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Affiance Financial, LLC — 13F Holdings & Portfolio

CIK 1723681 · latest 13F-HR filed 2026-10-15

Backtest portfolio

Affiance Financial, LLC manages $701.1M in 13F-reported U.S. long-equity assets across 111 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are VOO (19.44%), AGG (13.69%), VTI (13.13%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 6 new positions and exited 6; 21 existing positions rose in reported value and 31 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$701.1M

Long-equity book

Holdings
111

Distinct positions

Period
2026-09-30

Filed 2026-10-15

Q/Q Activity
+6 / −6 / ↑21 / ↓31

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
VOO19.5% · -0%AGG13.7% · +2%VTI13.1% · +4%IEFA5.9% · +5%VEA5.3% · +0%IWF4.9% · +4%VTV3.5% · +4%AKRE2.6% · -7%VXF2.3% · -0%SPEM1.9% · -1%VWO1.8% · +1%IJH1.7% · -0%AAPL1.6% · -7%BOND1.5% · -6%CGCP1.1% · -2%CGDV1.1% · +4%IVV0.9% · -1%IJR0.9% · +7%MSFT0.7% · -6%VT0.7% · -3%GOOG0.7% · -0%AMZN0.6% · +5%SPY0.6% · -8%ESGD0.6% · +2%VO0.6% · +6%EFIV0.5% · -0%META0.5% · 0%VIG0.5% · +0%GOOGL0.5% · -0%EFG0.4% · 0%JPM0.4% · +0%VGT0.4% · +0%BRK.B0.4% · +36%ESGE0.4% · +2%QQQ0.4% · +1%CGUS0.3% · -2%VXUS0.3% · +1%NVDA0.3% · -2%UNH0.3% · -5%IWD0.3% · -9%WMT0.2% · +0%LLY0.2% · -0%EFA0.2% · 0%EVUS0.2% · newXLP0.2% · -0%JNJ0.2% · +0%EEM0.2% · 0%IXC0.2% · -5%MAR0.2% · +0%MMM0.2% · -21%XJH0.2% · +4%TGT0.2% · +1%IYW0.2% · -6%MCD0.1% · +5%XLV0.1% · -2%VB0.1% · 0%IWP0.1% · +0%MUB0.1% · -5%TECH0.1% · -7%IEMG0.1% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 72.6%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jun 10, 2026.

Assets Under Management
$1.37B
Discretionary
$1.34B
Employees
25
Accounts
4,165
Address
600 HIGHWAY 169 SOUTH
SUITE 1750
ST. LOUIS PARK, MN 55426
Phone
(952) 544-9818
Website
Name Title / Status Ownership Type
GAMEFISH, INC. ControlMEMBER
since Jan 2016
25–50%Domestic Entity
UNGER, ERIC, STEVEN ControlCHIEF COMPLIANCE OFFICER
since Apr 2013
10–25%Individual
FISHMAN, ANDREW, BERTMANAGING MEMBER
since Jan 2016
Less than 5%Individual
MARLI CORPORATIONMEMBER
since Jan 2026
10–25%Domestic Entity
WARBERG CAPITAL, LLCMEMBER
since Apr 2022
5–10%Domestic Entity
ZAVIE, LLCMEMBER
since Apr 2022
10–25%Domestic Entity
Zappa, Marcia, AnnMEMBER/DIRECTOR OF BUSINESS DEVELOPMENT AND MARKETING
since Apr 2022
5–10%Individual
BERG, KYLE, SCOTT Control
Indirect owner via WARBERG CAPITAL, LLC
MANAGING MEMBER
since Mar 2022
75% or moreIndividual
FISHMAN, ANDREW, BERT Control
Indirect owner via GAMEFISH, INC.
CEO
since Jan 2016
50–75%Individual
LEAR, DANIEL, ZAVIE Control
Indirect owner via ZAVIE, LLC
MANAGING MEMBER
since May 2022
75% or moreIndividual
USEM, MARC, SAMUEL Control
Indirect owner via MARLI CORPORATION
CHIEF EXECUTIVE OFFICER
since Apr 2022
75% or moreIndividual
Ownership & leadership changes · 9 filings with changes since Jun 7, 2013

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Feb 19, 2026 filing
  • No longer listedAFFIANCE FINANCIAL INC · MEMBER · 25–50% · control person · listed since Jan 2001
  • No longer listedCEDARS POINT, LLC · MEMBER · 5–10% · listed since Apr 2022
  • No longer listedLEAR, STEVEN, MICHAEL · SHAREHOLDER · 50–75% · indirect via AFFIANCE FINANCIAL INC · control person · listed since Jan 2001
  • No longer listedUNGER, ERIC, STEVEN · MANAGING MEMBER · 75% or more · indirect via CEDARS POINT, LLC · control person · listed since Apr 2022
  • AddedMARLI CORPORATION · MEMBER · 10–25%
  • AddedUSEM, MARC, SAMUEL · CHIEF EXECUTIVE OFFICER · 75% or more · indirect via MARLI CORPORATION · control person
  • ChangedUNGER, ERIC, STEVEN · ownership Less than 5% → 10–25%
  • ChangedZAVIE, LLC · ownership 5–10% → 10–25%
Mar 13, 2025 filing
  • No longer listedLEAR, DANIEL, ZAVIE · MEMBER · 5–10% · listed since Mar 2022
  • AddedBERG, KYLE, SCOTT · MANAGING MEMBER · 75% or more · indirect via WARBERG CAPITAL, LLC · control person
  • AddedCEDARS POINT, LLC · MEMBER · 5–10%
  • AddedLEAR, DANIEL, ZAVIE · MANAGING MEMBER · 75% or more · indirect via ZAVIE, LLC · control person
  • AddedUNGER, ERIC, STEVEN · MANAGING MEMBER · 75% or more · indirect via CEDARS POINT, LLC · control person
  • AddedWARBERG CAPITAL, LLC · MEMBER · 5–10%
  • AddedZAVIE, LLC · MEMBER · 5–10%
  • AddedZappa, Marcia, Ann · MEMBER/DIRECTOR OF BUSINESS DEVELOPMENT AND MARKETING · 5–10%
  • ChangedUNGER, ERIC, STEVEN · title MEMBER, CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER; ownership 5–10% → Less than 5%
Apr 8, 2022 filing
  • AddedLEAR, DANIEL, ZAVIE · MEMBER · 5–10%
  • Listed againFISHMAN, ANDREW, BERT · MANAGING MEMBER · Less than 5%
  • ChangedUNGER, ERIC, STEVEN · title CHIEF COMPLIANCE OFFICER → MEMBER, CHIEF COMPLIANCE OFFICER; ownership Less than 5% → 5–10%
Feb 18, 2022 filing
  • No longer listedMEISLER, SETH, ARIEL · MEMBER · 10–25% · control person · listed since Jan 2012
  • ChangedFISHMAN, ANDREW, BERT · indirect via GAMEFISH, INC.: ownership 75% or more → 50–75%
  • ChangedLEAR, STEVEN, MICHAEL · indirect via AFFIANCE FINANCIAL INC: ownership 75% or more → 50–75%
Jul 21, 2020 filing
  • ChangedLEAR, STEVEN, MICHAEL · indirect via AFFIANCE FINANCIAL INC: title PRESIDENT → SHAREHOLDER
May 14, 2019 filing
  • No longer listedFISHMAN, ANDREW, BERT · MANAGING MEMBER · 25–50% · control person · listed since Jan 2001
  • AddedFISHMAN, ANDREW, BERT · CEO · 75% or more · indirect via GAMEFISH, INC. · control person
  • AddedGAMEFISH, INC. · MEMBER · 25–50% · control person
Apr 15, 2019 filing
  • ChangedAFFIANCE FINANCIAL INC · title MANAGING MEMBER → MEMBER; ownership 50–75% → 25–50%
  • ChangedFISHMAN, ANDREW, BERT · title MEMBER → MANAGING MEMBER; ownership 10–25% → 25–50%
Mar 20, 2014 filing
  • ChangedLEAR, STEVEN, MICHAEL · indirect via AFFIANCE FINANCIAL INC: ownership 50–75% → 75% or more
Jun 17, 2013 filing
  • ChangedAFFIANCE FINANCIAL INC · title OWNER → MANAGING MEMBER
  • ChangedFISHMAN, ANDREW, BERT · title PARTNER → MEMBER
  • ChangedLEAR, STEVEN, MICHAEL · indirect via AFFIANCE FINANCIAL INC: title PARTNER → PRESIDENT
  • ChangedMEISLER, SETH, ARIEL · title PARTNER → MEMBER
Jun 7, 2013 filing (earliest on record)
  • ListedAFFIANCE FINANCIAL INC · OWNER · 50–75% · control person
  • ListedFISHMAN, ANDREW, BERT · PARTNER · 10–25% · control person
  • ListedLEAR, STEVEN, MICHAEL · PARTNER · 50–75% · indirect via AFFIANCE FINANCIAL INC · control person
  • ListedMEISLER, SETH, ARIEL · PARTNER · 10–25% · control person
  • ListedUNGER, ERIC, STEVEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 21 →

Top Trims

Show all 31 →

New Positions

Show all 6 →

Exited Positions

Show all 6 →

Affiance Financial, LLC Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VANGUARD INDEX FDS VOO 922908363 $136.3M 19.44% 194,477 SH
2 ISHARES TR AGG 464287226 $96.0M 13.69% 1,015,110 SH
3 VANGUARD INDEX FDS VTI 922908769 $92.1M 13.13% 246,026 SH
4 ISHARES TR IEFA 46432F842 $41.2M 5.87% 424,837 SH
5 VANGUARD TAX-MANAGED FDS VEA 921943858 $36.8M 5.25% 521,404 SH
6 ISHARES TR IWF 464287614 $34.4M 4.91% 274,843 SH
7 VANGUARD INDEX FDS VTV 922908744 $24.3M 3.47% 112,472 SH
8 PROFESIONALLY MANAGED PORTFO AKRE 74316P579 $18.2M 2.59% 345,037 SH
9 VANGUARD INDEX FDS VXF 922908652 $16.1M 2.30% 69,619 SH
10 SPDR INDEX SHS FDS SPEM 78463X509 $13.4M 1.91% 258,481 SH
11 VANGUARD INTL EQUITY INDEX F VWO 922042858 $12.7M 1.81% 213,762 SH
12 ISHARES TR IJH 464287507 $11.8M 1.68% 163,404 SH
13 APPLE INC AAPL 037833100 $10.9M 1.56% 32,871 SH
14 PIMCO ETF TR BOND 72201R775 $10.4M 1.49% 119,793 SH
15 CAPITAL GRP FIXED INCM ETF T CGCP 14020Y102 $7.6M 1.09% 360,421 SH
16 CAPITAL GROUP DIVIDEND VALUE CGDV 14020W106 $7.6M 1.08% 154,768 SH
17 ISHARES TR IVV 464287200 $6.6M 0.95% 8,659 SH
18 ISHARES TR IJR 464287804 $6.6M 0.94% 48,399 SH
19 MICROSOFT CORP MSFT 594918104 $5.2M 0.74% 10,133 SH
20 VANGUARD INTL EQUITY INDEX F VT 922042742 $5.2M 0.74% 32,786 SH
21 ALPHABET INC GOOG 02079K107 $4.7M 0.67% 13,868 SH
22 AMAZON COM INC AMZN 023135106 $4.3M 0.62% 17,388 SH
23 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $4.2M 0.60% 5,473 SH
24 ISHARES TR ESGD 46435G516 $4.2M 0.59% 40,295 SH
25 VANGUARD INDEX FDS VO 922908629 $4.0M 0.57% 50,565 SH
26 SPDR SERIES TRUST EFIV 78468R531 $3.4M 0.48% 45,290 SH
27 META PLATFORMS INC META 30303M102 $3.3M 0.47% 4,558 SH
28 VANGUARD SPECIALIZED FUNDS VIG 921908844 $3.3M 0.47% 14,027 SH
29 ALPHABET INC GOOGL 02079K305 $3.2M 0.45% 9,258 SH
30 ISHARES TR EFG 464288885 $2.8M 0.40% 23,689 SH
31 JPMORGAN CHASE & CO JPM 46625H100 $2.8M 0.40% 8,539 SH
32 VANGUARD WORLD FD VGT 92204A702 $2.8M 0.40% 22,468 SH
33 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $2.8M 0.40% 5,648 SH
34 ISHARES INC ESGE 46434G863 $2.8M 0.40% 51,679 SH
35 INVESCO QQQ TR QQQ 46090E103 $2.7M 0.38% 3,634 SH
36 CAPITAL GROUP CORE EQUITY ET CGUS 14020V108 $2.4M 0.35% 54,790 SH
37 VANGUARD STAR FDS VXUS 921909768 $2.2M 0.31% 25,692 SH
38 NVIDIA CORPORATION NVDA 67066G104 $2.1M 0.30% 9,214 SH
39 UNITEDHEALTH GROUP INC UNH 91324P102 $2.0M 0.29% 5,528 SH
40 ISHARES TR IWD 464287598 $1.9M 0.27% 7,637 SH
41 WALMART INC WMT 931142103 $1.7M 0.25% 16,827 SH
42 ELI LILLY & CO LLY 532457108 $1.6M 0.23% 1,399 SH
43 ISHARES TR EFA 464287465 $1.6M 0.23% 15,267 SH
44 ISHARES TR EVUS 46436E221 $1.6M 0.23% 43,738 SH
45 SELECT SECTOR SPDR TR XLP 81369Y308 $1.6M 0.22% 19,238 SH
46 JOHNSON & JOHNSON JNJ 478160104 $1.5M 0.21% 5,622 SH
47 ISHARES TR EEM 464287234 $1.5M 0.21% 22,276 SH
48 ISHARES TR IXC 464287341 $1.3M 0.19% 23,590 SH
49 MARRIOTT INTL INC NEW MAR 571903202 $1.3M 0.19% 3,769 SH
50 3M CO MMM 88579Y101 $1.3M 0.19% 7,985 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-15 $701.1M 111 0001723681-26-000006
2026-06-30 2026-07-09 $695.4M 111 0001723681-26-000004
2026-03-31 2026-04-14 $617.1M 106 0001723681-26-000003
2025-12-31 2026-01-21 $621.8M 105 0001723681-26-000001
Filer Information
Address
600 HIGHWAY 169 S., SUITE 1750
ST. LOUIS PARK, MN 55426
Phone
(952) 253-2588
Filing Manager
Affiance Financial, LLC
ST. LOUIS PARK, MN
Signatory
Eric Unger
CCO