Forefront Analytics, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 21, 2025), Forefront Analytics, LLC reported 43 stock positions worth $103.8 million. Its top holding was iShares Trust iShares ESG Aw (ESGD) at 16.6% of the portfolio, followed by Nuveen ESG Large-Cap Val ETF (NULV, 10.5%) and iShares MSCI USA Momentum Fa (MTUM, 9.3%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 20 and reduced 20. The biggest buy was iShares Trust iShares ESG Aw (ESGD, shares +155%) and the biggest sale Nuveen ESG Large-Cap Val ETF (NULV, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- WEST CONSHOHOCKEN, PA
- CIK
- 0001696802
- Portfolio Value
- $103.8M (Q3 2025)
- SEC Filing
- 0001696802-25-000003 ↗ filed Nov 21, 2025
Holdings Value
Holdings 43 stocks · $103.8M
| ESGD iShares Trust iShares ESG Aw | 16.59% | 185,230 | $17.2M | Add +154.8% |
| NULV Nuveen ESG Large-Cap Val ETF | 10.47% | 247,947 | $10.9M | Reduce -28.3% |
| MTUM iShares MSCI USA Momentum Fa | 9.26% | 37,494 | $9.6M | Reduce -8.2% |
| ESGE iShares Inc. iShares ESG Awar | 8.28% | 197,985 | $8.6M | Add +41.0% |
| VWO Vanguard Ftse Emerging Marke | 7.14% | 136,722 | $7.4M | Reduce -20.5% |
| VEA Vanguard Ftse Developed ETF | 6.38% | 110,468 | $6.6M | Add +0.3% |
| DBEF Xtrackers MSCI Eafe Hedged E | 5.35% | 119,658 | $5.6M | Reduce -5.7% |
| HDV iShares Core High Dividend E | 4.70% | 39,889 | $4.9M | Reduce -5.0% |
| ESGG NT Stoxx GLBL ESG ETF | 4.63% | 24,370 | $4.8M | New |
| USMV iShares MSCI USA Min Vol Fac | 4.14% | 45,153 | $4.3M | Reduce -0.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 2.95% | 16,444 | $3.1M | Add +0.3% |
| IVV iShares Core S&P 500 ETF | 2.61% | 4,046 | $2.7M | Reduce -8.4% |
| NVDA Nvidia Corp. | 2.51% | 13,975 | $2.6M | Reduce -5.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.33% | 9,534 | $2.4M | Add +0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.77% | 2,752 | $1.8M | Add +0.2% |
| HEEM iShares Crncy Hedgd MSCI Em | 1.57% | 48,455 | $1.6M | Reduce -24.4% |
| JPM JPMorgan Chase & Co. | 1.01% | 3,337 | $1.1M | Add +0.5% |
| EES Wisdomtree US Smallcap Fund | 0.96% | 17,919 | $1.0M | Reduce -12.9% |
| EMLP First Trust North American E | 0.70% | 18,954 | $726K | Reduce -0.1% |
| EDV Vanguard Extended Dur Treas | 0.63% | 9,504 | $651K | Add +1.2% |
| IEI iShares 3-7 Year Treasury Bo | 0.56% | 4,904 | $586K | Reduce -4.2% |
| DE Deere & Co. | 0.50% | 1,129 | $516K | Add +0.3% |
| SSO Proshares Ultra S&P500 | 0.44% | 4,066 | $456K | Add +0.4% |
| ABT Abbott Laboratories | 0.39% | 3,012 | $403K | Add +4.1% |
| MDT Medtronic PLC | 0.38% | 4,145 | $395K | Reduce -4.3% |
| UNH Unitedhealth Group Inc. | 0.38% | 1,130 | $390K | Add +54.0% |
| UWM Proshares Ultra RUSSELL2000 | 0.35% | 7,945 | $368K | Add +0.5% |
| EW Edwards Lifesciences Corp. | 0.34% | 4,492 | $349K | Add +1.1% |
| PFE Pfizer Inc. | 0.31% | 12,578 | $320K | Reduce -6.3% |
| INCY Incyte Corp. | 0.31% | 3,744 | $318K | Reduce -26.5% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.25% | 3,229 | $262K | Add +1.4% |
| DHR Danaher Corp. | 0.25% | 1,313 | $260K | New |
| TIP iShares Tips Bond ETF | 0.24% | 2,211 | $246K | Reduce -9.8% |
| IGF iShares Global Infrastructur | 0.23% | 3,905 | $239K | No change |
| REGN Regeneron Pharmaceuticals | 0.22% | 412 | $232K | Reduce -15.9% |
| PM Philip Morris International | 0.22% | 1,424 | $231K | Add +0.8% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.21% | 1,991 | $222K | Add +0.8% |
| ZURA Zura Bio Ltd. | 0.09% | 21,518 | $93K | Reduce -66.4% |
| ANNX Annexon Inc. | 0.08% | 27,027 | $82K | Reduce -2.0% |
| NKTX Nkarta Inc. | 0.08% | 39,452 | $82K | Add +41.0% |
| GERN Geron Corp. | 0.07% | 52,258 | $72K | Add +48.5% |
| MREO Mereo Biopharma Group PL-ADR | 0.07% | 33,180 | $68K | Add +73.4% |
| CTMX Cytomx Therapeutics Inc. | 0.06% | 18,109 | $58K | Reduce -34.6% |
Portfolio Sells Q2 2025 → Q3 2025
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -28.3% | 10.47% | −5.73 |
| VWO Vanguard Ftse Emerging Marke | Reduce -20.5% | 7.14% | −2.37 |
| MTUM iShares MSCI USA Momentum Fa | Reduce -8.2% | 9.26% | −1.70 |
| DBEF Xtrackers MSCI Eafe Hedged E | Reduce -5.7% | 5.35% | −0.85 |
| HDV iShares Core High Dividend E | Reduce -5.0% | 4.70% | −0.79 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -0.1% | 4.14% | −0.60 |
| HEEM iShares Crncy Hedgd MSCI Em | Reduce -24.4% | 1.57% | −0.58 |
| INDA iShares MSCI India ETF | Sold out | 0.00% | −0.46 |
| IVV iShares Core S&P 500 ETF | Reduce -8.4% | 2.61% | −0.46 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.40 |
| EES Wisdomtree US Smallcap Fund | Reduce -12.9% | 0.96% | −0.21 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -4.2% | 0.56% | −0.12 |
| NVDA Nvidia Corp. | Reduce -5.9% | 2.51% | −0.11 |
| EMLP First Trust North American E | Reduce -0.1% | 0.70% | −0.10 |
| INCY Incyte Corp. | Reduce -26.5% | 0.31% | −0.08 |
| TIP iShares Tips Bond ETF | Reduce -9.8% | 0.24% | −0.06 |
| REGN Regeneron Pharmaceuticals | Reduce -15.9% | 0.22% | −0.06 |
| PFE Pfizer Inc. | Reduce -6.3% | 0.31% | −0.05 |
| MDT Medtronic PLC | Reduce -4.3% | 0.38% | −0.04 |
| CTMX Cytomx Therapeutics Inc. | Reduce -34.6% | 0.06% | −0.01 |
| ANNX Annexon Inc. | Reduce -2.0% | 0.08% | +0.01 |
| ZURA Zura Bio Ltd. | Reduce -66.4% | 0.09% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| ESGD iShares Trust iShares ESG Aw | Add +154.8% | 16.59% | +9.34 |
| ESGG NT Stoxx GLBL ESG ETF | New | 4.63% | +4.63 |
| ESGE iShares Inc. iShares ESG Awar | Add +41.0% | 8.28% | +2.14 |
| DHR Danaher Corp. | New | 0.25% | +0.25 |
| UNH Unitedhealth Group Inc. | Add +54.0% | 0.38% | +0.12 |
| NKTX Nkarta Inc. | Add +41.0% | 0.08% | +0.03 |
| UWM Proshares Ultra RUSSELL2000 | Add +0.5% | 0.35% | +0.02 |
| GERN Geron Corp. | Add +48.5% | 0.07% | +0.01 |
| MREO Mereo Biopharma Group PL-ADR | Add +73.4% | 0.07% | +0.01 |
| SSO Proshares Ultra S&P500 | Add +0.4% | 0.44% | −0.00 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +0.8% | 0.21% | −0.03 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +1.4% | 0.25% | −0.03 |
| ABT Abbott Laboratories | Add +4.1% | 0.39% | −0.05 |
| EW Edwards Lifesciences Corp. | Add +1.1% | 0.34% | −0.05 |
| JPM JPMorgan Chase & Co. | Add +0.5% | 1.01% | −0.06 |
| PM Philip Morris International | Add +0.8% | 0.22% | −0.06 |
| EDV Vanguard Extended Dur Treas | Add +1.2% | 0.63% | −0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.2% | 1.77% | −0.13 |
| DE Deere & Co. | Add +0.3% | 0.50% | −0.14 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.3% | 2.33% | −0.18 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +0.3% | 2.95% | −0.28 |
| VEA Vanguard Ftse Developed ETF | Add +0.3% | 6.38% | −0.64 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 37 | $92.0M | VWO, ESGD, ESGE, HDV, MTUM |
| Q1 2026 | 39 | $110.0M | ESGD, ESGE, VWO, HDV, NULV |
| Q4 2025 | 43 | $113.3M | ESGD, ESGE, MTUM, VWO, HDV |
| Q3 2025 | 43 | $103.8M | ESGD, NULV, MTUM, ESGE, VWO |
| Q2 2025Amended | 43 | $89.5M | NULV, MTUM, VWO, ESGD, VEA |
| Q1 2025 | 45 | $86.9M | NULV, SPYX, MTUM, VWO, VEA |
| Q4 2024 | 64 | $215.0M | NULV, BNDX, EMB, AOK, LTPZ |
| Q3 2024 | 67 | $212.0M | NULV, VWO, SPY, LTPZ, BNDX |
| Q2 2024 | 68 | $208.9M | NULV, VWO, SPY, LTPZ, BNDX |
| Q1 2024 | 67 | $206.2M | ESGD, NULV, VWO, SPY, LTPZ |