% 0.11% +0.02
JNJ Johnson & Johnson Add +6.9% 0.12% +0.02
VGIT Vanguard Intermediate-Term T Add +5.8% 0.16% +0.00
AVRE Avantis Real Estate ETF Add +2.6% 0.31% +0.00
MA Mastercard Inc. Class A Add +4.6% 0.14% −0.02
USB US Bancorp Add +0.0% 0.32% −0.02
GOOG Alphabet Inc. Class C Add +2.6% 0.21% −0.02
DFSU Dimensional US Sus CORE1 ETF Add +4.0% 0.55% −0.03
MUB iShares National Muni Bond E Add +0.1% 0.79% −0.03
AAPL Apple Inc. Add +0.7% 0.73% −0.07
AVUS Avantis U.S. Equity ETF Add +0.8% 3.72% −0.11
DFUS Dimensional US Eq MKT ETF Add +3.0% 26.95% −1.32

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