Aspen Capital Management, LLC

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CIK 2065974

13F portfolio (2026-Q1)

$404M

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

60.8%

Top 10

77.7%

Effective N

10.4

HHI

0.096

This quarter

4 new · 0 exit →

By sector

Unclassified91.1%

Information Technology3.7%

Financials3.2%

Consumer Discretionary0.6%

Industrials0.5%

Communication Services0.4%

Health Care0.4%

By market cap

Unknown91.1%

Mega (>$200B)5.1%

Large ($10–200B)3.5%

Mid ($2–10B)0.3%

By region

Other91.1%

North America8.9%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	91.25%	50
Banks	3.07%	2
Technology Hardware & Equipment	1.60%	4
Semiconductors & Semiconductor Equipment	1.27%	2
Software	0.86%	3
Specialty Retail	0.52%	3
Software & IT Services	0.43%	2
Commercial Services & Supplies	0.23%	1
Machinery	0.23%	3
Pharmaceuticals & Biotechnology	0.21%	3
Health Care Equipment & Supplies	0.13%	1
Life Sciences Tools & Services	0.07%	1
Automobiles & Components	0.07%	1
Diversified Consumer Services	0.05%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	DFIC	DIMENSIONAL ETF TRUST	Unclassified	20.02%
2	DFAC	DIMENSIONAL ETF TRUST	Unclassified	14.36%
3	SGOV	ISHARES TR	Unclassified	13.29%
4	DFCF	DIMENSIONAL ETF TRUST	Unclassified	8.60%
5	DFEM	DIMENSIONAL ETF TRUST	Unclassified	4.57%
6	DFAT	DIMENSIONAL ETF TRUST	Unclassified	4.29%
7	DFAS	DIMENSIONAL ETF TRUST	Unclassified	3.81%
8	DFGR	DIMENSIONAL ETF TRUST	Unclassified	3.60%
9	USB	US BANCORP \DE\	Financials	2.77%
10	DFSV	DIMENSIONAL ETF TRUST	Unclassified	2.43%

28/77 names classified · sector 8.9% of weight · industry 8.8% · mkt cap 8.9%; unclassified names shown, never dropped.

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

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

Information TechnologyAAPL, NVDA, MSFT, RBLX, HPQ · other

FinancialsUSB, JPM, BRK.B, KNSL, AXP · other

Consumer DiscretionaryAMZN, COST, CASY, CMG, TSLA · other

IndustrialsPAYO, CAT, DE, LRCX

Health CareISRG, A, LLY, ABBV, MRK

Communication ServicesGOOG, GOOGL, META, NFLX

UnclassifiedDFIC, SGOV, DFAC, DFCF, DFAT · 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: 8.9% 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 9% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (26 classified)Aspen Capital Management, LLC centroid (Large Core)

Information TechnologyFinancialsConsumer DiscretionaryIndustrialsCommunication ServicesHealth Care

Style box summary for Aspen Capital Management, LLC: centroid Large Core. Heaviest cells: Large Growth 4.5%, Large Value 3.0%, Large Core 0.5%.

Classified: 8.7% of book weight (26/77 names) · unclassified 91.3%: DFIC, DFAC, SGOV, DFCF, DFEM, DFAT, DFAS, DFGR, DFSV, DCOR +41 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· 77 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	DFICDIMENSIONAL ETF TRUST	2,275,858	$81M	20.0%	HOLD
2	DFACDIMENSIONAL ETF TRUST	1,492,918	$58M	14.4%	ADD 9%
3	SGOVISHARES TR	533,554	$54M	13.3%	TRIM −15%
4	DFCFDIMENSIONAL ETF TRUST	823,112	$35M	8.6%	ADD 10%
5	DFEMDIMENSIONAL ETF TRUST	534,371	$18M	4.6%	HOLD
6	DFATDIMENSIONAL ETF TRUST	277,274	$17M	4.3%	TRIM −5%
7	DFASDIMENSIONAL ETF TRUST	216,261	$15M	3.8%	TRIM −2%
8	DFGRDIMENSIONAL ETF TRUST	546,636	$15M	3.6%	HOLD
9	USBUS BANCORP	215,148	$11M	2.8%	HOLD
10	DFSVDIMENSIONAL ETF TRUST	280,152	$10M	2.4%	HOLD
11	DCORDIMENSIONAL ETF TRUST	117,840	$8M	2.1%	ADD 12%
12	DFAXDIMENSIONAL ETF TRUST	200,460	$7M	1.7%	HOLD
13	AAPLAPPLE INC	22,023	$6M	1.4%	TRIM −3%
14	IWBISHARES TR	14,805	$5M	1.3%	HOLD
15	NVDANVIDIA CORPORATION	27,079	$5M	1.2%	TRIM −2%
16	DFSUDIMENSIONAL ETF TRUST	114,276	$5M	1.2%	TRIM −4%
17	DFSIDIMENSIONAL ETF TRUST	91,590	$4M	1.0%	HOLD
18	DFUVDIMENSIONAL ETF TRUST	73,758	$4M	0.9%	HOLD
19	AVDEAMERICAN CENTY ETF TR	37,271	$3M	0.8%	HOLD
20	QQQINVESCO QQQ TR	5,376	$3M	0.8%	HOLD
21	MSFTMICROSOFT CORP	7,726	$3M	0.7%	TRIM −5%
22	DUSBDIMENSIONAL ETF TRUST	47,403	$2M	0.6%	NEW
23	IVVISHARES TR	3,514	$2M	0.6%	TRIM −3%
24	DFAWDIMENSIONAL ETF TRUST	26,050	$2M	0.5%	ADD 12%
25	IWMISHARES TR	7,683	$2M	0.5%	HOLD
26	AVUSAMERICAN CENTY ETF TR	14,662	$2M	0.4%	HOLD
27	SPYSTATE STR SPDR S&P 500 ETF T	2,320	$2M	0.4%	TRIM −2%
28	EFAISHARES TR	14,000	$1M	0.3%	HOLD
29	VTIVANGUARD INDEX FDS	4,229	$1M	0.3%	HOLD
30	DIASPDR DOW JONES INDL AVERAGE	2,850	$1M	0.3%	HOLD
31	VTVVANGUARD INDEX FDS	6,633	$1M	0.3%	HOLD
32	JPMJPMORGAN CHASE & CO	4,172	$1M	0.3%	TRIM −13%
33	AMZNAMAZON COM INC	5,685	$1M	0.3%	ADD 2%
34	VTVANGUARD INTL EQUITY INDEX F	7,909	$1M	0.3%	HOLD
35	AVUVAMERICAN CENTY ETF TR	9,752	$1M	0.3%	HOLD
36	PAYOPAYONEER GLOBAL INC	194,222	$938,092	0.2%	HOLD
37	GOOGLALPHABET INC	3,035	$872,745	0.2%	HOLD
38	GOOGALPHABET INC	3,023	$867,184	0.2%	HOLD
39	DFSEDIMENSIONAL ETF TRUST	20,087	$851,093	0.2%	ADD 6%
40	BRK.ABERKSHIRE HATHAWAY INC DEL	1	$718,140	0.2%	HOLD
41	BRK.BBERKSHIRE HATHAWAY INC DEL	1,078	$516,578	0.1%	HOLD
42	ISRGINTUITIVE SURGICAL INC	1,111	$512,160	0.1%	HOLD
43	CASYCASEYS GEN STORES INC	702	$510,958	0.1%	HOLD
44	VOOVANGUARD INDEX FDS	819	$489,474	0.1%	HOLD
45	ESGVVanguard ESG US Stock - ETF	3,953	$443,806	0.1%	HOLD
46	EEMISHARES TR	7,314	$415,384	0.1%	HOLD
47	CATCATERPILLAR INC	584	$413,741	0.1%	HOLD
48	DFSBDIMENSIONAL ETF TR DIMENSIONAL GLOBAL SUSTAINABILITY FIXED INCOME	7,939	$410,771	0.1%	HOLD
49	COSTCOSTCO WHSL CORP NEW	410	$408,067	0.1%	TRIM −21%
50	MUMICRON TECHNOLOGY INC	1,193	$402,996	0.1%	HOLD
51	SCHXSCHWAB U.S. LARGE-CAP ETF	15,370	$394,092	0.1%	HOLD
52	VBVANGUARD INDEX FDS	1,403	$367,409	0.1%	HOLD
53	RBLXROBLOX CORP	5,973	$337,833	0.1%	HOLD
54	CGGOCAPITAL GROUP GBL GROWTH EQT	9,974	$332,832	0.1%	HOLD
55	HPQHP INC	16,899	$324,630	0.1%	TRIM −5%
56	HPEHEWLETT PACKARD ENTERPRISE C	12,689	$302,125	0.1%	ADD 5%
57	LLYELI LILLY & CO	320	$294,326	0.1%	HOLD
58	AAGILENT TECHNOLOGIES INC	2,573	$293,273	0.1%	HOLD
59	SCHFSCHWAB STRATEGIC TR	11,845	$293,175	0.1%	HOLD
60	MRKMERCK & CO INC	2,357	$283,524	0.1%	HOLD
61	FDNFIRST TR EXCHANGE-TRADED FD	1,205	$282,006	0.1%	HOLD
62	SHOPSHOPIFY INC	2,300	$272,826	0.1%	HOLD
63	VXUSVANGUARD STAR FDS	3,538	$272,815	0.1%	HOLD
64	ABBVABBVIE INC	1,249	$271,645	0.1%	HOLD
65	TSLATESLA INC	729	$271,006	0.1%	HOLD
66	FNXFirst Trust Mid Cap Core AlphaDEX ETF	2,084	$267,258	0.1%	HOLD
67	KEYSKEYSIGHT TECHNOLOGIES INC	929	$262,322	0.1%	NEW
68	DEDEERE & CO	461	$259,681	0.1%	HOLD
69	LRCXLAM RESEARCH CORP	1,210	$258,529	0.1%	HOLD
70	AVEMAMERICAN CENTY ETF TR	2,931	$236,155	0.1%	HOLD
71	FYXFIRST TR EXCHANGE-TRADED ALP	1,974	$235,606	0.1%	HOLD
72	SCHBSCHWAB STRATEGIC TR	8,939	$224,373	0.1%	ADD 6%
73	AGGISHARES TR	2,260	$224,326	0.1%	HOLD
74	IJHISHARES TR	3,280	$221,524	0.1%	HOLD
75	LRNSTRIDE INC	2,461	$216,986	0.1%	NEW
76	AVGEAMERICAN CENTY ETF TR	2,336	$205,647	0.1%	NEW
77	CGUSCAPITAL GROUP CORE EQUITY ET	5,207	$200,053	0.0%	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

DFICDIMENSIONAL ETF TRUST

—

2.1M

2.2M

2.3M

$81M

DFACDIMENSIONAL ETF TRUST

—

1.2M

1.3M

1.4M

1.5M

$58M

SGOVISHARES TR

—

533K

636K

679K

628K

534K

$54M

DFCFDIMENSIONAL ETF TRUST

—

618K

683K

689K

749K

823K

$35M

DFEMDIMENSIONAL ETF TRUST

—

452K

465K

506K

525K

534K

$18M

DFATDIMENSIONAL ETF TRUST

—

302K

299K

295K

293K

277K

$17M

DFASDIMENSIONAL ETF TRUST

—

224K

222K

221K

216K

$15M

DFGRDIMENSIONAL ETF TRUST

—

444K

474K

500K

541K

547K

$15M

USBUS BANCORP

—

237K

236K

215K

$11M

DFSVDIMENSIONAL ETF TRUST

—

272K

253K

261K

276K

280K

$10M

DCORDIMENSIONAL ETF TRUST

—

99K

84K

101K

105K

118K

$8M

DFAXDIMENSIONAL ETF TRUST

—

190K

194K

195K

197K

200K

$7M

AAPLAPPLE INC

—

22K

23K

22K

$6M

IWBISHARES TR

—

16K

15K

$5M

NVDANVIDIA CORPORATION

—

29K

28K

27K

$5M

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.

☆Aspen Capital Management, LLC