ZF
Zhang Financial LLC 13F Filing (Q2 2026) — Top Positions & Stock Picks
Zhang Financial LLCCIK: 0001776290
Diversified strategyLong-term holderSector-focused
Total reported value
$3.4B
Reporting period: 2026-06-30 · Number of holdings: 392
Zhang Financial LLC disclosed 392 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $3.4B and a quarterly turnover rate of 0.0%.
Browse other institutions with $1B to $10B AUMBrowse other institutions starting with "Z"
Personality snowflake
- Concentration
- 11.72
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 72.85
- Diversification
- 100
- Sizing Uniformity
- 67.57
Zhang Financial LLC's disclosed holdings carry a Herfindahl concentration index of 0.029 — mathematically equivalent to about 34 equally-sized positions, well below its 392 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 3.24), 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 16% 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 BIV
+1.3% $991.2K
Add MU
-14.3% $20.3M
Add VONE
+239.5% $17.5M
Add VONV
+226.7% $16.2M
Add VONG
+167.5% $14.2M
Trim IAU
+0.9% -$5.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 392 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 6.88% | +0.14% | +5.08% | |
| 2 | DFUS | Dimensional US Eq Mkt ETF | ETF-Other | 6.37% | +0.16% | +4.99% | |
| 3 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 5.98% | +0.16% | +5.46% | |
| 4 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 5.94% | -0.31% | -2.35% | |
| 5 | VXUS | Vanguard Total Intl Stock | ETF-Other | 5.61% | +0.06% | +7.86% | |
| 6 | BIV | Vanguard Intermediate-term B | ETF-Other | 4.29% | -0.75% | +1.31% | |
| 7 | DFAC | Dimensional US Core Equity 2 | ETF-Other | 4.20% | -0.18% | -0.76% | |
| 8 | VT | Vanguard Tot World Stk ETF | ETF-Other | 3.39% | -0.07% | +2.21% | |
| 9 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 3.16% | +0.08% | +21.79% | |
| 10 | DFAI | Dimensional International Co | ETF-Other | 2.54% | +0.06% | +14.50% | |
| 11 | BND | Vanguard Total Bond Market | ETF-Other | 2.06% | -0.23% | +7.06% | |
| 12 | AAPL | Apple Inc | Stock-Tech | 1.94% | -0.04% | +1.32% | |
| 13 | VCRB | Vanguard Core Bond ETF | ETF-Other | 1.64% | +0.23% | +38.42% | |
| 14 | VBR | Vanguard Small-cap Value ETF | ETF-Other | 1.60% | -0.10% | -0.20% | |
| 15 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 1.59% | -0.10% | +4.25% | |
| 16 | AVDE | Avantis International Equity | ETF-Other | 1.24% | -0.09% | +5.15% | |
| 17 | BKLC | Bny Mellon US Lrg Cap Cor | ETF-Other | 1.22% | -0.09% | -4.13% | |
| 18 | DFAU | Dimensional US Core Equity M | ETF-Other | 1.04% | -0.07% | -2.90% | |
| 19 | IAU | Ishares Gold Trust | ETF-Commodities | 1.03% | -0.38% | +0.91% | |
| 20 | VUG | Vanguard Growth ETF | ETF-Other | 0.99% | +0.05% | +534.84% | |
| 21 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 0.97% | +0.04% | +7.03% | |
| 22 | SYK | Stryker CORP | Stock-Healthcare | 0.95% | -0.23% | -0.12% | |
| 23 | NVDA | Nvidia CORP | Stock-Tech | 0.95% | +0.04% | +8.12% | |
| 24 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.95% | +0.16% | +28.43% | |
| 25 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 0.91% | -0.21% | -3.33% | |
| 26 | MU | Micron Technology Inc | Stock-Tech | 0.90% | +0.54% | -14.27% | |
| 27 | VO | Vanguard Mid-cap ETF | ETF-Other | 0.88% | -0.05% | +300.27% | |
| 28 | DFSV | Dimensional US Small Cap Val | ETF-Small Cap | 0.85% | — | +6.91% | |
| 29 | MSFT | Microsoft CORP | Stock-Tech | 0.83% | -0.11% | +3.57% | |
| 30 | VOOV | Vanguard S&p 500 Value ETF | ETF-Large Cap & Growth | 0.79% | +0.03% | +15.09% | |
| 31 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 0.72% | +0.04% | +10.38% | |
| 32 | MGK | Vanguard Mega Cap Growth ETF | ETF-Other | 0.69% | +0.04% | +426.43% | |
| 33 | VONE | Vanguard Russell 1000 | ETF-Other | 0.69% | +0.48% | +239.51% | |
| 34 | SPTM | Ss Spdr P S&p 1500 Comp ETF | ETF-Other | 0.68% | -0.09% | -9.11% | |
| 35 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.66% | +0.05% | +2.60% | |
| 36 | VONV | Vanguard Russell 1000 Value | ETF-Other | 0.65% | +0.44% | +226.69% | |
| 37 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.63% | +0.05% | +13.19% | |
| 38 | IWN | Ishares Russell 2000 Value E | ETF-Small Cap | 0.63% | -0.02% | -1.36% | |
| 39 | VONG | Vanguard Russell 1000 Growth | ETF-Other | 0.61% | +0.38% | +167.52% | |
| 40 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.56% | -0.01% | +1.73% | |
| 41 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.56% | -0.07% | -8.16% | |
| 42 | SCHB | Schwab US Broad Market ETF | ETF-Other | 0.56% | -0.02% | -0.89% | |
| 43 | MUB | Ishares National Muni Bond E | ETF-Other | 0.48% | +0.11% | +52.19% | |
| 44 | SCHF | Schwab Intl Equity ETF | ETF-Other | 0.46% | -0.04% | -1.74% | |
| 45 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.44% | +0.01% | +10.47% | |
| 46 | VTV | Vanguard Value ETF | ETF-Other | 0.42% | -0.03% | +0.98% | |
| 47 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.38% | -0.07% | -3.63% | |
| 48 | KLAC | Kla CORP | Stock-Tech | 0.38% | +0.16% | +896.98% | |
| 49 | AVGO | Broadcom Inc | Stock-Tech | 0.38% | +0.02% | +1.85% | |
| 50 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.36% | -0.04% | +8.66% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
+19.9%
- Stdev
- +11.5%
- Beta
- +0.86
- Alpha
- +0.7%
- Max Drawdown
- -6.1%
- Annualized Perf
- +18.8%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +3.13
- Stutzer
- +0.45
- Treynor
- +0.21
- Sterling
- +1.25
- Calmar
- +3.07
- Information Ratio
- -0.59
- Tracking Error
- +3.3%
- Stdev Down
- +5.8%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +32%
- Worst 12 Months
- +7.3%
- Efficiency Ratio
- +0.63
- Sharpe
- +1.56
- Stdev Sectors
- +12%
- Skewness
- -0.16
- Kurtosis
- -0.33
- Upside Potential
- +4.69
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 392 | $3.4B | 0 | ||
| 2026 Q1 | 367 | $2.9B | 12 | ||
| 2025 Q4 | 339 | $2.7B | 11 | ||
| 2025 Q3 | 316 | $2.5B | 27 | ||
| 2025 Q2 | 291 | $2.2B | 0 | ||
| 2025 Q1 | 301 | $1.9B | 100 | ||
| 2024 Q4 | 295 | $1.7B | 0 | ||
| 2024 Q3 | 276 | $1.6B | 0 | ||
| 2024 Q2 | 267 | $1.4B | 0 | ||
| 2024 Q1 | 266 | $1.3B | 0 | ||
| 2023 Q4 | 254 | $1.2B | 0 | ||
| 2023 Q3 | 232 | $986.7M | 0 | ||
| 2023 Q2 | 247 | $974.6M | 0 | ||
| 2023 Q1 | 229 | $875.6M | 0 | ||
| 2022 Q4 | 227 | $784.2M | 0 | ||
| 2022 Q3 | 217 | $663.3M | 0 | ||
| 2022 Q2 | 215 | $623.2M | 0 | ||
| 2022 Q1 | 218 | $592.3M | 0 | ||
| 2021 Q4 | 207 | $564.2M | 0 | ||
| 2021 Q3 | 165 | $432.4M | 0 | ||
| 2021 Q2 | 143 | $407.6M | 100 | ||
| 2021 Q1 | 128 | $372.8M | 16 | ||
| 2020 Q4 | 110 | $324.6M | 17 | ||
| 2020 Q3 | 97 | $277.5M | 9 | ||
| 2020 Q2 | 92 | $259.4M | 15 | ||
| 2020 Q1 | 90 | $226.0M | 24 | ||
| 2019 Q4 | 102 | $262.4M | 12 | ||
| 2019 Q3 | 87 | $236.7M | 6 | ||
| 2019 Q2 | 90 | $239.0M | 8 | ||
| 2019 Q1 | 86 | $232.3M | 13 | ||
| 2018 Q4 | 82 | $207.1M | 15 | ||
| 2018 Q3 | 78 | $209.5M | 11 | ||
| 2018 Q2 | 76 | $196.4M | 7 | ||
| 2018 Q1 | 77 | $191.2M | 9 | ||
| 2017 Q4 | 82 | $204.9M | 6 | ||
| 2017 Q3 | 81 | $196.7M | 7 | ||
| 2017 Q2 | 77 | $188.2M | 10 | ||
| 2017 Q1 | 79 | $200.9M | 15 | ||
| 2016 Q4 | 76 | $184.4M | 6 | ||
| 2016 Q3 | 74 | $182.2M | 5 | ||
| 2016 Q2 | 75 | $182.1M | 5 | ||
| 2016 Q1 | 71 | $177.1M | 10 | ||
| 2015 Q4 | 71 | $166.9M | 11 | ||
| 2015 Q3 | 67 | $157.0M | 17 | ||
| 2015 Q2 | 67 | $155.6M | 5 | ||
| 2015 Q1 | 67 | $159.9M | 7 | ||
| 2014 Q4 | 66 | $153.7M | 10 | ||
| 2014 Q3 | 63 | $146.4M | 7 | ||
| 2014 Q2 | 61 | $148.7M | 7 | ||
| 2014 Q1 | 54 | $139.3M | 5 | ||
| 2013 Q4 | 52 | $132.4M | 7 | ||
| 2013 Q3 | 50 | $124.0M | 7 | ||
| 2013 Q2 | 49 | $116.4M | 5 |
Holding changes this quarter
Zhang Financial LLC's most significant position changes for 2026-06-30: Sold out: Honeywell International Inc (HON); New buy: Datadog Inc - Class A (DDOG); New buy: ; New buy: ; New buy: Vanguard Sh Term Tax-ex Bond (VTES).
Showing top 200 changes by size (of 401 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +0.5% | -14.27% | Trim |
| 2 | VONE | Vanguard Russell 1000 | +0.5% | +239.51% | Add |
| 3 | VONV | Vanguard Russell 1000 Value | +0.4% | +226.69% | Add |
| 4 | VONG | Vanguard Russell 1000 Growth | +0.4% | +167.52% | Add |
| 5 | VCRB | Vanguard Core Bond ETF | +0.2% | +38.42% | Add |
| 6 | DFUS | Dimensional US Eq Mkt ETF | +0.2% | +4.99% | Add |
| 7 | ITOT | Ishares Core S&p Total U.s. | +0.2% | +5.46% | Add |
| 8 | VEA | Vanguard Ftse Developed ETF | +0.2% | +28.43% | Add |
| 9 | KLAC | Kla CORP | +0.2% | +896.98% | Add |
| 10 | AMAT | Applied Materials Inc | +0.2% | +83.84% | Add |
| 11 | VOO | Vanguard S&p 500 ETF | +0.1% | +5.08% | Add |
| 12 | VTEB | Vanguard Tax-exempt Bond ETF | +0.1% | +230.01% | Add |
| 13 | VTWV | Vanguard Russell 2000 Value | +0.1% | +983.15% | Add |
| 14 | MUB | Ishares National Muni Bond E | +0.1% | +52.19% | Add |
| 15 | VOOG | Vanguard S&p 500 Growth ETF | +0.1% | +969.78% | Add |
| 16 | VTWO | Vanguard Russell 2000 ETF | +0.1% | +1221.02% | Add |
| 17 | AGG | Ishares Core U.s. Aggregate | +0.1% | +21.79% | Add |
| 18 | VUSB | Vanguard Ultra Short Bond Et | +0.1% | +172.42% | Add |
| 19 | IEMG | Ishares Core Msci Emerging | +0.1% | +913.52% | Add |
| 20 | CAT | Caterpillar Inc | +0.1% | +0.18% | Add |
| 21 | JMUB | Jpmorgan Municipal ETF | +0.1% | +303.89% | Add |
| 22 | VXUS | Vanguard Total Intl Stock | +0.1% | +7.86% | Add |
| 23 | DFAI | Dimensional International Co | +0.1% | +14.50% | Add |
| 24 | COST | Costco Wholesale CORP | +0.1% | +133.63% | Add |
| 25 | DDOG | Datadog Inc - Class A | +0.1% | NEW | New buy |
| 26 | VUG | Vanguard Growth ETF | +0.1% | +534.84% | Add |
| 27 | AMZN | Amazon.com Inc | +0.1% | +13.19% | Add |
| 28 | GOOGL | Alphabet Inc-cl A | +0.1% | +2.60% | Add |
| 29 | VB | Vanguard Small-cap ETF | +0.1% | +58.46% | Add |
| 30 | NVDA | Nvidia CORP | 0% | +8.12% | Add |
| 31 | AVUS | Avantis U.s. Equity ETF | 0% | +7.03% | Add |
| 32 | MGK | Vanguard Mega Cap Growth ETF | 0% | +426.43% | Add |
| 33 | AVUV | Avantis US Small Cap Value | 0% | +10.38% | Add |
| 34 | SUB | Ishares Short-term National | 0% | +35.81% | Add |
| 35 | CSCO | Cisco Systems Inc | 0% | -5.32% | Trim |
| 36 | MGV | Vanguard Mega Cap Value ETF | 0% | +59.36% | Add |
| 37 | VBIL | Vanguard 0-3m T-bill ETF | 0% | +70.69% | Add |
| 38 | PANW | Palo Alto Networks Inc | 0% | +21.11% | Add |
| 39 | ✓ | 0% | NEW | New buy | |
| 40 | ✓ | 0% | NEW | New buy | |
| 41 | VOOV | Vanguard S&p 500 Value ETF | 0% | +15.09% | Add |
| 42 | VGT | Vanguard Info Tech ETF | 0% | +748.88% | Add |
| 43 | AMD | Advanced Micro Devices | 0% | -42.08% | Trim |
| 44 | VTES | Vanguard Sh Term Tax-ex Bond | 0% | NEW | New buy |
| 45 | AVGO | Broadcom Inc | 0% | +1.85% | Add |
| 46 | EMXC | Ishares Msci Emr Mrk Ex Chna | 0% | -2.71% | Trim |
| 47 | QQQ | Invesco Qqq Trust Series 1 | 0% | +0.88% | Add |
| 48 | LLY | Eli Lilly & Co | 0% | +14.86% | Add |
| 49 | MGC | Vanguard Mega Cap ETF | 0% | +9.59% | Add |
| 50 | GKOS | Glaukos CORP | 0% | +12.35% | Add |
1–50 of 200
Filing History
FAQ
What is Zhang Financial LLC and what type of investor is it?
Zhang 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 $3.4B, spread across 392 disclosed positions.
What are Zhang Financial LLC's largest equity positions?
Based on the latest 13F filing, Zhang Financial LLC's top holdings by market value are:
1. Vanguard S&p 500 ETF (VOO) — $235.6M (6.9%)
2. Dimensional US Eq Mkt ETF (DFUS) — $218.0M (6.4%)
3. Ishares Core S&p Total U.s. (ITOT) — $204.8M (6.0%)
4. Vanguard Total Stock Mkt ETF (VTI) — $203.6M (5.9%)
5. Vanguard Total Intl Stock (VXUS) — $192.0M (5.6%)
What changes did Zhang Financial LLC make in its most recent portfolio filing?
In the latest reported quarter, Zhang Financial LLC made 194 notable position adjustments: 28 new positions were initiated, 109 existing holdings were added to, 53 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Honeywell International Inc (HON); New buy: Datadog Inc - Class A (DDOG); New buy: ; New buy: ; New buy: Vanguard Sh Term Tax-ex Bond (VTES)
What sectors does Zhang Financial LLC focus on?
Zhang Financial LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 43.7%
• Health Care: 14.9%
• Financials: 9.4%
• Industrials: 8.3%
• Communication Services: 8.0%
• Consumer Discretionary: 7.2%
Investment Profile
Zhang Financial LLC returned an annualized 18.8% over the trailing 36 months — outperforming the S&P 500 by 0.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.86 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 43.7% of the portfolio concentrated in Information Technology.
It has added to its AGG position over the past two quarters (+$62.8M, now $108.3M), while trimming SYK over the same stretch (-$6.1M, still holding $32.6M).
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Developer Access
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