Holding concentration is high: the single largest line, DIMENSIONAL ETF TRUST US CORE, is $5.43 million (19.9% of the portfolio). The top four positions (all Dimensional ETFs) together equal 62.9% of assets, so performance will be driven materially by those funds’ returns and factor exposures. There are 20 reported positions, but because many are broad-market ETFs, the economic diversification across underlying securities is broader than the 20-name count implies while simultaneously creating concentration risk around the chosen ETF providers and strategies.
Key Holdings and Their Significance
- Dimensional suite (4 funds):
- US Core (5.43M, 19.9%), U.S. Small Cap (4.79M, 17.6%), International (4.28M, 15.7%), Emerging (2.65M, 9.7%).
- Combined: $17.15M (62.9%). These four funds form the investment backbone and indicate the portfolio’s primary exposures: U.S. core, U.S. small-cap, developed international, and emerging markets.
- Alphabet Inc. (Class A + Class C): Combined $2.73M (10.0% of the portfolio). This is the largest explicit single-stock exposure and represents concentrated technology/large-cap growth exposure outside the Dimensional ETFs.
- Income / sector tilts and commodity exposure: several ETFs and securities provide targeted sector and commodity exposure: FLEXSHARES Quality Dividend ($1.16M, 4.25%), GLOBAL X MLP ENERGY ($0.52M, 1.91%), GUNR (Global Upstream Natural Resources, $0.358M, 1.31%), GLD (gold ETF, $0.368M, 1.35%), and USMV (min-vol ETF, $0.323M, 1.19%).
- Direct energy names: ConocoPhillips ($0.814M, 2.99%) and Exxon Mobil ($0.346M, 1.27%) are modest single-stock energy exposures. Combined direct energy + energy-focused ETFs sum to roughly $2.04M (≈7.5%), indicating a small but visible allocation to the energy complex.
- Other notable positions: BlackRock Funding, Inc. ($0.682M, 2.50%) and INTL GNRL INSURANCE HLDNGS LTD (new position, $0.569M, 2.08%)—the latter is the largest new single-stock addition this quarter.