Great Waters Wealth Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), Great Waters Wealth Management reported 117 stock positions worth $909.0 million. Its top holding was Dimensional US Eq MKT ETF (DFUS) at 21.9% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 17.5%) and Dimensional Core Fixed (DFCF, 14.6%). Compared with Q3 2025, it opened 4 new positions, sold out of 2, added to 38 and reduced 45. The biggest buy was Dimensional Core Fixed (DFCF, shares +13%) and the biggest sale Dimensional International (DFIC, shares −19%).

Most Recent 13F
Q2 2026
Location
SHOREVIEW, MN
CIK
0001964535
Portfolio Value
$909.0M (Q4 2025)
SEC Filing
0001964535-26-000001 ↗ filed Jan 15, 2026

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 Q3 2025 Q4 2025: $909.0M $909.0M Q4 2025 Q1 2026: $944.9M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 117 stocks · $909.0M
DFUS Dimensional US Eq MKT ETF 21.91% 2,685,540 $199.2M Add +7.5%
DFAX Dimensional World Ex US Core 17.45% 4,847,406 $158.7M Add +6.8%
DFCF Dimensional Core Fixed Inc. 14.58% 3,114,229 $132.5M Add +12.9%
DFSD Dimensional Short Duration 8.23% 1,559,797 $74.8M Add +10.5%
DFAS Dimensional US Small Cap ETF 8.04% 1,049,586 $73.1M Add +12.5%
DFAT Dimensional US Target Value 5.39% 823,389 $49.0M Add +12.1%
BND Vanguard Total Bond Market 3.50% 429,826 $31.8M Reduce -9.7%
DFIC Dimensional International Co. 2.63% 694,771 $23.9M Reduce -19.2%
DFGR Dim Global Real Estate ETF 2.42% 831,153 $22.0M Add +15.9%
IWM iShares Russell 2000 ETF 2.25% 82,977 $20.4M Reduce -15.9%
DFAC Dimensional US Core Equity 2 1.31% 300,851 $11.9M Add +0.5%
DFAE Dimensional Emerging Core Eq 0.95% 265,001 $8.6M Reduce -19.4%
AAPL Apple Inc. 0.89% 29,919 $8.1M Reduce -0.2%
NVDA Nvidia Corp. 0.73% 35,479 $6.6M Reduce -4.7%
UNH Unitedhealth Group Inc. 0.62% 17,197 $5.7M Reduce -0.3%
MMM 3M Co. 0.43% 24,262 $3.9M Reduce -13.0%
HON Honeywell International Inc. 0.36% 16,731 $3.3M Reduce -1.4%
VTEB Vanguard Tax-Exempt Bond ETF 0.31% 55,704 $2.8M Reduce -4.3%
DCI Donaldson Co. Inc. 0.30% 30,419 $2.7M Reduce -1.3%
SCHB Schwab US Broad Market ETF 0.28% 95,714 $2.5M Reduce -1.5%
SPGM State Street SPDR Portfolio 0.27% 32,008 $2.5M Add +3.1%
IWF iShares Russell 1000 Growth 0.26% 5,088 $2.4M Reduce -2.5%
MSFT Microsoft Corp. 0.26% 4,909 $2.4M Reduce -8.2%
SCHD Schwab US DVD Equity ETF 0.24% 81,142 $2.2M Add +1.9%
TSLA Tesla Inc. 0.22% 4,446 $2.0M Add +15.7%
EFA iShares MSCI Eafe ETF 0.21% 19,524 $1.9M Add +1.5%
CORP PIMCO Inv Grade Corp. BD ETF 0.20% 18,710 $1.8M Add +7.9%
ACWI iShares MSCI Acwi ETF 0.19% 12,098 $1.7M Add +2.2%
SCHF Schwab Intl Equity ETF 0.18% 69,651 $1.7M Add +1.8%
SPLV Invesco S&P 500 Low Volatili 0.18% 23,302 $1.7M Add +3.3%
IWD iShares Russell 1000 Value E 0.18% 7,850 $1.7M Reduce -1.1%
SRLN SS Blackstone Sr Loan ETF 0.18% 39,774 $1.6M Add +9.2%
COST Costco Wholesale Corp. 0.16% 1,722 $1.5M Reduce -2.9%
SCHG Schwab US Large-Cap Growth 0.16% 44,915 $1.5M Reduce -1.4%
SCHO Schwab Short-Term US Treas 0.16% 59,012 $1.4M Add +9.7%
AMZN Amazon.com Inc. 0.15% 6,063 $1.4M Reduce -0.8%
SCHA Schwab US Small-Cap ETF 0.13% 42,849 $1.2M Add +1.6%
SCHM Schwab US Mid Cap ETF 0.12% 37,385 $1.1M Add +1.1%
MDT Medtronic PLC 0.12% 11,676 $1.1M Reduce -1.3%
FICO Fair Isaac Corp. 0.12% 637 $1.1M No change
SCHZ Schwab US Aggregate Bond ETF 0.12% 45,759 $1.1M Reduce -0.1%
VGSH Vanguard Short-Term Treasury 0.12% 18,180 $1.1M Reduce -4.4%
MU Micron Technology Inc. 0.10% 3,345 $955K No change
IFLN Invesco Bloomberg Enhanced F 0.10% 48,629 $905K Add +3.4%
IVV iShares Core S&P 500 ETF 0.10% 1,311 $898K Reduce -5.3%
BRK.B Berkshire Hathaway Inc. Class B 0.10% 1,768 $889K No change
MCK McKesson Corp. 0.09% 992 $814K No change
LLY Eli Lilly & Co. 0.09% 748 $804K No change
XEL Xcel Energy Inc. 0.09% 10,525 $777K Add +0.1%
TER Teradyne Inc. 0.09% 4,012 $777K Reduce -19.9%
GOOGL Alphabet Inc. Class A 0.08% 2,378 $744K Reduce -2.9%
MCD McDonald's Corp. 0.08% 2,351 $719K Reduce -14.7%
VGK Vanguard Ftse Europe ETF 0.07% 7,868 $658K Reduce -2.6%
AMD Advanced Micro Devices 0.07% 3,067 $657K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 936 $639K Add +0.1%
PFE Pfizer Inc. 0.07% 25,525 $636K Reduce -0.4%
CL Colgate-Palmolive Co. 0.06% 7,305 $577K No change
VTI VG Morningstar TS MKT ETF-US 0.06% 1,673 $561K Reduce -4.3%
DGRE Wisdomtree Emerging Markets 0.06% 17,765 $556K Add +0.7%
QQQ Invesco QQQ Trust Series 1 0.06% 903 $555K No change
BSX Boston Scientific Corp. 0.06% 5,766 $550K Reduce -0.1%
ECL Ecolab Inc. 0.06% 2,059 $540K Reduce -10.1%
PCY Invesco Emerging Markets Sov 0.06% 24,372 $528K Reduce -1.7%
ABT Abbott Laboratories 0.06% 3,997 $501K Reduce -0.4%
GIS General Mills Inc. 0.05% 10,406 $484K Add +5.6%
OHI Omega Healthcare Investors 0.05% 10,000 $443K No change
SOLV Solventum Corp. 0.05% 5,585 $443K Reduce -19.6%
JNJ Johnson & Johnson 0.05% 2,106 $436K No change
DAL Delta Air Lines Inc. 0.05% 6,281 $436K Add +0.0%
COR Cencora Inc. 0.05% 1,258 $425K No change
ITOT iShares Core S&P Total U.S. 0.05% 2,854 $424K Add +1.5%
TRV The Travelers Cos Inc. 0.04% 1,409 $409K Add +0.2%
PEP Pepsico Inc. 0.04% 2,837 $407K No change
META Meta Platforms Inc. Class A 0.04% 610 $402K Reduce -9.6%
AMP Ameriprise Financial Inc. 0.04% 819 $401K No change
WMT Walmart Inc. 0.04% 3,517 $392K Reduce -8.0%
TTC Toro Co. 0.04% 4,947 $389K Reduce -40.9%
HD Home Depot Inc. 0.04% 1,102 $379K Add +0.1%
WFC Wells Fargo & Co. 0.04% 3,942 $367K Reduce -0.9%
GMF State Street SPDR S&P Emergi 0.04% 2,643 $367K Add +0.5%
CMA Comerica Inc. 0.04% 4,051 $352K No change
TSM Taiwan Semiconductor-SP ADR 0.04% 1,114 $339K Reduce -0.6%
ACVF American Conservative Values 0.04% 6,659 $329K Add +0.1%
AVGO Broadcom Inc. 0.04% 934 $323K Add +12.0%
LRCX Lam Research Corp. 0.04% 1,881 $322K No change
USB US Bancorp 0.04% 5,969 $319K Add +0.2%
MO Altria Group Inc. 0.03% 5,437 $314K No change
SCHE Schwab Emrg Mrkts Eqty ETF 0.03% 9,548 $313K Add +2.1%
VEA Vanguard Ftse Developed ETF 0.03% 4,931 $308K Add +0.6%
ORCL Oracle Corp. 0.03% 1,559 $304K Reduce -0.3%
AMGN Amgen Inc. 0.03% 906 $297K No change
CSCO Cisco Systems Inc. 0.03% 3,845 $296K Reduce -1.3%
CAT Caterpillar Inc. 0.03% 510 $292K No change
MP MP Materials Corp. 0.03% 5,741 $290K No change
VOO Vanguard S&P 500 ETF 0.03% 460 $289K Add +12.2%
ROST Ross Stores Inc. 0.03% 1,553 $280K New
VCSH Vanguard S/T Corp. Bond ETF 0.03% 3,452 $275K Reduce -0.8%
ABBV Abbvie Inc. 0.03% 1,181 $270K Add +0.4%
VTV Vanguard Mrngstr Val ETF-Aui 0.03% 1,404 $268K New
IGM iShares Expanded Tech Sector 0.03% 2,028 $262K Reduce -0.6%
GOOG Alphabet Inc. Class C 0.03% 817 $256K New
ROK Rockwell Automation Inc. 0.03% 634 $247K No change
QYLD Global X Nasd 100 Cov Call 0.03% 13,584 $240K Add +0.5%
TGT Target Corp. 0.03% 2,423 $237K Reduce -2.5%
PSO Pearson PLC-Sponsored ADR 0.03% 16,800 $236K Reduce -7.9%
FLRT Pacer Aristotle Pacific Floa 0.03% 4,993 $235K No change
TT Trane Technologies PLC 0.02% 576 $224K No change
LNT Alliant Energy Corp. 0.02% 3,447 $224K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 733 $217K No change
PFFA Virtus Infracap US Pref STCK 0.02% 10,000 $216K No change
MDY State Street SPDR S&P Midcap 0.02% 348 $210K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.02% 423 $206K New
SOLS Solstice Adv Materials Inc. 0.02% 4,231 $206K Reduce -0.3%
ENTG Entegris Inc. 0.02% 2,379 $200K No change
BIZD Vaneck BDC Income ETF 0.02% 12,186 $173K No change
SFL SFL Corp. Ltd. 0.01% 15,000 $117K No change
GNL Global Net Lease Inc. 0.01% 10,000 $86K No change

Portfolio Sells Q3 2025 → Q4 2025
DFIC Dimensional International Co. Reduce -19.2% 2.63% −0.70
BND Vanguard Total Bond Market Reduce -9.7% 3.50% −0.68
IWM iShares Russell 2000 ETF Reduce -15.9% 2.25% −0.57
DFAE Dimensional Emerging Core Eq Reduce -19.4% 0.95% −0.28
NVDA Nvidia Corp. Reduce -4.7% 0.73% −0.09
MMM 3M Co. Reduce -13.0% 0.43% −0.08
UNH Unitedhealth Group Inc. Reduce -0.3% 0.62% −0.08
MSFT Microsoft Corp. Reduce -8.2% 0.26% −0.07
HON Honeywell International Inc. Reduce -1.4% 0.36% −0.06
VTEB Vanguard Tax-Exempt Bond ETF Reduce -4.3% 0.31% −0.04
TTC Toro Co. Reduce -40.9% 0.04% −0.03
COST Costco Wholesale Corp. Reduce -2.9% 0.16% −0.03
RTX RTX Corp. Sold out 0.00% −0.03
IWF iShares Russell 1000 Growth Reduce -2.5% 0.26% −0.02
UNFI United Natural Foods Inc. Sold out 0.00% −0.02
MCD McDonald's Corp. Reduce -14.7% 0.08% −0.02
SCHB Schwab US Broad Market ETF Reduce -1.5% 0.28% −0.02
ORCL Oracle Corp. Reduce -0.3% 0.03% −0.02
ECL Ecolab Inc. Reduce -10.1% 0.06% −0.01
VGSH Vanguard Short-Term Treasury Reduce -4.4% 0.12% −0.01
META Meta Platforms Inc. Class A Reduce -9.6% 0.04% −0.01
SOLV Solventum Corp. Reduce -19.6% 0.05% −0.01
IVV iShares Core S&P 500 ETF Reduce -5.3% 0.10% −0.01
SCHG Schwab US Large-Cap Growth Reduce -1.4% 0.16% −0.01
MDT Medtronic PLC Reduce -1.3% 0.12% −0.01
SCHZ Schwab US Aggregate Bond ETF Reduce -0.1% 0.12% −0.01
IWD iShares Russell 1000 Value E Reduce -1.1% 0.18% −0.01
ABT Abbott Laboratories Reduce -0.4% 0.06% −0.01
AAPL Apple Inc. Reduce -0.2% 0.89% −0.01
PFE Pfizer Inc. Reduce -0.4% 0.07% −0.01
BSX Boston Scientific Corp. Reduce -0.1% 0.06% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -4.3% 0.06% −0.01
PCY Invesco Emerging Markets Sov Reduce -1.7% 0.06% −0.01
AMZN Amazon.com Inc. Reduce -0.8% 0.15% −0.00
PSO Pearson PLC-Sponsored ADR Reduce -7.9% 0.03% −0.00
VGK Vanguard Ftse Europe ETF Reduce -2.6% 0.07% −0.00
WMT Walmart Inc. Reduce -8.0% 0.04% −0.00
VCSH Vanguard S/T Corp. Bond ETF Reduce -0.8% 0.03% −0.00
SOLS Solstice Adv Materials Inc. Reduce -0.3% 0.02% −0.00
IGM iShares Expanded Tech Sector Reduce -0.6% 0.03% −0.00
DCI Donaldson Co. Inc. Reduce -1.3% 0.30% −0.00
TGT Target Corp. Reduce -2.5% 0.03% −0.00
TSM Taiwan Semiconductor-SP ADR Reduce -0.6% 0.04% +0.00
WFC Wells Fargo & Co. Reduce -0.9% 0.04% +0.00
CSCO Cisco Systems Inc. Reduce -1.3% 0.03% +0.00
TER Teradyne Inc. Reduce -19.9% 0.09% +0.00
GOOGL Alphabet Inc. Class A Reduce -2.9% 0.08% +0.01

Portfolio Buys Q3 2025 → Q4 2025
DFCF Dimensional Core Fixed Inc. Add +12.9% 14.58% +0.64
DFAX Dimensional World Ex US Core Add +6.8% 17.45% +0.63
DFUS Dimensional US Eq MKT ETF Add +7.5% 21.91% +0.54
DFAS Dimensional US Small Cap ETF Add +12.5% 8.04% +0.50
DFAT Dimensional US Target Value Add +12.1% 5.39% +0.34
DFSD Dimensional Short Duration Add +10.5% 8.23% +0.19
DFGR Dim Global Real Estate ETF Add +15.9% 2.42% +0.10
ROST Ross Stores Inc. New 0.03% +0.03
VTV Vanguard Mrngstr Val ETF-Aui New 0.03% +0.03
GOOG Alphabet Inc. Class C New 0.03% +0.03
VUG Vanguard Mrngstar GR ETF-Sui New 0.02% +0.02
TSLA Tesla Inc. Add +15.7% 0.22% +0.02
DAL Delta Air Lines Inc. Add +0.0% 0.05% +0.01
AVGO Broadcom Inc. Add +12.0% 0.04% +0.00
SCHO Schwab Short-Term US Treas Add +9.7% 0.16% +0.00
VOO Vanguard S&P 500 ETF Add +12.2% 0.03% +0.00
SRLN SS Blackstone Sr Loan ETF Add +9.2% 0.18% +0.00
DGRE Wisdomtree Emerging Markets Add +0.7% 0.06% +0.00
USB US Bancorp Add +0.2% 0.04% +0.00
CORP PIMCO Inv Grade Corp. BD ETF Add +7.9% 0.20% −0.00
QYLD Global X Nasd 100 Cov Call Add +0.5% 0.03% −0.00
VEA Vanguard Ftse Developed ETF Add +0.6% 0.03% −0.00
TRV The Travelers Cos Inc. Add +0.2% 0.04% −0.00
ITOT iShares Core S&P Total U.S. Add +1.5% 0.05% −0.00
ABBV Abbvie Inc. Add +0.4% 0.03% −0.00
ACVF American Conservative Values Add +0.1% 0.04% −0.00
SCHE Schwab Emrg Mrkts Eqty ETF Add +2.1% 0.03% −0.00
GMF State Street SPDR S&P Emergi Add +0.5% 0.04% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.1% 0.07% −0.00
IFLN Invesco Bloomberg Enhanced F Add +3.4% 0.10% −0.00
SCHF Schwab Intl Equity ETF Add +1.8% 0.18% −0.00
SPGM State Street SPDR Portfolio Add +3.1% 0.27% −0.00
SCHA Schwab US Small-Cap ETF Add +1.6% 0.13% −0.00
ACWI iShares MSCI Acwi ETF Add +2.2% 0.19% −0.01
GIS General Mills Inc. Add +5.6% 0.05% −0.01
EFA iShares MSCI Eafe ETF Add +1.5% 0.21% −0.01
SCHM Schwab US Mid Cap ETF Add +1.1% 0.12% −0.01
HD Home Depot Inc. Add +0.1% 0.04% −0.01
SCHD Schwab US DVD Equity ETF Add +1.9% 0.24% −0.01
SPLV Invesco S&P 500 Low Volatili Add +3.3% 0.18% −0.01
XEL Xcel Energy Inc. Add +0.1% 0.09% −0.01
DFAC Dimensional US Core Equity 2 Add +0.5% 1.31% −0.05

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