Rehmann's $1.78T Q4 Filing Is an ETF Core With a Sudden Netflix and QQQ Overlay

Rehmann Capital Advisory Group still looks like an ETF allocator first. IVE, IVW, IEFA, VOO, and FBND sit at the top of the Q4 2025 filing. But the interesting part is what happened around that core: Netflix shares climbed 810%, XLK doubled, and a new QQQ position appeared. Rehmann did not abandon its framework. It overlaid more aggressive growth on top of it.

TL;DR

• 13F AUM: $1.78T across 300 positions.
• Core structure: Value, growth, international developed markets, U.S. beta, and bonds dominate the top five.
• Top holding: IVE at 8.2%.
• Top-five weight: 27.7%, which is broad for a book of this size.
• New tactical add: QQQ entered at $14.35B.
• Fastest risers: Netflix +810%, IWR +179%, XLK +104%.
• Bond trims: MUNI, AGG, and JAAA all moved lower.
• Retail takeaway: Rehmann is showing how advisors tilt a model portfolio toward growth without rewriting the entire core.

Filing Snapshot

The Core Is Still Asset Allocation

Investors who chase only single stocks will miss the main point of this filing. Rehmann's highest-conviction expression remains the advisor toolkit itself: value ETF, growth ETF, international exposure through IEFA, broad U.S. exposure through VOO, and ballast through FBND. That tells you the firm is still managing outcome ranges, not just upside.

What changed is the sleeve around it. The new QQQ position, the jump in XLK, and the 810% rise in Netflix show Rehmann wanted more upside torque without dismantling the diversified scaffold.

Why the Bond Trims Matter

On the other side of the ledger, MUNI, AGG, and JAAA all moved lower. That does not mean Rehmann suddenly became reckless. It means the firm likely funded some of its growth overlay by taking a little less duration and a little less defensive carry. That is a classic advisory move when markets reward risk assets but clients still need a recognizable model structure.

The result is a filing that can teach retail investors something useful: sometimes the important signal is not a brand-new portfolio. It is a subtle tilt inside an existing framework.

What To Watch Next

• QQQ persistence: If QQQ remains large next quarter, the growth overlay is strategic rather than tactical.
• Netflix durability: A +810% move in Netflix should be compared with whether single-stock adds continue.
• Bond funding source: Further trims in municipal and aggregate bond ETFs would confirm how Rehmann is paying for risk.
• Advisor behavior: The balance between IVE and IVW remains the cleanest quick read on portfolio posture.

Questions Investors Search For

Is Rehmann a stock picker or an ETF allocator?

Primarily an ETF allocator, based on the composition of the top five positions.

Why is Netflix important in Rehmann's filing?

Because Netflix rose 810% by share count in one quarter, making it the clearest single-stock signal in an otherwise model-driven book.

What does the QQQ position tell investors?

That Rehmann wanted a faster way to add growth and tech exposure without individually rebuilding every large-cap technology line.

Did Rehmann become more aggressive in Q4 2025?

Yes, but selectively. The core stayed diversified while the overlay became more growth-forward.