Joule Financial, LLC

RIA/Wealth

Joule Financial, LLC is a RIA/Wealth based in Lexington, KY led by Robert Bredt Norwood, reporting $411.2M in AUM as of Q3 2025 with 84% ETF concentration, 71% concentrated in top 10 holdings, and 20% allocation to BND.

PresidentRobert Bredt Norwood

Portfolio Value: $333.8M
Positions: 114
Top Holding: BND at 19.61%
Last Reported: Q3 2025

Address998 Governors Ln, Suite 325, Lexington, KY, 40513, United States

Top Holdings

Largest long holdings in Joule Financial, LLC's portfolio (70.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Total Bond Market BND	ETF ETF	$65.5M	19.61%	+$3.1M Bought	— 880.2K shares	Q3 2022 Held for 3y 2m
2 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$42.4M	12.69%	+$583.1K Bought	— 223.4K shares	Q4 2022 Held for 2y 11m
3 iShares iBoxx $ Investment Grade Corporate Bond LQD	ETF ETF	$28.4M	8.52%	+$1.4M Bought	— 255.2K shares	Q2 2022 Held for 3y 5m
4 iShares 7-10 Year Treasury Bond IEF	ETF ETF	$26.9M	8.06%	+$10.6M Bought	— 279.0K shares	Q2 2022 Held for 3y 5m
5 Schwab U.S. Small-Cap ETF SCHA	ETF ETF	$23.1M	6.92%	+$349.8K Bought	— 827.4K shares	Q2 2022 Held for 3y 5m
6 Schwab US Dividend Equity SCHD	ETF ETF	$21.9M	6.57%	+$981.1K Bought	— 803.9K shares	Q2 2022 Held for 3y 5m
7 Vanguard FTSE Developed Markets VEA	ETF ETF	$8.4M	2.52%	+$203.6K Bought	— 140.2K shares	Q2 2022 Held for 3y 5m
8 Vanguard FTSE Emerging Markets VWO	ETF ETF	$8.2M	2.45%	+$151.3K Bought	— 150.9K shares	Q2 2022 Held for 3y 5m
9 iShares 20+ Year Treasury Bond TLT	ETF ETF	$5.8M	1.74%	+$874.5K Bought	— 65.2K shares	Q2 2022 Held for 3y 5m
10 Schwab Emerging Markets Equity SCHE	ETF ETF	$5.4M	1.63%	-$129.5K Sold	— 162.9K shares	Q2 2022 Held for 3y 5m

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Changes

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

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Market Value

$333.8M

Prior: $308.0M

Q/Q Change

+8.38%

+$25.8M

Net Flows % of MV

+1.88%

Turnover Ratio

6.66%

New Purchases

12 stocks

$3.6M

Added To

43 stocks

+$23.3M

Sold Out Of

6 stocks

$4.4M

Reduced Holdings

45 stocks

-$16.2M

Increased Positions

Position	Shares Δ	Change
1 Baker Hughes BKR	New	0 → 17.0K +$828.2K
2 American Express AXP	New	0 → 1.2K +$387.0K
3 Vanguard FTSE All-World Ex-US ETF VEU	New	0 → 4.3K +$309.4K
4 Schwab International Dividend Equity SCHY	New	0 → 9.8K +$274.6K
5 SPDR Portfolio S&P 500 Growth ETF SPYG	New	0 → 2.6K +$270.8K

Decreased Positions

Position	Shares Δ	Change
1 Genuine Parts GPC	Sold	11.5K → 0 −$1.4M
2 CAVA Group CAVA	Sold	10.1K → 0 −$850.4K
3 ServiceNow NOW	Sold	732.0 → 0 −$752.6K
4 Abbott ABT	Sold	5.0K → 0 −$674.9K
5 Kenvue KVUE	Sold	29.1K → 0 −$608.5K