Watchman Group, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Watchman Group, Inc. reported 78 stock positions worth $413.1 million. Its top holding was Simplify MBS ETF (MTBA) at 9.5% of the portfolio, followed by Dimensional US Core Equity 2 (DFAC, 8.7%) and T.rowe PRC Small-Mid Cap ETF (TMSL, 6.8%). Compared with Q2 2025, it opened 4 new positions, sold out of 3, added to 23 and reduced 40. The biggest buy was a new position in First Finl Bankshares (FFIN) and the biggest sale iShares 0-3 Month Treasury B (SGOV, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- PLANO, TX
- CIK
- 0001748726
- Portfolio Value
- $413.1M (Q3 2025)
- SEC Filing
- 0001748726-25-000005 ↗ filed Nov 13, 2025
Holdings Value
Holdings 78 stocks · $413.1M
| MTBA Simplify MBS ETF | 9.51% | 780,454 | $39.3M | Add +5.1% |
| DFAC Dimensional US Core Equity 2 | 8.70% | 931,770 | $35.9M | Add +0.9% |
| TMSL T.rowe PRC Small-Mid Cap ETF | 6.84% | 803,727 | $28.3M | Reduce -0.2% |
| VSLU Applied Finance Valuat ETF | 6.56% | 635,183 | $27.1M | Add +3.3% |
| TLH iShares 10-20 Year Treasury | 6.29% | 252,485 | $26.0M | Add +3.7% |
| DFAT Dimensional US Target Value | 6.09% | 432,188 | $25.2M | Reduce -1.2% |
| FBND Fidelity Total Bond ETF | 4.14% | 369,743 | $17.1M | Add +9.4% |
| DFIC Dimensional International Co. | 3.34% | 420,989 | $13.8M | Reduce -1.9% |
| DFEM Dimensional Emrg MRKT Core | 2.67% | 344,368 | $11.0M | Reduce -1.5% |
| FRDM Freedom 100 Emeging MRKT ETF | 1.99% | 185,167 | $8.2M | Reduce -2.7% |
| IJH iShares Core S&P Midcap ETF | 1.83% | 116,000 | $7.6M | Reduce -1.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.83% | 15,023 | $7.6M | Reduce -1.8% |
| TSLA Tesla Inc. | 1.78% | 16,489 | $7.3M | Add +0.9% |
| MSFT Microsoft Corp. | 1.68% | 13,398 | $6.9M | Reduce -1.2% |
| APH Amphenol Corp. Class A | 1.67% | 55,757 | $6.9M | Reduce -8.6% |
| GOOG Alphabet Inc. Class C | 1.54% | 26,109 | $6.4M | Reduce -0.4% |
| SYK Stryker Corp. | 1.40% | 15,659 | $5.8M | Reduce -1.2% |
| SGOV iShares 0-3 Month Treasury B | 1.26% | 51,879 | $5.2M | Reduce -41.6% |
| GOOGL Alphabet Inc. Class A | 1.24% | 21,042 | $5.1M | Reduce -1.0% |
| GD General Dynamics Corp. | 1.21% | 14,601 | $5.0M | Reduce -3.7% |
| V Visa Inc. Class A | 1.20% | 14,576 | $5.0M | Reduce -0.4% |
| CMI Cummins Inc. | 1.15% | 11,264 | $4.8M | Reduce -4.0% |
| INTU Intuit Inc. | 1.14% | 6,894 | $4.7M | Add +0.7% |
| CVCO Cavco Industries Inc. | 1.14% | 8,086 | $4.7M | Reduce -0.7% |
| DHI D.R. Horton Inc. | 1.12% | 27,381 | $4.6M | Reduce -0.1% |
| UBER Uber Technologies Inc. | 1.08% | 45,592 | $4.5M | Reduce -1.1% |
| MKL Markel Group Inc. | 1.07% | 2,321 | $4.4M | Reduce -0.8% |
| GNRC Generac Holdings Inc. | 1.06% | 26,138 | $4.4M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 1.06% | 19,868 | $4.4M | Reduce -0.6% |
| WAB Wabtec Corp. | 1.05% | 21,638 | $4.3M | Reduce -1.3% |
| CSL Carlisle Cos Inc. | 1.03% | 12,943 | $4.3M | Add +12.6% |
| LOW Lowe's Cos Inc. | 0.95% | 15,615 | $3.9M | Reduce -3.9% |
| PCAR Paccar Inc. | 0.93% | 39,123 | $3.8M | Reduce -2.6% |
| META Meta Platforms Inc. Class A | 0.90% | 5,085 | $3.7M | Reduce -1.2% |
| FFIN First Finl Bankshares Inc. | 0.87% | 107,220 | $3.6M | New |
| UFPI Ufp Industries Inc. | 0.87% | 38,526 | $3.6M | Reduce -0.5% |
| A Agilent Technologies Inc. | 0.84% | 27,045 | $3.5M | New |
| ACN Accenture PLC Class A | 0.83% | 13,927 | $3.4M | Add +0.9% |
| RMD Resmed Inc. | 0.81% | 12,156 | $3.3M | Reduce -3.1% |
| CFR Cullen/Frost Bankers Inc. | 0.80% | 26,029 | $3.3M | Reduce -1.9% |
| NXPI NXP Semiconductors NV | 0.78% | 14,085 | $3.2M | Reduce -3.0% |
| NVR NVR Inc. | 0.75% | 384 | $3.1M | Reduce -1.0% |
| PYPL PayPal Holdings Inc. | 0.71% | 43,485 | $2.9M | Reduce -3.0% |
| SSGA ACTIVE TR | 0.66% | 61,951 | $2.7M | Add +7.4% |
| IUSG iShares Core S&P U.S. Growth | 0.65% | 16,275 | $2.7M | Reduce -2.0% |
| SFBS Servisfirst Bancshares Inc. | 0.63% | 32,287 | $2.6M | New |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.50% | 41,186 | $2.1M | Add +2.6% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.33% | 14,097 | $1.4M | Reduce -8.5% |
| EFG iShares MSCI Eafe Growth ETF | 0.32% | 11,770 | $1.3M | Add +7.7% |
| USFR Wisdomtree Floating Rate Tre | 0.28% | 23,392 | $1.2M | Add +9.8% |
| VOO Vanguard S&P 500 ETF | 0.21% | 1,415 | $867K | No change |
| WMT Walmart Inc. | 0.20% | 7,849 | $809K | Add +0.6% |
| IHI iShares U.S. Medical Devices | 0.17% | 11,380 | $684K | Reduce -1.3% |
| AAPL Apple Inc. | 0.15% | 2,441 | $622K | Add +0.7% |
| RAVE Rave Restaurant Group Inc. | 0.15% | 182,800 | $605K | No change |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.14% | 1,250 | $580K | No change |
| VRSK Verisk Analytics Inc. | 0.14% | 2,220 | $558K | No change |
| REI Ring Energy Inc. | 0.13% | 500,000 | $545K | No change |
| AFL Aflac Inc. | 0.12% | 4,383 | $490K | Add +0.2% |
| VEA Vanguard Ftse Developed ETF | 0.11% | 7,415 | $444K | No change |
| IBIT iShares Bitcoin Trust ETF | 0.10% | 6,487 | $422K | New |
| IVV iShares Core S&P 500 ETF | 0.10% | 605 | $405K | Add +1.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.09% | 1,184 | $389K | Add +1.3% |
| NVDA Nvidia Corp. | 0.09% | 2,049 | $382K | Reduce -8.9% |
| JNJ Johnson & Johnson | 0.09% | 1,921 | $356K | Add +0.7% |
| BTCO Invsco GLXY BTCN ETF | 0.09% | 3,119 | $356K | Reduce -17.9% |
| YUM Yum! Brands Inc. | 0.08% | 2,275 | $346K | Add +0.3% |
| CSCO Cisco Systems Inc. | 0.08% | 4,979 | $341K | Add +0.7% |
| MCD McDonald's Corp. | 0.08% | 1,102 | $335K | Add +0.6% |
| HD Home Depot Inc. | 0.08% | 814 | $330K | Reduce -10.4% |
| IWD iShares Russell 1000 Value E | 0.08% | 1,558 | $317K | No change |
| KO The Coca-Cola Co. | 0.07% | 4,308 | $286K | No change |
| SMMU PIMCO SHRT TRM Muni BND ETF | 0.07% | 5,540 | $280K | No change |
| BSV Vanguard Short-Term Bond ETF | 0.07% | 3,527 | $278K | Reduce -1.4% |
| XOM Exxon Mobil Corp. | 0.06% | 2,337 | $263K | No change |
| VIG Vanguard Dividend Apprec ETF | 0.06% | 1,211 | $261K | Add +2.4% |
| TPL Texas Pacific Land Corp. | 0.06% | 270 | $252K | No change |
| IUSV iShares Core S&P U.S. Value | 0.05% | 2,138 | $214K | Reduce -17.6% |
Portfolio Sells Q2 2025 → Q3 2025
| SGOV iShares 0-3 Month Treasury B | Reduce -41.6% | 1.26% | −1.07 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.48 |
| SYK Stryker Corp. | Reduce -1.2% | 1.40% | −0.23 |
| PYPL PayPal Holdings Inc. | Reduce -3.0% | 0.71% | −0.16 |
| V Visa Inc. Class A | Reduce -0.4% | 1.20% | −0.15 |
| WAB Wabtec Corp. | Reduce -1.3% | 1.05% | −0.15 |
| MKL Markel Group Inc. | Reduce -0.8% | 1.07% | −0.14 |
| DFIC Dimensional International Co. | Reduce -1.9% | 3.34% | −0.14 |
| UFPI Ufp Industries Inc. | Reduce -0.5% | 0.87% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 1.83% | −0.11 |
| CFR Cullen/Frost Bankers Inc. | Reduce -1.9% | 0.80% | −0.09 |
| AMZN Amazon.com Inc. | Reduce -0.6% | 1.06% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -1.2% | 0.90% | −0.09 |
| MSFT Microsoft Corp. | Reduce -1.2% | 1.68% | −0.08 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.8% | 1.83% | −0.08 |
| DFAT Dimensional US Target Value | Reduce -1.2% | 6.09% | −0.07 |
| PCAR Paccar Inc. | Reduce -2.6% | 0.93% | −0.06 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −0.06 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.05 |
| NXPI NXP Semiconductors NV | Reduce -3.0% | 0.78% | −0.05 |
| TMSL T.rowe PRC Small-Mid Cap ETF | Reduce -0.2% | 6.84% | −0.04 |
| UBER Uber Technologies Inc. | Reduce -1.1% | 1.08% | −0.04 |
| IJK iShares S&P Mid-Cap 400 Grow | Reduce -8.5% | 0.33% | −0.04 |
| RMD Resmed Inc. | Reduce -3.1% | 0.81% | −0.04 |
| DFEM Dimensional Emrg MRKT Core | Reduce -1.5% | 2.67% | −0.03 |
| IHI iShares U.S. Medical Devices | Reduce -1.3% | 0.17% | −0.02 |
| BTCO Invsco GLXY BTCN ETF | Reduce -17.9% | 0.09% | −0.02 |
| FRDM Freedom 100 Emeging MRKT ETF | Reduce -2.7% | 1.99% | −0.02 |
| IUSV iShares Core S&P U.S. Value | Reduce -17.6% | 0.05% | −0.01 |
| HD Home Depot Inc. | Reduce -10.4% | 0.08% | −0.01 |
| BSV Vanguard Short-Term Bond ETF | Reduce -1.4% | 0.07% | −0.01 |
| IUSG iShares Core S&P U.S. Growth | Reduce -2.0% | 0.65% | −0.00 |
| NVR NVR Inc. | Reduce -1.0% | 0.75% | −0.00 |
| NVDA Nvidia Corp. | Reduce -8.9% | 0.09% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -3.9% | 0.95% | +0.01 |
| GD General Dynamics Corp. | Reduce -3.7% | 1.21% | +0.05 |
| GNRC Generac Holdings Inc. | Reduce -1.9% | 1.06% | +0.06 |
| APH Amphenol Corp. Class A | Reduce -8.6% | 1.67% | +0.10 |
| CMI Cummins Inc. | Reduce -4.0% | 1.15% | +0.15 |
| DHI D.R. Horton Inc. | Reduce -0.1% | 1.12% | +0.20 |
| CVCO Cavco Industries Inc. | Reduce -0.7% | 1.14% | +0.21 |
| GOOGL Alphabet Inc. Class A | Reduce -1.0% | 1.24% | +0.26 |
| GOOG Alphabet Inc. Class C | Reduce -0.4% | 1.54% | +0.33 |
Portfolio Buys Q2 2025 → Q3 2025
| FFIN First Finl Bankshares Inc. | New | 0.87% | +0.87 |
| A Agilent Technologies Inc. | New | 0.84% | +0.84 |
| SFBS Servisfirst Bancshares Inc. | New | 0.63% | +0.63 |
| TSLA Tesla Inc. | Add +0.9% | 1.78% | +0.42 |
| VSLU Applied Finance Valuat ETF | Add +3.3% | 6.56% | +0.29 |
| FBND Fidelity Total Bond ETF | Add +9.4% | 4.14% | +0.11 |
| IBIT iShares Bitcoin Trust ETF | New | 0.10% | +0.10 |
| DFAC Dimensional US Core Equity 2 | Add +0.9% | 8.70% | +0.07 |
| AAPL Apple Inc. | Add +0.7% | 0.15% | +0.02 |
| JNJ Johnson & Johnson | Add +0.7% | 0.09% | +0.01 |
| SSGA ACTIVE TR | Add +7.4% | 0.66% | +0.01 |
| EFG iShares MSCI Eafe Growth ETF | Add +7.7% | 0.32% | +0.01 |
| USFR Wisdomtree Floating Rate Tre | Add +9.8% | 0.28% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +1.3% | 0.09% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +1.0% | 0.10% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +2.4% | 0.06% | +0.00 |
| AFL Aflac Inc. | Add +0.2% | 0.12% | −0.00 |
| MCD McDonald's Corp. | Add +0.6% | 0.08% | −0.00 |
| WMT Walmart Inc. | Add +0.6% | 0.20% | −0.00 |
| YUM Yum! Brands Inc. | Add +0.3% | 0.08% | −0.00 |
| CSCO Cisco Systems Inc. | Add +0.7% | 0.08% | −0.01 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +2.6% | 0.50% | −0.01 |
| CSL Carlisle Cos Inc. | Add +12.6% | 1.03% | −0.09 |
| TLH iShares 10-20 Year Treasury | Add +3.7% | 6.29% | −0.16 |
| MTBA Simplify MBS ETF | Add +5.1% | 9.51% | −0.18 |
| ACN Accenture PLC Class A | Add +0.9% | 0.83% | −0.24 |
| INTU Intuit Inc. | Add +0.7% | 1.14% | −0.27 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 73 | $447.4M | MTBA, DFAC, TMSL, VSLU, DFAT |
| Q1 2026 | 73 | $413.2M | MTBA, DFAC, VSLU, TMSL, TLH |
| Q4 2025 | 77 | $418.9M | MTBA, DFAC, VSLU, TMSL, TLH |
| Q3 2025 | 78 | $413.1M | MTBA, DFAC, TMSL, VSLU, TLH |
| Q2 2025 | 77 | $383.6M | MTBA, DFAC, TMSL, TLH, VSLU |
| Q1 2025 | 80 | $356.8M | MTBA, DFAC, TMSL, DFAT, VSLU |
| Q4 2024 | 84 | $380.8M | SHY, DFAC, MTBA, DFAT, TMSL |
| Q3 2024 | 81 | $383.6M | SHY, DFAC, MTBA, DFAT, TMSL |
| Q2 2024 | 79 | $313.2M | DFAC, SHY, MTBA, DFAT, DFEM |
| Q1 2024 | 83 | $330.9M | DFAC, TBLL, BSV, DFAT, DFIC |