Flagstone Financial Management

LINCOLN, NE

$447m in 77 US stocks at the end of 30 June 2026. The top 10 are 80.4% of the money. It changed about 2.7% of the portfolio this quarter.

Value

$447m

Stocks

Top 10 share

80.4%

Turnover

2.7%

What changed this quarter

New

Bought for the first time this quarter.

Applied MaterialsAMAT
<0.1% of the fund
Seagate Technology HoldingsSTX
<0.1% of the fund
Palo Alto NetworksPANW
<0.1% of the fund
VisaV
<0.1% of the fund
Dominion EnergyD
<0.1% of the fund
CaterpillarCAT
<0.1% of the fund

Added

Bought more of a stock they already held.

Ishares TRIGIB
10.0% of the fund
+4%
Spdr Series TrustSPSB
6.3% of the fund
+3%
Spdr Series TrustSPTI
5.7% of the fund
+5%
Vanguard Charlotte FDSBNDX
5.4% of the fund
+4%
Vanguard Index FDSVNQ
2.6% of the fund
+3%
Pimco ETF TRMUNI
2.2% of the fund
+13%
Ishares TRMUB
0.8% of the fund
+4%
Dimensional ETF TrustDFSU
0.6% of the fund
+3%
Ishares TRSUSB
0.5% of the fund
+4%
Dimensional ETF TrustDFSI
0.2% of the fund
+3%
Amazon.comAMZN
0.1% of the fund
+19%
Markel GroupMKL
0.1% of the fund
+11%
Boston OmahaBOC
<0.1% of the fund
+2%

Cut

Sold some of their stake.

Dimensional ETF TrustDFEM
4.3% of the fund
-2%
American Centy ETF TRAVEM
1.9% of the fund
-4%
US BancorpUSB
0.3% of the fund
-3%
Dimensional ETF TrustDFSV
0.3% of the fund
-5%
AlphabetGOOG
0.2% of the fund
-7%
ExxonMobil HoldingsXOM
0.2% of the fund
-4%
Dimensional ETF TrustDFAR
0.1% of the fund
-15%
Invesco QQQ TRQQQ
<0.1% of the fund
-2%
Dimensional ETF TrustDFIV
<0.1% of the fund
-5%
Vanguard Tax-Managed FDSVEA
<0.1% of the fund
-21%
EatonETN
<0.1% of the fund
-4%

Sold out

Sold their entire stake.

None this quarter.

Holdings

Dimensional ETF TrustDFUS
Share
28.5%
Value
$127m
Shares
1,555,365
Held
Ishares TRIGIB
Share
10.0%
Value
$45m
Shares
843,498
+4%
Spdr Index SHS FDSSPDW
Share
7.5%
Value
$33m
Shares
662,916
Held
Spdr Series TrustSPSB
Share
6.3%
Value
$28m
Shares
940,715
+3%
Spdr Series TrustSPTI
Share
5.7%
Value
$26m
Shares
905,461
+5%
American Centy ETF TRAVUV
Share
5.4%
Value
$24m
Shares
195,332
Held
Vanguard Charlotte FDSBNDX
Share
5.4%
Value
$24m
Shares
496,358
+4%
Dimensional ETF TrustDFEM
Share
4.3%
Value
$19m
Shares
477,389
-2%
American Centy ETF TRAVUS
Share
3.8%
Value
$17m
Shares
132,214
Held
American Centy ETF TRAVDV
Share
3.4%
Value
$15m
Shares
148,297
Held
Vanguard Index FDSVNQ
Share
2.6%
Value
$12m
Shares
120,870
+3%
Pimco ETF TRMUNI
Share
2.2%
Value
$10m
Shares
187,771
+13%
American Centy ETF TRAVEM
Share
1.9%
Value
$8m
Shares
88,013
-4%
Berkshire HathawayBRK-B
Share
1.4%
Value
$6m
Shares
12,096
Held
American Centy ETF TRAVDE
Share
1.0%
Value
$5m
Shares
50,816
Held
Ishares TRMUB
Share
0.8%
Value
$3m
Shares
31,197
+4%
AppleAAPL
Share
0.7%
Value
$3m
Shares
11,485
Held
Dimensional ETF TrustDFSU
Share
0.6%
Value
$3m
Shares
55,686
+3%
Spdr Series TrustSPTM
Share
0.5%
Value
$2m
Shares
25,023
Held
Ishares TRSUSB
Share
0.5%
Value
$2m
Shares
89,945
+4%
JPMorgan ChaseJPM
Share
0.5%
Value
$2m
Shares
6,694
Held
MicrosoftMSFT
Share
0.4%
Value
$2m
Shares
5,100
Held
US BancorpUSB
Share
0.3%
Value
$1m
Shares
23,693
-3%
Dimensional ETF TrustDFSV
Share
0.3%
Value
$1m
Shares
35,430
-5%
American Centy ETF TRAVRE
Share
0.3%
Value
$1m
Shares
29,006
Held
Dimensional ETF TrustDFAE
Share
0.3%
Value
$1m
Shares
31,426
Held
NvidiaNVDA
Share
0.2%
Value
$1m
Shares
5,043
Held
AlphabetGOOG
Share
0.2%
Value
$972,232
Shares
2,752
-7%
Dimensional ETF TrustDFSB
Share
0.2%
Value
$901,070
Shares
17,292
Held
ExxonMobil HoldingsXOM
Share
0.2%
Value
$892,867
Shares
6,531
-4%
Wells Fargo & CompanyWFC
Share
0.2%
Value
$888,077
Shares
10,746
Held
Dimensional ETF TrustDFSI
Share
0.2%
Value
$886,495
Shares
19,656
+3%
Ishares TRIWR
Share
0.2%
Value
$863,033
Shares
7,823
Held
Vanguard Index FDSVTI
Share
0.2%
Value
$765,057
Shares
2,068
Held
Vanguard Specialized FundsVIG
Share
0.2%
Value
$754,765
Shares
3,190
Held
Berkshire Hathaway INC DELBRK-A
Share
0.2%
Value
$748,850
Shares
1
Held
DeereDE
Share
0.1%
Value
$654,731
Shares
1,032
Held
Vanguard Scottsdale FDSVGIT
Share
0.1%
Value
$625,896
Shares
10,612
Held
Amazon.comAMZN
Share
0.1%
Value
$609,674
Shares
2,558
+19%
MastercardMA
Share
0.1%
Value
$585,513
Shares
1,140
Held
Dimensional ETF TrustDFSE
Share
0.1%
Value
$564,296
Shares
11,545
Held
Markel GroupMKL
Share
0.1%
Value
$550,749
Shares
282
+11%
Ishares TRIWM
Share
0.1%
Value
$528,192
Shares
1,758
Held
Johnson & JohnsonJNJ
Share
0.1%
Value
$484,054
Shares
1,906
Held
OracleORCL
Share
0.1%
Value
$480,453
Shares
3,278
Held
Dimensional ETF TrustDFAR
Share
0.1%
Value
$470,971
Shares
18,004
-15%
PepsiCoPEP
Share
0.1%
Value
$460,375
Shares
3,400
Held
Cisco SystemsCSCO
Share
<0.1%
Value
$417,087
Shares
3,551
Held
Invesco QQQ TRQQQ
Share
<0.1%
Value
$385,873
Shares
524
-2%
Spdr Series TrustSPIB
Share
<0.1%
Value
$385,827
Shares
11,531
Held
Dimensional ETF TrustDFIV
Share
<0.1%
Value
$374,845
Shares
6,939
-5%
Vanguard Tax-Managed FDSVEA
Share
<0.1%
Value
$370,856
Shares
5,205
-21%
Equity Lifestyle PropertiesELS
Share
<0.1%
Value
$365,883
Shares
5,677
Held
Applied MaterialsAMAT
Share
<0.1%
Value
$360,777
Shares
499
New
AlphabetGOOGL
Share
<0.1%
Value
$352,785
Shares
987
Held
Seagate Technology HoldingsSTX
Share
<0.1%
Value
$352,225
Shares
365
New
Boston OmahaBOC
Share
<0.1%
Value
$337,931
Shares
24,775
+2%
Rockwell AutomationROK
Share
<0.1%
Value
$337,149
Shares
681
Held
WalmartWMT
Share
<0.1%
Value
$310,846
Shares
2,745
Held
Union PacificUNP
Share
<0.1%
Value
$297,427
Shares
1,093
Held
Select Sector Spdr TRXLK
Share
<0.1%
Value
$289,971
Shares
1,522
Held
Dimensional ETF TrustDFAT
Share
<0.1%
Value
$287,499
Shares
4,113
Held
Verizon CommunicationsVZ
Share
<0.1%
Value
$280,262
Shares
6,619
Held
Select Sector Spdr TRXLF
Share
<0.1%
Value
$280,216
Shares
5,227
Held
Bank of AmericaBAC
Share
<0.1%
Value
$275,533
Shares
4,836
Held
EatonETN
Share
<0.1%
Value
$272,290
Shares
639
-4%
Valero EnergyVLO
Share
<0.1%
Value
$260,440
Shares
1,000
Held
State STR Spdr S&P 500 ETF TSPY
Share
<0.1%
Value
$251,997
Shares
337
Held
Ishares TRIEI
Share
<0.1%
Value
$239,834
Shares
2,042
Held
Philip Morris InternationalPM
Share
<0.1%
Value
$235,183
Shares
1,300
Held
Ishares TRIEFA
Share
<0.1%
Value
$233,531
Shares
2,418
Held
Palo Alto NetworksPANW
Share
<0.1%
Value
$228,483
Shares
670
New
VisaV
Share
<0.1%
Value
$221,701
Shares
646
New
Gilead SciencesGILD
Share
<0.1%
Value
$219,453
Shares
1,737
Held
Dominion EnergyD
Share
<0.1%
Value
$218,528
Shares
3,200
New
CaterpillarCAT
Share
<0.1%
Value
$212,980
Shares
200
New
NextEra EnergyNEE
Share
<0.1%
Value
$204,768
Shares
2,333
Held

Company	Share of fund	Value	Shares	Change
Dimensional ETF TrustDFUS	28.5%	$127m	1,555,365	Held
Ishares TRIGIB	10.0%	$45m	843,498	+4%
Spdr Index SHS FDSSPDW	7.5%	$33m	662,916	Held
Spdr Series TrustSPSB	6.3%	$28m	940,715	+3%
Spdr Series TrustSPTI	5.7%	$26m	905,461	+5%
American Centy ETF TRAVUV	5.4%	$24m	195,332	Held
Vanguard Charlotte FDSBNDX	5.4%	$24m	496,358	+4%
Dimensional ETF TrustDFEM	4.3%	$19m	477,389	-2%
American Centy ETF TRAVUS	3.8%	$17m	132,214	Held
American Centy ETF TRAVDV	3.4%	$15m	148,297	Held
Vanguard Index FDSVNQ	2.6%	$12m	120,870	+3%
Pimco ETF TRMUNI	2.2%	$10m	187,771	+13%
American Centy ETF TRAVEM	1.9%	$8m	88,013	-4%
Berkshire HathawayBRK-B	1.4%	$6m	12,096	Held
American Centy ETF TRAVDE	1.0%	$5m	50,816	Held
Ishares TRMUB	0.8%	$3m	31,197	+4%
AppleAAPL	0.7%	$3m	11,485	Held
Dimensional ETF TrustDFSU	0.6%	$3m	55,686	+3%
Spdr Series TrustSPTM	0.5%	$2m	25,023	Held
Ishares TRSUSB	0.5%	$2m	89,945	+4%
JPMorgan ChaseJPM	0.5%	$2m	6,694	Held
MicrosoftMSFT	0.4%	$2m	5,100	Held
US BancorpUSB	0.3%	$1m	23,693	-3%
Dimensional ETF TrustDFSV	0.3%	$1m	35,430	-5%
American Centy ETF TRAVRE	0.3%	$1m	29,006	Held
Dimensional ETF TrustDFAE	0.3%	$1m	31,426	Held
NvidiaNVDA	0.2%	$1m	5,043	Held
AlphabetGOOG	0.2%	$972,232	2,752	-7%
Dimensional ETF TrustDFSB	0.2%	$901,070	17,292	Held
ExxonMobil HoldingsXOM	0.2%	$892,867	6,531	-4%
Wells Fargo & CompanyWFC	0.2%	$888,077	10,746	Held
Dimensional ETF TrustDFSI	0.2%	$886,495	19,656	+3%
Ishares TRIWR	0.2%	$863,033	7,823	Held
Vanguard Index FDSVTI	0.2%	$765,057	2,068	Held
Vanguard Specialized FundsVIG	0.2%	$754,765	3,190	Held
Berkshire Hathaway INC DELBRK-A	0.2%	$748,850	1	Held
DeereDE	0.1%	$654,731	1,032	Held
Vanguard Scottsdale FDSVGIT	0.1%	$625,896	10,612	Held
Amazon.comAMZN	0.1%	$609,674	2,558	+19%
MastercardMA	0.1%	$585,513	1,140	Held
Dimensional ETF TrustDFSE	0.1%	$564,296	11,545	Held
Markel GroupMKL	0.1%	$550,749	282	+11%
Ishares TRIWM	0.1%	$528,192	1,758	Held
Johnson & JohnsonJNJ	0.1%	$484,054	1,906	Held
OracleORCL	0.1%	$480,453	3,278	Held
Dimensional ETF TrustDFAR	0.1%	$470,971	18,004	-15%
PepsiCoPEP	0.1%	$460,375	3,400	Held
Cisco SystemsCSCO	<0.1%	$417,087	3,551	Held
Invesco QQQ TRQQQ	<0.1%	$385,873	524	-2%
Spdr Series TrustSPIB	<0.1%	$385,827	11,531	Held
Dimensional ETF TrustDFIV	<0.1%	$374,845	6,939	-5%
Vanguard Tax-Managed FDSVEA	<0.1%	$370,856	5,205	-21%
Equity Lifestyle PropertiesELS	<0.1%	$365,883	5,677	Held
Applied MaterialsAMAT	<0.1%	$360,777	499	New
AlphabetGOOGL	<0.1%	$352,785	987	Held
Seagate Technology HoldingsSTX	<0.1%	$352,225	365	New
Boston OmahaBOC	<0.1%	$337,931	24,775	+2%
Rockwell AutomationROK	<0.1%	$337,149	681	Held
WalmartWMT	<0.1%	$310,846	2,745	Held
Union PacificUNP	<0.1%	$297,427	1,093	Held
Select Sector Spdr TRXLK	<0.1%	$289,971	1,522	Held
Dimensional ETF TrustDFAT	<0.1%	$287,499	4,113	Held
Verizon CommunicationsVZ	<0.1%	$280,262	6,619	Held
Select Sector Spdr TRXLF	<0.1%	$280,216	5,227	Held
Bank of AmericaBAC	<0.1%	$275,533	4,836	Held
EatonETN	<0.1%	$272,290	639	-4%
Valero EnergyVLO	<0.1%	$260,440	1,000	Held
State STR Spdr S&P 500 ETF TSPY	<0.1%	$251,997	337	Held
Ishares TRIEI	<0.1%	$239,834	2,042	Held
Philip Morris InternationalPM	<0.1%	$235,183	1,300	Held
Ishares TRIEFA	<0.1%	$233,531	2,418	Held
Palo Alto NetworksPANW	<0.1%	$228,483	670	New
VisaV	<0.1%	$221,701	646	New
Gilead SciencesGILD	<0.1%	$219,453	1,737	Held
Dominion EnergyD	<0.1%	$218,528	3,200	New
CaterpillarCAT	<0.1%	$212,980	200	New
NextEra EnergyNEE	<0.1%	$204,768	2,333	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 28.2% since 30 June 2025.

Where the money is

Financial services2.7%

Technology1.8%

Industrials0.4%

Media & telecom0.4%

Energy0.3%

Everyday goods0.2%

Real estate0.2%

Health care0.2%

Retail & consumer0.1%

Utilities0.1%

Other93.7%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.