# Flagstone Financial Management

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1968890. Source: https://holderbook.com/funds/1968890-flagstone-financial-management/

- Reported value: $447.2M
- Positions: 77
- Weight of the ten largest: 80.4%
- Filed: 2026-07-21

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 |
|---|---|---|---|---|---|
| DIMENSIONAL ETF TRUST | [DFUS](https://holderbook.com/stocks/DFUS/) | $127.4M | 1,555,365 | 28.5% | 15 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $44.8M | 843,498 | 10.0% | 10 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $33.4M | 662,916 | 7.5% | 15 |
| SPDR SERIES TRUST | [SPSB](https://holderbook.com/stocks/SPSB/) | $28.2M | 940,715 | 6.3% | 15 |
| SPDR SERIES TRUST | [SPTI](https://holderbook.com/stocks/SPTI/) | $25.7M | 905,461 | 5.7% | 15 |
| AMERICAN CENTY ETF TR | [AVUV](https://holderbook.com/stocks/AVUV/) | $24.4M | 195,332 | 5.4% | 15 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $24.0M | 496,358 | 5.4% | 15 |
| DIMENSIONAL ETF TRUST | [DFEM](https://holderbook.com/stocks/DFEM/) | $19.4M | 477,389 | 4.3% | 14 |
| AMERICAN CENTY ETF TR | [AVUS](https://holderbook.com/stocks/AVUS/) | $16.9M | 132,214 | 3.8% | 15 |
| AMERICAN CENTY ETF TR | [AVDV](https://holderbook.com/stocks/AVDV/) | $15.3M | 148,297 | 3.4% | 15 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $11.7M | 120,870 | 2.6% | 15 |
| PIMCO ETF TR | [MUNI](https://holderbook.com/stocks/MUNI/) | $9.9M | 187,771 | 2.2% | 11 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $8.5M | 88,013 | 1.9% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $6.1M | 12,096 | 1.4% | 15 |
| AMERICAN CENTY ETF TR | [AVDE](https://holderbook.com/stocks/AVDE/) | $4.5M | 50,816 | 1.0% | 15 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $3.4M | 31,197 | 0.8% | 15 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $3.3M | 11,485 | 0.7% | 15 |
| DIMENSIONAL ETF TRUST | [DFSU](https://holderbook.com/stocks/DFSU/) | $2.6M | 55,686 | 0.6% | 10 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $2.3M | 25,023 | 0.5% | 11 |
| ISHARES TR | [SUSB](https://holderbook.com/stocks/SUSB/) | $2.2M | 89,945 | 0.5% | 15 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.2M | 6,694 | 0.5% | 15 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.9M | 5,100 | 0.4% | 15 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $1.4M | 23,693 | 0.3% | 15 |
| DIMENSIONAL ETF TRUST | [DFSV](https://holderbook.com/stocks/DFSV/) | $1.4M | 35,430 | 0.3% | 5 |
| AMERICAN CENTY ETF TR | [AVRE](https://holderbook.com/stocks/AVRE/) | $1.4M | 29,006 | 0.3% | 13 |
| DIMENSIONAL ETF TRUST | [DFAE](https://holderbook.com/stocks/DFAE/) | $1.3M | 31,426 | 0.3% | 15 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.0M | 5,043 | 0.2% | 9 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $972.2K | 2,752 | 0.2% | 15 |
| DIMENSIONAL ETF TRUST | [DFSB](https://holderbook.com/stocks/DFSB/) | $901.1K | 17,292 | 0.2% | 7 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $892.9K | 6,531 | 0.2% | 15 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $888.1K | 10,746 | 0.2% | 15 |
| DIMENSIONAL ETF TRUST | [DFSI](https://holderbook.com/stocks/DFSI/) | $886.5K | 19,656 | 0.2% | 7 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $863.0K | 7,823 | 0.2% | 15 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $765.1K | 2,068 | 0.2% | 11 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $754.8K | 3,190 | 0.2% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $748.9K | 1 | 0.2% | 15 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $654.7K | 1,032 | 0.1% | 8 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $625.9K | 10,612 | 0.1% | 15 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $609.7K | 2,558 | 0.1% | 9 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $585.5K | 1,140 | 0.1% | 8 |
| DIMENSIONAL ETF TRUST | [DFSE](https://holderbook.com/stocks/DFSE/) | $564.3K | 11,545 | 0.1% | 6 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $550.7K | 282 | 0.1% | 15 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $528.2K | 1,758 | 0.1% | 15 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $484.1K | 1,906 | 0.1% | 4 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $480.5K | 3,278 | 0.1% | 3 |
| DIMENSIONAL ETF TRUST | [DFAR](https://holderbook.com/stocks/DFAR/) | $471.0K | 18,004 | 0.1% | 11 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $460.4K | 3,400 | 0.1% | 3 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $417.1K | 3,551 | 0.1% | 2 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $385.9K | 524 | 0.1% | 3 |
| SPDR SERIES TRUST | [SPIB](https://holderbook.com/stocks/SPIB/) | $385.8K | 11,531 | 0.1% | 15 |
| DIMENSIONAL ETF TRUST | [DFIV](https://holderbook.com/stocks/DFIV/) | $374.8K | 6,939 | 0.1% | 15 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $370.9K | 5,205 | 0.1% | 5 |
| EQUITY LIFESTYLE PROPERTIES | [ELS](https://holderbook.com/stocks/ELS/) | $365.9K | 5,677 | 0.1% | 3 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $360.8K | 499 | 0.1% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $352.8K | 987 | 0.1% | 4 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $352.2K | 365 | 0.1% | 1 |
| BOSTON OMAHA CORP | [BOC](https://holderbook.com/stocks/BOC/) | $337.9K | 24,775 | 0.1% | 8 |
| ROCKWELL AUTOMATION INC | [ROK](https://holderbook.com/stocks/ROK/) | $337.1K | 681 | 0.1% | 5 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $310.8K | 2,745 | 0.1% | 8 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $297.4K | 1,093 | 0.1% | 15 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $290.0K | 1,522 | 0.1% | 4 |
| DIMENSIONAL ETF TRUST | [DFAT](https://holderbook.com/stocks/DFAT/) | $287.5K | 4,113 | 0.1% | 11 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $280.3K | 6,619 | 0.1% | 2 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $280.2K | 5,227 | 0.1% | 8 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $275.5K | 4,836 | 0.1% | 7 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $272.3K | 639 | 0.1% | 5 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $260.4K | 1,000 | 0.1% | 2 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $252.0K | 337 | 0.1% | 5 |
| ISHARES TR | [IEI](https://holderbook.com/stocks/IEI/) | $239.8K | 2,042 | 0.1% | 11 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $235.2K | 1,300 | 0.1% | 2 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $233.5K | 2,418 | 0.1% | 5 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $228.5K | 670 | 0.1% | 1 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $221.7K | 646 | 0.0% | 1 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $219.5K | 1,737 | 0.0% | 2 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $218.5K | 3,200 | 0.0% | 1 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $213.0K | 200 | 0.0% | 1 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $204.8K | 2,333 | 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 |
|---|---|---|---|---|
| Q2 2026 | +8.6% | +14.8% | -6.2% | 100% |
| Q1 2026 | -0.7% | -4.6% | +3.9% | 100% |
| Q4 2025 | +1.6% | +2.4% | -0.7% | 100% |
| Q3 2025 | +5.5% | +7.8% | -2.3% | 100% |
| Q2 2025 | +6.5% | +10.5% | -4.0% | 100% |
| Q1 2025 | -0.7% | -4.6% | +3.9% | 100% |
| Q4 2024 | -2.0% | +2.1% | -4.1% | 100% |
| Q3 2024 | +5.7% | +5.4% | +0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $447.2M | 77 |
| Q1 2026 | $402.9M | 71 |
| Q4 2025 | $389.9M | 66 |
| Q3 2025 | $379.0M | 62 |
| Q2 2025 | $348.9M | 59 |
| Q1 2025 | $310.5M | 53 |
| Q4 2024 | $301.0M | 54 |
| Q3 2024 | $298.2M | 53 |
| Q2 2024 | $268.8M | 45 |
| Q1 2024 | $258.8M | 43 |
| Q4 2023 | $244.1M | 44 |
| Q3 2023 | $218.6M | 37 |