SFMG, LLC

Fund of Funds

SFMG, LLC is a Fund of Funds based in Boston, MA led by Stephen Gaetano Vicinelli, managing $1.4B across 303 long positions as of Q3 2025 with 51% ETF concentration and 62% concentrated in top 10 holdings.

PresidentStephen Gaetano Vicinelli

Portfolio Value: $1.4B
Positions: 303
Top Holding: ATO at 12.34%
Last Reported: Q3 2025

AddressTwo Atlantic Avenue, 5th Floor, Boston, MA, 02110, United States

Top Holdings

Largest long holdings in SFMG, LLC's portfolio (61.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Atmos Energy ATO	Regulated Gas Utilities	$177.9M	12.34%	-$167.8K Sold	0.65% 1.0M shares	≤ Q2 2013 Held for 12y 5m+
2 Pacer Trendpilot US Large Cap PTLC	ETF ETF	$128.9M	8.94%	+$5.8M Bought	— 2.4M shares	Q2 2025 Held for 5 months
3 SPHQ Invesco S&P 500 Quality ETF SPHQ	ETF ETF	$121.0M	8.40%	+$1.5M Bought	— 1.7M shares	≤ Q2 2013 Held for 12y 5m+
4 Goldman Sachs ActiveBeta U.S. Large Cap Equity GSLC	ETF ETF	$106.5M	7.39%	+$818.2K Bought	— 817.7K shares	Q4 2022 Held for 2y 11m
5 SPDR MSCI USA Strategic Factors ETF QUS	ETF ETF	$89.7M	6.22%	+$781.7K Bought	— 524.0K shares	Q3 2019 Held for 6y 2m
6 VanEck Morningstar Wide Moat ETF MOAT	ETF ETF	$62.5M	4.34%	+$1.5M Bought	— 631.1K shares	Q4 2017 Held for 7y 11m
7 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$58.5M	4.06%	+$312.2K Bought	0.01% 116.4K shares	Q4 2019 Held for 5y 11m
8 Apple AAPL	Consumer Electronics Technology	$56.0M	3.89%	+$510.0K Bought	0.00% 220.1K shares	≤ Q2 2013 Held for 12y 5m+
9 Pacer US Cash Cows 100 COWZ	ETF ETF	$53.1M	3.68%	+$1.7M Bought	— 923.9K shares	Q2 2022 Held for 3y 5m
10 iShares Core S&P 500 ETF IVV	ETF ETF	$35.6M	2.47%	-$164.6K Sold	— 53.2K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

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

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Market Value

$1.4B

Prior: $1.3B

Q/Q Change

+8.22%

+$109.5M

Net Flows % of MV

+1.15%

Turnover Ratio

2.24%

New Purchases

16 stocks

$6.4M

Added To

151 stocks

+$38.6M

Sold Out Of

6 stocks

$3.2M

Reduced Holdings

59 stocks

-$25.1M

Increased Positions

Position	Shares Δ	Change
1 SPYV SPDR Portfolio S&P 500 Value ETF SPYV	New	0 → 15.5K +$856.5K
2 iShares MSCI Intl Value Factor IVLU	New	0 → 21.1K +$748.0K
3 CoreWeave, Inc. CRWV	New	0 → 4.9K +$673.3K
4 Extendicare Inc. EXE	New	0 → 5.8K +$619.7K
5 Schwab Emerging Markets Equity SCHE	New	0 → 15.8K +$528.8K

Decreased Positions

Position	Shares Δ	Change
1 First Trust Water FIW	Sold	16.3K → 0 −$1.8M
2 GBTC Grayscale Bitcoin Trust GBTC	Sold	5.4K → 0 −$456.6K
3 Sprouts Farmers Market SFM	Sold	1.6K → 0 −$264.4K
4 Henry (Jack) & Associates JKHY	Sold	1.3K → 0 −$238.2K
5 FS KKR Capital Corp. FSK	Sold	11.3K → 0 −$235.0K

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Analytics

Portfolio insights and performance metrics for SFMG, LLC

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Sector Allocation

ETF

51.10%

Utilities

12.50%

Technology

12.50%

Financial Services

7.40%

Consumer Cyclical

3.10%

Communication Services

2.90%

Industrials

2.80%

Healthcare

2.00%

Energy

1.80%

Consumer Defensive

1.50%

Real Estate

0.50%

Basic Materials

0.20%

Market Cap Distribution

Mega Cap (> $200B)

22.81%

Large Cap ($10B - $200B)

23.56%

Mid Cap ($2B - $10B)

0.82%

Small Cap ($300M - $2B)

0.52%

Micro Cap ($50M - $300M)

0.05%

N/A (ETF or Unknown)

52.24%

Portfolio Concentration

Top 10 Holdings %

61.72%

Top 20 Holdings %

74.21%

Top 50 Holdings %

86.87%

Top 100 Holdings %

93.7%