Passive Capital Management, LLC.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Passive Capital Management, LLC. reported 88 stock positions worth $306.6 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 16.4% of the portfolio, followed by Vanguard Real Estate ETF (VNQ, 12.9%) and Schwab Short-Term US Treas (SCHO, 8.8%). Compared with Q2 2025, it opened 7 new positions, sold out of 1, added to 19 and reduced 28. The biggest buy was Dimensional US Core Equity 2 (DFAC, shares +5%) and the biggest sale Vanguard Tax-Exempt Bond ETF (VTEB, shares −51%).

Most Recent 13F
Q2 2026
Location
BALTIMORE, MD
CIK
0001958250
Portfolio Value
$306.6M (Q3 2025)
SEC Filing
0001765380-25-000467 ↗ filed Nov 12, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $255.5M Q1 2024 Q2 2024: $269.4M Q2 2024 Q3 2024: $286.5M Q3 2024 Q4 2024: $284.1M Q4 2024 Q1 2025: $315.8M Q1 2025 Q2 2025: $321.4M Q2 2025 Q3 2025: $306.6M $306.6M Q3 2025 Q4 2025: $319.8M Q4 2025 Q1 2026: $334.9M Q1 2026 Q2 2026: $319.8M Q2 2026

Holdings 88 stocks · $306.6M
DFAC Dimensional US Core Equity 2 16.38% 1,302,374 $50.2M Add +5.2%
VNQ Vanguard Real Estate ETF 12.94% 433,900 $39.7M Reduce -13.2%
SCHO Schwab Short-Term US Treas 8.78% 1,103,890 $26.9M Reduce -1.2%
AVUS Avantis U.S. Equity ETF 6.64% 187,453 $20.4M Reduce -2.8%
DFIC Dimensional International Co. 5.84% 546,161 $17.9M Add +6.5%
VTEB Vanguard Tax-Exempt Bond ETF 5.18% 317,251 $15.9M Reduce -50.9%
AVDE Avantis International Equity 4.75% 184,587 $14.6M Reduce -6.7%
SCHB Schwab US Broad Market ETF 4.40% 524,602 $13.5M Reduce -2.9%
DFSD Dimensional Short Duration 3.22% 204,792 $9.9M Add +8.0%
AVEM Avantis Emerging Markets Eq 2.96% 120,882 $9.1M Reduce -8.9%
DFEM Dimensional Emrg MRKT Core 2.21% 211,548 $6.8M Add +7.7%
SCHH Schwab US REIT ETF 1.98% 281,740 $6.1M Add +4.6%
DFAT Dimensional US Target Value 1.46% 76,942 $4.5M Reduce -40.2%
AVUV Avantis US Small Cap Value 1.32% 40,614 $4.0M Reduce -27.1%
VTIP Vanguard Short-Term Tips 1.30% 78,827 $4.0M Add +0.0%
AVSC Avantis US Small Cap Equity 1.17% 62,500 $3.6M No change
STIP iShares 0-5 Year Tips Bond E 1.12% 33,182 $3.4M Reduce -0.5%
SCHR Schwab Intermediate-Term US 0.75% 91,681 $2.3M Reduce -28.8%
EMXC iShares MSCI Emr MRK Ex Chna 0.73% 33,000 $2.2M No change
BND Vanguard Total Bond Market 0.72% 29,821 $2.2M Add +21.8%
QQQ Invesco QQQ Trust Series 1 0.64% 3,276 $2.0M Reduce -2.1%
VOO Vanguard S&P 500 ETF 0.64% 3,194 $2.0M Reduce -12.5%
AAPL Apple Inc. 0.62% 7,513 $1.9M Add +2.6%
SCHF Schwab Intl Equity ETF 0.61% 80,965 $1.9M Reduce -10.7%
SCHP Schwab U.S. Tips ETF 0.60% 68,278 $1.8M Add +0.7%
VTES Vanguard SH Term Tax-Ex Bond 0.57% 17,206 $1.8M Reduce -34.1%
AVDV Avantis Intl S/C Value ETF 0.56% 19,137 $1.7M No change
SCHE Schwab Emrg Mrkts Eqty ETF 0.55% 50,256 $1.7M Reduce -7.9%
SCHX Schwab US Large-Cap ETF 0.51% 59,166 $1.6M No change
MUB iShares National Muni Bond E 0.47% 13,635 $1.5M Reduce -74.3%
VUG Vanguard Mrngstar GR ETF-Sui 0.46% 2,965 $1.4M No change
SCHA Schwab US Small-Cap ETF 0.42% 46,594 $1.3M Reduce -12.6%
CDP Copt Defense Properties 0.41% 43,006 $1.2M New
SPY SS SPDR S&P 500 ETF Trust-US 0.39% 1,798 $1.2M No change
MSFT Microsoft Corp. 0.36% 2,111 $1.1M Add +1.7%
DFAI Dimensional International Co. 0.34% 28,506 $1.0M Reduce -1.4%
ESGV Vanguard ESG US Stock ETF 0.32% 8,318 $985K Add +1.9%
AVSU Avantis Resp US Equity ETF 0.32% 13,294 $978K New
VB Vanguard Most SM-Cap ETF-Usd 0.29% 3,552 $903K Reduce -2.4%
VGT Vanguard Info Tech ETF 0.29% 1,202 $897K Add +0.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.25% 4,153 $774K Reduce -2.0%
TEEFX T Rowe PR Tax-Eff Eqty-I 0.24% 8,607 $751K New
DISV Dimensional International SM 0.24% 20,881 $745K No change
MA Mastercard Inc. Class A 0.23% 1,241 $706K No change
IVV iShares Core S&P 500 ETF 0.22% 1,020 $683K No change
SCHC Schwab Intl Small-Cap Equity 0.22% 14,956 $681K Reduce -45.5%
LOW Lowe's Cos Inc. 0.20% 2,416 $607K Reduce -6.7%
DHS Wisdomtree US High Dividend 0.19% 5,762 $591K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.19% 1,892 $582K No change
MCD McDonald's Corp. 0.18% 1,849 $562K Reduce -4.8%
VEU Vanguard Ftse All-World Ex-U 0.18% 7,587 $541K No change
BHRB Burke & Herbert Financial SE 0.18% 8,715 $538K No change
LLY Eli Lilly & Co. 0.17% 702 $536K Reduce -1.5%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.17% 1,789 $526K No change
PG The Procter & Gamble Co. 0.16% 3,169 $487K No change
BRK.B Berkshire Hathaway Inc. Class B 0.16% 953 $479K No change
DFIV Dimensional International Va 0.15% 10,195 $470K Add +0.4%
VYM Vanguard High DVD Yield ETF 0.15% 3,326 $469K No change
AMAZON.COM 0.15% 2,124 $466K Add +0.2%
GOOGL Alphabet Inc. Class A 0.15% 1,911 $465K Add +0.1%
DFSU Dimensional US Sus CORE1 ETF 0.15% 10,800 $459K No change
VSGX Vanguard ESG Intl Stock ETF 0.15% 6,479 $449K Add +3.3%
DFSI Dimensional Int Sus COR1 ETF 0.14% 10,700 $438K No change
IVOV Vanguard S&P Mid-Cap 400 Val 0.13% 4,026 $406K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.13% 1,330 $396K No change
GOOG Alphabet Inc. Class C 0.13% 1,609 $392K Add +9.3%
AVSD Avantis Reps Intern Equi ETF 0.12% 5,136 $367K New
ACVA Acv Auctions Inc. Class A 0.12% 36,781 $365K Reduce -2.9%
DTH Wisdomtree International Hig 0.12% 7,270 $357K No change
DVY iShares Select Dividend ETF 0.12% 2,500 $355K No change
IBMQ iShares Ibonds Dec 2028 Muni 0.12% 13,803 $354K No change
PM Philip Morris International 0.11% 2,029 $329K Add +4.5%
FRT Federal Realty Invs Trust 0.11% 3,193 $323K No change
IBDW iShares Ibonds Dec 2031 Corp. 0.10% 15,128 $321K No change
COF Capital One Financial Corp. 0.10% 1,500 $319K Reduce -8.6%
IBTK iShares Ibonds Dec 2030 Trea 0.10% 15,941 $317K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.10% 5,810 $300K No change
ITOT iShares Core S&P Total U.S. 0.10% 2,048 $298K No change
R Ryder System Inc. 0.09% 1,513 $285K Reduce -50.0%
DFAE Dimensional Emerging Core Eq 0.09% 8,816 $278K Add +1.5%
VHT Vanguard Health Care ETF 0.09% 1,063 $276K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.09% 1,310 $273K No change
VXF Vanguard Extended Market ETF 0.09% 1,295 $271K No change
JNJ Johnson & Johnson 0.08% 1,349 $250K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 829 $244K No change
CAT Caterpillar Inc. 0.08% 500 $239K New
IWV iShares Russell 3000 ETF 0.07% 561 $213K New
IWF iShares Russell 1000 Growth 0.07% 433 $203K New

Portfolio Sells Q2 2025 → Q3 2025
VTEB Vanguard Tax-Exempt Bond ETF Reduce -50.9% 5.18% −4.66
MUB iShares National Muni Bond E Reduce -74.3% 0.47% −1.25
VNQ Vanguard Real Estate ETF Reduce -13.2% 12.94% −1.01
DFAT Dimensional US Target Value Reduce -40.2% 1.46% −0.75
NOW ServiceNow Inc. Sold out 0.00% −0.35
AVUV Avantis US Small Cap Value Reduce -27.1% 1.32% −0.29
VTES Vanguard SH Term Tax-Ex Bond Reduce -34.1% 0.57% −0.25
SCHR Schwab Intermediate-Term US Reduce -28.8% 0.75% −0.25
SCHC Schwab Intl Small-Cap Equity Reduce -45.5% 0.22% −0.14
ACVA Acv Auctions Inc. Class A Reduce -2.9% 0.12% −0.08
R Ryder System Inc. Reduce -50.0% 0.09% −0.07
SCHF Schwab Intl Equity ETF Reduce -10.7% 0.61% −0.01
VOO Vanguard S&P 500 ETF Reduce -12.5% 0.64% −0.01
COF Capital One Financial Corp. Reduce -8.6% 0.10% −0.01
SCHA Schwab US Small-Cap ETF Reduce -12.6% 0.42% +0.00
LLY Eli Lilly & Co. Reduce -1.5% 0.17% +0.00
MCD McDonald's Corp. Reduce -4.8% 0.18% +0.00
LOW Lowe's Cos Inc. Reduce -6.7% 0.20% +0.01
VTV Vanguard Mrngstr Val ETF-Aui Reduce -2.0% 0.25% +0.02
VB Vanguard Most SM-Cap ETF-Usd Reduce -2.4% 0.29% +0.02
DFAI Dimensional International Co. Reduce -1.4% 0.34% +0.03
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -7.9% 0.55% +0.03
QQQ Invesco QQQ Trust Series 1 Reduce -2.1% 0.64% +0.07
STIP iShares 0-5 Year Tips Bond E Reduce -0.5% 1.12% +0.09
AVEM Avantis Emerging Markets Eq Reduce -8.9% 2.96% +0.13
AVDE Avantis International Equity Reduce -6.7% 4.75% +0.20
SCHO Schwab Short-Term US Treas Reduce -1.2% 8.78% +0.35
SCHB Schwab US Broad Market ETF Reduce -2.9% 4.40% +0.40
AVUS Avantis U.S. Equity ETF Reduce -2.8% 6.64% +0.57

Portfolio Buys Q2 2025 → Q3 2025
DFAC Dimensional US Core Equity 2 Add +5.2% 16.38% +2.50
DFIC Dimensional International Co. Add +6.5% 5.84% +0.89
CDP Copt Defense Properties New 0.41% +0.41
DFEM Dimensional Emrg MRKT Core Add +7.7% 2.21% +0.39
DFSD Dimensional Short Duration Add +8.0% 3.22% +0.39
AVSU Avantis Resp US Equity ETF New 0.32% +0.32
TEEFX T Rowe PR Tax-Eff Eqty-I New 0.24% +0.24
SCHH Schwab US REIT ETF Add +4.6% 1.98% +0.20
BND Vanguard Total Bond Market Add +21.8% 0.72% +0.16
AAPL Apple Inc. Add +2.6% 0.62% +0.15
AVSD Avantis Reps Intern Equi ETF New 0.12% +0.12
VTIP Vanguard Short-Term Tips Add +0.0% 1.30% +0.08
CAT Caterpillar Inc. New 0.08% +0.08
IWV iShares Russell 3000 ETF New 0.07% +0.07
IWF iShares Russell 1000 Growth New 0.07% +0.07
VGT Vanguard Info Tech ETF Add +0.1% 0.29% +0.05
GOOGL Alphabet Inc. Class A Add +0.1% 0.15% +0.05
GOOG Alphabet Inc. Class C Add +9.3% 0.13% +0.05
ESGV Vanguard ESG US Stock ETF Add +1.9% 0.32% +0.04
SCHP Schwab U.S. Tips ETF Add +0.7% 0.60% +0.04
MSFT Microsoft Corp. Add +1.7% 0.36% +0.04
VSGX Vanguard ESG Intl Stock ETF Add +3.3% 0.15% +0.02
DFIV Dimensional International Va Add +0.4% 0.15% +0.02
DFAE Dimensional Emerging Core Eq Add +1.5% 0.09% +0.01
AMAZON.COM Add +0.2% 0.15% +0.01
PM Philip Morris International Add +4.5% 0.11% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 94$319.8MDFAC, VNQ, SCHO, AVUS, DFIC
Q1 2026 104$334.9MDFAC, VNQ, SCHO, DFIC, AVUS
Q4 2025 94$319.8MDFAC, VNQ, SCHO, AVUS, DFIC
Q3 2025 88$306.6MDFAC, VNQ, SCHO, AVUS, DFIC
Q2 2025 82$321.4MVNQ, DFAC, VTEB, SCHO, AVUS
Q1 2025 83$315.8MVNQ, DFAC, VTEB, SCHO, AVUS
Q4 2024 65$284.1MVNQ, DFAC, VTEB, SCHO, AVUS
Q3 2024 65$286.5MVNQ, VTEB, DFAC, SCHO, AVUS
Q2 2024 66$269.4MVNQ, VTEB, DFAC, SCHO, AVUS
Q1 2024 59$255.5MVNQ, VTEB, DFAC, SCHO, AVUS