JMG Financial Group, Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), JMG Financial Group, Ltd. reported 126 stock positions worth $3.6 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, 11.0%) and Vanguard Ftse Developed ETF (VEA, 10.9%). Compared with Q3 2025, it opened 6 new positions, sold out of 2, added to 37 and reduced 52. The biggest buy was Dimensional US Small Cap Val (DFSV, shares +4%) and the biggest sale Schwab US Large-Cap ETF (SCHX, shares −4%).

Most Recent 13F
Q2 2026
Location
DOWNERS GROVE, IL
CIK
0001314404
Portfolio Value
$3.6B (Q4 2025)
SEC Filing
0001314404-26-000002 ↗ filed Feb 10, 2026

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 Q3 2025 Q4 2025: $3.6B $3.6B Q4 2025 Q1 2026: $3.6B Q1 2026 Q2 2026: $4.1B Q2 2026

Holdings 126 stocks · $3.6B
VOO Vanguard S&P 500 ETF 23.61% 1,339,289 $839.9M Reduce -1.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 11.02% 1,350,785 $392.0M Add +1.6%
VEA Vanguard Ftse Developed ETF 10.89% 6,204,833 $387.6M Reduce -0.3%
SCHX Schwab US Large-Cap ETF 6.39% 8,445,906 $227.3M Reduce -3.9%
DFSV Dimensional US Small Cap Val 5.39% 5,832,420 $191.8M Add +3.9%
SPY SS SPDR S&P 500 ETF Trust-US 4.87% 254,100 $173.3M Reduce -2.7%
VWO Vanguard Ftse Emerging Marke 4.35% 2,882,279 $155.0M Reduce -0.1%
DFIC Dimensional International Co. 4.29% 4,432,470 $152.7M Add +3.3%
DFGR Dim Global Real Estate ETF 4.23% 5,701,658 $150.6M Add +6.5%
SCHF Schwab Intl Equity ETF 2.87% 4,240,654 $101.9M Reduce -1.9%
SCHM Schwab US Mid Cap ETF 2.66% 3,148,832 $94.7M Reduce -2.7%
IWR iShares Russell Mid-Cap ETF 2.35% 868,158 $83.6M Reduce -2.4%
VBR Vngrd Mrngst SL-CP Val ETF-U 2.31% 388,085 $82.2M Reduce -1.7%
DFEM Dimensional Emrg MRKT Core 1.98% 2,129,625 $70.4M Add +3.9%
VTI VG Morningstar TS MKT ETF-US 1.42% 150,646 $50.5M Reduce -2.6%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.31% 147,550 $46.4M Reduce -2.9%
SCHE Schwab Emrg Mrkts Eqty ETF 0.89% 964,691 $31.6M Reduce -5.3%
IVV iShares Core S&P 500 ETF 0.79% 41,070 $28.1M Reduce -1.5%
VNQ Vanguard Real Estate ETF 0.62% 247,483 $21.9M Add +0.2%
IWF iShares Russell 1000 Growth 0.47% 34,995 $16.6M Reduce -2.1%
VEU Vanguard Ftse All-World Ex-U 0.46% 220,615 $16.2M Reduce -1.2%
IWP iShares Russell Mid-Cap Grow 0.44% 113,520 $15.5M Reduce -2.3%
IWB iShares Russell 1000 ETF 0.39% 36,970 $13.8M Reduce -9.4%
VUG Vanguard Mrngstar GR ETF-Sui 0.37% 26,912 $13.1M Reduce -6.8%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.30% 59,509 $10.6M Reduce -2.2%
IWS iShares Russell Mid-Cap Valu 0.30% 74,632 $10.5M Reduce -1.9%
VNQI Vanguard GLBL Ex-US Real Est 0.27% 206,702 $9.5M Add +0.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.26% 49,185 $9.4M Add +1.9%
SCHG Schwab US Large-Cap Growth 0.24% 259,882 $8.5M Reduce -1.8%
QQQ Invesco QQQ Trust Series 1 0.22% 12,725 $7.8M Reduce -0.8%
SCHB Schwab US Broad Market ETF 0.22% 296,375 $7.8M Reduce -8.6%
IWM iShares Russell 2000 ETF 0.22% 31,219 $7.7M Add +2.0%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.20% 26,029 $7.3M Reduce -3.4%
DFAS Dimensional US Small Cap ETF 0.19% 94,533 $6.6M Add +1.2%
IWD iShares Russell 1000 Value E 0.15% 24,833 $5.2M Reduce -2.1%
VB Vanguard Most SM-Cap ETF-Usd 0.14% 19,782 $5.1M Reduce -3.3%
IUSG iShares Core S&P U.S. Growth 0.12% 26,307 $4.4M No change
MDY State Street SPDR S&P Midcap 0.12% 7,053 $4.3M No change
EFA iShares MSCI Eafe ETF 0.12% 43,803 $4.2M Add +4.3%
VIG Vanguard Dividend Apprec ETF 0.11% 18,526 $4.1M Reduce -3.4%
XLK SS Technology Select Sector 0.11% 26,153 $3.8M Reduce -0.3%
IVW iShares S&P 500 Growth ETF 0.10% 28,132 $3.5M Add +0.5%
IJR iShares Core S&P Small-Cap E 0.09% 27,401 $3.3M Add +1.1%
IWV iShares Russell 3000 ETF 0.08% 7,267 $2.8M Reduce -11.9%
VTIP Vanguard Short-Term Tips 0.08% 55,487 $2.7M Add +0.3%
ESGD iShares Trust iShares ESG Aw 0.07% 27,643 $2.6M Reduce -13.6%
SCHH Schwab US REIT ETF 0.07% 116,416 $2.4M Reduce -5.3%
SCHP Schwab U.S. Tips ETF 0.07% 91,684 $2.4M Reduce -20.3%
SCHZ Schwab US Aggregate Bond ETF 0.07% 103,504 $2.4M Add +3.5%
DFIV Dimensional International Va 0.07% 48,474 $2.4M Reduce -0.9%
IWO iShares Russell 2000 Growth 0.06% 6,663 $2.2M Reduce -0.5%
BRK.B Berkshire Hathaway Inc. Class B 0.06% 4,201 $2.1M Add +1.2%
AGG iShares Core U.S. Aggregate 0.06% 20,633 $2.1M Add +1.0%
IWN iShares Russell 2000 Value E 0.05% 10,599 $1.9M Reduce -0.7%
BNDX Vanguard Total Intl Bond ETF 0.05% 38,509 $1.9M Add +2.5%
MSFT Microsoft Corp. 0.05% 3,820 $1.8M Reduce -30.4%
SCHD Schwab US DVD Equity ETF 0.05% 66,964 $1.8M Reduce -3.4%
IEFA iShares Core MSCI Eafe ETF 0.05% 20,094 $1.8M Add +1.6%
GOOGL Alphabet Inc. Class A 0.05% 5,740 $1.8M No change
IEMG iShares Core MSCI Emerging 0.05% 25,299 $1.7M Reduce -8.2%
SCHA Schwab US Small-Cap ETF 0.05% 57,739 $1.6M Add +19.1%
DVY iShares Select Dividend ETF 0.04% 11,177 $1.6M Reduce -0.2%
ESGU iShares ESG Aware MSCI USA 0.04% 10,399 $1.5M Reduce -13.3%
DFAR Dimensional US Real Est ETF 0.04% 66,832 $1.5M Add +1.6%
ESGE iShares Inc. iShares ESG Awar 0.04% 33,148 $1.5M Reduce -12.8%
ACWI iShares MSCI Acwi ETF 0.04% 10,000 $1.4M No change
AAPL Apple Inc. 0.04% 5,067 $1.4M Add +0.0%
EEM iShares MSCI Emerging Market 0.04% 23,441 $1.3M Add +14.9%
SCHV Schwab US Large-Cap Value 0.04% 42,933 $1.3M Add +0.0%
USMV iShares MSCI USA Min Vol Fac 0.03% 12,847 $1.2M No change
IJH iShares Core S&P Midcap ETF 0.03% 17,491 $1.2M Add +18.3%
RSP Invesco S&P 500 Equal Weight 0.03% 5,877 $1.1M No change
IXUS iShares Core Intl Stock ETF 0.03% 12,362 $1.0M No change
IJJ iShares S&P Mid-Cap 400 Valu 0.03% 7,771 $1.0M Add +7.7%
GLD SPDR Gold Shares 0.03% 2,527 $1.0M Add +15.3%
SDY SS SPDR S&P Dividend ETF 0.02% 6,176 $859K Add +186.7%
BND Vanguard Total Bond Market 0.02% 10,991 $814K Add +1.0%
IVE iShares S&P 500 Value ETF 0.02% 3,783 $802K Reduce -2.5%
EEMV iShares MSCI Emg MKT Min Vol 0.02% 11,283 $723K Reduce -0.0%
FNDA Schwab Fndmntl US SM Co. ETF 0.02% 22,774 $718K Add +9.2%
VT Vanguard Tot World STK ETF 0.02% 4,921 $694K Reduce -3.9%
DMXF iShares ESG Advanc MSCI Eafe 0.02% 9,190 $691K Reduce -0.5%
USXF iShares ESG Advance MSCI USA 0.02% 11,633 $670K No change
TDG Transdigm Group Inc. 0.02% 483 $642K Reduce -5.8%
VXUS Vanguard Total Intl Stock 0.02% 8,388 $633K Add +0.1%
FNDX Schwab Fndmntl US LRG Co. ETF 0.02% 22,493 $612K Add +25.8%
SCZ iShares MSCI Eafe Small-Cap 0.02% 7,541 $585K No change
MA Mastercard Inc. Class A 0.02% 1,019 $582K No change
XOM Exxon Mobil Corp. 0.01% 4,145 $499K No change
XLF SS Financial Select Sector 0.01% 8,554 $469K No change
FNDF Schwab Fndmn Intl LRG Co. ETF 0.01% 10,313 $466K Add +21.8%
COST Costco Wholesale Corp. 0.01% 528 $455K New
EFAV iShares MSCI Eafe Min Vol Fa 0.01% 5,231 $451K No change
VONG Vanguard Russell 1000 Growth 0.01% 3,689 $449K No change
AMZN Amazon.com Inc. 0.01% 1,915 $442K No change
TIP iShares Tips Bond ETF 0.01% 4,007 $440K Reduce -0.6%
IJS iShares S&P Small-Cap 600 Va 0.01% 3,842 $437K Add +3.2%
EFG iShares MSCI Eafe Growth ETF 0.01% 3,424 $390K No change
SPYV SS SPDR P S&P 500 Value ETF 0.01% 6,695 $380K Add +29.0%
GSLC Goldman Activebeta US LC ETF 0.01% 2,865 $379K Reduce -25.2%
IEI iShares 3-7 Year Treasury Bo 0.01% 2,995 $357K No change
ITOT iShares Core S&P Total U.S. 0.01% 2,376 $353K No change
GOOG Alphabet Inc. Class C 0.01% 1,120 $351K Reduce -47.4%
DLN Wisdomtree US Largecap Divid 0.01% 3,902 $344K No change
JNJ Johnson & Johnson 0.01% 1,652 $342K Reduce -28.7%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 826 $341K No change
BPRE Bluerock Private Real Estate 0.01% 20,785 $312K New
HD Home Depot Inc. 0.01% 850 $292K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.01% 935 $282K Reduce -2.4%
PG The Procter & Gamble Co. 0.01% 1,887 $270K No change
IBIT iShares Bitcoin Trust ETF 0.01% 5,340 $265K Reduce -35.9%
AOR iShares Core 60/40 Balanced 0.01% 3,996 $260K No change
GWX State Street SPDR S&P Intern 0.01% 6,329 $259K No change
VPU Vanguard Utilities ETF 0.01% 1,342 $248K No change
OShares FTSE Russell Small Cap 0.01% 5,579 $244K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.01% 5,271 $234K No change
UNP Union Pacific Corp. 0.01% 1,000 $231K New
DGRO iShares Core Dividend Growth 0.01% 3,300 $229K No change
SPYG SS SPDR P S&P 500 Growth ETF 0.01% 2,136 $228K Add +6.5%
FIS Fidelity National Info Serv 0.01% 3,419 $227K Add +1.5%
VTEB Vanguard Tax-Exempt Bond ETF 0.01% 4,386 $221K No change
AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO 0.01% 3,334 $218K New
IVOV Vanguard S&P Mid-Cap 400 Val 0.01% 2,086 $211K No change
ACWV iShares MSCI Global Min Vol 0.01% 1,738 $206K No change
EFV iShares MSCI Eafe Value ETF 0.01% 2,847 $203K New
MRK Merck & Co. Inc. 0.01% 1,925 $203K New

Portfolio Sells Q3 2025 → Q4 2025
SCHX Schwab US Large-Cap ETF Reduce -3.9% 6.39% −0.20
IWR iShares Russell Mid-Cap ETF Reduce -2.4% 2.35% −0.10
VWO Vanguard Ftse Emerging Marke Reduce -0.1% 4.35% −0.09
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.7% 4.87% −0.09
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -5.3% 0.89% −0.08
SCHM Schwab US Mid Cap ETF Reduce -2.7% 2.66% −0.07
IWB iShares Russell 1000 ETF Reduce -9.4% 0.39% −0.04
VBR Vngrd Mrngst SL-CP Val ETF-U Reduce -1.7% 2.31% −0.04
IWP iShares Russell Mid-Cap Grow Reduce -2.3% 0.44% −0.03
MSFT Microsoft Corp. Reduce -30.4% 0.05% −0.03
VV Vngrd Mrgstr LRG-Cap ETF-Usd Reduce -2.9% 1.31% −0.03
VUG Vanguard Mrngstar GR ETF-Sui Reduce -6.8% 0.37% −0.03
VTI VG Morningstar TS MKT ETF-US Reduce -2.6% 1.42% −0.03
VOT Vngrd Mrngstr MC GRW ETF-Usd Reduce -3.4% 0.20% −0.02
SCHP Schwab U.S. Tips ETF Reduce -20.3% 0.07% −0.02
SCHB Schwab US Broad Market ETF Reduce -8.6% 0.22% −0.02
VOO Vanguard S&P 500 ETF Reduce -1.1% 23.61% −0.02
IWF iShares Russell 1000 Growth Reduce -2.1% 0.47% −0.01
ESGD iShares Trust iShares ESG Aw Reduce -13.6% 0.07% −0.01
IWV iShares Russell 3000 ETF Reduce -11.9% 0.08% −0.01
HYS PIMCO 0-5 Year H/Y Corp. Bond Sold out 0.00% −0.01
IBIT iShares Bitcoin Trust ETF Reduce -35.9% 0.01% −0.01
META Meta Platforms Inc. Class A Sold out 0.00% −0.01
SCHH Schwab US REIT ETF Reduce -5.3% 0.07% −0.01
IWS iShares Russell Mid-Cap Valu Reduce -1.9% 0.30% −0.01
ESGU iShares ESG Aware MSCI USA Reduce -13.3% 0.04% −0.01
ESGE iShares Inc. iShares ESG Awar Reduce -12.8% 0.04% −0.01
VOE Vngrd Mrngstr MD-Cap Val ETF Reduce -2.2% 0.30% −0.01
GOOG Alphabet Inc. Class C Reduce -47.4% 0.01% −0.00
VB Vanguard Most SM-Cap ETF-Usd Reduce -3.3% 0.14% −0.00
IEMG iShares Core MSCI Emerging Reduce -8.2% 0.05% −0.00
IVV iShares Core S&P 500 ETF Reduce -1.5% 0.79% −0.00
GSLC Goldman Activebeta US LC ETF Reduce -25.2% 0.01% −0.00
VIG Vanguard Dividend Apprec ETF Reduce -3.4% 0.11% −0.00
JNJ Johnson & Johnson Reduce -28.7% 0.01% −0.00
SCHG Schwab US Large-Cap Growth Reduce -1.8% 0.24% −0.00
SCHD Schwab US DVD Equity ETF Reduce -3.4% 0.05% −0.00
TDG Transdigm Group Inc. Reduce -5.8% 0.02% −0.00
DVY iShares Select Dividend ETF Reduce -0.2% 0.04% −0.00
SCHF Schwab Intl Equity ETF Reduce -1.9% 2.87% −0.00
VT Vanguard Tot World STK ETF Reduce -3.9% 0.02% −0.00
IWO iShares Russell 2000 Growth Reduce -0.5% 0.06% −0.00
DMXF iShares ESG Advanc MSCI Eafe Reduce -0.5% 0.02% −0.00
TIP iShares Tips Bond ETF Reduce -0.6% 0.01% −0.00
IVE iShares S&P 500 Value ETF Reduce -2.5% 0.02% −0.00
EEMV iShares MSCI Emg MKT Min Vol Reduce -0.0% 0.02% −0.00
IWD iShares Russell 1000 Value E Reduce -2.1% 0.15% −0.00
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -2.4% 0.01% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -0.8% 0.22% +0.00
IWN iShares Russell 2000 Value E Reduce -0.7% 0.05% +0.00

Portfolio Buys Q3 2025 → Q4 2025
DFSV Dimensional US Small Cap Val Add +3.9% 5.39% +0.30
DFIC Dimensional International Co. Add +3.3% 4.29% +0.29
DFEM Dimensional Emrg MRKT Core Add +3.9% 1.98% +0.11
DFGR Dim Global Real Estate ETF Add +6.5% 4.23% +0.07
SDY SS SPDR S&P Dividend ETF Add +186.7% 0.02% +0.02
COST Costco Wholesale Corp. New 0.01% +0.01
BPRE Bluerock Private Real Estate New 0.01% +0.01
SCHA Schwab US Small-Cap ETF Add +19.1% 0.05% +0.01
VTV Vanguard Mrngstr Val ETF-Aui Add +1.9% 0.26% +0.01
EFA iShares MSCI Eafe ETF Add +4.3% 0.12% +0.01
UNP Union Pacific Corp. New 0.01% +0.01
AKRE Akre Focus ETF New 0.01% +0.01
GLD SPDR Gold Shares Add +15.3% 0.03% +0.01
EFV iShares MSCI Eafe Value ETF New 0.01% +0.01
MRK Merck & Co. Inc. New 0.01% +0.01
IWM iShares Russell 2000 ETF Add +2.0% 0.22% +0.01
EEM iShares MSCI Emerging Market Add +14.9% 0.04% +0.01
IJH iShares Core S&P Midcap ETF Add +18.3% 0.03% +0.01
FNDX Schwab Fndmntl US LRG Co. ETF Add +25.8% 0.02% +0.00
DFAS Dimensional US Small Cap ETF Add +1.2% 0.19% +0.00
FNDF Schwab Fndmn Intl LRG Co. ETF Add +21.8% 0.01% +0.00
SPYV SS SPDR P S&P 500 Value ETF Add +29.0% 0.01% +0.00
IJJ iShares S&P Mid-Cap 400 Valu Add +7.7% 0.03% +0.00
AAPL Apple Inc. Add +0.0% 0.04% +0.00
FNDA Schwab Fndmntl US SM Co. ETF Add +9.2% 0.02% +0.00
IEFA iShares Core MSCI Eafe ETF Add +1.6% 0.05% +0.00
IVW iShares S&P 500 Growth ETF Add +0.5% 0.10% +0.00
SCHZ Schwab US Aggregate Bond ETF Add +3.5% 0.07% +0.00
IJR iShares Core S&P Small-Cap E Add +1.1% 0.09% +0.00
IJS iShares S&P Small-Cap 600 Va Add +3.2% 0.01% +0.00
SPYG SS SPDR P S&P 500 Growth ETF Add +6.5% 0.01% +0.00
SCHV Schwab US Large-Cap Value Add +0.0% 0.04% +0.00
VXUS Vanguard Total Intl Stock Add +0.1% 0.02% +0.00
FIS Fidelity National Info Serv Add +1.5% 0.01% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +1.2% 0.06% −0.00
BND Vanguard Total Bond Market Add +1.0% 0.02% −0.00
AGG iShares Core U.S. Aggregate Add +1.0% 0.06% −0.00
BNDX Vanguard Total Intl Bond ETF Add +2.5% 0.05% −0.00
DFAR Dimensional US Real Est ETF Add +1.6% 0.04% −0.00
VTIP Vanguard Short-Term Tips Add +0.3% 0.08% −0.00
VNQI Vanguard GLBL Ex-US Real Est Add +0.2% 0.27% −0.01
VNQ Vanguard Real Estate ETF Add +0.2% 0.62% −0.03
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +1.6% 11.02% −0.10

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