GUARDSMAN PRIVATE CAPITAL MANAGEMENT, INC.

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CIK 2110760

13F portfolio (2026-Q1)

$128M

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

63.6%

Top 10

79.9%

Effective N

7.2

HHI

0.138

This quarter

3 new · 0 exit →

By sector

Unclassified90.7%

Financials4.9%

Information Technology1.8%

Real Estate1.6%

Health Care0.3%

Industrials0.3%

Materials0.2%

Consumer Staples0.2%

By market cap

Unknown91.0%

Mega (>$200B)7.4%

Micro (<$300M)1.5%

Small ($300M–2B)0.1%

By region

Other90.7%

North America9.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	95.65%	33
Equity Real Estate Investment Trusts (REITs)	1.60%	2
Technology Hardware & Equipment	1.22%	1
Software	0.60%	2
Pharmaceuticals & Biotechnology	0.30%	1
Machinery	0.27%	1
Chemicals	0.19%	1
Tobacco	0.17%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VTI	VANGUARD INDEX FDS	Unclassified	32.21%
2	VGSH	VANGUARD SHORT-TERM TREASURY ETF	Unclassified	11.02%
3	ITOT	ISHARES TR	Unclassified	9.27%
4	VXUS	VANGUARD STAR FDS	Unclassified	5.94%
5	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	5.12%
6	BRK.B	BERKSHIRE HATHAWAY INC	Financials	4.92%
7	IXUS	ISHARES TR	Unclassified	3.86%
8	VBR	VANGUARD INDEX FDS	Unclassified	2.75%
9	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	2.75%
10	NOBL	PROSHARES TR	Unclassified	2.10%

10/42 names classified · sector 9.3% of weight · industry 4.4% · mkt cap 9.0%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 2 quarters

Financials

Information TechnologyAAPL, MSFT, ORCL

Real EstateFSP, SAFE

Health Care

Industrials

Materials

Consumer Staples

UnclassifiedVTI, VGSH, ITOT, VXUS, VEA · 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: 9.3% 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 4% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (8 classified)GUARDSMAN PRIVATE CAPITAL MANAGEMENT, INC. centroid (Mid Core)

Information TechnologyReal EstateHealth CareMaterialsConsumer Staples

Style box summary for GUARDSMAN PRIVATE CAPITAL MANAGEMENT, INC.: centroid Mid Core. Heaviest cells: Small Value 1.5%, Large Core 1.2%, Large Value 0.7%.

Classified: 4.1% of book weight (8/42 names) · unclassified 95.9%: VTI, VGSH, ITOT, VXUS, VEA, BRK.B, IXUS, VBR, SPY, NOBL +24 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· 42 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VTIVANGUARD INDEX FDS	128,515	$41M	32.2%	ADD 9%
2	VGSHVANGUARD SHORT-TERM TREASURY ETF	240,856	$14M	11.0%	ADD 6%
3	ITOTISHARES TR	83,341	$12M	9.3%	HOLD
4	VXUSVANGUARD STAR FDS	98,516	$8M	5.9%	ADD 2%
5	VEAVANGUARD TAX-MANAGED FDS	102,296	$7M	5.1%	HOLD
6	BRK.BBERKSHIRE HATHAWAY INC DEL	13,129	$6M	4.9%	TRIM −4%
7	IXUSISHARES TR	56,955	$5M	3.9%	HOLD
8	VBRVANGUARD INDEX FDS	16,211	$4M	2.8%	HOLD
9	SPYSTATE STR SPDR S&P 500 ETF T	5,411	$4M	2.7%	ADD 77%
10	NOBLPROSHARES TR	25,348	$3M	2.1%	HOLD
11	VUGVANGUARD INDEX FDS	5,253	$2M	1.8%	TRIM −24%
12	VTVVANGUARD INDEX FDS	10,088	$2M	1.5%	TRIM −28%
13	FSPFRANKLIN STR PPTYS CORP	2,869,173	$2M	1.5%	HOLD
14	VEUVANGUARD INTL EQUITY INDEX F	25,040	$2M	1.5%	TRIM −6%
15	AAPLAPPLE INC	6,128	$2M	1.2%	HOLD
16	BRK.ABERKSHIRE HATHAWAY INC DEL	2	$1M	1.1%	HOLD
17	VBVANGUARD INDEX FDS	5,130	$1M	1.0%	TRIM −22%
18	VGUSVANGUARD INSTL INDEX FD	14,952	$1M	0.9%	ADD 25%
19	VIGVANGUARD SPECIALIZED FUNDS	5,251	$1M	0.9%	HOLD
20	VOOVANGUARD INDEX FDS	1,728	$1M	0.8%	NEW
21	VGTVANGUARD WORLD FD	1,325	$924,820	0.7%	NEW
22	VSGXVANGUARD WORLD FD	8,949	$641,912	0.5%	HOLD
23	VTEBVANGUARD MUN BD FDS	12,750	$636,098	0.5%	NEW
24	ESGVVanguard ESG US Stock - ETF	5,580	$626,494	0.5%	ADD 175%
25	BSVVANGUARD BD INDEX FDS	7,932	$621,948	0.5%	HOLD
26	AVUVAMERICAN CENTY ETF TR	5,419	$598,637	0.5%	HOLD
27	IWFISHARES TR	1,353	$577,079	0.5%	HOLD
28	MSFTMICROSOFT CORP	1,427	$528,393	0.4%	HOLD
29	SUSAISHARES TR	3,906	$515,983	0.4%	HOLD
30	SPYGSPDR SERIES TRUST STATE STREET SPD	5,117	$501,005	0.4%	HOLD
31	IWMISHARES TR	2,016	$500,079	0.4%	HOLD
32	ABBVABBVIE INC	1,785	$388,292	0.3%	HOLD
33	BNDVANGUARD BD INDEX FDS	5,231	$385,211	0.3%	HOLD
34	IVVISHARES TR	578	$377,699	0.3%	HOLD
35	ACWXISHARES TR	5,351	$366,377	0.3%	HOLD
36	SUSBISHARES TR	14,231	$356,700	0.3%	HOLD
37	MOG.AMOOG INC	1,187	$347,364	0.3%	HOLD
38	EFAISHARES TR	2,676	$259,920	0.2%	HOLD
39	PGPROCTER AND GAMBLE CO	1,717	$248,003	0.2%	HOLD
40	ORCLORACLE CORP	1,600	$235,376	0.2%	HOLD
41	PMPHILIP MORRIS INTL INC	1,301	$215,107	0.2%	HOLD
42	SAFESAFEHOLD INC	10,602	$143,445	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

VTIVANGUARD INDEX FDS

—

118K

129K

$41M

VGSHVANGUARD SHORT-TERM TREASURY ETF

—

227K

241K

$14M

ITOTISHARES TR

—

83K

$12M

VXUSVANGUARD STAR FDS

—

96K

99K

$8M

VEAVANGUARD TAX-MANAGED FDS

—

102K

$7M

BRK.BBERKSHIRE HATHAWAY INC DEL

—

14K

13K

$6M

IXUSISHARES TR

—

57K

$5M

VBRVANGUARD INDEX FDS

—

16K

$4M

SPYSTATE STR SPDR S&P 500 ETF T

—

$4M

NOBLPROSHARES TR

—

25K

$3M

VUGVANGUARD INDEX FDS

—

$2M

VTVVANGUARD INDEX FDS

—

14K

10K

$2M

FSPFRANKLIN STR PPTYS CORP

—

2.9M

$2M

VEUVANGUARD INTL EQUITY INDEX F

—

27K

25K

$2M

AAPLAPPLE INC

—

$2M

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.

☆GUARDSMAN PRIVATE CAPITAL MANAGEMENT, INC.