Adviser Investments LLC

Family Office

Adviser Investments LLC is a Family Office based in Baltimore, MD led by Michelle Ann Knight, reporting $17.3B in AUM as of Q3 2025 with 66% ETF concentration and 53% concentrated in top 10 holdings.

CEOMichelle Ann Knight

Portfolio Value: $8.8B
Positions: 603
Top Holding: VUG at 11.77%
Last Reported: Q3 2025

Address1629 Thames Street, Suite 300, Baltimore, MD, 21231, United States

Top Holdings

Largest long holdings in Adviser Investments LLC's portfolio (52.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Growth VUG	ETF ETF	$1.0B	11.77%	-$7.2M Sold	— 2.2M shares	Q4 2016 Held for 8y 11m
2 Vanguard FTSE Developed Markets VEA	ETF ETF	$867.1M	9.85%	+$23.7M Bought	— 14.5M shares	Q1 2017 Held for 8y 8m
3 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$716.1M	8.14%	+$51.0M Bought	— 7.1M shares	Q1 2024 Held for 1y 8m
4 Vanguard Value VTV	ETF ETF	$696.6M	7.91%	+$9.5M Bought	— 3.7M shares	Q4 2016 Held for 8y 11m
5 iShares National Muni Bond MUB	ETF ETF	$255.1M	2.90%	-$3.0M Sold	— 2.4M shares	Q4 2016 Held for 8y 11m
6 Vanguard Short-Term Treasury VGSH	ETF ETF	$252.1M	2.86%	+$21.8M Bought	— 4.3M shares	Q1 2022 Held for 3y 8m
7 Vanguard FTSE Emerging Markets VWO	ETF ETF	$219.5M	2.49%	+$9.3M Bought	— 4.1M shares	Q3 2022 Held for 3y 2m
8 Microsoft MSFT	Software - Infrastructure Technology	$212.9M	2.42%	+$14.8M Bought	0.01% 412.1K shares	Q4 2016 Held for 8y 11m
9 Apple AAPL	Consumer Electronics Technology	$199.7M	2.27%	+$12.9M Bought	0.01% 785.4K shares	Q4 2016 Held for 8y 11m
10 Vanguard Tax-Exempt Bond Index Fund VTEB	ETF ETF	$192.3M	2.18%	+$10.1M Bought	— 3.8M shares	Q4 2022 Held for 2y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Adviser Investments LLC's latest filing

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Market Value

$8.8B

Prior: $8.0B

Q/Q Change

+10.15%

+$811.0M

Net Flows % of MV

+3.53%

Turnover Ratio

4.64%

New Purchases

27 stocks

$108.2M

Added To

261 stocks

+$448.5M

Sold Out Of

23 stocks

$36.5M

Reduced Holdings

184 stocks

-$209.5M

Increased Positions

Position	Shares Δ	Change
1 Qualys, Inc. QLYS	New	0 → 610.7K +$80.8M
2 Sea Limited SE	New	0 → 31.2K +$5.6M
3 Jacobs Solutions J	New	0 → 35.4K +$5.3M
4 ITT ITT	New	0 → 20.4K +$3.6M
5 Darling Ingredients Inc. DAR	New	0 → 81.3K +$2.5M

Decreased Positions

Position	Shares Δ	Change
1 Carnival Corporation CCL	Sold	231.4K → 0 −$6.5M
2 AvalonBay Communities AVB	Sold	23.3K → 0 −$4.7M
3 lululemon athletica LULU	Sold	18.1K → 0 −$4.3M
4 SPDR Bloomberg International Treasury Bond ETF BWX	Sold	182.0K → 0 −$4.3M
5 iShares 5-10 Year Investment Grade Corporate Bond ETF IGIB	Sold	79.2K → 0 −$4.2M

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Analytics

Portfolio insights and performance metrics for Adviser Investments LLC

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Sector Allocation

ETF

65.80%

Technology

10.30%

Financial Services

5.10%

Healthcare

4.00%

Industrials

3.40%

Consumer Cyclical

2.90%

Consumer Defensive

2.40%

Communication Services

2.20%

Energy

0.90%

Utilities

0.60%

Basic Materials

0.60%

Real Estate

0.10%

Market Cap Distribution

Mega Cap (> $200B)

20.39%

Large Cap ($10B - $200B)

10.63%

Mid Cap ($2B - $10B)

1.15%

Small Cap ($300M - $2B)

0.06%

Micro Cap ($50M - $300M)

0.01%

Nano Cap (< $50M)

0.13%

N/A (ETF or Unknown)

67.63%

Portfolio Concentration

Top 10 Holdings %

52.8%

Top 20 Holdings %

63.25%

Top 50 Holdings %

77.83%

Top 100 Holdings %

87.6%