# MD Financial Management Inc.

> Institutional holdings reported to the SEC as of Q4 2021 on Form 13F. CIK 1724264. Source: https://holderbook.com/funds/1724264-md-financial-management-inc/

- Reported value: $4.1B
- Positions: 303
- Weight of the ten largest: 34.4%
- Filed: 2022-02-14

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 |
|---|---|---|---|---|---|
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $168.9M | 971,682 | 4.1% | 6 |
| ISHARES TR | [IGF](https://holderbook.com/stocks/IGF/) | $165.2M | 3,471,770 | 4.0% | 13 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $158.6M | 5,944,181 | 3.8% | 2 |
| ISHARES INC | [ACWV](https://holderbook.com/stocks/ACWV/) | $157.2M | 1,451,655 | 3.8% | 2 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $150.4M | 2,512,415 | 3.6% | 2 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $129.7M | 1,136,797 | 3.1% | 13 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $128.4M | 1,720,274 | 3.1% | 2 |
| FLEXSHARES TR | [GUNR](https://holderbook.com/stocks/GUNR/) | $126.0M | 3,190,957 | 3.0% | 13 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $122.2M | 1,120,312 | 2.9% | 13 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $121.7M | 908,468 | 2.9% | 13 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $113.0M | 973,740 | 2.7% | 13 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $110.8M | 1,761,987 | 2.7% | 10 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $98.6M | 436,071 | 2.4% | 13 |
| SPDR INDEX SHS FDS | [RWX](https://holderbook.com/stocks/RWX/) | $88.2M | 2,477,388 | 2.1% | 13 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $88.2M | 431,259 | 2.1% | 3 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $86.0M | 2,685,843 | 2.1% | 13 |
| VANECK ETF TRUST | [EMLC](https://holderbook.com/stocks/EMLC/) | $83.5M | 2,919,062 | 2.0% | 13 |
| SPDR SERIES TRUST | [JNK](https://holderbook.com/stocks/JNK/) | $80.9M | 745,547 | 2.0% | 11 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $76.4M | 3,454,839 | 1.8% | 13 |
| VANGUARD SCOTTSDALE FDS | [VMBS](https://holderbook.com/stocks/VMBS/) | $71.8M | 1,358,744 | 1.7% | 13 |
| ISHARES TR | [IWC](https://holderbook.com/stocks/IWC/) | $71.4M | 510,755 | 1.7% | 13 |
| VANECK ETF TRUST | [MOO](https://holderbook.com/stocks/MOO/) | $69.6M | 729,633 | 1.7% | 13 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $66.4M | 627,207 | 1.6% | 3 |
| SPDR INDEX SHS FDS | [GNR](https://holderbook.com/stocks/GNR/) | $61.6M | 1,141,347 | 1.5% | 13 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $60.4M | 126,523 | 1.5% | 2 |
| SPDR SERIES TRUST | [CWB](https://holderbook.com/stocks/CWB/) | $60.2M | 725,751 | 1.5% | 13 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $58.4M | 122,991 | 1.4% | 6 |
| SPDR SERIES TRUST | [BWX](https://holderbook.com/stocks/BWX/) | $52.5M | 1,856,899 | 1.3% | 13 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $47.4M | 276,985 | 1.1% | 11 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $46.9M | 1,201,122 | 1.1% | 3 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $46.0M | 2,140,225 | 1.1% | 13 |
| ISHARES TR | [FLOT](https://holderbook.com/stocks/FLOT/) | $45.1M | 889,949 | 1.1% | 11 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $44.5M | 805,924 | 1.1% | 13 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $43.2M | 555,592 | 1.0% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $41.1M | 231,192 | 1.0% | 5 |
| SPDR SERIES TRUST | [SJNK](https://holderbook.com/stocks/SJNK/) | $38.5M | 1,417,443 | 0.9% | 4 |
| INVESCO EXCHANGE TRADED FD T | [PHO](https://holderbook.com/stocks/PHO/) | $38.4M | 631,298 | 0.9% | 13 |
| GLOBAL X FDS | [SIL](https://holderbook.com/stocks/SIL/) | $37.6M | 1,025,316 | 0.9% | 13 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $34.7M | 103,268 | 0.8% | 5 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $34.5M | 875,399 | 0.8% | 13 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $33.6M | 238,589 | 0.8% | 3 |
| ISHARES TR | [USIG](https://holderbook.com/stocks/USIG/) | $33.5M | 560,101 | 0.8% | 11 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $32.8M | 362,332 | 0.8% | 3 |
| ISHARES TR | [WOOD](https://holderbook.com/stocks/WOOD/) | $22.9M | 248,472 | 0.6% | 13 |
| INVESCO EXCH TRADED FD TR II | [CGW](https://holderbook.com/stocks/CGW/) | $20.9M | 345,459 | 0.5% | 13 |
| FIRST TR EXCHANGE TRADED FD | [FIW](https://holderbook.com/stocks/FIW/) | $19.5M | 205,804 | 0.5% | 11 |
| SPDR SERIES TRUST | [WIP](https://holderbook.com/stocks/WIP/) | $18.4M | 341,395 | 0.4% | 13 |
| INVESCO EXCH TRADED FD TR II | [PIO](https://holderbook.com/stocks/PIO/) | $17.6M | 406,058 | 0.4% | 13 |
| GLOBAL X FDS | [LIT](https://holderbook.com/stocks/LIT/) | $17.4M | 206,520 | 0.4% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $16.1M | 4,817 | 0.4% | 5 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $11.7M | 210,339 | 0.3% | 3 |
| ISHARES TR | [SLQD](https://holderbook.com/stocks/SLQD/) | $11.1M | 216,941 | 0.3% | 3 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $10.0M | 128,475 | 0.2% | 11 |
| ISHARES INC | [EMHY](https://holderbook.com/stocks/EMHY/) | $9.7M | 226,131 | 0.2% | 13 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $9.2M | 77,200 | 0.2% | 6 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $8.2M | 2,846 | 0.2% | 4 |
| INVESCO EXCH TRADED FD TR II | [VRP](https://holderbook.com/stocks/VRP/) | $6.7M | 257,343 | 0.2% | 11 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $6.5M | 6,108 | 0.2% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $6.4M | 2,199 | 0.2% | 4 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $5.5M | 13,146 | 0.1% | 5 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $5.3M | 102,369 | 0.1% | 5 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $4.8M | 27,743 | 0.1% | 5 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $4.7M | 14,089 | 0.1% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.7M | 15,675 | 0.1% | 5 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $4.5M | 33,052 | 0.1% | 3 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $4.4M | 17,820 | 0.1% | 5 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $4.3M | 25,144 | 0.1% | 5 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $4.0M | 79,636 | 0.1% | 5 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $4.0M | 9,647 | 0.1% | 4 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $4.0M | 63,152 | 0.1% | 5 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $4.0M | 22,895 | 0.1% | 3 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $4.0M | 24,224 | 0.1% | 5 |
| VANECK ETF TRUST | [IHY](https://holderbook.com/stocks/IHY/) | $4.0M | 163,788 | 0.1% | 13 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $3.9M | 33,376 | 0.1% | 3 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $3.8M | 22,873 | 0.1% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $3.8M | 10,448 | 0.1% | 5 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $3.7M | 7,380 | 0.1% | 5 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $3.7M | 6,527 | 0.1% | 3 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $3.7M | 18,961 | 0.1% | 3 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $3.7M | 42,920 | 0.1% | 5 |
| GARTNER INC | [IT](https://holderbook.com/stocks/IT/) | $3.7M | 10,936 | 0.1% | 1 |
| LAM RESEARCH CORP | [LRCXXXXX](https://holderbook.com/stocks/LRCXXXXX/) | $3.6M | 5,014 | 0.1% | 4 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $3.5M | 11,160 | 0.1% | 5 |
| MID-AMER APT CMNTYS INC | [MAA](https://holderbook.com/stocks/MAA/) | $3.5M | 15,270 | 0.1% | 2 |
| KEYSIGHT TECHNOLOGIES INC | [KEYS](https://holderbook.com/stocks/KEYS/) | $3.5M | 16,926 | 0.1% | 3 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $3.5M | 9,654 | 0.1% | 1 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $3.4M | 18,259 | 0.1% | 4 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $3.4M | 38,813 | 0.1% | 3 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $3.4M | 31,107 | 0.1% | 2 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $3.3M | 7,015 | 0.1% | 1 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $3.3M | 1,938 | 0.1% | 3 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $3.3M | 55,807 | 0.1% | 5 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $3.3M | 22,460 | 0.1% | 2 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $3.3M | 4,948 | 0.1% | 3 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $3.2M | 13,223 | 0.1% | 3 |
| DUKE REALTY CORP | [DRE](https://holderbook.com/stocks/DRE/) | $3.2M | 48,865 | 0.1% | 2 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $3.2M | 22,993 | 0.1% | 3 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $3.2M | 17,500 | 0.1% | 5 |
| BROADRIDGE FINL SOLUTIONS IN | [BR](https://holderbook.com/stocks/BR/) | $3.2M | 17,428 | 0.1% | 4 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $3.2M | 27,799 | 0.1% | 3 |

## 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 |
|---|---|---|---|---|
| Q4 2021 | +4.5% | +10.7% | -6.1% | 100% |
| Q3 2021 | -1.8% | +0.3% | -2.1% | 109% |
| Q2 2021 | +5.8% | +8.0% | -2.3% | 108% |
| Q1 2021 | +3.1% | +6.0% | -2.9% | 100% |
| Q4 2020 | +10.6% | +11.6% | -1.0% | 100% |
| Q3 2020 | +4.4% | +8.6% | -4.2% | 100% |
| Q2 2020 | +13.7% | +19.6% | -6.0% | 100% |
| Q1 2020 | -18.6% | -19.9% | +1.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2021 | $4.1B | 303 |
| Q3 2021 | $3.9B | 298 |
| Q2 2021 | $3.5B | 296 |
| Q1 2021 | $3.4B | 231 |
| Q4 2020 | $3.2B | 125 |
| Q3 2020 | $2.5B | 42 |
| Q2 2020 | $1.9B | 42 |
| Q1 2020 | $1.6B | 46 |
| Q4 2019 | $2.0B | 42 |
| Q3 2019 | $1.9B | 41 |
| Q2 2019 | $2.1B | 46 |
| Q1 2019 | $2.2B | 34 |