# Valley Financial Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2023 on Form 13F. CIK 1128122. Source: https://holderbook.com/funds/1128122-valley-financial-management-inc/

- Reported value: $193.2M
- Positions: 42
- Weight of the ten largest: 57.1%
- Filed: 2023-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD SCOTTSDALE FDS | [VONG](https://holderbook.com/stocks/VONG/) | $20.5M | 289,018 | 10.6% | 4 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $16.0M | 200,701 | 8.3% | 2 |
| WISDOMTREE TR | [EUDG](https://holderbook.com/stocks/EUDG/) | $13.3M | 433,662 | 6.9% | 3 |
| WISDOMTREE TR | [HEDJ](https://holderbook.com/stocks/HEDJ/) | $10.9M | 133,429 | 5.7% | 2 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $10.3M | 72,313 | 5.3% | 1 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $10.0M | 19,812 | 5.2% | 4 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $7.7M | 78,137 | 4.0% | 4 |
| INVESCO EXCHANGE TRADED FD T | [PPA](https://holderbook.com/stocks/PPA/) | $7.5M | 88,781 | 3.9% | 4 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $7.1M | 53,550 | 3.7% | 4 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $7.0M | 17,216 | 3.6% | 4 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $6.7M | 163,637 | 3.5% | 3 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $6.7M | 132,950 | 3.5% | 2 |
| ISHARES TR | [IPAC](https://holderbook.com/stocks/IPAC/) | $6.6M | 114,348 | 3.4% | 3 |
| SPDR SERIES TRUST | [XOP](https://holderbook.com/stocks/XOP/) | $6.3M | 49,023 | 3.3% | 4 |
| VANGUARD INDEX FDS | [VOT](https://holderbook.com/stocks/VOT/) | $6.2M | 30,005 | 3.2% | 1 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $5.8M | 149,771 | 3.0% | 2 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $4.6M | 25,677 | 2.4% | 4 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $3.6M | 73,199 | 1.9% | 2 |
| FIRST TR EXCHANGE TRADED FD | [SKYY](https://holderbook.com/stocks/SKYY/) | $3.5M | 45,500 | 1.8% | 4 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $3.4M | 19,464 | 1.8% | 4 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $2.9M | 30,094 | 1.5% | 2 |
| ISHARES TR | [IGV](https://holderbook.com/stocks/IGV/) | $2.9M | 8,334 | 1.5% | 4 |
| EXCHANGE TRADED CONCEPTS TRU | [ROBO](https://holderbook.com/stocks/ROBO/) | $2.9M | 49,045 | 1.5% | 4 |
| VANECK ETF TRUST | [BBH](https://holderbook.com/stocks/BBH/) | $2.8M | 17,652 | 1.4% | 4 |
| ETF MANAGERS TR | [HACKXXXX](https://holderbook.com/stocks/HACKXXXX/) | $2.5M | 48,678 | 1.3% | 4 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $2.2M | 23,368 | 1.1% | 1 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $1.8M | 24,442 | 1.0% | 4 |
| ISHARES TR | [IHI](https://holderbook.com/stocks/IHI/) | $1.7M | 30,274 | 0.9% | 3 |
| FIDELITY MERRIMACK STR TR | [FBND](https://holderbook.com/stocks/FBND/) | $1.5M | 31,818 | 0.8% | 4 |
| FIRST TR EXCHANGE TRADED FD | [FXL](https://holderbook.com/stocks/FXL/) | $1.4M | 12,456 | 0.7% | 1 |
| GLOBAL X FDS | [AIQ](https://holderbook.com/stocks/AIQ/) | $1.4M | 50,356 | 0.7% | 1 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $1.3M | 41,887 | 0.7% | 4 |
| INVESCO EXCH TRADED FD TR II | [IFLN](https://holderbook.com/stocks/IFLN/) | $1.0M | 59,468 | 0.5% | 4 |
| ISHARES TR | [FALN](https://holderbook.com/stocks/FALN/) | $887.7K | 34,991 | 0.5% | 4 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $884.2K | 12,176 | 0.5% | 4 |
| GLOBAL X FDS | [DIV](https://holderbook.com/stocks/DIV/) | $735.9K | 44,068 | 0.4% | 4 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $425.0K | 1,149 | 0.2% | 4 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $294.7K | 11,617 | 0.2% | 4 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $173.4K | 630 | 0.1% | 4 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $38.4K | 486 | 0.0% | 3 |
| ISHARES U S ETF TR | [NEAR](https://holderbook.com/stocks/NEAR/) | $17.8K | 359 | 0.0% | 3 |
| ISHARES TR | [ITA](https://holderbook.com/stocks/ITA/) | $4.5K | 39 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2023 | +3.4% | +8.3% | -4.8% | 100% |
| Q1 2023 | +3.5% | +7.0% | -3.6% | 100% |
| Q4 2022 | +7.2% | +7.1% | +0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2023 | $193.2M | 42 |
| Q1 2023 | $161.8M | 46 |
| Q4 2022 | $179.7M | 42 |
| Q3 2022 | $166.8M | 37 |