JMG Financial Group, Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), JMG Financial Group, Ltd. reported 120 stock positions worth $3.0 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 24.1% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 11.7%) and Vanguard Ftse Developed ETF (VEA, 10.6%). Compared with Q4 2024, it opened 9 new positions, sold out of 1, added to 36 and reduced 44. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +3%) and the biggest sale Schwab US Large-Cap ETF (SCHX, shares −2%).

Most Recent 13F
Q2 2026
Location
DOWNERS GROVE, IL
CIK
0001314404
Portfolio Value
$3.0B (Q1 2025)
SEC Filing
0001314404-25-000002 ↗ filed May 5, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $2.6B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $2.9B Q3 2024 Q4 2024: $2.9B Q4 2024 Q1 2025: $3.0B $3.0B Q1 2025 Q2 2025: $3.3B Q2 2025 Q3 2025: $3.5B Q3 2025 Q4 2025: $3.6B Q4 2025 Q1 2026: $3.6B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 120 stocks · $3.0B
VOO Vanguard S&P 500 ETF 24.13% 1,392,132 $715.4M Add +3.0%
VO Vngrd Mrngstr MD-Cap ETF-Usd 11.73% 1,345,236 $347.9M Add +3.2%
VEA Vanguard Ftse Developed ETF 10.58% 6,173,009 $313.8M Add +3.1%
SCHX Schwab US Large-Cap ETF 6.06% 8,142,312 $179.8M Reduce -1.9%
DFSV Dimensional US Small Cap Val 5.52% 5,816,865 $163.7M Add +7.0%
SPY SS SPDR S&P 500 ETF Trust-US 4.79% 254,037 $142.1M Reduce -2.7%
VWO Vanguard Ftse Emerging Marke 4.39% 2,875,384 $130.1M Add +5.0%
DFGR Dim Global Real Estate ETF 4.25% 4,796,352 $126.0M Add +20.1%
DFIC Dimensional International Co. 3.84% 4,102,611 $113.9M Add +17.1%
SCHF Schwab Intl Equity ETF 2.92% 4,384,101 $86.7M Reduce -0.7%
SCHM Schwab US Mid Cap ETF 2.54% 2,875,095 $75.3M Reduce -0.2%
IWR iShares Russell Mid-Cap ETF 2.54% 883,878 $75.2M Reduce -2.5%
VBR Vngrd Mrngst SL-CP Val ETF-U 1.80% 286,017 $53.3M Add +1.6%
DFEM Dimensional Emrg MRKT Core 1.74% 1,954,026 $51.7M Add +12.1%
VTI VG Morningstar TS MKT ETF-US 1.47% 158,350 $43.5M Reduce -1.1%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.33% 153,876 $39.6M Reduce -5.4%
SCHE Schwab Emrg Mrkts Eqty ETF 0.86% 928,534 $25.6M Reduce -2.5%
VNQ Vanguard Real Estate ETF 0.77% 251,998 $22.8M Add +9.9%
IVV iShares Core S&P 500 ETF 0.77% 40,510 $22.8M Reduce -1.8%
IWP iShares Russell Mid-Cap Grow 0.47% 119,724 $14.1M Reduce -2.4%
VEU Vanguard Ftse All-World Ex-U 0.47% 230,044 $14.0M Add +1.9%
IWF iShares Russell 1000 Growth 0.45% 36,643 $13.2M Reduce -2.2%
IWB iShares Russell 1000 ETF 0.43% 41,091 $12.6M Reduce -0.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.37% 29,680 $11.0M Add +0.2%
IWS iShares Russell Mid-Cap Valu 0.33% 78,832 $9.9M Add +0.4%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.33% 60,305 $9.7M Add +0.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.29% 49,000 $8.5M Reduce -1.3%
VNQI Vanguard GLBL Ex-US Real Est 0.27% 197,720 $8.0M Reduce -4.7%
SCHB Schwab US Broad Market ETF 0.25% 339,945 $7.3M Reduce -0.7%
SCHG Schwab US Large-Cap Growth 0.23% 270,325 $6.8M Reduce -0.7%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.22% 27,076 $6.6M Reduce -0.5%
IWM iShares Russell 2000 ETF 0.22% 32,015 $6.4M Reduce -4.4%
DFAS Dimensional US Small Cap ETF 0.18% 89,212 $5.3M Reduce -0.8%
IWD iShares Russell 1000 Value E 0.16% 25,362 $4.8M Reduce -0.7%
VB Vanguard Most SM-Cap ETF-Usd 0.14% 18,516 $4.1M Reduce -3.3%
QQQ Invesco QQQ Trust Series 1 0.13% 8,371 $3.9M Add +10.7%
MDY State Street SPDR S&P Midcap 0.13% 7,230 $3.9M Add +0.8%
VIG Vanguard Dividend Apprec ETF 0.13% 19,345 $3.8M Reduce -0.2%
EFA iShares MSCI Eafe ETF 0.11% 40,919 $3.3M Reduce -0.5%
IUSG iShares Core S&P U.S. Growth 0.11% 26,181 $3.3M No change
IWV iShares Russell 3000 ETF 0.11% 10,285 $3.3M No change
SCHP Schwab U.S. Tips ETF 0.10% 107,432 $2.9M Reduce -7.1%
IJR iShares Core S&P Small-Cap E 0.09% 26,754 $2.8M Reduce -2.4%
VTIP Vanguard Short-Term Tips 0.09% 55,224 $2.8M Reduce -1.7%
SCHZ Schwab US Aggregate Bond ETF 0.09% 117,341 $2.7M Reduce -5.5%
XLK SS Technology Select Sector 0.09% 13,110 $2.7M No change
ESGD iShares Trust iShares ESG Aw 0.09% 32,998 $2.7M Reduce -7.9%
SCHH Schwab US REIT ETF 0.09% 120,957 $2.6M Add +11.6%
IVW iShares S&P 500 Growth ETF 0.08% 26,960 $2.5M Add +87.2%
BRK.B Berkshire Hathaway Inc. Class B 0.08% 4,272 $2.3M Add +8.7%
MSFT Microsoft Corp. 0.07% 5,796 $2.2M Add +3.2%
BNDX Vanguard Total Intl Bond ETF 0.07% 41,108 $2.0M Add +1.5%
IWO iShares Russell 2000 Growth 0.06% 6,603 $1.7M No change
DFIV Dimensional International Va 0.05% 39,541 $1.6M Reduce -3.5%
DFAR Dimensional US Real Est ETF 0.05% 65,266 $1.6M No change
ESGU iShares ESG Aware MSCI USA 0.05% 12,544 $1.5M Add +4.0%
DVY iShares Select Dividend ETF 0.05% 11,298 $1.5M No change
IEMG iShares Core MSCI Emerging 0.05% 27,588 $1.5M Add +1.1%
IEFA iShares Core MSCI Eafe ETF 0.05% 19,438 $1.5M No change
ESGE iShares Inc. iShares ESG Awar 0.04% 37,831 $1.3M Reduce -10.9%
SCHV Schwab US Large-Cap Value 0.04% 46,642 $1.2M Reduce -9.3%
USMV iShares MSCI USA Min Vol Fac 0.04% 12,847 $1.2M Reduce -6.3%
AAPL Apple Inc. 0.04% 5,330 $1.2M Add +2.5%
ACWI iShares MSCI Acwi ETF 0.04% 10,000 $1.2M No change
SCHA Schwab US Small-Cap ETF 0.04% 48,269 $1.1M Add +6.3%
SCHD Schwab US DVD Equity ETF 0.03% 36,804 $1.0M Reduce -5.2%
RSP Invesco S&P 500 Equal Weight 0.03% 5,877 $1.0M Add +4.3%
IJH iShares Core S&P Midcap ETF 0.03% 15,618 $911K Reduce -9.6%
IVE iShares S&P 500 Value ETF 0.03% 4,773 $910K Reduce -7.1%
EEM iShares MSCI Emerging Market 0.03% 20,523 $897K No change
GOOGL Alphabet Inc. Class A 0.03% 5,740 $888K No change
GLD SPDR Gold Shares 0.03% 3,052 $879K No change
IXUS iShares Core Intl Stock ETF 0.03% 11,788 $823K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.03% 6,682 $800K Reduce -1.5%
BND Vanguard Total Bond Market 0.03% 10,859 $798K Add +84.4%
TDG Transdigm Group Inc. 0.02% 513 $710K No change
AGG iShares Core U.S. Aggregate 0.02% 6,685 $661K Reduce -60.0%
DMXF iShares ESG Advanc MSCI Eafe 0.02% 9,348 $629K Reduce -22.4%
FNDA Schwab Fndmntl US SM Co. ETF 0.02% 22,678 $621K Add +18.6%
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.02% 6,166 $578K Add +0.9%
EEMV iShares MSCI Emg MKT Min Vol 0.02% 9,881 $576K No change
IWN iShares Russell 2000 Value E 0.02% 3,803 $574K No change
MA Mastercard Inc. Class A 0.02% 1,018 $558K No change
USXF iShares ESG Advance MSCI USA 0.02% 11,633 $543K Reduce -26.6%
VT Vanguard Tot World STK ETF 0.02% 4,489 $520K Add +0.0%
VXUS Vanguard Total Intl Stock 0.02% 8,197 $509K No change
XOM Exxon Mobil Corp. 0.02% 4,149 $493K Reduce -9.7%
SCZ iShares MSCI Eafe Small-Cap 0.02% 7,501 $477K No change
AMZN Amazon.com Inc. 0.01% 2,334 $444K Add +2.0%
FNDX Schwab Fndmntl US LRG Co. ETF 0.01% 18,515 $437K Add +4.1%
IJS iShares S&P Small-Cap 600 Va 0.01% 4,442 $433K Reduce -27.6%
XLF SS Financial Select Sector 0.01% 8,554 $426K Add +26.4%
TIP iShares Tips Bond ETF 0.01% 3,832 $426K Add +0.3%
GSLC Goldman Activebeta US LC ETF 0.01% 3,826 $421K Add +0.1%
EFAV iShares MSCI Eafe Min Vol Fa 0.01% 5,231 $408K No change
JNJ Johnson & Johnson 0.01% 2,369 $393K Reduce -2.7%
RGLD Royal Gold Inc. 0.01% 2,381 $389K No change
IEI iShares 3-7 Year Treasury Bo 0.01% 2,995 $354K No change
GOOG Alphabet Inc. Class C 0.01% 2,215 $346K Add +81.6%
VONG Vanguard Russell 1000 Growth 0.01% 3,689 $342K No change
COST Costco Wholesale Corp. 0.01% 360 $341K New
PG The Procter & Gamble Co. 0.01% 1,887 $322K No change
HD Home Depot Inc. 0.01% 850 $312K No change
SDY SS SPDR S&P Dividend ETF 0.01% 2,154 $292K No change
ITOT iShares Core S&P Total U.S. 0.01% 2,376 $290K No change
META Meta Platforms Inc. Class A 0.01% 493 $284K New
FNDF Schwab Fndmn Intl LRG Co. ETF 0.01% 7,407 $268K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 826 $255K New
FIS Fidelity National Info Serv 0.01% 3,368 $252K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.01% 958 $241K Reduce -29.0%
OShares FTSE Russell Small Cap 0.01% 5,579 $234K No change
AOR iShares Core 60/40 Balanced 0.01% 3,996 $230K No change
VPU Vanguard Utilities ETF 0.01% 1,342 $229K New
VTEB Vanguard Tax-Exempt Bond ETF 0.01% 4,386 $218K Reduce -0.2%
NVDA Nvidia Corp. 0.01% 1,950 $211K New
VHT Vanguard Health Care ETF 0.01% 783 $207K New
ADP Automatic Data Processing 0.01% 675 $206K New
DGRO iShares Core Dividend Growth 0.01% 3,300 $204K No change
GWX State Street SPDR S&P Intern 0.01% 6,329 $202K New
Vantage Drilling Company 0.00% 37,000 $0 New

Portfolio Sells Q4 2024 → Q1 2025
SCHX Schwab US Large-Cap ETF Reduce -1.9% 6.06% −0.50
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.7% 4.79% −0.43
IWR iShares Russell Mid-Cap ETF Reduce -2.5% 2.54% −0.20
SCHM Schwab US Mid Cap ETF Reduce -0.2% 2.54% −0.18
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -5.4% 1.33% −0.16
VTI VG Morningstar TS MKT ETF-US Reduce -1.1% 1.47% −0.11
IWF iShares Russell 1000 Growth Reduce -2.2% 0.45% −0.07
IVV iShares Core S&P 500 ETF Reduce -1.8% 0.77% −0.06
IWP iShares Russell Mid-Cap Grow Reduce -2.4% 0.47% −0.06
IWM iShares Russell 2000 ETF Reduce -4.4% 0.22% −0.04
AGG iShares Core U.S. Aggregate Reduce -60.0% 0.02% −0.03
SCHG Schwab US Large-Cap Growth Reduce -0.7% 0.23% −0.03
IWB iShares Russell 1000 ETF Reduce -0.7% 0.43% −0.03
DFAS Dimensional US Small Cap ETF Reduce -0.8% 0.18% −0.02
VB Vanguard Most SM-Cap ETF-Usd Reduce -3.3% 0.14% −0.02
SCHB Schwab US Broad Market ETF Reduce -0.7% 0.25% −0.02
IJR iShares Core S&P Small-Cap E Reduce -2.4% 0.09% −0.01
VOT Vngrd Mrngstr MC GRW ETF-Usd Reduce -0.5% 0.22% −0.01
VNQI Vanguard GLBL Ex-US Real Est Reduce -4.7% 0.27% −0.01
USXF iShares ESG Advance MSCI USA Reduce -26.6% 0.02% −0.01
IJS iShares S&P Small-Cap 600 Va Reduce -27.6% 0.01% −0.01
MRK Merck & Co. Inc. Sold out 0.00% −0.01
IJH iShares Core S&P Midcap ETF Reduce -9.6% 0.03% −0.01
DMXF iShares ESG Advanc MSCI Eafe Reduce -22.4% 0.02% −0.01
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -29.0% 0.01% −0.00
SCHZ Schwab US Aggregate Bond ETF Reduce -5.5% 0.09% −0.00
SCHP Schwab U.S. Tips ETF Reduce -7.1% 0.10% −0.00
SCHV Schwab US Large-Cap Value Reduce -9.3% 0.04% −0.00
ESGE iShares Inc. iShares ESG Awar Reduce -10.9% 0.04% −0.00
VIG Vanguard Dividend Apprec ETF Reduce -0.2% 0.13% −0.00
IVE iShares S&P 500 Value ETF Reduce -7.1% 0.03% −0.00
ESGD iShares Trust iShares ESG Aw Reduce -7.9% 0.09% −0.00
IJJ iShares S&P Mid-Cap 400 Valu Reduce -1.5% 0.03% −0.00
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -2.5% 0.86% −0.00
SCHD Schwab US DVD Equity ETF Reduce -5.2% 0.03% −0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -1.3% 0.29% −0.00
USMV iShares MSCI USA Min Vol Fac Reduce -6.3% 0.04% −0.00
IWD iShares Russell 1000 Value E Reduce -0.7% 0.16% −0.00
XOM Exxon Mobil Corp. Reduce -9.7% 0.02% −0.00
VTEB Vanguard Tax-Exempt Bond ETF Reduce -0.2% 0.01% −0.00
VTIP Vanguard Short-Term Tips Reduce -1.7% 0.09% +0.00
JNJ Johnson & Johnson Reduce -2.7% 0.01% +0.00
DFIV Dimensional International Va Reduce -3.5% 0.05% +0.00
EFA iShares MSCI Eafe ETF Reduce -0.5% 0.11% +0.01
SCHF Schwab Intl Equity ETF Reduce -0.7% 2.92% +0.14

Portfolio Buys Q4 2024 → Q1 2025
VEA Vanguard Ftse Developed ETF Add +3.1% 10.58% +0.82
DFGR Dim Global Real Estate ETF Add +20.1% 4.25% +0.77
DFIC Dimensional International Co. Add +17.1% 3.84% +0.75
VWO Vanguard Ftse Emerging Marke Add +5.0% 4.39% +0.28
DFEM Dimensional Emrg MRKT Core Add +12.1% 1.74% +0.19
VNQ Vanguard Real Estate ETF Add +9.9% 0.77% +0.07
IVW iShares S&P 500 Growth ETF Add +87.2% 0.08% +0.03
VEU Vanguard Ftse All-World Ex-U Add +1.9% 0.47% +0.03
BRK.B Berkshire Hathaway Inc. Class B Add +8.7% 0.08% +0.02
BND Vanguard Total Bond Market Add +84.4% 0.03% +0.01
COST Costco Wholesale Corp. New 0.01% +0.01
SCHH Schwab US REIT ETF Add +11.6% 0.09% +0.01
META Meta Platforms Inc. Class A New 0.01% +0.01
MGK Vngrd Mrgstr MG CP GR ETF-Ui New 0.01% +0.01
VPU Vanguard Utilities ETF New 0.01% +0.01
NVDA Nvidia Corp. New 0.01% +0.01
ADP Automatic Data Processing New 0.01% +0.01
VHT Vanguard Health Care ETF New 0.01% +0.01
GWX State Street SPDR S&P Intern New 0.01% +0.01
GOOG Alphabet Inc. Class C Add +81.6% 0.01% +0.00
XLF SS Financial Select Sector Add +26.4% 0.01% +0.00
IEMG iShares Core MSCI Emerging Add +1.1% 0.05% +0.00
FNDA Schwab Fndmntl US SM Co. ETF Add +18.6% 0.02% +0.00
RSP Invesco S&P 500 Equal Weight Add +4.3% 0.03% +0.00
QQQ Invesco QQQ Trust Series 1 Add +10.7% 0.13% +0.00
TIP iShares Tips Bond ETF Add +0.3% 0.01% +0.00
FNDX Schwab Fndmntl US LRG Co. ETF Add +4.1% 0.01% +0.00
Vantage Drilling Company New 0.00% 0.00
HYS PIMCO 0-5 Year H/Y Corp. Bond Add +0.9% 0.02% 0.00
BNDX Vanguard Total Intl Bond ETF Add +1.5% 0.07% −0.00
VT Vanguard Tot World STK ETF Add +0.0% 0.02% −0.00
GSLC Goldman Activebeta US LC ETF Add +0.1% 0.01% −0.00
ESGU iShares ESG Aware MSCI USA Add +4.0% 0.05% −0.00
SCHA Schwab US Small-Cap ETF Add +6.3% 0.04% −0.00
AMZN Amazon.com Inc. Add +2.0% 0.01% −0.00
AAPL Apple Inc. Add +2.5% 0.04% −0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Add +0.1% 0.33% −0.01
MSFT Microsoft Corp. Add +3.2% 0.07% −0.01
MDY State Street SPDR S&P Midcap Add +0.8% 0.13% −0.01
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +3.2% 11.73% −0.01
IWS iShares Russell Mid-Cap Valu Add +0.4% 0.33% −0.01
VUG Vanguard Mrngstar GR ETF-Sui Add +0.2% 0.37% −0.04
VBR Vngrd Mrngst SL-CP Val ETF-U Add +1.6% 1.80% −0.11
DFSV Dimensional US Small Cap Val Add +7.0% 5.52% −0.19
VOO Vanguard S&P 500 ETF Add +3.0% 24.13% −0.72

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 137$4.1BVOO, VO, VEA, SCHX, DFSV
Q1 2026 127$3.6BVOO, VEA, VO, DFSV, SCHX
Q4 2025 126$3.6BVOO, VO, VEA, SCHX, DFSV
Q3 2025 122$3.5BVOO, VO, VEA, SCHX, DFSV
Q2 2025 124$3.3BVOO, VO, VEA, SCHX, SPY
Q1 2025 120$3.0BVOO, VO, VEA, SCHX, DFSV
Q4 2024 112$2.9BVOO, VO, VEA, SCHX, DFSV
Q3 2024 117$2.9BVOO, VO, VEA, SCHX, DFSV
Q2 2024 117$2.7BVOO, VO, VEA, SCHX, SPY
Q1 2024 120$2.6BVOO, VO, VEA, SCHX, SPY