Fund Universe

Foundation Wealth Management, LLC\PA — 13F Forensics (2026Q1 Snapshot Only)
Mandate: not stated — infer only what the flows themselves support. No flows exist in this dataset; 2026Q1 is the sole quarter provided and is left-censored. All action/Δshare/prev_weight columns are artifacts of a prior quarter (2025Q4) we cannot see. Per rules: ignore action column; treat 2026Q1 as baseline only. All flow-based inferences (turnover, conviction, rotation, scaling) are not computable.

Bottom Line (5 Bullets)

1. Single-quarter snapshot only — 2026Q1 is left-censored; no QoQ flow data exists. Every position appears mechanically “NEW.” Any “TRIM/ADD/EXIT” labels are not decisions observable in this dataset.
2. ~90 reportable positions summing to ~100% weight; top 10 = 58.1%, top 5 = 39.5%; HHI ≈ 520 (moderate concentration, driven by a handful of ETFs).
3. ETF-wrapper structure — ~85% of weight in Vanguard, Dimensional, iShares, Schwab, SPDR funds. Core sleeves: US total market (VTI 12.1%), US IG bonds (VCIT 10.5%), US short-term bonds (VCSH 6.3%, BSV 2.7%), Dimensional factor tilts (DFSV 5.7%, DUHP 4.9%, DFEM 4.3%, DFAC 3.8%).
4. Significant overlap/redundancy — 6+ US large-cap/core ETFs (VTI, IVV, SPY, SCHB, SCHX, IWB, IWV); 5+ international developed (VEA, EFA, SPDW, DFAI, DFAX); 4+ US small-cap/value (DFSV, DFAT, DFUV, IJR, SLYV).
5. Zero flow-based conclusions possible — no turnover proxy, no conviction rank, no rotation, no macro-assumption mapping. Next filing (2026Q2) is the first usable observation.

Tables (Verified: computed from provided 2026Q1 weights only)

Table 1: Portfolio Summary (2026Q1)

Table 2: Top 20 Holdings by Weight (2026Q1)

Table 3: Sub-Sector Allocation (Derived Mapping — Inferred Bucketing)

Mapping methodology: Ticker-to-issuer/strategy lookup (Verified for known ETFs; Inferred for CUSIPs). Weights sum to ~100% (rounding).

Table 4: ETF Provider Concentration

Top-10 + Material New/Exits (Left-Censored Context)

Top-10 (Verified weights above).
“New” in 2026Q1 (per data’s prev_weight=0): AZN (1.33%), CUSIP:046353108 (exited same quarter, prev 1.28%), BND (exited, prev 0.08%), BX (exited, prev 0.08%).
“Exits” (weight=0, prev_weight>0): BND, BX, CUSIP:046353108.
Epistemic label: Speculative (Low Confidence) — these changes occurred in 2025Q4→2026Q1, a transition we cannot observe. Do not treat as 2026Q1 decisions.

Sub-Sector Paragraphs (Inferred from Snapshot Only)

US Broad/Total Market (18.5%) — Seven ETFs (VTI, IVV, SPY, SCHB, SCHX, IWB, IWV) cover near-identical large-cap/total-market indices. This redundancy suggests either legacy accumulation, multiple model sleeves not consolidated, or deliberate multi-provider sourcing for operational reasons (e.g., lending revenue, platform access). No flow data exists to judge if this is being streamlined.

US Factor/Style — Dimensional Core (28%) — The single largest active strategy block. DFSV (small value), DUHP/DIHP (profitability), DFAC (core), DFEM (EM), and a suite of satellite tilts (DFAT, DFUV, DFGR, etc.) indicate a deliberate, systematic factor implementation. Weights are sizable (DFSV 5.7%, DUHP 4.9%) — consistent with a strategic allocation, not tactical. Without prior quarters, cannot verify if sizing is stable or drifting.

International Developed (14.5% combined Core+Factor) — VEA/EFA/SPDW provide beta; DFAI/DFAX/DFIC add DFA core; EFV/DFIV/SCZ/DISV/DIHP add value/small/profitability. The coexistence of VEA (6.5% with EFA) and DFA international funds suggests parallel sleeves. Home bias? US ~70% vs Intl+EM ~23% — mild US overweight vs global cap (~60/40).

Emerging Markets (8.5%) — DFEM (4.3%) dominates over VWO (1.0%) and VEU (1.5% includes DM). SPEM (0.2%) and DFEV (0.2%) are minor. Tilt toward DFA’s EM core/value approach. No flow data to assess if EM exposure is being built or trimmed.

US Fixed Income (25.5% total) — Bifurcated: intermediate IG (VCIT 10.5%, SCHR 4.0%, AGG 0.1%, BIV 0.1%) vs short/ultra-short (VCSH 6.3%, BSV 2.7%, GSY 0.1%, VTIP 0.4%, SUB 0.1%). This barbell implies a macro assumption: expectation of rising rates / curve steepening, or liability matching with short-term needs. Duration management appears intentional. Municipal allocation negligible (0.15%).

Individual Equities (3.5%) — 18 names, mostly mega-cap (AAPL, MSFT, NVDA, AMZN, GOOGL, META, JPM, JNJ, UNH, PG, WMT, AVGO, CSCO, ITW, MRK, AZN). AZN (1.33%) is an outlier — 38% of the single-stock sleeve. Rest are <0.26% each. Pattern: high-conviction AZN + broad mega-cap “completion” layer? Or legacy positions? No Δshares to know.

Contradictions & Open Questions (Inferred / Speculative)

Data Limitations (Verified)

1. Single quarter (2026Q1) only — left-censored; no QoQ Δshares, no turnover, no conviction trajectories.
2. No share counts for most positions — delta_shares column exists but reflects 2025Q4→2026Q1 (unobservable prior state); cannot compute share-change conviction.
3. No price data — cannot split value change into Δshares vs price.
4. 13F constraints — long US-listed only; 45-day lag; no shorts, OTC derivatives, private holdings, non-US listings, commodities (except IAU), cash.
5. CUSIPs unmapped — 046353108, 25434V625, 30231G102 not resolved to tickers.
6. Mandate unknown — cannot benchmark against stated objective.
7. <4 quarters = small sample — even with future filings, early quarters may reflect one rebalance, not strategy.

Falsifiable Predictions (for 2026Q2 Filing)

Each prediction is Speculative (Low Confidence) — based solely on snapshot pattern recognition, not flow evidence.

Final Positioning Statement

This is a reportable-sleeve reconstruction of a single 13F snapshot (2026Q1). The portfolio presents as a multi-manager ETF wrapper with heavy Dimensional factor exposure, Vanguard/iShares beta, a deliberate fixed-income barbell, and a small but concentrated single-stock book (led by AZN). No strategy can be inferred from flows — only structural observations. All flow-dependent analyses (turnover, conviction, rotation, macro-assumption validation) require the 2026Q2 filing. Until then, every “strategy” claim is Speculative.