Christopher J. Hasenberg, Inc

Four ETFs that made up nearly 45% of this $269M book in March — the First Trust Smith unconstrained bond fund (UCON, 13.3%), Dimensional US High Profitability (DUHP, 11.9%), iShares MSCI EAFE (EFA, 10.4%) and the Dow tracker DIA (9.2%) — were each cut by 96-98% in a single quarter, every one leaving a dust-sized residual under 0.3% of assets. In their place, Christopher J. Hasenberg, Inc's Q2 2025 filing shows an entirely new core: Schwab International Equity (SCHF) debuts at $28.7M as the largest position (10.7%), joined by new stakes in S&P 500 value (SPYV, $21.2M), small caps (IJR, $14.8M), emerging markets (VWO, $13.7M) and 20-year Treasuries (TLT, $8.0M), while Vanguard Mid-Cap (VO) jumps from 744 shares to 75,874. That is not two dozen fresh convictions — it is the signature of a wholesale model-portfolio rebuild, and the stubs left at the old names are the tell: a stock-picker exiting a view sells to zero, while an allocator migrating models leaves remnants behind.

The rebuilt book is flatter and more conventional than the one it replaced: top-five concentration falls from roughly 55% to 42%, fixed-income ETFs now hold about a fifth of assets, and the visible single-stock positions — Fastenal (FAST, 0.6%), Eli Lilly (LLY, 0.3%), Oracle (ORCL, 0.2%) — sum to under 2% combined. For anyone scanning 13F new-position feeds for signals, this filer is a case study in reading context first: nearly every headline move this quarter is asset allocation, not security selection.