Watchman Group, Inc.

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CIK 1748726

13F portfolio (2026-Q1)

$413M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. 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 (2026-Q1)

Holdings

Top 5

40.1%

Top 10

60.2%

Effective N

21.4

HHI

0.047

This quarter

0 new · 0 exit →

By sector

Unclassified67.6%

Financials6.3%

Industrials6.1%

Consumer Discretionary5.9%

Information Technology5.2%

Communication Services3.9%

Materials2.8%

Health Care2.0%

Other0.2%

By market cap

Unknown67.6%

Large ($10–200B)16.2%

Mega (>$200B)11.9%

Mid ($2–10B)4.1%

Micro (<$300M)0.1%

By region

Other67.6%

North America32.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	69.37%	30
Software & IT Services	3.96%	4
Semiconductors & Semiconductor Equipment	2.90%	4
Commercial Services & Supplies	2.65%	3
Automobiles & Components	2.46%	2
Aerospace & Defense	2.29%	2
Specialty Retail	2.14%	4
Software	1.97%	2
Paper & Forest Products	1.75%	2
Construction & Engineering	1.50%	2
Banks	1.26%	2
Health Care Equipment & Supplies	1.21%	1
Hotels, Restaurants & Leisure	1.19%	3
Insurance	1.14%	2
Capital Markets	1.09%	1
Chemicals	1.06%	1
Life Sciences Tools & Services	0.71%	1
Machinery	0.69%	1
Technology Hardware & Equipment	0.25%	2
Distributors	0.12%	1
Pharmaceuticals & Biotechnology	0.11%	1
Oil, Gas & Consumable Fuels	0.09%	1
Beverages	0.08%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MTBA	SIMPLIFY EXCHANGE TRADED FUN	Unclassified	10.51%
2	DFAC	DIMENSIONAL ETF TRUST	Unclassified	8.52%
3	VSLU	ETF OPPORTUNITIES TRUST	Unclassified	7.28%
4	TMSL	T ROWE PRICE ETF INC	Unclassified	7.20%
5	TLH	ISHARES TR	Unclassified	6.61%
6	DFAT	DIMENSIONAL ETF TRUST	Unclassified	6.51%
7	FBND	FIDELITY TOTAL BOND ETF	Unclassified	4.88%
8	DFIC	DIMENSIONAL ETF TRUST	Unclassified	3.72%
9	DFEM	DIMENSIONAL ETF TRUST	Unclassified	2.76%
10	FRDM	EA SERIES TRUST	Unclassified	2.26%

44/73 names classified · sector 32.4% of weight · industry 30.6% · mkt cap 32.4%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 26 quarters

Information TechnologyMSFT, INTU, SWKS, VRSK, QCOM · other

IndustrialsACN, DHI, UNP, GD, FDX · other

FinancialsBRK.B, V, PYPL, AFL, SCHW · other

Consumer DiscretionaryLOW, PCAR, LKQ, TSLA, BWA · other

Health CareSYK, JNJ, AMGN, MRK, A · other

Communication ServicesGOOG, GOOGL, META, DIS, WBD · other

MaterialsUFPI, CSL, PG, CVCO

Consumer StaplesPEP, KO, DEO, CVS

UtilitiesEPD, DUK, D, SO

EnergyXOM, REI, CVX, COP

Real Estate

UnclassifiedDFAT, DFAC, BSV, MTBA, SHY · 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: 32.4% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 31% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (43 classified)Watchman Group, Inc. centroid (Mid Core)

IndustrialsConsumer DiscretionaryInformation TechnologyFinancialsCommunication ServicesMaterialsHealth CareEnergyConsumer Staples

Style box summary for Watchman Group, Inc.: centroid Mid Core. Heaviest cells: Large Growth 10.9%, Large Core 5.1%, Mid Value 3.7%.

Classified: 30.6% of book weight (43/73 names) · unclassified 69.4%: MTBA, DFAC, VSLU, TMSL, TLH, DFAT, FBND, DFIC, DFEM, FRDM +20 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· 73 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	MTBASIMPLIFY EXCHANGE TRADED FUN	877,875	$43M	10.5%	ADD 6%
2	DFACDIMENSIONAL ETF TRUST	906,387	$35M	8.5%	TRIM −3%
3	VSLUETF OPPORTUNITIES TRUST	719,058	$30M	7.3%	ADD 8%
4	TMSLT ROWE PRICE ETF INC	811,272	$30M	7.2%	HOLD
5	TLHISHARES TR	271,037	$27M	6.6%	ADD 5%
6	DFATDIMENSIONAL ETF TRUST	430,509	$27M	6.5%	HOLD
7	FBNDFIDELITY TOTAL BOND ETF	442,443	$20M	4.9%	ADD 8%
8	DFICDIMENSIONAL ETF TRUST	432,729	$15M	3.7%	ADD 2%
9	DFEMDIMENSIONAL ETF TRUST	330,236	$11M	2.8%	TRIM −2%
10	FRDMEA SERIES TRUST	171,193	$9M	2.3%	TRIM −8%
11	AVDEAMERICAN CENTY ETF TR	106,968	$9M	2.2%	ADD 1138%
12	GOOGALPHABET INC	25,735	$7M	1.8%	HOLD
13	BRK.BBERKSHIRE HATHAWAY INC DEL	14,930	$7M	1.7%	HOLD
14	SGOVISHARES TR	66,836	$7M	1.6%	ADD 56%
15	TSLATESLA INC	16,102	$6M	1.4%	HOLD
16	APHAMPHENOL CORP	45,353	$6M	1.4%	TRIM −10%
17	GOOGLALPHABET INC	19,744	$6M	1.4%	HOLD
18	MSFTMICROSOFT CORP	13,527	$5M	1.2%	ADD 4%
19	SYKSTRYKER CORPORATION	15,158	$5M	1.2%	HOLD
20	WABWABTEC	19,888	$5M	1.2%	TRIM −5%
21	TPLTEXAS PACIFIC LAND CORPORATI	9,494	$5M	1.1%	ADD 11%
22	GDGENERAL DYNAMICS CORP	13,063	$4M	1.1%	TRIM −6%
23	VVISA INC	14,625	$4M	1.1%	HOLD
24	CSLCARLISLE COS INC	13,137	$4M	1.1%	HOLD
25	CAVACAVA GROUP INC	54,060	$4M	1.1%	HOLD
26	MKLMARKEL GROUP INC	2,213	$4M	1.0%	TRIM −3%
27	PCARPACCAR INC	36,118	$4M	1.0%	TRIM −6%
28	AMZNAMAZON COM INC	19,950	$4M	1.0%	HOLD
29	DHID R HORTON INC	27,140	$4M	0.9%	HOLD
30	CVCOCAVCO INDS INC DEL	7,680	$4M	0.9%	HOLD
31	UBERUBER TECHNOLOGIES INC	49,391	$4M	0.9%	ADD 9%
32	LOWLOWES COS INC	14,794	$3M	0.8%	TRIM −5%
33	UFPIUFP INDUSTRIES INC	37,944	$3M	0.8%	ADD 6%
34	INTUINTUIT	7,220	$3M	0.8%	ADD 7%
35	NXPINXP SEMICONDUCTORS N V	15,594	$3M	0.7%	ADD 10%
36	ACNACCENTURE PLC IRELAND	15,103	$3M	0.7%	ADD 4%
37	AAGILENT TECHNOLOGIES INC	25,875	$3M	0.7%	TRIM −2%
38	METAMETA PLATFORMS INC	5,091	$3M	0.7%	HOLD
39	AMDADVANCED MICRO DEVICES INC	14,062	$3M	0.7%	HOLD
40	CMICUMMINS INC	5,315	$3M	0.7%	TRIM −42%
41	EMTLSSGA ACTIVE TR	66,523	$3M	0.7%	ADD 6%
42	FFINFIRST FINL BANKSHARES INC	95,544	$3M	0.7%	TRIM −3%
43	NVRNVR INC	375	$2M	0.6%	TRIM −3%
44	SFBSSERVISFIRST BANCSHARES INC	32,941	$2M	0.6%	TRIM −3%
45	IUSGISHARES TR	15,306	$2M	0.6%	HOLD
46	IJHISHARES TR	30,200	$2M	0.5%	TRIM −69%
47	USFRWISDOMTREE TR	27,825	$1M	0.3%	TRIM −36%
48	IJKISHARES TR	12,537	$1M	0.3%	TRIM −7%
49	WMTWALMART INC	7,883	$979,745	0.2%	HOLD
50	VOOVANGUARD INDEX FDS	1,391	$831,193	0.2%	HOLD
51	AAPLAPPLE INC	2,492	$632,445	0.2%	HOLD
52	IHIISHARES TR	11,380	$607,123	0.1%	HOLD
53	DIASPDR DOW JONES INDL AVERAGE	1,250	$578,988	0.1%	HOLD
54	RAVERAVE RESTAURANT GROUP INC	182,800	$484,420	0.1%	HOLD
55	AFLAFLAC INC	4,385	$481,079	0.1%	HOLD
56	VEAVANGUARD TAX-MANAGED FDS	7,458	$477,909	0.1%	HOLD
57	JNJJOHNSON & JOHNSON	1,938	$473,725	0.1%	HOLD
58	IVVISHARES TR	653	$426,547	0.1%	HOLD
59	BTCOINVESCO GALAXY BITCOIN ETF	6,210	$418,989	0.1%	HOLD
60	VRSKVERISK ANALYTICS INC	2,155	$408,912	0.1%	HOLD
61	CSCOCISCO SYS INC	5,105	$396,097	0.1%	HOLD
62	XOMEXXON MOBIL CORP	2,293	$389,031	0.1%	HOLD
63	NVDANVIDIA CORPORATION	1,910	$333,127	0.1%	ADD 7%
64	KOCOCA COLA CO	4,308	$327,644	0.1%	HOLD
65	IWDISHARES TR	1,397	$298,497	0.1%	TRIM −10%
66	BSVVANGUARD BD INDEX FDS	3,532	$276,945	0.1%	HOLD
67	YUMYUM BRANDS INC	1,756	$273,023	0.1%	TRIM −15%
68	MCDMCDONALDS CORP	856	$266,037	0.1%	HOLD
69	VTIVANGUARD INDEX FDS	749	$240,287	0.1%	TRIM −22%
70	VIGVANGUARD SPECIALIZED FUNDS	1,088	$233,986	0.1%	TRIM −8%
71	EFGISHARES TR	2,047	$227,975	0.1%	TRIM −82%
72	HDHOME DEPOT INC	680	$223,646	0.1%	TRIM −2%
73	IUSVISHARES TR	2,138	$218,611	0.1%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

MTBASIMPLIFY EXCHANGE TRADED FUN

581K

706K

743K

780K

831K

878K

$43M

DFACDIMENSIONAL ETF TRUST

903K

882K

924K

932K

930K

906K

$35M

VSLUETF OPPORTUNITIES TRUST

581K

586K

615K

635K

668K

719K

$30M

TMSLT ROWE PRICE ETF INC

765K

768K

805K

804K

812K

811K

$30M

TLHISHARES TR

—

244K

252K

259K

271K

$27M

DFATDIMENSIONAL ETF TRUST

451K

429K

438K

432K

433K

431K

$27M

FBNDFIDELITY TOTAL BOND ETF

183K

256K

338K

370K

412K

442K

$20M

DFICDIMENSIONAL ETF TRUST

448K

430K

429K

421K

424K

433K

$15M

DFEMDIMENSIONAL ETF TRUST

359K

350K

344K

338K

330K

$11M

FRDMEA SERIES TRUST

200K

192K

190K

185K

186K

171K

$9M

AVDEAMERICAN CENTY ETF TR

—

107K

$9M

GOOGALPHABET INC

27K

26K

25K

26K

$7M

BRK.BBERKSHIRE HATHAWAY INC DEL

16K

15K

$7M

SGOVISHARES TR

67K

60K

89K

52K

43K

67K

$7M

TSLATESLA INC

17K

16K

$6M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Watchman Group, Inc.