PBMares Wealth Management LLC

The investment strategy is characterized by a heavy reliance on passive, rules-based investing through Dimensional Fund Advisors (DFA) ETFs. This suggests a core-satellite approach where the "core" is constructed using factor-based ETFs (such as value, size, and profitability factors), while "satellite" positions consist of individual equities. The reduction in total portfolio value likely reflects market depreciation during the quarter rather than significant capital outflows, given the net inflows into several top ETF positions.

2. Key Holdings