Q2 2026 13F · SEC CIK 1968890

Flagstone Financial Management

Wealth managerFiled 2026-07-21 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $447.2M
Reported positions: 77
Top holdings a year, 3 yrs: +12.5%
Assets under management: $467.8M

Flagstone Financial Management is a wealth manager that reported 77 positions worth $447.2M in its Q2 2026 13F, filed 2026-07-21. Its largest holdings were Dimensional ETF Trust (DFUS, 28.5%), Ishares Tr (IGIB, 10.0%), SPDR Portfolio Developed World (SPDW, 7.5%). A portfolio copying its top holdings returned 12.5% a year over the last 3 years, against 20.4% for the S&P 500.

Flagstone Financial Management holdings largest 50 of 77 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Flagstone Financial Management 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
DFUSDimensional ETF Trust	28.5%	26.9%	1,555,365	+1.6%	$127.4M
IGIBIshares Tr	10.0%	10.7%	843,498	+4.2%	$44.8M
SPDWSPDR Portfolio Developed World	7.5%	7.4%	662,916	+1.8%	$33.4M
SPSBSpdr Series Trust	6.3%	6.8%	940,715	+3.1%	$28.2M
SPTIState Street ETF/USA	5.7%	6.2%	905,461	+4.5%	$25.7M
AVUVAvantis US Small Cap Value ETF	5.5%	5.3%	195,332	+0.9%	$24.4M
BNDXVanguard Charlotte Fds	5.4%	5.7%	496,358	+4.3%	$24.0M
DFEMDimensional	4.3%	4.2%	477,389	-2.1%	$19.4M
AVUSAvantis U.s. Equity ETF	3.8%	3.7%	132,214	-1.9%	$16.9M
AVDVAvantis International Small Cap Value Et	3.4%	3.6%	148,297	+1.2%	$15.3M
VNQVanguard Real Estate ETF	2.6%	2.6%	120,870	+3.0%	$11.7M
MUNIInter Mun Bd Act	2.2%	2.2%	187,771	+13.1%	$9.9M
AVEMAmerican Centy ETF Tr	1.9%	1.8%	88,013	-4.4%	$8.5M
BRK-BBerkshire Hathaway Inc Del	1.4%	1.4%	12,096	-0.2%	$6.1M
AVDEAvantis International Equity ETF	1.0%	1.1%	50,816	-1.3%	$4.5M
MUBIshares National Muni Bond ETF	0.8%	0.8%	31,197	+4.4%	$3.4M
AAPLApple Inc	0.7%	0.7%	11,485	-1.5%	$3.3M
DFSUDimensional ETF Trust	0.6%	0.6%	55,686	+3.2%	$2.6M
SPTMSpdr Series Trust	0.5%	0.5%	25,023	+0.0%	$2.3M
SUSBIshares Tr	0.5%	0.5%	89,945	+4.3%	$2.2M
JPMJpmorgan Chase & Co	0.5%	0.5%	6,694	+0.0%	$2.2M
MSFTMicrosoft Corp	0.4%	0.5%	5,100	+0.5%	$1.9M
USBUS Bancorp Del	0.3%	0.3%	23,693	-3.4%	$1.4M
DFSVDfa U.s. Small Cap Value ETF	0.3%	0.3%	35,430	-5.1%	$1.4M
AVREAmerican Centy ETF Tr	0.3%	0.3%	29,006	+0.7%	$1.4M
DFAEDimensional ETF Trust	0.3%	0.3%	31,426	+0.0%	$1.3M
NVDANvidia Corporation Com	0.2%	0.2%	5,043	+0.1%	$1.0M
GOOGAlphabet Inc	0.2%	0.2%	2,752	-6.8%	$972K
DFSBDimensional ETF Trust	0.2%	0.2%	17,292	+0.9%	$901K
XOMExxon Mobil Corp	0.2%	0.3%	6,531	-4.2%	$893K
WFCWells Fargo Co New	0.2%	0.2%	10,746	+0.1%	$888K
DFSIDimensional ETF Trust	0.2%	0.2%	19,656	+2.7%	$886K
IWRIshares Russell Midcap ETF	0.2%	0.2%	7,823	+0.0%	$863K
VTIVanguard Index Fds	0.2%	0.2%	2,068	-1.0%	$765K
VIGVanguard Dividend Appreciation ETF	0.2%	0.2%	3,190	+0.0%	$755K
BRK-ABerkshire Hathaway Inc Del	0.2%	0.2%	1	+0.0%	$749K
DEDeere & Co Com	0.1%	0.1%	1,032	+0.0%	$655K
VGITVanguard Intermediate Treasury ETF	0.1%	0.2%	10,612	+0.0%	$626K
AMZNAmazon Com Inc Com	0.1%	0.1%	2,558	+19.0%	$610K
MAMastercard Inc.	0.1%	0.1%	1,140	+0.0%	$586K
DFSEDimensional ETF Trust	0.1%	0.1%	11,545	-1.4%	$564K
MKLMarkel Group Inc	0.1%	0.1%	282	+11.0%	$551K
IWMIshares	0.1%	0.1%	1,758	+0.0%	$528K
JNJJohnson & Johnson	0.1%	0.1%	1,906	-1.5%	$484K
ORCLOracle Corp	0.1%	0.1%	3,278	+0.0%	$480K
DFARDimensional ETF Trust	0.1%	0.1%	18,004	-14.9%	$471K
PEPPepsico Inc	0.1%	0.1%	3,400	+0.0%	$460K
CSCOCisco Sys Inc	0.1%	—	3,551	—	$417K
QQQInvesco Qqq Tr	0.1%	—	524	—	$386K
SPIBSpdr Series Trust	0.1%	0.1%	11,531	+0.0%	$386K

What Flagstone Financial Management bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

Reduced

DFAR Dimensional ETF Trust-14.9% shares
GOOG Alphabet Inc-6.8% shares
DFSV Dfa U.s. Small Cap Value ETF-5.1% shares

Left the top 50

VEA Vanguard Tax-Managed Fdswas 0.1%
DFIV Dimensional ETF Trustwas 0.1%

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +14.4% /yr; S&P 500 +20.1%
3 years: +12.5% /yr; S&P 500 +20.4%
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F 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

Questions about Flagstone Financial Management's portfolio

What stocks does Flagstone Financial Management own?

Flagstone Financial Management's latest 13F, for Q2 2026 and filed Jul 21, 2026, lists 77 positions worth $447.2M. The largest are Dimensional ETF Trust (DFUS) at 28.5%, Ishares Tr (IGIB) at 10.0%, SPDR Portfolio Developed World (SPDW) at 7.5%, Spdr Series Trust (SPSB) at 6.3% and State Street ETF/USA (SPTI) at 5.7%.

What did Flagstone Financial Management buy last quarter?

In Q2 2026, Flagstone Financial Management added Amazon Com Inc Com (AMZN) (+19.0% shares), Inter Mun Bd Act (MUNI) (+13.1% shares) and Markel Group Inc (MKL) (+11.0% shares), compared with its Q1 2026 filing.

What did Flagstone Financial Management sell last quarter?

In Q2 2026, Flagstone Financial Management cut from its top 50 Vanguard Tax-Managed Fds (VEA), cut from its top 50 Dimensional ETF Trust (DFIV), Dimensional ETF Trust (DFAR) (-14.9% shares), Alphabet Inc (GOOG) (-6.8% shares) and Dfa U.s. Small Cap Value ETF (DFSV) (-5.1% shares), compared with its Q1 2026 filing.

How has Flagstone Financial Management's portfolio performed?

A portfolio copying Flagstone Financial Management's 20 largest 13F holdings each quarter, from the day each filing was public, returned +12.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +14.4% against +20.1%.

When is Flagstone Financial Management's next 13F filing due?

13F filings are due 45 days after each quarter ends. Flagstone Financial Management's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Flagstone Financial Management manage?

Flagstone Financial Management reported $467.8M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $447.2M.