Note Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Note Advisors, LLC reported 74 stock positions worth $144.6 million. Its top holding was Dimensional US Core Equity M (DFAU) at 22.7% of the portfolio, followed by Dimensional International (DFAI, 8.1%) and Dimensional Core Fixed (DFCF, 8.0%). Compared with Q1 2025, it opened 4 new positions, sold out of 4, added to 33 and reduced 29. The biggest buy was Dimensional US Core Equity M (DFAU, shares +28%) and the biggest sale Vanguard Russell 1000 (VONE, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- BUFFALO, NY
- CIK
- 0002056243
- Portfolio Value
- $144.6M (Q2 2025)
- SEC Filing
- 0002056243-25-000003 ↗ filed Aug 14, 2025
Holdings Value
Holdings 74 stocks · $144.6M
| DFAU Dimensional US Core Equity M | 22.67% | 773,824 | $32.8M | Add +28.3% |
| DFAI Dimensional International Co. | 8.06% | 336,987 | $11.6M | Add +19.4% |
| DFCF Dimensional Core Fixed Inc. | 8.02% | 274,299 | $11.6M | Add +44.4% |
| BND Vanguard Total Bond Market | 5.10% | 100,229 | $7.4M | Add +9.8% |
| VONE Vanguard Russell 1000 | 4.62% | 23,771 | $6.7M | Reduce -2.0% |
| DFAE Dimensional Emerging Core Eq | 2.93% | 146,271 | $4.2M | Add +27.6% |
| VNQ Vanguard Real Estate ETF | 2.71% | 43,933 | $3.9M | Add +11.2% |
| DFAC Dimensional US Core Equity 2 | 2.58% | 104,196 | $3.7M | Add +10.3% |
| BNDX Vanguard Total Intl Bond ETF | 2.52% | 73,507 | $3.6M | Add +8.4% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.32% | 41,892 | $3.4M | Add +8.1% |
| NYF iShares New York Muni Bond E | 1.97% | 54,628 | $2.8M | Add +5.3% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.94% | 25,595 | $2.8M | Add +3.6% |
| VEA Vanguard Ftse Developed ETF | 1.79% | 45,506 | $2.6M | Add +1.4% |
| SPIP SS SPDR P Tips ETF | 1.74% | 96,573 | $2.5M | Add +3.6% |
| PFFD Global X US Preferred ETF | 1.69% | 129,976 | $2.4M | Add +8.1% |
| QYLD Global X Nasd 100 Cov Call | 1.28% | 110,557 | $1.8M | Add +9.2% |
| DFAR Dimensional US Real Est ETF | 1.27% | 78,045 | $1.8M | Add +24.2% |
| COMT iShares Gsci Commodity Dynam | 1.20% | 66,886 | $1.7M | Add +14.9% |
| DFNM Dimensional National Muni BD | 1.18% | 35,837 | $1.7M | Add +89.0% |
| JEPI JPMorgan Equity Premium Inco | 1.12% | 28,443 | $1.6M | Add +8.5% |
| SCHD Schwab US DVD Equity ETF | 1.09% | 59,718 | $1.6M | Add +9.6% |
| DCOR Dimensional US Core Eq 1 ETF | 1.07% | 23,129 | $1.5M | Add +290.3% |
| VIG Vanguard Dividend Apprec ETF | 1.07% | 7,554 | $1.5M | Add +8.0% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.92% | 27,041 | $1.3M | Reduce -19.8% |
| PZT Invesco New York Amt-Free Mu | 0.91% | 60,973 | $1.3M | Add +1.8% |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | 0.86% | 23,434 | $1.3M | Add +17.8% |
| MCD McDonald's Corp. | 0.80% | 3,982 | $1.2M | No change |
| MUB iShares National Muni Bond E | 0.78% | 10,737 | $1.1M | Reduce -10.1% |
| GOOG Alphabet Inc. Class C | 0.77% | 6,311 | $1.1M | Reduce -5.1% |
| IWB iShares Russell 1000 ETF | 0.77% | 3,267 | $1.1M | Reduce -3.9% |
| SSGA ACTIVE TR | 0.77% | 25,640 | $1.1M | Add +0.3% |
| IXUS iShares Core Intl Stock ETF | 0.75% | 14,017 | $1.1M | Reduce -22.8% |
| IAGG iShares Intl Aggregate Bond | 0.71% | 20,056 | $1.0M | Add +10.6% |
| MSFT Microsoft Corp. | 0.61% | 1,762 | $877K | Reduce -4.5% |
| FPE FT-Preferred Secur & Inc. ETF | 0.60% | 49,022 | $873K | Add +9.3% |
| SPHY SS SPDR P High Yield ETF | 0.56% | 34,259 | $815K | Add +25.0% |
| NBTB N B T Bancorp Inc. | 0.55% | 19,293 | $802K | New |
| TIP iShares Tips Bond ETF | 0.55% | 7,249 | $798K | Reduce -0.5% |
| AAPL Apple Inc. | 0.54% | 3,786 | $777K | Add +0.3% |
| GIGB Goldman Sachs Inv GRD Corp. | 0.52% | 16,433 | $756K | Add +6.2% |
| VTC Vanguard Total Corporate BND | 0.50% | 9,310 | $720K | No change |
| VWOB Vanguard Emerg MKTS Gov BND | 0.50% | 11,001 | $719K | Reduce -16.5% |
| UAL United Airlines Holdings Inc. | 0.34% | 6,260 | $498K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.32% | 9,425 | $466K | Reduce -37.1% |
| XYLD Global X S&P 500 Cove Call E | 0.32% | 11,944 | $465K | Reduce -0.1% |
| DFIP Dimensional Inflation-Protec | 0.30% | 10,250 | $429K | Reduce -3.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.29% | 860 | $418K | Reduce -1.9% |
| AVGO Broadcom Inc. | 0.28% | 1,450 | $400K | No change |
| VXUS Vanguard Total Intl Stock | 0.27% | 5,686 | $393K | Reduce -0.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.27% | 2,218 | $392K | Reduce -40.5% |
| SGOV iShares 0-3 Month Treasury B | 0.25% | 3,632 | $366K | No change |
| SCHR Schwab Intermediate-Term US | 0.25% | 14,518 | $363K | Reduce -8.3% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.25% | 2,190 | $360K | Reduce -35.1% |
| SCHZ Schwab US Aggregate Bond ETF | 0.24% | 15,068 | $350K | Reduce -4.5% |
| VTWV Vanguard Russell 2000 Value | 0.24% | 2,505 | $348K | Reduce -38.4% |
| AGG iShares Core U.S. Aggregate | 0.23% | 3,391 | $336K | Reduce -10.7% |
| HD Home Depot Inc. | 0.22% | 878 | $322K | No change |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.22% | 1,635 | $317K | Reduce -7.5% |
| META Meta Platforms Inc. Class A | 0.21% | 419 | $309K | Add +0.7% |
| AMZN Amazon.com Inc. | 0.21% | 1,408 | $309K | Add +0.2% |
| HDV iShares Core High Dividend E | 0.20% | 2,511 | $294K | Reduce -0.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.20% | 529 | $292K | Reduce -14.1% |
| GOOGL Alphabet Inc. Class A | 0.19% | 1,542 | $272K | No change |
| ESGU iShares ESG Aware MSCI USA | 0.18% | 1,974 | $267K | Reduce -1.3% |
| URI United Rentals Inc. | 0.18% | 350 | $264K | No change |
| DGRO iShares Core Dividend Growth | 0.18% | 4,022 | $257K | Add +0.6% |
| ADI Analog Devices Inc. | 0.17% | 1,056 | $251K | Reduce -4.4% |
| SCZ iShares MSCI Eafe Small-Cap | 0.16% | 3,236 | $235K | Reduce -34.3% |
| EEM iShares MSCI Emerging Market | 0.16% | 4,762 | $230K | Reduce -3.7% |
| JPM JPMorgan Chase & Co. | 0.15% | 771 | $224K | New |
| COR Cencora Inc. | 0.15% | 737 | $221K | Reduce -8.2% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.14% | 3,950 | $207K | New |
| XOM Exxon Mobil Corp. | 0.14% | 1,883 | $203K | Reduce -4.8% |
| WMT Walmart Inc. | 0.14% | 2,052 | $201K | New |
Portfolio Sells Q1 2025 → Q2 2025
| VONE Vanguard Russell 1000 | Reduce -2.0% | 4.62% | −0.47 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -19.8% | 0.92% | −0.46 |
| EVBN Evans Bancorp Inc. | Sold out | 0.00% | −0.41 |
| IXUS iShares Core Intl Stock ETF | Reduce -22.8% | 0.75% | −0.30 |
| EZM Wisdomtree US Midcap Fund | Sold out | 0.00% | −0.28 |
| ANGL Vaneck Fallen Angel High YLD | Sold out | 0.00% | −0.26 |
| MUB iShares National Muni Bond E | Reduce -10.1% | 0.78% | −0.26 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -40.5% | 0.27% | −0.26 |
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −0.25 |
| VWO Vanguard Ftse Emerging Marke | Reduce -37.1% | 0.32% | −0.24 |
| VTWV Vanguard Russell 2000 Value | Reduce -38.4% | 0.24% | −0.21 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -16.5% | 0.50% | −0.20 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -35.1% | 0.25% | −0.20 |
| TIP iShares Tips Bond ETF | Reduce -0.5% | 0.55% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.9% | 0.29% | −0.10 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -34.3% | 0.16% | −0.10 |
| IWB iShares Russell 1000 ETF | Reduce -3.9% | 0.77% | −0.09 |
| GOOG Alphabet Inc. Class C | Reduce -5.1% | 0.77% | −0.08 |
| AGG iShares Core U.S. Aggregate | Reduce -10.7% | 0.23% | −0.08 |
| SCHR Schwab Intermediate-Term US | Reduce -8.3% | 0.25% | −0.07 |
| DFIP Dimensional Inflation-Protec | Reduce -3.4% | 0.30% | −0.07 |
| XYLD Global X S&P 500 Cove Call E | Reduce -0.1% | 0.32% | −0.07 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -4.5% | 0.24% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -4.8% | 0.14% | −0.05 |
| HDV iShares Core High Dividend E | Reduce -0.9% | 0.20% | −0.05 |
| MTB M & T Bank Corp. | Reduce -7.5% | 0.22% | −0.04 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -14.1% | 0.20% | −0.04 |
| COR Cencora Inc. | Reduce -8.2% | 0.15% | −0.03 |
| VXUS Vanguard Total Intl Stock | Reduce -0.1% | 0.27% | −0.02 |
| EEM iShares MSCI Emerging Market | Reduce -3.7% | 0.16% | −0.02 |
| ESGU iShares ESG Aware MSCI USA | Reduce -1.3% | 0.18% | −0.02 |
| ADI Analog Devices Inc. | Reduce -4.4% | 0.17% | −0.01 |
| MSFT Microsoft Corp. | Reduce -4.5% | 0.61% | +0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| DFAU Dimensional US Core Equity M | Add +28.3% | 22.67% | +3.52 |
| DFCF Dimensional Core Fixed Inc. | Add +44.4% | 8.02% | +1.42 |
| DFAI Dimensional International Co. | Add +19.4% | 8.06% | +0.78 |
| DCOR Dimensional US Core Eq 1 ETF | Add +290.3% | 1.07% | +0.77 |
| NBTB N B T Bancorp Inc. | New | 0.55% | +0.55 |
| DFAE Dimensional Emerging Core Eq | Add +27.6% | 2.93% | +0.48 |
| DFNM Dimensional National Muni BD | Add +89.0% | 1.18% | +0.43 |
| JPM JPMorgan Chase & Co. | New | 0.15% | +0.15 |
| SPYV SS SPDR P S&P 500 Value ETF | New | 0.14% | +0.14 |
| WMT Walmart Inc. | New | 0.14% | +0.14 |
| SPHY SS SPDR P High Yield ETF | Add +25.0% | 0.56% | +0.03 |
| DFAR Dimensional US Real Est ETF | Add +24.2% | 1.27% | +0.03 |
| META Meta Platforms Inc. Class A | Add +0.7% | 0.21% | +0.02 |
| DFAC Dimensional US Core Equity 2 | Add +10.3% | 2.58% | +0.01 |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | Add +17.8% | 0.86% | +0.01 |
| AMZN Amazon.com Inc. | Add +0.2% | 0.21% | −0.01 |
| DGRO iShares Core Dividend Growth | Add +0.6% | 0.18% | −0.03 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +8.1% | 2.32% | −0.04 |
| IAGG iShares Intl Aggregate Bond | Add +10.6% | 0.71% | −0.04 |
| FPE FT-Preferred Secur & Inc. ETF | Add +9.3% | 0.60% | −0.05 |
| VIG Vanguard Dividend Apprec ETF | Add +8.0% | 1.07% | −0.05 |
| GIGB Goldman Sachs Inv GRD Corp. | Add +6.2% | 0.52% | −0.06 |
| COMT iShares Gsci Commodity Dynam | Add +14.9% | 1.20% | −0.08 |
| VEA Vanguard Ftse Developed ETF | Add +1.4% | 1.79% | −0.09 |
| QYLD Global X Nasd 100 Cov Call | Add +9.2% | 1.28% | −0.11 |
| JEPI JPMorgan Equity Premium Inco | Add +8.5% | 1.12% | −0.12 |
| SSGA ACTIVE TR | Add +0.3% | 0.77% | −0.14 |
| AAPL Apple Inc. | Add +0.3% | 0.54% | −0.16 |
| SCHD Schwab US DVD Equity ETF | Add +9.6% | 1.09% | −0.16 |
| PZT Invesco New York Amt-Free Mu | Add +1.8% | 0.91% | −0.18 |
| PFFD Global X US Preferred ETF | Add +8.1% | 1.69% | −0.20 |
| BNDX Vanguard Total Intl Bond ETF | Add +8.4% | 2.52% | −0.22 |
| VNQ Vanguard Real Estate ETF | Add +11.2% | 2.71% | −0.25 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +3.6% | 1.94% | −0.28 |
| NYF iShares New York Muni Bond E | Add +5.3% | 1.97% | −0.29 |
| SPIP SS SPDR P Tips ETF | Add +3.6% | 1.74% | −0.29 |
| BND Vanguard Total Bond Market | Add +9.8% | 5.10% | −0.43 |
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 |