JMG Financial Group, Ltd.

The center of JMG Financial Group's portfolio did not move: VOO remained near 23%, while VEA and VO each stayed close to 11%. Those three funds still account for about 45% of the $3.6 billion book, making stability—not security selection—the defining feature of the quarter. JMG's 127 holdings are overwhelmingly fund vehicles used to implement broad market, size, international and real-estate allocations.

The changes look like rebalancing within that architecture. JMG bought an estimated $33.1 million of VOO even as its reported value fell by $6.5 million, and added to DFGR, VO, DFSV and DFIC while trimming SCHF, SCHX and SCHM. A QQQ identifier change created an apparent exit and new entry despite nearly unchanged shares; it is not a real round trip. Reading these moves as high-conviction stock calls would be a category error: this filing documents an allocation framework and client assets, not a concentrated manager view.