Great Waters Wealth Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Great Waters Wealth Management reported 110 stock positions worth $768.9 million. Its top holding was Dimensional US Eq MKT ETF (DFUS) at 20.8% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 16.6%) and Dimensional Core Fixed (DFCF, 13.8%). Compared with Q1 2025, it opened 8 new positions, sold out of 1, added to 40 and reduced 42. The biggest buy was Dimensional US Eq MKT ETF (DFUS, shares +1%) and the biggest sale Vanguard Total Bond Market (BND, shares −6%).

Most Recent 13F
Q2 2026
Location
SHOREVIEW, MN
CIK
0001964535
Portfolio Value
$768.9M (Q2 2025)
SEC Filing
0001964535-25-000004 ↗ filed Jul 11, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $612.3M Q1 2024 Q2 2024: $654.8M Q2 2024 Q3 2024: $741.6M Q3 2024 Q4 2024: $779.3M Q4 2024 Q1 2025: $720.8M Q1 2025 Q2 2025: $768.9M $768.9M Q2 2025 Q3 2025: $846.4M Q3 2025 Q4 2025: $909.0M Q4 2025 Q1 2026: $944.9M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 110 stocks · $768.9M
DFUS Dimensional US Eq MKT ETF 20.84% 2,390,540 $160.2M Add +1.0%
DFAX Dimensional World Ex US Core 16.60% 4,344,383 $127.6M Reduce -0.3%
DFCF Dimensional Core Fixed Inc. 13.75% 2,502,325 $105.7M Add +3.0%
DFSD Dimensional Short Duration 7.76% 1,242,440 $59.6M Add +4.5%
DFAS Dimensional US Small Cap ETF 7.29% 879,931 $56.1M Add +3.0%
BND Vanguard Total Bond Market 4.92% 513,721 $37.8M Reduce -6.5%
DFAT Dimensional US Target Value 4.85% 690,456 $37.3M Add +3.1%
DFIC Dimensional International Co. 3.78% 935,184 $29.1M Reduce -6.3%
IWM iShares Russell 2000 ETF 2.97% 105,756 $22.8M Reduce -4.0%
DFGR Dim Global Real Estate ETF 2.32% 664,599 $17.8M Add +1.2%
DFAC Dimensional US Core Equity 2 1.43% 307,505 $11.0M Reduce -6.6%
DFAE Dimensional Emerging Core Eq 1.33% 354,067 $10.3M Reduce -5.8%
AAPL Apple Inc. 0.83% 31,097 $6.4M Reduce -0.9%
NVDA Nvidia Corp. 0.76% 37,171 $5.9M Reduce -3.2%
UNH Unitedhealth Group Inc. 0.70% 17,248 $5.4M Add +0.1%
HON Honeywell International Inc. 0.52% 17,110 $4.0M Reduce -3.0%
MMM 3M Co. 0.45% 22,473 $3.4M Reduce -0.9%
VTEB Vanguard Tax-Exempt Bond ETF 0.38% 59,289 $2.9M Reduce -2.0%
MSFT Microsoft Corp. 0.34% 5,283 $2.6M Add +4.9%
SPGM State Street SPDR Portfolio 0.33% 36,879 $2.5M Reduce -2.9%
SCHB Schwab US Broad Market ETF 0.31% 98,650 $2.4M Reduce -3.5%
SCHD Schwab US DVD Equity ETF 0.29% 85,554 $2.3M Reduce -1.8%
IWF iShares Russell 1000 Growth 0.28% 5,133 $2.2M Add +0.0%
DCI Donaldson Co. Inc. 0.28% 31,319 $2.2M No change
EFA iShares MSCI Eafe ETF 0.24% 20,258 $1.8M Add +1.5%
COST Costco Wholesale Corp. 0.23% 1,770 $1.8M Add +0.5%
SCHG Schwab US Large-Cap Growth 0.22% 58,533 $1.7M Reduce -4.5%
CORP PIMCO Inv Grade Corp. BD ETF 0.21% 16,940 $1.6M Reduce -3.7%
SPLV Invesco S&P 500 Low Volatili 0.21% 22,135 $1.6M Reduce -1.3%
IWD iShares Russell 1000 Value E 0.20% 7,940 $1.5M Add +0.4%
SCHF Schwab Intl Equity ETF 0.20% 68,779 $1.5M Add +2.3%
ACWI iShares MSCI Acwi ETF 0.20% 11,792 $1.5M Reduce -1.8%
SRLN SS Blackstone Sr Loan ETF 0.19% 35,978 $1.5M Reduce -6.0%
AMZN Amazon.com Inc. 0.17% 6,117 $1.3M Add +1.8%
SCHO Schwab Short-Term US Treas 0.17% 52,640 $1.3M Reduce -2.9%
TSLA Tesla Inc. 0.15% 3,709 $1.2M Add +2.5%
FICO Fair Isaac Corp. 0.15% 637 $1.2M No change
SCHA Schwab US Small-Cap ETF 0.15% 45,763 $1.2M Reduce -4.8%
VGSH Vanguard Short-Term Treasury 0.14% 18,910 $1.1M Add +0.8%
SCHZ Schwab US Aggregate Bond ETF 0.14% 47,243 $1.1M Add +11.4%
SCHM Schwab US Mid Cap ETF 0.13% 36,841 $1.0M Reduce -2.2%
MDT Medtronic PLC 0.13% 11,834 $1.0M Reduce -22.0%
XEL Xcel Energy Inc. 0.12% 13,528 $921K Reduce -3.7%
BRK.B Berkshire Hathaway Inc. Class B 0.11% 1,786 $867K Add +0.7%
IFLN Invesco Bloomberg Enhanced F 0.11% 45,747 $844K Reduce -1.6%
MCD McDonald's Corp. 0.10% 2,755 $805K Reduce -0.4%
IVV iShares Core S&P 500 ETF 0.10% 1,256 $780K Add +0.1%
MCK McKesson Corp. 0.09% 992 $727K Add +0.1%
ECL Ecolab Inc. 0.09% 2,681 $722K Reduce -10.3%
CL Colgate-Palmolive Co. 0.09% 7,305 $664K No change
VGK Vanguard Ftse Europe ETF 0.08% 8,139 $631K Add +1.2%
PFE Pfizer Inc. 0.08% 25,615 $621K Reduce -6.7%
LLY Eli Lilly & Co. 0.08% 768 $599K Reduce -0.3%
TTC Toro Co. 0.08% 8,371 $592K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.08% 947 $585K Reduce -34.5%
VTI VG Morningstar TS MKT ETF-US 0.07% 1,752 $532K Reduce -1.1%
ABT Abbott Laboratories 0.07% 3,879 $528K Reduce -3.2%
PCY Invesco Emerging Markets Sov 0.06% 24,110 $493K Reduce -5.8%
DGRE Wisdomtree Emerging Markets 0.06% 17,217 $475K Reduce -1.4%
META Meta Platforms Inc. Class A 0.06% 611 $451K Add +3.9%
TER Teradyne Inc. 0.06% 5,012 $451K Add +0.2%
QQQ Invesco QQQ Trust Series 1 0.06% 795 $439K Add +29.3%
AMP Ameriprise Financial Inc. 0.06% 819 $437K No change
AMD Advanced Micro Devices 0.06% 3,067 $435K Add +49.7%
GIS General Mills Inc. 0.06% 8,371 $434K Add +0.0%
SOLV Solventum Corp. 0.06% 5,587 $424K Reduce -0.8%
WFC Wells Fargo & Co. 0.05% 5,213 $418K Add +1.9%
GOOGL Alphabet Inc. Class A 0.05% 2,369 $417K Add +2.4%
MU Micron Technology Inc. 0.05% 3,344 $412K No change
HD Home Depot Inc. 0.05% 1,101 $404K Add +0.3%
ITOT iShares Core S&P Total U.S. 0.05% 2,812 $380K Reduce -3.0%
BSX Boston Scientific Corp. 0.05% 3,518 $378K Reduce -17.2%
COR Cencora Inc. 0.05% 1,258 $377K New
TRV The Travelers Cos Inc. 0.05% 1,404 $375K Add +1.4%
WMT Walmart Inc. 0.05% 3,786 $370K Add +0.2%
OHI Omega Healthcare Investors 0.05% 10,000 $367K No change
GMF State Street SPDR S&P Emergi 0.05% 2,867 $362K Add +0.6%
ORCL Oracle Corp. 0.04% 1,563 $342K Add +1.8%
DAL Delta Air Lines Inc. 0.04% 6,530 $321K Reduce -49.2%
MO Altria Group Inc. 0.04% 5,437 $319K No change
SCHE Schwab Emrg Mrkts Eqty ETF 0.04% 9,425 $284K Add +3.6%
ACVF American Conservative Values 0.04% 5,947 $280K No change
VCSH Vanguard S/T Corp. Bond ETF 0.04% 3,487 $277K Add +0.1%
PSO Pearson PLC-Sponsored ADR 0.04% 18,244 $272K Add +21.7%
TSM Taiwan Semiconductor-SP ADR 0.04% 1,196 $271K Reduce -4.2%
CSCO Cisco Systems Inc. 0.04% 3,895 $270K Add +1.1%
VEA Vanguard Ftse Developed ETF 0.03% 4,701 $268K No change
TT Trane Technologies PLC 0.03% 587 $257K New
AMGN Amgen Inc. 0.03% 906 $253K No change
TGT Target Corp. 0.03% 2,548 $251K Reduce -9.6%
JNJ Johnson & Johnson 0.03% 1,606 $245K Add +0.1%
CMA Comerica Inc. 0.03% 4,051 $242K No change
AVGO Broadcom Inc. 0.03% 870 $240K New
FLRT Pacer Aristotle Pacific Floa 0.03% 4,993 $238K No change
IGM iShares Expanded Tech Sector 0.03% 2,040 $229K New
QYLD Global X Nasd 100 Cov Call 0.03% 13,448 $225K Add +19.7%
USB US Bancorp 0.03% 4,915 $222K Reduce -7.0%
ABBV Abbvie Inc. 0.03% 1,182 $219K Add +0.5%
RTX RTX Corp. 0.03% 1,497 $219K New
VOO Vanguard S&P 500 ETF 0.03% 385 $219K Reduce -14.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.03% 734 $216K New
TRI Thomson Reuters Corp. 0.03% 1,073 $216K New
ROK Rockwell Automation Inc. 0.03% 634 $211K New
LNT Alliant Energy Corp. 0.03% 3,447 $208K No change
PFFA Virtus Infracap US Pref STCK 0.03% 10,000 $208K No change
ADBE Adobe Inc. 0.03% 528 $204K No change
BIZD Vaneck BDC Income ETF 0.03% 12,186 $198K No change
SFL SFL Corp. Ltd. 0.02% 15,000 $125K No change
GNL Global Net Lease Inc. 0.01% 10,000 $76K No change
GOLDEN OCEAN GROUP LTD 0.01% 10,000 $73K No change

Portfolio Sells Q1 2025 → Q2 2025
BND Vanguard Total Bond Market Reduce -6.5% 4.92% −0.68
AAPL Apple Inc. Reduce -0.9% 0.83% −0.14
IWM iShares Russell 2000 ETF Reduce -4.0% 2.97% −0.08
DFAC Dimensional US Core Equity 2 Reduce -6.6% 1.43% −0.07
DFIC Dimensional International Co. Reduce -6.3% 3.78% −0.07
MDT Medtronic PLC Reduce -22.0% 0.13% −0.06
SCHD Schwab US DVD Equity ETF Reduce -1.8% 0.29% −0.04
VTEB Vanguard Tax-Exempt Bond ETF Reduce -2.0% 0.38% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -34.5% 0.08% −0.04
DAL Delta Air Lines Inc. Reduce -49.2% 0.04% −0.04
ENTG Entegris Inc. Sold out 0.00% −0.03
SRLN SS Blackstone Sr Loan ETF Reduce -6.0% 0.19% −0.02
SPLV Invesco S&P 500 Low Volatili Reduce -1.3% 0.21% −0.02
CORP PIMCO Inv Grade Corp. BD ETF Reduce -3.7% 0.21% −0.02
XEL Xcel Energy Inc. Reduce -3.7% 0.12% −0.02
MMM 3M Co. Reduce -0.9% 0.45% −0.02
DFAE Dimensional Emerging Core Eq Reduce -5.8% 1.33% −0.02
SCHO Schwab Short-Term US Treas Reduce -2.9% 0.17% −0.02
PFE Pfizer Inc. Reduce -6.7% 0.08% −0.02
MCD McDonald's Corp. Reduce -0.4% 0.10% −0.02
ECL Ecolab Inc. Reduce -10.3% 0.09% −0.01
BSX Boston Scientific Corp. Reduce -17.2% 0.05% −0.01
LLY Eli Lilly & Co. Reduce -0.3% 0.08% −0.01
TGT Target Corp. Reduce -9.6% 0.03% −0.01
PCY Invesco Emerging Markets Sov Reduce -5.8% 0.06% −0.01
IFLN Invesco Bloomberg Enhanced F Reduce -1.6% 0.11% −0.01
SCHA Schwab US Small-Cap ETF Reduce -4.8% 0.15% −0.01
ABT Abbott Laboratories Reduce -3.2% 0.07% −0.01
SOLV Solventum Corp. Reduce -0.8% 0.06% −0.00
VOO Vanguard S&P 500 ETF Reduce -14.4% 0.03% −0.00
SCHM Schwab US Mid Cap ETF Reduce -2.2% 0.13% −0.00
USB US Bancorp Reduce -7.0% 0.03% −0.00
HON Honeywell International Inc. Reduce -3.0% 0.52% −0.00
ITOT iShares Core S&P Total U.S. Reduce -3.0% 0.05% +0.00
SCHB Schwab US Broad Market ETF Reduce -3.5% 0.31% +0.00
VTI VG Morningstar TS MKT ETF-US Reduce -1.1% 0.07% +0.00
SPGM State Street SPDR Portfolio Reduce -2.9% 0.33% +0.00
DGRE Wisdomtree Emerging Markets Reduce -1.4% 0.06% +0.00
ACWI iShares MSCI Acwi ETF Reduce -1.8% 0.20% +0.00
TSM Taiwan Semiconductor-SP ADR Reduce -4.2% 0.04% +0.01
SCHG Schwab US Large-Cap Growth Reduce -4.5% 0.22% +0.01
NVDA Nvidia Corp. Reduce -3.2% 0.76% +0.19
DFAX Dimensional World Ex US Core Reduce -0.3% 16.60% +0.76

Portfolio Buys Q1 2025 → Q2 2025
DFUS Dimensional US Eq MKT ETF Add +1.0% 20.84% +0.98
DFAS Dimensional US Small Cap ETF Add +3.0% 7.29% +0.21
MSFT Microsoft Corp. Add +4.9% 0.34% +0.08
DFAT Dimensional US Target Value Add +3.1% 4.85% +0.06
COR Cencora Inc. New 0.05% +0.05
TT Trane Technologies PLC New 0.03% +0.03
AVGO Broadcom Inc. New 0.03% +0.03
IGM iShares Expanded Tech Sector New 0.03% +0.03
RTX RTX Corp. New 0.03% +0.03
IBM Intl Business Machines Corp. New 0.03% +0.03
TRI Thomson Reuters Corp. New 0.03% +0.03
AMD Advanced Micro Devices Add +49.7% 0.06% +0.03
ROK Rockwell Automation Inc. New 0.03% +0.03
IWF iShares Russell 1000 Growth Add +0.0% 0.28% +0.03
TSLA Tesla Inc. Add +2.5% 0.15% +0.02
QQQ Invesco QQQ Trust Series 1 Add +29.3% 0.06% +0.02
AMZN Amazon.com Inc. Add +1.8% 0.17% +0.02
ORCL Oracle Corp. Add +1.8% 0.04% +0.01
SCHF Schwab Intl Equity ETF Add +2.3% 0.20% +0.01
META Meta Platforms Inc. Class A Add +3.9% 0.06% +0.01
EFA iShares MSCI Eafe ETF Add +1.5% 0.24% +0.01
SCHZ Schwab US Aggregate Bond ETF Add +11.4% 0.14% +0.01
GOOGL Alphabet Inc. Class A Add +2.4% 0.05% +0.00
VGK Vanguard Ftse Europe ETF Add +1.2% 0.08% +0.00
IVV iShares Core S&P 500 ETF Add +0.1% 0.10% +0.00
WFC Wells Fargo & Co. Add +1.9% 0.05% +0.00
QYLD Global X Nasd 100 Cov Call Add +19.7% 0.03% +0.00
CSCO Cisco Systems Inc. Add +1.1% 0.04% +0.00
SCHE Schwab Emrg Mrkts Eqty ETF Add +3.6% 0.04% +0.00
PSO Pearson PLC-Sponsored ADR Add +21.7% 0.04% +0.00
WMT Walmart Inc. Add +0.2% 0.05% +0.00
MCK McKesson Corp. Add +0.1% 0.09% +0.00
GMF State Street SPDR S&P Emergi Add +0.6% 0.05% +0.00
TER Teradyne Inc. Add +0.2% 0.06% +0.00
TRV The Travelers Cos Inc. Add +1.4% 0.05% −0.00
VCSH Vanguard S/T Corp. Bond ETF Add +0.1% 0.04% −0.00
COST Costco Wholesale Corp. Add +0.5% 0.23% −0.00
HD Home Depot Inc. Add +0.3% 0.05% −0.00
JNJ Johnson & Johnson Add +0.1% 0.03% −0.01
ABBV Abbvie Inc. Add +0.5% 0.03% −0.01
IWD iShares Russell 1000 Value E Add +0.4% 0.20% −0.01
VGSH Vanguard Short-Term Treasury Add +0.8% 0.14% −0.01
GIS General Mills Inc. Add +0.0% 0.06% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +0.7% 0.11% −0.02
DFGR Dim Global Real Estate ETF Add +1.2% 2.32% −0.07
DFSD Dimensional Short Duration Add +4.5% 7.76% −0.08
DFCF Dimensional Core Fixed Inc. Add +3.0% 13.75% −0.42
UNH Unitedhealth Group Inc. Add +0.1% 0.70% −0.55

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 127$1.1BDFUS, DFAX, DFCF, DFAS, DFSD
Q1 2026 121$944.9MDFUS, DFAX, DFCF, DFSD, DFAS
Q4 2025 117$909.0MDFUS, DFAX, DFCF, DFSD, DFAS
Q3 2025 114$846.4MDFUS, DFAX, DFCF, DFSD, DFAS
Q2 2025 110$768.9MDFUS, DFAX, DFCF, DFSD, DFAS
Q1 2025 103$720.8MDFUS, DFAX, DFCF, DFSD, DFAS
Q4 2024 112$779.3MDFUS, DFAX, DFCF, DFAS, DFSD
Q3 2024 110$741.6MDFUS, DFAX, DFCF, DFSD, BND
Q2 2024 104$654.8MDFUS, DFAX, DFCF, BND, DFSD
Q1 2024 99$612.3MDFUS, DFAX, DFCF, BND, DFIC