# Independence Advisors, LLC

> Institutional holdings reported to the SEC as of Q3 2020 on Form 13F. CIK 1679118. Source: https://holderbook.com/funds/1679118-independence-advisors-llc/

- Reported value: $465.9M
- Positions: 170
- Weight of the ten largest: 72.7%
- Filed: 2020-11-04

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 INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $57.3M | 548,263 | 12.3% | 8 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $56.1M | 258,527 | 12.0% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $54.9M | 241,418 | 11.8% | 8 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $53.5M | 840,660 | 11.5% | 8 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $34.2M | 147,850 | 7.3% | 8 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $28.3M | 303,165 | 6.1% | 8 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $15.1M | 134,559 | 3.2% | 8 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $14.7M | 124,033 | 3.1% | 8 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $13.6M | 336,310 | 2.9% | 8 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $11.1M | 103,005 | 2.4% | 8 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $7.8M | 67,685 | 1.7% | 8 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $7.0M | 172,171 | 1.5% | 8 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $6.8M | 21,988 | 1.5% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $6.4M | 55,445 | 1.4% | 8 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $6.2M | 113,507 | 1.3% | 8 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $6.1M | 54,867 | 1.3% | 8 |
| ISHARES TR | [IJS](https://holderbook.com/stocks/IJS/) | $5.8M | 47,444 | 1.2% | 8 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $5.7M | 130,833 | 1.2% | 8 |
| ISHARES TR | [SCZ](https://holderbook.com/stocks/SCZ/) | $5.4M | 90,989 | 1.2% | 8 |
| VANGUARD INDEX FDS | [VBK](https://holderbook.com/stocks/VBK/) | $4.9M | 23,002 | 1.1% | 8 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $4.6M | 43,964 | 1.0% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $4.5M | 20,649 | 1.0% | 8 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $3.7M | 30,191 | 0.8% | 8 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $3.2M | 32,066 | 0.7% | 8 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $2.8M | 62,850 | 0.6% | 8 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.7M | 12,686 | 0.6% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $2.4M | 16,292 | 0.5% | 8 |
| SPDR SERIES TRUST | [SHM](https://holderbook.com/stocks/SHM/) | $2.2M | 44,850 | 0.5% | 8 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $1.5M | 41,374 | 0.3% | 8 |
| BRYN MAWR BK CORP | [BMTC](https://holderbook.com/stocks/BMTC/) | $1.5M | 59,168 | 0.3% | 8 |
| VANGUARD INTL EQUITY INDEX F | [VNQI](https://holderbook.com/stocks/VNQI/) | $1.4M | 29,668 | 0.3% | 8 |
| ESSENTIAL UTILS INC | [WTRG](https://holderbook.com/stocks/WTRG/) | $1.4M | 34,822 | 0.3% | 3 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $1.2M | 15,698 | 0.3% | 8 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.1M | 7,170 | 0.2% | 8 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.0M | 5,102 | 0.2% | 8 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $1.0M | 12,963 | 0.2% | 8 |
| SPDR SERIES TRUST | [TFI](https://holderbook.com/stocks/TFI/) | $983.0K | 18,930 | 0.2% | 8 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $959.0K | 654 | 0.2% | 8 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $957.0K | 651 | 0.2% | 8 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $916.0K | 5,854 | 0.2% | 8 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $849.0K | 3,340 | 0.2% | 8 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $826.0K | 2,443 | 0.2% | 8 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $766.0K | 2,279 | 0.2% | 8 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $765.0K | 243 | 0.2% | 8 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $667.0K | 8,592 | 0.1% | 8 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $628.0K | 7,567 | 0.1% | 8 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $601.0K | 7,232 | 0.1% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $567.0K | 2,661 | 0.1% | 1 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $560.0K | 3,999 | 0.1% | 8 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $503.0K | 8,428 | 0.1% | 2 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $497.0K | 1,790 | 0.1% | 8 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $490.0K | 3,953 | 0.1% | 8 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $486.0K | 10,511 | 0.1% | 8 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $447.0K | 1,258 | 0.1% | 8 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $430.0K | 4,874 | 0.1% | 7 |
| ISHARES U S ETF TR | [MEAR](https://holderbook.com/stocks/MEAR/) | $401.0K | 7,995 | 0.1% | 8 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $400.0K | 3,186 | 0.1% | 5 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $399.0K | 562 | 0.1% | 8 |
| VANGUARD WORLD FD | [VDE](https://holderbook.com/stocks/VDE/) | $393.0K | 9,744 | 0.1% | 8 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $382.0K | 1,172 | 0.1% | 8 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $380.0K | 2,299 | 0.1% | 7 |
| TELEFLEX INCORPORATED | [TFX](https://holderbook.com/stocks/TFX/) | $366.0K | 1,074 | 0.1% | 8 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $344.0K | 3,929 | 0.1% | 8 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $332.0K | 1,623 | 0.1% | 8 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $322.0K | 6,532 | 0.1% | 8 |
| KANSAS CITY SOUTHERN | [KSU](https://holderbook.com/stocks/KSU/) | $322.0K | 1,783 | 0.1% | 7 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $313.0K | 3,884 | 0.1% | 4 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $310.0K | 1,042 | 0.1% | 7 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $303.0K | 1,777 | 0.1% | 8 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $300.0K | 963 | 0.1% | 8 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $297.0K | 1,587 | 0.1% | 4 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $292.0K | 1,773 | 0.1% | 8 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $289.0K | 3,588 | 0.1% | 8 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $286.0K | 2,453 | 0.1% | 7 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $275.0K | 3,823 | 0.1% | 8 |
| ISHARES TR | [IJT](https://holderbook.com/stocks/IJT/) | $274.0K | 1,553 | 0.1% | 8 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $270.0K | 2,217 | 0.1% | 8 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $270.0K | 2,819 | 0.1% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $267.0K | 7,769 | 0.1% | 8 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $265.0K | 155 | 0.1% | 2 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $264.0K | 1,848 | 0.1% | 2 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $263.0K | 2,417 | 0.1% | 7 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $263.0K | 2,773 | 0.1% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $262.0K | 1,002 | 0.1% | 2 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $249.0K | 2,111 | 0.1% | 4 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $246.0K | 2,274 | 0.1% | 8 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $234.0K | 4,208 | 0.1% | 7 |
| WSFS FINL CORP | [WSFS](https://holderbook.com/stocks/WSFS/) | $234.0K | 8,692 | 0.1% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $226.0K | 1,527 | 0.0% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $225.0K | 3,781 | 0.0% | 2 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $224.0K | 1,260 | 0.0% | 2 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $223.0K | 1,609 | 0.0% | 8 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $221.0K | 1,338 | 0.0% | 8 |
| ANNOVIS BIO INC | [ANVS](https://holderbook.com/stocks/ANVS/) | $219.0K | 45,598 | 0.0% | 1 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $219.0K | 1,316 | 0.0% | 2 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $218.0K | 508 | 0.0% | 1 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $216.0K | 431 | 0.0% | 1 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $216.0K | 3,115 | 0.0% | 2 |
| MCCORMICK & CO INC | [MKC](https://holderbook.com/stocks/MKC/) | $211.0K | 1,086 | 0.0% | 1 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $207.0K | 3,433 | 0.0% | 2 |

## 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 | +7.1% | +8.6% | -1.6% | 100% |
| Q2 2020 | +17.0% | +19.6% | -2.6% | 100% |
| Q1 2020 | -18.3% | -19.9% | +1.6% | 100% |
| Q4 2019 | +6.7% | +8.5% | -1.8% | 100% |
| Q3 2019 | +0.5% | +1.3% | -0.8% | 100% |
| Q2 2019 | +2.7% | +3.7% | -1.0% | 100% |
| Q1 2019 | +10.4% | +13.0% | -2.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2020 | $465.9M | 170 |
| Q2 2020 | $436.6M | 164 |
| Q1 2020 | $362.5M | 153 |
| Q4 2019 | $414.1M | 161 |
| Q3 2019 | $410.7M | 106 |
| Q2 2019 | $390.1M | 102 |
| Q1 2019 | $355.6M | 97 |
| Q4 2018 | $300.7M | 88 |