Forum Financial Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Forum Financial Management, LP reported 866 stock positions worth $6.0 billion. Its top holding was Dimensional US Core Equity 2 (DFAC) at 20.6% of the portfolio, followed by iShares 10-20 Year Treasury (TLH, 13.1%) and Dimensional US Target Value (DFAT, 7.6%). Compared with Q4 2024, it opened 116 new positions, sold out of 140, added to 367 and reduced 277. The biggest buy was a new position in Amgen (AMGN) and the biggest sale an exit from Amgen.
- Most Recent 13F
- Q2 2026
- Location
- LOMBARD, IL
- CIK
- 0001911832
- Portfolio Value
- $6.0B (Q1 2025)
- SEC Filing
- 0001911832-25-000004 ↗ filed May 2, 2025
Holdings Value
Holdings 866 stocks · $6.0B
| DFAC Dimensional US Core Equity 2 | 20.64% | 37,796,124 | $1.2B | Add +0.6% |
| TLH iShares 10-20 Year Treasury | 13.14% | 7,653,072 | $794.0M | Add +1.8% |
| DFAT Dimensional US Target Value | 7.57% | 8,877,036 | $457.1M | Reduce -0.8% |
| DFIC Dimensional International Co. | 7.46% | 16,228,081 | $450.7M | Reduce -0.8% |
| DFEM Dimensional Emrg MRKT Core | 7.26% | 16,581,359 | $438.7M | Add +1.6% |
| DFGR Dim Global Real Estate ETF | 6.18% | 14,229,110 | $373.7M | Add +1.6% |
| DFGP Dimensional GLBL Core PL Fix | 4.97% | 5,616,220 | $300.1M | Add +3.3% |
| DUHP Dimensional US High Profi Et | 3.81% | 6,937,524 | $229.9M | Add +0.9% |
| DISV Dimensional International SM | 2.96% | 6,149,471 | $179.1M | Reduce -3.8% |
| DIHP Dimensional International Hi | 2.68% | 6,010,295 | $161.9M | Reduce -3.4% |
| AMGN Amgen Inc. | 1.81% | 350,754 | $109.3M | New |
| DFUS Dimensional US Eq MKT ETF | 1.23% | 1,232,446 | $74.5M | Reduce -2.3% |
| AAPL Apple Inc. | 1.16% | 316,414 | $70.3M | New |
| DFUV Dimensional US Marketwide Va | 0.83% | 1,214,794 | $50.1M | Reduce -8.5% |
| PLTR Palantir Technologies Inc. Class A | 0.71% | 510,880 | $43.1M | Add +0.1% |
| DFAX Dimensional World Ex US Core | 0.52% | 1,207,418 | $31.6M | Reduce -8.5% |
| MSFT Microsoft Corp. | 0.50% | 80,933 | $30.4M | Add +1.5% |
| DFIS Dimensional International SM | 0.50% | 1,161,557 | $30.0M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 0.37% | 39,243 | $22.6M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 0.35% | 112,256 | $21.4M | New |
| GOOGL Alphabet Inc. Class A | 0.35% | 135,952 | $21.0M | Add +71.7% |
| HYD Vaneck High Yield Muni ETF | 0.35% | 409,876 | $21.0M | Reduce -25.3% |
| GOOG Alphabet Inc. Class C | 0.34% | 132,581 | $20.7M | Add +94.2% |
| NVDA Nvidia Corp. | 0.33% | 182,249 | $19.8M | Reduce -4.1% |
| JPM JPMorgan Chase & Co. | 0.33% | 80,350 | $19.7M | Reduce -3.2% |
| DFIV Dimensional International Va | 0.26% | 402,400 | $15.8M | Reduce -15.9% |
| DFSU Dimensional US Sus CORE1 ETF | 0.23% | 396,258 | $14.2M | Reduce -0.6% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.22% | 395,611 | $13.3M | Add +1.7% |
| BSVO EA Bridgeway Omni Sm-Cp Val | 0.22% | 670,047 | $13.0M | Add +0.7% |
| CBOE Cboe Global Markets Inc. | 0.21% | 56,462 | $12.8M | No change |
| ABBV Abbvie Inc. | 0.21% | 59,197 | $12.4M | Add +0.7% |
| VGSR Vert GLB Sust Re ETF filed as MANAGER DIRECTED PORTFOLIOS | 0.20% | 1,199,559 | $12.2M | Add +4.0% |
| MUB iShares National Muni Bond E | 0.18% | 105,904 | $11.2M | Reduce -36.7% |
| XOM Exxon Mobil Corp. | 0.17% | 87,498 | $10.4M | Add +0.3% |
| DFSI Dimensional Int Sus COR1 ETF | 0.17% | 298,219 | $10.4M | Reduce -1.0% |
| DFAR Dimensional US Real Est ETF | 0.16% | 402,390 | $9.6M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.15% | 16,355 | $9.1M | Add +0.7% |
| DFAS Dimensional US Small Cap ETF | 0.15% | 146,788 | $8.8M | Reduce -1.5% |
| ABT Abbott Laboratories | 0.13% | 58,525 | $7.8M | New |
| VGLT Vanguard Long-Term Treasury | 0.12% | 130,966 | $7.5M | Add +20.1% |
| LLY Eli Lilly & Co. | 0.11% | 8,368 | $6.9M | Reduce -2.9% |
| DE Deere & Co. | 0.11% | 14,697 | $6.9M | Reduce -0.1% |
| WMT Walmart Inc. | 0.11% | 74,070 | $6.5M | Reduce -1.4% |
| VOO Vanguard S&P 500 ETF | 0.10% | 11,650 | $6.0M | Add +39.0% |
| IVV iShares Core S&P 500 ETF | 0.10% | 10,477 | $5.9M | Add +23.0% |
| HD Home Depot Inc. | 0.09% | 15,485 | $5.7M | Add +0.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.09% | 20,553 | $5.6M | Reduce -3.4% |
| IWF iShares Russell 1000 Growth | 0.09% | 15,345 | $5.5M | Reduce -16.0% |
| CVX Chevron Corp. | 0.09% | 32,862 | $5.5M | Reduce -10.1% |
| AVGO Broadcom Inc. | 0.09% | 32,758 | $5.5M | Reduce -1.3% |
| TSLA Tesla Inc. | 0.09% | 20,782 | $5.4M | Reduce -25.4% |
| JNJ Johnson & Johnson | 0.09% | 32,057 | $5.3M | Reduce -1.1% |
| TTE Totalenergies SE -Spon ADR | 0.09% | 82,033 | $5.3M | No change |
| TBIL F/M US Treasury 3 Month Bill | 0.09% | 102,866 | $5.1M | Add +26.6% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.08% | 357,561 | $4.9M | No change |
| COST Costco Wholesale Corp. | 0.08% | 5,145 | $4.9M | Add +4.7% |
| OUNZ Vaneck Merk Gold ETF | 0.08% | 160,123 | $4.8M | No change |
| SAP Sap SE-Sponsored ADR | 0.08% | 17,674 | $4.7M | No change |
| UNH Unitedhealth Group Inc. | 0.07% | 8,648 | $4.5M | Add +2.0% |
| T AT&T Inc. | 0.07% | 156,169 | $4.4M | Add +0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.07% | 104,507 | $4.4M | New |
| PG The Procter & Gamble Co. | 0.07% | 24,503 | $4.2M | Add +1.1% |
| WFC Wells Fargo & Co. | 0.07% | 56,088 | $4.0M | Add +0.3% |
| MS Morgan Stanley | 0.07% | 34,255 | $4.0M | Add +63.0% |
| TM Toyota Motor Corp. -Spon ADR | 0.07% | 22,477 | $4.0M | No change |
| OSBC Old Second Bancorp Inc. | 0.06% | 229,865 | $3.8M | Reduce -5.7% |
| SNY Sanofi-ADR | 0.06% | 66,327 | $3.7M | Reduce -0.8% |
| ALL Allstate Corp. | 0.06% | 17,753 | $3.7M | New |
| SYY Sysco Corp. | 0.06% | 48,679 | $3.7M | Add +0.1% |
| BHP BHP Group Ltd.-Spon ADR | 0.06% | 74,614 | $3.6M | New |
| DFIP Dimensional Inflation-Protec | 0.06% | 85,798 | $3.6M | Add +3.9% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.06% | 222,120 | $3.4M | No change |
| MAR Marriott International Class A | 0.06% | 14,215 | $3.4M | Add +27.6% |
| VEA Vanguard Ftse Developed ETF | 0.06% | 65,893 | $3.3M | Reduce -3.6% |
| V Visa Inc. Class A | 0.05% | 9,391 | $3.3M | Reduce -6.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.05% | 32,745 | $3.2M | Add +2.3% |
| KO The Coca-Cola Co. | 0.05% | 44,778 | $3.2M | Reduce -3.5% |
| WTM White Mountains Insurance GP | 0.05% | 1,663 | $3.2M | Add +21.0% |
| VZ Verizon Communications Inc. | 0.05% | 68,547 | $3.1M | Reduce -8.0% |
| NFLX Netflix Inc. | 0.05% | 3,326 | $3.1M | Add +1.9% |
| SHEL Shell PLC-ADR | 0.05% | 40,916 | $3.0M | No change |
| MCD McDonald's Corp. | 0.05% | 9,575 | $3.0M | Reduce -3.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.05% | 57,602 | $2.9M | Reduce -56.5% |
| CRM Salesforce Inc. | 0.05% | 10,477 | $2.8M | Reduce -0.6% |
| RTX RTX Corp. | 0.05% | 20,785 | $2.8M | Add +9.3% |
| SONY Sony Group Corp. - SP ADR | 0.05% | 108,375 | $2.8M | Reduce -6.0% |
| NVS Novartis AG-Sponsored ADR | 0.05% | 24,519 | $2.7M | Reduce -0.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.04% | 7,235 | $2.7M | Add +3.5% |
| PFE Pfizer Inc. | 0.04% | 104,496 | $2.6M | Add +8.1% |
| MU Micron Technology Inc. | 0.04% | 30,318 | $2.6M | Reduce -0.7% |
| IWD iShares Russell 1000 Value E | 0.04% | 13,933 | $2.6M | Reduce -6.9% |
| CSCO Cisco Systems Inc. | 0.04% | 42,037 | $2.6M | Add +2.1% |
| CNP Centerpoint Energy Inc. | 0.04% | 70,000 | $2.5M | No change |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.04% | 43,317 | $2.5M | No change |
| GS Goldman Sachs Group Inc. | 0.04% | 4,496 | $2.5M | Reduce -4.9% |
| MA Mastercard Inc. Class A | 0.04% | 4,447 | $2.4M | Add +3.3% |
| COP Conocophillips | 0.04% | 22,981 | $2.4M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 0.04% | 26,811 | $2.4M | Reduce -16.8% |
| CAT Caterpillar Inc. | 0.04% | 7,177 | $2.4M | Add +1.8% |
| GE General Electric filed as GE AEROSPACE | 0.04% | 11,640 | $2.3M | Reduce -5.9% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $519K (not counted above)
Total filed on the 13F, all lines: $6.0B.
Portfolio Sells Q4 2024 → Q1 2025
| AMGEN INC | Sold out | 0.00% | −1.52 |
| APPLE INC | Sold out | 0.00% | −1.31 |
| DFAT Dimensional US Target Value | Reduce -0.8% | 7.57% | −0.68 |
| AMAZON COM INC | Sold out | 0.00% | −0.42 |
| HYD Vaneck High Yield Muni ETF | Reduce -25.3% | 0.35% | −0.12 |
| MUB iShares National Muni Bond E | Reduce -36.7% | 0.18% | −0.11 |
| ABBOTT LABS | Sold out | 0.00% | −0.11 |
| DFUS Dimensional US Eq MKT ETF | Reduce -2.3% | 1.23% | −0.10 |
| TSLA Tesla Inc. | Reduce -25.4% | 0.09% | −0.10 |
| NVDA Nvidia Corp. | Reduce -4.1% | 0.33% | −0.10 |
| BANK AMERICA CORP | Sold out | 0.00% | −0.08 |
| DFUV Dimensional US Marketwide Va | Reduce -8.5% | 0.83% | −0.07 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -56.5% | 0.05% | −0.06 |
| BHP GROUP LTD | Sold out | 0.00% | −0.06 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Sold out | 0.00% | −0.05 |
| ADVANCED MICRO DEVICES INC | Sold out | 0.00% | −0.04 |
| AVGO Broadcom Inc. | Reduce -1.3% | 0.09% | −0.04 |
| AMERICAN CENTY ETF TR | Sold out | 0.00% | −0.03 |
| ALLSTATE CORP | Sold out | 0.00% | −0.03 |
| AMERICAN EXPRESS CO | Sold out | 0.00% | −0.03 |
| SUB iShares Short-Term National | Sold out | 0.00% | −0.03 |
| BANK NEW YORK MELLON CORP | Sold out | 0.00% | −0.03 |
| AMERICAN CENTY ETF TR | Sold out | 0.00% | −0.03 |
| AMERICAN CENTY ETF TR | Sold out | 0.00% | −0.03 |
| IWF iShares Russell 1000 Growth | Reduce -16.0% | 0.09% | −0.03 |
| AMERICAN CENTY ETF TR | Sold out | 0.00% | −0.03 |
| AIR PRODS & CHEMS INC | Sold out | 0.00% | −0.03 |
| AUTOMATIC DATA PROCESSING IN | Sold out | 0.00% | −0.02 |
| RY Royal Bank of Canada | Reduce -63.1% | 0.01% | −0.02 |
| APPLIED MATLS INC | Sold out | 0.00% | −0.02 |
| AMERICAN CENTY ETF TR | Sold out | 0.00% | −0.02 |
| DFAX Dimensional World Ex US Core | Reduce -8.5% | 0.52% | −0.02 |
| DFIV Dimensional International Va | Reduce -15.9% | 0.26% | −0.02 |
| ASTRAZENECA PLC | Sold out | 0.00% | −0.02 |
| BOEING CO | Sold out | 0.00% | −0.02 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -32.4% | 0.04% | −0.02 |
| ANALOG DEVICES INC | Sold out | 0.00% | −0.02 |
| ELEVANCE HEALTH INC | Sold out | 0.00% | −0.02 |
| ARISTA NETWORKS INC | Sold out | 0.00% | −0.02 |
| AMERICAN CENTY ETF TR | Sold out | 0.00% | −0.02 |
| DFAS Dimensional US Small Cap ETF | Reduce -1.5% | 0.15% | −0.02 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -0.6% | 0.23% | −0.02 |
| AFLAC INC | Sold out | 0.00% | −0.02 |
| AMERICAN INTL GROUP INC | Sold out | 0.00% | −0.01 |
| BECTON DICKINSON & CO | Sold out | 0.00% | −0.01 |
| NEM Newmont Corp. | Reduce -54.9% | 0.02% | −0.01 |
| HEI Heico Corp. | Sold out | 0.00% | −0.01 |
| XLK SS Technology Select Sector | Reduce -27.7% | 0.03% | −0.01 |
| BANK NOVA SCOTIA HALIFAX | Sold out | 0.00% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -16.8% | 0.04% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| AMGN Amgen Inc. | New | 1.81% | +1.81 |
| AAPL Apple Inc. | New | 1.16% | +1.16 |
| TLH iShares 10-20 Year Treasury | Add +1.8% | 13.14% | +0.74 |
| AMZN Amazon.com Inc. | New | 0.35% | +0.35 |
| DFGR Dim Global Real Estate ETF | Add +1.6% | 6.18% | +0.26 |
| DFGP Dimensional GLBL Core PL Fix | Add +3.3% | 4.97% | +0.21 |
| DFEM Dimensional Emrg MRKT Core | Add +1.6% | 7.26% | +0.18 |
| ABT Abbott Laboratories | New | 0.13% | +0.13 |
| GOOG Alphabet Inc. Class C | Add +94.2% | 0.34% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +71.7% | 0.35% | +0.10 |
| PLTR Palantir Technologies Inc. Class A | Add +0.1% | 0.71% | +0.07 |
| BAC Bank of America Corp. | New | 0.07% | +0.07 |
| ALL Allstate Corp. | New | 0.06% | +0.06 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.06% | +0.06 |
| AVUS Avantis U.S. Equity ETF | New | 0.04% | +0.04 |
| AVDV Avantis Intl S/C Value ETF | New | 0.03% | +0.03 |
| ABBV Abbvie Inc. | Add +0.7% | 0.21% | +0.03 |
| AMD Advanced Micro Devices | New | 0.03% | +0.03 |
| AXP American Express Co. | New | 0.03% | +0.03 |
| AVLV Avantis US Large Cap Value | New | 0.03% | +0.03 |
| BNY Bank of New York Mellon Corp. | New | 0.03% | +0.03 |
| APD Air Products & Chemicals Inc. | New | 0.03% | +0.03 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.03% | +0.03 |
| ADP Automatic Data Processing | New | 0.03% | +0.03 |
| AVRE Avantis Real Estate ETF | New | 0.03% | +0.03 |
| VGLT Vanguard Long-Term Treasury | Add +20.1% | 0.12% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +39.0% | 0.10% | +0.02 |
| AVUV Avantis US Small Cap Value | New | 0.02% | +0.02 |
| MS Morgan Stanley | Add +63.0% | 0.07% | +0.02 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.02% | +0.02 |
| ELV Elevance Health Inc. | New | 0.02% | +0.02 |
| TBIL F/M US Treasury 3 Month Bill | Add +26.6% | 0.09% | +0.02 |
| AFL Aflac Inc. | New | 0.02% | +0.02 |
| AIG American International Group | New | 0.02% | +0.02 |
| AMAT Applied Materials Inc. | New | 0.02% | +0.02 |
| ADI Analog Devices Inc. | New | 0.02% | +0.02 |
| XOM Exxon Mobil Corp. | Add +0.3% | 0.17% | +0.02 |
| BA The Boeing Co. | New | 0.02% | +0.02 |
| VTIP Vanguard Short-Term Tips | Add +431.2% | 0.02% | +0.01 |
| BP BP PLC-Spons ADR | New | 0.01% | +0.01 |
| BDX Becton Dickinson and Co. | New | 0.01% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +23.0% | 0.10% | +0.01 |
| T AT&T Inc. | Add +0.1% | 0.07% | +0.01 |
| DUSB Dimension Ultrashort Fi ETF | New | 0.01% | +0.01 |
| DFSV Dimensional US Small Cap Val | Add +65.3% | 0.04% | +0.01 |
| DFS Discover Financial Services | Add +76.6% | 0.03% | +0.01 |
| AVDE Avantis International Equity | New | 0.01% | +0.01 |
| AVES Avantis Emerging Markets Val | New | 0.01% | +0.01 |
| PM Philip Morris International | Add +10.7% | 0.04% | +0.01 |
| ANET Arista Networks Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q4 2024 → Q1 2025
| PCT Purecycle Technologies Inc. | COM · principal | Add +150.0% | 75,000 | $519K |
| JQCNR Nuveen Credit Strategies-RTS | RIGHT 04/29/2025 | New | 15,000 | $0 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 351 | $7.8B | DFAC, TLH, DFAT, DFEM, DFIC |
| Q1 2026 | 330 | $7.1B | DFAC, TLH, DFAT, DFIC, DFEM |
| Q4 2025 | 1,011 | $7.7B | DFAC, TLH, DFAT, DFEM, DFIC |
| Q3 2025 | 1,007 | $7.3B | DFAC, TLH, DFAT, DFEM, DFIC |
| Q2 2025 | 951 | $6.6B | DFAC, TLH, DFAT, DFEM, DFIC |
| Q1 2025 | 866 | $6.0B | DFAC, TLH, DFAT, DFIC, DFEM |
| Q4 2024Amended | 890 | $6.0B | DFAC, TLH, DFAT, DFEM, DFIC |
| Q3 2024 | 765 | $6.0B | DFAC, TLH, DFAT, DFIC, DFEM |
| Q2 2024 | 715 | $5.5B | DFAC, TLH, DFAT, DFEM, DFIC |
| Q1 2024 | 740 | $5.9B | DFAC, TLH, DFAT, DFIC, DFEM |