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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
+5.72%
1 Year Est. Return
+12.75%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$145M
AUM Growth
+$23.5M
Cap. Flow
+$16.4M
Cap. Flow %
11.32%
Top 10 Hldgs %
61.52%
Holding
78
New
4
Increased
33
Reduced
29
Closed
4

Top Buys

Rank Stock Value
1
DFAU icon
Dimensional US Core Equity Market ETF
DFAU
+$6.69M
2
DFCF icon
Dimensional Core Fixed Income ETF
DFCF
+$3.52M
3
DFAI
Dimensional International Core Equity Market ETF
DFAI
+$1.8M
4
DCOR icon
Dimensional US Core Equity 1 ETF
DCOR
+$1.07M
5
DFAE icon
Dimensional Emerging Core Equity Market ETF
DFAE
+$848K

Top Sells

Rank Stock Value
1
EVBN
Evans Bancorp Inc
EVBN
+$491K
2
EZM icon
WisdomTree US MidCap Fund
EZM
+$341K
3
VTEB icon
Vanguard Tax-Exempt Bond Index Fund
VTEB
+$325K
4
ANGL icon
VanEck Fallen Angel High Yield Bond ETF
ANGL
+$320K
5
VTI icon
Vanguard Total Stock Market ETF
VTI
+$307K

Sector Composition

Rank Sector Weight
1 Technology 1.59%
2 Consumer Discretionary 1.24%
3 Financials 1.22%
4 Communication Services 1.18%
5 Industrials 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SGOV icon
51
iShares 0-3 Month Treasury Bond ETF
SGOV
$98.6B
$366K 0.25%
3,632
– –
SCHR
52
Schwab Intermediately-Term US Treasury ETF
SCHR
$13.2B
$363K 0.25%
14,518
-1,320
-8% -$32.7K
VOE icon
53
Vanguard Mid-Cap Value ETF
VOE
$23.4B
$360K 0.25%
2,190
-1,186
-35% -$188K
SCHZ icon
54
Schwab US Aggregate Bond ETF
SCHZ
$10.5B
$350K 0.24%
15,068
-706
-4% -$16.2K
VTWV icon
55
Vanguard Russell 2000 Value ETF
VTWV
$1.28B
$348K 0.24%
2,505
-1,563
-38% -$205K
AGG icon
56
iShares Core US Aggregate Bond ETF
AGG
$137B
$336K 0.23%
3,391
-406
-11% -$39.8K
HD icon
57
Home Depot
HD
$322B
$322K 0.22%
878
– –
MTB icon
58
M&T Bank
MTB
$35.6B
$317K 0.22%
1,635
-133
-8% -$23.5K
META icon
59
Meta Platforms (Facebook)
META
$1.54T
$309K 0.21%
419
+3
+0.7% +$1.85K
AMZN icon
60
Amazon
AMZN
$2.52T
$309K 0.21%
1,408
+3
+0.2% +$594
HDV
61
iShares Core High Dividend ETF
HDV
$14.3B
$294K 0.2%
12,555
-115
-0.9% -$2.65K
QQQ icon
62
Invesco QQQ Trust
QQQ
$459B
$292K 0.2%
529
-87
-14% -$43.3K
GOOGL icon
63
Alphabet (Google) Class A
GOOGL
$3.9T
$272K 0.19%
1,542
– –
ESGU icon
64
iShares ESG Aware MSCI USA ETF
ESGU
$17.6B
$267K 0.18%
1,974
-25
-1% -$3.12K
URI icon
65
United Rentals
URI
$72.2B
$264K 0.18%
350
– –
DGRO icon
66
iShares Core Dividend Growth ETF
DGRO
$42.1B
$257K 0.18%
4,022
+24
+0.6% +$1.46K
ADI icon
67
Analog Devices
ADI
$183B
$251K 0.17%
1,056
-49
-4% -$10.2K
SCZ icon
68
iShares MSCI EAFE Small-Cap ETF
SCZ
$13.4B
$235K 0.16%
3,236
-1,689
-34% -$114K
EEM icon
69
iShares MSCI Emerging Markets ETF
EEM
$28.5B
$230K 0.16%
4,762
-183
-4% -$8.23K
JPM icon
70
JPMorgan Chase
JPM
$923B
$224K 0.15%
+771
New +$197K
COR icon
71
Cencora
COR
$59B
$221K 0.15%
737
-66
-8% -$19K
SPYV icon
72
State Street SPDR Portfolio S&P 500 Value ETF
SPYV
$35.7B
$207K 0.14%
+3,950
New +$197K
XOM icon
73
ExxonMobil
XOM
$653B
$203K 0.14%
1,883
-96
-5% -$10.3K
WMT icon
74
Walmart Inc
WMT
$859B
$201K 0.14%
+2,052
New +$196K
ANGL icon
75
VanEck Fallen Angel High Yield Bond ETF
ANGL
$3.07B
– –
-11,084
Closed -$320K
1 2
3
4

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AF
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FCM
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RCM
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SAM
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MLRA
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BAM
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Note Advisors's Q2 2025 Portfolio in Review

As of Q2 2025, Note Advisors held 78 positions worth $145M, up 19% from $121M the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Note Advisors deployed $16.4M of net new capital in Q2 2025, opening 4 new positions and adding to 33 existing holdings. Its largest new stake was NBT Bancorp: 19,293 shares worth $802K.

By sector, the portfolio is most concentrated in Technology at 1.6% of assets, down from 1.6% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Vanguard Tax-Exempt Bond Index Fund, an estimated $325K trimmed.

  • Note Advisors's largest Q2 2025 buy was NBT Bancorp: 19,293 shares worth $802K.
  • Note Advisors added most to Dimensional US Core Equity Market ETF in Q2 2025, an estimated $6.69M increase.
  • Note Advisors's biggest Q2 2025 reduction was Vanguard Tax-Exempt Bond Index Fund, cutting an estimated $325K.
  • Note Advisors fully exited Evans Bancorp Inc in Q2 2025, selling an estimated $491K.
  • Note Advisors's ten largest holdings make up 62% of its $145M portfolio in Q2 2025.
  • Note Advisors opened 4 new positions and closed 4 in Q2 2025.
  • Note Advisors's portfolio value rose 19% quarter-over-quarter to $145M.

Based on Note Advisors's 13F filing for Q2 2025, filed 14 Aug 2025.