# BLUESTEM FINANCIAL ADVISORS, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1820680. Source: https://holderbook.com/funds/1820680-bluestem-financial-advisors-llc/

- Reported value: $285.5M
- Positions: 34
- Weight of the ten largest: 83.3%
- Filed: 2026-07-22

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 BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $59.8M | 814,283 | 20.9% | 27 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $58.5M | 78,119 | 20.5% | 27 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $36.7M | 120,996 | 12.8% | 27 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $35.7M | 425,716 | 12.5% | 27 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $15.0M | 155,978 | 5.3% | 27 |
| ISHARES TR | [EAGG](https://holderbook.com/stocks/EAGG/) | $7.3M | 154,210 | 2.6% | 17 |
| ISHARES TR | [SUSL](https://holderbook.com/stocks/SUSL/) | $6.7M | 50,128 | 2.3% | 25 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $6.3M | 88,670 | 2.2% | 27 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $6.3M | 80,452 | 2.2% | 27 |
| ISHARES TR | [ESML](https://holderbook.com/stocks/ESML/) | $5.7M | 101,057 | 2.0% | 25 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $5.4M | 14,581 | 1.9% | 27 |
| VANGUARD WORLD FD | [VSGX](https://holderbook.com/stocks/VSGX/) | $5.0M | 60,742 | 1.8% | 25 |
| ISHARES TR | [ISTB](https://holderbook.com/stocks/ISTB/) | $4.4M | 92,217 | 1.6% | 18 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $4.2M | 42,691 | 1.5% | 18 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $4.2M | 6,095 | 1.5% | 6 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $3.9M | 43,984 | 1.4% | 25 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $3.5M | 23,721 | 1.2% | 25 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $2.7M | 75,957 | 1.0% | 11 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $2.6M | 7,590 | 0.9% | 27 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $2.6M | 30,144 | 0.9% | 18 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.7M | 34,086 | 0.6% | 2 |
| ISHARES TR | [SUSA](https://holderbook.com/stocks/SUSA/) | $1.7M | 10,861 | 0.6% | 27 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $1.2M | 14,633 | 0.4% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $794.1K | 2,744 | 0.3% | 27 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $600.9K | 1,611 | 0.2% | 10 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $590.7K | 791 | 0.2% | 27 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $578.7K | 24,438 | 0.2% | 25 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $411.9K | 5,342 | 0.1% | 27 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $335.9K | 1,905 | 0.1% | 2 |
| VANGUARD WORLD FD | [ESGV](https://holderbook.com/stocks/ESGV/) | $310.6K | 2,349 | 0.1% | 24 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $242.2K | 484 | 0.1% | 2 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $224.3K | 1,198 | 0.1% | 1 |
| DBX ETF TR | [USSG](https://holderbook.com/stocks/USSG/) | $218.0K | 3,138 | 0.1% | 5 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $213.6K | 201 | 0.1% | 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 2026 | +9.8% | +14.8% | -5.0% | 100% |
| Q1 2026 | -1.1% | -4.6% | +3.5% | 100% |
| Q4 2025 | +1.2% | +2.4% | -1.2% | 100% |
| Q3 2025 | +5.1% | +7.8% | -2.7% | 100% |
| Q2 2025 | +6.1% | +10.5% | -4.3% | 100% |
| Q1 2025 | -1.4% | -4.6% | +3.2% | 100% |
| Q4 2024 | -2.3% | +2.1% | -4.5% | 100% |
| Q3 2024 | +6.4% | +5.4% | +1.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $285.5M | 34 |
| Q1 2026 | $258.9M | 33 |
| Q4 2025 | $258.9M | 30 |
| Q3 2025 | $255.5M | 29 |
| Q2 2025 | $233.3M | 29 |
| Q1 2025 | $213.8M | 28 |
| Q4 2024 | $212.5M | 27 |
| Q3 2024 | $214.3M | 27 |
| Q2 2024 | $197.9M | 27 |
| Q1 2024 | $193.5M | 28 |
| Q4 2023 | $172.0M | 26 |
| Q3 2023 | $163.9M | 25 |