# Cornerstone Advisors, Inc.

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1532520. Source: https://holderbook.com/funds/1532520-cornerstone-advisors-inc/

- Reported value: $935.6M
- Positions: 717
- Weight of the ten largest: 91.3%
- Filed: 2020-10-20

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 |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $328.9M | 978,633 | 35.2% | 8 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $161.8M | 1,034,032 | 17.3% | 8 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $129.1M | 3,156,021 | 13.8% | 8 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $51.5M | 277,651 | 5.5% | 8 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $49.1M | 699,521 | 5.3% | 8 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $42.7M | 242,391 | 4.6% | 8 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $37.5M | 243,701 | 4.0% | 8 |
| ISHARES TR | [ACWI](https://holderbook.com/stocks/ACWI/) | $23.5M | 293,446 | 2.5% | 8 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $15.6M | 91,574 | 1.7% | 8 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $15.0M | 71,100 | 1.6% | 8 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $8.3M | 158,472 | 0.9% | 8 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $2.6M | 18,539 | 0.3% | 8 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $2.0M | 7,367 | 0.2% | 8 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.9M | 13,355 | 0.2% | 8 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $1.8M | 9,881 | 0.2% | 8 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.8M | 12,175 | 0.2% | 8 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $1.8M | 22,141 | 0.2% | 8 |
| ISHARES GOLD TRUST | [IAUXXXX](https://holderbook.com/stocks/IAUXXXX/) | $1.6M | 88,941 | 0.2% | 8 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $1.3M | 14,881 | 0.1% | 7 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $1.1M | 9,074 | 0.1% | 8 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $1.1M | 24,861 | 0.1% | 8 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $871.0K | 17,649 | 0.1% | 8 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $867.0K | 6,070 | 0.1% | 8 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $861.0K | 2,639 | 0.1% | 8 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $817.0K | 7,760 | 0.1% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $773.0K | 3,522 | 0.1% | 8 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $752.0K | 5,989 | 0.1% | 8 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $751.0K | 8,225 | 0.1% | 8 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $705.0K | 3,272 | 0.1% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $697.0K | 3,062 | 0.1% | 8 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $673.0K | 12,993 | 0.1% | 8 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $670.0K | 11,106 | 0.1% | 8 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $625.0K | 3,769 | 0.1% | 8 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $616.0K | 3,129 | 0.1% | 8 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $593.0K | 3,559 | 0.1% | 8 |
| DOCUSIGN INC | [DOCU](https://holderbook.com/stocks/DOCU/) | $588.0K | 2,733 | 0.1% | 8 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $586.0K | 4,190 | 0.1% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $540.0K | 3,602 | 0.1% | 8 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $538.0K | 3,642 | 0.1% | 8 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $538.0K | 14,646 | 0.1% | 8 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $536.0K | 8,488 | 0.1% | 8 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $531.0K | 9,245 | 0.1% | 8 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $519.0K | 1,176 | 0.1% | 8 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $509.0K | 7,333 | 0.1% | 8 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $491.0K | 5,717 | 0.1% | 8 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $473.0K | 4,019 | 0.1% | 8 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $456.0K | 8,190 | 0.0% | 8 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $451.0K | 2,136 | 0.0% | 8 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $450.0K | 9,306 | 0.0% | 8 |
| NORDSTROM INC | [JWN](https://holderbook.com/stocks/JWN/) | $450.0K | 37,778 | 0.0% | 8 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $430.0K | 9,971 | 0.0% | 8 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $417.0K | 5,400 | 0.0% | 8 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $403.0K | 1,223 | 0.0% | 8 |
| INFOSYS LTD | [INFY](https://holderbook.com/stocks/INFY/) | $402.0K | 29,145 | 0.0% | 8 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $401.0K | 2,005 | 0.0% | 8 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $399.0K | 2,326 | 0.0% | 8 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $394.0K | 2,424 | 0.0% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $388.0K | 2,624 | 0.0% | 8 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $381.0K | 3,464 | 0.0% | 8 |
| FLOOR & DECOR HLDGS INC | [FND](https://holderbook.com/stocks/FND/) | $376.0K | 5,025 | 0.0% | 8 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $368.0K | 1,878 | 0.0% | 8 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $359.0K | 2,406 | 0.0% | 8 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $341.0K | 2,974 | 0.0% | 8 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $337.0K | 7,184 | 0.0% | 8 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $331.0K | 839 | 0.0% | 8 |
| LAM RESEARCH CORP | [LRCXXXXX](https://holderbook.com/stocks/LRCXXXXX/) | $327.0K | 986 | 0.0% | 8 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $321.0K | 4,844 | 0.0% | 8 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $319.0K | 3,370 | 0.0% | 8 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $309.0K | 320 | 0.0% | 8 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $307.0K | 2,524 | 0.0% | 8 |
| CERNER CORP | [CERN](https://holderbook.com/stocks/CERN/) | $303.0K | 4,189 | 0.0% | 8 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $294.0K | 4,481 | 0.0% | 8 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $290.0K | 2,972 | 0.0% | 8 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $289.0K | 3,859 | 0.0% | 8 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $288.0K | 1,318 | 0.0% | 8 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $286.0K | 2,780 | 0.0% | 8 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $285.0K | 3,960 | 0.0% | 8 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $284.0K | 3,655 | 0.0% | 8 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $274.0K | 1,282 | 0.0% | 8 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $273.0K | 941 | 0.0% | 8 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $270.0K | 2,533 | 0.0% | 8 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $270.0K | 1,398 | 0.0% | 8 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $266.0K | 1,569 | 0.0% | 8 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $263.0K | 1,188 | 0.0% | 8 |
| SONY GROUP CORP | [SONY](https://holderbook.com/stocks/SONY/) | $263.0K | 3,433 | 0.0% | 8 |
| TOYOTA MOTOR CORP | [TM](https://holderbook.com/stocks/TM/) | $257.0K | 1,942 | 0.0% | 8 |
| UNITED MICROELECTRONICS CORP | [UMC](https://holderbook.com/stocks/UMC/) | $256.0K | 53,352 | 0.0% | 8 |
| KANSAS CITY SOUTHERN | [KSU](https://holderbook.com/stocks/KSU/) | $254.0K | 1,405 | 0.0% | 8 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $252.0K | 609 | 0.0% | 8 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $245.0K | 1,167 | 0.0% | 8 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $243.0K | 1,559 | 0.0% | 8 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $242.0K | 347 | 0.0% | 8 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $242.0K | 6,761 | 0.0% | 8 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $237.0K | 10,085 | 0.0% | 8 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $235.0K | 6,478 | 0.0% | 8 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $235.0K | 5,075 | 0.0% | 8 |
| MCCORMICK & CO INC | [MKC](https://holderbook.com/stocks/MKC/) | $233.0K | 1,201 | 0.0% | 8 |
| WESTPAC BANKING CORP | [WBK](https://holderbook.com/stocks/WBK/) | $228.0K | 18,928 | 0.0% | 8 |
| NEW YORK TIMES CO MTN BE | [NYT](https://holderbook.com/stocks/NYT/) | $225.0K | 5,258 | 0.0% | 8 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $223.0K | 1,557 | 0.0% | 8 |

## 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 |
|---|---|---|---|---|
| Q3 2020 | +7.3% | +8.6% | -1.3% | 100% |
| Q2 2020 | +20.3% | +19.6% | +0.7% | 100% |
| Q1 2020 | -22.4% | -19.9% | -2.5% | 100% |
| Q4 2019 | +7.9% | +8.5% | -0.6% | 100% |
| Q3 2019 | +0.0% | +1.3% | -1.3% | 100% |
| Q2 2019 | +2.8% | +3.7% | -0.9% | 99% |
| Q1 2019 | +12.6% | +13.0% | -0.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $935.6M | 717 |
| Q2 2020 | $913.7M | 712 |
| Q1 2020 | $723.3M | 759 |
| Q4 2019 | $825.1M | 754 |
| Q3 2019 | $750.1M | 748 |
| Q2 2019 | $1.1B | 1,489 |
| Q1 2019 | $1.0B | 1,327 |
| Q4 2018 | $558.8M | 1,170 |