Flagstone Financial Management

CIK 1968890 · View on SEC EDGAR ↗

Portfolio value QoQ: +11.0% 13F does not disclose cash

Top 10 holdings weight80.43%

Top 25 holdings weight94.45%

Positions above 1%15

Effective number of positions8.6

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

Turnover Q2 2026: 0.41% Est. buys $11,346,716 · sells $1,734,232

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 96.2% still held

New positions6

Increased23

Decreased18

Closed1

Portfolio value $447.2M #4,136 of 9,337 by 13F value · top 44.3%

Positions 77

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Financials 2.9%

Technology 1.7%

Communication Services 0.5%

Industrials 0.4%

Energy 0.3%

Retail 0.2%

Healthcare 0.2%

Consumer Staples 0.2%

Real Estate 0.1%

Utilities 0.1%

Other/Unmapped 93.5%

Full portfolio 77 positions

					Streak
DFUS Dimensional ETF Trust	$127,446,574	28.50%	1,555,365	$18,883,109	Up ×2
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF	$44,848,758	10.03%	843,498	$1,754,032	Up ×6
SPDW State Street SPDR Portfolio Developed World ex-US ETF	$33,404,364	7.47%	662,916	$3,680,100	Up ×1
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF	$28,230,846	6.31%	940,715	$793,433	Up ×6
SPTI State Street SPDR Portfolio Intermediate Term Treasury ETF	$25,706,017	5.75%	905,461	$872,809	Up ×6
AVUV AMERICAN CENTURY ETF TRUST	$24,369,620	5.45%	195,332	$2,992,897	Up ×6
BNDX Vanguard Total International Bond ETF	$24,038,623	5.38%	496,358	$1,170,006	Up ×6
DFEM Dimensional ETF Trust	$19,401,098	4.34%	477,389	$2,548,100	Down ×5
AVUS AMERICAN CENTURY ETF TRUST	$16,933,941	3.79%	132,214	$1,950,541	Down ×1
AVDV AMERICAN CENTURY ETF TRUST	$15,281,971	3.42%	148,297	$654,607	Up ×1
VNQ Vanguard Real Estate ETF	$11,655,535	2.61%	120,870	$1,245,615	Up ×6
MUNI PIMCO ETF Trust	$9,876,761	2.21%	187,771	$1,209,270	Up ×3
AVEM AMERICAN CENTURY ETF TRUST	$8,492,301	1.90%	88,013	$1,076,373	Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B	$6,052,726	1.35%	12,096	$245,779	Down ×3
AVDE AMERICAN CENTURY ETF TRUST	$4,532,738	1.01%	50,816	$166,798	Down ×4
MUB iShares Trust	$3,357,433	0.75%	31,197	$186,295	Up ×6
AAPL Apple Inc. - Common Stock	$3,323,247	0.74%	11,485	$364,613	Down ×1
DFSU Dimensional ETF Trust	$2,596,649	0.58%	55,686	$379,898	Up ×6
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF	$2,271,838	0.51%	25,023	$293,518
SUSB iShares ESG Aware 1-5 Year USD Corporate Bond ETF	$2,247,727	0.50%	89,945	$86,976	Up ×1
JPM JP Morgan Chase & Co. Common Stock	$2,191,003	0.49%	6,694	$222,035
MSFT Microsoft Corporation - Common Stock	$1,902,320	0.43%	5,100	$23,384	Up ×1
USB U.S. Bancorp Common Stock	$1,431,052	0.32%	23,693	$155,266	Down ×1
DFSV Dimensional ETF Trust	$1,374,328	0.31%	35,430	$66,705	Down ×1
AVRE AMERICAN CENTURY ETF TRUST	$1,374,286	0.31%	29,006	$106,030	Up ×6
DFAE Dimensional ETF Trust	$1,263,629	0.28%	31,426	$199,553
NVDA NVIDIA Corporation - Common Stock	$1,009,046	0.23%	5,043	$130,527	Up ×1
GOOG Alphabet Inc. - Class C Capital Stock	$972,232	0.22%	2,752	$125,531	Down ×1
DFSB Dimensional ETF Trust	$901,070	0.20%	17,292	$14,733	Up ×1
XOM Exxon Mobil Corporation Common Stock	$892,867	0.20%	6,531	$-264,296	Down ×1
WFC Wells Fargo & Company Common Stock	$888,077	0.20%	10,746	$33,201	Up ×1
DFSI Dimensional ETF Trust	$886,495	0.20%	19,656	$75,335	Up ×1
IWR iShares Russell Mid-Cap ETF	$863,033	0.19%	7,823	$102,403
VTI Vanguard Morningstar Total Stock Market ETF	$765,057	0.17%	2,068	$95,367	Down ×1
VIG Vanguard Div Appreciation ETF	$754,765	0.17%	3,190	$68,774
BRK-A (filed as BRKA) Berkshire Hathaway Inc. Class A	$748,850	0.17%	1	$30,710
DE Deere & Company Common Stock	$654,731	0.15%	1,032	$73,315
VGIT Vanguard Intermediate-Term Treasury ETF	$625,896	0.14%	10,612	$-6,048
AMZN Amazon.com, Inc. - Common Stock	$609,674	0.14%	2,558	$161,894	Up ×3
MA Mastercard Incorporated Common Stock	$585,513	0.13%	1,140	$15,897
DFSE Dimensional ETF Trust	$564,296	0.13%	11,545	$68,076	Down ×2
MKL Markel Group Inc. Common Stock	$550,749	0.12%	282	$64,575	Up ×1
IWM iShares Russell 2000 Index Fund	$528,192	0.12%	1,758	$92,208
JNJ Johnson & Johnson Common Stock	$484,054	0.11%	1,906	$10,828	Down ×1
ORCL Oracle Corporation Common Stock	$480,453	0.11%	3,278	$-1,732
DFAR Dimensional ETF Trust	$470,971	0.11%	18,004	$-29,594	Down ×1
PEP PepsiCo, Inc. - Common Stock	$460,375	0.10%	3,400	$-67,630
CSCO Cisco Systems, Inc. - Common Stock	$417,087	0.09%	3,551	$141,573
QQQ Invesco QQQ Trust, Series 1	$385,873	0.09%	524	$76,505	Down ×2
SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF	$385,827	0.09%	11,531	$-923
DFIV Dimensional ETF Trust	$374,845	0.08%	6,939	$-11,505	Down ×2
VEA Vanguard FTSE Developed Markets ETF	$370,856	0.08%	5,205	$-51,176	Down ×1
ELS Equity Lifestyle Properties, Inc. Common Stock	$365,883	0.08%	5,677	$11,525
AMAT Applied Materials, Inc. - Common Stock	$360,777	0.08%	499		Up ×1
GOOGL Alphabet Inc. - Class A Common Stock	$352,785	0.08%	987	$68,963
STX Seagate Technology Holdings PLC - Ordinary Shares (Ireland)	$352,225	0.08%	365		Up ×1
BOC Boston Omaha Corporation Class A Common Stock	$337,931	0.08%	24,775	$55,100	Up ×1
ROK Rockwell Automation, Inc. Common Stock	$337,149	0.08%	681	$92,752
WMT Walmart Inc. - Common Stock	$310,846	0.07%	2,745	$-30,244
UNP Union Pacific Corporation Common Stock	$297,427	0.07%	1,093	$32,126
XLK SELECT SECTOR SPDR TRUST	$289,971	0.06%	1,522	$87,697
DFAT Dimensional ETF Trust	$287,499	0.06%	4,113	$30,642
VZ Verizon Communications Inc. Common Stock	$280,262	0.06%	6,619	$-51,451	Up ×1
XLF SELECT SECTOR SPDR TRUST	$280,216	0.06%	5,227	$22,164
BAC Bank of America Corporation Common Stock	$275,533	0.06%	4,836	$39,797
ETN Eaton Corporation, PLC Ordinary Shares	$272,290	0.06%	639	$34,797	Down ×1
VLO Valero Energy Corporation Common Stock	$260,440	0.06%	1,000	$13,360
SPY SPY	$251,997	0.06%	337	$32,540
IEI iShares 3-7 Year Treasury Bond ETF	$239,834	0.05%	2,042	$-2,348
PM Philip Morris International Inc Common Stock	$235,183	0.05%	1,300	$20,241
IEFA iShares Core MSCI EAFE ETF	$233,531	0.05%	2,418	$14,630
PANW Palo Alto Networks, Inc. - Common Stock	$228,483	0.05%	670		Up ×1
V Visa Inc.	$221,701	0.05%	646		Up ×1
GILD Gilead Sciences, Inc. - Common Stock	$219,453	0.05%	1,737	$-22,633
D Dominion Energy, Inc. Common Stock	$218,528	0.05%	3,200		Up ×1
CAT Caterpillar, Inc. Common Stock	$212,980	0.05%	200		Up ×1
NEE NextEra Energy, Inc. Common Stock	$204,768	0.05%	2,333	$-11,921
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
IGIB	$44,848,758	10.03%	up ×6
SPSB	$28,230,846	6.31%	up ×6
SPTI	$25,706,017	5.75%	up ×6
AVUV	$24,369,620	5.45%	up ×6
BNDX	$24,038,623	5.38%	up ×6
VNQ	$11,655,535	2.61%	up ×6
MUNI	$9,876,761	2.21%	up ×3
MUB	$3,357,433	0.75%	up ×6
DFSU	$2,596,649	0.58%	up ×6
AVRE	$1,374,286	0.31%	up ×6
AMZN	$609,674	0.14%	up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
AMAT	$360,777	499	0.08%
STX	$352,225	365	0.08%
PANW	$228,483	670	0.05%
V	$221,701	646	0.05%
D	$218,528	3,200	0.05%
CAT	$212,980	200	0.05%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
DFUS	Bought more	+24K	+$18.9M
SPDW	Bought more	+12K	+$3.7M
AVUV	Bought more	+2K	+$3.0M
DFEM	Trimmed	-10K	+$2.5M
AVUS	Trimmed	-3K	+$2.0M
IGIB	Bought more	+34K	+$1.8M
VNQ	Bought more	+4K	+$1.2M
MUNI	Bought more	+22K	+$1.2M
BNDX	Bought more	+20K	+$1.2M
AVEM	Trimmed	-4K	+$1.1M

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
SHOP	March 31, 2026	1,480	$238,236	35.0%
LLY	June 30, 2025	248	$204,825	46.6%
NCNA	Sept. 30, 2025	12,500	$718	-77.2%