BF
Brown Financial Advisory SEC 13F Holdings (Q2 2026) — Top Position: STE STR SPDR PT S&P 500 ETF
Brown Financial AdvisoryCIK: 0001843853
Concentrated strategyLong-term holder
Total reported value
$239.4M
Reporting period: 2026-06-30 · Number of holdings: 49
Brown Financial Advisory disclosed 49 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $239.4M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 96.52
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 53.11
- Diversification
- 98
- Sizing Uniformity
- 66.76
Brown Financial Advisory's disclosed holdings carry a Herfindahl concentration index of 0.241 — mathematically equivalent to about 4 equally-sized positions, well below its 49 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 3.32), 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 3% 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 SPYM
+6.7% $18.6M
Add DEXC
+0.5% $7.8M
Add VB
+4.6% $7.8M
Trim SPDW
-0.8% $901.0K
Sold out FBND
New buy COKE
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 42.28% | +1.28% | +6.66% | |
| 2 | VB | Vanguard Small-cap ETF | ETF-Other | 18.72% | +0.36% | +4.58% | |
| 3 | DEXC | Dimensional Em Ex Cce ETF | ETF-Other | 14.82% | +1.07% | +0.54% | |
| 4 | IWB | Ishares Russell 1000 ETF | ETF-Other | 4.65% | -0.19% | -0.71% | |
| 5 | SPDW | Ste Str Spdr Pt Dw EU ETF | ETF-Other | 4.34% | -0.36% | -0.80% | |
| 6 | VONE | Vanguard Russell 1000 | ETF-Other | 3.00% | -0.10% | -0.08% | |
| 7 | AVDE | Avantis International Equity | ETF-Other | 0.95% | -0.13% | — | |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.86% | -0.16% | -3.41% | |
| 9 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.86% | -0.06% | +279.28% | |
| 10 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.70% | -0.04% | -1.67% | |
| 11 | SPEM | State Street Sp Ptf Em ETF | ETF-Other | 0.62% | -0.05% | — | |
| 12 | AAPL | Apple Inc | Stock-Tech | 0.51% | -0.11% | -14.20% | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 0.47% | -0.13% | -7.86% | |
| 14 | SPHY | Ss Spdr P High Yield ETF | ETF-High Yield | 0.45% | -0.05% | +7.36% | |
| 15 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.45% | -0.03% | — | |
| 16 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.40% | -0.02% | — | |
| 17 | ABBV | Abbvie Inc | Stock-Healthcare | 0.35% | -0.05% | -11.26% | |
| 18 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 0.33% | -0.13% | -19.41% | |
| 19 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.32% | -0.01% | — | |
| 20 | SPSM | Ss Spdr P S&p 600 Small Cap | ETF-Small Cap | 0.27% | — | — | |
| 21 | SXT | Sensient Technologies CORP | Stock-Materials | 0.23% | -0.05% | -30.83% | |
| 22 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.23% | -0.02% | -2.75% | |
| 23 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.23% | -0.03% | -8.31% | |
| 24 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.22% | — | -4.36% | |
| 25 | COKE | Coca-cola Consolidated Inc | Stock-Consumer Staples | 0.21% | +0.21% | NEW | |
| 26 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 0.20% | -0.10% | -21.67% | |
| 27 | NVDA | Nvidia CORP | Stock-Tech | 0.20% | -0.07% | -21.47% | |
| 28 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.20% | -0.01% | — | |
| 29 | FNDX | Schwab Fndmntl US Lrg Co ETF | ETF-Other | 0.19% | -0.09% | -26.87% | |
| 30 | CAT | Caterpillar Inc | Stock-Industrials | 0.18% | +0.04% | — | |
| 31 | BSCR | Invesco Bulletshares 2027 Cb | ETF-Other | 0.18% | -0.03% | — | |
| 32 | BSCS | Invesco Bulletshares 2028 Cb | ETF-Other | 0.18% | -0.03% | — | |
| 33 | BSCT | Invesco Bulletshares 2029 Cb | ETF-Other | 0.18% | -0.03% | — | |
| 34 | SPAB | Ss Spdr P Agg Bond ETF | ETF-Other | 0.17% | -0.03% | — | |
| 35 | WMT | Walmart Inc | Stock-Consumer Staples | 0.16% | -0.13% | -27.80% | |
| 36 | L | Loews CORP | Stock-Financials | 0.16% | -0.02% | — | |
| 37 | VXF | Vanguard Extended Market ETF | ETF-Other | 0.15% | — | — | |
| 38 | VTWO | Vanguard Russell 2000 ETF | ETF-Small Cap | 0.15% | — | — | |
| 39 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 0.15% | — | — | |
| 40 | HD | Home Depot Inc | Stock-Consumer Disc | 0.15% | -0.05% | -18.45% | |
| 41 | SO | Southern Co/the | Stock-Utilities | 0.12% | -0.02% | -0.27% | |
| 42 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.12% | -0.06% | -30.22% | |
| 43 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.11% | — | — | |
| 44 | VOE | Vanguard Mid-cap Value ETF | ETF-Other | 0.11% | -0.03% | -16.37% | |
| 45 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.10% | +0.10% | NEW | |
| 46 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.10% | +0.10% | NEW | |
| 47 | XOM | Exxon Mobil CORP | Stock-Energy | 0.09% | -0.05% | +0.06% | |
| 48 | QUS | Ss Spdr Msci U Stratfact ETF | ETF-Other | 0.09% | -0.02% | -11.70% | |
| 49 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 0.09% | +0.09% | NEW |
Portfolio Performance
Performance for Q3 2026
+1.7%
Performance Last 4 Quarters
+23.3%
- Stdev
- +12.9%
- Beta
- +0.96
- Alpha
- -0.3%
- Max Drawdown
- -7.1%
- Annualized Perf
- +19.6%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.93
- Stutzer
- +0.43
- Treynor
- +0.2
- Sterling
- +1.25
- Calmar
- +2.77
- Information Ratio
- -0.32
- Tracking Error
- +3.6%
- Stdev Down
- +6.4%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +33.6%
- Worst 12 Months
- +6.9%
- Efficiency Ratio
- +0.59
- Sharpe
- +1.46
- Stdev Sectors
- +8.8%
- Skewness
- -0.04
- Kurtosis
- -0.25
- Upside Potential
- +4.57
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 49 | $239.4M | 0 | ||
| 2026 Q1 | 49 | $201.6M | 13 | ||
| 2025 Q4 | 56 | $197.9M | 6 | ||
| 2025 Q3 | 55 | $191.0M | 27 | ||
| 2025 Q2 | 55 | $181.2M | 0 | ||
| 2025 Q1 | 52 | $160.1M | 100 | ||
| 2024 Q4 | 35 | $140.8M | 0 | ||
| 2024 Q3 | 36 | $141.3M | 0 | ||
| 2024 Q2 | 32 | $130.1M | 0 | ||
| 2024 Q1 | 32 | $128.7M | 0 | ||
| 2023 Q4 | 32 | $122.8M | 0 | ||
| 2023 Q3 | 29 | $112.8M | 0 | ||
| 2023 Q2 | 30 | $122.5M | 0 | ||
| 2023 Q1 | 28 | $103.9M | 0 | ||
| 2022 Q4 | 29 | $96.9M | 0 | ||
| 2022 Q3 | 27 | $104.2M | 0 | ||
| 2022 Q2 | 26 | $93.4M | 0 | ||
| 2022 Q1 | 29 | $123.0M | 0 | ||
| 2021 Q4 | 28 | $114.1M | 0 | ||
| 2021 Q3 | 26 | $121.4M | 0 | ||
| 2021 Q2 | 26 | $120.0M | 97 | ||
| 2021 Q1 | 26 | $113.1M | 14 | ||
| 2020 Q4 | 27 | $112.8M | 0 |
Holding changes this quarter
Brown Financial Advisory's most significant position changes for 2026-06-30: Sold out: Fidelity Total Bond ETF (FBND); New buy: Coca-cola Consolidated Inc (COKE); Sold out: Invesco S&p Midcap Qual ETF (XMHQ); Sold out: Ishares Msci International Q (IQLT); Sold out: Vanguard Short-term Treasury (VGSH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | +1.3% | +6.66% | Add |
| 2 | DEXC | Dimensional Em Ex Cce ETF | +1.1% | +0.54% | Add |
| 3 | VB | Vanguard Small-cap ETF | +0.4% | +4.58% | Add |
| 4 | COKE | Coca-cola Consolidated Inc | +0.2% | NEW | New buy |
| 5 | GOOGL | Alphabet Inc-cl A | +0.1% | NEW | New buy |
| 6 | VOO | Vanguard S&p 500 ETF | +0.1% | NEW | New buy |
| 7 | VEU | Vanguard Ftse All-world Ex-u | +0.1% | NEW | New buy |
| 8 | CAT | Caterpillar Inc | 0% | — | Unchanged |
| 9 | SPSM | Ss Spdr P S&p 600 Small Cap | — | — | Unchanged |
| 10 | IWM | Ishares Russell 2000 ETF | — | -4.36% | Trim |
| 11 | VTWO | Vanguard Russell 2000 ETF | — | — | Unchanged |
| 12 | VXF | Vanguard Extended Market ETF | — | — | Unchanged |
| 13 | AVEM | Avantis Emerging Markets Eq | — | — | Unchanged |
| 14 | GOOG | Alphabet Inc-cl C | — | — | Unchanged |
| 15 | VTI | Vanguard Total Stock Mkt ETF | 0% | — | Unchanged |
| 16 | VWO | Vanguard Ftse Emerging Marke | 0% | — | Unchanged |
| 17 | IWD | Ishares Russell 1000 Value E | 0% | — | Unchanged |
| 18 | SPY | Ss Spdr S&p 500 ETF Trust-us | 0% | -2.75% | Trim |
| 19 | L | Loews CORP | 0% | — | Unchanged |
| 20 | QUS | Ss Spdr Msci U Stratfact ETF | 0% | -11.70% | Trim |
| 21 | SO | Southern Co/the | 0% | -0.27% | Trim |
| 22 | VEA | Vanguard Ftse Developed ETF | 0% | — | Unchanged |
| 23 | VOE | Vanguard Mid-cap Value ETF | 0% | -16.37% | Trim |
| 24 | AMZN | Amazon.com Inc | 0% | -8.31% | Trim |
| 25 | BSCT | Invesco Bulletshares 2029 Cb | 0% | — | Unchanged |
| 26 | SPAB | Ss Spdr P Agg Bond ETF | 0% | — | Unchanged |
| 27 | BSCS | Invesco Bulletshares 2028 Cb | 0% | — | Unchanged |
| 28 | BSCR | Invesco Bulletshares 2027 Cb | 0% | — | Unchanged |
| 29 | IVV | Ishares Core S&p 500 ETF | 0% | -1.67% | Trim |
| 30 | SPEM | State Street Sp Ptf Em ETF | -0.1% | — | Unchanged |
| 31 | SPHY | Ss Spdr P High Yield ETF | -0.1% | +7.36% | Add |
| 32 | XOM | Exxon Mobil CORP | -0.1% | +0.06% | Add |
| 33 | HD | Home Depot Inc | -0.1% | -18.45% | Trim |
| 34 | ABBV | Abbvie Inc | -0.1% | -11.26% | Trim |
| 35 | SXT | Sensient Technologies CORP | -0.1% | -30.83% | Trim |
| 36 | IWF | Ishares Russell 1000 Growth | -0.1% | +279.28% | Add |
| 37 | JPM | Jpmorgan Chase & Co | -0.1% | -30.22% | Trim |
| 38 | NVDA | Nvidia CORP | -0.1% | -21.47% | Trim |
| 39 | FNDX | Schwab Fndmntl US Lrg Co ETF | -0.1% | -26.87% | Trim |
| 40 | VONE | Vanguard Russell 1000 | -0.1% | -0.08% | Trim |
| 41 | USMV | Ishares Msci USA Min Vol Fac | -0.1% | -21.67% | Trim |
| 42 | AAPL | Apple Inc | -0.1% | -14.20% | Trim |
| 43 | WMT | Walmart Inc | -0.1% | -27.80% | Trim |
| 44 | VYM | Vanguard High Dvd Yield ETF | -0.1% | -19.41% | Trim |
| 45 | AVDE | Avantis International Equity | -0.1% | — | Unchanged |
| 46 | MSFT | Microsoft CORP | -0.1% | -7.86% | Trim |
| 47 | VGSH | Vanguard Short-term Treasury | -0.2% | EXIT | Sold out |
| 48 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -3.41% | Trim |
| 49 | IQLT | Ishares Msci International Q | -0.2% | EXIT | Sold out |
| 50 | IWB | Ishares Russell 1000 ETF | -0.2% | -0.71% | Trim |
1–50 of 53
Filing History
FAQ
What is Brown Financial Advisory and what type of investor is it?
Brown Financial Advisory 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 $239.4M, spread across 49 disclosed positions.
What are Brown Financial Advisory's largest equity positions?
Based on the latest 13F filing, Brown Financial Advisory's top holdings by market value are:
1. Ste Str Spdr Pt S&p 500 ETF (SPYM) — $101.2M (42.3%)
2. Vanguard Small-cap ETF (VB) — $44.8M (18.7%)
3. Dimensional Em Ex Cce ETF (DEXC) — $35.5M (14.8%)
4. Ishares Russell 1000 ETF (IWB) — $11.1M (4.7%)
5. Ste Str Spdr Pt Dw EU ETF (SPDW) — $10.4M (4.3%)
What changes did Brown Financial Advisory make in its most recent portfolio filing?
In the latest reported quarter, Brown Financial Advisory made 36 notable position adjustments: 4 new positions were initiated, 6 existing holdings were added to, 22 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Fidelity Total Bond ETF (FBND); New buy: Coca-cola Consolidated Inc (COKE); Sold out: Invesco S&p Midcap Qual ETF (XMHQ); Sold out: Ishares Msci International Q (IQLT); Sold out: Vanguard Short-term Treasury (VGSH)
What sectors does Brown Financial Advisory focus on?
Brown Financial Advisory is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 35.0%
• Consumer Discretionary: 11.1%
• Consumer Staples: 10.8%
• Health Care: 10.2%
• Financials: 8.2%
• Materials: 6.9%
Investment Profile
Brown Financial Advisory returned an annualized 19.6% over the trailing 36 months — underperforming the S&P 500 by 0.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.96 (roughly in line with the market) and a 39% quarterly batting average against the index.
Its portfolio is concentrated and long-term-holding, with 35.0% of the portfolio concentrated in Information Technology.
It has added to its DEXC position over the past two quarters (+$13.1M, now $35.5M), while trimming MSFT over the same stretch (-$486.4K, still holding $1.1M).
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