Great Waters Wealth Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Great Waters Wealth Management reported 114 stock positions worth $846.4 million. Its top holding was Dimensional US Eq MKT ETF (DFUS) at 21.4% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 16.8%) and Dimensional Core Fixed (DFCF, 13.9%). Compared with Q2 2025, it opened 7 new positions, sold out of 3, added to 41 and reduced 39. The biggest buy was Dimensional US Eq MKT ETF (DFUS, shares +4%) and the biggest sale Vanguard Total Bond Market (BND, shares −7%).

Most Recent 13F
Q2 2026
Location
SHOREVIEW, MN
CIK
0001964535
Portfolio Value
$846.4M (Q3 2025)
SEC Filing
0001964535-25-000006 ↗ filed Oct 14, 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 Q2 2025 Q3 2025: $846.4M $846.4M Q3 2025 Q4 2025: $909.0M Q4 2025 Q1 2026: $944.9M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 114 stocks · $846.4M
DFUS Dimensional US Eq MKT ETF 21.37% 2,496,996 $180.9M Add +4.5%
DFAX Dimensional World Ex US Core 16.82% 4,536,974 $142.4M Add +4.4%
DFCF Dimensional Core Fixed Inc. 13.94% 2,758,948 $118.0M Add +10.3%
DFSD Dimensional Short Duration 8.04% 1,411,705 $68.0M Add +13.6%
DFAS Dimensional US Small Cap ETF 7.54% 932,698 $63.9M Add +6.0%
DFAT Dimensional US Target Value 5.05% 734,847 $42.8M Add +6.4%
BND Vanguard Total Bond Market 4.18% 475,849 $35.4M Reduce -7.4%
DFIC Dimensional International Co. 3.33% 860,030 $28.2M Reduce -8.0%
IWM iShares Russell 2000 ETF 2.82% 98,682 $23.9M Reduce -6.7%
DFGR Dim Global Real Estate ETF 2.31% 717,379 $19.6M Add +7.9%
DFAC Dimensional US Core Equity 2 1.36% 299,232 $11.5M Reduce -2.7%
DFAE Dimensional Emerging Core Eq 1.22% 328,806 $10.4M Reduce -7.1%
AAPL Apple Inc. 0.90% 29,991 $7.6M Reduce -3.6%
NVDA Nvidia Corp. 0.82% 37,222 $6.9M Add +0.1%
UNH Unitedhealth Group Inc. 0.70% 17,246 $6.0M Reduce -0.0%
MMM 3M Co. 0.51% 27,899 $4.3M Add +24.1%
HON Honeywell International Inc. 0.42% 16,975 $3.6M Reduce -0.8%
VTEB Vanguard Tax-Exempt Bond ETF 0.34% 58,198 $2.9M Reduce -1.8%
MSFT Microsoft Corp. 0.33% 5,350 $2.8M Add +1.3%
DCI Donaldson Co. Inc. 0.30% 30,819 $2.5M Reduce -1.6%
SCHB Schwab US Broad Market ETF 0.30% 97,173 $2.5M Reduce -1.5%
IWF iShares Russell 1000 Growth 0.29% 5,221 $2.4M Add +1.7%
SPGM State Street SPDR Portfolio 0.27% 31,034 $2.3M Reduce -15.8%
SCHD Schwab US DVD Equity ETF 0.26% 79,615 $2.2M Reduce -6.9%
EFA iShares MSCI Eafe ETF 0.21% 19,232 $1.8M Reduce -5.1%
CORP PIMCO Inv Grade Corp. BD ETF 0.20% 17,345 $1.7M Add +2.4%
TSLA Tesla Inc. 0.20% 3,842 $1.7M Add +3.6%
SPLV Invesco S&P 500 Low Volatili 0.20% 22,558 $1.7M Add +1.9%
COST Costco Wholesale Corp. 0.19% 1,773 $1.6M Add +0.2%
ACWI iShares MSCI Acwi ETF 0.19% 11,834 $1.6M Add +0.4%
IWD iShares Russell 1000 Value E 0.19% 7,938 $1.6M Reduce -0.0%
SCHF Schwab Intl Equity ETF 0.19% 68,423 $1.6M Reduce -0.5%
SRLN SS Blackstone Sr Loan ETF 0.18% 36,426 $1.5M Add +1.3%
SCHG Schwab US Large-Cap Growth 0.17% 45,541 $1.5M Reduce -22.2%
AMZN Amazon.com Inc. 0.16% 6,113 $1.3M Reduce -0.1%
SCHO Schwab Short-Term US Treas 0.16% 53,815 $1.3M Add +2.2%
SCHA Schwab US Small-Cap ETF 0.14% 42,196 $1.2M Reduce -7.8%
MDT Medtronic PLC 0.13% 11,834 $1.1M No change
VGSH Vanguard Short-Term Treasury 0.13% 19,011 $1.1M Add +0.5%
SCHM Schwab US Mid Cap ETF 0.13% 36,994 $1.1M Add +0.4%
SCHZ Schwab US Aggregate Bond ETF 0.13% 45,805 $1.1M Reduce -3.0%
FICO Fair Isaac Corp. 0.11% 637 $953K No change
IVV iShares Core S&P 500 ETF 0.11% 1,384 $926K Add +10.2%
BRK.B Berkshire Hathaway Inc. Class B 0.10% 1,768 $889K Reduce -1.0%
IFLN Invesco Bloomberg Enhanced F 0.10% 47,030 $874K Add +2.8%
XEL Xcel Energy Inc. 0.10% 10,509 $848K Reduce -22.3%
MCD McDonald's Corp. 0.10% 2,755 $837K No change
MCK McKesson Corp. 0.09% 992 $766K No change
TER Teradyne Inc. 0.08% 5,012 $690K No change
PFE Pfizer Inc. 0.08% 25,620 $653K Add +0.0%
VGK Vanguard Ftse Europe ETF 0.08% 8,076 $644K Reduce -0.8%
TTC Toro Co. 0.08% 8,371 $638K No change
ECL Ecolab Inc. 0.07% 2,291 $628K Reduce -14.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 935 $623K Reduce -1.3%
GOOGL Alphabet Inc. Class A 0.07% 2,448 $595K Add +3.3%
CL Colgate-Palmolive Co. 0.07% 7,305 $584K No change
VTI VG Morningstar TS MKT ETF-US 0.07% 1,748 $573K Reduce -0.2%
LLY Eli Lilly & Co. 0.07% 748 $571K Reduce -2.6%
BSX Boston Scientific Corp. 0.07% 5,769 $563K Add +64.0%
MU Micron Technology Inc. 0.07% 3,345 $560K Add +0.0%
QQQ Invesco QQQ Trust Series 1 0.06% 903 $542K Add +13.6%
ABT Abbott Laboratories 0.06% 4,014 $538K Add +3.5%
PCY Invesco Emerging Markets Sov 0.06% 24,802 $535K Add +2.9%
SOLV Solventum Corp. 0.06% 6,948 $507K Add +24.4%
DGRE Wisdomtree Emerging Markets 0.06% 17,635 $506K Add +2.4%
GIS General Mills Inc. 0.06% 9,854 $497K Add +17.7%
AMD Advanced Micro Devices 0.06% 3,067 $496K No change
META Meta Platforms Inc. Class A 0.06% 675 $495K Add +10.5%
HD Home Depot Inc. 0.05% 1,101 $446K No change
ORCL Oracle Corp. 0.05% 1,563 $439K No change
OHI Omega Healthcare Investors 0.05% 10,000 $422K No change
ITOT iShares Core S&P Total U.S. 0.05% 2,811 $409K Reduce -0.0%
AMP Ameriprise Financial Inc. 0.05% 819 $402K No change
PEP Pepsico Inc. 0.05% 2,837 $398K New
WMT Walmart Inc. 0.05% 3,821 $394K Add +0.9%
COR Cencora Inc. 0.05% 1,258 $393K No change
TRV The Travelers Cos Inc. 0.05% 1,406 $393K Add +0.1%
JNJ Johnson & Johnson 0.05% 2,106 $391K Add +31.1%
MP MP Materials Corp. 0.05% 5,741 $385K New
GMF State Street SPDR S&P Emergi 0.04% 2,629 $365K Reduce -8.3%
MO Altria Group Inc. 0.04% 5,437 $359K No change
DAL Delta Air Lines Inc. 0.04% 6,280 $356K Reduce -3.8%
WFC Wells Fargo & Co. 0.04% 3,979 $334K Reduce -23.7%
ACVF American Conservative Values 0.04% 6,649 $328K Add +11.8%
TSM Taiwan Semiconductor-SP ADR 0.04% 1,121 $313K Reduce -6.3%
SCHE Schwab Emrg Mrkts Eqty ETF 0.04% 9,352 $312K Reduce -0.8%
VEA Vanguard Ftse Developed ETF 0.03% 4,900 $294K Add +4.2%
USB US Bancorp 0.03% 5,958 $288K Add +21.2%
VCSH Vanguard S/T Corp. Bond ETF 0.03% 3,481 $278K Reduce -0.2%
CMA Comerica Inc. 0.03% 4,051 $278K No change
AVGO Broadcom Inc. 0.03% 834 $275K Reduce -4.1%
ABBV Abbvie Inc. 0.03% 1,176 $272K Reduce -0.5%
CSCO Cisco Systems Inc. 0.03% 3,895 $267K No change
PSO Pearson PLC-Sponsored ADR 0.03% 18,244 $258K No change
IGM iShares Expanded Tech Sector 0.03% 2,040 $257K No change
AMGN Amgen Inc. 0.03% 906 $256K No change
LRCX Lam Research Corp. 0.03% 1,881 $252K New
VOO Vanguard S&P 500 ETF 0.03% 410 $251K Add +6.5%
RTX RTX Corp. 0.03% 1,497 $250K No change
CAT Caterpillar Inc. 0.03% 510 $243K New
TT Trane Technologies PLC 0.03% 576 $243K Reduce -1.9%
FLRT Pacer Aristotle Pacific Floa 0.03% 4,993 $237K No change
LNT Alliant Energy Corp. 0.03% 3,447 $232K No change
QYLD Global X Nasd 100 Cov Call 0.03% 13,515 $230K Add +0.5%
TGT Target Corp. 0.03% 2,486 $223K Reduce -2.4%
ROK Rockwell Automation Inc. 0.03% 634 $222K No change
ENTG Entegris Inc. 0.03% 2,379 $220K New
PFFA Virtus Infracap US Pref STCK 0.03% 10,000 $217K No change
MDY State Street SPDR S&P Midcap 0.02% 348 $208K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 733 $207K Reduce -0.1%
UNFI United Natural Foods Inc. 0.02% 5,352 $201K New
BIZD Vaneck BDC Income ETF 0.02% 12,186 $182K No change
SFL SFL Corp. Ltd. 0.01% 15,000 $113K No change
GNL Global Net Lease Inc. 0.01% 10,000 $81K No change

Portfolio Sells Q2 2025 → Q3 2025
BND Vanguard Total Bond Market Reduce -7.4% 4.18% −0.74
DFIC Dimensional International Co. Reduce -8.0% 3.33% −0.45
IWM iShares Russell 2000 ETF Reduce -6.7% 2.82% −0.15
DFAE Dimensional Emerging Core Eq Reduce -7.1% 1.22% −0.11
HON Honeywell International Inc. Reduce -0.8% 0.42% −0.10
DFAC Dimensional US Core Equity 2 Reduce -2.7% 1.36% −0.07
SPGM State Street SPDR Portfolio Reduce -15.8% 0.27% −0.06
SCHG Schwab US Large-Cap Growth Reduce -22.2% 0.17% −0.05
SCHD Schwab US DVD Equity ETF Reduce -6.9% 0.26% −0.04
VTEB Vanguard Tax-Exempt Bond ETF Reduce -1.8% 0.34% −0.03
TRI Thomson Reuters Corp. Sold out 0.00% −0.03
ADBE Adobe Inc. Sold out 0.00% −0.03
EFA iShares MSCI Eafe ETF Reduce -5.1% 0.21% −0.02
ECL Ecolab Inc. Reduce -14.6% 0.07% −0.02
XEL Xcel Energy Inc. Reduce -22.3% 0.10% −0.02
AMZN Amazon.com Inc. Reduce -0.1% 0.16% −0.02
SCHZ Schwab US Aggregate Bond ETF Reduce -3.0% 0.13% −0.02
WFC Wells Fargo & Co. Reduce -23.7% 0.04% −0.01
SCHA Schwab US Small-Cap ETF Reduce -7.8% 0.14% −0.01
SCHB Schwab US Broad Market ETF Reduce -1.5% 0.30% −0.01
LLY Eli Lilly & Co. Reduce -2.6% 0.07% −0.01
IWD iShares Russell 1000 Value E Reduce -0.0% 0.19% −0.01
SCHF Schwab Intl Equity ETF Reduce -0.5% 0.19% −0.01
GOLDEN OCEAN GROUP LTD Sold out 0.00% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.0% 0.10% −0.01
TGT Target Corp. Reduce -2.4% 0.03% −0.01
VGK Vanguard Ftse Europe ETF Reduce -0.8% 0.08% −0.01
TT Trane Technologies PLC Reduce -1.9% 0.03% −0.00
GMF State Street SPDR S&P Emergi Reduce -8.3% 0.04% −0.00
IBM Intl Business Machines Corp. Reduce -0.1% 0.02% −0.00
VCSH Vanguard S/T Corp. Bond ETF Reduce -0.2% 0.03% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.3% 0.07% −0.00
VTI VG Morningstar TS MKT ETF-US Reduce -0.2% 0.07% −0.00
ITOT iShares Core S&P Total U.S. Reduce -0.0% 0.05% −0.00
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -0.8% 0.04% −0.00
DAL Delta Air Lines Inc. Reduce -3.8% 0.04% +0.00
AVGO Broadcom Inc. Reduce -4.1% 0.03% +0.00
TSM Taiwan Semiconductor-SP ADR Reduce -6.3% 0.04% +0.00
ABBV Abbvie Inc. Reduce -0.5% 0.03% +0.00
UNH Unitedhealth Group Inc. Reduce -0.0% 0.70% +0.00
DCI Donaldson Co. Inc. Reduce -1.6% 0.30% +0.02
AAPL Apple Inc. Reduce -3.6% 0.90% +0.07

Portfolio Buys Q2 2025 → Q3 2025
DFUS Dimensional US Eq MKT ETF Add +4.5% 21.37% +0.53
DFSD Dimensional Short Duration Add +13.6% 8.04% +0.28
DFAS Dimensional US Small Cap ETF Add +6.0% 7.54% +0.25
DFAX Dimensional World Ex US Core Add +4.4% 16.82% +0.23
DFAT Dimensional US Target Value Add +6.4% 5.05% +0.21
DFCF Dimensional Core Fixed Inc. Add +10.3% 13.94% +0.18
MMM 3M Co. Add +24.1% 0.51% +0.07
NVDA Nvidia Corp. Add +0.1% 0.82% +0.06
TSLA Tesla Inc. Add +3.6% 0.20% +0.05
PEP Pepsico Inc. New 0.05% +0.05
MP MP Materials Corp. New 0.05% +0.05
LRCX Lam Research Corp. New 0.03% +0.03
CAT Caterpillar Inc. New 0.03% +0.03
ENTG Entegris Inc. New 0.03% +0.03
MDY State Street SPDR S&P Midcap New 0.02% +0.02
UNFI United Natural Foods Inc. New 0.02% +0.02
BSX Boston Scientific Corp. Add +64.0% 0.07% +0.02
GOOGL Alphabet Inc. Class A Add +3.3% 0.07% +0.02
JNJ Johnson & Johnson Add +31.1% 0.05% +0.01
MU Micron Technology Inc. Add +0.0% 0.07% +0.01
IVV iShares Core S&P 500 ETF Add +10.2% 0.11% +0.01
QQQ Invesco QQQ Trust Series 1 Add +13.6% 0.06% +0.01
IWF iShares Russell 1000 Growth Add +1.7% 0.29% +0.01
USB US Bancorp Add +21.2% 0.03% +0.01
SOLV Solventum Corp. Add +24.4% 0.06% +0.00
ACVF American Conservative Values Add +11.8% 0.04% +0.00
GIS General Mills Inc. Add +17.7% 0.06% +0.00
VOO Vanguard S&P 500 ETF Add +6.5% 0.03% +0.00
META Meta Platforms Inc. Class A Add +10.5% 0.06% −0.00
VEA Vanguard Ftse Developed ETF Add +4.2% 0.03% −0.00
PCY Invesco Emerging Markets Sov Add +2.9% 0.06% −0.00
WMT Walmart Inc. Add +0.9% 0.05% −0.00
DGRE Wisdomtree Emerging Markets Add +2.4% 0.06% −0.00
QYLD Global X Nasd 100 Cov Call Add +0.5% 0.03% −0.00
TRV The Travelers Cos Inc. Add +0.1% 0.05% −0.00
PFE Pfizer Inc. Add +0.0% 0.08% −0.00
ACWI iShares MSCI Acwi ETF Add +0.4% 0.19% −0.00
DFGR Dim Global Real Estate ETF Add +7.9% 2.31% −0.00
SCHM Schwab US Mid Cap ETF Add +0.4% 0.13% −0.00
ABT Abbott Laboratories Add +3.5% 0.06% −0.01
IFLN Invesco Bloomberg Enhanced F Add +2.8% 0.10% −0.01
SCHO Schwab Short-Term US Treas Add +2.2% 0.16% −0.01
CORP PIMCO Inv Grade Corp. BD ETF Add +2.4% 0.20% −0.01
VGSH Vanguard Short-Term Treasury Add +0.5% 0.13% −0.01
SPLV Invesco S&P 500 Low Volatili Add +1.9% 0.20% −0.01
MSFT Microsoft Corp. Add +1.3% 0.33% −0.01
SRLN SS Blackstone Sr Loan ETF Add +1.3% 0.18% −0.02
COST Costco Wholesale Corp. Add +0.2% 0.19% −0.03

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