Flagstone Financial Management
CIK 1968890 · View on SEC EDGAR ↗
- Portfolio value
- $447.2M
- Positions
- 77
- As of
- June 30, 2026
#4,076 of 9,443 by 13F value · top 43.2%
Portfolio value QoQ: +11.0% 13F does not disclose cash
- Top 10 holdings weight
- 80.43%
- Top 25 holdings weight
- 94.45%
- Positions above 1%
- 15
- Effective number of positions
- 8.6
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: 7.0 quarters Tracked Q4 2024–Q2 2026 · 95.1% still held
- New positions
- 6
- Increased
- 23
- Decreased
- 18
- Closed
- 1
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Technology
1.7%
Financials
1.2%
Communication Services
0.4%
Industrials
0.4%
Energy
0.3%
Retail
0.2%
Financial Services
0.2%
Healthcare
0.2%
Consumer Staples
0.2%
Communications
0.1%
Real Estate
0.1%
Telecommunication
0.1%
Utilities
0.1%
Other/Unmapped
95.0%
Full portfolio 77 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| DFUS | $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 | $33,404,364 | 7.47% | 662,916 | $3,680,100 | Up ×1 | ||
| SPSB | $28,230,846 | 6.31% | 940,715 | $793,433 | Up ×6 | ||
| SPTI | $25,706,017 | 5.75% | 905,461 | $872,809 | Up ×6 | ||
| AVUV | $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 | $19,401,098 | 4.34% | 477,389 | $2,548,100 | Down ×5 | ||
| AVUS | $16,933,941 | 3.79% | 132,214 | $1,950,541 | Down ×1 | ||
| AVDV | $15,281,971 | 3.42% | 148,297 | $654,607 | Up ×1 | ||
| VNQ | $11,655,535 | 2.61% | 120,870 | $1,245,615 | Up ×6 | ||
| MUNI | $9,876,761 | 2.21% | 187,771 | $1,209,270 | Up ×3 | ||
| AVEM | $8,492,301 | 1.90% | 88,013 | $1,076,373 | Down ×6 | ||
| BRKB | $6,052,726 | 1.35% | 12,096 | $245,779 | Down ×3 | ||
| AVDE | $4,532,738 | 1.01% | 50,816 | $166,798 | Down ×4 | ||
| MUB | $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 | $2,596,649 | 0.58% | 55,686 | $379,898 | Up ×6 | ||
| SPTM | $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 | $1,374,328 | 0.31% | 35,430 | $66,705 | Down ×1 | ||
| AVRE | $1,374,286 | 0.31% | 29,006 | $106,030 | Up ×6 | ||
| DFAE | $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 | $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 | $886,495 | 0.20% | 19,656 | $75,335 | Up ×1 | ||
| IWR | $863,033 | 0.19% | 7,823 | $102,403 | |||
| VTI | $765,057 | 0.17% | 2,068 | $95,367 | Down ×1 | ||
| VIG | $754,765 | 0.17% | 3,190 | $68,774 | |||
| BRKA | $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 | $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 | $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 | $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 | $385,827 | 0.09% | 11,531 | $-923 | |||
| DFIV | $374,845 | 0.08% | 6,939 | $-11,505 | Down ×2 | ||
| VEA | $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 XLK | $289,971 | 0.06% | 1,522 | $87,697 | |||
| DFAT | $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 XLF | $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 | $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.
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 | 23.1% |
| ETN | March 31, 2025 | 704 | $233,637 | 53.3% |
| CPBI | March 31, 2025 | 13,872 | $207,526 | 40.2% |
| DFSV | March 31, 2025 | 6,720 | $206,842 | No longer tracked |
| LLY | June 30, 2025 | 248 | $204,825 | 62.7% |
| NCNA | Sept. 30, 2025 | 12,500 | $718 | -67.2% |