Flagstone Financial Management

RIA/Wealth

Flagstone Financial Management is a RIA/Wealth based in Lincoln, NE led by Michael Tate Johnson, managing $379.0M across 62 long positions as of Q3 2025 with 94% ETF concentration, 82% concentrated in top 10 holdings, and 29% allocation to DFUS.

Managing PartnerMichael Tate Johnson

Portfolio Value: $379.0M
Positions: 62
Top Holding: DFUS at 28.58%
Last Reported: Q3 2025

Address5801 Hidcote Dr. Ste 100, Lincoln, NE, 68516, United States

Top Holdings

Largest long holdings in Flagstone Financial Management's portfolio (81.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Dimensional U.S. Equity DFUS	ETF ETF	$108.3M	28.58%	+$2.0M Bought	— 1.5M shares	Q4 2022 Held for 2y 11m
2 iShares 5-10 Year Investment Grade Corporate Bond ETF IGIB	ETF ETF	$40.1M	10.57%	+$1.8M Bought	— 740.5K shares	Q1 2024 Held for 1y 8m
3 SPDR Portfolio Developed World ex-US ETF SPDW	ETF ETF	$28.4M	7.49%	+$236.2K Bought	— 663.5K shares	Q4 2022 Held for 2y 11m
4 SPDR Portfolio Short Term Corporate Bond SPSB	ETF ETF	$24.7M	6.52%	+$1.3M Bought	— 816.3K shares	Q4 2022 Held for 2y 11m
5 SPDR Portfolio Intermediate Term Treasury SPTI	ETF ETF	$23.1M	6.10%	+$1.1M Bought	— 799.7K shares	Q4 2022 Held for 2y 11m
6 Vanguard Total International Bond BNDX	ETF ETF	$20.8M	5.50%	+$1.3M Bought	— 421.3K shares	Q4 2022 Held for 2y 11m
7 Avantis U.S. Small Cap Value AVUV	ETF ETF	$19.0M	5.01%	+$644.9K Bought	— 190.7K shares	Q4 2022 Held for 2y 11m
8 Dimensional Emerging Markets Core Equity 2 DFEM	ETF ETF	$16.2M	4.27%	-$144.1K Sold	— 504.1K shares	Q1 2023 Held for 2y 8m
9 Avantis U.S. Equity AVUS	ETF ETF	$14.4M	3.79%	+$103.4K Bought	— 132.1K shares	Q4 2022 Held for 2y 11m
10 Avantis International Small Cap Value AVDV	ETF ETF	$14.3M	3.78%	-$209.1K Sold	— 160.8K shares	Q4 2022 Held for 2y 11m

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Changes

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

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Market Value

$379.0M

Prior: $348.9M

Q/Q Change

+8.63%

+$30.1M

Net Flows % of MV

+2.89%

Turnover Ratio

1.92%

New Purchases

4 stocks

$880.1K

Added To

24 stocks

+$11.9M

Sold Out Of

1 stocks

$718.0

Reduced Holdings

10 stocks

-$1.8M

Increased Positions

Position	Shares Δ	Change
1 Alphabet Inc. GOOGL	New	0 → 987.0 +$239.8K
2 Shopify SHOP	New	0 → 1.5K +$219.9K
3 Technology Select Sector SPDR Fund XLK	New	0 → 761.0 +$214.5K
4 Johnson & Johnson JNJ	New	0 → 1.1K +$205.8K
5 Dimensional US Sustainability Core 1 DFSU	+65.51%	28.7K → 47.5K +$797.9K

Decreased Positions

Position	Shares Δ	Change
1 NCNA NuCana NCNA	Sold	12.5K → 0 −$718.0
2 PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund MUNI	-8.95%	108.2K → 98.5K −$506.3K
3 iShares Core MSCI EAFE ETF IEFA	-7.39%	2.6K → 2.4K −$16.9K
4 Avantis Emerging Markets Equity AVEM	-6.46%	102.9K → 96.3K −$499.0K
5 Vanguard Dividend Appreciation VIG	-4.97%	4.1K → 3.9K −$44.0K