Change Path, LLC

RIA/Wealth

Change Path, LLC is a RIA/Wealth based in Overland Park, KS led by Martin Joseph Pfannenstiel, reporting $4.8B in AUM as of Q3 2025 with 65% ETF concentration.

PresidentMartin Joseph Pfannenstiel

Portfolio Value: $3.9B
Positions: 1,116
Top Holding: VEA at 2.34%
Last Reported: Q3 2025

Address6330 Sprint Pkwy, Suite 400, Overland Park, KS, 66211, United States

Top Holdings

Largest long holdings in Change Path, LLC's portfolio (20.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard FTSE Developed Markets VEA	ETF ETF	$91.3M	2.34%	-$636.2K Sold	— 1.5M shares	Q1 2018 Held for 7y 8m
2 Vanguard Growth VUG	ETF ETF	$91.1M	2.34%	-$460.9K Sold	— 189.9K shares	Q1 2018 Held for 7y 8m
3 Apple AAPL	Consumer Electronics Technology	$88.3M	2.27%	-$1.3M Sold	0.00% 346.9K shares	Q2 2019 Held for 6y 5m
4 Vanguard Value VTV	ETF ETF	$87.7M	2.25%	+$1.5M Bought	— 470.2K shares	Q1 2018 Held for 7y 8m
5 Nvidia NVDA	Semiconductors Technology	$86.2M	2.21%	+$3.1M Bought	0.00% 462.2K shares	Q2 2020 Held for 5y 5m
6 Amazon AMZN	Specialty Retail Consumer Cyclical	$73.0M	1.88%	+$1.1M Bought	0.00% 332.7K shares	Q2 2019 Held for 6y 5m
7 Microsoft MSFT	Software - Infrastructure Technology	$69.8M	1.79%	+$1.9M Bought	0.00% 134.9K shares	Q4 2020 Held for 4y 11m
8 AdvisorShares STAR Global Buy-Write ETF VEGA	ETF ETF	$67.4M	1.73%	+$2.5M Bought	— 1.4M shares	Q1 2024 Held for 1y 8m
9 Invesco QQQ Trust QQQ	ETF ETF	$66.1M	1.70%	+$9.1M Bought	— 110.1K shares	Q2 2019 Held for 6y 5m
10 BOND PIMCO Active Bond BOND	ETF ETF	$65.8M	1.69%	-$4.3M Sold	— 705.3K shares	Q4 2019 Held for 5y 11m

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Changes

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

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Market Value

$3.9B

Prior: $3.7B

Q/Q Change

+6.46%

+$236.1M

Net Flows % of MV

-0.585%

Turnover Ratio

8.02%

New Purchases

73 stocks

$27.1M

Added To

461 stocks

+$281.1M

Sold Out Of

86 stocks

$43.8M

Reduced Holdings

522 stocks

-$287.1M

Increased Positions

Position	Shares Δ	Change
1 Ralph Lauren RL	New	0 → 3.9K +$1.2M
2 JIVE JPMorgan International Value JIVE	New	0 → 15.1K +$1.1M
3 Innovator International Developed Power Buffer ETF ISEP	New	0 → 31.0K +$988.6K
4 Adtalem Global Education Inc. ATGE	New	0 → 5.6K +$862.4K
5 ProShares UltraPro Short QQQ SQQQ	New	0 → 54.5K +$830.6K

Decreased Positions

Position	Shares Δ	Change
1 Invesco S&P 500 Pure Value RPV	Sold	48.6K → 0 −$4.6M
2 JPMorgan BetaBuilders International Equity BBIN	Sold	33.5K → 0 −$2.3M
3 Lantheus Holdings LNTH	Sold	20.4K → 0 −$1.7M
4 Lithia Motors LAD	Sold	4.8K → 0 −$1.6M
5 Option Care Health, Inc. OPCH	Sold	45.8K → 0 −$1.5M

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Analytics

Portfolio insights and performance metrics for Change Path, LLC

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Sector Allocation

ETF

65.20%

Technology

11.00%

Consumer Cyclical

3.90%

Financial Services

3.20%

Communication Services

3.10%

Industrials

2.60%

Healthcare

2.30%

Consumer Defensive

2.00%

Energy

1.00%

Utilities

0.60%

Real Estate

0.50%

Basic Materials

0.40%

Market Cap Distribution

Mega Cap (> $200B)

18.42%

Large Cap ($10B - $200B)

11.21%

Mid Cap ($2B - $10B)

0.61%

Small Cap ($300M - $2B)

0.25%

Micro Cap ($50M - $300M)

0.03%

Nano Cap (< $50M)

0.08%

N/A (ETF or Unknown)

69.40%

Portfolio Concentration

Top 10 Holdings %

20.21%

Top 20 Holdings %

32.65%

Top 50 Holdings %

50.94%

Top 100 Holdings %

63.71%