Tandem Financial, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Tandem Financial, LLC reported 48 stock positions worth $106.5 million. Its top holding was Vaneck Gold Miners ETF (GDX) at 8.9% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 8.7%) and Schwab Fndmntl Em MRK Eq ETF (FNDE, 7.9%). Compared with Q1 2025, it opened 6 new positions, sold out of 5, added to 19 and reduced 18. The biggest buy was a new position in Schwab Fndmntl Em MRK Eq ETF (FNDE) and the biggest sale iShares Russell 1000 Value E (IWD, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWOOD VILLAGE, CO
- CIK
- 0002049157
- Portfolio Value
- $106.5M (Q2 2025)
- SEC Filing
- 0001420506-25-001987 ↗ filed Aug 14, 2025
Holdings Value
Holdings 48 stocks · $106.5M
| GDX Vaneck Gold Miners ETF | 8.87% | 181,429 | $9.4M | Reduce -18.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 8.70% | 14,950 | $9.3M | Add +83.1% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 7.93% | 255,799 | $8.4M | New |
| VGLT Vanguard Long-Term Treasury | 7.02% | 133,132 | $7.5M | Reduce -10.4% |
| IMCG iShares Morningstar Mid-Cap | 6.72% | 89,169 | $7.2M | Add +34.2% |
| QQQ Invesco QQQ Trust Series 1 | 5.56% | 10,712 | $5.9M | Add +30.2% |
| IWF iShares Russell 1000 Growth | 4.09% | 10,251 | $4.4M | Reduce -46.0% |
| PWR Quanta Services Inc. | 3.99% | 11,238 | $4.2M | Reduce -2.0% |
| IWD iShares Russell 1000 Value E | 3.73% | 20,453 | $4.0M | Reduce -45.5% |
| KNG FT Vest S&P 500 DVD Arst TRG | 3.56% | 77,238 | $3.8M | Reduce -42.4% |
| IUS Invesco Rafi Strategic US Et | 3.20% | 66,181 | $3.4M | New |
| XSW SS SPDR S&P Soft & Serv ETF | 3.18% | 17,862 | $3.4M | Add +238.0% |
| PM Philip Morris International | 2.71% | 15,738 | $2.9M | Reduce -6.5% |
| GLD SPDR Gold Shares | 2.64% | 9,210 | $2.8M | Reduce -10.8% |
| IWM iShares Russell 2000 ETF | 2.53% | 12,472 | $2.7M | Add +163.5% |
| ITA iShares U.S. Aerospace & Def | 2.40% | 13,540 | $2.6M | Reduce -1.4% |
| MSFT Microsoft Corp. | 2.25% | 4,811 | $2.4M | Reduce -4.4% |
| FLXR TCW Flexible Income ETF | 1.92% | 51,934 | $2.0M | Add +18.0% |
| URNM Sprott Uranium Miners ETF | 1.66% | 36,972 | $1.8M | Add +6.0% |
| AAPL Apple Inc. | 1.61% | 8,378 | $1.7M | Add +0.3% |
| MP MP Materials Corp. | 1.37% | 43,899 | $1.5M | Add +0.2% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 1.11% | 4,271 | $1.2M | Reduce -66.8% |
| NUV Nuveen Municipal Value | 1.08% | 132,065 | $1.2M | Add +0.9% |
| JEPI JPMorgan Equity Premium Inco | 0.98% | 18,343 | $1.0M | Add +4.2% |
| EMLP First Trust North American E | 0.95% | 27,033 | $1.0M | Add +4.5% |
| AMLP Alerian MLP ETF | 0.92% | 19,953 | $975K | Add +10.1% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.83% | 16,304 | $887K | Reduce -1.6% |
| CARR Carrier Global Corp. | 0.80% | 11,626 | $851K | Reduce -1.5% |
| PFXF Vaneck Pref Sec X-Financials | 0.70% | 43,323 | $742K | No change |
| GOOGL Alphabet Inc. Class A | 0.66% | 3,995 | $704K | Add +1.0% |
| NVDA Nvidia Corp. | 0.64% | 4,293 | $678K | Reduce -2.0% |
| NEM Newmont Corp. | 0.56% | 10,164 | $592K | Add +14.3% |
| GOOG Alphabet Inc. Class C | 0.53% | 3,167 | $562K | No change |
| ORCL Oracle Corp. | 0.50% | 2,439 | $533K | Reduce -1.7% |
| NLY Annaly Capital Management Inc. | 0.45% | 24,514 | $479K | Add +8.9% |
| MLPX Global X MLP & Energy Infras | 0.44% | 7,458 | $467K | New |
| XOM Exxon Mobil Corp. | 0.40% | 3,974 | $428K | Add +1.4% |
| AMZN Amazon.com Inc. | 0.38% | 1,852 | $406K | Reduce -1.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.36% | 6,592 | $385K | Add +13.8% |
| MO Altria Group Inc. | 0.33% | 5,809 | $350K | Reduce -53.1% |
| GPIQ GS Nasdaq-100 PR Inc. ETF-Usd | 0.28% | 5,913 | $295K | New |
| IVV iShares Core S&P 500 ETF | 0.25% | 422 | $262K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.22% | 476 | $231K | No change |
| TLT iShares 20+ Year Treasury BD | 0.21% | 2,564 | $226K | Reduce -14.5% |
| COST Costco Wholesale Corp. | 0.20% | 218 | $216K | No change |
| WMT Walmart Inc. | 0.19% | 2,083 | $204K | New |
| VT Vanguard Tot World STK ETF | 0.19% | 1,575 | $202K | New |
| CVX Chevron Corp. | 0.19% | 1,413 | $202K | Add +0.1% |
Options reported separately and not counted above: QQQ puts ($496K), SPY puts ($247K).
Portfolio Sells Q1 2025 → Q2 2025
| IWD iShares Russell 1000 Value E | Reduce -45.5% | 3.73% | −3.95 |
| KNG FT Vest S&P 500 DVD Arst TRG | Reduce -42.4% | 3.56% | −3.82 |
| IWF iShares Russell 1000 Growth | Reduce -46.0% | 4.09% | −3.37 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -66.8% | 1.11% | −2.42 |
| VGLT Vanguard Long-Term Treasury | Reduce -10.4% | 7.02% | −2.30 |
| GDX Vaneck Gold Miners ETF | Reduce -18.6% | 8.87% | −2.28 |
| CXW Corecivic Inc. | Sold out | 0.00% | −1.33 |
| URA Global X Uranium ETF | Sold out | 0.00% | −1.16 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.61 |
| GLD SPDR Gold Shares | Reduce -10.8% | 2.64% | −0.61 |
| MO Altria Group Inc. | Reduce -53.1% | 0.33% | −0.49 |
| HP Helmerich & Payne | Sold out | 0.00% | −0.35 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Sold out | 0.00% | −0.22 |
| PM Philip Morris International | Reduce -6.5% | 2.71% | −0.22 |
| JEPQ JPM Nasdaq Equity Premium | Reduce -1.6% | 0.83% | −0.10 |
| TLT iShares 20+ Year Treasury BD | Reduce -14.5% | 0.21% | −0.08 |
| CARR Carrier Global Corp. | Reduce -1.5% | 0.80% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -1.3% | 0.38% | −0.01 |
| ITA iShares U.S. Aerospace & Def | Reduce -1.4% | 2.40% | +0.11 |
| NVDA Nvidia Corp. | Reduce -2.0% | 0.64% | +0.12 |
| ORCL Oracle Corp. | Reduce -1.7% | 0.50% | +0.12 |
| MSFT Microsoft Corp. | Reduce -4.4% | 2.25% | +0.19 |
| PWR Quanta Services Inc. | Reduce -2.0% | 3.99% | +0.82 |
Portfolio Buys Q1 2025 → Q2 2025
| FNDE Schwab Fndmntl Em MRK Eq ETF | New | 7.93% | +7.93 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +83.1% | 8.70% | +3.71 |
| IUS Invesco Rafi Strategic US Et | New | 3.20% | +3.20 |
| XSW SS SPDR S&P Soft & Serv ETF | Add +238.0% | 3.18% | +2.26 |
| IMCG iShares Morningstar Mid-Cap | Add +34.2% | 6.72% | +1.55 |
| IWM iShares Russell 2000 ETF | Add +163.5% | 2.53% | +1.50 |
| QQQ Invesco QQQ Trust Series 1 | Add +30.2% | 5.56% | +1.35 |
| MLPX Global X MLP & Energy Infras | New | 0.44% | +0.44 |
| URNM Sprott Uranium Miners ETF | Add +6.0% | 1.66% | +0.43 |
| GPIQ GS Nasdaq-100 PR Inc. ETF-Usd | New | 0.28% | +0.28 |
| MP MP Materials Corp. | Add +0.2% | 1.37% | +0.21 |
| WMT Walmart Inc. | New | 0.19% | +0.19 |
| VT Vanguard Tot World STK ETF | New | 0.19% | +0.19 |
| NEM Newmont Corp. | Add +14.3% | 0.56% | +0.09 |
| FLXR TCW Flexible Income ETF | Add +18.0% | 1.92% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +1.0% | 0.66% | −0.00 |
| RIO Rio Tinto PLC-Spon ADR | Add +13.8% | 0.36% | −0.03 |
| NLY Annaly Capital Management Inc. | Add +8.9% | 0.45% | −0.07 |
| CVX Chevron Corp. | Add +0.1% | 0.19% | −0.07 |
| EMLP First Trust North American E | Add +4.5% | 0.95% | −0.10 |
| XOM Exxon Mobil Corp. | Add +1.4% | 0.40% | −0.11 |
| AMLP Alerian MLP ETF | Add +10.1% | 0.92% | −0.11 |
| JEPI JPMorgan Equity Premium Inco | Add +4.2% | 0.98% | −0.12 |
| NUV Nuveen Municipal Value | Add +0.9% | 1.08% | −0.17 |
| AAPL Apple Inc. | Add +0.3% | 1.61% | −0.41 |
Options Activity Q1 2025 → Q2 2025
| QQQ Invesco QQQ Trust Series 1 | put | New | 900 | $496K |
| GLD SPDR Gold Shares | put | Sold out | 1,500 | $432Kbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 400 | $247K |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 400 | $224Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| YOTAR Yotta Acquisition Corp. - RTS | RIGHT 03/15/2027 | Sold out | 40,000 | $6Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $310.8M | IVV, BIV, VEA, FNDE, SPY |
| Q1 2026 | 94 | $295.6M | IVV, BIV, GDX, VEA, FNDE |
| Q4 2025 | 47 | $82.8M | VGLT, GDX, IWF, IWD, KNG |
| Q3 2025 | 88 | $268.5M | IVV, BIV, GDX, SPY, FNDE |
| Q2 2025 | 48 | $106.5M | GDX, SPY, FNDE, VGLT, IMCG |
| Q1 2025 | 47 | $91.8M | GDX, VGLT, IWD, IWF, KNG |
| Q4 2024 | 76 | $92.7M | VGLT, GDX, IWF, IWD, KNG |