Fund Evaluation Group, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Fund Evaluation Group, LLC reported 75 stock positions worth $2.8 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 36.9% of the portfolio, followed by iShares US Treasury Bond ETF (GOVT, 12.6%) and Schwab US Large-Cap Growth (SCHG, 11.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 13, added to 19 and reduced 28. The biggest buy was Schwab US Large-Cap Growth (SCHG, shares +5%) and the biggest sale Vanguard Russell 3000 (VTHR, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- CINCINNATI, OH
- CIK
- 0001356249
- Portfolio Value
- $2.8B (Q3 2025)
- SEC Filing
- 0001420506-25-003080 ↗ filed Nov 12, 2025
Holdings Value
Holdings 75 stocks · $2.8B
| IVV iShares Core S&P 500 ETF | 36.94% | 1,524,740 | $1.0B | Reduce -0.3% |
| GOVT iShares US Treasury Bond ETF | 12.64% | 15,108,902 | $349.3M | Add +12.3% |
| SCHG Schwab US Large-Cap Growth | 11.15% | 9,652,892 | $308.0M | Add +5.0% |
| SCHX Schwab US Large-Cap ETF | 6.83% | 7,167,349 | $188.8M | Reduce -2.4% |
| IXUS iShares Core Intl Stock ETF | 5.14% | 1,718,711 | $141.9M | Reduce -12.2% |
| VOO Vanguard S&P 500 ETF | 4.68% | 211,219 | $129.3M | Reduce -3.3% |
| SCHF Schwab Intl Equity ETF | 3.96% | 4,704,295 | $109.5M | Reduce -2.1% |
| VTIP Vanguard Short-Term Tips | 2.19% | 1,194,124 | $60.5M | Add +47.1% |
| CATH Global X S&P 500 Ca Val ETF | 2.15% | 733,239 | $59.4M | Add +54.0% |
| SHV iShares 0-1 Year Treasury Bo | 1.07% | 267,270 | $29.5M | Add +4.8% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 1.06% | 876,706 | $29.3M | Reduce -4.6% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.98% | 583,271 | $27.0M | Add +3.8% |
| SCHP Schwab U.S. Tips ETF | 0.76% | 775,010 | $20.9M | No change |
| AGG iShares Core U.S. Aggregate | 0.69% | 188,921 | $18.9M | Add +1.8% |
| SCHO Schwab Short-Term US Treas | 0.68% | 772,924 | $18.9M | No change |
| SUSA iShares ESG Optimized MSCI U | 0.64% | 130,046 | $17.6M | Add +4.8% |
| VTHR Vanguard Russell 3000 | 0.60% | 56,476 | $16.6M | Reduce -59.4% |
| IWV iShares Russell 3000 ETF | 0.60% | 43,529 | $16.5M | Add +0.1% |
| IWD iShares Russell 1000 Value E | 0.58% | 79,004 | $16.1M | Reduce -23.3% |
| IGLB iShares 10+ Year Inv GR Corp. | 0.55% | 297,113 | $15.3M | Add +46.9% |
| TLT iShares 20+ Year Treasury BD | 0.52% | 160,500 | $14.3M | Add +30.3% |
| ESGD iShares Trust iShares ESG Aw | 0.44% | 131,229 | $12.2M | Reduce -0.4% |
| BIV Vanguard Intermediate-Term B | 0.41% | 144,390 | $11.3M | Add +22.0% |
| DFUS Dimensional US Eq MKT ETF | 0.38% | 145,367 | $10.5M | Reduce 0.0% |
| IWO iShares Russell 2000 Growth | 0.38% | 32,658 | $10.5M | No change |
| NULV Nuveen ESG Large-Cap Val ETF | 0.33% | 209,470 | $9.2M | Reduce -0.6% |
| VONV Vanguard Russell 1000 Value | 0.28% | 86,400 | $7.7M | New |
| EFA iShares MSCI Eafe ETF | 0.26% | 77,312 | $7.2M | Reduce -16.6% |
| SCHC Schwab Intl Small-Cap Equity | 0.24% | 143,397 | $6.5M | Reduce -0.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.20% | 11,693 | $5.6M | Reduce -8.3% |
| BND Vanguard Total Bond Market | 0.19% | 72,279 | $5.4M | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.19% | 27,750 | $5.2M | No change |
| VSGX Vanguard ESG Intl Stock ETF | 0.18% | 72,073 | $5.0M | No change |
| DBC Invesco DB Commodity Index T | 0.15% | 185,314 | $4.2M | Reduce -26.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.14% | 13,595 | $4.0M | Reduce -11.0% |
| USRT iShares Core US REIT ETF | 0.13% | 62,010 | $3.6M | Reduce -23.8% |
| VGK Vanguard Ftse Europe ETF | 0.11% | 38,277 | $3.1M | Reduce -0.4% |
| ESGV Vanguard ESG US Stock ETF | 0.11% | 24,720 | $2.9M | No change |
| IWR iShares Russell Mid-Cap ETF | 0.10% | 29,075 | $2.8M | Reduce -80.6% |
| DFIV Dimensional International Va | 0.10% | 58,851 | $2.7M | Add +0.1% |
| ACWI iShares MSCI Acwi ETF | 0.09% | 17,571 | $2.4M | Reduce -4.8% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.09% | 36,190 | $2.4M | No change |
| VNQ Vanguard Real Estate ETF | 0.08% | 23,275 | $2.1M | Add +0.0% |
| IEF iShares 7-10 Year Treasury B | 0.07% | 21,396 | $2.1M | No change |
| VPL Vanguard Ftse Pacific ETF | 0.07% | 22,263 | $2.0M | No change |
| VGSH Vanguard Short-Term Treasury | 0.07% | 32,110 | $1.9M | No change |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.07% | 17,915 | $1.9M | New |
| VONG Vanguard Russell 1000 Growth | 0.06% | 14,570 | $1.8M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.05% | 4,462 | $1.5M | Reduce -4.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.05% | 26,020 | $1.4M | New |
| VB Vanguard Most SM-Cap ETF-Usd | 0.05% | 5,190 | $1.3M | Reduce -1.4% |
| AVLV Avantis US Large Cap Value | 0.05% | 18,000 | $1.3M | New |
| EAGG iShares ESG Aware US Aggrega | 0.05% | 26,546 | $1.3M | No change |
| GMOV GMO U.S. Value ETF | 0.04% | 47,000 | $1.2M | New |
| VWO Vanguard Ftse Emerging Marke | 0.04% | 21,777 | $1.2M | Reduce -0.8% |
| TIP iShares Tips Bond ETF | 0.03% | 8,596 | $956K | Add +1.1% |
| SCHH Schwab US REIT ETF | 0.03% | 37,309 | $805K | Reduce -2.6% |
| VMBS Vanguard Mortgage-Backed Sec | 0.03% | 16,650 | $782K | No change |
| VEA Vanguard Ftse Developed ETF | 0.02% | 11,491 | $689K | Add +1.4% |
| PRF Invesco Rafi US 1000 ETF | 0.02% | 13,897 | $628K | Add +10.3% |
| EFG iShares MSCI Eafe Growth ETF | 0.02% | 5,385 | $613K | No change |
| SPHQ Invesco S&P 500 Quality ETF | 0.02% | 7,912 | $580K | Reduce -1.4% |
| DFSI Dimensional Int Sus COR1 ETF | 0.02% | 13,534 | $554K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.02% | 2,898 | $550K | No change |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.02% | 20,786 | $448K | No change |
| IJR iShares Core S&P Small-Cap E | 0.01% | 3,324 | $395K | Add +10.4% |
| QUAL iShares MSCI USA Quality Fac | 0.01% | 1,714 | $333K | No change |
| BSV Vanguard Short-Term Bond ETF | 0.01% | 3,428 | $271K | Reduce -64.5% |
| SGOV iShares 0-3 Month Treasury B | 0.01% | 2,287 | $230K | New |
| NVDA Nvidia Corp. | 0.01% | 1,220 | $228K | New |
| FTSM First Trust Enh Short Mat FD | 0.01% | 3,787 | $227K | Add +0.5% |
| IEFA iShares Core MSCI Eafe ETF | 0.01% | 2,510 | $219K | Reduce -8.6% |
| IAU iShares Gold Trust | 0.01% | 2,968 | $216K | Reduce -27.5% |
| BIBL Inspire 100 ETF | 0.01% | 4,641 | $206K | New |
| VGSR Vert GLB Sust Re ETF filed as MANAGER DIRECTED PORTFOLIOS | 0.01% | 13,554 | $144K | New |
Portfolio Sells Q2 2025 → Q3 2025
| VTHR Vanguard Russell 3000 | Reduce -59.4% | 0.60% | −0.86 |
| IXUS iShares Core Intl Stock ETF | Reduce -12.2% | 5.14% | −0.71 |
| IWR iShares Russell Mid-Cap ETF | Reduce -80.6% | 0.10% | −0.43 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.37 |
| IWD iShares Russell 1000 Value E | Reduce -23.3% | 0.58% | −0.19 |
| CEFA Global X S&P Cath Val Devel | Sold out | 0.00% | −0.19 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.17 |
| SCHF Schwab Intl Equity ETF | Reduce -2.1% | 3.96% | −0.14 |
| VOO Vanguard S&P 500 ETF | Reduce -3.3% | 4.68% | −0.11 |
| SCHX Schwab US Large-Cap ETF | Reduce -2.4% | 6.83% | −0.10 |
| VIOO Vanguard S&P Small-Cap 600 E | Sold out | 0.00% | −0.08 |
| DBC Invesco DB Commodity Index T | Reduce -26.1% | 0.15% | −0.06 |
| EFA iShares MSCI Eafe ETF | Reduce -16.6% | 0.26% | −0.06 |
| USRT iShares Core US REIT ETF | Reduce -23.8% | 0.13% | −0.05 |
| EDV Vanguard Extended Dur Treas | Sold out | 0.00% | −0.04 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Sold out | 0.00% | −0.04 |
| SCHD Schwab US DVD Equity ETF | Sold out | 0.00% | −0.03 |
| IJJ iShares S&P Mid-Cap 400 Valu | Sold out | 0.00% | −0.03 |
| VIGI Vanguard Int Div App Indx FD | Sold out | 0.00% | −0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -11.0% | 0.14% | −0.02 |
| VGIT Vanguard Intermediate-Term T | Sold out | 0.00% | −0.02 |
| BSV Vanguard Short-Term Bond ETF | Reduce -64.5% | 0.01% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -8.3% | 0.20% | −0.01 |
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −0.01 |
| ESGD iShares Trust iShares ESG Aw | Reduce -0.4% | 0.44% | −0.01 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -4.6% | 1.06% | −0.01 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.01 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -0.6% | 0.33% | −0.01 |
| VGK Vanguard Ftse Europe ETF | Reduce -0.4% | 0.11% | −0.00 |
| ACWI iShares MSCI Acwi ETF | Reduce -4.8% | 0.09% | −0.00 |
| SCHH Schwab US REIT ETF | Reduce -2.6% | 0.03% | −0.00 |
| IAU iShares Gold Trust | Reduce -27.5% | 0.01% | −0.00 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -4.6% | 0.05% | −0.00 |
| SPHQ Invesco S&P 500 Quality ETF | Reduce -1.4% | 0.02% | −0.00 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -8.6% | 0.01% | −0.00 |
| SCHC Schwab Intl Small-Cap Equity | Reduce -0.3% | 0.24% | −0.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -1.4% | 0.05% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.8% | 0.04% | +0.00 |
| DFUS Dimensional US Eq MKT ETF | Reduce 0.0% | 0.38% | +0.00 |
| IVV iShares Core S&P 500 ETF | Reduce -0.3% | 36.94% | +0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| SCHG Schwab US Large-Cap Growth | Add +5.0% | 11.15% | +0.77 |
| CATH Global X S&P 500 Ca Val ETF | Add +54.0% | 2.15% | +0.76 |
| GOVT iShares US Treasury Bond ETF | Add +12.3% | 12.64% | +0.69 |
| VTIP Vanguard Short-Term Tips | Add +47.1% | 2.19% | +0.61 |
| VONV Vanguard Russell 1000 Value | New | 0.28% | +0.28 |
| IGLB iShares 10+ Year Inv GR Corp. | Add +46.9% | 0.55% | +0.16 |
| TLT iShares 20+ Year Treasury BD | Add +30.3% | 0.52% | +0.10 |
| SPYG SS SPDR P S&P 500 Growth ETF | New | 0.07% | +0.07 |
| BIV Vanguard Intermediate-Term B | Add +22.0% | 0.41% | +0.05 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +3.8% | 0.98% | +0.05 |
| SPYV SS SPDR P S&P 500 Value ETF | New | 0.05% | +0.05 |
| AVLV Avantis US Large Cap Value | New | 0.05% | +0.05 |
| GMOV GMO U.S. Value ETF | New | 0.04% | +0.04 |
| SUSA iShares ESG Optimized MSCI U | Add +4.8% | 0.64% | +0.03 |
| SGOV iShares 0-3 Month Treasury B | New | 0.01% | +0.01 |
| NVDA Nvidia Corp. | New | 0.01% | +0.01 |
| BIBL Inspire 100 ETF | New | 0.01% | +0.01 |
| IWV iShares Russell 3000 ETF | Add +0.1% | 0.60% | +0.01 |
| VGSR Vert GLB Sust Re ETF | New | 0.01% | +0.01 |
| PRF Invesco Rafi US 1000 ETF | Add +10.3% | 0.02% | +0.00 |
| IJR iShares Core S&P Small-Cap E | Add +10.4% | 0.01% | +0.00 |
| DFIV Dimensional International Va | Add +0.1% | 0.10% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +1.4% | 0.02% | 0.00 |
| FTSM First Trust Enh Short Mat FD | Add +0.5% | 0.01% | −0.00 |
| TIP iShares Tips Bond ETF | Add +1.1% | 0.03% | −0.00 |
| VNQ Vanguard Real Estate ETF | Add +0.0% | 0.08% | −0.00 |
| SHV iShares 0-1 Year Treasury Bo | Add +4.8% | 1.07% | −0.02 |
| AGG iShares Core U.S. Aggregate | Add +1.8% | 0.69% | −0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 80 | $3.7B | IVV, SCHG, GOVT, SCHX, IXUS |
| Q1 2026 | 73 | $3.3B | IVV, GOVT, SCHG, SCHX, IXUS |
| Q4 2025 | 62 | $3.0B | IVV, GOVT, SCHG, SCHX, IXUS |
| Q3 2025 | 75 | $2.8B | IVV, GOVT, SCHG, SCHX, IXUS |
| Q2 2025 | 79 | $2.6B | IVV, GOVT, SCHG, SCHX, IXUS |
| Q1 2025 | 48 | $2.3B | IVV, GOVT, SCHG, SCHX, IXUS |
| Q4 2024 | 38 | $2.1B | IVV, GOVT, SCHG, SPSM, IXUS |
| Q3 2024 | 33 | $1.8B | IVV, SCHG, GOVT, SCHF, SCHX |
| Q2 2024Amended | 31 | $1.6B | IVV, SCHG, GOVT, SCHF, SCHX |
| Q1 2024 | 38 | $1.6B | IVV, SCHG, GOVT, SCHF, SCHX |