Summit Trail Advisors, LLC

RIA/Wealth

Summit Trail Advisors, LLC is a RIA/Wealth based in New York, NY led by David Wade Romhilt, reporting $23.6B in AUM as of Q3 2025 with 49% ETF concentration and 15% allocation to USFR.

CIODavid Wade Romhilt

Portfolio Value: $7.2B
Positions: 1,327
Top Holding: USFR at 15.03%
Last Reported: Q3 2025

Address2 Grand Central Tower, 140 E 45th Street, 28th Floor, New York, NY, 10017, United States

Top Holdings

Largest long holdings in Summit Trail Advisors, LLC's portfolio (42.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 WisdomTree Floating Rate Treasury Fund USFR	ETF ETF	$1.1B	15.03%	-$35.3M Sold	— 21.6M shares	Q2 2022 Held for 3y 5m
2 Vanguard S&P 500 ETF VOO	ETF ETF	$723.3M	9.99%	+$53.6M Bought	— 1.2M shares	Q2 2025 Held for 5 months
3 Broadcom Inc. AVGO	Semiconductors Technology	$244.3M	3.38%	+$4.3M Bought	0.02% 740.6K shares	Q2 2020 Held for 5y 5m
4 ISHG iShares International Treasury Bond ISHG	ETF ETF	$179.2M	2.48%	+$11.9M Bought	— 2.4M shares	Q2 2025 Held for 5 months
5 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$168.5M	2.33%	+$19.8M Bought	— 888.2K shares	Q2 2020 Held for 5y 5m
6 Vanguard FTSE Developed Markets VEA	ETF ETF	$157.5M	2.18%	+$29.2M Bought	— 2.6M shares	Q2 2025 Held for 5 months
7 Apple AAPL	Consumer Electronics Technology	$144.3M	1.99%	+$14.5M Bought	0.00% 566.8K shares	Q2 2025 Held for 5 months
8 Vanguard Short-Term Treasury VGSH	ETF ETF	$139.8M	1.93%	+$3.3M Bought	— 2.4M shares	Q4 2022 Held for 2y 11m
9 Microsoft MSFT	Software - Infrastructure Technology	$137.4M	1.90%	+$10.4M Bought	0.00% 265.3K shares	Q2 2025 Held for 5 months
10 Nvidia NVDA	Semiconductors Technology	$121.1M	1.67%	+$11.3M Bought	0.00% 649.2K shares	Q1 2020 Held for 5y 8m

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Changes

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

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Market Value

$7.2B

Prior: $5.8B

Q/Q Change

+24.2%

+$1.4B

Net Flows % of MV

+12.6%

Turnover Ratio

9.21%

New Purchases

81 stocks

$68.9M

Added To

894 stocks

+$979.7M

Sold Out Of

31 stocks

$19.5M

Reduced Holdings

119 stocks

-$117.4M

Increased Positions

Position	Shares Δ	Change
1 Industrial Select Sector SPDR Fund XLI	New	0 → 111.5K +$17.2M
2 JPMorgan BetaBuilders Japan BBJP	New	0 → 195.3K +$12.9M
3 First Trust NASDAQ Cybersecurity ETF CIBR	New	0 → 30.3K +$2.3M
4 GBTC Grayscale Bitcoin Trust GBTC	New	0 → 23.5K +$2.1M
5 Woodward WWD	New	0 → 5.8K +$1.5M

Decreased Positions

Position	Shares Δ	Change
1 WisdomTree Cloud Computing Fund WCLD	Sold	178.3K → 0 −$6.4M
2 Fiserv FI	Sold	17.9K → 0 −$3.1M
3 Walgreens Boots Alliance WBA	Sold	148.1K → 0 −$1.7M
4 Vanguard Tax-Exempt Bond Index Fund VTEB	Sold	14.3K → 0 −$700.0K
5 Hess HES	Sold	4.4K → 0 −$613.4K

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Analytics

Portfolio insights and performance metrics for Summit Trail Advisors, LLC

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Sector Allocation

ETF

48.70%

Technology

18.10%

Financial Services

6.70%

Industrials

5.70%

Consumer Cyclical

4.90%

Communication Services

3.80%

Healthcare

3.50%

Consumer Defensive

2.60%

Real Estate

1.40%

Energy

1.40%

Utilities

1.00%

Basic Materials

0.90%

Market Cap Distribution

Mega Cap (> $200B)

20.21%

Large Cap ($10B - $200B)

22.82%

Mid Cap ($2B - $10B)

6.04%

Small Cap ($300M - $2B)

0.68%

Micro Cap ($50M - $300M)

0.03%

Nano Cap (< $50M)

0.30%

N/A (ETF or Unknown)

49.91%

Portfolio Concentration

Top 10 Holdings %

42.87%

Top 20 Holdings %

52.55%

Top 50 Holdings %

64.7%

Top 100 Holdings %

72.92%