JMG Financial Group, Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), JMG Financial Group, Ltd. reported 122 stock positions worth $3.5 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 23.6% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 11.1%) and Vanguard Ftse Developed ETF (VEA, 10.6%). Compared with Q2 2025, it opened 5 new positions, sold out of 7, added to 38 and reduced 47. The biggest buy was Dimensional US Small Cap Val (DFSV, shares +3%) and the biggest sale Vanguard Ftse Developed ETF (VEA, shares −1%).

Most Recent 13F
Q2 2026
Location
DOWNERS GROVE, IL
CIK
0001314404
Portfolio Value
$3.5B (Q3 2025)
SEC Filing
0001314404-25-000008 ↗ filed Nov 12, 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 Q1 2025 Q2 2025: $3.3B Q2 2025 Q3 2025: $3.5B $3.5B Q3 2025 Q4 2025: $3.6B Q4 2025 Q1 2026: $3.6B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 122 stocks · $3.5B
VOO Vanguard S&P 500 ETF 23.62% 1,354,883 $829.7M Reduce -0.3%
VO Vngrd Mrngstr MD-Cap ETF-Usd 11.12% 1,329,045 $390.4M Add +0.3%
VEA Vanguard Ftse Developed ETF 10.62% 6,226,335 $373.1M Reduce -0.9%
SCHX Schwab US Large-Cap ETF 6.59% 8,784,010 $231.4M Reduce -3.3%
DFSV Dimensional US Small Cap Val 5.09% 5,613,124 $178.7M Add +3.4%
SPY SS SPDR S&P 500 ETF Trust-US 4.96% 261,255 $174.0M Reduce -2.0%
VWO Vanguard Ftse Emerging Marke 4.45% 2,883,664 $156.2M Reduce -0.2%
DFGR Dim Global Real Estate ETF 4.16% 5,355,327 $146.3M Add +7.2%
DFIC Dimensional International Co. 4.01% 4,290,310 $140.7M Add +3.3%
SCHF Schwab Intl Equity ETF 2.87% 4,324,179 $100.7M Reduce -1.8%
SCHM Schwab US Mid Cap ETF 2.73% 3,237,135 $95.9M Reduce -1.9%
IWR iShares Russell Mid-Cap ETF 2.44% 889,118 $85.8M Reduce -2.1%
VBR Vngrd Mrngst SL-CP Val ETF-U 2.35% 394,828 $82.4M Reduce -0.8%
DFEM Dimensional Emrg MRKT Core 1.87% 2,049,754 $65.7M Add +4.1%
VTI VG Morningstar TS MKT ETF-US 1.44% 154,606 $50.7M Reduce -4.6%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.33% 151,952 $46.8M Reduce -0.7%
SCHE Schwab Emrg Mrkts Eqty ETF 0.97% 1,018,714 $34.0M Reduce -3.7%
IVV iShares Core S&P 500 ETF 0.79% 41,688 $27.9M Add +1.5%
VNQ Vanguard Real Estate ETF 0.64% 247,012 $22.6M Reduce -1.2%
IWF iShares Russell 1000 Growth 0.48% 35,736 $16.7M Reduce -2.1%
IWP iShares Russell Mid-Cap Grow 0.47% 116,185 $16.5M Reduce -2.6%
VEU Vanguard Ftse All-World Ex-U 0.45% 223,232 $15.9M Reduce -0.8%
IWB iShares Russell 1000 ETF 0.42% 40,792 $14.9M Reduce -0.6%
VUG Vanguard Mrngstar GR ETF-Sui 0.39% 28,864 $13.8M Reduce -0.9%
IWS iShares Russell Mid-Cap Valu 0.30% 76,043 $10.6M Reduce -3.0%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.30% 60,822 $10.6M Add +0.8%
VNQI Vanguard GLBL Ex-US Real Est 0.28% 206,331 $9.9M Add +3.5%
VTV Vanguard Mrngstr Val ETF-Aui 0.26% 48,293 $9.0M Reduce -0.8%
SCHG Schwab US Large-Cap Growth 0.24% 264,761 $8.4M Add +0.0%
SCHB Schwab US Broad Market ETF 0.24% 324,285 $8.3M Reduce -2.6%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.23% 26,942 $7.9M Reduce -0.5%
QQQ Invesco QQQ Trust Series 1 0.22% 12,834 $7.7M Add +2.5%
IWM iShares Russell 2000 ETF 0.21% 30,594 $7.4M Add +0.1%
DFAS Dimensional US Small Cap ETF 0.18% 93,410 $6.4M Add +0.1%
VB Vanguard Most SM-Cap ETF-Usd 0.15% 20,447 $5.2M Add +0.9%
IWD iShares Russell 1000 Value E 0.15% 25,362 $5.2M Reduce -0.2%
IUSG iShares Core S&P U.S. Growth 0.12% 26,307 $4.3M Add +0.5%
MDY State Street SPDR S&P Midcap 0.12% 7,053 $4.2M Reduce -2.3%
VIG Vanguard Dividend Apprec ETF 0.12% 19,185 $4.1M Add +1.9%
EFA iShares MSCI Eafe ETF 0.11% 41,998 $3.9M Add +4.5%
XLK SS Technology Select Sector 0.11% 13,109 $3.7M Reduce -0.0%
IVW iShares S&P 500 Growth ETF 0.10% 28,005 $3.4M No change
IJR iShares Core S&P Small-Cap E 0.09% 27,109 $3.2M Add +1.0%
IWV iShares Russell 3000 ETF 0.09% 8,252 $3.1M Reduce -1.2%
SCHP Schwab U.S. Tips ETF 0.09% 115,046 $3.1M Add +2.9%
ESGD iShares Trust iShares ESG Aw 0.08% 31,974 $3.0M No change
MSFT Microsoft Corp. 0.08% 5,490 $2.8M Reduce -4.2%
VTIP Vanguard Short-Term Tips 0.08% 55,293 $2.8M Reduce -2.6%
SCHH Schwab US REIT ETF 0.08% 122,993 $2.7M Add +0.8%
SCHZ Schwab US Aggregate Bond ETF 0.07% 100,021 $2.3M Reduce -14.5%
DFIV Dimensional International Va 0.06% 48,906 $2.3M Add +22.2%
IWO iShares Russell 2000 Growth 0.06% 6,695 $2.1M Add +1.4%
BRK.B Berkshire Hathaway Inc. Class B 0.06% 4,153 $2.1M Reduce -2.1%
AGG iShares Core U.S. Aggregate 0.06% 20,433 $2.0M Add +6.2%
SCHD Schwab US DVD Equity ETF 0.05% 69,296 $1.9M Add +72.9%
IWN iShares Russell 2000 Value E 0.05% 10,672 $1.9M Add +1.4%
BNDX Vanguard Total Intl Bond ETF 0.05% 37,553 $1.9M Add +2.6%
IEMG iShares Core MSCI Emerging 0.05% 27,552 $1.8M Reduce -0.3%
ESGU iShares ESG Aware MSCI USA 0.05% 11,997 $1.7M Reduce -1.0%
IEFA iShares Core MSCI Eafe ETF 0.05% 19,772 $1.7M Reduce -5.0%
ESGE iShares Inc. iShares ESG Awar 0.05% 38,033 $1.7M Add +0.2%
DVY iShares Select Dividend ETF 0.05% 11,202 $1.6M Reduce -0.8%
DFAR Dimensional US Real Est ETF 0.04% 65,780 $1.6M Add +2.0%
GOOGL Alphabet Inc. Class A 0.04% 5,740 $1.4M No change
ACWI iShares MSCI Acwi ETF 0.04% 10,000 $1.4M No change
SCHA Schwab US Small-Cap ETF 0.04% 48,473 $1.4M Add +1.4%
AAPL Apple Inc. 0.04% 5,066 $1.3M Reduce -0.1%
SCHV Schwab US Large-Cap Value 0.04% 42,925 $1.2M Add +0.0%
USMV iShares MSCI USA Min Vol Fac 0.03% 12,847 $1.2M No change
RSP Invesco S&P 500 Equal Weight 0.03% 5,877 $1.1M No change
EEM iShares MSCI Emerging Market 0.03% 20,403 $1.1M Reduce -0.8%
IXUS iShares Core Intl Stock ETF 0.03% 12,362 $1.0M No change
IJH iShares Core S&P Midcap ETF 0.03% 14,790 $965K Reduce -5.3%
IJJ iShares S&P Mid-Cap 400 Valu 0.03% 7,216 $936K Add +11.5%
BND Vanguard Total Bond Market 0.02% 10,881 $809K Add +0.1%
IVE iShares S&P 500 Value ETF 0.02% 3,879 $801K Reduce -7.9%
GLD SPDR Gold Shares 0.02% 2,192 $779K No change
EEMV iShares MSCI Emg MKT Min Vol 0.02% 11,285 $720K Add +0.5%
VT Vanguard Tot World STK ETF 0.02% 5,120 $706K No change
DMXF iShares ESG Advanc MSCI Eafe 0.02% 9,236 $700K Reduce -1.2%
TDG Transdigm Group Inc. 0.02% 513 $676K No change
USXF iShares ESG Advance MSCI USA 0.02% 11,633 $667K No change
FNDA Schwab Fndmntl US SM Co. ETF 0.02% 20,850 $650K No change
VXUS Vanguard Total Intl Stock 0.02% 8,384 $616K Reduce -0.5%
MA Mastercard Inc. Class A 0.02% 1,019 $579K No change
SCZ iShares MSCI Eafe Small-Cap 0.02% 7,541 $579K Add +0.5%
IBIT iShares Bitcoin Trust ETF 0.02% 8,326 $541K Add +66.5%
GOOG Alphabet Inc. Class C 0.01% 2,130 $519K Reduce -3.9%
GSLC Goldman Activebeta US LC ETF 0.01% 3,829 $499K Add +0.1%
FNDX Schwab Fndmntl US LRG Co. ETF 0.01% 17,875 $470K Add +8.1%
XOM Exxon Mobil Corp. 0.01% 4,145 $467K No change
XLF SS Financial Select Sector 0.01% 8,554 $461K No change
TIP iShares Tips Bond ETF 0.01% 4,029 $448K Add +5.1%
VONG Vanguard Russell 1000 Growth 0.01% 3,689 $444K No change
EFAV iShares MSCI Eafe Min Vol Fa 0.01% 5,231 $444K No change
JNJ Johnson & Johnson 0.01% 2,317 $430K Reduce -2.2%
AMZN Amazon.com Inc. 0.01% 1,915 $420K Reduce -10.5%
IJS iShares S&P Small-Cap 600 Va 0.01% 3,723 $412K Reduce -20.9%
EFG iShares MSCI Eafe Growth ETF 0.01% 3,424 $390K New
FNDF Schwab Fndmn Intl LRG Co. ETF 0.01% 8,468 $364K Add +14.3%
IEI iShares 3-7 Year Treasury Bo 0.01% 2,995 $358K No change
ITOT iShares Core S&P Total U.S. 0.01% 2,376 $346K No change
HD Home Depot Inc. 0.01% 850 $344K No change
DLN Wisdomtree US Largecap Divid 0.01% 3,902 $340K New
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 826 $332K No change
SDY SS SPDR S&P Dividend ETF 0.01% 2,154 $302K No change
PG The Procter & Gamble Co. 0.01% 1,887 $290K No change
SPYV SS SPDR P S&P 500 Value ETF 0.01% 5,190 $287K New
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.01% 2,984 $286K Reduce -38.6%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.01% 958 $285K No change
META Meta Platforms Inc. Class A 0.01% 353 $259K Reduce -28.5%
AOR iShares Core 60/40 Balanced 0.01% 3,996 $257K No change
GWX State Street SPDR S&P Intern 0.01% 6,329 $254K No change
VPU Vanguard Utilities ETF 0.01% 1,342 $254K No change
OShares FTSE Russell Small Cap 0.01% 5,579 $250K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.01% 5,271 $226K No change
DGRO iShares Core Dividend Growth 0.01% 3,300 $225K No change
FIS Fidelity National Info Serv 0.01% 3,368 $222K No change
VTEB Vanguard Tax-Exempt Bond ETF 0.01% 4,386 $220K No change
IVOV Vanguard S&P Mid-Cap 400 Val 0.01% 2,086 $210K New
SPYG SS SPDR P S&P 500 Growth ETF 0.01% 2,006 $210K New
ACWV iShares MSCI Global Min Vol 0.01% 1,738 $208K Reduce -8.7%

Portfolio Sells Q2 2025 → Q3 2025
VEA Vanguard Ftse Developed ETF Reduce -0.9% 10.62% −0.23
SCHX Schwab US Large-Cap ETF Reduce -3.3% 6.59% −0.14
IWR iShares Russell Mid-Cap ETF Reduce -2.1% 2.44% −0.09
SCHF Schwab Intl Equity ETF Reduce -1.8% 2.87% −0.08
SCHM Schwab US Mid Cap ETF Reduce -1.9% 2.73% −0.07
VTI VG Morningstar TS MKT ETF-US Reduce -4.6% 1.44% −0.05
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.0% 4.96% −0.04
VNQ Vanguard Real Estate ETF Reduce -1.2% 0.64% −0.03
IWP iShares Russell Mid-Cap Grow Reduce -2.6% 0.47% −0.03
NFLX Netflix Inc. Sold out 0.00% −0.02
SCHZ Schwab US Aggregate Bond ETF Reduce -14.5% 0.07% −0.02
JPM JPMorgan Chase & Co. Sold out 0.00% −0.01
IWS iShares Russell Mid-Cap Valu Reduce -3.0% 0.30% −0.01
RGLD Royal Gold Inc. Sold out 0.00% −0.01
VOT Vngrd Mrngstr MC GRW ETF-Usd Reduce -0.5% 0.23% −0.01
COST Costco Wholesale Corp. Sold out 0.00% −0.01
VTIP Vanguard Short-Term Tips Reduce -2.6% 0.08% −0.01
PANW Palo Alto Networks Inc. Sold out 0.00% −0.01
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -0.8% 2.35% −0.01
ADP Automatic Data Processing Sold out 0.00% −0.01
TXN Texas Instruments Inc. Sold out 0.00% −0.01
HYS PIMCO 0-5 Year H/Y Corp. Bond Reduce -38.6% 0.01% −0.01
MSFT Microsoft Corp. Reduce -4.2% 0.08% −0.01
VEU Vanguard Ftse All-World Ex-U Reduce -0.8% 0.45% −0.00
MDY State Street SPDR S&P Midcap Reduce -2.3% 0.12% −0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -0.8% 0.26% −0.00
META Meta Platforms Inc. Class A Reduce -28.5% 0.01% −0.00
IEFA iShares Core MSCI Eafe ETF Reduce -5.0% 0.05% −0.00
SCHB Schwab US Broad Market ETF Reduce -2.6% 0.24% −0.00
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.1% 0.06% −0.00
IWD iShares Russell 1000 Value E Reduce -0.2% 0.15% −0.00
IJS iShares S&P Small-Cap 600 Va Reduce -20.9% 0.01% −0.00
AMZN Amazon.com Inc. Reduce -10.5% 0.01% −0.00
IVE iShares S&P 500 Value ETF Reduce -7.9% 0.02% −0.00
IJH iShares Core S&P Midcap ETF Reduce -5.3% 0.03% −0.00
DMXF iShares ESG Advanc MSCI Eafe Reduce -1.2% 0.02% −0.00
ACWV iShares MSCI Global Min Vol Reduce -8.7% 0.01% −0.00
DVY iShares Select Dividend ETF Reduce -0.8% 0.05% −0.00
VXUS Vanguard Total Intl Stock Reduce -0.5% 0.02% −0.00
ESGU iShares ESG Aware MSCI USA Reduce -1.0% 0.05% 0.00
IWV iShares Russell 3000 ETF Reduce -1.2% 0.09% +0.00
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -3.7% 0.97% +0.00
EEM iShares MSCI Emerging Market Reduce -0.8% 0.03% +0.00
JNJ Johnson & Johnson Reduce -2.2% 0.01% +0.00
IEMG iShares Core MSCI Emerging Reduce -0.3% 0.05% +0.00
IWB iShares Russell 1000 ETF Reduce -0.6% 0.42% +0.00
GOOG Alphabet Inc. Class C Reduce -3.9% 0.01% +0.00
XLK SS Technology Select Sector Reduce -0.0% 0.11% +0.00
AAPL Apple Inc. Reduce -0.1% 0.04% +0.01
IWF iShares Russell 1000 Growth Reduce -2.1% 0.48% +0.01

Portfolio Buys Q2 2025 → Q3 2025
DFSV Dimensional US Small Cap Val Add +3.4% 5.09% +0.24
DFGR Dim Global Real Estate ETF Add +7.2% 4.16% +0.10
DFEM Dimensional Emrg MRKT Core Add +4.1% 1.87% +0.10
DFIC Dimensional International Co. Add +3.3% 4.01% +0.09
SCHD Schwab US DVD Equity ETF Add +72.9% 0.05% +0.02
IVV iShares Core S&P 500 ETF Add +1.5% 0.79% +0.02
DFIV Dimensional International Va Add +22.2% 0.06% +0.01
EFG iShares MSCI Eafe Growth ETF New 0.01% +0.01
IWM iShares Russell 2000 ETF Add +0.1% 0.21% +0.01
QQQ Invesco QQQ Trust Series 1 Add +2.5% 0.22% +0.01
DLN Wisdomtree US Largecap Divid New 0.01% +0.01
SPYV SS SPDR P S&P 500 Value ETF New 0.01% +0.01
SCHG Schwab US Large-Cap Growth Add +0.0% 0.24% +0.01
IBIT iShares Bitcoin Trust ETF Add +66.5% 0.02% +0.01
SPYG SS SPDR P S&P 500 Growth ETF New 0.01% +0.01
IVOV Vanguard S&P Mid-Cap 400 Val New 0.01% +0.01
IUSG iShares Core S&P U.S. Growth Add +0.5% 0.12% +0.00
IWO iShares Russell 2000 Growth Add +1.4% 0.06% +0.00
IWN iShares Russell 2000 Value E Add +1.4% 0.05% +0.00
EFA iShares MSCI Eafe ETF Add +4.5% 0.11% +0.00
IJR iShares Core S&P Small-Cap E Add +1.0% 0.09% +0.00
IJJ iShares S&P Mid-Cap 400 Valu Add +11.5% 0.03% +0.00
VB Vanguard Most SM-Cap ETF-Usd Add +0.9% 0.15% +0.00
ESGE iShares Inc. iShares ESG Awar Add +0.2% 0.05% +0.00
DFAS Dimensional US Small Cap ETF Add +0.1% 0.18% +0.00
SCHA Schwab US Small-Cap ETF Add +1.4% 0.04% +0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Add +0.8% 0.30% +0.00
FNDF Schwab Fndmn Intl LRG Co. ETF Add +14.3% 0.01% +0.00
VNQI Vanguard GLBL Ex-US Real Est Add +3.5% 0.28% +0.00
FNDX Schwab Fndmntl US LRG Co. ETF Add +8.1% 0.01% +0.00
VIG Vanguard Dividend Apprec ETF Add +1.9% 0.12% +0.00
AGG iShares Core U.S. Aggregate Add +6.2% 0.06% +0.00
GSLC Goldman Activebeta US LC ETF Add +0.1% 0.01% +0.00
TIP iShares Tips Bond ETF Add +5.1% 0.01% 0.00
SCZ iShares MSCI Eafe Small-Cap Add +0.5% 0.02% −0.00
SCHV Schwab US Large-Cap Value Add +0.0% 0.04% −0.00
EEMV iShares MSCI Emg MKT Min Vol Add +0.5% 0.02% −0.00
DFAR Dimensional US Real Est ETF Add +2.0% 0.04% −0.00
BND Vanguard Total Bond Market Add +0.1% 0.02% −0.00
BNDX Vanguard Total Intl Bond ETF Add +2.6% 0.05% −0.00
SCHP Schwab U.S. Tips ETF Add +2.9% 0.09% −0.00
SCHH Schwab US REIT ETF Add +0.8% 0.08% −0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +0.3% 11.12% −0.13

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