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Note Advisors Portfolio holdings

AUM $200M
1-Year Est. Return 12.75%
This Fund
S&P 500
This Quarter Est. Return
+1.73%
1 Year Est. Return
+12.75%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$195M
AUM Growth
+$26.8M
Cap. Flow
+$44.4M
Cap. Flow %
22.78%
Top 10 Hldgs %
62.32%
Holding
88
New
5
Increased
38
Reduced
33
Closed
6

Top Buys

Rank Stock Value
1
COR icon
Cencora
COR
+$24.7M
2
DFCF icon
Dimensional Core Fixed Income ETF
DFCF
+$4.47M
3
DFAC icon
Dimensional US Core Equity 2 ETF
DFAC
+$4.24M
4
DFAU icon
Dimensional US Core Equity Market ETF
DFAU
+$2.41M
5
DFGX icon
Dimensional International Core Fixed Income ETF
DFGX
+$1.77M

Top Sells

Rank Stock Value
1
FPE icon
First Trust Preferred Securities and Income ETF
FPE
+$946K
2
BNDX icon
Vanguard Total International Bond ETF
BNDX
+$709K
3
URI icon
United Rentals
URI
+$334K
4
VONE icon
Vanguard Russell 1000 ETF
VONE
+$274K
5
ORCL icon
Oracle
ORCL
+$255K

Sector Composition

Rank Sector Weight
1 Communication Services 1.5%
2 Technology 1.48%
3 Consumer Discretionary 1.15%
4 Financials 1.08%
5 Healthcare 0.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VTEB icon
26
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.1B
$1.81M 0.93%
35,927
+9,448
+36% +$475K
COR icon
27
Cencora
COR
$59.2B
$1.58M 0.81%
73,244
+72,512
+9,906% +$24.7M
PZT icon
28
Invesco New York AMT-Free Municipal Bond ETF
PZT
$136M
$1.52M 0.78%
68,714
+8,574
+14% +$192K
EMTL
29
DELISTED
State Street DoubleLine Emerging Markets Fixed Income ETF
EMTL
$1.33M 0.68%
30,649
+3,733
+14% +$162K
TIP icon
30
iShares TIPS Bond ETF
TIP
$14.5B
$1.27M 0.65%
11,557
+3,002
+35% +$333K
MCD icon
31
McDonald's
MCD
$187B
$1.23M 0.63%
4,027
-10
-0.2% -$3.06K
IXUS icon
32
iShares Core MSCI Total International Stock ETF
IXUS
$57.4B
$1.22M 0.63%
13,856
-54
-0.4% -$4.53K
IWB icon
33
iShares Russell 1000 ETF
IWB
$47.6B
$1.19M 0.61%
3,168
-99
-3% -$36.7K
DFIC icon
34
Dimensional International Core Equity 2 ETF
DFIC
$14.4B
$1.16M 0.59%
+32,392
New +$1.08M
MSFT icon
35
Microsoft
MSFT
$2.81T
$1.11M 0.57%
2,500
+1
+0% +$501
SPHY icon
36
State Street SPDR Portfolio High Yield Bond ETF
SPHY
$11.4B
$1.06M 0.54%
44,357
+6,018
+16% +$143K
MUB icon
37
iShares National Muni Bond ETF
MUB
$44.9B
$1.04M 0.54%
9,708
-472
-5% -$50.5K
AAPL icon
38
Apple
AAPL
$4.71T
$959K 0.49%
3,871
-230
-6% -$61.7K
XHLF icon
39
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
$1.94B
$945K 0.48%
18,769
+3,126
+20% +$157K
IAGG icon
40
iShares Core International Aggregate Bond Fund
IAGG
$10.6B
$940K 0.48%
18,735
-2,026
-10% -$104K
NBTB icon
41
NBT Bancorp
NBTB
$2.66B
$883K 0.45%
19,535
+120
+0.6% +$4.99K
GIGB icon
42
Goldman Sachs Access Investment Grade Corporate Bond ETF
GIGB
$957M
$813K 0.42%
17,523
+317
+2% +$14.8K
VTC icon
43
Vanguard Total Corporate Bond ETF
VTC
$1.72B
$725K 0.37%
9,310
– –
VWOB icon
44
Vanguard Emerging Markets Government Bond ETF
VWOB
$6.13B
$702K 0.36%
10,387
-13
-0.1% -$877
UAL icon
45
United Airlines
UAL
$36.6B
$653K 0.33%
5,884
-376
-6% -$38K
GOOGL icon
46
Alphabet (Google) Class A
GOOGL
$3.9T
$564K 0.29%
1,717
-120
-7% -$34.3K
VWO icon
47
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$556K 0.29%
9,901
+67
+0.7% +$3.64K
VTI icon
48
Vanguard Total Stock Market ETF
VTI
$652B
$523K 0.27%
1,543
– –
AVGO icon
49
Broadcom
AVGO
$1.85T
$492K 0.25%
1,497
-100
-6% -$35.8K
XYLD icon
50
Global X S&P 500 Covered Call ETF
XYLD
$3.19B
$467K 0.24%
11,548
-128
-1% -$5.12K
1
2
3 4

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Note Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Note Advisors held 88 positions worth $195M, up 16% from $168M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Note Advisors deployed $44.4M of net new capital in Q4 2025, opening 5 new positions and adding to 38 existing holdings. Its largest new stake was Dimensional International Core Equity 2 ETF: 32,392 shares worth $1.16M.

By sector, the portfolio is most concentrated in Communication Services at 1.5% of assets, up from 1.4% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Vanguard Total International Bond ETF, an estimated $709K trimmed.

  • Note Advisors's largest Q4 2025 buy was Dimensional International Core Equity 2 ETF: 32,392 shares worth $1.16M.
  • Note Advisors added most to Cencora in Q4 2025, an estimated $24.7M increase.
  • Note Advisors's biggest Q4 2025 reduction was Vanguard Total International Bond ETF, cutting an estimated $709K.
  • Note Advisors fully exited First Trust Preferred Securities and Income ETF in Q4 2025, selling an estimated $946K.
  • Note Advisors's ten largest holdings make up 62% of its $195M portfolio in Q4 2025.
  • Note Advisors opened 5 new positions and closed 6 in Q4 2025.
  • Note Advisors's portfolio value rose 16% quarter-over-quarter to $195M.

Based on Note Advisors's 13F filing for Q4 2025, filed 18 Feb 2026.