CIK: 0001968890
Total reported value
$402.9M
Reporting period: 2026-03-31 · Number of holdings: 71
Flagstone Financial Management disclosed 71 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $402.9M and a quarterly turnover rate of 5.4%.
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Flagstone Financial Management's disclosed holdings carry a Herfindahl concentration index of 0.111 — mathematically equivalent to about 9 equally-sized positions, well below its 71 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 2.64), 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 2.9 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.
Trim DFUS
+3.0% -$1.7M
Add MUNI
+43.5% $2.6M
Add AVUV
+1.1% $1.9M
Add BNDX
+8.6% $1.7M
Add SPSB
+7.1% $1.7M
Add JPM
+89.0% $827.8K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | DFUS | Dimensional US Eq Mkt ETF | ETF-Other | 26.95% | -1.32% | +3.01% | |
| 2 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 10.70% | +0.19% | +6.51% | |
| 3 | SPDW | Ste Str Spdr Pt Dw EU ETF | ETF-Other | 7.38% | -0.11% | -0.92% | |
| 4 | SPSB | Ss Spdr P St C CORP ETF | ETF-Other | 6.81% | +0.21% | +7.07% | |
| 5 | SPTI | Ss Spdr P Int Term Tsy ETF | ETF-Other | 6.16% | +0.08% | +5.39% | |
| 6 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 5.68% | +0.25% | +8.59% | |
| 7 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 5.31% | +0.30% | +1.06% | |
| 8 | DFEM | Dimensional Emrg Mrkt Core | ETF-Other | 4.18% | — | -1.02% | |
| 9 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 3.72% | -0.11% | +0.78% | |
| 10 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 3.63% | -0.09% | -5.02% | |
| 11 | VNQ | Vanguard Real Estate ETF | ETF-Other | 2.58% | +0.03% | +4.65% | |
| 12 | MUNI | Pimco Intermediate Municipal | ETF-Other | 2.15% | +0.59% | +43.52% | |
| 13 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 1.84% | -0.03% | -2.82% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.44% | -0.13% | -0.58% | |
| 15 | AVDE | Avantis International Equity | ETF-Other | 1.08% | — | -2.73% | |
| 16 | MUB | Ishares National Muni Bond E | ETF-Other | 0.79% | — | +0.11% | |
| 17 | AAPL | Apple INC | Stock-Tech | 0.73% | -0.08% | +0.65% | |
| 18 | DFSU | Dimensional US Sus Core1 ETF | ETF-Other | 0.55% | -0.03% | +3.96% | |
| 19 | SUSB | Ishares Esg Aware 1-5 Year U | ETF-Other | 0.54% | -0.02% | -0.73% | |
| 20 | SPTM | Ss Spdr P S&p 1500 Comp ETF | ETF-Other | 0.49% | -0.04% | — | |
| 21 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.49% | +0.20% | +88.99% | |
| 22 | MSFT | Microsoft CORP | Stock-Tech | 0.47% | -0.17% | -1.53% | |
| 23 | DFSV | Dimensional US Small Cap Val | ETF-Small Cap | 0.32% | +0.05% | +15.66% | |
| 24 | USB | US Bancorp | Stock-Financials | 0.32% | -0.02% | +0.02% | |
| 25 | AVRE | Avantis Real Estate ETF | ETF-Other | 0.31% | — | +2.58% | |
| 26 | XOM | Exxon Mobil CORP | Stock-Energy | 0.29% | +0.08% | +2.10% | |
| 27 | DFAE | Dimensional Emerging Core Eq | ETF-Emerging Markets | 0.26% | — | -0.75% | |
| 28 | DFSB | Dim Glb Sustain Fix INC ETF | ETF-Other | 0.22% | -0.02% | -4.23% | |
| 29 | NVDA | Nvidia CORP | Stock-Tech | 0.22% | -0.02% | — | |
| 30 | WFC | Wells Fargo & Co | Stock-Financials | 0.21% | -0.07% | -9.35% | |
| 31 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.21% | -0.02% | +2.61% | |
| 32 | DFSI | Dimensional Int Sus Cor1 ETF | ETF-Other | 0.20% | — | -0.08% | |
| 33 | IWR | Ishares Russell Mid-cap ETF | ETF-Other | 0.19% | — | — | |
| 34 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.18% | -0.01% | — | |
| 35 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.17% | -0.02% | -4.23% | |
| 36 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.17% | -0.01% | — | |
| 37 | VGIT | Vanguard Intermediate-term T | ETF-Other | 0.16% | +0.01% | +5.81% | |
| 38 | DE | Deere & Co | Stock-Industrials | 0.14% | +0.02% | — | |
| 39 | MA | Mastercard INC - A | Stock-Financials | 0.14% | -0.02% | +4.59% | |
| 40 | PEP | Pepsico INC | Stock-Consumer Staples | 0.13% | +0.06% | +70.00% | |
| 41 | DFAR | Dimensional US Real Est ETF | ETF-Other | 0.12% | — | — | |
| 42 | DFSE | Dimensional Em Sus Core1 ETF | ETF-Other | 0.12% | — | -7.13% | |
| 43 | MKL | Markel Group INC | Stock-Financials | 0.12% | -0.02% | — | |
| 44 | ORCL | Oracle CORP | Stock-Tech | 0.12% | +0.06% | +156.70% | |
| 45 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.12% | +0.02% | +6.90% | |
| 46 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.11% | +0.02% | +46.36% | |
| 47 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.11% | — | — | |
| 48 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.10% | +0.04% | +83.15% | |
| 49 | SPIB | Ss Spdr P Int C CORP ETF | ETF-Other | 0.10% | — | — | |
| 50 | DFIV | Dimensional International Va | ETF-Other | 0.10% | — | -4.33% |
Performance for Q3 2026
+2.4%
Performance Last 4 Quarters
+15.9%
Based on 85% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 71 | $402.9M | 5 | |
| 2025-12-31 | 66 | $389.9M | 3 | |
| 2025-09-30 | 62 | $379.0M | 20 | |
| 2025-06-30 | 59 | $348.9M | 0 | |
| 2025-03-31 | 53 | $310.5M | 0 | |
| 2024-12-31 | 54 | $301.0M | 0 | |
| 2024-09-30 | 53 | $298.2M | 0 | |
| 2024-06-30 | 45 | $268.8M | 0 | |
| 2024-03-31 | 43 | $258.8M | 0 | |
| 2023-12-31 | 44 | $244.1M | 0 | |
| 2023-09-30 | 37 | $218.6M | 0 | |
| 2023-06-30 | 39 | $212.9M | 0 | |
| 2023-03-31 | 40 | $200.4M | 0 | |
| 2022-12-31 | 42 | $164.2M | 0 |
Flagstone Financial Management's most significant position changes for 2026-03-31: New buy: Verizon Communications INC (VZ); New buy: Cisco Systems INC (CSCO); New buy: Valero Energy CORP (VLO); New buy: Gilead Sciences INC (GILD); Sold out: Shopify INC - Class A (SHOP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MUNI | Pimco Intermediate Municipal | +0.6% | +43.52% | Add |
| 2 | AVUV | Avantis US Small Cap Value | +0.3% | +1.06% | Add |
| 3 | BNDX | Vanguard Total Intl Bond ETF | +0.3% | +8.59% | Add |
| 4 | SPSB | Ss Spdr P St C CORP ETF | +0.2% | +7.07% | Add |
| 5 | JPM | Jpmorgan Chase & Co | +0.2% | +88.99% | Add |
| 6 | IGIB | Ishares 5-10y Inv Grade CORP | +0.2% | +6.51% | Add |
| 7 | SPTI | Ss Spdr P Int Term Tsy ETF | +0.1% | +5.39% | Add |
| 8 | XOM | Exxon Mobil CORP | +0.1% | +2.10% | Add |
| 9 | PEP | Pepsico INC | +0.1% | +70.00% | Add |
| 10 | ORCL | Oracle CORP | +0.1% | +156.70% | Add |
| 11 | DFSV | Dimensional US Small Cap Val | +0.1% | +15.66% | Add |
| 12 | VEA | Vanguard Ftse Developed ETF | 0% | +83.15% | Add |
| 13 | VNQ | Vanguard Real Estate ETF | 0% | +4.65% | Add |
| 14 | AMZN | Amazon.com INC | 0% | +46.36% | Add |
| 15 | DE | Deere & Co | 0% | — | Unchanged |
| 16 | JNJ | Johnson & Johnson | 0% | +6.90% | Add |
| 17 | VGIT | Vanguard Intermediate-term T | 0% | +5.81% | Add |
| 18 | DFEM | Dimensional Emrg Mrkt Core | — | -1.02% | Trim |
| 19 | AVRE | Avantis Real Estate ETF | — | +2.58% | Add |
| 20 | WMT | Walmart INC | — | — | Unchanged |
| 21 | DFAE | Dimensional Emerging Core Eq | — | -0.75% | Trim |
| 22 | BRK-A | Berkshire Hathaway Inc-cl A | 0% | — | Unchanged |
| 23 | VTI | Vanguard Total Stock Mkt ETF | 0% | — | Unchanged |
| 24 | NVDA | Nvidia CORP | 0% | — | Unchanged |
| 25 | MKL | Markel Group INC | 0% | — | Unchanged |
| 26 | GOOG | Alphabet Inc-cl C | 0% | +2.61% | Add |
| 27 | MA | Mastercard INC - A | 0% | +4.59% | Add |
| 28 | VIG | Vanguard Dividend Apprec ETF | 0% | -4.23% | Trim |
| 29 | DFSB | Dim Glb Sustain Fix INC ETF | 0% | -4.23% | Trim |
| 30 | USB | US Bancorp | 0% | +0.02% | Add |
| 31 | SUSB | Ishares Esg Aware 1-5 Year U | 0% | -0.73% | Trim |
| 32 | AVEM | Avantis Emerging Markets Eq | 0% | -2.82% | Trim |
| 33 | BAC | Bank Of America CORP | 0% | -24.86% | Trim |
| 34 | DFSU | Dimensional US Sus Core1 ETF | 0% | +3.96% | Add |
| 35 | SPTM | Ss Spdr P S&p 1500 Comp ETF | 0% | — | Unchanged |
| 36 | WFC | Wells Fargo & Co | -0.1% | -9.35% | Trim |
| 37 | AAPL | Apple INC | -0.1% | +0.65% | Add |
| 38 | AVDV | Avantis Intl S/c Value ETF | -0.1% | -5.02% | Trim |
| 39 | SPDW | Ste Str Spdr Pt Dw EU ETF | -0.1% | -0.92% | Trim |
| 40 | AVUS | Avantis U.s. Equity ETF | -0.1% | +0.78% | Add |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -0.58% | Trim |
| 42 | MSFT | Microsoft CORP | -0.2% | -1.53% | Trim |
| 43 | DFUS | Dimensional US Eq Mkt ETF | -1.3% | +3.01% | Add |
| 44 | VZ | Verizon Communications INC | — | NEW | New buy |
| 45 | CSCO | Cisco Systems INC | — | NEW | New buy |
| 46 | VLO | Valero Energy CORP | — | NEW | New buy |
| 47 | GILD | Gilead Sciences INC | — | NEW | New buy |
| 48 | SHOP | Shopify INC - Class A | — | EXIT | Sold out |
| 49 | NEE | Nextera Energy INC | — | NEW | New buy |
| 50 | PM | Philip Morris International | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-27 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-21 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-15 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-24 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-01 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-26 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-13 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-20 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-03-10 | 13F-HR | View on EDGAR |
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