Fund Evaluation Group, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Fund Evaluation Group, LLC reported 62 stock positions worth $3.0 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 36.8% of the portfolio, followed by iShares US Treasury Bond ETF (GOVT, 12.9%) and Schwab US Large-Cap Growth (SCHG, 10.2%). Compared with Q3 2025, it opened 7 new positions, sold out of 20, added to 20 and reduced 23. The biggest buy was Schwab US Large-Cap ETF (SCHX, shares +32%) and the biggest sale Schwab US Large-Cap Growth (SCHG, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- CINCINNATI, OH
- CIK
- 0001356249
- Portfolio Value
- $3.0B (Q4 2025)
- SEC Filing
- 0001420506-26-000294 ↗ filed Feb 11, 2026
Holdings Value
Holdings 62 stocks · $3.0B
| IVV iShares Core S&P 500 ETF | 36.83% | 1,625,498 | $1.1B | Add +6.6% |
| GOVT iShares US Treasury Bond ETF | 12.88% | 16,906,712 | $389.3M | Add +11.9% |
| SCHG Schwab US Large-Cap Growth | 10.19% | 9,445,586 | $308.2M | Reduce -2.1% |
| SCHX Schwab US Large-Cap ETF | 8.45% | 9,492,565 | $255.4M | Add +32.4% |
| IXUS iShares Core Intl Stock ETF | 5.72% | 2,043,417 | $173.0M | Add +18.9% |
| SCHF Schwab Intl Equity ETF | 4.55% | 5,726,548 | $137.7M | Add +21.7% |
| VOO Vanguard S&P 500 ETF | 4.37% | 210,473 | $132.0M | Reduce -0.3% |
| VTIP Vanguard Short-Term Tips | 1.94% | 1,183,741 | $58.5M | Reduce -0.9% |
| CATH Global X S&P 500 Ca Val ETF | 1.86% | 685,651 | $56.4M | Reduce -6.5% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 1.38% | 1,269,800 | $41.6M | Add +44.8% |
| AGG iShares Core U.S. Aggregate | 0.99% | 300,744 | $30.0M | Add +59.2% |
| SHV iShares 0-1 Year Treasury Bo | 0.99% | 271,094 | $29.9M | Add +1.4% |
| VTHR Vanguard Russell 3000 | 0.86% | 87,028 | $26.1M | Add +54.1% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.70% | 454,388 | $21.3M | Reduce -22.1% |
| SCHP Schwab U.S. Tips ETF | 0.66% | 748,000 | $19.8M | Reduce -3.5% |
| SCHO Schwab Short-Term US Treas | 0.62% | 772,924 | $18.8M | No change |
| IWD iShares Russell 1000 Value E | 0.61% | 87,356 | $18.4M | Add +10.6% |
| SUSA iShares ESG Optimized MSCI U | 0.59% | 127,716 | $17.8M | Reduce -1.8% |
| IWV iShares Russell 3000 ETF | 0.54% | 42,519 | $16.4M | Reduce -2.3% |
| IGLB iShares 10+ Year Inv GR Corp. | 0.50% | 297,113 | $15.0M | No change |
| TLT iShares 20+ Year Treasury BD | 0.46% | 160,500 | $14.0M | No change |
| ESGD iShares Trust iShares ESG Aw | 0.41% | 131,274 | $12.5M | Add +0.0% |
| SCHC Schwab Intl Small-Cap Equity | 0.41% | 271,767 | $12.4M | Add +89.5% |
| IWO iShares Russell 2000 Growth | 0.38% | 35,156 | $11.4M | Add +7.7% |
| BIV Vanguard Intermediate-Term B | 0.36% | 139,282 | $10.8M | Reduce -3.5% |
| DFUS Dimensional US Eq MKT ETF | 0.35% | 140,789 | $10.4M | Reduce -3.1% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.31% | 205,534 | $9.3M | Reduce -1.9% |
| VONV Vanguard Russell 1000 Value | 0.26% | 86,400 | $8.0M | No change |
| EFA iShares MSCI Eafe ETF | 0.23% | 71,049 | $6.8M | Reduce -8.1% |
| VSGX Vanguard ESG Intl Stock ETF | 0.22% | 92,809 | $6.6M | Add +28.8% |
| DBC Invesco DB Commodity Index T | 0.14% | 185,314 | $4.1M | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.13% | 13,595 | $3.9M | No change |
| USRT iShares Core US REIT ETF | 0.12% | 62,010 | $3.5M | No change |
| DFIV Dimensional International Va | 0.10% | 58,850 | $2.9M | Reduce 0.0% |
| IWR iShares Russell Mid-Cap ETF | 0.09% | 29,075 | $2.8M | No change |
| ACWI iShares MSCI Acwi ETF | 0.08% | 17,425 | $2.5M | Reduce -0.8% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.08% | 36,173 | $2.4M | Reduce -0.1% |
| STIP iShares 0-5 Year Tips Bond E | 0.07% | 19,514 | $2.0M | New |
| VONG Vanguard Russell 1000 Growth | 0.06% | 14,570 | $1.8M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.06% | 5,007 | $1.7M | Add +12.2% |
| VGSH Vanguard Short-Term Treasury | 0.05% | 28,029 | $1.6M | Reduce -12.7% |
| GMOV GMO U.S. Value ETF | 0.05% | 50,500 | $1.4M | Add +7.5% |
| AVLV Avantis US Large Cap Value | 0.05% | 18,000 | $1.4M | No change |
| VNQ Vanguard Real Estate ETF | 0.04% | 14,861 | $1.3M | Reduce -36.1% |
| TIP iShares Tips Bond ETF | 0.03% | 8,554 | $940K | Reduce -0.5% |
| SCHH Schwab US REIT ETF | 0.03% | 36,314 | $759K | Reduce -2.7% |
| VEA Vanguard Ftse Developed ETF | 0.02% | 11,074 | $692K | Reduce -3.6% |
| ESGE iShares Inc. iShares ESG Awar | 0.02% | 15,605 | $689K | New |
| BND Vanguard Total Bond Market | 0.02% | 9,215 | $683K | Reduce -87.3% |
| ICF iShares Select U.S. REIT ETF | 0.02% | 11,127 | $664K | New |
| PRF Invesco Rafi US 1000 ETF | 0.02% | 12,574 | $590K | Reduce -9.5% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.02% | 20,721 | $564K | New |
| AAPL Apple Inc. | 0.01% | 1,595 | $434K | New |
| LLY Eli Lilly & Co. | 0.01% | 393 | $422K | New |
| IJR iShares Core S&P Small-Cap E | 0.01% | 3,328 | $400K | Add +0.1% |
| BSV Vanguard Short-Term Bond ETF | 0.01% | 4,274 | $337K | Add +24.7% |
| QUAL iShares MSCI USA Quality Fac | 0.01% | 1,661 | $330K | Reduce -3.1% |
| NVDA Nvidia Corp. | 0.01% | 1,355 | $253K | Add +11.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.01% | 2,510 | $225K | No change |
| MSFT Microsoft Corp. | 0.01% | 464 | $224K | New |
| BIBL Inspire 100 ETF | 0.01% | 4,641 | $209K | No change |
| VGSR Vert GLB Sust Re ETF filed as MANAGER DIRECTED PORTFOLIOS | 0.00% | 14,204 | $148K | Add +4.8% |
Portfolio Sells Q3 2025 → Q4 2025
| SCHG Schwab US Large-Cap Growth | Reduce -2.1% | 10.19% | −0.96 |
| VOO Vanguard S&P 500 ETF | Reduce -0.3% | 4.37% | −0.32 |
| CATH Global X S&P 500 Ca Val ETF | Reduce -6.5% | 1.86% | −0.29 |
| SPSM SS SPDR P S&P 600 Small Cap | Reduce -22.1% | 0.70% | −0.27 |
| VTIP Vanguard Short-Term Tips | Reduce -0.9% | 1.94% | −0.25 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −0.20 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −0.19 |
| BND Vanguard Total Bond Market | Reduce -87.3% | 0.02% | −0.17 |
| VGK Vanguard Ftse Europe ETF | Sold out | 0.00% | −0.11 |
| ESGV Vanguard ESG US Stock ETF | Sold out | 0.00% | −0.11 |
| SCHP Schwab U.S. Tips ETF | Reduce -3.5% | 0.66% | −0.10 |
| IEF iShares 7-10 Year Treasury B | Sold out | 0.00% | −0.07 |
| VPL Vanguard Ftse Pacific ETF | Sold out | 0.00% | −0.07 |
| SPYG SS SPDR P S&P 500 Growth ETF | Sold out | 0.00% | −0.07 |
| IWV iShares Russell 3000 ETF | Reduce -2.3% | 0.54% | −0.05 |
| SPYV SS SPDR P S&P 500 Value ETF | Sold out | 0.00% | −0.05 |
| SUSA iShares ESG Optimized MSCI U | Reduce -1.8% | 0.59% | −0.05 |
| BIV Vanguard Intermediate-Term B | Reduce -3.5% | 0.36% | −0.05 |
| VB Vanguard Most SM-Cap ETF-Usd | Sold out | 0.00% | −0.05 |
| EAGG iShares ESG Aware US Aggrega | Sold out | 0.00% | −0.05 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.04 |
| DFUS Dimensional US Eq MKT ETF | Reduce -3.1% | 0.35% | −0.04 |
| EFA iShares MSCI Eafe ETF | Reduce -8.1% | 0.23% | −0.03 |
| VNQ Vanguard Real Estate ETF | Reduce -36.1% | 0.04% | −0.03 |
| VMBS Vanguard Mortgage-Backed Sec | Sold out | 0.00% | −0.03 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -1.9% | 0.31% | −0.03 |
| EFG iShares MSCI Eafe Growth ETF | Sold out | 0.00% | −0.02 |
| SPHQ Invesco S&P 500 Quality ETF | Sold out | 0.00% | −0.02 |
| DFSI Dimensional Int Sus COR1 ETF | Sold out | 0.00% | −0.02 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.02 |
| BCI Abrdn Bloomberg All Commodit | Sold out | 0.00% | −0.02 |
| VGSH Vanguard Short-Term Treasury | Reduce -12.7% | 0.05% | −0.01 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.01 |
| FTSM First Trust Enh Short Mat FD | Sold out | 0.00% | −0.01 |
| IAU iShares Gold Trust | Sold out | 0.00% | −0.01 |
| ACWI iShares MSCI Acwi ETF | Reduce -0.8% | 0.08% | −0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -0.1% | 0.08% | −0.00 |
| SCHH Schwab US REIT ETF | Reduce -2.7% | 0.03% | −0.00 |
| TIP iShares Tips Bond ETF | Reduce -0.5% | 0.03% | −0.00 |
| PRF Invesco Rafi US 1000 ETF | Reduce -9.5% | 0.02% | −0.00 |
| VEA Vanguard Ftse Developed ETF | Reduce -3.6% | 0.02% | −0.00 |
| QUAL iShares MSCI USA Quality Fac | Reduce -3.1% | 0.01% | −0.00 |
| DFIV Dimensional International Va | Reduce 0.0% | 0.10% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| SCHX Schwab US Large-Cap ETF | Add +32.4% | 8.45% | +1.62 |
| SCHF Schwab Intl Equity ETF | Add +21.7% | 4.55% | +0.59 |
| IXUS iShares Core Intl Stock ETF | Add +18.9% | 5.72% | +0.58 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +44.8% | 1.38% | +0.32 |
| AGG iShares Core U.S. Aggregate | Add +59.2% | 0.99% | +0.31 |
| VTHR Vanguard Russell 3000 | Add +54.1% | 0.86% | +0.26 |
| GOVT iShares US Treasury Bond ETF | Add +11.9% | 12.88% | +0.23 |
| SCHC Schwab Intl Small-Cap Equity | Add +89.5% | 0.41% | +0.17 |
| STIP iShares 0-5 Year Tips Bond E | New | 0.07% | +0.07 |
| VSGX Vanguard ESG Intl Stock ETF | Add +28.8% | 0.22% | +0.04 |
| IWD iShares Russell 1000 Value E | Add +10.6% | 0.61% | +0.03 |
| ESGE iShares Inc. iShares ESG Awar | New | 0.02% | +0.02 |
| ICF iShares Select U.S. REIT ETF | New | 0.02% | +0.02 |
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.02% | +0.02 |
| AAPL Apple Inc. | New | 0.01% | +0.01 |
| LLY Eli Lilly & Co. | New | 0.01% | +0.01 |
| MSFT Microsoft Corp. | New | 0.01% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +12.2% | 0.06% | +0.00 |
| BSV Vanguard Short-Term Bond ETF | Add +24.7% | 0.01% | +0.00 |
| GMOV GMO U.S. Value ETF | Add +7.5% | 0.05% | +0.00 |
| NVDA Nvidia Corp. | Add +11.1% | 0.01% | +0.00 |
| VGSR Vert GLB Sust Re ETF | Add +4.8% | 0.00% | −0.00 |
| IJR iShares Core S&P Small-Cap E | Add +0.1% | 0.01% | −0.00 |
| IWO iShares Russell 2000 Growth | Add +7.7% | 0.38% | −0.00 |
| ESGD iShares Trust iShares ESG Aw | Add +0.0% | 0.41% | −0.03 |
| SHV iShares 0-1 Year Treasury Bo | Add +1.4% | 0.99% | −0.08 |
| IVV iShares Core S&P 500 ETF | Add +6.6% | 36.83% | −0.11 |
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 |