Forum Financial Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Forum Financial Management, LP reported 951 stock positions worth $6.6 billion. Its top holding was Dimensional US Core Equity 2 (DFAC) at 21.2% of the portfolio, followed by iShares 10-20 Year Treasury (TLH, 12.2%) and Dimensional US Target Value (DFAT, 7.7%). Compared with Q1 2025, it opened 121 new positions, sold out of 36, added to 494 and reduced 259. The biggest buy was Dimensional US Core Equity 2 (DFAC, shares +3%) and the biggest sale Amgen (AMGN, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- LOMBARD, IL
- CIK
- 0001911832
- Portfolio Value
- $6.6B (Q2 2025)
- SEC Filing
- 0001911832-25-000007 ↗ filed Jul 30, 2025
Holdings Value
Holdings 951 stocks · $6.6B
| DFAC Dimensional US Core Equity 2 | 21.21% | 38,896,661 | $1.4B | Add +2.9% |
| TLH iShares 10-20 Year Treasury | 12.18% | 7,882,291 | $800.8M | Add +3.0% |
| DFAT Dimensional US Target Value | 7.68% | 9,353,565 | $504.7M | Add +5.4% |
| DFEM Dimensional Emrg MRKT Core | 7.58% | 16,789,759 | $498.3M | Add +1.3% |
| DFIC Dimensional International Co. | 7.56% | 15,977,601 | $496.7M | Reduce -1.5% |
| DFGR Dim Global Real Estate ETF | 5.93% | 14,517,559 | $389.5M | Add +2.0% |
| DFGP Dimensional GLBL Core PL Fix | 4.89% | 5,902,297 | $321.6M | Add +5.1% |
| DUHP Dimensional US High Profi Et | 3.88% | 7,169,400 | $254.9M | Add +3.3% |
| DISV Dimensional International SM | 2.95% | 5,899,078 | $194.1M | Reduce -4.1% |
| DIHP Dimensional International Hi | 2.69% | 5,996,961 | $176.9M | Reduce -0.2% |
| AMGN Amgen Inc. | 1.49% | 350,619 | $97.9M | Reduce -0.0% |
| DFUS Dimensional US Eq MKT ETF | 1.24% | 1,219,630 | $81.7M | Reduce -1.0% |
| PLTR Palantir Technologies Inc. Class A | 1.06% | 509,799 | $69.5M | Reduce -0.2% |
| AAPL Apple Inc. | 0.97% | 312,054 | $64.0M | Reduce -1.4% |
| DFUV Dimensional US Marketwide Va | 0.78% | 1,206,382 | $51.0M | Reduce -0.7% |
| MSFT Microsoft Corp. | 0.61% | 81,202 | $40.4M | Add +0.3% |
| DFIS Dimensional International SM | 0.53% | 1,158,857 | $34.6M | Reduce -0.2% |
| DFAX Dimensional World Ex US Core | 0.52% | 1,163,780 | $34.2M | Reduce -3.6% |
| META Meta Platforms Inc. Class A | 0.43% | 38,354 | $28.3M | Reduce -2.3% |
| GOOGL Alphabet Inc. Class A | 0.41% | 151,951 | $26.8M | Add +11.8% |
| GOOG Alphabet Inc. Class C | 0.40% | 149,150 | $26.5M | Add +12.5% |
| AMZN Amazon.com Inc. | 0.38% | 114,567 | $25.1M | Add +2.1% |
| NVDA Nvidia Corp. | 0.38% | 158,979 | $25.1M | Reduce -12.8% |
| JPM JPMorgan Chase & Co. | 0.36% | 82,012 | $23.8M | Add +2.1% |
| DFIV Dimensional International Va | 0.26% | 393,136 | $16.8M | Reduce -2.3% |
| DFSU Dimensional US Sus CORE1 ETF | 0.25% | 416,004 | $16.3M | Add +5.0% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.23% | 396,139 | $15.1M | Add +0.1% |
| BSVO EA Bridgeway Omni Sm-Cp Val | 0.21% | 668,104 | $13.6M | Reduce -0.3% |
| VGSR Vert GLB Sust Re ETF filed as MANAGER DIRECTED PORTFOLIOS | 0.19% | 1,216,550 | $12.7M | Add +1.4% |
| VGLT Vanguard Long-Term Treasury | 0.18% | 211,962 | $11.9M | Add +61.9% |
| DFSI Dimensional Int Sus COR1 ETF | 0.17% | 289,109 | $11.4M | Reduce -3.0% |
| ABBV Abbvie Inc. | 0.17% | 59,704 | $11.1M | Add +0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 16,737 | $10.3M | Add +2.3% |
| DFAR Dimensional US Real Est ETF | 0.14% | 402,347 | $9.4M | Reduce -0.0% |
| XOM Exxon Mobil Corp. | 0.14% | 86,812 | $9.4M | Reduce -0.8% |
| DFAS Dimensional US Small Cap ETF | 0.14% | 146,038 | $9.3M | Reduce -0.5% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.14% | 184,815 | $9.1M | Add +220.8% |
| HYD Vaneck High Yield Muni ETF | 0.14% | 179,883 | $9.0M | Reduce -56.1% |
| AVGO Broadcom Inc. | 0.14% | 32,453 | $8.9M | Reduce -0.9% |
| ABT Abbott Laboratories | 0.12% | 59,595 | $8.1M | Add +1.8% |
| DE Deere & Co. | 0.11% | 14,665 | $7.5M | Reduce -0.2% |
| WMT Walmart Inc. | 0.11% | 73,414 | $7.2M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 0.10% | 8,805 | $6.9M | Add +5.2% |
| VOO Vanguard S&P 500 ETF | 0.10% | 11,834 | $6.7M | Add +1.6% |
| TSLA Tesla Inc. | 0.10% | 20,439 | $6.5M | Reduce -1.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.10% | 21,312 | $6.5M | Add +3.7% |
| IWF iShares Russell 1000 Growth | 0.09% | 14,088 | $6.0M | Reduce -8.2% |
| IVV iShares Core S&P 500 ETF | 0.09% | 9,191 | $5.7M | Reduce -12.3% |
| HD Home Depot Inc. | 0.09% | 15,414 | $5.7M | Reduce -0.5% |
| COST Costco Wholesale Corp. | 0.09% | 5,696 | $5.6M | Add +10.7% |
| SAP Sap SE-Sponsored ADR | 0.08% | 17,679 | $5.4M | Add +0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.08% | 110,624 | $5.2M | Add +5.8% |
| TBIL F/M US Treasury 3 Month Bill | 0.08% | 103,059 | $5.2M | Add +0.2% |
| OUNZ Vaneck Merk Gold ETF | 0.08% | 160,123 | $5.1M | No change |
| JNJ Johnson & Johnson | 0.08% | 33,429 | $5.1M | Add +4.3% |
| DFSV Dimensional US Small Cap Val | 0.07% | 167,291 | $4.9M | Add +105.3% |
| TTE Totalenergies SE -Spon ADR | 0.07% | 79,459 | $4.9M | Reduce -3.1% |
| T AT&T Inc. | 0.07% | 164,004 | $4.7M | Add +5.0% |
| CVX Chevron Corp. | 0.07% | 33,007 | $4.7M | Add +0.4% |
| NFLX Netflix Inc. | 0.07% | 3,328 | $4.5M | Add +0.1% |
| AVUS Avantis U.S. Equity ETF | 0.07% | 44,116 | $4.4M | Add +76.7% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.07% | 322,044 | $4.4M | Reduce -9.9% |
| MS Morgan Stanley | 0.07% | 31,040 | $4.4M | Reduce -9.4% |
| WFC Wells Fargo & Co. | 0.07% | 53,886 | $4.3M | Reduce -3.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.06% | 34,355 | $4.3M | Add +4.9% |
| OSBC Old Second Bancorp Inc. | 0.06% | 229,887 | $4.1M | Add +0.0% |
| V Visa Inc. Class A | 0.06% | 11,487 | $4.1M | Add +22.3% |
| ALL Allstate Corp. | 0.06% | 20,257 | $4.1M | Add +14.1% |
| PG The Procter & Gamble Co. | 0.06% | 25,171 | $4.0M | Add +2.7% |
| MAR Marriott International Class A | 0.06% | 14,453 | $3.9M | Add +1.7% |
| CBOE Cboe Global Markets Inc. | 0.06% | 16,465 | $3.8M | Reduce -70.8% |
| VEA Vanguard Ftse Developed ETF | 0.06% | 66,979 | $3.8M | Add +1.6% |
| SYY Sysco Corp. | 0.06% | 49,030 | $3.7M | Add +0.7% |
| WTM White Mountains Insurance GP | 0.06% | 2,016 | $3.6M | Add +21.2% |
| COF Capital One Financial Corp. | 0.05% | 16,912 | $3.6M | Add +199.4% |
| TM Toyota Motor Corp. -Spon ADR | 0.05% | 20,447 | $3.5M | Reduce -9.0% |
| DFIP Dimensional Inflation-Protec | 0.05% | 83,158 | $3.5M | Reduce -3.1% |
| ORCL Oracle Corp. | 0.05% | 15,463 | $3.4M | Add +17.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.05% | 7,549 | $3.3M | Add +4.3% |
| MU Micron Technology Inc. | 0.05% | 26,569 | $3.3M | Reduce -12.4% |
| MUB iShares National Muni Bond E | 0.05% | 31,002 | $3.2M | Reduce -70.7% |
| BHP BHP Group Ltd.-Spon ADR | 0.05% | 66,939 | $3.2M | Reduce -10.3% |
| CSCO Cisco Systems Inc. | 0.05% | 46,044 | $3.2M | Add +9.5% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.05% | 209,587 | $3.2M | Reduce -5.6% |
| GS Goldman Sachs Group Inc. | 0.05% | 4,227 | $3.0M | Reduce -6.0% |
| VZ Verizon Communications Inc. | 0.05% | 68,864 | $3.0M | Add +0.5% |
| NVS Novartis AG-Sponsored ADR | 0.05% | 24,607 | $3.0M | Add +0.4% |
| KO The Coca-Cola Co. | 0.04% | 41,796 | $3.0M | Reduce -6.7% |
| MCD McDonald's Corp. | 0.04% | 10,022 | $2.9M | Add +4.7% |
| GE General Electric filed as GE AEROSPACE | 0.04% | 11,377 | $2.9M | Reduce -2.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 9,810 | $2.9M | Add +19.2% |
| CAT Caterpillar Inc. | 0.04% | 7,401 | $2.9M | Add +3.1% |
| SONY Sony Group Corp. - SP ADR | 0.04% | 110,317 | $2.9M | Add +1.8% |
| DB Deutsche Bank AG-Registered | 0.04% | 94,166 | $2.8M | No change |
| SNY Sanofi-ADR | 0.04% | 57,029 | $2.8M | Reduce -14.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.04% | 4,970 | $2.7M | Add +3.4% |
| MA Mastercard Inc. Class A | 0.04% | 4,845 | $2.7M | Add +8.9% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.04% | 44,246 | $2.7M | Add +2.1% |
| C Citigroup Inc. | 0.04% | 31,542 | $2.7M | Add +4.3% |
| PM Philip Morris International | 0.04% | 14,672 | $2.7M | Add +3.1% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PCT Purecycle Technologies Inc. | COM · principal | 125,000 | $1.7M | Add +66.7% |
Total filed on the 13F, all lines: $6.6B.
Portfolio Sells Q1 2025 → Q2 2025
| AMGN Amgen Inc. | Reduce -0.0% | 1.49% | −0.32 |
| HYD Vaneck High Yield Muni ETF | Reduce -56.1% | 0.14% | −0.21 |
| AAPL Apple Inc. | Reduce -1.4% | 0.97% | −0.19 |
| CBOE Cboe Global Markets Inc. | Reduce -70.8% | 0.06% | −0.15 |
| MUB iShares National Muni Bond E | Reduce -70.7% | 0.05% | −0.14 |
| DFUV Dimensional US Marketwide Va | Reduce -0.7% | 0.78% | −0.05 |
| UNH Unitedhealth Group Inc. | Reduce -15.2% | 0.03% | −0.04 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 0.14% | −0.03 |
| SNY Sanofi-ADR | Reduce -14.0% | 0.04% | −0.02 |
| DFAR Dimensional US Real Est ETF | Reduce -0.0% | 0.14% | −0.01 |
| PFE Pfizer Inc. | Reduce -23.4% | 0.03% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.1% | 0.07% | −0.01 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Reduce -9.9% | 0.07% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -16.5% | 0.03% | −0.01 |
| SHEL Shell PLC-ADR | Reduce -16.3% | 0.04% | −0.01 |
| OVV Ovintiv Inc. | Reduce -63.4% | 0.01% | −0.01 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -9.0% | 0.05% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -27.4% | 0.01% | −0.01 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -10.3% | 0.05% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -12.3% | 0.09% | −0.01 |
| DISV Dimensional International SM | Reduce -4.1% | 2.95% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -33.2% | 0.02% | −0.01 |
| CNI Canadian Natl Railway Co. | Reduce -73.4% | 0.00% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -22.2% | 0.01% | −0.01 |
| SMFG Sumitomo Mitsui-Spons ADR | Reduce -5.6% | 0.05% | −0.01 |
| CRM Salesforce Inc. | Reduce -12.6% | 0.04% | −0.01 |
| BSVO EA Bridgeway Omni Sm-Cp Val | Reduce -0.3% | 0.21% | −0.01 |
| RTX RTX Corp. | Reduce -19.0% | 0.04% | −0.01 |
| KO The Coca-Cola Co. | Reduce -6.7% | 0.04% | −0.01 |
| HD Home Depot Inc. | Reduce -0.5% | 0.09% | −0.01 |
| PBA Pembina Pipeline Corp. | Sold out | 0.00% | −0.01 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -28.6% | 0.02% | −0.01 |
| DFIP Dimensional Inflation-Protec | Reduce -3.1% | 0.05% | −0.01 |
| IWD iShares Russell 1000 Value E | Reduce -11.2% | 0.04% | −0.01 |
| DFSD Dimensional Short Duration | Reduce -30.0% | 0.01% | −0.01 |
| TAK Takeda Pharmaceutic-SP ADR | Reduce -19.6% | 0.02% | −0.01 |
| DFIV Dimensional International Va | Reduce -2.3% | 0.26% | −0.01 |
| DOW Dow Inc. | Sold out | 0.00% | −0.01 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.01 |
| FISV Fiserv Inc. | Reduce -0.3% | 0.01% | −0.01 |
| UBS UBS Group AG-Reg | Reduce -17.3% | 0.03% | −0.01 |
| IAU iShares Gold Trust | Reduce -17.7% | 0.02% | −0.01 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.01 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -40.2% | 0.01% | −0.01 |
| CNQ Canadian Natural Resources | Reduce -7.4% | 0.03% | −0.00 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.00 |
| TRGP Targa Resources Corp. | Reduce -22.9% | 0.01% | −0.00 |
| INTC Intel Corp. | Reduce -10.3% | 0.02% | −0.00 |
| VST Vistra Corp. | Reduce -47.4% | 0.02% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| DFAC Dimensional US Core Equity 2 | Add +2.9% | 21.21% | +0.57 |
| DFEM Dimensional Emrg MRKT Core | Add +1.3% | 7.58% | +0.32 |
| DFAT Dimensional US Target Value | Add +5.4% | 7.68% | +0.11 |
| MSFT Microsoft Corp. | Add +0.3% | 0.61% | +0.11 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +220.8% | 0.14% | +0.09 |
| DUHP Dimensional US High Profi Et | Add +3.3% | 3.88% | +0.07 |
| GOOG Alphabet Inc. Class C | Add +12.5% | 0.40% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +11.8% | 0.41% | +0.06 |
| VGLT Vanguard Long-Term Treasury | Add +61.9% | 0.18% | +0.06 |
| COF Capital One Financial Corp. | Add +199.4% | 0.05% | +0.04 |
| DFSV Dimensional US Small Cap Val | Add +105.3% | 0.07% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +2.1% | 0.36% | +0.04 |
| AVUS Avantis U.S. Equity ETF | Add +76.7% | 0.07% | +0.03 |
| AMZN Amazon.com Inc. | Add +2.1% | 0.38% | +0.03 |
| ORCL Oracle Corp. | Add +17.4% | 0.05% | +0.02 |
| NFLX Netflix Inc. | Add +0.1% | 0.07% | +0.02 |
| DFSU Dimensional US Sus CORE1 ETF | Add +5.0% | 0.25% | +0.01 |
| HOOD Robinhood Markets Inc. Class A | Add +0.8% | 0.03% | +0.01 |
| DIS The Walt Disney Co. | Add +4.9% | 0.06% | +0.01 |
| IBM Intl Business Machines Corp. | Add +19.2% | 0.04% | +0.01 |
| FLUT Flutter Entertainment PLC-Di | New | 0.01% | +0.01 |
| AXP American Express Co. | Add +19.5% | 0.04% | +0.01 |
| DFSE Dimensional Em Sus CORE1 ETF | Add +0.1% | 0.23% | +0.01 |
| XLK SS Technology Select Sector | Add +17.6% | 0.03% | +0.01 |
| MEAR Ishrs Short Mat Muni Act ETF | New | 0.01% | +0.01 |
| TEM Tempus AI Inc. Class A | New | 0.01% | +0.01 |
| V Visa Inc. Class A | Add +22.3% | 0.06% | +0.01 |
| BAC Bank of America Corp. | Add +5.8% | 0.08% | +0.01 |
| ETN Eaton Corp. PLC | Add +13.3% | 0.02% | +0.01 |
| CEG Constellation Energy | Add +57.3% | 0.01% | +0.01 |
| NVR NVR Inc. | New | 0.01% | +0.01 |
| RDDT Reddit Inc. Class A | New | 0.01% | +0.01 |
| COIN Coinbase Global Inc. Class A | Add +14.1% | 0.01% | +0.01 |
| HIMS Hims & Hers Health Inc. | New | 0.01% | +0.01 |
| NKE Nike Inc. Class B | Add +115.5% | 0.01% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.3% | 0.16% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +4.3% | 0.05% | +0.01 |
| CSCO Cisco Systems Inc. | Add +9.5% | 0.05% | +0.01 |
| NTAP Netapp Inc. | New | 0.01% | +0.01 |
| NOW ServiceNow Inc. | Add +24.9% | 0.02% | +0.01 |
| AVEM Avantis Emerging Markets Eq | Add +57.2% | 0.01% | +0.01 |
| VYM Vanguard High DVD Yield ETF | New | 0.01% | +0.01 |
| C Citigroup Inc. | Add +4.3% | 0.04% | +0.01 |
| DLTR Dollar Tree Inc. | New | 0.01% | +0.01 |
| EPAM Epam Systems Inc. | New | 0.01% | +0.01 |
| WAT Waters Corp. | New | 0.01% | +0.01 |
| CRDO Credo Technology Group Holdi | New | 0.01% | +0.01 |
| SSII SS Innovations International | New | 0.01% | +0.01 |
| COST Costco Wholesale Corp. | Add +10.7% | 0.09% | +0.01 |
| AKAM Akamai Technologies Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q1 2025 → Q2 2025
| PCT Purecycle Technologies Inc. | COM · principal | Add +66.7% | 125,000 | $1.7M |
| JQCNR Nuveen Credit Strategies-RTS | RIGHT 04/29/2025 | Sold out | 15,000 | $0before exit |
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 |