Intelligent Financial Strategies

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), Intelligent Financial Strategies reported 82 stock positions worth $191.7 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 50.2% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 15.3%) and VG Morningstar TS MKT ETF-US (VTI, 4.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 1, added to 8 and reduced 21. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +0%) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −3%).

Most Recent 13F
Q2 2026
Location
EXCELSIOR, MN
CIK
0001911000
Portfolio Value
$191.7M (Q1 2025)
SEC Filing
0001911000-25-000005 ↗ filed Apr 24, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $161.2M Q1 2024 Q2 2024: $162.5M Q2 2024 Q3 2024: $181.6M Q3 2024 Q4 2024: $180.6M Q4 2024 Q1 2025: $191.7M $191.7M Q1 2025 Q2 2025: $188.4M Q2 2025 Q3 2025: $205.4M Q3 2025 Q4 2025: $207.9M Q4 2025 Q1 2026: $191.9M Q1 2026 Q2 2026: $207.8M Q2 2026

Holdings 82 stocks · $191.7M
BRK.B Berkshire Hathaway Inc. Class B 50.23% 180,791 $96.3M Add +0.3%
VOO Vanguard S&P 500 ETF 15.30% 57,072 $29.3M Reduce -2.8%
VTI VG Morningstar TS MKT ETF-US 4.82% 33,627 $9.2M Reduce -2.4%
BRK.A Berkshire Hathaway Inc. Class A 2.92% 7 $5.6M Add +40.0%
AVGE Avantis All Eqty Mrkts ETF 2.56% 68,843 $4.9M No change
DFUV Dimensional US Marketwide Va 2.44% 113,433 $4.7M Reduce -1.4%
AAPL Apple Inc. 2.32% 20,018 $4.4M Reduce -0.9%
VIG Vanguard Dividend Apprec ETF 2.23% 21,995 $4.3M Reduce -1.9%
IVV iShares Core S&P 500 ETF 2.06% 7,025 $3.9M Reduce -1.5%
VT Vanguard Tot World STK ETF 1.36% 22,500 $2.6M Reduce -1.3%
DFAC Dimensional US Core Equity 2 1.33% 77,152 $2.5M Add +0.0%
MA Mastercard Inc. Class A 1.21% 4,228 $2.3M No change
V Visa Inc. Class A 1.09% 5,963 $2.1M Reduce -1.3%
MDY State Street SPDR S&P Midcap 1.07% 3,846 $2.1M No change
GOOG Alphabet Inc. Class C 1.00% 12,294 $1.9M Reduce -7.5%
MSFT Microsoft Corp. 0.96% 4,897 $1.8M Reduce -14.2%
COST Costco Wholesale Corp. 0.60% 1,221 $1.2M No change
MCD McDonald's Corp. 0.52% 3,180 $993K Add +0.0%
DFAX Dimensional World Ex US Core 0.49% 35,705 $935K No change
UNP Union Pacific Corp. 0.46% 3,734 $882K No change
HSY The Hershey Co. 0.40% 4,456 $762K Reduce -13.6%
VXUS Vanguard Total Intl Stock 0.39% 12,158 $755K Add +0.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.35% 1,194 $670K No change
AMZN Amazon.com Inc. 0.29% 2,960 $563K No change
AVUV Avantis US Small Cap Value 0.29% 6,381 $556K No change
DFUS Dimensional US Eq MKT ETF 0.29% 9,115 $551K Reduce -8.5%
WMT Walmart Inc. 0.22% 4,845 $426K No change
PEP Pepsico Inc. 0.20% 2,595 $389K Reduce -20.0%
VEA Vanguard Ftse Developed ETF 0.18% 6,973 $354K Reduce -10.2%
JNJ Johnson & Johnson 0.18% 2,063 $342K Add +0.1%
AVDE Avantis International Equity 0.18% 5,090 $337K No change
AVDV Avantis Intl S/C Value ETF 0.16% 4,271 $298K No change
VXF Vanguard Extended Market ETF 0.14% 1,553 $267K Add +0.4%
CHD Church & Dwight Co. Inc. 0.13% 2,322 $256K Reduce -1.9%
KXI iShares Global Consumer Stap 0.12% 3,736 $239K Reduce -34.1%
GLD SPDR Gold Shares 0.12% 775 $223K No change
BND Vanguard Total Bond Market 0.11% 2,750 $202K Reduce -16.5%
KO The Coca-Cola Co. 0.08% 2,133 $154K No change
NKE Nike Inc. Class B 0.08% 2,254 $144K Reduce -33.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.07% 508 $131K Add +3.3%
VEU Vanguard Ftse All-World Ex-U 0.06% 1,919 $116K Reduce -0.3%
WEC WEC Energy Group Inc. 0.06% 1,059 $115K No change
MKC McCormick & Co.-Non VTG SHRS 0.05% 1,270 $105K No change
AVUS Avantis U.S. Equity ETF 0.05% 1,118 $103K Reduce -3.0%
FAST Fastenal Co. 0.05% 1,261 $98K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.05% 346 $89K No change
RTX RTX Corp. 0.04% 632 $84K No change
PG The Procter & Gamble Co. 0.04% 466 $79K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.04% 445 $77K No change
DEO Diageo PLC-Sponsored ADR 0.04% 716 $77K Reduce -22.3%
PM Philip Morris International 0.04% 470 $75K No change
XOM Exxon Mobil Corp. 0.04% 600 $71K No change
CMI Cummins Inc. 0.03% 195 $61K No change
PGR Progressive Corp. 0.03% 212 $60K No change
BRO Brown & Brown Inc. 0.03% 445 $55K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.03% 154 $53K No change
AXP American Express Co. 0.03% 194 $52K No change
MDLZ Mondelez International Inc. Class A 0.03% 750 $51K No change
AMAT Applied Materials Inc. 0.03% 349 $51K No change
MRSH Marsh & McLennan Cos 0.02% 189 $46K No change
CB Chubb Ltd. 0.02% 149 $45K No change
MMM 3M Co. 0.02% 287 $42K New
RSG Republic Services Inc. 0.02% 166 $40K No change
CLX Clorox Company 0.02% 256 $38K No change
DFAT Dimensional US Target Value 0.02% 729 $38K No change
OTIS Otis Worldwide Corp. 0.02% 316 $33K No change
CPRT Copart Inc. 0.02% 575 $33K No change
CARR Carrier Global Corp. 0.01% 423 $27K No change
CL Colgate-Palmolive Co. 0.01% 273 $26K No change
SBUX Starbucks Corp. 0.01% 254 $25K No change
NEE Nextera Energy Inc. 0.01% 328 $23K No change
ZTS Zoetis Inc. 0.01% 130 $21K No change
IDXX Idexx Laboratories Inc. 0.01% 50 $21K No change
RYAN Ryan Specialty Holdings Inc. 0.01% 239 $18K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.01% 231 $16K No change
MET Metlife Inc. 0.01% 200 $16K No change
RLI Rli Corp. 0.01% 184 $15K No change
PRU Prudential Financial Inc. 0.01% 95 $11K No change
ADBE Adobe Inc. 0.00% 20 $8K No change
IEMG iShares Core MSCI Emerging 0.00% 110 $6K New
SOLV Solventum Corp. 0.00% 71 $5K New
XLG Invesco S&P 500 Top 50 ETF 0.00% 78 $4K New

Portfolio Sells Q4 2024 → Q1 2025
VOO Vanguard S&P 500 ETF Reduce -2.8% 15.30% −2.21
VTI VG Morningstar TS MKT ETF-US Reduce -2.4% 4.82% −0.71
AAPL Apple Inc. Reduce -0.9% 2.32% −0.48
GOOG Alphabet Inc. Class C Reduce -7.5% 1.00% −0.40
MSFT Microsoft Corp. Reduce -14.2% 0.96% −0.37
IVV iShares Core S&P 500 ETF Reduce -1.5% 2.06% −0.27
VIG Vanguard Dividend Apprec ETF Reduce -1.9% 2.23% −0.21
DFUV Dimensional US Marketwide Va Reduce -1.4% 2.44% −0.17
VT Vanguard Tot World STK ETF Reduce -1.3% 1.36% −0.12
HSY The Hershey Co. Reduce -13.6% 0.40% −0.09
PEP Pepsico Inc. Reduce -20.0% 0.20% −0.07
NKE Nike Inc. Class B Reduce -33.5% 0.08% −0.07
KXI iShares Global Consumer Stap Reduce -34.1% 0.12% −0.06
DFUS Dimensional US Eq MKT ETF Reduce -8.5% 0.29% −0.06
BND Vanguard Total Bond Market Reduce -16.5% 0.11% −0.03
DEO Diageo PLC-Sponsored ADR Reduce -22.3% 0.04% −0.02
VEA Vanguard Ftse Developed ETF Reduce -10.2% 0.18% −0.02
AVUS Avantis U.S. Equity ETF Reduce -3.0% 0.05% −0.01
ABBV Abbvie Inc. Sold out 0.00% −0.01
CHD Church & Dwight Co. Inc. Reduce -1.9% 0.13% −0.00
VEU Vanguard Ftse All-World Ex-U Reduce -0.3% 0.06% −0.00
V Visa Inc. Class A Reduce -1.3% 1.09% +0.03

Portfolio Buys Q4 2024 → Q1 2025
BRK.B Berkshire Hathaway Inc. Class B Add +0.3% 50.23% +5.00
BRK.A Berkshire Hathaway Inc. Class A Add +40.0% 2.92% +1.03
MMM 3M Co. New 0.02% +0.02
JNJ Johnson & Johnson Add +0.1% 0.18% +0.01
MCD McDonald's Corp. Add +0.0% 0.52% +0.01
IEMG iShares Core MSCI Emerging New 0.00% +0.00
SOLV Solventum Corp. New 0.00% +0.00
XLG Invesco S&P 500 Top 50 ETF New 0.00% +0.00
VXUS Vanguard Total Intl Stock Add +0.2% 0.39% −0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +3.3% 0.07% −0.00
VXF Vanguard Extended Market ETF Add +0.4% 0.14% −0.02
DFAC Dimensional US Core Equity 2 Add +0.0% 1.33% −0.15

Notes & Other Activity Q4 2024 → Q1 2025
ADP Automatic Data Processing COM Sold out 0 $128before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 60$207.8MBRK.B, VOO, VT, VTI, VXUS
Q1 2026 62$191.9MBRK.B, VOO, VT, VTI, VXUS
Q4 2025 72$207.9MBRK.B, VOO, VT, VTI, VXUS
Q3 2025 73$205.4MBRK.B, VOO, VT, VTI, VXUS
Q2 2025 85$188.4MBRK.B, VOO, VT, VTI, BRK.A
Q1 2025 82$191.7MBRK.B, VOO, VTI, BRK.A, AVGE
Q4 2024 79$180.6MBRK.B, VOO, VTI, AAPL, AVGE
Q3 2024 81$181.6MBRK.B, VOO, VTI, AVGE, DFUV
Q2 2024 82$162.5MBRK.B, VOO, VTI, AVGE, DFUV
Q1 2024 85$161.2MBRK.B, VOO, VTI, AVGE, DFUV