AF
Affiance Financial, LLC 13F Disclosure (Q3 2026) — Portfolio & Holdings
Affiance Financial, LLCCIK: 0001723681
Diversified strategyMomentum followerLong-term holder
Total reported value
$701.1M
Reporting period: 2026-09-30 · Number of holdings: 111
Affiance Financial, LLC disclosed 111 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $701.1M and a quarterly turnover rate of 4.7%.
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Personality snowflake
- Concentration
- 34.91
- Portfolio Stability
- 4.74
- Momentum
- 100
- Sector conviction
- 58.81
- Diversification
- 100
- Sizing Uniformity
- 70.54
Affiance Financial, LLC's disclosed holdings carry a Herfindahl concentration index of 0.087 — mathematically equivalent to about 11 equally-sized positions, well below its 111 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.95), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 9% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd VTI
+3.7% $4.2M
Trim AGG
+2.5% -$2.1M
Add IEFA
+4.9% $2.0M
Trim AKRE
-6.8% -$1.5M
Add VOO
-0.0% $2.7M
Trim BOND
-5.6% -$1.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 110 holdings (of 111 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 19.44% | +0.23% | -0.01% | |
| 2 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 13.69% | -0.41% | +2.49% | |
| 3 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 13.13% | +0.50% | +3.66% | |
| 4 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 5.87% | +0.25% | +4.91% | |
| 5 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 5.25% | -0.08% | +0.15% | |
| 6 | IWF | Ishares Russell 1000 Growth | ETF-Other | 4.91% | +0.18% | +3.67% | |
| 7 | VTV | Vanguard Value ETF | ETF-Other | 3.47% | +0.09% | +4.13% | |
| 8 | AKRE | Akre Focus ETF | ETF-Other | 2.59% | -0.24% | -6.76% | |
| 9 | VXF | Vanguard Extended Market ETF | ETF-Other | 2.30% | -0.18% | -0.55% | |
| 10 | SPEM | State Street Sp Ptf Em ETF | ETF-Other | 1.91% | -0.03% | -1.01% | |
| 11 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 1.81% | -0.01% | +0.64% | |
| 12 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 1.68% | -0.14% | -0.26% | |
| 13 | AAPL | Apple Inc | Stock-Tech | 1.56% | +0.09% | -6.85% | |
| 14 | BOND | Pimco Active Bond Exchange-t | ETF-Other | 1.49% | -0.19% | -5.59% | |
| 15 | CGCP | Cap Group Core Plus Income | ETF-Other | 1.09% | -0.09% | -2.47% | |
| 16 | CGDV | Cap Group Dividend Value | ETF-Other | 1.08% | +0.03% | +4.05% | |
| 17 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.95% | — | -1.39% | |
| 18 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.94% | -0.03% | +6.65% | |
| 19 | MSFT | Microsoft CORP | Stock-Tech | 0.74% | +0.16% | -6.33% | |
| 20 | VT | Vanguard Tot World Stk ETF | ETF-Other | 0.74% | -0.02% | -3.04% | |
| 21 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.67% | -0.04% | -0.37% | |
| 22 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.62% | +0.05% | +4.79% | |
| 23 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.60% | -0.04% | -8.26% | |
| 24 | ESGD | Ishares Trust Ishares Esg Aw | ETF-Other | 0.59% | +0.01% | +2.30% | |
| 25 | VO | Vanguard Mid-cap ETF | ETF-Other | 0.57% | +0.02% | +6.32% | |
| 26 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.48% | +0.01% | +1.14% | |
| 27 | EFIV | Ss Spdr S&p 500 Esg ETF | ETF-Large Cap & Growth | 0.48% | — | -0.02% | |
| 28 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.47% | +0.10% | +0.04% | |
| 29 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.47% | -0.01% | +0.39% | |
| 30 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.45% | -0.03% | -0.18% | |
| 31 | EFG | Ishares Msci Eafe Growth ETF | ETF-Other | 0.40% | -0.02% | — | |
| 32 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.40% | — | +0.08% | |
| 33 | VGT | Vanguard Info Tech ETF | ETF-Tech | 0.40% | +0.01% | +0.08% | |
| 34 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.40% | +0.10% | +36.39% | |
| 35 | ESGE | Ishares Inc Ishares Esg Awar | ETF-Other | 0.40% | — | +1.58% | |
| 36 | CGUS | Cap Group Core Equity | ETF-Other | 0.35% | -0.01% | -2.17% | |
| 37 | VXUS | Vanguard Total Intl Stock | ETF-Other | 0.31% | — | +1.43% | |
| 38 | NVDA | Nvidia CORP | Stock-Tech | 0.30% | +0.03% | -1.83% | |
| 39 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.29% | -0.06% | -5.08% | |
| 40 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.27% | -0.02% | -8.99% | |
| 41 | WMT | Walmart Inc | Stock-Consumer Staples | 0.25% | -0.02% | +0.23% | |
| 42 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.23% | -0.01% | -0.43% | |
| 43 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.23% | — | — | |
| 44 | EVUS | Ishares Esg Aw Msci US Value | ETF-Other | 0.23% | +0.02% | +4.29% | |
| 45 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 0.22% | -0.01% | -0.03% | |
| 46 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.21% | +0.01% | +0.36% | |
| 47 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.21% | -0.01% | — | |
| 48 | IXC | Ishares Global Energy ETF | ETF-Other | 0.19% | +0.01% | -4.76% | |
| 49 | MAR | Marriott International -cl A | Stock-Consumer Disc | 0.19% | -0.01% | +0.05% | |
| 50 | MMM | 3m Co | Stock-Industrials | 0.19% | -0.04% | -20.80% |
1–50 of 110
Portfolio Performance
Performance for Q4 2026
+1.3%
Performance Last 4 Quarters
+10.9%
- Stdev
- +10.2%
- Beta
- +0.79
- Alpha
- 0%
- Max Drawdown
- -5.1%
- Annualized Perf
- +18.8%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +3.72
- Stutzer
- +0.51
- Treynor
- +0.23
- Sterling
- +1.3
- Calmar
- +3.68
- Information Ratio
- -1.15
- Tracking Error
- +4%
- Stdev Down
- +4.8%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +29%
- Worst 12 Months
- +6.4%
- Efficiency Ratio
- +0.71
- Sharpe
- +1.75
- Stdev Sectors
- +9.8%
- Skewness
- -0.06
- Kurtosis
- +0.12
- Upside Potential
- +5.19
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 111 | $701.1M | 5 | ||
| 2026 Q2 | 111 | $695.4M | 13 | ||
| 2026 Q1 | 106 | $617.1M | 14 | ||
| 2025 Q4 | 105 | $621.8M | 14 | ||
| 2025 Q3 | 104 | $549.2M | 29 | ||
| 2025 Q2 | 104 | $492.3M | 0 | ||
| 2025 Q1 | 102 | $429.5M | 100 | ||
| 2024 Q4 | 104 | $418.5M | 0 | ||
| 2024 Q3 | 100 | $412.4M | 0 | ||
| 2024 Q2 | 97 | $383.2M | 0 | ||
| 2024 Q1 | 97 | $369.1M | 0 | ||
| 2023 Q4 | 97 | $343.5M | 0 | ||
| 2023 Q3 | 92 | $196.9M | 0 | ||
| 2023 Q2 | 99 | $205.2M | 0 | ||
| 2023 Q1 | 94 | $189.0M | 0 | ||
| 2022 Q4 | 436 | $246.7M | 0 | ||
| 2022 Q3 | 138 | $177.5M | 0 | ||
| 2022 Q2 | 124 | $185.5M | 0 | ||
| 2022 Q1 | 133 | $205.7M | 0 | ||
| 2021 Q4 | 146 | $239.6M | 0 | ||
| 2021 Q3 | 155 | $229.9M | 0 | ||
| 2021 Q2 | 159 | $235.9M | 100 | ||
| 2021 Q1 | 154 | $224.3M | 28 | ||
| 2020 Q4 | 134 | $191.9M | 13 | ||
| 2020 Q3 | 138 | $173.1M | 32 | ||
| 2020 Q2 | 130 | $184.0M | 28 | ||
| 2020 Q1 | 135 | $145.1M | 41 | ||
| 2019 Q4 | 141 | $181.3M | 15 | ||
| 2019 Q3 | 94 | $164.7M | 7 | ||
| 2019 Q2 | 92 | $163.6M | 7 | ||
| 2019 Q1 | 91 | $158.8M | 22 | ||
| 2018 Q4 | 92 | $151.4M | 29 | ||
| 2018 Q3 | 89 | $151.7M | 18 | ||
| 2018 Q2 | 89 | $130.8M | 31 | ||
| 2018 Q1 | 77 | $113.2M | 33 | ||
| 2017 Q4 | 79 | $135.1M | 11 | ||
| 2017 Q3 | 76 | $124.2M | 11 | ||
| 2017 Q2 | 74 | $125.5M | 10 | ||
| 2017 Q1 | 81 | $129.3M | 12 | ||
| 2016 Q4 | 86 | $124.7M | 19 | ||
| 2016 Q3 | 85 | $123.0M | 11 | ||
| 2016 Q2 | 88 | $118.2M | 19 | ||
| 2016 Q1 | 90 | $104.4M | 19 | ||
| 2015 Q4 | 88 | $97.4M | 32 | ||
| 2015 Q3 | 83 | $79.8M | 26 | ||
| 2015 Q2 | 89 | $78.5M | 30 | ||
| 2015 Q1 | 86 | $65.8M | 22 | ||
| 2014 Q4 | 73 | $56.9M | — |
Holding changes this quarter
Affiance Financial, LLC's most significant position changes for 2026-09-30: New buy: Ishares Core Msci Emerging (IEMG); Sold out: Union Pacific CORP (UNP); New buy: ; Sold out: Northrop Grumman CORP (NOC); Sold out: Steel Dynamics Inc (STLD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | +0.5% | +3.66% | Add |
| 2 | IEFA | Ishares Core Msci Eafe ETF | +0.3% | +4.91% | Add |
| 3 | VOO | Vanguard S&p 500 ETF | +0.2% | -0.01% | Trim |
| 4 | IWF | Ishares Russell 1000 Growth | +0.2% | +3.67% | Add |
| 5 | MSFT | Microsoft CORP | +0.2% | -6.33% | Trim |
| 6 | IEMG | Ishares Core Msci Emerging | +0.1% | NEW | New buy |
| 7 | BRK-B | Berkshire Hathaway Inc-cl B | +0.1% | +36.39% | Add |
| 8 | META | Meta Platforms Inc-class A | +0.1% | +0.04% | Add |
| 9 | VTV | Vanguard Value ETF | +0.1% | +4.13% | Add |
| 10 | AAPL | Apple Inc | +0.1% | -6.85% | Trim |
| 11 | AMZN | Amazon.com Inc | +0.1% | +4.79% | Add |
| 12 | ✓ | +0.1% | NEW | New buy | |
| 13 | ✓ | 0% | NEW | New buy | |
| 14 | JAAA | Janus Henderson Aaa Clo ETF | 0% | NEW | New buy |
| 15 | CGDV | Cap Group Dividend Value | 0% | +4.05% | Add |
| 16 | NVDA | Nvidia CORP | 0% | -1.83% | Trim |
| 17 | AMGN | Amgen Inc | 0% | NEW | New buy |
| 18 | ✓ | 0% | NEW | New buy | |
| 19 | TGT | Target CORP | 0% | +0.65% | Add |
| 20 | NOW | Servicenow Inc | 0% | — | Unchanged |
| 21 | VO | Vanguard Mid-cap ETF | 0% | +6.32% | Add |
| 22 | EVUS | Ishares Esg Aw Msci US Value | 0% | +4.29% | Add |
| 23 | VGT | Vanguard Info Tech ETF | 0% | +0.08% | Add |
| 24 | IXC | Ishares Global Energy ETF | 0% | -4.76% | Trim |
| 25 | ESGD | Ishares Trust Ishares Esg Aw | 0% | +2.30% | Add |
| 26 | JNJ | Johnson & Johnson | 0% | +0.36% | Add |
| 27 | GILD | Gilead Sciences Inc | 0% | +0.54% | Add |
| 28 | QQQ | Invesco Qqq Trust Series 1 | 0% | +1.14% | Add |
| 29 | V | Visa Inc-class A Shares | 0% | +11.95% | Add |
| 30 | ABT | Abbott Laboratories | 0% | +11.75% | Add |
| 31 | MDT | Medtronic plc | 0% | — | Unchanged |
| 32 | DEO | Diageo Plc-sponsored Adr | 0% | — | Unchanged |
| 33 | CVX | Chevron CORP | — | +0.73% | Add |
| 34 | IVV | Ishares Core S&p 500 ETF | — | -1.39% | Trim |
| 35 | EFIV | Ss Spdr S&p 500 Esg ETF | — | -0.02% | Trim |
| 36 | IVOO | Vanguard S&p Mid-cap 400 ETF | — | +0.30% | Add |
| 37 | VIOO | Vanguard S&p Small-cap 600 E | — | — | Unchanged |
| 38 | INTC | Intel CORP | — | — | Unchanged |
| 39 | TECH | Bio-techne CORP | — | -6.72% | Trim |
| 40 | ORCL | Oracle CORP | — | +0.44% | Add |
| 41 | XLV | Ss Health Care Select Sector | — | -2.17% | Trim |
| 42 | BA | Boeing Co/the | — | — | Unchanged |
| 43 | SCHG | Schwab US Large-cap Growth | — | +0.11% | Add |
| 44 | JPM | Jpmorgan Chase & Co | — | +0.08% | Add |
| 45 | XEL | Xcel Energy Inc | — | +4.01% | Add |
| 46 | ABBV | Abbvie Inc | — | +0.63% | Add |
| 47 | VGLT | Vanguard Long-term Treasury | — | +1.19% | Add |
| 48 | JPST | Jpmorgan Ultra-short Income | — | -3.13% | Trim |
| 49 | COST | Costco Wholesale CORP | — | -2.76% | Trim |
| 50 | PRU | Prudential Financial Inc | — | -8.80% | Trim |
1–50 of 116
Filing History
FAQ
What is Affiance Financial, LLC and what type of investor is it?
Affiance Financial, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $701.1M, spread across 111 disclosed positions.
What are Affiance Financial, LLC's largest equity positions?
Based on the latest 13F filing, Affiance Financial, LLC's top holdings by market value are:
1. Vanguard S&p 500 ETF (VOO) — $136.3M (19.4%)
2. Ishares Core U.s. Aggregate (AGG) — $96.0M (13.7%)
3. Vanguard Total Stock Mkt ETF (VTI) — $92.1M (13.1%)
4. Ishares Core Msci Eafe ETF (IEFA) — $41.2M (5.9%)
5. Vanguard Ftse Developed ETF (VEA) — $36.8M (5.3%)
What changes did Affiance Financial, LLC make in its most recent portfolio filing?
In the latest reported quarter, Affiance Financial, LLC made 100 notable position adjustments: 6 new positions were initiated, 54 existing holdings were added to, 34 positions were partially reduced, and 6 were completely exited. The largest of these moves: New buy: Ishares Core Msci Emerging (IEMG); Sold out: Union Pacific CORP (UNP); New buy: ; Sold out: Northrop Grumman CORP (NOC); Sold out: Steel Dynamics Inc (STLD)
What sectors does Affiance Financial, LLC focus on?
Affiance Financial, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 33.6%
• Communication Services: 18.9%
• Consumer Discretionary: 14.1%
• Health Care: 12.9%
• Financials: 6.3%
• Industrials: 5.7%
Investment Profile
Affiance Financial, LLC returned an annualized 18.8% over the trailing 36 months — underperforming the S&P 500 by 0.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.79 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 33.6% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 29 to 5 over the past 4 quarters — a shift toward longer holding periods.
It has added to its VOO position over the past two quarters (+$20.0M, now $136.3M), while trimming WMT over the same stretch (-$553.2K, still holding $1.7M).
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Developer Access
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