Flagstone Financial Management
Long book
$402.9M
Q1 2026
Positions
71
Top-10 weight
81%
concentration
Last quarter
+9.0%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsFlagstone Financial Management is a wealth-management firm allocating client money, running a $402.9M US long book across 71 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: DIMENSIONAL US EQ MKT ETF, ISHARES 5-10Y INV GRADE CORP, STE STR SPDR PT DW EU ETF, SS SPDR P ST C CORP ETF, SS SPDR P INT TERM TSY ETF.
Over the last 9 quarters its long book ran on average 1.1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.4%
Q2 2024
+6.2%
Q3 2024
-1.0%
Q4 2024
-0.3%
Q1 2025
+7.3%
Q2 2025
+6.0%
Q3 2025
+2.6%
Q4 2025
-0.4%
Q1 2026
+9.0%
Sector allocation
Financials 45%
Technology 30%
Energy 6%
Industrials 4%
Consumer discretionary 3%
Consumer staples 3%
Healthcare 3%
Services media 2%
Long book by quarter
What does Flagstone Financial own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 12.1K | $5.8M | 1.4% | -0.6% |
| AAPL APPLE INC | Technology | 11.7K | $3.0M | 0.7% | +0.6% |
| JPM JPMORGAN CHASE & CO | Financials | 6.7K | $2.0M | 0.5% | +89.0% |
| MSFT MICROSOFT CORP | Technology | 5.1K | $1.9M | 0.5% | -1.5% |
| USB US BANCORP | Financials | 24.5K | $1.3M | 0.3% | 0.0% |
| XOM EXXON MOBIL CORP | Energy | 6.8K | $1.2M | 0.3% | +2.1% |
| NVDA NVIDIA CORP | Technology | 5.0K | $879K | 0.2% | Held |
| WFC WELLS FARGO & CO | Financials | 10.7K | $855K | 0.2% | -9.4% |
| GOOG ALPHABET INC-CL C | Technology | 3.0K | $847K | 0.2% | +2.6% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 1 | $718K | 0.2% | Held |
| DE DEERE & CO | Industrials | 1.0K | $581K | 0.1% | Held |
| MA MASTERCARD INC - A | Services media | 1.1K | $570K | 0.1% | +4.6% |
| PEP PEPSICO INC | Consumer staples | 3.4K | $528K | 0.1% | +70.0% |
| MKL MARKEL GROUP INC | Financials | 254 | $486K | 0.1% | Held |
| ORCL ORACLE CORP | Technology | 3.3K | $482K | 0.1% | +156.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.9K | $473K | 0.1% | +6.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.1K | $448K | 0.1% | +46.4% |
| WMT WALMART INC | Consumer discretionary | 2.7K | $341K | 0.1% | Held |
| VZ VERIZON COMMUNICATIONS INC | Communications | 6.6K | $332K | 0.1% | New |
| GOOGL ALPHABET INC-CL A | Technology | 987 | $284K | 0.1% | Held |
| BOC BOSTON OMAHA CORP-CL A | Real estate | 24.2K | $283K | 0.1% | Held |
| CSCO CISCO SYSTEMS INC | Technology | 3.6K | $276K | 0.1% | New |
| UNP UNION PACIFIC CORP | Industrials | 1.1K | $265K | 0.1% | Held |
| VLO VALERO ENERGY CORP | Energy | 1.0K | $247K | 0.1% | New |
| ROK ROCKWELL AUTOMATION INC | Other | 681 | $244K | 0.1% | Held |
| GILD GILEAD SCIENCES INC | Healthcare | 1.7K | $242K | 0.1% | New |
| ETN EATON CORP PLC | Industrials | 664 | $237K | 0.1% | Held |
| BAC BANK OF AMERICA CORP | Financials | 4.8K | $236K | 0.1% | -24.9% |
| NEE NEXTERA ENERGY INC | Utilities | 2.3K | $217K | 0.1% | New |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 1.3K | $215K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 71 | $402.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 66 | $389.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 31, 2025 | 62 | $379.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 29, 2025 | 59 | $348.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 21, 2025 | 53 | $310.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 24, 2025 | 54 | $301.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 15, 2024 | 53 | $298.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 24, 2024 | 45 | $268.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 1, 2024 | 43 | $258.8M | canonical | SEC ↗ |