Flagstone Financial Management

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CIK 1968890

13F portfolio (2026-Q1)

$403M

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 →

Open in PORT →

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

58.0%

Top 10

80.5%

Effective N

9.0

HHI

0.111

This quarter

6 new · 0 exit →

By sector

Unclassified93.8%

Financials2.8%

Information Technology1.7%

Communication Services0.4%

Energy0.3%

Industrials0.3%

Consumer Discretionary0.2%

Consumer Staples0.2%

Other0.4%

By market cap

Unknown93.8%

Mega (>$200B)5.0%

Large ($10–200B)1.2%

Small ($300M–2B)0.1%

By region

Other93.8%

North America6.2%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	95.24%	42
Banks	1.08%	4
Technology Hardware & Equipment	0.86%	3
Software	0.59%	2
Oil, Gas & Consumable Fuels	0.35%	2
Software & IT Services	0.28%	2
Semiconductors & Semiconductor Equipment	0.22%	1
Machinery	0.20%	2
Specialty Retail	0.20%	2
Pharmaceuticals & Biotechnology	0.18%	2
Commercial Services & Supplies	0.14%	1
Beverages	0.13%	1
Insurance	0.12%	1
Equity Real Estate Investment Trusts (REITs)	0.09%	1
Diversified Telecommunication Services	0.08%	1
Real Estate Management & Development	0.07%	1
Road & Rail	0.07%	1
Utilities	0.05%	1
Tobacco	0.05%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	DFUS	DIMENSIONAL ETF TRUST	Unclassified	26.95%
2	IGIB	ISHARES TR	Unclassified	10.70%
3	SPDW	SPDR INDEX SHS FDS	Unclassified	7.38%
4	SPSB	SPDR SERIES TRUST	Unclassified	6.81%
5	SPTI	SPDR SERIES TRUST	Unclassified	6.16%
6	BNDX	VANGUARD CHARLOTTE FDS	Unclassified	5.68%
7	AVUV	AMERICAN CENTY ETF TR	Unclassified	5.31%
8	DFEM	DIMENSIONAL ETF TRUST	Unclassified	4.18%
9	AVUS	AMERICAN CENTY ETF TR	Unclassified	3.72%
10	AVDV	AMERICAN CENTY ETF TR	Unclassified	3.63%

30/71 names classified · sector 6.2% of weight · industry 4.8% · mkt cap 6.2%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 14 quarters

FinancialsBRK.B, USB, JPM, WFC, MKL · other

Information TechnologyMSFT, AAPL, NVDA, ROK, ORCL · other

EnergyXOM, VLO

IndustrialsUNP, DE, ETN

Communication ServicesGOOG, GOOGL, VZ

Consumer DiscretionaryAMZN, WMT

Consumer StaplesPEP, PM

Real EstateBOC, ELS

Health CareJNJ, LLY, GILD

UtilitiesAWR, NEE

UnclassifiedDFUS, SPDW, SPSB, IGIB, SPIB · 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: 6.2% 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 5% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (28 classified)Flagstone Financial Management centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesEnergyIndustrialsConsumer DiscretionaryConsumer StaplesHealth CareReal EstateUtilities

Style box summary for Flagstone Financial Management: centroid Large Core. Heaviest cells: Large Core 1.6%, Large Growth 1.5%, Large Value 1.3%.

Classified: 4.7% of book weight (28/71 names) · unclassified 95.3%: DFUS, IGIB, SPDW, SPSB, SPTI, BNDX, AVUV, DFEM, AVUS, AVDV +33 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· 71 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	DFUSDIMENSIONAL ETF TRUST	1,531,004	$109M	26.9%	ADD 3%
2	IGIBISHARES TR	809,747	$43M	10.7%	ADD 7%
3	SPDWSPDR INDEX SHS FDS	651,133	$30M	7.4%	HOLD
4	SPSBSPDR SERIES TRUST	912,452	$27M	6.8%	ADD 7%
5	SPTISPDR SERIES TRUST	866,477	$25M	6.2%	ADD 5%
6	BNDXVANGUARD CHARLOTTE FDS	475,934	$23M	5.7%	ADD 9%
7	AVUVAMERICAN CENTY ETF TR	193,507	$21M	5.3%	HOLD
8	DFEMDIMENSIONAL ETF TRUST	487,786	$17M	4.2%	HOLD
9	AVUSAMERICAN CENTY ETF TR	134,767	$15M	3.7%	HOLD
10	AVDVAMERICAN CENTY ETF TR	146,479	$15M	3.6%	TRIM −5%
11	VNQVANGUARD INDEX FDS	117,361	$10M	2.6%	ADD 5%
12	MUNIPIMCO Intermediate Muni Bd Actv - ETF	166,076	$9M	2.2%	ADD 44%
13	AVEMAMERICAN CENTY ETF TR	92,032	$7M	1.8%	TRIM −3%
14	BRK.BBERKSHIRE HATHAWAY INC DEL	12,118	$6M	1.4%	HOLD
15	AVDEAMERICAN CENTY ETF TR	51,461	$4M	1.1%	TRIM −3%
16	MUBISHARES TR	29,874	$3M	0.8%	HOLD
17	AAPLAPPLE INC	11,658	$3M	0.7%	HOLD
18	DFSUDIMENSIONAL ETF TRUST	53,949	$2M	0.6%	ADD 4%
19	SUSBISHARES TR	86,206	$2M	0.5%	HOLD
20	SPTMSPDR SERIES TRUST	25,023	$2M	0.5%	HOLD
21	JPMJPMORGAN CHASE & CO	6,694	$2M	0.5%	ADD 89%
22	MSFTMICROSOFT CORP	5,076	$2M	0.5%	HOLD
23	DFSVDIMENSIONAL ETF TRUST	37,318	$1M	0.3%	ADD 16%
24	USBUS BANCORP	24,530	$1M	0.3%	HOLD
25	AVREAMERICAN CENTY ETF TR	28,812	$1M	0.3%	ADD 3%
26	XOMEXXON MOBIL CORP	6,820	$1M	0.3%	ADD 2%
27	DFAEDIMENSIONAL ETF TRUST	31,426	$1M	0.3%	HOLD
28	DFSBDIMENSIONAL ETF TR DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME	17,130	$886,337	0.2%	TRIM −4%
29	NVDANVIDIA CORPORATION	5,037	$878,519	0.2%	HOLD
30	WFCWELLS FARGO CO NEW	10,738	$854,876	0.2%	TRIM −9%
31	GOOGALPHABET INC	2,952	$846,701	0.2%	ADD 3%
32	DFSIDIMENSIONAL ETF TRUST	19,131	$811,160	0.2%	HOLD
33	IWRISHARES TR	7,823	$760,630	0.2%	HOLD
34	BRK.ABERKSHIRE HATHAWAY INC DEL	1	$718,140	0.2%	HOLD
35	VIGVANGUARD SPECIALIZED FUNDS	3,190	$685,991	0.2%	TRIM −4%
36	VTIVANGUARD INDEX FDS	2,088	$669,690	0.2%	HOLD
37	VGITVANGUARD SCOTTSDALE FDS	10,612	$631,944	0.2%	ADD 6%
38	DEDEERE & CO	1,032	$581,416	0.1%	HOLD
39	MAMASTERCARD INCORPORATED	1,140	$569,616	0.1%	ADD 5%
40	PEPPEPSICO INC	3,400	$528,005	0.1%	ADD 70%
41	DFARDIMENSIONAL ETF TRUST	21,166	$500,565	0.1%	HOLD
42	DFSEDIMENSIONAL ETF TRUST	11,712	$496,220	0.1%	TRIM −7%
43	MKLMARKEL GROUP INC	254	$486,174	0.1%	HOLD
44	ORCLORACLE CORP	3,278	$482,185	0.1%	ADD 157%
45	JNJJOHNSON & JOHNSON	1,936	$473,226	0.1%	ADD 7%
46	AMZNAMAZON COM INC	2,150	$447,780	0.1%	ADD 46%
47	IWMISHARES TR	1,758	$435,984	0.1%	HOLD
48	VEAVANGUARD TAX-MANAGED FDS	6,586	$422,032	0.1%	ADD 83%
49	SPIBSPDR SERIES TRUST	11,531	$386,750	0.1%	HOLD
50	DFIVDIMENSIONAL ETF TRUST	7,320	$386,350	0.1%	TRIM −4%
51	ELSEQUITY LIFESTYLE PPTYS INC	5,677	$354,358	0.1%	TRIM −6%
52	WMTWALMART INC	2,745	$341,090	0.1%	HOLD
53	VZVERIZON COMMUNICATIONS INC	6,608	$331,713	0.1%	NEW
54	QQQINVESCO QQQ TR	536	$309,368	0.1%	TRIM −3%
55	GOOGLALPHABET INC	987	$283,822	0.1%	HOLD
56	BOCBOSTON OMAHA CORP	24,215	$282,831	0.1%	HOLD
57	CSCOCISCO SYS INC	3,551	$275,514	0.1%	NEW
58	UNPUNION PAC CORP	1,093	$265,301	0.1%	HOLD
59	XLFSELECT SECTOR SPDR TR	5,227	$258,052	0.1%	HOLD
60	DFATDIMENSIONAL ETF TRUST	4,113	$256,857	0.1%	HOLD
61	VLOVALERO ENERGY CORP	1,000	$247,080	0.1%	NEW
62	ROKROCKWELL AUTOMATION INC	681	$244,397	0.1%	HOLD
63	IEIISHARES TR	2,042	$242,182	0.1%	HOLD
64	GILDGILEAD SCIENCES INC	1,737	$242,086	0.1%	NEW
65	ETNEATON CORP PLC	664	$237,493	0.1%	HOLD
66	BACBANK AMERICA CORP	4,836	$235,736	0.1%	TRIM −25%
67	SPYSTATE STR SPDR S&P 500 ETF T	337	$219,457	0.1%	HOLD
68	IEFAISHARES TR	2,418	$218,901	0.1%	HOLD
69	NEENEXTERA ENERGY INC	2,333	$216,689	0.1%	NEW
70	PMPHILIP MORRIS INTL INC	1,300	$214,942	0.1%	NEW
71	XLKSELECT SECTOR SPDR TR	1,522	$202,274	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

DFUSDIMENSIONAL ETF TRUST

1.3M

1.4M

1.5M

$109M

IGIBISHARES TR

628K

661K

707K

741K

760K

810K

$43M

SPDWSPDR INDEX SHS FDS

663K

677K

658K

664K

657K

651K

$30M

SPSBSPDR SERIES TRUST

707K

726K

772K

816K

852K

912K

$27M

SPTISPDR SERIES TRUST

677K

711K

760K

800K

822K

866K

$25M

BNDXVANGUARD CHARLOTTE FDS

346K

366K

396K

421K

438K

476K

$23M

AVUVAMERICAN CENTY ETF TR

165K

173K

184K

191K

194K

$21M

DFEMDIMENSIONAL ETF TRUST

504K

522K

509K

504K

493K

488K

$17M

AVUSAMERICAN CENTY ETF TR

121K

124K

131K

132K

134K

135K

$15M

AVDVAMERICAN CENTY ETF TR

164K

167K

163K

161K

154K

146K

$15M

VNQVANGUARD INDEX FDS

90K

95K

102K

107K

112K

117K

$10M

MUNIPIMCO Intermediate Muni Bd Actv - ETF

86K

92K

108K

98K

116K

166K

$9M

AVEMAMERICAN CENTY ETF TR

113K

109K

103K

96K

95K

92K

$7M

BRK.BBERKSHIRE HATHAWAY INC DEL

11K

12K

$6M

AVDEAMERICAN CENTY ETF TR

55K

56K

53K

51K

$4M

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.

☆Flagstone Financial Management