Note Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Note Advisors, LLC reported 82 stock positions worth $194.9 million. Its top holding was Dimensional US Core Equity M (DFAU) at 20.9% of the portfolio, followed by Dimensional Core Fixed (DFCF, 9.6%) and Dimensional International (DFAI, 7.9%). Compared with Q3 2025, it opened 5 new positions, sold out of 6, added to 38 and reduced 33. The biggest buy was Dimensional US Core Equity 2 (DFAC, shares +79%) and the biggest sale Vanguard Total Intl Bond ETF (BNDX, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- BUFFALO, NY
- CIK
- 0002056243
- Portfolio Value
- $194.9M (Q4 2025)
- SEC Filing
- 0002056243-26-000001 ↗ filed Feb 18, 2026
Holdings Value
Holdings 82 stocks · $194.9M
| DFAU Dimensional US Core Equity M | 20.93% | 860,943 | $40.8M | Add +6.4% |
| DFCF Dimensional Core Fixed Inc. | 9.64% | 441,567 | $18.8M | Add +30.9% |
| DFAI Dimensional International Co. | 7.85% | 387,968 | $15.3M | Add +10.5% |
| DFAC Dimensional US Core Equity 2 | 5.13% | 246,533 | $10.0M | Add +78.8% |
| BND Vanguard Total Bond Market | 4.20% | 110,470 | $8.2M | Add +2.6% |
| VONE Vanguard Russell 1000 | 3.58% | 22,435 | $7.0M | Reduce -3.8% |
| DFAE Dimensional Emerging Core Eq | 3.15% | 178,123 | $6.1M | Add +14.3% |
| VNQ Vanguard Real Estate ETF | 2.77% | 59,199 | $5.4M | Add +17.6% |
| NYF iShares New York Muni Bond E | 2.61% | 94,604 | $5.1M | Add +21.3% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.45% | 51,460 | $4.8M | Add +11.6% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.90% | 33,453 | $3.7M | Add +14.7% |
| BNDX Vanguard Total Intl Bond ETF | 1.80% | 72,614 | $3.5M | Reduce -16.5% |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | 1.58% | 58,437 | $3.1M | Add +129.1% |
| VEA Vanguard Ftse Developed ETF | 1.50% | 44,901 | $2.9M | Reduce -1.8% |
| PFFD Global X US Preferred ETF | 1.45% | 145,184 | $2.8M | Add +6.8% |
| SPIP SS SPDR P Tips ETF | 1.45% | 108,395 | $2.8M | Add +6.3% |
| DFNM Dimensional National Muni BD | 1.30% | 52,520 | $2.5M | Add +34.2% |
| QYLD Global X Nasd 100 Cov Call | 1.29% | 143,010 | $2.5M | Add +9.1% |
| JEPI JPMorgan Equity Premium Inco | 1.12% | 37,501 | $2.2M | Add +8.2% |
| DFAR Dimensional US Real Est ETF | 1.11% | 91,782 | $2.2M | Add +6.6% |
| SCHD Schwab US DVD Equity ETF | 1.09% | 73,039 | $2.1M | Add +10.0% |
| GOOG Alphabet Inc. Class C | 1.07% | 6,339 | $2.1M | Reduce -0.6% |
| COMT iShares Gsci Commodity Dynam | 1.04% | 77,232 | $2.0M | Add +6.4% |
| VIG Vanguard Dividend Apprec ETF | 1.03% | 8,995 | $2.0M | Add +8.0% |
| DCOR Dimensional US Core Eq 1 ETF | 1.02% | 26,409 | $2.0M | Add +11.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.93% | 35,927 | $1.8M | Add +35.7% |
| COR Cencora Inc. | 0.81% | 73,244 | $1.6M | Add +9906.0% |
| PZT Invesco New York Amt-Free Mu | 0.78% | 68,714 | $1.5M | Add +14.3% |
| SSGA ACTIVE TR | 0.68% | 30,649 | $1.3M | Add +13.9% |
| TIP iShares Tips Bond ETF | 0.65% | 11,557 | $1.3M | Add +35.1% |
| MCD McDonald's Corp. | 0.63% | 4,027 | $1.2M | Reduce -0.3% |
| IXUS iShares Core Intl Stock ETF | 0.63% | 13,856 | $1.2M | Reduce -0.4% |
| IWB iShares Russell 1000 ETF | 0.61% | 3,168 | $1.2M | Reduce -3.0% |
| DFIC Dimensional International Co. | 0.59% | 32,392 | $1.2M | New |
| MSFT Microsoft Corp. | 0.57% | 2,500 | $1.1M | Add +0.0% |
| SPHY SS SPDR P High Yield ETF | 0.54% | 44,357 | $1.1M | Add +15.7% |
| MUB iShares National Muni Bond E | 0.54% | 9,708 | $1.0M | Reduce -4.6% |
| AAPL Apple Inc. | 0.49% | 3,871 | $959K | Reduce -5.6% |
| XHLF Bondbloxx BBG 6 MTH US Treas | 0.48% | 18,769 | $945K | Add +20.0% |
| IAGG iShares Intl Aggregate Bond | 0.48% | 18,735 | $940K | Reduce -9.8% |
| NBTB N B T Bancorp Inc. | 0.45% | 19,535 | $883K | Add +0.6% |
| GIGB Goldman Sachs Inv GRD Corp. | 0.42% | 17,523 | $813K | Add +1.8% |
| VTC Vanguard Total Corporate BND | 0.37% | 9,310 | $725K | No change |
| VWOB Vanguard Emerg MKTS Gov BND | 0.36% | 10,387 | $702K | Reduce -0.1% |
| UAL United Airlines Holdings Inc. | 0.33% | 5,884 | $653K | Reduce -6.0% |
| GOOGL Alphabet Inc. Class A | 0.29% | 1,717 | $564K | Reduce -6.5% |
| VWO Vanguard Ftse Emerging Marke | 0.28% | 9,901 | $556K | Add +0.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 1,543 | $523K | No change |
| AVGO Broadcom Inc. | 0.25% | 1,497 | $492K | Reduce -6.3% |
| XYLD Global X S&P 500 Cove Call E | 0.24% | 11,548 | $467K | Reduce -1.1% |
| VXUS Vanguard Total Intl Stock | 0.23% | 5,686 | $447K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.22% | 2,205 | $438K | Reduce -0.3% |
| VTWV Vanguard Russell 2000 Value | 0.22% | 2,485 | $433K | Reduce -0.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.22% | 696 | $429K | Add +27.9% |
| AMZN Amazon.com Inc. | 0.22% | 1,846 | $427K | Reduce -7.5% |
| DFIP Dimensional Inflation-Protec | 0.22% | 10,250 | $427K | Reduce -0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.21% | 859 | $416K | Reduce -3.0% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.21% | 2,175 | $403K | Reduce -0.4% |
| SCHR Schwab Intermediate-Term US | 0.19% | 14,968 | $374K | No change |
| SGOV iShares 0-3 Month Treasury B | 0.19% | 3,632 | $365K | No change |
| AGG iShares Core U.S. Aggregate | 0.18% | 3,599 | $360K | Add +2.3% |
| SCHZ Schwab US Aggregate Bond ETF | 0.18% | 15,122 | $354K | Add +3.2% |
| HD Home Depot Inc. | 0.18% | 908 | $349K | Reduce -4.7% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.18% | 1,560 | $342K | Reduce -4.9% |
| ADI Analog Devices Inc. | 0.17% | 1,089 | $332K | Add +0.1% |
| HDV iShares Core High Dividend E | 0.17% | 2,533 | $324K | Add +1.0% |
| ESGU iShares ESG Aware MSCI USA | 0.15% | 1,974 | $295K | No change |
| DGRO iShares Core Dividend Growth | 0.14% | 3,928 | $280K | Reduce -2.0% |
| EEM iShares MSCI Emerging Market | 0.14% | 4,745 | $276K | Reduce -1.5% |
| META Meta Platforms Inc. Class A | 0.14% | 450 | $276K | Reduce -5.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.13% | 4,484 | $260K | Add +8.2% |
| WMT Walmart Inc. | 0.13% | 2,142 | $256K | Reduce -5.5% |
| GLTR Abrdn Precious Metals Basket | 0.13% | 1,044 | $255K | New |
| XOM Exxon Mobil Corp. | 0.13% | 1,883 | $252K | Reduce -1.6% |
| JPM JPMorgan Chase & Co. | 0.13% | 828 | $250K | Reduce -13.6% |
| TSLA Tesla Inc. | 0.12% | 552 | $238K | Reduce -10.8% |
| EVSD Eaton Vance SHRT Dur Inc. | 0.12% | 4,364 | $225K | New |
| SCZ iShares MSCI Eafe Small-Cap | 0.11% | 2,770 | $224K | Reduce -7.9% |
| ICF iShares Select U.S. REIT ETF | 0.11% | 3,612 | $221K | New |
| MDYV SS SPDR S&P 400 MC Val ETF | 0.11% | 2,403 | $216K | Reduce -2.2% |
| C Citigroup Inc. | 0.11% | 1,863 | $212K | Reduce -8.9% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.10% | 2,504 | $202K | New |
Portfolio Sells Q3 2025 → Q4 2025
| BNDX Vanguard Total Intl Bond ETF | Reduce -16.5% | 1.80% | −0.75 |
| VONE Vanguard Russell 1000 | Reduce -3.8% | 3.58% | −0.61 |
| FPE FT-Preferred Secur & Inc. ETF | Sold out | 0.00% | −0.56 |
| URI United Rentals Inc. | Sold out | 0.00% | −0.20 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.15 |
| IAGG iShares Intl Aggregate Bond | Reduce -9.8% | 0.48% | −0.15 |
| VEA Vanguard Ftse Developed ETF | Reduce -1.8% | 1.50% | −0.13 |
| AAPL Apple Inc. | Reduce -5.6% | 0.49% | −0.13 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.12 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.12 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.12 |
| MUB iShares National Muni Bond E | Reduce -4.6% | 0.54% | −0.11 |
| IWB iShares Russell 1000 ETF | Reduce -3.0% | 0.61% | −0.10 |
| MCD McDonald's Corp. | Reduce -0.3% | 0.63% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -5.7% | 0.14% | −0.07 |
| AVGO Broadcom Inc. | Reduce -6.3% | 0.25% | −0.06 |
| IXUS iShares Core Intl Stock ETF | Reduce -0.4% | 0.63% | −0.06 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -0.1% | 0.36% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.0% | 0.21% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -13.6% | 0.13% | −0.05 |
| HD Home Depot Inc. | Reduce -4.7% | 0.18% | −0.05 |
| AMZN Amazon.com Inc. | Reduce -7.5% | 0.22% | −0.04 |
| TSLA Tesla Inc. | Reduce -10.8% | 0.12% | −0.04 |
| DFIP Dimensional Inflation-Protec | Reduce -0.5% | 0.22% | −0.04 |
| XYLD Global X S&P 500 Cove Call E | Reduce -1.1% | 0.24% | −0.03 |
| UAL United Airlines Holdings Inc. | Reduce -6.0% | 0.33% | −0.02 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -7.9% | 0.11% | −0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.3% | 0.22% | −0.02 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -0.4% | 0.21% | −0.02 |
| DGRO iShares Core Dividend Growth | Reduce -2.0% | 0.14% | −0.02 |
| MTB M & T Bank Corp. | Reduce -4.9% | 0.18% | −0.02 |
| C Citigroup Inc. | Reduce -8.9% | 0.11% | −0.01 |
| EEM iShares MSCI Emerging Market | Reduce -1.5% | 0.14% | −0.01 |
| MDYV SS SPDR S&P 400 MC Val ETF | Reduce -2.2% | 0.11% | −0.01 |
| VTWV Vanguard Russell 2000 Value | Reduce -0.3% | 0.22% | −0.01 |
| WMT Walmart Inc. | Reduce -5.5% | 0.13% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -1.6% | 0.13% | +0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -6.5% | 0.29% | +0.02 |
| GOOG Alphabet Inc. Class C | Reduce -0.6% | 1.07% | +0.14 |
Portfolio Buys Q3 2025 → Q4 2025
| DFAC Dimensional US Core Equity 2 | Add +78.8% | 5.13% | +1.97 |
| DFCF Dimensional Core Fixed Inc. | Add +30.9% | 9.64% | +1.07 |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | Add +129.1% | 1.58% | +0.76 |
| COR Cencora Inc. | Add +9906.0% | 0.81% | +0.68 |
| DFIC Dimensional International Co. | New | 0.59% | +0.59 |
| DFAI Dimensional International Co. | Add +10.5% | 7.85% | +0.27 |
| DFAE Dimensional Emerging Core Eq | Add +14.3% | 3.15% | +0.23 |
| DFNM Dimensional National Muni BD | Add +34.2% | 1.30% | +0.19 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +35.7% | 0.93% | +0.14 |
| NYF iShares New York Muni Bond E | Add +21.3% | 2.61% | +0.13 |
| GLTR Abrdn Precious Metals Basket | New | 0.13% | +0.13 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +11.6% | 2.45% | +0.13 |
| EVSD Eaton Vance SHRT Dur Inc. | New | 0.12% | +0.12 |
| ICF iShares Select U.S. REIT ETF | New | 0.11% | +0.11 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.10% | +0.10 |
| TIP iShares Tips Bond ETF | Add +35.1% | 0.65% | +0.09 |
| VNQ Vanguard Real Estate ETF | Add +17.6% | 2.77% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +27.9% | 0.22% | +0.03 |
| XHLF Bondbloxx BBG 6 MTH US Treas | Add +20.0% | 0.48% | +0.02 |
| SCHD Schwab US DVD Equity ETF | Add +10.0% | 1.09% | +0.01 |
| ADI Analog Devices Inc. | Add +0.1% | 0.17% | +0.01 |
| DCOR Dimensional US Core Eq 1 ETF | Add +11.6% | 1.02% | +0.00 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +8.2% | 0.13% | −0.00 |
| SPHY SS SPDR P High Yield ETF | Add +15.7% | 0.54% | −0.00 |
| PZT Invesco New York Amt-Free Mu | Add +14.3% | 0.78% | −0.01 |
| HDV iShares Core High Dividend E | Add +1.0% | 0.17% | −0.02 |
| SSGA ACTIVE TR | Add +13.9% | 0.68% | −0.02 |
| SCHZ Schwab US Aggregate Bond ETF | Add +3.2% | 0.18% | −0.02 |
| AGG iShares Core U.S. Aggregate | Add +2.3% | 0.18% | −0.03 |
| NBTB N B T Bancorp Inc. | Add +0.6% | 0.45% | −0.03 |
| QYLD Global X Nasd 100 Cov Call | Add +9.1% | 1.29% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Add +0.7% | 0.28% | −0.03 |
| VIG Vanguard Dividend Apprec ETF | Add +8.0% | 1.03% | −0.04 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +14.7% | 1.90% | −0.04 |
| JEPI JPMorgan Equity Premium Inco | Add +8.2% | 1.12% | −0.06 |
| GIGB Goldman Sachs Inv GRD Corp. | Add +1.8% | 0.42% | −0.06 |
| DFAR Dimensional US Real Est ETF | Add +6.6% | 1.11% | −0.11 |
| COMT iShares Gsci Commodity Dynam | Add +6.4% | 1.04% | −0.12 |
| PFFD Global X US Preferred ETF | Add +6.8% | 1.45% | −0.12 |
| SPIP SS SPDR P Tips ETF | Add +6.3% | 1.45% | −0.15 |
| MSFT Microsoft Corp. | Add +0.0% | 0.57% | −0.20 |
| BND Vanguard Total Bond Market | Add +2.6% | 4.20% | −0.56 |
| DFAU Dimensional US Core Equity M | Add +6.4% | 20.93% | −1.08 |
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 |