Forum Financial Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Forum Financial Management, LP reported 1,011 stock positions worth $7.7 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, 11.2%) and Dimensional US Target Value (DFAT, 7.9%). Compared with Q3 2025, it opened 55 new positions, sold out of 52, added to 433 and reduced 290. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +171%) and the biggest sale Vanguard Long-Term Treasury (VGLT, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- LOMBARD, IL
- CIK
- 0001911832
- Portfolio Value
- $7.7B (Q4 2025)
- SEC Filing
- 0001911832-26-000002 ↗ filed Jan 27, 2026
Holdings Value
Holdings 1,011 stocks · $7.7B
| DFAC Dimensional US Core Equity 2 | 21.15% | 41,068,700 | $1.6B | Add +2.6% |
| TLH iShares 10-20 Year Treasury | 11.24% | 8,500,234 | $864.2M | Add +6.1% |
| DFAT Dimensional US Target Value | 7.91% | 10,207,476 | $607.8M | Add +4.7% |
| DFEM Dimensional Emrg MRKT Core | 7.57% | 17,585,374 | $581.7M | Add +2.0% |
| DFIC Dimensional International Co. | 7.41% | 16,536,165 | $569.8M | Reduce -0.1% |
| DFGR Dim Global Real Estate ETF | 5.72% | 16,638,902 | $439.6M | Add +7.7% |
| DFGP Dimensional GLBL Core PL Fix | 4.40% | 6,260,951 | $338.5M | Add +3.6% |
| DUHP Dimensional US High Profi Et | 3.97% | 8,017,707 | $304.9M | Add +6.3% |
| DISV Dimensional International SM | 2.88% | 5,821,654 | $221.2M | Reduce -1.5% |
| DIHP Dimensional International Hi | 2.58% | 6,269,840 | $198.5M | Add +0.8% |
| AMGN Amgen Inc. | 1.49% | 350,762 | $114.8M | Add +0.0% |
| DFUS Dimensional US Eq MKT ETF | 1.16% | 1,196,915 | $88.8M | Reduce -1.3% |
| AAPL Apple Inc. | 1.15% | 325,788 | $88.6M | Reduce -0.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.85% | 1,301,171 | $65.4M | Reduce -1.6% |
| HYD Vaneck High Yield Muni ETF | 0.83% | 1,252,071 | $64.0M | Reduce -1.9% |
| DFUV Dimensional US Marketwide Va | 0.72% | 1,190,941 | $55.5M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 0.61% | 149,710 | $47.0M | Add +0.8% |
| MSFT Microsoft Corp. | 0.58% | 92,945 | $44.9M | Add +2.5% |
| GOOGL Alphabet Inc. Class A | 0.57% | 141,036 | $44.1M | Reduce -0.4% |
| VGLT Vanguard Long-Term Treasury | 0.54% | 743,010 | $41.5M | Reduce -10.8% |
| DFIS Dimensional International SM | 0.50% | 1,156,857 | $38.1M | No change |
| DFAX Dimensional World Ex US Core | 0.47% | 1,093,036 | $35.8M | Reduce -2.3% |
| NVDA Nvidia Corp. | 0.39% | 162,573 | $30.3M | Add +3.5% |
| AMZN Amazon.com Inc. | 0.38% | 127,950 | $29.5M | Add +8.5% |
| JPM JPMorgan Chase & Co. | 0.36% | 84,993 | $27.4M | Add +1.0% |
| PLTR Palantir Technologies Inc. Class A | 0.36% | 153,755 | $27.3M | Add +3.6% |
| META Meta Platforms Inc. Class A | 0.33% | 38,673 | $25.5M | Add +1.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.25% | 58,057 | $19.5M | Add +170.9% |
| DFIV Dimensional International Va | 0.25% | 382,857 | $19.1M | Reduce -1.3% |
| DFSU Dimensional US Sus CORE1 ETF | 0.25% | 439,653 | $19.1M | Add +2.0% |
| ABBV Abbvie Inc. | 0.22% | 72,626 | $16.6M | Add +16.9% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.21% | 395,289 | $16.4M | Reduce -0.5% |
| BSVO EA Bridgeway Omni Sm-Cp Val | 0.20% | 656,352 | $15.3M | Reduce -0.4% |
| VGSR Vert GLB Sust Re ETF filed as MANAGER DIRECTED PORTFOLIOS | 0.18% | 1,310,370 | $13.6M | Add +4.5% |
| AVGO Broadcom Inc. | 0.16% | 35,710 | $12.4M | Add +4.3% |
| DFSI Dimensional Int Sus COR1 ETF | 0.16% | 285,878 | $12.2M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.15% | 95,236 | $11.5M | Add +1.9% |
| OKE Oneok Inc. | 0.15% | 154,564 | $11.4M | Add +1078.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.15% | 16,603 | $11.3M | Add +0.2% |
| DFAS Dimensional US Small Cap ETF | 0.13% | 148,562 | $10.4M | Reduce -3.4% |
| TSLA Tesla Inc. | 0.12% | 20,892 | $9.4M | Add +6.8% |
| LLY Eli Lilly & Co. | 0.12% | 8,666 | $9.3M | Add +2.3% |
| DFAR Dimensional US Real Est ETF | 0.12% | 400,711 | $9.2M | Reduce -0.2% |
| WMT Walmart Inc. | 0.11% | 73,969 | $8.2M | Add +1.7% |
| ABT Abbott Laboratories | 0.10% | 64,237 | $8.0M | Add +2.1% |
| VOO Vanguard S&P 500 ETF | 0.10% | 12,251 | $7.7M | Add +0.9% |
| JNJ Johnson & Johnson | 0.10% | 35,434 | $7.3M | Reduce -0.3% |
| ET Energy Transfer LP | 0.09% | 430,948 | $7.1M | Add +322.7% |
| DE Deere & Co. | 0.09% | 14,993 | $7.0M | Add +0.1% |
| DFIP Dimensional Inflation-Protec | 0.09% | 164,063 | $6.8M | Reduce -31.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.09% | 121,908 | $6.7M | Reduce -0.3% |
| OUNZ Vaneck Merk Gold ETF | 0.09% | 160,123 | $6.6M | No change |
| IWF iShares Russell 1000 Growth | 0.09% | 13,937 | $6.6M | Reduce -1.1% |
| IVV iShares Core S&P 500 ETF | 0.08% | 9,367 | $6.4M | Add +3.5% |
| DFCF Dimensional Core Fixed Inc. | 0.08% | 147,033 | $6.3M | Reduce -21.1% |
| HD Home Depot Inc. | 0.08% | 16,825 | $5.8M | Add +4.6% |
| WFC Wells Fargo & Co. | 0.07% | 59,483 | $5.5M | Reduce 0.0% |
| MS Morgan Stanley | 0.07% | 30,489 | $5.4M | Reduce -7.9% |
| CVX Chevron Corp. | 0.07% | 34,381 | $5.2M | Reduce -6.7% |
| TTE Totalenergies SE | 0.07% | 79,459 | $5.2M | No change |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.07% | 322,044 | $5.1M | No change |
| MU Micron Technology Inc. | 0.07% | 17,586 | $5.0M | Reduce -40.5% |
| COST Costco Wholesale Corp. | 0.06% | 5,663 | $4.9M | Reduce -2.1% |
| TBIL F/M US Treasury 3 Month Bill | 0.06% | 95,989 | $4.8M | Reduce -5.7% |
| PG The Procter & Gamble Co. | 0.06% | 32,398 | $4.6M | Reduce -1.3% |
| DFSV Dimensional US Small Cap Val | 0.06% | 140,472 | $4.6M | Reduce -0.9% |
| BHP BHP Group Ltd.-Spon ADR | 0.06% | 75,967 | $4.6M | No change |
| MAR Marriott International Class A | 0.06% | 14,644 | $4.5M | Reduce -1.8% |
| CAT Caterpillar Inc. | 0.06% | 7,914 | $4.5M | Add +4.8% |
| SAP Sap SE-Sponsored ADR | 0.06% | 18,378 | $4.5M | Reduce -0.1% |
| TM Toyota Motor Corp. -Spon ADR | 0.06% | 20,477 | $4.4M | No change |
| AMD Advanced Micro Devices | 0.06% | 20,297 | $4.3M | Add +7.3% |
| GS Goldman Sachs Group Inc. | 0.05% | 4,790 | $4.2M | Add +0.4% |
| WTM White Mountains Insurance GP | 0.05% | 2,016 | $4.2M | No change |
| CBOE Cboe Global Markets Inc. | 0.05% | 16,658 | $4.2M | Reduce -2.4% |
| V Visa Inc. Class A | 0.05% | 11,721 | $4.1M | Reduce -2.3% |
| OSBC Old Second Bancorp Inc. | 0.05% | 208,884 | $4.1M | Reduce -3.0% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.05% | 209,587 | $4.1M | No change |
| COF Capital One Financial Corp. | 0.05% | 16,616 | $4.0M | Reduce -6.5% |
| BSM Black Stone Minerals LP | 0.05% | 300,000 | $4.0M | New |
| C Citigroup Inc. | 0.05% | 33,511 | $3.9M | Add +0.6% |
| VEA Vanguard Ftse Developed ETF | 0.05% | 62,573 | $3.9M | Add +0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.05% | 34,208 | $3.9M | Add +0.7% |
| CSCO Cisco Systems Inc. | 0.05% | 50,494 | $3.9M | Add +4.0% |
| T AT&T Inc. | 0.05% | 156,536 | $3.9M | Reduce -6.2% |
| MCD McDonald's Corp. | 0.05% | 12,124 | $3.7M | Add +0.9% |
| SHV iShares 0-1 Year Treasury Bo | 0.05% | 33,548 | $3.7M | Add +9.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.05% | 6,016 | $3.7M | Add +19.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.05% | 7,452 | $3.6M | Reduce -1.6% |
| DB Deutsche Bank AG-Registered | 0.05% | 94,166 | $3.6M | No change |
| AVUS Avantis U.S. Equity ETF | 0.05% | 32,231 | $3.6M | Reduce -9.6% |
| NVS Novartis AG-Sponsored ADR | 0.05% | 25,365 | $3.5M | Add +3.1% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.05% | 44,246 | $3.5M | No change |
| INTC Intel Corp. | 0.05% | 93,915 | $3.5M | Reduce -4.5% |
| GE General Electric filed as GE AEROSPACE | 0.04% | 11,142 | $3.4M | Reduce -0.5% |
| ALL Allstate Corp. | 0.04% | 16,317 | $3.4M | Reduce -23.0% |
| SNY Sanofi-ADR | 0.04% | 69,279 | $3.4M | No change |
| MPLX MPLX LP | 0.04% | 61,770 | $3.3M | New |
| NFLX Netflix Inc. | 0.04% | 34,606 | $3.2M | Add +2.6% |
| ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS | 0.04% | 326,980 | $3.2M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PCT Purecycle Technologies Inc. | COM · principal | 125,000 | $1.1M | No change |
Total filed on the 13F, all lines: $7.7B.
Portfolio Sells Q3 2025 → Q4 2025
| VGLT Vanguard Long-Term Treasury | Reduce -10.8% | 0.54% | −0.11 |
| HYD Vaneck High Yield Muni ETF | Reduce -1.9% | 0.83% | −0.06 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -1.6% | 0.85% | −0.05 |
| DFIP Dimensional Inflation-Protec | Reduce -31.7% | 0.09% | −0.05 |
| DFUS Dimensional US Eq MKT ETF | Reduce -1.3% | 1.16% | −0.05 |
| DFCF Dimensional Core Fixed Inc. | Reduce -21.1% | 0.08% | −0.03 |
| ORCL Oracle Corp. | Reduce -4.5% | 0.04% | −0.02 |
| ALL Allstate Corp. | Reduce -23.0% | 0.04% | −0.02 |
| DFAX Dimensional World Ex US Core | Reduce -2.3% | 0.47% | −0.02 |
| T AT&T Inc. | Reduce -6.2% | 0.05% | −0.01 |
| DFIC Dimensional International Co. | Reduce -0.1% | 7.41% | −0.01 |
| DFUV Dimensional US Marketwide Va | Reduce -0.8% | 0.72% | −0.01 |
| DFAR Dimensional US Real Est ETF | Reduce -0.2% | 0.12% | −0.01 |
| CVX Chevron Corp. | Reduce -6.7% | 0.07% | −0.01 |
| DFSE Dimensional Em Sus CORE1 ETF | Reduce -0.5% | 0.21% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -2.1% | 0.06% | −0.01 |
| DFAS Dimensional US Small Cap ETF | Reduce -3.4% | 0.13% | −0.01 |
| SAP Sap SE-Sponsored ADR | Reduce -0.1% | 0.06% | −0.01 |
| FISV Fiserv Inc. | Reduce -34.3% | 0.00% | −0.01 |
| PFE Pfizer Inc. | Reduce -16.2% | 0.03% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -1.3% | 0.06% | −0.01 |
| DISV Dimensional International SM | Reduce -1.5% | 2.88% | −0.01 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.01 |
| SYY Sysco Corp. | Reduce -1.5% | 0.04% | −0.01 |
| TBIL F/M US Treasury 3 Month Bill | Reduce -5.7% | 0.06% | −0.01 |
| CPAY Corpay Inc. | Sold out | 0.00% | −0.01 |
| AMCR Amcor PLC | Sold out | 0.00% | −0.01 |
| AVUS Avantis U.S. Equity ETF | Reduce -9.6% | 0.05% | −0.01 |
| SOFI Sofi Technologies Inc. | Reduce -35.1% | 0.01% | −0.01 |
| LCID Lucid Group Inc. | Reduce -1.9% | 0.00% | −0.01 |
| VST Vistra Corp. | Reduce -17.7% | 0.01% | −0.01 |
| HRL Hormel Foods Corp. | Sold out | 0.00% | −0.01 |
| BSVO EA Bridgeway Omni Sm-Cp Val | Reduce -0.4% | 0.20% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -12.0% | 0.02% | −0.01 |
| BA The Boeing Co. | Reduce -17.7% | 0.02% | −0.01 |
| PGR Progressive Corp. | Reduce -12.0% | 0.02% | −0.01 |
| LIN Linde PLC | Reduce -0.5% | 0.03% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -1.7% | 0.02% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -12.4% | 0.02% | −0.00 |
| WSO Watsco Inc. | Sold out | 0.00% | −0.00 |
| APD Air Products & Chemicals Inc. | Reduce -7.3% | 0.02% | −0.00 |
| CDW CDW Corp. | Sold out | 0.00% | −0.00 |
| IWF iShares Russell 1000 Growth | Reduce -1.1% | 0.09% | −0.00 |
| CHTR Charter Communications Inc. Class A | Reduce -27.1% | 0.00% | −0.00 |
| DD Dupont DE Nemours Inc. | Reduce -0.0% | 0.00% | −0.00 |
| HWM Howmet Aerospace Inc. | Reduce -31.2% | 0.01% | −0.00 |
| ZBRA Zebra Technologies Corp. Class A | Sold out | 0.00% | −0.00 |
| AVRE Avantis Real Estate ETF | Reduce -13.0% | 0.02% | −0.00 |
| CABO Cable One Inc. | Sold out | 0.00% | −0.00 |
| COIN Coinbase Global Inc. Class A | Reduce -3.4% | 0.01% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| VTI VG Morningstar TS MKT ETF-US | Add +170.9% | 0.25% | +0.16 |
| AMGN Amgen Inc. | Add +0.0% | 1.49% | +0.14 |
| DFAT Dimensional US Target Value | Add +4.7% | 7.91% | +0.14 |
| OKE Oneok Inc. | Add +1078.2% | 0.15% | +0.13 |
| GOOG Alphabet Inc. Class C | Add +0.8% | 0.61% | +0.12 |
| ET Energy Transfer LP | Add +322.7% | 0.09% | +0.07 |
| DUHP Dimensional US High Profi Et | Add +6.3% | 3.97% | +0.07 |
| BSM Black Stone Minerals LP | New | 0.05% | +0.05 |
| MPLX MPLX LP | New | 0.04% | +0.04 |
| LLY Eli Lilly & Co. | Add +2.3% | 0.12% | +0.03 |
| AMZN Amazon.com Inc. | Add +8.5% | 0.38% | +0.03 |
| ABBV Abbvie Inc. | Add +16.9% | 0.22% | +0.02 |
| DFAC Dimensional US Core Equity 2 | Add +2.6% | 21.15% | +0.02 |
| AMD Advanced Micro Devices | Add +7.3% | 0.06% | +0.01 |
| MRK Merck & Co. Inc. | Add +24.9% | 0.04% | +0.01 |
| FBTC Fidelity Wise Origin Bitcoin | New | 0.01% | +0.01 |
| CAT Caterpillar Inc. | Add +4.8% | 0.06% | +0.01 |
| RKT Rocket Cos Inc. Class A | New | 0.01% | +0.01 |
| BIIB Biogen Inc. | Add +106.7% | 0.01% | +0.01 |
| AMAT Applied Materials Inc. | Add +5.9% | 0.04% | +0.01 |
| OLED Universal Display Corp. | New | 0.01% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +26.6% | 0.02% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +19.5% | 0.05% | +0.01 |
| EPD Enterprise Products Partners | Add +76.6% | 0.01% | +0.01 |
| AVGO Broadcom Inc. | Add +4.3% | 0.16% | +0.01 |
| CEF Sprott Physical Gold and Sil | New | 0.01% | +0.01 |
| VXUS Vanguard Total Intl Stock | Add +39.9% | 0.02% | +0.01 |
| CSCO Cisco Systems Inc. | Add +4.0% | 0.05% | +0.01 |
| HUM Humana Inc. | Add +175.9% | 0.01% | +0.01 |
| WAL Western Alliance Bancorp | Add +107.1% | 0.01% | +0.01 |
| XOM Exxon Mobil Corp. | Add +1.9% | 0.15% | +0.00 |
| MET Metlife Inc. | Add +42.8% | 0.02% | +0.00 |
| ICLR Icon PLC | New | 0.00% | +0.00 |
| RIVN Rivian Automotive Inc. Class A | Add +34.1% | 0.01% | +0.00 |
| UPS United Parcel Service Class B | Add +83.5% | 0.01% | +0.00 |
| GM General Motors Co. | Add +0.8% | 0.02% | +0.00 |
| CART Maplebear Inc. | Add +110.5% | 0.01% | +0.00 |
| C Citigroup Inc. | Add +0.6% | 0.05% | +0.00 |
| WMT Walmart Inc. | Add +1.7% | 0.11% | +0.00 |
| OMC Omnicom Group | Add +112.8% | 0.01% | +0.00 |
| AKAM Akamai Technologies Inc. | New | 0.00% | +0.00 |
| APA Apa Corp. | New | 0.00% | +0.00 |
| CIEN Ciena Corp. | Add +0.2% | 0.01% | +0.00 |
| ELV Elevance Health Inc. | Add +26.8% | 0.02% | +0.00 |
| XLK SS Technology Select Sector | Add +16.8% | 0.03% | +0.00 |
| DHR Danaher Corp. | Add +3.9% | 0.03% | +0.00 |
| WELL Welltower Inc. | New | 0.00% | +0.00 |
| AEIS Advanced Energy Industries | New | 0.00% | +0.00 |
| BBIO Bridgebio Pharma Inc. | New | 0.00% | +0.00 |
| EXAS Exact Sciences Corp. | New | 0.00% | +0.00 |
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 |