FF
Flagstone Financial Management 13F Portfolio & Top Holdings (Q2 2026)
Flagstone Financial ManagementCIK: 0001968890
Momentum followerLong-term holderSector-focused
Total reported value
$447.2M
Reporting period: 2026-06-30 · Number of holdings: 77
Flagstone Financial Management disclosed 77 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $447.2M and a quarterly turnover rate of 10.7%.
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Personality snowflake
- Concentration
- 46.67
- Portfolio Stability
- 10.68
- Momentum
- 100
- Sector conviction
- 70.43
- Diversification
- 100
- Sizing Uniformity
- 71.56
Flagstone Financial Management's disclosed holdings carry a Herfindahl concentration index of 0.117 — mathematically equivalent to about 9 equally-sized positions, well below its 77 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 2.84), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 5% 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 DFUS
+1.6% $18.9M
Trim IGIB
+4.2% $1.8M
Trim SPSB
+3.1% $793.4K
Trim SPTI
+4.5% $872.8K
Trim BNDX
+4.3% $1.2M
Trim AVDV
+1.2% $654.6K
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 | DFUS | Dimensional US Eq Mkt ETF | ETF-Other | 28.50% | +1.55% | +1.59% | |
| 2 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 10.03% | -0.67% | +4.17% | |
| 3 | SPDW | Ste Str Spdr Pt Dw EU ETF | ETF-Other | 7.47% | +0.09% | +1.81% | |
| 4 | SPSB | Ss Spdr P St C CORP ETF | ETF-Other | 6.31% | -0.50% | +3.10% | |
| 5 | SPTI | Ss Spdr P Int Term Tsy ETF | ETF-Other | 5.75% | -0.41% | +4.50% | |
| 6 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 5.45% | +0.14% | +0.94% | |
| 7 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 5.38% | -0.30% | +4.29% | |
| 8 | DFEM | Dimensional Emrg Mrkt Core | ETF-Other | 4.34% | +0.16% | -2.13% | |
| 9 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 3.79% | +0.07% | -1.89% | |
| 10 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 3.42% | -0.21% | +1.24% | |
| 11 | VNQ | Vanguard Real Estate ETF | ETF-Other | 2.61% | +0.03% | +2.99% | |
| 12 | MUNI | Pimco Intermediate Municipal | ETF-Other | 2.21% | +0.06% | +13.06% | |
| 13 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 1.90% | +0.06% | -4.37% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.35% | -0.09% | -0.18% | |
| 15 | AVDE | Avantis International Equity | ETF-Other | 1.01% | -0.07% | -1.25% | |
| 16 | MUB | Ishares National Muni Bond E | ETF-Other | 0.75% | -0.04% | +4.43% | |
| 17 | AAPL | Apple Inc | Stock-Tech | 0.74% | +0.01% | -1.48% | |
| 18 | DFSU | Dimensional US Sus Core1 ETF | ETF-Other | 0.58% | +0.03% | +3.22% | |
| 19 | SPTM | Ss Spdr P S&p 1500 Comp ETF | ETF-Other | 0.51% | +0.02% | — | |
| 20 | SUSB | Ishares Esg Aware 1-5 Year U | ETF-Other | 0.50% | -0.04% | +4.34% | |
| 21 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.49% | — | — | |
| 22 | MSFT | Microsoft CORP | Stock-Tech | 0.43% | -0.04% | +0.47% | |
| 23 | USB | US Bancorp | Stock-Financials | 0.32% | — | -3.41% | |
| 24 | DFSV | Dimensional US Small Cap Val | ETF-Small Cap | 0.31% | -0.01% | -5.06% | |
| 25 | AVRE | Avantis Real Estate ETF | ETF-Other | 0.31% | — | +0.67% | |
| 26 | DFAE | Dimensional Emerging Core Eq | ETF-Emerging Markets | 0.28% | +0.02% | — | |
| 27 | NVDA | Nvidia CORP | Stock-Tech | 0.23% | +0.01% | +0.12% | |
| 28 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.22% | +0.01% | -6.78% | |
| 29 | DFSB | Dim Glb Sustain Fix Inc ETF | ETF-Other | 0.20% | -0.02% | +0.95% | |
| 30 | XOM | Exxon Mobil CORP | Stock-Energy | 0.20% | -0.09% | -4.24% | |
| 31 | WFC | Wells Fargo & Co | Stock-Financials | 0.20% | -0.01% | +0.07% | |
| 32 | DFSI | Dimensional Int Sus Cor1 ETF | ETF-Other | 0.20% | — | +2.74% | |
| 33 | IWR | Ishares Russell Mid-cap ETF | ETF-Other | 0.19% | — | — | |
| 34 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.17% | — | -0.96% | |
| 35 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.17% | — | — | |
| 36 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.17% | -0.01% | — | |
| 37 | DE | Deere & Co | Stock-Industrials | 0.15% | +0.01% | — | |
| 38 | VGIT | Vanguard Intermediate-term T | ETF-Other | 0.14% | -0.02% | — | |
| 39 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.14% | +0.03% | +18.98% | |
| 40 | MA | Mastercard Inc - A | Stock-Financials | 0.13% | -0.01% | — | |
| 41 | DFSE | Dimensional Em Sus Core1 ETF | ETF-Other | 0.13% | +0.01% | -1.43% | |
| 42 | MKL | Markel Group Inc | Stock-Financials | 0.12% | — | +11.02% | |
| 43 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.12% | +0.01% | — | |
| 44 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.11% | -0.01% | -1.55% | |
| 45 | ORCL | Oracle CORP | Stock-Tech | 0.11% | -0.01% | — | |
| 46 | DFAR | Dimensional US Real Est ETF | ETF-Other | 0.11% | -0.01% | -14.94% | |
| 47 | PEP | Pepsico Inc | Stock-Consumer Staples | 0.10% | -0.03% | — | |
| 48 | CSCO | Cisco Systems Inc | Stock-Tech | 0.09% | +0.02% | — | |
| 49 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.09% | +0.01% | -2.24% | |
| 50 | SPIB | Ss Spdr P Int C CORP ETF | ETF-Other | 0.09% | -0.01% | — |
1–50 of 77
Portfolio Performance
Performance for Q3 2026
+1.6%
Performance Last 4 Quarters
+16.8%
- Stdev
- +9.1%
- Beta
- +0.66
- Alpha
- +1.7%
- Max Drawdown
- -4.5%
- Annualized Perf
- +15.4%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +3.32
- Stutzer
- +0.47
- Treynor
- +0.23
- Sterling
- +1.14
- Calmar
- +3.44
- Information Ratio
- -0.93
- Tracking Error
- +5.5%
- Stdev Down
- +4.5%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +24.6%
- Worst 12 Months
- +5.9%
- Efficiency Ratio
- +0.63
- Sharpe
- +1.63
- Stdev Sectors
- +11.6%
- Skewness
- -0.15
- Kurtosis
- -0.25
- Upside Potential
- +4.87
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 77 | $447.2M | 11 | ||
| 2026 Q1 | 71 | $402.9M | 5 | ||
| 2025 Q4 | 66 | $389.9M | 3 | ||
| 2025 Q3 | 62 | $379.0M | 20 | ||
| 2025 Q2 | 59 | $348.9M | 0 | ||
| 2025 Q1 | 53 | $310.5M | 0 | ||
| 2024 Q4 | 54 | $301.0M | 0 | ||
| 2024 Q3 | 53 | $298.2M | 0 | ||
| 2024 Q2 | 45 | $268.8M | 0 | ||
| 2024 Q1 | 43 | $258.8M | 0 | ||
| 2023 Q4 | 44 | $244.1M | 0 | ||
| 2023 Q3 | 37 | $218.6M | 0 | ||
| 2023 Q2 | 39 | $212.9M | 0 | ||
| 2023 Q1 | 40 | $200.4M | 0 | ||
| 2022 Q4 | 42 | $164.2M | 0 |
Holding changes this quarter
Flagstone Financial Management's most significant position changes for 2026-06-30: New buy: Applied Materials Inc (AMAT); New buy: Seagate Technology Holdings plc (STX); New buy: Palo Alto Networks Inc (PANW); New buy: Visa Inc-class A Shares (V); New buy: Dominion Energy Inc (D).
1–50 of 77
Filing History
FAQ
What is Flagstone Financial Management and what type of investor is it?
Flagstone Financial Management 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 $447.2M, spread across 77 disclosed positions.
What are Flagstone Financial Management's largest equity positions?
Based on the latest 13F filing, Flagstone Financial Management's top holdings by market value are:
1. Dimensional US Eq Mkt ETF (DFUS) — $127.4M (28.5%)
2. Ishares 5-10y Inv Grade CORP (IGIB) — $44.8M (10.0%)
3. Ste Str Spdr Pt Dw EU ETF (SPDW) — $33.4M (7.5%)
4. Ss Spdr P St C CORP ETF (SPSB) — $28.2M (6.3%)
5. Ss Spdr P Int Term Tsy ETF (SPTI) — $25.7M (5.8%)
What changes did Flagstone Financial Management make in its most recent portfolio filing?
In the latest reported quarter, Flagstone Financial Management made 47 notable position adjustments: 6 new positions were initiated, 23 existing holdings were added to, 18 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Applied Materials Inc (AMAT); New buy: Seagate Technology Holdings plc (STX); New buy: Palo Alto Networks Inc (PANW); New buy: Visa Inc-class A Shares (V); New buy: Dominion Energy Inc (D)
What sectors does Flagstone Financial Management focus on?
Flagstone Financial Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 36.9%
• Financials: 28.1%
• Industrials: 8.1%
• Communication Services: 7.3%
• Energy: 5.3%
• Consumer Staples: 4.6%
Investment Profile
Flagstone Financial Management returned an annualized 15.4% over the trailing 36 months — outperforming the S&P 500 by 1.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.66 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 36.9% of the portfolio concentrated in Information Technology.
It has added to its AVUV position over the past two quarters (+$4.8M, now $24.4M), while trimming SPIB over the same stretch (-$4.0K, still holding $385.8K).
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