Passive Capital Management, LLC.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Passive Capital Management, LLC. reported 94 stock positions worth $319.8 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 16.7% of the portfolio, followed by Vanguard Real Estate ETF (VNQ, 12.0%) and Schwab Short-Term US Treas (SCHO, 8.9%). Compared with Q3 2025, it opened 8 new positions, sold out of 2, added to 39 and reduced 8. The biggest buy was Dimensional US Core Equity 2 (DFAC, shares +4%) and the biggest sale Vanguard Real Estate ETF (VNQ, shares −0%).

Most Recent 13F
Q2 2026
Location
BALTIMORE, MD
CIK
0001958250
Portfolio Value
$319.8M (Q4 2025)
SEC Filing
0001958250-26-000001 ↗ filed Feb 5, 2026

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 Q3 2025 Q4 2025: $319.8M $319.8M Q4 2025 Q1 2026: $334.9M Q1 2026 Q2 2026: $319.8M Q2 2026

Holdings 94 stocks · $319.8M
DFAC Dimensional US Core Equity 2 16.70% 1,348,728 $53.4M Add +3.6%
VNQ Vanguard Real Estate ETF 12.00% 433,672 $38.4M Reduce -0.1%
SCHO Schwab Short-Term US Treas 8.89% 1,166,284 $28.4M Add +5.7%
AVUS Avantis U.S. Equity ETF 6.58% 188,161 $21.0M Add +0.4%
DFIC Dimensional International Co. 6.04% 560,466 $19.3M Add +2.6%
VTEB Vanguard Tax-Exempt Bond ETF 5.00% 317,901 $16.0M Add +0.2%
AVDE Avantis International Equity 4.80% 186,437 $15.3M Add +1.0%
SCHB Schwab US Broad Market ETF 4.32% 526,727 $13.8M Add +0.4%
DFSD Dimensional Short Duration 3.49% 232,508 $11.1M Add +13.5%
AVEM Avantis Emerging Markets Eq 2.94% 121,950 $9.4M Add +0.9%
DFEM Dimensional Emrg MRKT Core 2.25% 217,976 $7.2M Add +3.0%
SCHH Schwab US REIT ETF 1.96% 299,841 $6.3M Add +6.4%
DFAT Dimensional US Target Value 1.43% 76,992 $4.6M Add +0.1%
AVUV Avantis US Small Cap Value 1.30% 40,711 $4.2M Add +0.2%
VTIP Vanguard Short-Term Tips 1.22% 78,774 $3.9M Reduce -0.1%
AVSC Avantis US Small Cap Equity 1.15% 62,500 $3.7M No change
STIP iShares 0-5 Year Tips Bond E 1.09% 33,912 $3.5M Add +2.2%
EMXC iShares MSCI Emr MRK Ex Chna 0.75% 33,000 $2.4M No change
BND Vanguard Total Bond Market 0.73% 31,722 $2.3M Add +6.4%
SCHR Schwab Intermediate-Term US 0.73% 92,914 $2.3M Add +1.3%
AAPL Apple Inc. 0.64% 7,550 $2.1M Add +0.5%
QQQ Invesco QQQ Trust Series 1 0.63% 3,276 $2.0M No change
VOO Vanguard S&P 500 ETF 0.63% 3,196 $2.0M Add +0.1%
SCHF Schwab Intl Equity ETF 0.62% 82,405 $2.0M Add +1.8%
VTES Vanguard SH Term Tax-Ex Bond 0.59% 18,639 $1.9M Add +8.3%
SCHP Schwab U.S. Tips ETF 0.57% 68,868 $1.8M Add +0.9%
AVDV Avantis Intl S/C Value ETF 0.57% 19,338 $1.8M Add +1.1%
SCHE Schwab Emrg Mrkts Eqty ETF 0.54% 52,357 $1.7M Add +4.2%
SCHX Schwab US Large-Cap ETF 0.52% 62,330 $1.7M Add +5.3%
MUB iShares National Muni Bond E 0.46% 13,649 $1.5M Add +0.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.45% 2,965 $1.4M No change
SCHA Schwab US Small-Cap ETF 0.44% 48,972 $1.4M Add +5.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.38% 1,773 $1.2M Reduce -1.4%
CDP Copt Defense Properties 0.37% 42,921 $1.2M Reduce -0.2%
DFAI Dimensional International Co. 0.33% 27,547 $1.0M Reduce -3.4%
AVSU Avantis Resp US Equity ETF 0.32% 13,564 $1.0M Add +2.0%
ESGV Vanguard ESG US Stock ETF 0.32% 8,520 $1.0M Add +2.4%
MSFT Microsoft Corp. 0.32% 2,128 $1.0M Add +0.8%
VGT Vanguard Info Tech ETF 0.30% 1,281 $966K Add +6.6%
VB Vanguard Most SM-Cap ETF-Usd 0.28% 3,502 $903K Reduce -1.4%
DISV Dimensional International SM 0.25% 20,881 $793K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.25% 4,153 $793K No change
LLY Eli Lilly & Co. 0.24% 710 $763K Add +1.1%
TEEFX T Rowe PR Tax-Eff Eqty-I 0.24% 8,607 $755K No change
SCHC Schwab Intl Small-Cap Equity 0.23% 15,980 $728K Add +6.8%
MA Mastercard Inc. Class A 0.22% 1,241 $708K No change
IVV iShares Core S&P 500 ETF 0.22% 1,020 $699K No change
ALRM Alarm.com Holdings Inc. 0.19% 11,928 $609K New
GOOGL Alphabet Inc. Class A 0.19% 1,928 $603K Add +0.9%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.19% 1,892 $596K No change
DHS Wisdomtree US High Dividend 0.18% 5,762 $587K No change
LOW Lowe's Cos Inc. 0.18% 2,416 $583K No change
MCD McDonald's Corp. 0.18% 1,847 $564K Reduce -0.1%
VEU Vanguard Ftse All-World Ex-U 0.17% 7,587 $558K No change
BHRB Burke & Herbert Financial SE 0.17% 8,715 $543K No change
DFIV Dimensional International Va 0.16% 10,272 $513K Add +0.8%
GOOG Alphabet Inc. Class C 0.16% 1,609 $505K No change
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.16% 1,789 $499K No change
AMZN Amazon.com Inc. 0.15% 2,141 $494K New
VSGX Vanguard ESG Intl Stock ETF 0.15% 6,724 $482K Add +3.8%
BRK.B Berkshire Hathaway Inc. Class B 0.15% 953 $479K No change
VYM Vanguard High DVD Yield ETF 0.15% 3,326 $477K No change
DFSU Dimensional US Sus CORE1 ETF 0.15% 10,800 $469K No change
DFSI Dimensional Int Sus COR1 ETF 0.14% 10,700 $458K No change
PG The Procter & Gamble Co. 0.14% 3,169 $454K No change
VBIL Vanguard 0-3M T-Bill ETF 0.13% 5,576 $421K New
IVOV Vanguard S&P Mid-Cap 400 Val 0.13% 4,026 $407K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.13% 1,330 $402K No change
AVSD Avantis Reps Intern Equi ETF 0.12% 5,190 $385K Add +1.1%
DTH Wisdomtree International Hig 0.12% 7,270 $375K No change
COF Capital One Financial Corp. 0.11% 1,500 $364K No change
IBMQ iShares Ibonds Dec 2028 Muni 0.11% 13,803 $353K No change
DVY iShares Select Dividend ETF 0.11% 2,500 $353K No change
JBGS JBG Smith Properties 0.11% 20,632 $351K New
IBDW iShares Ibonds Dec 2031 Corp. 0.10% 15,719 $332K Add +3.9%
PM Philip Morris International 0.10% 2,021 $324K Reduce -0.4%
FRT Federal Realty Invs Trust 0.10% 3,193 $322K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.10% 5,810 $320K No change
IBTK iShares Ibonds Dec 2030 Trea 0.10% 15,941 $316K No change
VHT Vanguard Health Care ETF 0.10% 1,063 $306K No change
ITOT iShares Core S&P Total U.S. 0.10% 2,048 $305K No change
CAT Caterpillar Inc. 0.09% 508 $291K Add +1.6%
R Ryder System Inc. 0.09% 1,513 $290K No change
DFAE Dimensional Emerging Core Eq 0.09% 8,825 $287K Add +0.1%
JNJ Johnson & Johnson 0.09% 1,349 $279K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.09% 1,310 $277K No change
VXF Vanguard Extended Market ETF 0.08% 1,295 $271K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 829 $241K No change
IWV iShares Russell 3000 ETF 0.07% 561 $217K No change
TFC Truist Financial Corp. 0.07% 4,364 $215K New
IBB iShares Biotechnology ETF 0.07% 1,238 $209K New
DFEV Dimensional Emrg MRKT Val 0.06% 6,076 $205K New
IWF iShares Russell 1000 Growth 0.06% 433 $205K No change
VIOV Vanguard S&P Small-Cap 600 V 0.06% 2,058 $201K New

Portfolio Sells Q3 2025 → Q4 2025
VNQ Vanguard Real Estate ETF Reduce -0.1% 12.00% −0.94
AMAZON.COM Sold out 0.00% −0.15
ACVA Acv Auctions Inc. Class A Sold out 0.00% −0.12
VTIP Vanguard Short-Term Tips Reduce -0.1% 1.22% −0.08
CDP Copt Defense Properties Reduce -0.2% 0.37% −0.03
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.4% 0.38% −0.01
VB Vanguard Most SM-Cap ETF-Usd Reduce -1.4% 0.28% −0.01
DFAI Dimensional International Co. Reduce -3.4% 0.33% −0.01
MCD McDonald's Corp. Reduce -0.1% 0.18% −0.01
PM Philip Morris International Reduce -0.4% 0.10% −0.01

Portfolio Buys Q3 2025 → Q4 2025
DFAC Dimensional US Core Equity 2 Add +3.6% 16.70% +0.32
DFSD Dimensional Short Duration Add +13.5% 3.49% +0.27
DFIC Dimensional International Co. Add +2.6% 6.04% +0.20
ALRM Alarm.com Holdings Inc. New 0.19% +0.19
AMZN Amazon.com Inc. New 0.15% +0.15
VBIL Vanguard 0-3M T-Bill ETF New 0.13% +0.13
JBGS JBG Smith Properties New 0.11% +0.11
SCHO Schwab Short-Term US Treas Add +5.7% 8.89% +0.10
TFC Truist Financial Corp. New 0.07% +0.07
IBB iShares Biotechnology ETF New 0.07% +0.07
DFEV Dimensional Emrg MRKT Val New 0.06% +0.06
LLY Eli Lilly & Co. Add +1.1% 0.24% +0.06
VIOV Vanguard S&P Small-Cap 600 V New 0.06% +0.06
AVDE Avantis International Equity Add +1.0% 4.80% +0.05
DFEM Dimensional Emrg MRKT Core Add +3.0% 2.25% +0.04
GOOGL Alphabet Inc. Class A Add +0.9% 0.19% +0.04
VTES Vanguard SH Term Tax-Ex Bond Add +8.3% 0.59% +0.02
AAPL Apple Inc. Add +0.5% 0.64% +0.02
SCHX Schwab US Large-Cap ETF Add +5.3% 0.52% +0.02
CAT Caterpillar Inc. Add +1.6% 0.09% +0.01
AVDV Avantis Intl S/C Value ETF Add +1.1% 0.57% +0.01
SCHA Schwab US Small-Cap ETF Add +5.1% 0.44% +0.01
BND Vanguard Total Bond Market Add +6.4% 0.73% +0.01
VGT Vanguard Info Tech ETF Add +6.6% 0.30% +0.01
DFIV Dimensional International Va Add +0.8% 0.16% +0.01
SCHC Schwab Intl Small-Cap Equity Add +6.8% 0.23% +0.01
SCHF Schwab Intl Equity ETF Add +1.8% 0.62% +0.00
AVSU Avantis Resp US Equity ETF Add +2.0% 0.32% +0.00
VSGX Vanguard ESG Intl Stock ETF Add +3.8% 0.15% +0.00
ESGV Vanguard ESG US Stock ETF Add +2.4% 0.32% +0.00
AVSD Avantis Reps Intern Equi ETF Add +1.1% 0.12% +0.00
IBDW iShares Ibonds Dec 2031 Corp. Add +3.9% 0.10% −0.00
DFAE Dimensional Emerging Core Eq Add +0.1% 0.09% −0.00
SCHE Schwab Emrg Mrkts Eqty ETF Add +4.2% 0.54% −0.01
VOO Vanguard S&P 500 ETF Add +0.1% 0.63% −0.01
MUB iShares National Muni Bond E Add +0.1% 0.46% −0.02
AVUV Avantis US Small Cap Value Add +0.2% 1.30% −0.02
SCHR Schwab Intermediate-Term US Add +1.3% 0.73% −0.02
SCHH Schwab US REIT ETF Add +6.4% 1.96% −0.02
AVEM Avantis Emerging Markets Eq Add +0.9% 2.94% −0.02
DFAT Dimensional US Target Value Add +0.1% 1.43% −0.03
SCHP Schwab U.S. Tips ETF Add +0.9% 0.57% −0.03
STIP iShares 0-5 Year Tips Bond E Add +2.2% 1.09% −0.03
MSFT Microsoft Corp. Add +0.8% 0.32% −0.03
AVUS Avantis U.S. Equity ETF Add +0.4% 6.58% −0.07
SCHB Schwab US Broad Market ETF Add +0.4% 4.32% −0.08
VTEB Vanguard Tax-Exempt Bond ETF Add +0.2% 5.00% −0.18

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