USA Financial Portformulas Corp

Long Only Manager

USA Financial Portformulas Corp is a Long Only Manager based in Sunny Isles Beach, FL led by Michael David Walters, reporting $625.5M in AUM as of Q3 2025 with 82% ETF concentration, 79% concentrated in top 10 holdings, and minimal technology exposure.

CEOMichael David Walters

Portfolio Value: $562.9M
Positions: 255
Top Holding: IVV at 14.12%
Last Reported: Q3 2025

Address16690 Collins Avenue, Sunny Isles Beach, FL, 33160, United States

Top Holdings

Largest long holdings in USA Financial Portformulas Corp's portfolio (79.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares Core S&P 500 ETF IVV	ETF ETF	$79.5M	14.12%	+$58.8M Bought	— 118.7K shares	Q1 2023 Held for 2y 8m
2 iShares MSCI Emerging Markets EEM	ETF ETF	$67.6M	12.02%	-$7.5M Sold	— 1.3M shares	Q2 2025 Held for 5 months
3 iShares S&P 500 Growth ETF IVW	ETF ETF	$66.1M	11.74%	-$3.1M Sold	— 547.5K shares	Q4 2023 Held for 1y 11m
4 Invesco QQQ Trust QQQ	ETF ETF	$65.3M	11.60%	-$3.5M Sold	— 108.7K shares	Q2 2023 Held for 2y 5m
5 SPDR S&P 500 ETF Trust SPY	ETF ETF	$64.7M	11.50%	-$7.6M Sold	— 97.2K shares	Q4 2023 Held for 1y 11m
6 iShares MSCI EAFE EFA	ETF ETF	$64.5M	11.47%	-$6.3M Sold	— 691.2K shares	Q1 2023 Held for 2y 8m
7 iShares iBoxx $ Investment Grade Corporate Bond LQD	ETF ETF	$19.5M	3.47%	-$19.2M Sold	— 175.3K shares	Q1 2023 Held for 2y 8m
8 GSG iShares S&P GSCI Commodity-Indexed Trust GSG	Unknown Unknown	$8.1M	1.45%	-$15.1M Sold	— 354.2K shares	Q1 2023 Held for 2y 8m
9 iShares iBoxx High Yield Corporate Bond HYG	ETF ETF	$7.2M	1.29%	-$1.3M Sold	— 89.2K shares	Q4 2023 Held for 1y 11m
10 SIXJ AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul SIXJ	Unknown Unknown	$4.8M	0.85%	-$1.0M Sold	— 144.3K shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in USA Financial Portformulas Corp's latest filing

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Market Value

$562.9M

Prior: $580.4M

Q/Q Change

-3.01%

-$17.5M

Net Flows % of MV

-16.21%

Turnover Ratio

23.55%

New Purchases

24 stocks

$6.0M

Added To

36 stocks

+$67.1M

Sold Out Of

86 stocks

$61.3M

Reduced Holdings

113 stocks

-$103.0M

Increased Positions

Position	Shares Δ	Change
1 iShares U.S. Utilities IDU	New	0 → 25.8K +$2.9M
2 Allegion ALLE	New	0 → 4.8K +$844.0K
3 AngloGold Ashanti AU	New	0 → 4.0K +$282.3K
4 National Fuel Gas NFG	New	0 → 2.7K +$253.6K
5 APi Group APG	New	0 → 6.9K +$236.1K

Decreased Positions

Position	Shares Δ	Change
1 SPDR Bloomberg 1-3 Month T-Bill ETF BIL	Sold	252.0K → 0 −$23.1M
2 iShares U.S. Real Estate IYR	Sold	44.4K → 0 −$4.2M
3 iShares U.S. Consumer Discretionary ETF IYC	Sold	35.9K → 0 −$3.6M
4 Boston Scientific BSX	Sold	15.3K → 0 −$1.6M
5 Fox Corporation FOXA	Sold	28.1K → 0 −$1.6M