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Brown Financial Advisory

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13F filer, CIK 1843853, FAIRHOPE, AL

Brown Financial Advisory reported $190,967,693 across 55 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-27. Its ten largest share positions make up 86.25% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001843853-25-000002

Period
2025-09-30
Reported value
$191M
Holdings
55
Top 10 weight
86.25%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DEXCadded+11,189$633K
VBadded+2,180$554K
CATnew+456$218K
HDadded+183$74.2K
WMTadded+471$48.5K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SPABreduced-71,394-$1.85M
DFARreduced-20,851-$497K
SPYMreduced-4,118-$323K
SPEMreduced-4,596-$215K
PRFexited-4,993-$211K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001843853-25-000002, largest first. % of portfolio is the value over $190,967,693, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 882,589 shares; 2024Q4: 911,088 shares; 2025Q1: 963,502 shares; 2025Q2: 1,029,929 shares; 2025Q3: 1,025,811 shares 1,025,811$80.4M42.08%-4,118Timeline
VBVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,614 shares; 2024Q4: 83,936 shares; 2025Q1: 100,508 shares; 2025Q2: 117,257 shares; 2025Q3: 119,437 shares 119,437$30.4M15.9%+2,180Timeline
DEXCDIMENSIONAL ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 334,602 shares; 2025Q2: 348,784 shares; 2025Q3: 359,973 shares 359,973$20.4M10.66%+11,189Timeline
IWBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,774 shares; 2024Q4: 31,979 shares; 2025Q1: 29,504 shares; 2025Q2: 29,407 shares; 2025Q3: 29,240 shares 29,240$10.7M5.6%-167Timeline
SPDWSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,111 shares; 2024Q4: 219,460 shares; 2025Q1: 231,973 shares; 2025Q2: 223,341 shares; 2025Q3: 220,182 shares 220,182$9.42M4.93%-3,159Timeline
VONEVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,094 shares; 2024Q4: 12,094 shares; 2025Q1: 11,997 shares; 2025Q2: 11,985 shares; 2025Q3: 11,810 shares 11,810$3.57M1.87%-175Timeline
DFARDIMENSIONAL ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 575,579 shares; 2024Q4: 543,195 shares; 2025Q1: 467,625 shares; 2025Q2: 166,368 shares; 2025Q3: 145,517 shares 145,517$3.47M1.82%-20,851Timeline
IWFISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,737 shares; 2024Q4: 3,691 shares; 2025Q1: 4,771 shares; 2025Q2: 4,869 shares; 2025Q3: 4,830 shares 4,830$2.26M1.18%-39Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,927 shares; 2024Q4: 3,934 shares; 2025Q1: 4,177 shares; 2025Q2: 4,346 shares; 2025Q3: 4,346 shares 4,346$2.18M1.14%0Timeline
AVDEAMERICAN CENTY ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,078 shares; 2024Q4: 28,078 shares; 2025Q1: 25,603 shares; 2025Q2: 25,603 shares; 2025Q3: 25,603 shares 25,603$2.02M1.06%0Timeline
SPEMSPDR INDEX SHS FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 144,152 shares; 2024Q4: 139,501 shares; 2025Q1: 47,452 shares; 2025Q2: 42,338 shares; 2025Q3: 37,742 shares 37,742$1.77M0.93%-4,596Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 648 shares; 2025Q1: 2,159 shares; 2025Q2: 3,213 shares; 2025Q3: 3,280 shares 3,280$1.7M0.89%+67Timeline
IVVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,537 shares; 2024Q4: 2,444 shares; 2025Q1: 2,416 shares; 2025Q2: 2,391 shares; 2025Q3: 2,375 shares 2,375$1.59M0.83%-16Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,365 shares; 2024Q4: 1,798 shares; 2025Q1: 3,770 shares; 2025Q2: 5,686 shares; 2025Q3: 5,586 shares 5,586$1.42M0.74%-100Timeline
VYMVANGUARD WHITEHALL FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,419 shares; 2025Q2: 8,250 shares; 2025Q3: 8,250 shares 8,250$1.16M0.61%0Timeline
IWDISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,207 shares; 2024Q4: 5,117 shares; 2025Q1: 5,117 shares; 2025Q2: 5,117 shares; 2025Q3: 5,082 shares 5,082$1.03M0.54%-35Timeline
SPHYSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,089 shares; 2024Q4: 38,669 shares; 2025Q1: 39,448 shares; 2025Q2: 42,148 shares; 2025Q3: 42,327 shares 42,327$1.01M0.53%+179Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,765 shares; 2024Q4: 1,920 shares; 2025Q1: 3,051 shares; 2025Q2: 3,713 shares; 2025Q3: 3,713 shares 3,713$860K0.45%0Timeline
USMVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,235 shares; 2025Q2: 8,412 shares; 2025Q3: 8,412 shares 8,412$800K0.42%0Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,367 shares; 2024Q4: 2,344 shares; 2025Q1: 2,339 shares; 2025Q2: 2,339 shares; 2025Q3: 2,319 shares 2,319$761K0.4%-20Timeline
FBNDFIDELITY MERRIMACK STR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 13,702 shares; 2025Q2: 16,287 shares; 2025Q3: 14,285 shares 14,285$661K0.35%-2,002Timeline
SPSMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,663 shares; 2024Q4: 13,495 shares; 2025Q1: 13,495 shares; 2025Q2: 13,495 shares; 2025Q3: 13,495 shares 13,495$625K0.33%0Timeline
FNDXSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 16,897 shares; 2025Q2: 25,314 shares; 2025Q3: 23,647 shares 23,647$622K0.33%-1,667Timeline
SXTSENSIENT TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,708 shares; 2024Q4: 10,579 shares; 2025Q1: 10,579 shares; 2025Q2: 6,579 shares; 2025Q3: 6,579 shares 6,579$617K0.32%0Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,796 shares; 2025Q2: 3,848 shares; 2025Q3: 3,298 shares 3,298$615K0.32%-550Timeline
MGCVANGUARD WORLD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,198 shares; 2025Q2: 2,334 shares; 2025Q3: 2,334 shares 2,334$570K0.3%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,193 shares; 2025Q2: 2,541 shares; 2025Q3: 2,541 shares 2,541$558K0.29%0Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,737 shares; 2025Q2: 4,755 shares; 2025Q3: 5,226 shares 5,226$539K0.28%+471Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 579 shares; 2024Q4: 579 shares; 2025Q1: 768 shares; 2025Q2: 768 shares; 2025Q3: 768 shares 768$512K0.27%0Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 803 shares; 2025Q2: 1,053 shares; 2025Q3: 1,236 shares 1,236$501K0.26%+183Timeline
VEAVANGUARD TAX-MANAGED FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,471 shares; 2024Q4: 6,471 shares; 2025Q1: 6,471 shares; 2025Q2: 7,903 shares; 2025Q3: 7,903 shares 7,903$474K0.25%0Timeline
VNQVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,288 shares; 2024Q4: 5,288 shares; 2025Q1: 5,178 shares; 2025Q2: 5,087 shares; 2025Q3: 5,087 shares 5,087$465K0.24%0Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,980 shares; 2024Q4: 1,980 shares; 2025Q1: 1,811 shares; 2025Q2: 1,811 shares; 2025Q3: 1,811 shares 1,811$438K0.23%0Timeline
BSCTINVESCO EXCH TRD SLF IDX FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,683 shares; 2024Q4: not reported; 2025Q1: 16,196 shares; 2025Q2: 22,730 shares; 2025Q3: 22,730 shares 22,730$428K0.22%0Timeline
BSCSINVESCO EXCH TRD SLF IDX FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,789 shares; 2025Q2: 20,734 shares; 2025Q3: 20,734 shares 20,734$426K0.22%0Timeline
BSCRINVESCO EXCH TRD SLF IDX FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,493 shares; 2024Q4: not reported; 2025Q1: 15,372 shares; 2025Q2: 21,549 shares; 2025Q3: 21,549 shares 21,549$425K0.22%0Timeline
AVEMAMERICAN CENTY ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,691 shares; 2024Q4: 46,376 shares; 2025Q1: 5,559 shares; 2025Q2: 5,559 shares; 2025Q3: 5,559 shares 5,559$418K0.22%0Timeline
SPABSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,145 shares; 2024Q4: 18,068 shares; 2025Q1: 15,755 shares; 2025Q2: 87,149 shares; 2025Q3: 15,755 shares 15,755$407K0.21%-71,394Timeline
XMHQINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,425 shares; 2025Q2: 4,229 shares; 2025Q3: 3,855 shares 3,855$405K0.21%-374Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 918 shares; 2025Q2: 1,183 shares; 2025Q3: 1,219 shares 1,219$384K0.2%+36Timeline
IQLTISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 7,436 shares; 2025Q2: 8,538 shares; 2025Q3: 8,179 shares 8,179$361K0.19%-359Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,686 shares; 2025Q2: 6,015 shares; 2025Q3: 6,015 shares 6,015$354K0.19%0Timeline
LLOEWS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,377 shares; 2024Q4: 3,377 shares; 2025Q1: 3,377 shares; 2025Q2: 3,377 shares; 2025Q3: 3,377 shares 3,377$339K0.18%0Timeline
VXFVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,487 shares; 2025Q2: 1,487 shares; 2025Q3: 1,487 shares 1,487$311K0.16%0Timeline
SOSOUTHERN COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,443 shares; 2024Q4: 2,487 shares; 2025Q1: 2,803 shares; 2025Q2: 4,043 shares; 2025Q3: 3,043 shares 3,043$288K0.15%-1,000Timeline
VTWOVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,947 shares; 2024Q4: 2,947 shares; 2025Q1: 2,947 shares; 2025Q2: 2,947 shares; 2025Q3: 2,947 shares 2,947$288K0.15%0Timeline
SCHGSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 8,240 shares; 2025Q3: 8,240 shares 8,240$263K0.14%0Timeline
QUSSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,720 shares; 2025Q2: 1,720 shares; 2025Q3: 1,501 shares 1,501$257K0.13%-219Timeline
VOEVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,463 shares; 2025Q3: 1,463 shares 1,463$255K0.13%0Timeline
USRTISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,276 shares; 2024Q4: 8,856 shares; 2025Q1: 7,720 shares; 2025Q2: 6,850 shares; 2025Q3: 4,270 shares 4,270$251K0.13%-2,580Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,804 shares; 2024Q4: 1,896 shares; 2025Q1: 1,804 shares; 2025Q2: 1,804 shares; 2025Q3: 1,804 shares 1,804$242K0.13%0Timeline
MGVVANGUARD WORLD FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,091 shares; 2025Q3: 1,587 shares 1,587$219K0.11%-504Timeline
CATCATERPILLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 456 shares 456$218K0.11%newTimeline
USFRWISDOMTREE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,667 shares; 2025Q3: 4,127 shares 4,127$207K0.11%-540Timeline
HYSPIMCO ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,158 shares; 2025Q3: 2,158 shares 2,158$206K0.11%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
PRFINVESCO EXCHANGE TRADED FD T4,993$211Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001843853-25-000002 base2025-10-27acceptance time not in the bulk data set