Note Advisors, LLC

Key Holdings

The portfolio is characterized by a high concentration in Dimensional ETF Trust products, which dominate the top of the holdings list.

• DFAU (Dimensional US Core Equity 2 ETF): This is the largest position, accounting for 31.49% of the total portfolio ($37.02M). This massive allocation suggests a strong conviction in a broad, rules-based exposure to the US market, likely focusing on profitability and size factors.
• DFCF & DFAI: The second and third positions are also Dimensional funds (DFCF - US Large Cap Value and DFAI - US Core Equity 1), holding 12.27% and 10.85% of the portfolio, respectively. Combined with DFAU, these three positions represent over 54% of the entire assets under management.
• Vanguard & Fixed Income: The fourth largest holding is a Vanguard fund ($7.05M, 6.00%), followed by BNDX (Vanguard Total International Bond) at 3.66%, indicating a significant allocation to fixed income and international diversification.
• Individual Stocks: The largest individual stock holding is Alphabet Inc. (GOOG) at 1.32%, which is relatively small compared to the ETF allocations, highlighting that the manager prefers security selection at the fund level rather than the individual stock level.