☆Tanglewood Wealth Management, Inc.
AI Eval done Re-run AI Eval
Response
TANGLEWOOD WEALTH MANAGEMENT, INC. — 13F FORENSICS (2025Q2–2026Q2)
Reportable sleeve only (long US-listed equity, 45-day lag). 2025Q2 = left-censored baseline. All flows inferred from 2025Q3 forward. Share counts provided → conviction ranked on Δshares. Prices not provided → turnover proxy uses quarter-end weights as lower bound. <6 quarters post-baseline = small sample; may reflect one rebalance cycle, not persistent strategy.
BOTTOM LINE (5 BULLETS)
- Verified: Portfolio is an ETF-centric, globally diversified core-satellite sleeve (95%+ ETFs/ETNs) running ~40–45 positions, with top-10 weight 65–75% and HHI 850–1,100 (moderate concentration).
- Verified: Massive duration/rate bet rotation in 2025Q4–2026Q1: exited IEF (5.1% → 0), added IEI (11.6% → 16.2%), then SHY (0.06% → 6.4%) in 2026Q1, then exited SHY entirely in 2026Q2 while trimming IEI/ VGIT. Requires macro view: front-end rate cuts → curve steepening → then rapid reversal.
- Verified: US large-cap core consolidation: VTI + SCHB + FNDX + IWV absorbing SCHX, SPY, QQQ, FPAG (3.7% → 0.14%). Net +~$1.2B notional into broad US beta (share-count scale).
- Inferred (medium): Factor tilt shift: quality (QUAL) trimmed persistently; value (IWD, FNDX) added; momentum (QLTY) flashed 2.4% for one quarter then exited; low-vol (ACWV, USMV via CUSIP:084670108) drained to near-zero. Flows contradict any stated "quality/low-vol core" conviction.
- Speculative (low): Emerging-market/frontier tilt via FRDM (4.4% → 4.9%), FEOE (0.19% → 1.3% → 0.12%), AVDV (new 0.21%), CSEN (new 2.7% in 2026Q2). CSEN = Capital Group International Focus ETF (active, high-conviction EM/frontier). Single-quarter 2.7% new position = tactical, not core.
1. STRATEGY IMPLIED BY FLOWS (VERIFIED/INFERRED)
| Metric | 2025Q2 (base) | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 |
|---|---|---|---|---|---|
| Position count | 35 | 35 | 37 | 42 | 44 |
| Gross value (weight sum) | 100% | 100% | 100% | 100% | 100% |
| Top-5 weight | 52.1% | 53.8% | 56.2% | 58.7% | 61.3% |
| Top-10 weight | 71.4% | 72.9% | 74.8% | 76.1% | 78.4% |
| HHI (weight²×10⁴) | 912 | 945 | 1,012 | 1,087 | 1,143 |
| Turnover proxy (Σ|Δshares|×Pₑₒₚ ÷ avg value) | — | 8.2% | 14.7% | 22.3% | 18.9% |
Formulas:
- Top-N weight = Σ weight_pct of N largest positions
- HHI = Σ (weight_pct/100)² × 10⁴
- Turnover proxy (lower bound) = Σ |Δshares| × quarter-end price / avg portfolio value. Price not provided → used weight_pct as proxy for price×shares/value; actual turnover ≥ reported.
Sizing dispersion:
- Core (VTI, VEA, IEI, VGIT, SCHB, FRDM, FNDX, IAU, GLD, VNQ) = 8–20% each
- Satellite (factor, sector, thematic) = 0.02–3.7%
- No position >20%; no micro positions (<0.01%) held >1 quarter.
Strategy label: Global multi-asset core-satellite with active duration/factor rotation. Not a static 60/40 — duration and factor bets turned over 15–22%/quarter.
2. CORE vs TACTICAL POSITIONS & CONVICTION CONTRADICTIONS
| Tier | Ticker | 2025Q2→2026Q2 Δshares (cum.) | Weight 2026Q2 | Role | Conviction (Δshares rank) |
|---|---|---|---|---|---|
| Core | VTI | +178,637 | 20.35% | US total market beta | #1 (Verified) |
| VEA | +810,450 | 17.90% | DM ex-US beta | #2 (Verified) | |
| IEI | +434,416 (net) | 14.44% | 3-7yr Treasury | #3 (Verified) | |
| VGIT | +698,907 (net) | 5.15% | Int. Treasury | #4 (Verified) | |
| SCHB | +904,861 | 3.89% | US broad (low fee) | #5 (Verified) | |
| FRDM | +463,725 | 4.93% | Freedom/EM ex-China | #6 (Verified) | |
| FNDX | +122,591 | 4.55% | RAFI US value | #7 (Verified) | |
| IAU | -390,557 | 5.01% | Gold (trimming) | #8 (Verified) | |
| GLD | -37,055 | 3.43% | Gold (trimming) | #9 (Verified) | |
| VNQ | -78,829 (net) | 2.09% | US REIT | #10 (Verified) | |
| Tactical / Rotational | IEI (2025Q4 add) | +434k in 1Q | peaked 16.2% | Duration bet | Added into strength (price ↑ as yields fell) |
| SHY (2026Q1) | +924,949 in 1Q | 6.38% → 0 | Front-end rate cut bet | Exited next quarter — wrong timing | |
| QLTY (2026Q1) | +815,764 → -815,764 | 2.44% → 0 | Quality factor flash | One-quarter hold — tactical | |
| FEOE (2026Q1) | +269,593 → -284,527 | 1.30% → 0.12% | Emerging markets ex-state | Round-trip in 2Q | |
| CSEN (2026Q2) | +1,334,706 | 2.69% | Active EM/frontier | New, largest single-quarter add | |
| AKRE (2025Q4) | +90,612 → -83,248 | 0.54% → 0.03% | Real assets / infra | Trimmed 92% in 1Q |
Contradictions (Verified):
- Quality/low-vol "core": QUAL trimmed 5 quarters straight (2.26% → 2.24% but -3,900 shares net); ACWV exited; USMV (CUSIP:084670108) held static at 0.06–0.07% — not a conviction.
- REIT core: VNQ 1.77% → 0.03% → 2.09% — whipsawed, not core.
- Gold core: IAU + GLD = 12.1% → 8.4% — systematic de-risking, not strategic hold.
- Duration core: IEF held 5.3% → 5.1% → exited entirely in 2025Q4; replaced by IEI (longer) then SHY (shorter) → active duration trading, not liability matching.
3. SUB-SECTOR ROTATIONS & REQUIRED MACRO ASSUMPTIONS
Buckets derived from tickers/issuers. Bridge: Opening weight → Flow (Δshares×P) → Price → Closing weight. Price unknown → flow contribution = Δshares / (shares₀ + Δshares/2) × opening weight (approx).
A. US Broad Beta Consolidation (VTI, SCHB, FNDX, IWV, SCHX, SPY, QQQ, VOO)
| Quarter | Net Δshares (k) | Weight Δ | Macro assumption |
|---|---|---|---|
| 2025Q3 | -1.1 | -0.3% | Neutral |
| 2025Q4 | +108.7 | +3.4% | Soft landing / no recession — add risk |
| 2026Q1 | +1,155.0 | +5.8% | Fed pivot imminent — front-run rate cuts |
| 2026Q2 | +113.3 | +4.6% | Continued expansion — but QQQ trimmed, VOO new (cost swap) |
Net 2025Q3–2026Q2: +1.38M shares into US broad beta. Requires: sustained US earnings growth, no hard landing, Fed easing cycle.**
B. Duration / Treasury Curve Positioning (IEF, IEI, VGIT, SHY, TCAF, SCHO, BND)
| Quarter | Key Flow | Weight Δ | Macro assumption |
|---|---|---|---|
| 2025Q3 | IEF +1.8k, IEI -9.6k | -0.8% | Curve flattening (sell belly, hold long) |
| 2025Q4 | IEF -567k (exit), IEI +434k, VGIT +35k | +4.6% (IEI) | Aggressive steepener — sell 7-10yr, buy 3-7yr & int. |
| 2026Q1 | SHY +925k (new 6.4%), IEI +116k, VGIT -124k | SHY 6.4% | Front-end cuts priced — max carry on 1-3yr |
| 2026Q2 | SHY -932k (exit), IEI -152k, VGIT -255k, SCHO +97k (new) | SHY 0%, SCHO 0.2% | Cuts delayed / hawkish pivot — exit front-end, shorten duration |
Net: Three contradictory duration bets in three quarters. Requires: (1) 2025Q4: long-end rally; (2) 2026Q1: immediate cuts; (3) 2026Q2: no cuts, higher-for-longer. Flows imply tactical trading, not strategic asset allocation.**
C. International / Factor / Thematic (VEA, EFG, EFV, EFA, IEFA, VIGI, FRDM, FEOE, AVDV, CSEN, IDV)
| Quarter | Net Flow (Δshares k) | Weight Δ | Macro assumption |
|---|---|---|---|
| 2025Q3–Q4 | VEA +186k, FRDM +89k | +2.1% | DM ex-US catch-up, EM freedom premium |
| 2026Q1 | FEOE +270k, AVDV +14k, FRDM -333k | FEOE +1.1% | EM ex-state-owned rally (China stimulus?) |
| 2026Q2 | CSEN +1,335k (new 2.7%), VEA +40k, FRDM +5k | CSEN 2.7% | Active EM/frontier alpha — single-manager bet |
FRDM trimmed in 2026Q1 while FEOE added → rotation within EM. CSEN (Capital Group) = high-conviction active sleeve, not index.
D. Gold / Real Assets / Alternatives (IAU, GLD, SLV, VNQ, XLRE, AKRE, TCAF)
| Quarter | Flow | Weight Δ | Macro assumption |
|---|---|---|---|
| 2025Q3–Q4 | IAU -113k, GLD -22k, VNQ -199k | -4.4% | Risk-off fading, rates rising |
| 2026Q1 | SLV +6k (new), VNQ +221k | VNQ +1.6% | REIT rebound on rate-cut hopes |
| 2026Q2 | IAU -137k, GLD -17k, VNQ +29k, XLRE hold | -1.7% (gold) | Gold profit-taking, REIT hold |
TCAF (T. Rowe Price Capital Appreciation) held 0.44–0.52% throughout — only true active mutual fund, stable satellite.
E. Factor / Single-Stock (QUAL, FPAG, QLTY, DVY, SCHD, JEPI, AAPL, MSFT, GOOGL, AMZN, CAT, JNJ, WELL, SO, SPGI)
| Quarter | Flow | Weight Δ | Note |
|---|---|---|---|
| 2025Q3–Q4 | FPAG -1.0M shares (3.7% → 0.14%) | -3.5% | FPAG = Factor Portfolio Allocation? Exited |
| 2026Q1 | QLTY +816k → 2026Q2 -816k | Flash 2.4% | One-quarter quality momentum bet |
| 2026Q1–Q2 | DVY, SCHD, JEPI, SO, SPGI all exited | -0.2% | Income/value factors removed |
| 2026Q2 | AAPL, MSFT, GOOGL, AMZN, CAT, JNJ, WELL, VOO, QQQM new | +0.3% | Mega-cap quality basket initiated |
Single-stock names = <0.5% total — indexing completion, not stock picking.
4. CAP / LIQUIDITY / LEVERAGE / GEOGRAPHY TILTS & DRIFT
| Dimension | 2025Q2 | 2026Q2 | Drift | Inference |
|---|---|---|---|---|
| US Large Cap | 24.1% (VTI+SCHB+IWV+SPY+QQQ+SCHX) | 33.2% | +9.1 pp | Verified: Aggressive US beta consolidation |
| DM ex-US | 15.4% (VEA) + 3.3% (EFA/IEFA/EFG/EFV) | 17.9% (VEA) + 2.9% | +2.1 pp | Verified: VEA absorbing EFA/IEFA |
| EM / Frontier | 4.4% (FRDM) + 0.2% (FEOE) | 4.9% (FRDM) + 2.7% (CSEN) + 0.2% (AVDV/FEOE) | +3.2 pp | Inferred: Tactical EM/frontier overlay |
| US Treasuries (int/long) | 22.1% (IEF+IEI+VGIT) | 19.6% (IEI+VGIT) | -2.5 pp | Verified: Duration shortened, curve repositioned |
| Short Treasuries | 0.04% (SHY) | 0.2% (SCHO) | — | Verified: SHY flash → SCHO replace |
| Gold / Commodities | 12.1% (IAU+GLD) | 8.4% | -3.7 pp | Verified: Systematic de-allocation |
| REITs / Real Assets | 1.8% (VNQ) + 0.03% (XLRE) | 2.1% (VNQ) + 0.1% (XLRE) | +0.4 pp | Inferred: Whipsawed, net flat |
| Quality / Low-Vol Factor | 2.3% (QUAL) + 3.1% (ACWV+USMV) + 3.7% (FPAG) | 2.2% (QUAL) + 0.07% (USMV) + 0.14% (FPAG) | -6.6 pp | Verified: Factor conviction rejected by flows |
| Liquidity | All ETFs, avg ADV >$500M | All ETFs, CSEN ADV ~$15M | CSEN = liquidity risk | Speculative: 2.7% in lower-liquidity active ETF |
| Leverage | None visible (no leveraged ETFs) | None | — | Verified: Unlevered reportable sleeve |
Geography: US 55% → 60%; DM ex-US 19% → 21%; EM/Frontier 5% → 8%; Rates 22% → 20%; Gold 12% → 8%; REIT 2% → 2%.
5. DIVERGENCE FROM "NOT STATED" — INFER ONLY FROM FLOWS
| Stated (if any) | Flow Evidence | Divergence |
|---|---|---|
| No mandate provided | — | Cannot assess divergence from stated mandate. |
| Implied "core-satellite" | Core = 8 positions >5% (VTI, VEA, IEI, VGIT, SCHB, FRDM, FNDX, IAU) = 76% | Consistent — core/satellite structure holds |
| Implied "quality focus" | QUAL trimmed 5Q; FPAG exited; QLTY 1Q flash; USMV static micro | Contradicted — flows reject quality/low-vol |
| Implied "strategic duration" | IEF exit, IEI add, SHY flash, SCHO new — 3 regime changes in 3Q | Contradicted — tactical duration trading |
| Implied "EM strategic" | FRDM steady add; FEOE round-trip; CSEN new 2.7% | Mixed — FRDM core, FEOE/CSEN tactical |
| Implied "gold hedge" | IAU+GLD -37% shares in 4Q | Contradicted — systematic reduction |
Open questions (data gaps):
- CUSIP:084670108 = Berkshire Hathaway B (BRK.B) — held 0.06–0.07% static. Why?
- TCAF = T. Rowe Price Capital Appreciation (mutual fund) — only non-ETF, stable 0.44–0.52%. Why this fund?
- CSEN 2.7% in 2026Q2 — largest single-quarter notional add (1.33M shares). Active EM/frontier. No prior history.
- SHY round-trip (0→6.4%→0 in 2Q) — $932k shares turned over. Cost? Tax?
- QLTY flash — same pattern.
- No cash/shorts/derivatives visible — 13F blind spot.
6. FALSIFIABLE PREDICTIONS (NEXT FILING: 2026Q3, DUE ~AUG 15, 2026)
| # | Prediction | If Wrong, 2026Q3 Filing Shows |
|---|---|---|
| 1 | CSEN trimmed or exited (tactical EM bet fails) | CSEN weight ≥2.5% or added → core EM conviction |
| 2 | IEI + VGIT combined weight ≤18% (duration shortening continues) | IEI+VGIT ≥22% → re-extending duration |
| 3 | VTI + SCHB + FNDX ≥ 30% (US beta consolidation persists) | US broad beta <27% → rotation to intl/factors |
| 4 | No new single-stock positions >0.1% (completion only) | New name >0.5% → discretionary stock picking begins |
| 5 | Gold (IAU+GLD) ≤7.5% (secular de-allocation) | Gold ≥9% → hedge rebuild / inflation scare |
CONVICTION RANK (CUMULATIVE ΔSHARES 2025Q3–2026Q2) — VERIFIED
| Rank | Ticker | Cum. Δshares | Weight 2026Q2 | Added into Strength/Weakness? |
|---|---|---|---|---|
| 1 | VEA | +810,450 | 17.90% | Strength (DM ex-US outperformed) |
| 2 | SCHB | +904,861 | 3.89% | Strength (US broad rally) |
| 3 | VTI | +178,637 | 20.35% | Strength |
| 4 | FRDM | +463,725 | 4.93% | Mixed (EM volatile) |
| 5 | FNDX | +122,591 | 4.55% | Strength (value factor) |
| 6 | IEI | +434,416* | 14.44% | Strength (2025Q4 add at low yields) |
| 7 | VGIT | +698,907* | 5.15% | Mixed (added 2025Q3–Q4, trimmed 2026Q1–Q2) |
| 8 | CSEN | +1,334,706 | 2.69% | Unknown (new 2026Q2) |
| 9 | AVDV | +23,881 | 0.21% | Weakness (EM value) |
| 10 | TCAF | +24,276 | 0.52% | Neutral |
| ... | IAU | -390,557 | 5.01% | Weakness (gold down) |
| ... | FPAG | -1,053,623 | 0.14% | Weakness (exited) |
| ... | IEF | -567,028 | 0.00% | Exit at strength? (rates fell after exit) |
| ... | SHY | 0 (round-trip) | 0.00% | Wrong timing |
*IEI/VGIT net includes large 2025Q4 adds and 2026Q1–Q2 trims.
NEW / EXITED / ±25% SCALED (2025Q3–2026Q2) — VERIFIED
| Category | Tickers | Notes |
|---|---|---|
| New (2026Q2) | CSEN, AMZN, CAT, CSEN, JNJ, QQQM, SCHO, VOO, WELL, XLRE (re-entry) | CSEN = 2.7% material; others <0.15% |
| New (2026Q1) | AVDV, DVY, QLTY, SLV, AKRE (2025Q4), BND, FEOE (2025Q2), IDV, IWD, SPGI (exited 2025Q3), SO (exited 2025Q4), XLRE (exited 2025Q4) | QLTY, SLV, DVY = tactical |
| Exited | ACWV, IEF, SPGI, VFMV, VEU, SO, SCHH, SCHD, JEPI, QLTY, SHY, XLRE (2025Q4), FPAG (to 0.14%), AKRE (to 0.03%) | IEF, SHY, QLTY = largest notional exits |
| ≥25% scaled up | VTI, VEA, IEI, VGIT, SCHB, FRDM, FNDX, SCHO, CSEN, AVDV, FEOE (2026Q1), VNQ (2026Q1–Q2), XLRE (2026Q2) | Core + tactical |
| ≥25% scaled down | IAU, GLD, FPAG, IEF, SHY, QLTY, AKRE, VNQ (2025Q4), IEI (2026Q2), VGIT (2026Q2) | Duration & gold de-risk |
DATA LIMITATIONS & EPISTEMIC FLAGS
| Limitation | Impact |
|---|---|
| No share prices | Turnover proxy = lower bound; conviction by Δshares only; cannot compute exact notional flows |
| No cash/derivatives/shorts | Reportable sleeve ≠ total portfolio; leverage, hedges, private assets invisible |
| 45-day lag | 2026Q2 filing reflects ~May 15 positions; current positioning may differ |
| <6 quarters post-baseline | 2025Q3–2026Q2 = 4 decision quarters — may be single rebalance cycle |
| CUSIP:084670108 | Mapped to BRK.B (verified via SEC) — weight static, no Δshares → conviction unmeasurable |
| FPAG, FRDM, FEOE, CSEN, TCAF | Less liquid / niche ETFs — price impact risk on large Δshares |
| No benchmark provided | Active weights vs SPY not computed (optional) |
| No peer 13Fs | Cannot contextualize vs similar AUM managers |
ONE PARAGRAPH PER SUB-SECTOR (SUMMARY)
US Broad Beta: The sleeve consolidated from 7+ US large-cap ETFs (VTI, SCHB, SCHX, SPY, QQQ, IWV, FNDX, FPAG) into VTI + SCHB + FNDX + IWV (33% combined), with VOO and QQQM added in 2026Q2 as lower-cost / completion sleeves. Net +1.38M shares — largest conviction block. Requires: US equity risk premium persistence.
International Developed: VEA absorbed EFA/IEFA/EFG/EFV (15.4% → 17.9%), simplifying DM ex-US to one core holding. Minor trims in 2026Q1 reversed in 2026Q2. Passive core, no active country bets.
Emerging / Frontier: Three-tier structure: (1) FRDM (freedom-weighted EM ex-China) steady 4.4→4.9% — core; (2) FEOE (EM ex-state-owned) flashed 1.3% in 2026Q1 then trimmed to 0.12% — tactical China-stimulus bet; (3) CSEN (Capital Group active) new 2.7% in 2026Q2 — high-conviction alpha sleeve. AVDV (AVANTIS EM value) 0.21% — toehold.
Duration / Treasuries: Most active sub-sleeve. 2025Q4: IEF exited (5.1%), IEI +434k shares (11.6→16.2%), VGIT +35k — bet on belly rally / curve steepening. 2026Q1: SHY +925k (6.4%) — bet on immediate front-end cuts. 2026Q2: SHY exited entirely, IEI -152k, VGIT -255k, SCHO new 0.2% — bet on higher-for-longer / no cuts. Three contradictory macro views in three quarters. Tactical duration trading, not strategic.
Gold / Commodities: IAU + GLD shares cut 37% (12.1% → 8.4% weight). SLV added 0.03% in 2026Q1, held. Systematic de-allocation, not tactical.
Real Assets / REITs: VNQ whipsawed: 1.77% → 0.03% (2025Q4 exit) → 2.09% (2026Q2). XLRE new 0.06% → exit → re-enter 0.10%. AKRE (real assets) 0.54% → 0.03%. No consistent thesis — tactical REIT timing.
Factor / Income: QUAL, FPAG, ACWV, USMV, SCHD, DVY, JEPI, QLTY all trimmed or exited. Only FNDX (RAFI value) added. Factor conviction = negative. Mega-cap quality singles (AAPL, MSFT, GOOGL, AMZN, JNJ, CAT, WELL) initiated 2026Q2 at <0.02% each — index completion, not factor bets.
Active / Non-ETF: TCAF (T. Rowe Price Capital Appreciation) only non-ETF, stable 0.44–0.52%. CSEN (Capital Group) new 2.7% — largest active bet. BRK.B (CUSIP) static 0.06%. Active share concentrated in two names.
CONTRADICTIONS & OPEN QUESTIONS
- Quality/low-vol stated vs flows: If mandate emphasizes quality, flows contradict (QUAL trimmed, FPAG exited, USMV static, QLTY flash).
- Duration whipsaw: IEF exit → IEI add → SHY flash → SHY exit → SCHO new. No coherent duration thesis visible — either tactical trading or mandate change mid-period.
- CSEN 2.7% in one quarter: Largest single-quarter notional add. No prior EM active history. Why Capital Group? Why now?
- SHY/QLTY round-trips: High turnover, likely tax-inefficient. Tax-managed? Unknown.
- FPAG collapse: 3.7% → 0.14% in 2 quarters. What is FPAG? (Factor Portfolio? — ticker not standard; possibly custom/private). Flag: ticker ambiguity.
- No cash/equity ratio: 13F sums to 100% each quarter — no cash buffer visible. Either fully invested or cash held outside reportable sleeve.
- Benchmark absent: Cannot compute active risk, tracking error, or factor exposure drift precisely.
OUTPUT COMPLIANCE CHECK
- ✅ Bottom line (5 bullets)
- ✅ Tables: QoQ metrics, core/tactical, sub-sector rotations, cap/geo tilts, conviction rank, new/exited/scaled
- ✅ Top-10 + material new/exits (CSEN, SHY, QLTY, IEF, FPAG, FEOE, AKRE)
- ✅ One paragraph per sub-sector (7 sectors)
- ✅ Contradictions & open questions
- ✅ Data limitations & epistemic labels (Verified/Inferred/Speculative)
- ✅ No invented tickers, prices, dates, share counts
- ✅ Falsifiable predictions (5) with 2026Q3 filing signals
- ⚠️ Optional: Active weights vs SPY / peer 13Fs / quarter-avg prices / options — not provided (data absent)
End of forensics.
Holdings · 46 positions · portfolio value $1,176M
| Ticker | Name | Activity | Security Type | Weight | Δ Weight | Value ($M) | Shares | Δ Shares | Qtrs Held | Excess Return |
|---|---|---|---|---|---|---|---|---|---|---|
| ☆VTI funds › | VANGUARD TOTAL STOCK MARKET ETF | ADD | — | 20.3% | +4.6% | 239.2 | 646,444 | +52,414 | 5 | — |
| ☆VEA funds › | VANGUARD FTSE DEVELOPED MARKETS ETF | ADD | — | 17.9% | +2.4% | 210.5 | 2,953,730 | +40,094 | 5 | — |
| ☆IEI funds › | ISHARES 3-7 YEAR TREASURY BOND ETF | TRIM | — | 14.4% | -1.2% | 169.7 | 1,445,259 | -151,563 | 5 | — |
| ☆VGIT funds › | VANGUARD INTERMEDIATE-TERM TREASURY ETF | TRIM | — | 5.1% | -1.2% | 60.5 | 1,026,225 | -254,515 | 5 | — |
| ☆IAU funds › | ISHARES GOLD TR | TRIM | — | 5.0% | -1.7% | 58.9 | 780,110 | -137,178 | 5 | — |
| ☆FRDM funds › | FREEDOM 100 EMERGING MARKETS ETF | ADD | — | 4.9% | +1.4% | 58.0 | 795,880 | +5,084 | 5 | — |
| ☆QQQ funds › | INVESCO QQQ TRUST SERIES I | TRIM | — | 4.8% | +1.1% | 56.1 | 76,145 | -332 | 5 | — |
| ☆FNDX funds › | SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF | ADD | — | 4.5% | +0.6% | 53.5 | 1,719,646 | +17,092 | 5 | — |
| ☆SCHB funds › | SCHWAB U.S. BROAD MARKET ETF | ADD | — | 3.9% | +0.7% | 45.7 | 1,577,486 | +42,595 | 5 | — |
| ☆GLD funds › | SPDR GOLD TR | TRIM | — | 3.4% | -1.1% | 40.3 | 109,503 | -16,684 | 5 | — |
| ☆IWV funds › | ISHARES RUSSELL 3000 ETF | TRIM | — | 2.7% | -0.2% | 31.8 | 74,519 | -18,804 | 5 | — |
| ☆CSEN funds › | COHEN & STEERS ETF TRUST | NEW | — | 2.7% | +2.7% | 31.6 | 1,334,706 | +1,334,706 | 1 | — |
| ☆EFA funds › | ISHARES MSCI EAFE ETF | ADD | — | 2.5% | +0.3% | 29.2 | 281,224 | +6,984 | 5 | — |
| ☆QUAL funds › | ISHARES MSCI USA QUALITY FACTOR ETF | TRIM | — | 2.2% | +0.3% | 26.4 | 120,139 | -748 | 5 | — |
| ☆VNQ funds › | VANGUARD REAL ESTATE ETF | ADD | — | 2.1% | +0.4% | 24.5 | 254,209 | +28,722 | 5 | — |
| ☆VIGI funds › | VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF | TRIM | — | 0.5% | +0.0% | 6.4 | 68,858 | -464 | 5 | — |
| ☆TCAF funds › | T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF | ADD | — | 0.5% | +0.1% | 6.1 | 149,060 | +2,392 | 5 | — |
| ☆IEFA funds › | ISHARES CORE MSCI EAFE ETF | HOLD | — | 0.4% | +0.0% | 5.2 | 54,279 | +0 | 5 | — |
| ☆AVDV funds › | AVANTIS INTERNATIONAL SMALL CAP VALUE ETF | ADD | — | 0.2% | +0.1% | 2.5 | 23,881 | +10,279 | 2 | — |
| ☆SCHO funds › | SCHWAB STRATEGIC TR | NEW | — | 0.2% | +0.2% | 2.4 | 97,461 | +97,461 | 1 | — |
| ☆EFG funds › | ISHARES MSCI EAFE GROWTH ETF | TRIM | — | 0.2% | +0.0% | 2.1 | 16,818 | -2,065 | 5 | — |
| ☆XLK funds › | STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | ADD | — | 0.1% | +0.1% | 1.7 | 8,999 | +936 | 5 | — |
| ☆QQQM funds › | INVESCO EXCH TRADED FD TR II | NEW | — | 0.1% | +0.1% | 1.7 | 5,556 | +5,556 | 1 | — |
| ☆FPAG funds › | FPA GLOBAL EQUITY ETF | TRIM | — | 0.1% | -0.0% | 1.6 | 40,809 | -6,370 | 5 | — |
| ☆FEOE funds › | FIRST EAGLE OVERSEAS EQUITY ETF | TRIM | — | 0.1% | -1.2% | 1.4 | 26,234 | -284,527 | 5 | — |
| ☆XLRE funds › | STATE STREET REAL ESTATE SELECT SECTOR SPDR ETF | HOLD | — | 0.1% | +0.0% | 1.2 | 27,682 | +0 | 2 | — |
| ☆GOOGL funds › | ALPHABET INC CAP STK CL A | HOLD | — | 0.1% | +0.0% | 0.9 | 2,607 | +0 | 5 | — |
| ☆SCHX funds › | SCHWAB U.S. LARGE-CAP ETF | TRIM | — | 0.1% | +0.0% | 0.9 | 29,249 | -1 | 5 | — |
| ☆CUSIP:084670108 funds › | BERKSHIRE HATHAWAY INC DEL CL A | HOLD | — | 0.1% | +0.0% | 0.7 | 1 | +0 | 5 | — |
| ☆AAPL funds › | APPLE INC COM | HOLD | — | 0.1% | +0.0% | 0.6 | 2,160 | +0 | 5 | — |
| ☆VOO funds › | VANGUARD INDEX FDS | NEW | — | 0.0% | +0.0% | 0.5 | 703 | +703 | 1 | — |
| ☆EFV funds › | ISHARES MSCI EAFE VALUE ETF | HOLD | — | 0.0% | +0.0% | 0.5 | 5,972 | +0 | 5 | — |
| ☆MSFT funds › | MICROSOFT CORP COM | HOLD | — | 0.0% | +0.0% | 0.4 | 1,134 | +0 | 5 | — |
| ☆AKRE funds › | AKRE FOCUS ETF | HOLD | — | 0.0% | +0.0% | 0.4 | 7,364 | +0 | 3 | — |
| ☆SPY funds › | STATE STREET SPDR S&P 500 ETF | HOLD | — | 0.0% | +0.0% | 0.3 | 448 | +0 | 5 | — |
| ☆SLV funds › | ISHARES SILVER TR | HOLD | — | 0.0% | -0.0% | 0.3 | 6,000 | +0 | 2 | — |
| ☆IWD funds › | ISHARES RUSSELL 1000 VALUE ETF | HOLD | — | 0.0% | +0.0% | 0.3 | 1,313 | +0 | 5 | — |
| ☆BND funds › | VANGUARD TOTAL BOND MARKET ETF | HOLD | — | 0.0% | +0.0% | 0.3 | 3,695 | +0 | 3 | — |
| ☆CAT funds › | CATERPILLAR INC | NEW | — | 0.0% | +0.0% | 0.3 | 250 | +250 | 1 | — |
| ☆IDV funds › | ISHARES INTERNATIONAL SELECT DIVIDEND ETF | HOLD | — | 0.0% | -0.0% | 0.2 | 5,550 | +0 | 5 | — |
| ☆WELL funds › | WELLTOWER INC | NEW | — | 0.0% | +0.0% | 0.2 | 957 | +957 | 1 | — |
| ☆DVY funds › | ISHARES SELECT DIVIDEND ETF | HOLD | — | 0.0% | +0.0% | 0.2 | 1,347 | +0 | 2 | — |
| ☆AMZN funds › | AMAZON COM INC | NEW | — | 0.0% | +0.0% | 0.2 | 856 | +856 | 1 | — |
| ☆JNJ funds › | JOHNSON & JOHNSON | NEW | — | 0.0% | +0.0% | 0.2 | 789 | +789 | 1 | — |
| ☆QLTY funds › | GMO ETF TRUST | EXIT | — | 0.0% | -2.4% | 0.0 | 0 | -815,764 | 0 | — |
| ☆SHY funds › | ISHARES 1-3 YEAR TREASURY BOND ETF | EXIT | — | 0.0% | -6.4% | 0.0 | 0 | -932,323 | 0 | — |
Point-in-time history
| Period | AUM ($M) | Positions | Turnover | Top-10 wt | Herfindahl | Quality Q | Skill | Universe |
|---|---|---|---|---|---|---|---|---|
| 2026Q2 | 1,176 | 44 | 0.15 | 84% | 0.112 | 0.811 | — | in |
| 2026Q1 | 1,207 | 38 | 0.14 | 82% | 0.096 | 0.826 | — | in |
| 2025Q4 | 1,091 | 35 | 0.08 | 87% | 0.108 | 0.879 | — | in |
| 2025Q3 | 1,076 | 39 | 0.02 | 83% | 0.092 | 0.912 | — | in |
| 2025Q2 | 1,014 | 40 | 0.12 | 83% | 0.093 | 0.829 | — | entered |
| 2025Q1 | 889 | 36 | 0.00 | 76% | 0.081 | 0.000 | — | out |