FMB WEALTH MANAGEMENT

Key Holdings and Their Significance

• Dimensional-branded ETFs dominate the book. Many DF-prefixed tickers (DFAC, DFAX, DFAU, DFIC, DFUS, DFSD, DFAT, DFAI, DFAE, DFUV, DFAS, DFIV, DFEM, DFSV, DFAW, plus several generically listed “DIMENSIONAL ETF TRUST” entries) represent the largest single cluster of exposure. Aggregating the explicit DF tickers and the unspecified Dimensional entries yields roughly $160–$170M invested in Dimensional vehicles — on the order of two‑thirds of the total portfolio. This makes Dimensional products the primary implementation tool and source of the portfolio’s risk and return profile.
• The largest single holding, DFAC ($44.84M, 17.7%), is material on its own and represents a major concentration risk relative to the total portfolio.
• American Century ETFs are the other notable ETF cluster (AVUS $17.00M, AVDE $5.89M, AVUV $2.38M, AVEM $1.90M, AVDV $1.21M, and other American Century entries). These new/additions account for a sizable portion of the new-position activity.
• Individual equity exposures are present but much smaller than ETF allocations. Notable individual names include AAPL ($5.36M, 2.11%), NVDA ($3.52M, 1.39%), MSFT ($1.65M, 0.65%), GOOGL/GOOG (~$2.34M combined), AMZN ($0.99M), and several other large-cap names. Total identifiable individual-stock exposure among the top 50 is roughly $20–25M (~8–10% of the portfolio), implying most equity risk is through ETFs rather than concentrated single-stock bets.
• Broad market ETFs (SPY $2.84M, IVV $1.44M, QQQ ~$1.20M) are present but modest relative to the portfolio’s ETF cluster.

Sector Allocation and Notable Tilts

• By the filing’s sector tally: ETF exposure $168.83M (66.6%), “Unknown” $48.12M (19.0%), Technology $12.10M (4.8%), Consumer Cyclical $3.57M (1.4%), Communication Services $3.12M (1.2%), Healthcare $2.30M (0.9%), Financial Services $1.54M (0.6%), Energy $1.27M (0.5%).
• The dominant feature is product-type concentration (ETFs) rather than traditional sector concentration. Because two-thirds of assets are in ETFs—many of them Dimensional—sector exposures depend on the underlying composition of those ETF products. The $48.12M categorized as “Unknown” further reduces transparency in direct sector exposure from the 13F alone.
• Direct equity sector allocations (Technology, Communication Services, etc.) represent a small portion of the reported sector breakdown; the portfolio’s marginal direct tilt toward Technology (~$12.1M) is modest relative to ETF allocations.