Data as of Q4 2025 (Dec 31, 2025)

Flagstone Financial Management

•CIK: 1968890•Filing: Q4 2025

**Flagstone Financial Management** is a $390M-AUM manager maintaining a concentrated portfolio of 66 positions. The fund exhibits significant conviction in select names, notably allocating $110.2M to DFUS and $41.0M to IGIB. Further substantial exposure is evident across sector and thematic plays, including $29.2M in SPDW and $25.7M in SPSB. This structure suggests a tactical, high-conviction approach targeting specific market dislocations.

Total AUM
$389.9M
QoQ Performance
+2.9%
Positions
38
Top 10 Concentration
81.1%
Latest Filing
Q4 2025

Top Holdings Allocation

DFUS
IGIB
SPDW
SPSB
SPTI
BNDX
AVUV
DFUS28.3%
IGIB10.5%
SPDW7.5%
SPSB6.6%
SPTI6.1%
BNDX5.4%
AVUV5.0%
DFEM4.2%

📈 Biggest Buys

SPSB
SPDR SERIES TRUST
+4.4%
6.6% of portfolio
IGIB
ISHARES TR
+2.7%
10.5% of portfolio
MUNI
PIMCO ETF TR
+17.5%
1.6% of portfolio
BNDX
VANGUARD CHARLOTTE FDS
+4.0%
5.4% of portfolio
SPTI
SPDR SERIES TRUST
+2.8%
6.1% of portfolio

📉 Biggest Sells

DFUS
DIMENSIONAL ETF TRUST
-0.6%
28.3% of portfolio
AVDV
AMERICAN CENTY ETF TR
-4.1%
3.7% of portfolio
DFEM
DIMENSIONAL ETF TRUST
-2.3%
4.2% of portfolio
SPDW
SPDR INDEX SHS FDS
-1.0%
7.5% of portfolio
VIG
VANGUARD SPECIALIZED FUNDS
-14.7%
0.2% of portfolio

Sector Breakdown

Other94.6%
Financial2.6%
Technology2.1%
Energy0.2%
Industrial0.2%
Consumer0.2%
Healthcare0.1%
Consumer Staples0.1%

Changes from Q3 2025

NEW4 new positions
↑25 increased
↓14 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

DFUS28.3%
DIMENSIONAL ETF TRUST
$110.2M
IGIB10.5%
ISHARES TR
$41.0M
SPDW7.5%
SPDR INDEX SHS FDS
$29.2M
SPSB6.6%
SPDR SERIES TRUST
$25.7M
SPTI6.1%
SPDR SERIES TRUST
$23.7M

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