Note Advisors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Note Advisors, LLC reported 74 stock positions worth $121.1 million. Its top holding was Dimensional US Core Equity M (DFAU) at 19.1% of the portfolio, followed by Dimensional International (DFAI, 7.3%) and Dimensional Core Fixed (DFCF, 6.6%). Compared with Q4 2024, it opened 4 new positions, sold out of 5, added to 27 and reduced 30. The biggest buy was Dimensional US Core Equity M (DFAU, shares +22%) and the biggest sale Vanguard Russell 1000 (VONE, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- BUFFALO, NY
- CIK
- 0002056243
- Portfolio Value
- $121.1M (Q1 2025)
- SEC Filing
- 0002056243-25-000002 ↗ filed May 14, 2025
Holdings Value
Holdings 74 stocks · $121.1M
| DFAU Dimensional US Core Equity M | 19.15% | 603,188 | $23.2M | Add +22.1% |
| DFAI Dimensional International Co. | 7.28% | 282,170 | $8.8M | Add +16.1% |
| DFCF Dimensional Core Fixed Inc. | 6.60% | 189,915 | $8.0M | Add +23.2% |
| BND Vanguard Total Bond Market | 5.54% | 91,302 | $6.7M | Reduce -3.5% |
| VONE Vanguard Russell 1000 | 5.08% | 24,252 | $6.2M | Reduce -1.3% |
| VNQ Vanguard Real Estate ETF | 2.95% | 39,509 | $3.6M | Add +7.1% |
| BNDX Vanguard Total Intl Bond ETF | 2.73% | 67,814 | $3.3M | Add +10.7% |
| DFAC Dimensional US Core Equity 2 | 2.57% | 94,500 | $3.1M | Add +2.3% |
| DFAE Dimensional Emerging Core Eq | 2.45% | 114,663 | $3.0M | Add +53.8% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.36% | 38,742 | $2.9M | Add +10.9% |
| NYF iShares New York Muni Bond E | 2.26% | 51,904 | $2.7M | Add +2.9% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 2.22% | 24,694 | $2.7M | Add +4.8% |
| SPIP SS SPDR P Tips ETF | 2.03% | 93,205 | $2.5M | Reduce -5.3% |
| PFFD Global X US Preferred ETF | 1.89% | 120,227 | $2.3M | Add +9.4% |
| VEA Vanguard Ftse Developed ETF | 1.88% | 44,859 | $2.3M | Add +6.0% |
| QYLD Global X Nasd 100 Cov Call | 1.39% | 101,246 | $1.7M | Add +13.3% |
| VTEB Vanguard Tax-Exempt Bond ETF | 1.38% | 33,694 | $1.7M | Reduce -8.3% |
| COMT iShares Gsci Commodity Dynam | 1.27% | 58,215 | $1.5M | Add +11.4% |
| SCHD Schwab US DVD Equity ETF | 1.26% | 54,476 | $1.5M | Add +12.6% |
| JEPI JPMorgan Equity Premium Inco | 1.24% | 26,216 | $1.5M | Add +12.0% |
| DFAR Dimensional US Real Est ETF | 1.23% | 62,816 | $1.5M | Add +26.9% |
| VIG Vanguard Dividend Apprec ETF | 1.12% | 6,995 | $1.4M | Add +16.0% |
| PZT Invesco New York Amt-Free Mu | 1.09% | 59,873 | $1.3M | Reduce -6.3% |
| IXUS iShares Core Intl Stock ETF | 1.05% | 18,150 | $1.3M | Reduce -7.8% |
| MUB iShares National Muni Bond E | 1.04% | 11,938 | $1.3M | Reduce -5.4% |
| MCD McDonald's Corp. | 1.03% | 3,982 | $1.2M | No change |
| SSGA ACTIVE TR | 0.91% | 25,558 | $1.1M | Reduce -14.5% |
| IWB iShares Russell 1000 ETF | 0.86% | 3,400 | $1.0M | Reduce -11.9% |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | 0.86% | 19,887 | $1.0M | Add +16.5% |
| GOOG Alphabet Inc. Class C | 0.86% | 6,650 | $1.0M | Reduce -0.1% |
| IAGG iShares Intl Aggregate Bond | 0.75% | 18,133 | $906K | Add +3.6% |
| DFNM Dimensional National Muni BD | 0.74% | 18,957 | $902K | Add +25.9% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.70% | 13,177 | $846K | Reduce -25.1% |
| AAPL Apple Inc. | 0.69% | 3,775 | $839K | Add +0.0% |
| TIP iShares Tips Bond ETF | 0.67% | 7,283 | $809K | Reduce -6.4% |
| FPE FT-Preferred Secur & Inc. ETF | 0.65% | 44,867 | $789K | New |
| VTC Vanguard Total Corporate BND | 0.59% | 9,310 | $715K | No change |
| GIGB Goldman Sachs Inv GRD Corp. | 0.58% | 15,469 | $708K | Add +13.8% |
| MSFT Microsoft Corp. | 0.57% | 1,846 | $693K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.56% | 14,983 | $678K | Reduce -27.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.53% | 3,725 | $643K | Reduce -16.2% |
| SPHY SS SPDR P High Yield ETF | 0.53% | 27,402 | $642K | New |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.45% | 3,376 | $542K | Reduce -20.9% |
| VTWV Vanguard Russell 2000 Value | 0.45% | 4,068 | $541K | Reduce -15.4% |
| EVBN Evans Bancorp Inc. | 0.41% | 12,597 | $491K | No change |
| XYLD Global X S&P 500 Cove Call E | 0.39% | 11,962 | $472K | Add +0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 877 | $467K | Reduce -1.8% |
| DFIP Dimensional Inflation-Protec | 0.37% | 10,609 | $447K | Reduce -0.1% |
| UAL United Airlines Holdings Inc. | 0.36% | 6,260 | $432K | No change |
| SCHR Schwab Intermediate-Term US | 0.33% | 15,838 | $394K | No change |
| AGG iShares Core U.S. Aggregate | 0.31% | 3,797 | $376K | Reduce -23.7% |
| SGOV iShares 0-3 Month Treasury B | 0.30% | 3,632 | $366K | No change |
| SCHZ Schwab US Aggregate Bond ETF | 0.30% | 15,774 | $365K | Add +3.7% |
| DCOR Dimensional US Core Eq 1 ETF | 0.30% | 5,926 | $363K | Add +15.2% |
| VXUS Vanguard Total Intl Stock | 0.29% | 5,689 | $353K | Reduce -0.2% |
| EZM Wisdomtree US Midcap Fund | 0.28% | 5,718 | $341K | No change |
| HD Home Depot Inc. | 0.27% | 878 | $322K | No change |
| ANGL Vaneck Fallen Angel High YLD | 0.26% | 11,084 | $320K | Reduce -61.7% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.26% | 1,768 | $316K | Reduce -2.0% |
| SCZ iShares MSCI Eafe Small-Cap | 0.26% | 4,925 | $313K | Reduce -31.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.25% | 1,118 | $307K | Reduce -13.5% |
| HDV iShares Core High Dividend E | 0.25% | 2,534 | $307K | Reduce -3.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.24% | 616 | $289K | New |
| AMZN Amazon.com Inc. | 0.22% | 1,405 | $267K | Reduce -0.4% |
| DGRO iShares Core Dividend Growth | 0.20% | 3,998 | $247K | Reduce -7.2% |
| ESGU iShares ESG Aware MSCI USA | 0.20% | 1,999 | $244K | No change |
| AVGO Broadcom Inc. | 0.20% | 1,450 | $243K | No change |
| META Meta Platforms Inc. Class A | 0.20% | 416 | $240K | No change |
| GOOGL Alphabet Inc. Class A | 0.20% | 1,542 | $238K | Reduce -0.6% |
| XOM Exxon Mobil Corp. | 0.19% | 1,979 | $235K | Add +1.4% |
| COR Cencora Inc. | 0.18% | 803 | $223K | New |
| ADI Analog Devices Inc. | 0.18% | 1,105 | $223K | Reduce -4.0% |
| URI United Rentals Inc. | 0.18% | 350 | $219K | No change |
| EEM iShares MSCI Emerging Market | 0.18% | 4,945 | $216K | Reduce -1.2% |
Portfolio Sells Q4 2024 → Q1 2025
| VONE Vanguard Russell 1000 | Reduce -1.3% | 5.08% | −0.72 |
| BND Vanguard Total Bond Market | Reduce -3.5% | 5.54% | −0.49 |
| ANGL Vaneck Fallen Angel High YLD | Reduce -61.7% | 0.26% | −0.47 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -25.1% | 0.70% | −0.29 |
| GOOG Alphabet Inc. Class C | Reduce -0.1% | 0.86% | −0.27 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -8.3% | 1.38% | −0.25 |
| VWO Vanguard Ftse Emerging Marke | Reduce -27.6% | 0.56% | −0.25 |
| IWB iShares Russell 1000 ETF | Reduce -11.9% | 0.86% | −0.24 |
| SSGA ACTIVE TR | Reduce -14.5% | 0.91% | −0.21 |
| DWX State Street SPDR S&P Intern | Sold out | 0.00% | −0.20 |
| PZT Invesco New York Amt-Free Mu | Reduce -6.3% | 1.09% | −0.19 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.18 |
| MDYV SS SPDR S&P 400 MC Val ETF | Sold out | 0.00% | −0.18 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.18 |
| SPIP SS SPDR P Tips ETF | Reduce -5.3% | 2.03% | −0.18 |
| VTWV Vanguard Russell 2000 Value | Reduce -15.4% | 0.45% | −0.17 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -20.9% | 0.45% | −0.16 |
| MUB iShares National Muni Bond E | Reduce -5.4% | 1.04% | −0.15 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -16.2% | 0.53% | −0.14 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -31.5% | 0.26% | −0.13 |
| AGG iShares Core U.S. Aggregate | Reduce -23.7% | 0.31% | −0.12 |
| IXUS iShares Core Intl Stock ETF | Reduce -7.8% | 1.05% | −0.11 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -13.5% | 0.25% | −0.08 |
| TIP iShares Tips Bond ETF | Reduce -6.4% | 0.67% | −0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -0.6% | 0.20% | −0.06 |
| AMZN Amazon.com Inc. | Reduce -0.4% | 0.22% | −0.05 |
| MTB M & T Bank Corp. | Reduce -2.0% | 0.26% | −0.04 |
| ADI Analog Devices Inc. | Reduce -4.0% | 0.18% | −0.03 |
| DGRO iShares Core Dividend Growth | Reduce -7.2% | 0.20% | −0.03 |
| DFIP Dimensional Inflation-Protec | Reduce -0.1% | 0.37% | −0.01 |
| HDV iShares Core High Dividend E | Reduce -3.4% | 0.25% | −0.01 |
| EEM iShares MSCI Emerging Market | Reduce -1.2% | 0.18% | −0.01 |
| VXUS Vanguard Total Intl Stock | Reduce -0.2% | 0.29% | −0.01 |
| ZOMDF Zomedica Corp. | Sold out | 0.00% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 0.39% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| DFAU Dimensional US Core Equity M | Add +22.1% | 19.15% | +1.44 |
| DFAI Dimensional International Co. | Add +16.1% | 7.28% | +0.99 |
| DFCF Dimensional Core Fixed Inc. | Add +23.2% | 6.60% | +0.96 |
| DFAE Dimensional Emerging Core Eq | Add +53.8% | 2.45% | +0.78 |
| FPE FT-Preferred Secur & Inc. ETF | New | 0.65% | +0.65 |
| SPHY SS SPDR P High Yield ETF | New | 0.53% | +0.53 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +10.9% | 2.36% | +0.26 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.24% | +0.24 |
| DFAR Dimensional US Real Est ETF | Add +26.9% | 1.23% | +0.21 |
| COR Cencora Inc. | New | 0.18% | +0.18 |
| DFNM Dimensional National Muni BD | Add +25.9% | 0.74% | +0.11 |
| COMT iShares Gsci Commodity Dynam | Add +11.4% | 1.27% | +0.10 |
| VEA Vanguard Ftse Developed ETF | Add +6.0% | 1.88% | +0.09 |
| SCHD Schwab US DVD Equity ETF | Add +12.6% | 1.26% | +0.09 |
| VIG Vanguard Dividend Apprec ETF | Add +16.0% | 1.12% | +0.07 |
| BNDX Vanguard Total Intl Bond ETF | Add +10.7% | 2.73% | +0.07 |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | Add +16.5% | 0.86% | +0.07 |
| JEPI JPMorgan Equity Premium Inco | Add +12.0% | 1.24% | +0.04 |
| VNQ Vanguard Real Estate ETF | Add +7.1% | 2.95% | +0.04 |
| GIGB Goldman Sachs Inv GRD Corp. | Add +13.8% | 0.58% | +0.04 |
| XOM Exxon Mobil Corp. | Add +1.4% | 0.19% | +0.01 |
| DCOR Dimensional US Core Eq 1 ETF | Add +15.2% | 0.30% | +0.01 |
| SCHZ Schwab US Aggregate Bond ETF | Add +3.7% | 0.30% | −0.00 |
| PFFD Global X US Preferred ETF | Add +9.4% | 1.89% | −0.01 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +4.8% | 2.22% | −0.01 |
| IAGG iShares Intl Aggregate Bond | Add +3.6% | 0.75% | −0.03 |
| XYLD Global X S&P 500 Cove Call E | Add +0.4% | 0.39% | −0.05 |
| QYLD Global X Nasd 100 Cov Call | Add +13.3% | 1.39% | −0.05 |
| NYF iShares New York Muni Bond E | Add +2.9% | 2.26% | −0.12 |
| AAPL Apple Inc. | Add +0.0% | 0.69% | −0.14 |
| DFAC Dimensional US Core Equity 2 | Add +2.3% | 2.57% | −0.26 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 86 | $230.6M | DFAU, DFCF, DFAI, DFAC, BND |
| Q1 2026 | 85 | $200.1M | DFAU, DFCF, DFAI, DFAC, BND |
| Q4 2025 | 82 | $194.9M | DFAU, DFCF, DFAI, DFAC, BND |
| Q3 2025 | 83 | $168.2M | DFAU, DFCF, DFAI, BND, VONE |
| Q2 2025 | 74 | $144.6M | DFAU, DFAI, DFCF, BND, VONE |
| Q1 2025 | 74 | $121.1M | DFAU, DFAI, DFCF, BND, VONE |
| Q4 2024 | 75 | $112.9M | DFAU, DFAI, BND, VONE, DFCF |