# Kapstone Financial Advisors LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1966087. Source: https://holderbook.com/funds/1966087-kapstone-financial-advisors-llc/

- Reported value: $238.8M
- Positions: 175
- Weight of the ten largest: 48.1%
- Filed: 2026-08-07

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/) | $45.9M | 61,329 | 19.2% | 15 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $17.9M | 61,991 | 7.5% | 15 |
| ISHARES TR | [HDV](https://holderbook.com/stocks/HDV/) | $13.7M | 498,717 | 5.7% | 15 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $7.4M | 53,760 | 3.1% | 15 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $5.5M | 7,460 | 2.3% | 15 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.3M | 14,812 | 2.2% | 15 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $5.0M | 33,936 | 2.1% | 15 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $5.0M | 42,616 | 2.1% | 15 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $4.6M | 29,163 | 1.9% | 15 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $4.6M | 8,110 | 1.9% | 15 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.5M | 12,065 | 1.9% | 15 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $4.1M | 20,357 | 1.7% | 15 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $3.8M | 15,264 | 1.6% | 15 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $3.6M | 29,236 | 1.5% | 15 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $3.3M | 9,308 | 1.4% | 15 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $3.3M | 20,948 | 1.4% | 15 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $3.1M | 9,463 | 1.3% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.0M | 6,093 | 1.3% | 15 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $2.6M | 77,664 | 1.1% | 3 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $2.5M | 2,197 | 1.1% | 13 |
| FIDELITY COVINGTON TRUST | [FENI](https://holderbook.com/stocks/FENI/) | $2.2M | 54,777 | 0.9% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.2M | 9,142 | 0.9% | 15 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $2.1M | 8,363 | 0.9% | 15 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.1M | 15,357 | 0.9% | 15 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $2.1M | 17,643 | 0.9% | 15 |
| FIRST TR EXCHANGE-TRADED FD | [FTCS](https://holderbook.com/stocks/FTCS/) | $2.0M | 20,949 | 0.8% | 14 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $1.8M | 23,729 | 0.8% | 15 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.7M | 2,300 | 0.7% | 15 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.5M | 1,532 | 0.6% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSPT](https://holderbook.com/stocks/RSPT/) | $1.5M | 23,540 | 0.6% | 15 |
| LCNB CORP | [LCNB](https://holderbook.com/stocks/LCNB/) | $1.5M | 85,667 | 0.6% | 15 |
| FIRST TR EXCHANGE-TRADED FD | [FTGS](https://holderbook.com/stocks/FTGS/) | $1.4M | 38,992 | 0.6% | 11 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $1.4M | 16,590 | 0.6% | 14 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.4M | 7,789 | 0.6% | 15 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $1.4M | 7,095 | 0.6% | 2 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $1.4M | 6,249 | 0.6% | 2 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $1.4M | 5,719 | 0.6% | 15 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $1.3M | 3,252 | 0.5% | 15 |
| FIRST TR EXCHANGE-TRADED FD | [RDVY](https://holderbook.com/stocks/RDVY/) | $1.2M | 15,149 | 0.5% | 15 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.2M | 8,968 | 0.5% | 15 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $1.1M | 4,490 | 0.5% | 15 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.1M | 13,968 | 0.5% | 15 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.1M | 3,170 | 0.5% | 15 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $1.1M | 15,041 | 0.5% | 15 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $1.1M | 12,390 | 0.4% | 2 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.0M | 1,122 | 0.4% | 7 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $1.0M | 6,481 | 0.4% | 2 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $985.0K | 2,273 | 0.4% | 3 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $967.1K | 3,980 | 0.4% | 2 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $940.9K | 13,039 | 0.4% | 5 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $929.0K | 7,339 | 0.4% | 15 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $871.2K | 1,222 | 0.4% | 15 |
| FIDELITY MERRIMACK STR TR | [FCOR](https://holderbook.com/stocks/FCOR/) | $859.5K | 18,228 | 0.4% | 2 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $848.4K | 2,467 | 0.4% | 3 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $832.5K | 17,515 | 0.3% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $748.9K | 1 | 0.3% | 11 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $746.9K | 1,466 | 0.3% | 15 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $728.0K | 1,110 | 0.3% | 2 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $719.3K | 1,283 | 0.3% | 8 |
| HUNTINGTON BANCSHARES INC | [HBAN](https://holderbook.com/stocks/HBAN/) | $711.4K | 40,122 | 0.3% | 15 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $680.6K | 6,547 | 0.3% | 2 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $678.3K | 4,092 | 0.3% | 15 |
| J P MORGAN EXCHANGE TRADED F | [JEPQ](https://holderbook.com/stocks/JEPQ/) | $669.6K | 10,895 | 0.3% | 4 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $668.4K | 1,159 | 0.3% | 15 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $656.4K | 2,225 | 0.3% | 15 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $653.4K | 6,645 | 0.3% | 15 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $646.4K | 607 | 0.3% | 2 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $632.0K | 1,792 | 0.3% | 15 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $596.8K | 1,620 | 0.2% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $595.6K | 10,452 | 0.2% | 15 |
| IRON MTN INC DEL | [IRM](https://holderbook.com/stocks/IRM/) | $590.6K | 4,676 | 0.2% | 13 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $579.2K | 3,806 | 0.2% | 15 |
| FIRST TR EXCHANGE TRADED FD | [GRID](https://holderbook.com/stocks/GRID/) | $575.9K | 3,003 | 0.2% | 2 |
| NEBIUS GROUP N.V. | [NBIS](https://holderbook.com/stocks/NBIS/) | $552.3K | 2,000 | 0.2% | 2 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $539.3K | 2,279 | 0.2% | 1 |
| FIDELITY WISE ORIGIN BITCOIN | [FBTC](https://holderbook.com/stocks/FBTC/) | $536.3K | 10,505 | 0.2% | 3 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $531.7K | 1,572 | 0.2% | 15 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $518.3K | 5,415 | 0.2% | 15 |
| FIRST TR EXCHANGE-TRADED FD | [FVD](https://holderbook.com/stocks/FVD/) | $502.2K | 10,424 | 0.2% | 2 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $489.1K | 1,230 | 0.2% | 15 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $487.4K | 1,908 | 0.2% | 2 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $470.0K | 2,539 | 0.2% | 15 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $454.0K | 869 | 0.2% | 5 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $445.2K | 8,383 | 0.2% | 15 |
| FIRST TR EXCHANGE-TRADED FD | [QTEC](https://holderbook.com/stocks/QTEC/) | $445.1K | 1,330 | 0.2% | 13 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $430.0K | 2,640 | 0.2% | 11 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $422.4K | 2,695 | 0.2% | 13 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $421.0K | 351 | 0.2% | 3 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $417.8K | 1,129 | 0.2% | 11 |
| VANGUARD BD INDEX FDS | [VUSB](https://holderbook.com/stocks/VUSB/) | $412.2K | 8,280 | 0.2% | 1 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $404.8K | 4,191 | 0.2% | 6 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $402.0K | 4,292 | 0.2% | 15 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $390.4K | 540 | 0.2% | 1 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $382.2K | 4,744 | 0.2% | 1 |
| ISHARES TR | [IYY](https://holderbook.com/stocks/IYY/) | $373.9K | 2,051 | 0.2% | 3 |
| ABRDN GLOBAL DYNAMIC DIVIDEN | [AGD](https://holderbook.com/stocks/AGD/) | $371.1K | 30,640 | 0.2% | 7 |
| BLACKROCK MUNIYIELD QUALITY | [MYI](https://holderbook.com/stocks/MYI/) | $368.2K | 33,145 | 0.2% | 2 |
| COREWEAVE INC | [CRWV](https://holderbook.com/stocks/CRWV/) | $351.9K | 3,535 | 0.1% | 5 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $351.0K | 2,508 | 0.1% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $347.7K | 677 | 0.1% | 15 |

## 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 | +10.4% | +14.8% | -4.4% | 100% |
| Q1 2026 | -3.7% | -4.6% | +0.9% | 100% |
| Q4 2025 | -4.2% | +2.4% | -6.6% | 100% |
| Q3 2025 | +5.0% | +7.8% | -2.8% | 100% |
| Q2 2025 | +10.5% | +10.5% | +0.0% | 100% |
| Q1 2025 | -2.6% | -4.6% | +2.0% | 96% |
| Q4 2024 | +7.1% | +2.1% | +5.0% | 100% |
| Q3 2024 | +7.5% | +5.4% | +2.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $238.8M | 175 |
| Q1 2026 | $204.1M | 154 |
| Q4 2025 | $201.2M | 133 |
| Q3 2025 | $212.3M | 122 |
| Q2 2025 | $200.5M | 120 |
| Q1 2025 | $176.8M | 112 |
| Q4 2024 | $187.4M | 114 |
| Q3 2024 | $165.0M | 108 |
| Q2 2024 | $152.5M | 108 |
| Q1 2024 | $146.9M | 102 |
| Q4 2023 | $127.5M | 97 |
| Q3 2023 | $111.0M | 91 |