Carlson Capital Management

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CIK 1581298

13F portfolio (2024-Q4)

$2.3B

Positions

112

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2024-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2024-Q4)

Holdings

112

Top 5

74.6%

Top 10

88.6%

Effective N

5.1

HHI

0.197

This quarter

3 new · 0 exit →

By sector

Unclassified95.9%

Information Technology1.1%

Industrials1.1%

Financials0.9%

Consumer Discretionary0.6%

Communication Services0.1%

Health Care0.1%

Energy0.1%

Other0.1%

By market cap

Unknown95.9%

Mega (>$200B)2.4%

Large ($10–200B)1.6%

Mid ($2–10B)0.1%

By region

Other95.9%

North America4.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	95.95%	60
Technology Hardware & Equipment	0.67%	3
Insurance	0.59%	1
Commercial Services & Supplies	0.52%	3
Health Care Equipment & Supplies	0.40%	3
Software	0.34%	2
Specialty Retail	0.33%	6
Banks	0.19%	4
Automobiles & Components	0.15%	1
Software & IT Services	0.14%	3
Semiconductors & Semiconductor Equipment	0.14%	2
Machinery	0.12%	3
Pharmaceuticals & Biotechnology	0.07%	5
Oil, Gas & Consumable Fuels	0.07%	2
Aerospace & Defense	0.06%	2
Chemicals	0.04%	2
Distributors	0.04%	1
Diversified Consumer Services	0.04%	1
Transportation Infrastructure	0.03%	1
Capital Markets	0.03%	2
Hotels, Restaurants & Leisure	0.02%	1
Beverages	0.02%	1
Equity Real Estate Investment Trusts (REITs)	0.02%	1
Road & Rail	0.01%	1
Utilities	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SFGV	EA SERIES TRUST	Unclassified	39.69%
2	DSTL	ETF SER SOLUTIONS	Unclassified	12.74%
3	VCSH	VANGUARD SCOTTSDALE FDS	Unclassified	10.15%
4	BSV	VANGUARD BD INDEX FDS	Unclassified	7.70%
5	DIHP	DIMENSIONAL ETF TRUST	Unclassified	4.31%
6	COWZ	PACER FDS TR	Unclassified	4.20%
7	AVUV	AMERICAN CENTY ETF TR	Unclassified	3.29%
8	DFEM	DIMENSIONAL ETF TRUST	Unclassified	2.56%
9	VTI	VANGUARD INDEX FDS	Unclassified	2.07%
10	ICOW	Pacer FDS TR Developed Mrkts Int'l CC ETF	Unclassified	1.89%

53/112 names classified · sector 4.1% of weight · industry 4.0% · mkt cap 4.1%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 47 quarters

IndustrialsMMM, ACN, HON, GGG, CHRW · other

FinancialsUNH, WFC, USB, CCB, HBAN · other

Information TechnologyMSFT, AAPL, IBM, GE, EMR · other

Health CareJNJ, ABT, TCMD, MDT, BSX · other

Consumer DiscretionaryTGT, AMZN, SHW, WMT, TSLA · other

Consumer StaplesPEP, KO, HRL, MO, GIS · other

EnergyXOM, CVX, SLB, COP, OXY · other

Communication ServicesT, GOOGL, GOOG, META, VZ · other

MaterialsPG, ECL, NKE, KMB, FUL · other

UtilitiesXEL, NEE, AWK, WEC, AEP · other

Real EstatePLD, EQR, AHR

UnclassifiedVTI, VV, DSTL, VCSH, SFGV · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 4.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2024-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 4% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (50 classified)Carlson Capital Management centroid (Large Core)

Information TechnologyIndustrialsFinancialsConsumer DiscretionaryCommunication ServicesHealth CareEnergyMaterialsConsumer StaplesReal EstateUtilities

Style box summary for Carlson Capital Management: centroid Large Core. Heaviest cells: Large Core 2.0%, Large Growth 0.8%, Large Value 0.7%.

Classified: 4.0% of book weight (50/112 names) · unclassified 96.0%: SFGV, DSTL, VCSH, BSV, DIHP, COWZ, AVUV, DFEM, VTI, ICOW +52 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 112 positions (2024-Q4) · largest first · Δ vs 2024-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	SFGVEA SERIES TRUST	33,332,105	$909M	39.7%	ADD 2%
2	DSTLETF SER SOLUTIONS	5,315,101	$292M	12.7%	TRIM −3%
3	VCSHVANGUARD SCOTTSDALE FDS	2,981,093	$233M	10.2%	ADD 5%
4	BSVVANGUARD BD INDEX FDS	2,282,489	$176M	7.7%	ADD 10%
5	DIHPDIMENSIONAL ETF TRUST	3,912,589	$99M	4.3%	HOLD
6	COWZPACER FDS TR	1,703,034	$96M	4.2%	HOLD
7	AVUVAMERICAN CENTY ETF TR	781,089	$75M	3.3%	HOLD
8	DFEMDIMENSIONAL ETF TRUST	2,235,787	$59M	2.6%	HOLD
9	VTIVANGUARD INDEX FDS	163,822	$47M	2.1%	TRIM −3%
10	ICOWPacer FDS TR Developed Mrkts Int'l CC ETF	1,479,824	$43M	1.9%	ADD 2%
11	AVDVAMERICAN CENTY ETF TR	570,294	$37M	1.6%	HOLD
12	VNQVANGUARD INDEX FDS	297,951	$27M	1.2%	ADD 8%
13	VEAVANGUARD TAX-MANAGED FDS	400,526	$19M	0.8%	HOLD
14	VGSHVANGUARD SHORT-TERM TREASURY ETF	292,047	$17M	0.7%	HOLD
15	AAPLAPPLE INC	57,832	$14M	0.6%	ADD 28%
16	UNHUNITEDHEALTH GROUP INC	26,524	$13M	0.6%	TRIM −5%
17	ACNACCENTURE PLC IRELAND	31,020	$11M	0.5%	HOLD
18	VVVANGUARD INDEX FDS	29,893	$8M	0.4%	TRIM −4%
19	MMM3M CO	60,084	$8M	0.3%	HOLD
20	MSFTMICROSOFT CORP	18,097	$8M	0.3%	TRIM −8%
21	IQLTISHARES TR	165,362	$6M	0.3%	ADD 43%
22	DFATDIMENSIONAL ETF TRUST	99,247	$6M	0.2%	TRIM −4%
23	AVREAMERICAN CENTY ETF TR	128,552	$5M	0.2%	TRIM −9%
24	AVEMAMERICAN CENTY ETF TR	81,153	$5M	0.2%	ADD 34%
25	DFIVDIMENSIONAL ETF TRUST	104,963	$4M	0.2%	ADD 13%
26	TSLATESLA INC	8,526	$3M	0.2%	HOLD
27	SHWSHERWIN WILLIAMS CO	9,748	$3M	0.1%	TRIM −8%
28	DFSUDIMENSIONAL ETF TRUST	75,409	$3M	0.1%	ADD 27%
29	IAUISHARES GOLD TR	57,334	$3M	0.1%	HOLD
30	HBANHUNTINGTON BANCSHARES INC	163,575	$3M	0.1%	HOLD
31	DUHPDIMENSIONAL ETF TRUST	74,307	$3M	0.1%	TRIM −8%
32	GGGGRACO INC	26,699	$2M	0.1%	HOLD
33	AMZNAMAZON COM INC	10,178	$2M	0.1%	ADD 7%
34	BRK.BBERKSHIRE HATHAWAY INC DEL	4,917	$2M	0.1%	HOLD
35	VWOVANGUARD INTL EQUITY INDEX F	42,685	$2M	0.1%	TRIM −9%
36	DFARDIMENSIONAL ETF TRUST	79,064	$2M	0.1%	TRIM −25%
37	AVGOBROADCOM INC	7,433	$2M	0.1%	ADD 6%
38	DFUVDIMENSIONAL ETF TRUST	37,278	$2M	0.1%	HOLD
39	NVDANVIDIA CORPORATION	10,380	$1M	0.1%	ADD 19%
40	VIGVANGUARD SPECIALIZED FUNDS	6,874	$1M	0.1%	HOLD
41	IWOISHARES TR	4,501	$1M	0.1%	HOLD
42	VTVVANGUARD INDEX FDS	7,333	$1M	0.1%	HOLD
43	HONHONEYWELL INTL INC	5,355	$1M	0.1%	HOLD
44	METAMETA PLATFORMS INC	1,896	$1M	0.0%	ADD 7%
45	GOOGLALPHABET INC	5,683	$1M	0.0%	HOLD
46	VBRVANGUARD INDEX FDS	5,331	$1M	0.0%	HOLD
47	XOMEXXON MOBIL CORP	9,620	$1M	0.0%	ADD 2%
48	DFSIDIMENSIONAL ETF TRUST	31,429	$1M	0.0%	ADD 37%
49	SPYSTATE STR SPDR S&P 500 ETF T	1,656	$970,723	0.0%	ADD 28%
50	IEFAISHARES TR	13,721	$964,315	0.0%	HOLD
51	GOOGALPHABET INC	5,012	$954,436	0.0%	ADD 6%
52	QQQINVESCO QQQ TR	1,860	$950,674	0.0%	ADD 11%
53	VBVANGUARD INDEX FDS	3,905	$938,243	0.0%	ADD 5%
54	SUBISHARES TR	8,853	$933,814	0.0%	ADD 19%
55	MCKMCKESSON CORP	1,635	$931,871	0.0%	HOLD
56	HRBBLOCK H & R INC	17,400	$919,416	0.0%	HOLD
57	ABNBAIRBNB INC	6,038	$793,454	0.0%	TRIM −32%
58	WFCWELLS FARGO CO NEW	11,016	$773,762	0.0%	ADD 3%
59	FULFULLER H B CO	10,915	$736,523	0.0%	TRIM −7%
60	COSTCOSTCO WHSL CORP NEW	800	$732,975	0.0%	TRIM −5%
61	SCHXSCHWAB U.S. LARGE-CAP ETF	31,392	$727,667	0.0%	ADD 200%
62	SOLVSOLVENTUM CORP	10,890	$719,393	0.0%	HOLD
63	BSXBOSTON SCIENTIFIC CORP	7,396	$660,611	0.0%	HOLD
64	DISVDIMENSIONAL ETF TRUST	24,337	$646,634	0.0%	NEW
65	WMTWALMART INC	7,074	$639,158	0.0%	TRIM −6%
66	ITOTISHARES TR	4,830	$621,250	0.0%	TRIM −7%
67	CHRWC H ROBINSON WORLDWIDE INC	5,992	$619,093	0.0%	HOLD
68	USBUS BANCORP	12,335	$589,983	0.0%	TRIM −10%
69	IVVISHARES TR	982	$578,097	0.0%	ADD 18%
70	DLSWISDOMTREE TR	8,816	$554,967	0.0%	HOLD
71	MARMARRIOTT INTL INC NEW	1,974	$550,580	0.0%	HOLD
72	BMIBADGER METER INC	2,550	$540,906	0.0%	HOLD
73	VUGVANGUARD INDEX FDS	1,297	$532,485	0.0%	HOLD
74	PEPPEPSICO INC	3,450	$524,623	0.0%	TRIM −7%
75	WTVWISDOMTREE TR	6,181	$516,608	0.0%	TRIM −2%
76	JNJJOHNSON & JOHNSON	3,494	$505,349	0.0%	HOLD
77	CVXCHEVRON CORP NEW	3,350	$485,264	0.0%	ADD 7%
78	DFASDIMENSIONAL ETF TRUST	7,383	$480,463	0.0%	TRIM −3%
79	SLYVSPDR SERIES TRUST	4,871	$424,995	0.0%	HOLD
80	DFSEDIMENSIONAL ETF TRUST	12,683	$420,207	0.0%	ADD 22%
81	EFVISHARES TR	7,720	$405,068	0.0%	HOLD
82	AHRAMERICAN HEALTHCARE REIT INC	14,227	$404,331	0.0%	HOLD
83	LLYELI LILLY & CO	513	$396,036	0.0%	TRIM −79%
84	SCHFSCHWAB STRATEGIC TR	20,809	$384,973	0.0%	ADD 90%
85	QUALISHARES TR	2,062	$367,201	0.0%	HOLD
86	ABBVABBVIE INC	2,029	$360,627	0.0%	ADD 29%
87	JPMJPMORGAN CHASE & CO	1,436	$344,160	0.0%	ADD 40%
88	UNPUNION PAC CORP	1,483	$338,183	0.0%	HOLD
89	IYTISHARES TR	4,923	$332,636	0.0%	HOLD
90	XELXCEL ENERGY INC	4,837	$326,605	0.0%	ADD 26%
91	FASTFASTENAL CO	4,335	$311,733	0.0%	ADD 2%
92	TGTTARGET CORP	2,293	$309,968	0.0%	TRIM −64%
93	IBMINTERNATIONAL BUSINESS MACHS	1,408	$309,521	0.0%	ADD 23%
94	JEFJEFFERIES FINL GROUP INC	3,876	$303,878	0.0%	TRIM −3%
95	VVISA INC	941	$297,458	0.0%	ADD 12%
96	VOOVANGUARD INDEX FDS	525	$282,850	0.0%	ADD 21%
97	AMPAMERIPRISE FINL INC	530	$282,188	0.0%	NEW
98	DEDEERE & CO	625	$264,813	0.0%	HOLD
99	DFUSDIMENSIONAL ETF TRUST	4,099	$261,300	0.0%	TRIM −8%
100	GWXSPDR INDEX SHS FDS	8,009	$248,147	0.0%	HOLD
101	GLDSPDR GOLD TR	993	$240,435	0.0%	HOLD
102	NOWSERVICENOW INC	224	$237,467	0.0%	HOLD
103	PGPROCTER AND GAMBLE CO	1,411	$236,554	0.0%	ADD 13%
104	DSTXETF SER SOLUTIONS	10,206	$235,509	0.0%	TRIM −10%
105	SCHGSCHWAB U.S. LARGE-CAP GROWTH ETF	8,400	$234,108	0.0%	ADD 300%
106	ABTABBOTT LABS	1,977	$223,610	0.0%	TRIM −76%
107	CATCATERPILLAR INC	604	$219,115	0.0%	NEW
108	LMTLOCKHEED MARTIN CORP	451	$219,077	0.0%	HOLD
109	IDEVISHARES TR	3,285	$211,784	0.0%	ADD 8%
110	NOMDNOMAD FOODS LTD	10,000	$167,800	0.0%	HOLD
111	IBRXIMMUNITYBIO INC	20,000	$51,200	0.0%	ADD 5%
112	Amarin Corp PLC	21,188	$10,276	0.0%	HOLD

☆Carlson Capital Management