# Tilson Financial Group, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1964820. Source: https://holderbook.com/funds/1964820-tilson-financial-group-inc/

- Reported value: $363.6M
- Positions: 86
- Weight of the ten largest: 59.3%
- Filed: 2026-07-27

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 MALVERN FDS | [VCRB](https://holderbook.com/stocks/VCRB/) | $45.2M | 585,536 | 12.4% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $39.4M | 457,942 | 10.8% | 8 |
| DIMENSIONAL ETF TRUST | [DFLV](https://holderbook.com/stocks/DFLV/) | $31.2M | 788,526 | 8.6% | 13 |
| DIMENSIONAL ETF TRUST | [DFAS](https://holderbook.com/stocks/DFAS/) | $25.9M | 314,786 | 7.1% | 15 |
| MORGAN STANLEY ETF TRUST | [EVSD](https://holderbook.com/stocks/EVSD/) | $17.2M | 338,935 | 4.7% | 5 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $11.9M | 167,379 | 3.3% | 8 |
| SPDR SERIES TRUST | [SPTI](https://holderbook.com/stocks/SPTI/) | $11.7M | 413,267 | 3.2% | 11 |
| DIMENSIONAL ETF TRUST | [DFEM](https://holderbook.com/stocks/DFEM/) | $11.6M | 285,169 | 3.2% | 15 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $11.2M | 81,285 | 3.1% | 8 |
| SPDR SERIES TRUST | [SPTS](https://holderbook.com/stocks/SPTS/) | $10.1M | 347,656 | 2.8% | 15 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $9.9M | 62,351 | 2.7% | 8 |
| SSGA ACTIVE ETF TR | [RLY](https://holderbook.com/stocks/RLY/) | $9.8M | 284,741 | 2.7% | 15 |
| MORGAN STANLEY ETF TRUST | [EVSM](https://holderbook.com/stocks/EVSM/) | $9.1M | 180,493 | 2.5% | 4 |
| DIMENSIONAL ETF TRUST | [DFGR](https://holderbook.com/stocks/DFGR/) | $7.4M | 256,643 | 2.0% | 13 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $7.0M | 65,028 | 1.9% | 8 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $6.7M | 76,306 | 1.8% | 10 |
| VANGUARD MUN BD FDS | [VCRM](https://holderbook.com/stocks/VCRM/) | $6.7M | 87,581 | 1.8% | 3 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $6.7M | 132,472 | 1.8% | 8 |
| DIMENSIONAL ETF TRUST | [DFIC](https://holderbook.com/stocks/DFIC/) | $6.2M | 166,782 | 1.7% | 13 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $6.2M | 27,101 | 1.7% | 8 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $6.1M | 8,157 | 1.7% | 15 |
| DIMENSIONAL ETF TRUST | [DFIV](https://holderbook.com/stocks/DFIV/) | $5.7M | 106,198 | 1.6% | 15 |
| DIMENSIONAL ETF TRUST | [DFIS](https://holderbook.com/stocks/DFIS/) | $5.7M | 163,392 | 1.6% | 15 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $5.1M | 100,166 | 1.4% | 8 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $4.0M | 26,881 | 1.1% | 8 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $3.4M | 27,440 | 0.9% | 8 |
| SPDR SERIES TRUST | [SHM](https://holderbook.com/stocks/SHM/) | $2.7M | 55,746 | 0.7% | 15 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $2.6M | 51,159 | 0.7% | 15 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.5M | 8,720 | 0.7% | 12 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $2.5M | 23,021 | 0.7% | 8 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $1.4M | 11,631 | 0.4% | 15 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $1.3M | 15,628 | 0.4% | 8 |
| PUBLIC SVC ENTERPRISE GROUP | [PEG](https://holderbook.com/stocks/PEG/) | $1.2M | 14,977 | 0.3% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.2M | 3,570 | 0.3% | 11 |
| SPDR SERIES TRUST | [TFI](https://holderbook.com/stocks/TFI/) | $1.2M | 25,239 | 0.3% | 10 |
| ISHARES TR | [SCZ](https://holderbook.com/stocks/SCZ/) | $1.0M | 12,534 | 0.3% | 8 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.0M | 2,750 | 0.3% | 8 |
| CONNECTONE BANCORP INC | [CNOB](https://holderbook.com/stocks/CNOB/) | $996.8K | 29,810 | 0.3% | 15 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $947.0K | 1,265 | 0.3% | 8 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $882.5K | 2,470 | 0.2% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $872.1K | 14,611 | 0.2% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $863.8K | 2,875 | 0.2% | 8 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $840.7K | 1,940 | 0.2% | 5 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $761.1K | 29,824 | 0.2% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $748.9K | 1 | 0.2% | 3 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $741.0K | 12,850 | 0.2% | 15 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $733.9K | 3,367 | 0.2% | 8 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $687.9K | 2,545 | 0.2% | 8 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $686.4K | 1,855 | 0.2% | 8 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $664.3K | 11,658 | 0.2% | 12 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $661.7K | 6,370 | 0.2% | 8 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $599.6K | 5,632 | 0.2% | 8 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $589.8K | 2,338 | 0.2% | 8 |
| ISHARES TR | [ICSH](https://holderbook.com/stocks/ICSH/) | $589.3K | 11,652 | 0.2% | 15 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $581.2K | 5,872 | 0.2% | 8 |
| DIMENSIONAL ETF TRUST | [DFAW](https://holderbook.com/stocks/DFAW/) | $560.4K | 6,768 | 0.2% | 9 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $504.2K | 437 | 0.1% | 1 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $503.4K | 3,435 | 0.1% | 15 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $486.4K | 8,002 | 0.1% | 15 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $456.2K | 10,775 | 0.1% | 11 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $450.6K | 2,252 | 0.1% | 5 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $442.5K | 4,000 | 0.1% | 1 |
| WISDOMTREE TR | [DHS](https://holderbook.com/stocks/DHS/) | $409.4K | 3,602 | 0.1% | 15 |
| BLACKROCK ETF TRUST II | [MBBA](https://holderbook.com/stocks/MBBA/) | $405.9K | 8,156 | 0.1% | 2 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $395.1K | 1,556 | 0.1% | 8 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $388.1K | 3,020 | 0.1% | 15 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $355.9K | 1,967 | 0.1% | 8 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $338.1K | 5,868 | 0.1% | 8 |
| SPDR INDEX SHS FDS | [RWO](https://holderbook.com/stocks/RWO/) | $321.5K | 6,467 | 0.1% | 5 |
| ISHARES TR | [IWC](https://holderbook.com/stocks/IWC/) | $319.1K | 1,595 | 0.1% | 8 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $313.2K | 829 | 0.1% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $301.6K | 410 | 0.1% | 5 |
| INVESCO EXCHANGE TRADED FD T | [PRF](https://holderbook.com/stocks/PRF/) | $299.0K | 5,535 | 0.1% | 10 |
| INTERDIGITAL INC | [IDCC](https://holderbook.com/stocks/IDCC/) | $285.3K | 1,008 | 0.1% | 6 |
| ISHARES TR | [DSI](https://holderbook.com/stocks/DSI/) | $284.5K | 1,998 | 0.1% | 8 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $284.5K | 3,083 | 0.1% | 5 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $273.5K | 1,807 | 0.1% | 12 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $260.5K | 5,032 | 0.1% | 15 |
| CAPITAL GROUP GROWTH ETF | [CGGR](https://holderbook.com/stocks/CGGR/) | $259.6K | 5,501 | 0.1% | 1 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $247.0K | 1,019 | 0.1% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $231.1K | 410 | 0.1% | 10 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $229.7K | 335 | 0.1% | 1 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $222.9K | 1,520 | 0.1% | 6 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $211.9K | 3,098 | 0.1% | 1 |
| VANGUARD ADMIRAL FDS INC | [VOOG](https://holderbook.com/stocks/VOOG/) | $205.2K | 2,484 | 0.1% | 1 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $204.7K | 1,500 | 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 | +7.2% | +14.8% | -7.6% | 100% |
| Q1 2026 | -0.2% | -4.6% | +4.5% | 100% |
| Q4 2025 | +1.6% | +2.4% | -0.8% | 100% |
| Q3 2025 | +5.3% | +7.8% | -2.5% | 100% |
| Q2 2025 | +5.7% | +10.5% | -4.7% | 100% |
| Q1 2025 | -1.0% | -4.6% | +3.6% | 100% |
| Q4 2024 | -2.1% | +2.1% | -4.3% | 100% |
| Q3 2024 | +6.0% | +5.4% | +0.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $363.6M | 86 |
| Q1 2026 | $333.2M | 79 |
| Q4 2025 | $325.0M | 83 |
| Q3 2025 | $304.3M | 77 |
| Q2 2025 | $265.1M | 75 |
| Q1 2025 | $252.8M | 72 |
| Q4 2024 | $245.1M | 73 |
| Q3 2024 | $230.8M | 72 |
| Q2 2024 | $99.0M | 37 |
| Q1 2024 | $186.2M | 69 |
| Q4 2023 | $155.4M | 63 |
| Q3 2023 | $127.3M | 59 |