AF
Affiance Financial, LLC 13F Disclosure (Q2 2026) — Portfolio & Holdings
Affiance Financial, LLCCIK: 0001723681
Diversified strategyMomentum followerLong-term holder
Total reported value
$695.4M
Reporting period: 2026-06-30 · Number of holdings: 111
Affiance Financial, LLC disclosed 111 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $695.4M and a quarterly turnover rate of 13.1%.
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Personality snowflake
- Concentration
- 34.44
- Portfolio Stability
- 13.11
- Momentum
- 100
- Sector conviction
- 52.99
- Diversification
- 100
- Sizing Uniformity
- 70.76
Affiance Financial, LLC's disclosed holdings carry a Herfindahl concentration index of 0.086 — mathematically equivalent to about 12 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 2.92), 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.govTrim AGG
+1.9% $1.5M
Add VTI
+4.2% $14.7M
Add IWF
+332.2% $6.8M
Add VOO
-0.1% $17.3M
Trim AKRE
-0.6% $5.9K
Add BOND
+30.4% $2.7M
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 | 19.21% | +0.36% | -0.08% | |
| 2 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 14.10% | -1.54% | +1.89% | |
| 3 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 12.63% | +0.78% | +4.15% | |
| 4 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 5.62% | +0.03% | +6.30% | |
| 5 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 5.33% | -0.09% | -0.35% | |
| 6 | IWF | Ishares Russell 1000 Growth | ETF-Other | 4.73% | +0.49% | +332.18% | |
| 7 | VTV | Vanguard Value ETF | ETF-Other | 3.38% | +0.09% | +4.30% | |
| 8 | AKRE | Akre Focus ETF | ETF-Other | 2.83% | -0.36% | -0.61% | |
| 9 | VXF | Vanguard Extended Market ETF | ETF-Other | 2.48% | +0.12% | -1.00% | |
| 10 | SPEM | State Street Sp Ptf Em ETF | ETF-Other | 1.94% | +0.05% | +4.90% | |
| 11 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 1.82% | -0.04% | -0.06% | |
| 12 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 1.82% | -0.02% | -2.59% | |
| 13 | BOND | Pimco Active Bond Exchange-t | ETF-Other | 1.68% | +0.22% | +30.38% | |
| 14 | AAPL | Apple Inc | Stock-Tech | 1.47% | -0.14% | -9.60% | |
| 15 | CGCP | Cap Group Core Plus Income | ETF-Other | 1.18% | -0.09% | +5.04% | |
| 16 | CGDV | Cap Group Dividend Value | ETF-Other | 1.05% | +0.07% | +4.52% | |
| 17 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.97% | +0.10% | +5.52% | |
| 18 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.95% | +0.02% | +0.09% | |
| 19 | VT | Vanguard Tot World Stk ETF | ETF-Other | 0.76% | — | +0.28% | |
| 20 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.71% | +0.05% | -1.61% | |
| 21 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.64% | -0.01% | -2.68% | |
| 22 | ESGD | Ishares Trust Ishares Esg Aw | ETF-Other | 0.58% | — | +5.13% | |
| 23 | MSFT | Microsoft CORP | Stock-Tech | 0.58% | -0.08% | -1.05% | |
| 24 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.57% | -0.01% | -3.07% | |
| 25 | VO | Vanguard Mid-cap ETF | ETF-Other | 0.55% | +0.02% | +319.30% | |
| 26 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.48% | +0.04% | -1.87% | |
| 27 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.48% | — | +0.41% | |
| 28 | EFIV | Ss Spdr S&p 500 Esg ETF | ETF-Large Cap & Growth | 0.48% | +0.02% | +1.58% | |
| 29 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.47% | +0.05% | +0.52% | |
| 30 | EFG | Ishares Msci Eafe Growth ETF | ETF-Other | 0.42% | -0.01% | -1.21% | |
| 31 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.40% | -0.01% | — | |
| 32 | ESGE | Ishares Inc Ishares Esg Awar | ETF-Other | 0.40% | +0.02% | -0.93% | |
| 33 | VGT | Vanguard Info Tech ETF | ETF-Tech | 0.39% | +0.08% | +728.68% | |
| 34 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.37% | -0.05% | +0.04% | |
| 35 | CGUS | Cap Group Core Equity | ETF-Other | 0.36% | +0.01% | -1.40% | |
| 36 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.35% | +0.09% | -1.24% | |
| 37 | VXUS | Vanguard Total Intl Stock | ETF-Other | 0.31% | -0.02% | -2.89% | |
| 38 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.30% | -0.04% | -4.94% | |
| 39 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.29% | -0.06% | -18.11% | |
| 40 | WMT | Walmart Inc | Stock-Consumer Staples | 0.27% | -0.10% | -9.36% | |
| 41 | NVDA | Nvidia CORP | Stock-Tech | 0.27% | -0.14% | -35.92% | |
| 42 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.24% | +0.03% | — | |
| 43 | MMM | 3m Co | Stock-Industrials | 0.23% | +0.01% | +6.55% | |
| 44 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 0.23% | -0.03% | -3.15% | |
| 45 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.23% | -0.01% | +2.00% | |
| 46 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.22% | +0.02% | — | |
| 47 | EVUS | Ishares Esg Aw Msci US Value | ETF-Other | 0.21% | — | +1.87% | |
| 48 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.20% | +0.04% | +37.37% | |
| 49 | MAR | Marriott International -cl A | Stock-Consumer Disc | 0.20% | — | +0.05% | |
| 50 | XJH | Ishare Esg Ss S&p Midcap ETF | ETF-Other | 0.18% | — | -3.73% |
1–50 of 110
Portfolio Performance
Performance for Q3 2026
+2.3%
Performance Last 4 Quarters
+17.6%
- Stdev
- +10.9%
- Beta
- +0.81
- Alpha
- -0.5%
- Max Drawdown
- -5.1%
- Annualized Perf
- +16.2%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +2.77
- Stutzer
- +0.42
- Treynor
- +0.19
- Sterling
- +1.12
- Calmar
- +3.17
- Information Ratio
- -1.08
- Tracking Error
- +4%
- Stdev Down
- +5.7%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +29%
- Worst 12 Months
- +6.4%
- Efficiency Ratio
- +0.57
- Sharpe
- +1.44
- Stdev Sectors
- +8.8%
- Skewness
- -0.14
- Kurtosis
- -0.17
- Upside Potential
- +4.35
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 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 2026-06-30: New buy: Vanguard Small-cap ETF (VB); New buy: Micron Technology Inc (MU); Sold out: Honeywell International Inc (HON); Sold out: Exxon Mobil CORP (XOM); New buy: Vanguard High Dvd Yield ETF (VYM).
1–50 of 113
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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $695.4M, 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) — $133.6M (19.2%)
2. Ishares Core U.s. Aggregate (AGG) — $98.0M (14.1%)
3. Vanguard Total Stock Mkt ETF (VTI) — $87.8M (12.6%)
4. Ishares Core Msci Eafe ETF (IEFA) — $39.1M (5.6%)
5. Vanguard Ftse Developed ETF (VEA) — $37.1M (5.3%)
What changes did Affiance Financial, LLC make in its most recent portfolio filing?
In the latest reported quarter, Affiance Financial, LLC made 78 notable position adjustments: 8 new positions were initiated, 38 existing holdings were added to, 29 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: Vanguard Small-cap ETF (VB); New buy: Micron Technology Inc (MU); Sold out: Honeywell International Inc (HON); Sold out: Exxon Mobil CORP (XOM); New buy: Vanguard High Dvd Yield ETF (VYM)
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: 30.3%
• Communication Services: 18.3%
• Consumer Discretionary: 13.8%
• Health Care: 13.1%
• Industrials: 8.0%
• Financials: 6.6%
Investment Profile
Affiance Financial, LLC returned an annualized 16.2% over the trailing 36 months — underperforming the S&P 500 by 0.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.81 (less volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 30.3% of the portfolio concentrated in Information Technology.
It has added to its VTI position over the past two quarters (+$18.3M, now $87.8M), while trimming MSFT over the same stretch (-$1.3M, still holding $4.0M).
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