Brown Financial Advisors

RIA/Wealth

Brown Financial Advisors is a RIA/Wealth based in Milford, OH led by David Alan Miller, reporting $827.9M in AUM as of Q3 2025 with 47% ETF concentration.

FounderDavid Alan Miller

Portfolio Value: $260.7M
Positions: 142
Top Holding: SPLG at 6.05%
Last Reported: Q3 2025

Address964 State Route 28, Milford, OH, 45150, United States

Top Holdings

Largest long holdings in Brown Financial Advisors's portfolio (28.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SPDR Portfolio S&P 500 ETF SPLG	ETF ETF	$15.8M	6.05%	+$156.9K Bought	— 201.4K shares	Q2 2024 Held for 1y 5m
2 DoubleLine Mortgage DMBS	ETF ETF	$8.1M	3.12%	+$1.8M Bought	— 163.8K shares	Q2 2024 Held for 1y 5m
3 Nvidia NVDA	Semiconductors Technology	$8.0M	3.06%	-$26.7K Sold	0.00% 42.7K shares	Q2 2024 Held for 1y 5m
4 Microsoft MSFT	Software - Infrastructure Technology	$7.5M	2.87%	+$58.0K Bought	0.00% 14.4K shares	Q2 2024 Held for 1y 5m
5 Amazon AMZN	Specialty Retail Consumer Cyclical	$6.7M	2.59%	+$41.9K Bought	0.00% 30.7K shares	Q2 2024 Held for 1y 5m
6 NEOS S&P 500 High Income SPYI	ETF ETF	$6.3M	2.43%	+$1.3K Bought	— 120.9K shares	Q2 2024 Held for 1y 5m
7 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$6.1M	2.33%	-$198.2K Sold	0.00% 24.9K shares	Q2 2024 Held for 1y 5m
8 Avantis International Equity AVDE	ETF ETF	$5.9M	2.26%	+$268.2K Bought	— 74.7K shares	Q4 2024 Held for 11 months
9 Apple AAPL	Consumer Electronics Technology	$5.7M	2.20%	-$21.6K Sold	0.00% 22.5K shares	Q2 2024 Held for 1y 5m
10 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$5.1M	1.97%	+$70.5K Bought	0.00% 7.0K shares	Q2 2024 Held for 1y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Brown Financial Advisors's latest filing

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Market Value

$260.7M

Prior: $250.3M

Q/Q Change

+4.12%

+$10.3M

Net Flows % of MV

-1.14%

Turnover Ratio

12.57%

New Purchases

29 stocks

$24.3M

Added To

67 stocks

+$8.2M

Sold Out Of

24 stocks

$25.3M

Reduced Holdings

42 stocks

-$10.2M

Increased Positions

Position	Shares Δ	Change
1 Angel Oak UYLD	New	0 → 70.2K +$3.6M
2 Invesco NASDAQ 100 ETF QQQM	New	0 → 14.0K +$3.5M
3 iShares U.S. Tech Independence Focused ETF IETC	New	0 → 28.1K +$2.9M
4 Financial Select Sector SPDR Fund XLF	New	0 → 48.5K +$2.6M
5 Martin Marietta Materials MLM	New	0 → 2.4K +$1.5M

Decreased Positions

Position	Shares Δ	Change
1 ULST SPDR SSgA Ultra Short Term Bond ETF ULST	Sold	99.0K → 0 −$4.0M
2 iShares MSCI USA Quality Factor QUAL	Sold	21.7K → 0 −$4.0M
3 MBS Angel Oak Mortgage-Backed Securities MBS	Sold	321.2K → 0 −$2.8M
4 OCTW AllianzIM U.S. Large Cap Buffer20 Oct OCTW	Sold	58.1K → 0 −$2.1M
5 Invesco S&P 500 Equal Weight ETF RSP	Sold	9.9K → 0 −$1.8M

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Analytics

Portfolio insights and performance metrics for Brown Financial Advisors

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Sector Allocation

ETF

46.80%

Technology

13.70%

Financial Services

7.50%

Healthcare

5.70%

Communication Services

5.30%

Consumer Cyclical

5.10%

Industrials

4.30%

Consumer Defensive

4.20%

Energy

2.40%

Basic Materials

1.30%

Real Estate

1.20%

Utilities

0.80%

Market Cap Distribution

Mega Cap (> $200B)

32.10%

Large Cap ($10B - $200B)

19.48%

Small Cap ($300M - $2B)

0.17%

Nano Cap (< $50M)

0.21%

N/A (ETF or Unknown)

48.04%

Portfolio Concentration

Top 10 Holdings %

28.88%

Top 20 Holdings %

44.6%

Top 50 Holdings %

72.55%

Top 100 Holdings %

93.99%