Brown Financial Advisory

CIK 1843853 · View on SEC EDGAR ↗

Portfolio value QoQ: +18.7% 13F does not disclose cash

Top 10 holdings weight91.18%

Top 25 holdings weight96.49%

Positions above 1%6

Effective number of positions4.1

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 1.64% Est. buys $11,232,535 · sells $3,625,451

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 75.4% still held

New positions4

Increased6

Decreased22

Closed4

Portfolio value $239.4M #5,924 of 9,337 by 13F value · top 63.4%

Positions 49

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Technology 1.2%

Financials 1.1%

Retail 0.5%

Healthcare 0.3%

Materials 0.2%

Consumer Staples 0.2%

Industrials 0.2%

Communication Services 0.2%

Utilities 0.1%

Energy 0.1%

Other/Unmapped 95.7%

Full portfolio 49 positions

					Streak
SPYM State Street SPDR Portfolio S&P 500 ETF	$101,235,544	42.28%	1,151,975	$18,570,830	Up ×3
VB Vanguard Morningstar Small-Cap ETF	$44,810,434	18.72%	147,831	$7,787,604	Up ×6
DEXC Dimensional ETF Trust	$35,492,426	14.82%	429,629	$7,775,088	Up ×5
IWB iShares Russell 1000 ETF	$11,123,863	4.65%	27,165	$1,368,916	Down ×6
SPDW State Street SPDR Portfolio Developed World ex-US ETF	$10,383,465	4.34%	206,062	$900,955	Down ×1
VONE Vanguard Russell 1000 ETF	$7,171,380	3.00%	21,172	$917,787	Down ×1
AVDE AMERICAN CENTURY ETF TRUST	$2,283,788	0.95%	25,603	$111,629
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B	$2,069,113	0.86%	4,135	$17,657	Down ×3
IWF iShares Russell 1000 Growth Fund	$2,056,675	0.86%	16,563	$194,416	Up ×1
IVV iShares Trust	$1,674,519	0.70%	2,236	$189,119	Down ×6
SPEM State Street SPDR Portfolio Emerging Markets ETF	$1,489,038	0.62%	28,757	$140,047
AAPL Apple Inc. - Common Stock	$1,230,708	0.51%	4,253	$-27,332	Down ×2
MSFT Microsoft Corporation - Common Stock	$1,124,312	0.47%	3,014	$-86,673	Down ×2
SPHY State Street SPDR Portfolio High Yield Bond ETF	$1,078,147	0.45%	45,996	$79,071	Up ×1
VEA Vanguard FTSE Developed Markets ETF	$1,075,305	0.45%	15,092	$108,209
IWD iShares Russell 1000 Value ETF	$957,239	0.40%	3,949	$113,560
ABBV AbbVie Inc. Common Stock	$831,264	0.35%	3,303	$21,675	Down ×1
VYM Vanguard High Dividend Yield ETF	$801,873	0.33%	5,074	$-130,500	Down ×2
VTI Vanguard Morningstar Total Stock Market ETF	$777,825	0.32%	2,102	$103,482
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	$653,459	0.27%	11,331	$105,945
SXT Sensient Technologies Corporation Common Stock	$561,093	0.23%	4,551	$-7,596	Down ×1
SPY SPY	$555,477	0.23%	744	$58,072	Down ×1
AMZN Amazon.com, Inc. - Common Stock	$552,473	0.23%	2,318	$25,966	Down ×2
IWM iShares Russell 2000 Index Fund	$520,380	0.22%	1,732	$71,252	Down ×1
COKE Coca-Cola Consolidated, Inc. - Common Stock	$492,574	0.21%	2,580		Up ×1
USMV iShares MSCI USA Min Vol Factor ETF	$487,534	0.20%	5,054	$-110,860	Down ×2
NVDA NVIDIA Corporation - Common Stock	$487,472	0.20%	2,436	$-53,515	Down ×2
VWO Vanguard FTSE Emerging Markets ETF	$476,924	0.20%	7,990	$45,064
FNDX SCHWAB STRATEGIC TRUST	$458,205	0.19%	14,733	$-102,903	Down ×2
CAT Caterpillar, Inc. Common Stock	$436,652	0.18%	410	$146,154
BSCR Invesco BulletShares 2027 Corporate Bond ETF	$422,684	0.18%	21,549	$-216
BSCS Invesco BulletShares 2028 Corporate Bond ETF	$422,248	0.18%	20,734	$-1,203
BSCT Invesco BulletShares 2029 Corporate Bond ETF	$422,210	0.18%	22,730	$-1,941
SPAB State Street SPDR Portfolio Aggregate Bond ETF	$402,068	0.17%	15,755	$-1,576
WMT Walmart Inc. - Common Stock	$386,792	0.16%	3,415	$-201,040	Down ×2
L Loews Corporation Common Stock	$382,311	0.16%	3,377	$21,850
VXF Vanguard Extended Market ETF	$366,214	0.15%	1,487	$60,106
VTWO Vanguard Russell 2000 ETF	$357,825	0.15%	2,947	$62,624
AVEM AMERICAN CENTURY ETF TRUST	$357,592	0.15%	3,706	$58,962
HD Home Depot, Inc. (The) Common Stock	$347,660	0.15%	986	$-50,075	Down ×2
SO Southern Company (The) Common Stock	$281,829	0.12%	2,945	$-3,158	Down ×2
JPM JP Morgan Chase & Co. Common Stock	$281,105	0.12%	859	$-80,946	Down ×1
GOOG Alphabet Inc. - Class C Capital Stock	$270,980	0.11%	767	$50,978
VOE Vanguard Morningstar Mid-Cap Value ETF	$252,388	0.11%	1,277	$-29,037	Down ×1
GOOGL Alphabet Inc. - Class A Common Stock	$234,956	0.10%	657
VOO Vanguard S&P 500 ETF	$229,773	0.10%	335		Up ×1
XOM Exxon Mobil Corporation Common Stock	$222,099	0.09%	1,624	$-53,211	Up ×1
QUS SPDR SERIES TRUST	$215,879	0.09%	1,155	$-8,554	Down ×2
VEU Vanguard FTSE All World Ex US ETF	$210,423	0.09%	2,513		Up ×1
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security	Value	% of portfolio	Streak
SPYM	$101,235,544	42.28%	up ×3
VB	$44,810,434	18.72%	up ×6
DEXC	$35,492,426	14.82%	up ×5

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
COKE	$492,574	2,580	0.21%
GOOGL	$234,956	657	0.10%
VOO	$229,773	335	0.10%
VEU	$210,423	2,513	0.09%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
SPYM	Bought more	+72K	+$18.6M
VB	Bought more	+6K	+$7.8M
DEXC	Bought more	+2K	+$7.8M
IWB	Trimmed	-194	+$1.4M
VONE	Trimmed	-18	+$918K
SPDW	Trimmed	-2K	+$901K
WMT	Trimmed	-1K	-$201K
IWF	Bought more	+12K	+$194K
IVV	Trimmed	-38	+$189K
CAT	Price move only	+0	+$146K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
DFAR	March 31, 2026	119,825	$2,744,137
CVX	June 30, 2025	9,223	$1,542,948	45.0%
MGC	March 31, 2026	2,334	$586,317
FBND	June 30, 2026	11,473	$523,410
VNQ	March 31, 2026	5,087	$450,149
XMHQ	June 30, 2026	3,798	$392,563
IQLT	June 30, 2026	7,401	$342,140
VGSH	June 30, 2026	5,029	$294,393
SCHG	March 31, 2026	8,240	$268,791	24.5%
USRT	March 31, 2026	4,003	$228,011
ABT	March 31, 2026	1,804	$226,024	-4.4%
MGV	March 31, 2026	1,587	$224,090
PRF	Sept. 30, 2025	4,993	$211,037	22.4%
USFR	March 31, 2026	4,127	$207,683	0.1%
HYS	Dec. 31, 2025	2,158	$206,454
GOOGL	March 31, 2026	641	$200,777	20.9%