Shearwater Capital LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 14, 2025), Shearwater Capital LLC reported 50 stock positions worth $159.0 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 38.4% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 15.6%) and Dimensional International Va (DFIV, 9.5%). Compared with Q1 2025, it opened 6 new positions, sold out of 1, added to 11 and reduced 7. The biggest buy was Dimensional World Ex US Core (DFAX, shares +4%) and the biggest sale Dimensional International Va (DFIV, shares −1%).

Most Recent 13F
Q2 2026
Location
DENVER, CO
CIK
0001905665
Portfolio Value
$159.0M (Q2 2025)
SEC Filing
0001905665-25-000005 ↗ filed Jul 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $135.7M Q1 2024 Q2 2024: $136.1M Q2 2024 Q3 2024: $145.0M Q3 2024 Q4 2024: $147.4M Q4 2024 Q1 2025: $142.3M Q1 2025 Q2 2025: $159.0M $159.0M Q2 2025 Q3 2025: $168.5M Q3 2025 Q4 2025: $174.2M Q4 2025 Q1 2026: $190.7M Q1 2026 Q2 2026: $209.4M Q2 2026

Holdings 50 stocks · $159.0M
DFAC Dimensional US Core Equity 2 38.41% 1,704,261 $61.1M Add +3.0%
DFAX Dimensional World Ex US Core 15.58% 843,365 $24.8M Add +4.0%
DFIV Dimensional International Va 9.52% 353,453 $15.1M Reduce -0.7%
DOCU Docusign Inc. 5.61% 114,428 $8.9M No change
DFUV Dimensional US Marketwide Va 3.85% 144,613 $6.1M No change
DFAT Dimensional US Target Value 2.82% 82,963 $4.5M Reduce -0.6%
AMZN Amazon.com Inc. 1.98% 14,319 $3.1M No change
DFAI Dimensional International Co. 1.79% 82,281 $2.8M Reduce -0.4%
DFUS Dimensional US Eq MKT ETF 1.51% 35,724 $2.4M No change
DFEM Dimensional Emrg MRKT Core 1.46% 78,110 $2.3M Reduce -1.1%
DFNM Dimensional National Muni BD 1.19% 40,051 $1.9M Add +2.8%
DFIP Dimensional Inflation-Protec 1.05% 39,773 $1.7M Add +1.0%
AI C3.AI Inc. Class A 1.04% 67,276 $1.7M No change
DFAS Dimensional US Small Cap ETF 0.94% 23,576 $1.5M No change
DFCF Dimensional Core Fixed Inc. 0.91% 34,402 $1.5M Add +0.1%
TSLA Tesla Inc. 0.90% 4,521 $1.4M No change
GLD SPDR Gold Shares 0.83% 4,335 $1.3M Add +1.2%
NVDA Nvidia Corp. 0.64% 6,465 $1.0M Add +19.4%
DFAE Dimensional Emerging Core Eq 0.62% 34,191 $990K Reduce -1.7%
SCHZ Schwab US Aggregate Bond ETF 0.61% 41,789 $971K No change
STLD Steel Dynamics Inc. 0.59% 7,291 $933K No change
IVV iShares Core S&P 500 ETF 0.55% 1,416 $879K Reduce -1.2%
DISV Dimensional International SM 0.54% 26,177 $861K Add +0.1%
DFGP Dimensional GLBL Core PL Fix 0.49% 14,432 $786K New
ADBE Adobe Inc. 0.47% 1,920 $743K No change
DUHP Dimensional US High Profi Et 0.37% 16,574 $589K New
DFSV Dimensional US Small Cap Val 0.37% 20,016 $589K Add +14.7%
SCHP Schwab U.S. Tips ETF 0.36% 21,290 $568K No change
ORCL Oracle Corp. 0.36% 2,585 $565K No change
GOOG Alphabet Inc. Class C 0.34% 3,040 $539K No change
DFGR Dim Global Real Estate ETF 0.34% 19,908 $534K Add +37.3%
AAPL Apple Inc. 0.32% 2,465 $506K No change
AFRM Affirm Holdings Inc. 0.30% 7,000 $484K No change
MCO Moody's Corp. 0.30% 964 $484K No change
IVW iShares S&P 500 Growth ETF 0.27% 3,830 $422K No change
DFSD Dimensional Short Duration 0.26% 8,570 $411K No change
STE Steris PLC 0.26% 1,694 $407K No change
DFAU Dimensional US Core Equity M 0.25% 9,445 $400K Reduce -0.6%
HUM Humana Inc. 0.24% 1,587 $388K No change
DE Deere & Co. 0.22% 692 $352K No change
MAR Marriott International Class A 0.19% 1,102 $301K No change
SCHF Schwab Intl Equity ETF 0.19% 13,328 $295K No change
QQQ Invesco QQQ Trust Series 1 0.18% 505 $279K No change
SCHV Schwab US Large-Cap Value 0.17% 9,992 $276K No change
AVGO Broadcom Inc. 0.15% 850 $234K New
BRK.B Berkshire Hathaway Inc. Class B 0.15% 476 $231K Add +8.7%
VTI VG Morningstar TS MKT ETF-US 0.14% 747 $227K No change
DFEV Dimensional Emrg MRKT Val 0.13% 6,967 $209K New
DIHP Dimensional International Hi 0.13% 6,978 $206K New
NET Cloudflare Inc. Class A 0.13% 1,040 $204K New

Portfolio Sells Q1 2025 → Q2 2025
DFIV Dimensional International Va Reduce -0.7% 9.52% −0.32
DFAT Dimensional US Target Value Reduce -0.6% 2.82% −0.20
XOM Exxon Mobil Corp. Sold out 0.00% −0.14
DFAI Dimensional International Co. Reduce -0.4% 1.79% −0.02
IVV iShares Core S&P 500 ETF Reduce -1.2% 0.55% −0.01
DFAE Dimensional Emerging Core Eq Reduce -1.7% 0.62% −0.01
DFEM Dimensional Emrg MRKT Core Reduce -1.1% 1.46% −0.01
DFAU Dimensional US Core Equity M Reduce -0.6% 0.25% −0.01

Portfolio Buys Q1 2025 → Q2 2025
DFAX Dimensional World Ex US Core Add +4.0% 15.58% +0.66
DFGP Dimensional GLBL Core PL Fix New 0.49% +0.49
DUHP Dimensional US High Profi Et New 0.37% +0.37
NVDA Nvidia Corp. Add +19.4% 0.64% +0.23
AVGO Broadcom Inc. New 0.15% +0.15
DFEV Dimensional Emrg MRKT Val New 0.13% +0.13
DIHP Dimensional International Hi New 0.13% +0.13
NET Cloudflare Inc. Class A New 0.13% +0.13
DFGR Dim Global Real Estate ETF Add +37.3% 0.34% +0.07
DFAC Dimensional US Core Equity 2 Add +3.0% 38.41% +0.07
DFSV Dimensional US Small Cap Val Add +14.7% 0.37% +0.03
DISV Dimensional International SM Add +0.1% 0.54% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +8.7% 0.15% −0.02
GLD SPDR Gold Shares Add +1.2% 0.83% −0.04
DFCF Dimensional Core Fixed Inc. Add +0.1% 0.91% −0.10
DFNM Dimensional National Muni BD Add +2.8% 1.19% −0.11
DFIP Dimensional Inflation-Protec Add +1.0% 1.05% −0.12

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 65$209.4MDFAC, DFAX, DFIV, DFUV, DFAT
Q1 2026 71$190.7MDFAC, DFAX, DFIV, DFUV, DOCU
Q4 2025 53$174.2MDFAC, DFAX, DFIV, DOCU, DFUV
Q3 2025 50$168.5MDFAC, DFAX, DFIV, DOCU, DFUV
Q2 2025 50$159.0MDFAC, DFAX, DFIV, DOCU, DFUV
Q1 2025Amended 45$142.3MDFAC, DFAX, DFIV, DOCU, DFUV
Q4 2024 45$147.4MDFAC, DFAX, DFIV, DOCU, DFUV
Q3 2024 47$145.0MDFAC, DFAX, DFIV, DOCU, DFUV
Q2 2024 43$136.1MDFAC, DFAX, DFIV, DOCU, DFUV
Q1 2024 43$135.7MDFAC, DFAX, DFIV, DOCU, DFUV