BALLAST ADVISORS LLC

RIA/Wealth

BALLAST ADVISORS LLC is a RIA/Wealth based in West Des Moines, IA led by Gregory George Carstensen, managing $363.1M across 180 long positions as of Q3 2025 with 57% ETF concentration and 61% concentrated in top 10 holdings.

Managing PartnerGregory George Carstensen

Portfolio Value: $363.1M
Positions: 180
Top Holding: SCHX at 9.47%
Last Reported: Q3 2025

Address1200 Office Plaza Drive, West Des Moines, IA, 50266, United States

Top Holdings

Largest long holdings in BALLAST ADVISORS LLC's portfolio (60.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SCHX Schwab U.S. Large-Cap ETF SCHX	ETF ETF	$34.4M	9.47%	-$287.7K Sold	— 1.3M shares	Q4 2019 Held for 5y 11m
2 Schwab U.S. Large-Cap Value SCHV	ETF ETF	$33.5M	9.22%	+$387.0K Bought	— 1.1M shares	Q4 2019 Held for 5y 11m
3 Schwab U.S. Large-Cap Growth SCHG	ETF ETF	$28.6M	7.87%	-$651.5K Sold	— 894.9K shares	Q4 2019 Held for 5y 11m
4 Schwab International Equity SCHF	ETF ETF	$28.4M	7.83%	-$103.3K Sold	— 1.2M shares	Q4 2019 Held for 5y 11m
5 Apple AAPL	Consumer Electronics Technology	$22.6M	6.22%	-$894.3K Sold	0.00% 88.7K shares	Q4 2019 Held for 5y 11m
6 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$20.6M	5.67%	+$743.8K Bought	— 205.2K shares	Q4 2019 Held for 5y 11m
7 SCHO Schwab Short-Term U.S. Treasury SCHO	ETF ETF	$15.2M	4.19%	+$1.3M Bought	— 623.8K shares	Q4 2019 Held for 5y 11m
8 JPMorgan Chase JPM	Banks - Diversified Financial Services	$14.1M	3.88%	-$218.0K Sold	0.00% 44.6K shares	Q4 2019 Held for 5y 11m
9 Microsoft MSFT	Software - Infrastructure Technology	$13.6M	3.76%	-$375.5K Sold	0.00% 26.3K shares	Q4 2019 Held for 5y 11m
10 Enterprise Products Partners EPD	Oil & Gas Midstream Energy	$9.9M	2.72%	+$146.8K Bought	0.01% 315.6K shares	Q1 2020 Held for 5y 8m

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Changes

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

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Market Value

$363.1M

Prior: $339.4M

Q/Q Change

+6.98%

+$23.7M

Net Flows % of MV

-0.127%

Turnover Ratio

1.67%

New Purchases

12 stocks

$674.7K

Added To

45 stocks

+$4.6M

Sold Out Of

8 stocks

$525.3K

Reduced Holdings

67 stocks

-$5.2M

Increased Positions

Position	Shares Δ	Change
1 Invesco BulletShares 2028 Corporate Bond BSCS	New	0 → 9.9K +$203.8K
2 SPDR S&P Emerging Markets Dividend EDIV	New	0 → 2.6K +$99.5K
3 Vanguard Small-Cap Value VBR	New	0 → 342.0 +$71.4K
4 SPDR Bloomberg 1-3 Month T-Bill ETF BIL	New	0 → 745.0 +$68.4K
5 Vanguard International High Dividend Yield VYMI	New	0 → 682.0 +$57.7K

Decreased Positions

Position	Shares Δ	Change
1 Philip Morris International PM	Sold	1.3K → 0 −$228.9K
2 American Tower AMT	Sold	920.0 → 0 −$203.3K
3 SPDR Portfolio Intermediate Term Treasury SPTI	Sold	1.7K → 0 −$48.7K
4 Vanguard Mid-Cap Fund VO	Sold	122.0 → 0 −$34.1K
5 iShares J.P. Morgan USD Emerging Markets Bond EMB	Sold	33.0 → 0 −$3.1K