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Financial Advocates Investment Management — 13F Holdings & Portfolio

CIK 1730293 · latest 13F-HR filed 2025-11-06

Backtest portfolio

Financial Advocates Investment Management manages $177.9M in 13F-reported U.S. long-equity assets across 104 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are AAPL (10.22%), GLD (4.36%), AOA (3.55%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 3 new positions and exited 509; 13 existing positions rose in reported value and 82 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.

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AUM
$177.9M

Long-equity book

Holdings
104

Distinct positions

Period
2025-09-30

Filed 2025-11-06

Q/Q Activity
+3 / −509 / ↑13 / ↓82

vs 2025-06-30

Portfolio charts

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

Portfolio map

Q3 25
AAPL10.2% · -68%GLD4.4% · -58%AOA3.5% · +0%MINT3.4% · -18%IVV3.2% · -63%IUSB2.7% · -21%XLG2.6% · -8%PTLC2.5% · -23%AOM2.5% · +4%ITA2.4% · -2%VTI2.3% · -87%SPY2.2% · -91%JGRO2.2% · -76%BND2.1% · -66%SPMO2.1% · -14%VPU1.7% · -8%DYNF1.7% · -2%IVW1.7% · -84%QQQM1.7% · -25%MUB1.6% · -43%SPDV1.6% · -1%IGSB1.5% · -11%EFV1.4% · -8%SLV1.4% · -45%MSFT1.3% · -91%IEF1.3% · -49%QUAL1.3% · -89%USMV1.2% · -38%IVE1.2% · -83%OEF1.1% · +7%IEMG1.1% · -90%META1.0% · -67%GOOG1.0% · -59%PSLV0.9% · +3%ZROZ0.9% · newNVDA0.9% · -97%MBB0.8% · -91%AMZN0.8% · -89%STIP0.8% · -42%COWZ0.7% · -82%VNQ0.7% · +37%GDX0.7% · -31%THRO0.7% · -1%VYM0.7% · -42%BINC0.6% · -23%VXUS0.6% · -7%XLV0.6% · -53%VB0.6% · -78%GOOGL0.6% · -83%MGK0.5% · -31%IAU0.5% · -57%TLT0.5% · -78%IAGG0.5% · -30%BAI0.5% · +184%CGDV0.5% · -93%HACK0.5% · -15%TSLA0.5% · -96%IYW0.5% · -62%HELO0.4% · +13%VOO0.4% · -76%

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 25 → Q3 25

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

2 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 = 37.4%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Sep 9, 2025.

Assets Under Management
$4.07B
Discretionary
$4.07B
Employees
85
Accounts
18,288
Address
1601 COOPER POINT ROAD NW
OLYMPIA, WA 98502
Phone
(360) 866-2345
Website
Name Title / Status Ownership Type
CAMPBELL, GARY, RAY ControlMANAGING MEMBER/ CSO / CHAIRMAN
since Nov 2019
Less than 5%Individual
FINANCIAL ADVOCATES, LLC ControlOWNER
since Oct 2018
75% or moreDomestic Entity
VLACH, ANGELA, ELAINE ControlPRESIDENT / CHIEF EXECUTIVE OFFICER
since Nov 2019
Less than 5%Individual
WHITTLE, DOUGLAS, ROGER ControlCHIEF COMPLIANCE OFFICER
since Jan 2019
Less than 5%Individual
CAMPBELL, GARY, RAY Control
Indirect owner via FA HOLDINGS, INC.
OWNER
since Jun 2000
75% or moreIndividual
FA HOLDINGS, INC. Control
Indirect owner via FINANCIAL ADVOCATES, LLC
OWNER
since Oct 2018
75% or moreDomestic Entity
LLE HOLDINGS, LLC Control
Indirect owner via FINANCIAL ADVOCATES, LLC
OWNER
since Dec 2020
50–75%Domestic Entity
Ownership & leadership changes · 10 filings with changes since Mar 23, 2012

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.

Mar 31, 2022 filing
  • No longer listedPRATT, HEATHER, ANN · FAIM OPERATIONS DIRECTOR · Less than 5% · control person · listed since Jan 2016
Mar 31, 2021 filing
  • AddedLLE HOLDINGS, LLC · OWNER · 50–75% · indirect via FINANCIAL ADVOCATES, LLC · control person
Mar 30, 2020 filing
  • No longer listedCAMPBELL, GARY, RAY · OWNER · 75% or more · indirect via FINANCIAL ADVOCATES, INC. · control person · listed since Jun 2000
  • No longer listedFINANCIAL ADVOCATES AGENCY, LLC · OWNER · 75% or more · control person · listed since Oct 2018
  • No longer listedFINANCIAL ADVOCATES, INC. · OWNER · 75% or more · indirect via FINANCIAL ADVOCATES AGENCY, LLC · control person · listed since Oct 2018
  • No longer listedKARBOSKI, CHERYL, LYNN · FAIM COMPLIANCE DIRECTOR · Less than 5% · control person · listed since Jan 2019
  • AddedCAMPBELL, GARY, RAY · OWNER · 75% or more · indirect via FA HOLDINGS, INC. · control person
  • AddedFA HOLDINGS, INC. · OWNER · 75% or more · indirect via FINANCIAL ADVOCATES, LLC · control person
  • AddedFINANCIAL ADVOCATES, LLC · OWNER · 75% or more · control person
  • ChangedCAMPBELL, GARY, RAY · title MANAGING MEMBER/CEO / CHAIRMAN → MANAGING MEMBER/ CSO / CHAIRMAN
  • ChangedVLACH, ANGELA, ELAINE · title PRESIDENT / CHIEF OPERATING OFFICER → PRESIDENT / CHIEF EXECUTIVE OFFICER
Jun 7, 2019 filing
  • AddedCAMPBELL, GARY, RAY · OWNER · 75% or more · indirect via FINANCIAL ADVOCATES, INC. · control person
Mar 28, 2019 filing
  • No longer listedCAMPBELL, GARY, RAY · MANAGING MEMBER / DIRECTOR / CEO · 75% or more · indirect via FINANCIAL ADVOCATES INCORPORATED · control person · listed since Jun 2000
  • No longer listedFINANCIAL ADVOCATES INCORPORATED · OWNER · 75% or more · control person · listed since Jun 2000
  • AddedFINANCIAL ADVOCATES AGENCY, LLC · OWNER · 75% or more · control person
  • AddedFINANCIAL ADVOCATES, INC. · OWNER · 75% or more · indirect via FINANCIAL ADVOCATES AGENCY, LLC · control person
Jan 22, 2019 filing
  • AddedPRATT, HEATHER, ANN · FAIM OPERATIONS DIRECTOR · Less than 5% · control person
  • ChangedKARBOSKI, CHERYL, LYNN · title CHIEF COMPLIANCE OFFICER → FAIM COMPLIANCE DIRECTOR
  • ChangedWHITTLE, DOUGLAS, ROGER · title FAIM COMPLIANCE DIRECTOR → CHIEF COMPLIANCE OFFICER
Oct 3, 2018 filing
  • AddedWHITTLE, DOUGLAS, ROGER · FAIM COMPLIANCE DIRECTOR · Less than 5% · control person
  • ChangedCAMPBELL, GARY, RAY · ownership 75% or more → Less than 5%
Sep 27, 2018 filing
  • ChangedCAMPBELL, GARY, RAY · title CEO / CHAIRMAN → MANAGING MEMBER/CEO / CHAIRMAN
  • ChangedCAMPBELL, GARY, RAY · indirect via FINANCIAL ADVOCATES INCORPORATED: title DIRECTOR / CEO → MANAGING MEMBER / DIRECTOR / CEO
  • ChangedFINANCIAL ADVOCATES INCORPORATED · title MEMBER → OWNER
  • ChangedKARBOSKI, CHERYL, LYNN · now a control person
  • ChangedVLACH, ANGELA, ELAINE · title PRESIDENT / COO → PRESIDENT / CHIEF OPERATING OFFICER
Sep 25, 2015 filing
  • AddedCAMPBELL, GARY, RAY · CEO / CHAIRMAN · 75% or more · control person
  • AddedVLACH, ANGELA, ELAINE · PRESIDENT / COO · Less than 5% · control person
  • ChangedCAMPBELL, GARY, RAY · indirect via FINANCIAL ADVOCATES INCORPORATED: title PRESIDENT → DIRECTOR / CEO
Mar 21, 2014 filing
  • No longer listedCOTE, TIFFANY, ELISE · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Mar 2012
  • AddedKARBOSKI, CHERYL, LYNN · CHIEF COMPLIANCE OFFICER · Less than 5%
Older changes (1 more filing)
Mar 23, 2012 filing (earliest on record)
  • ListedCAMPBELL, GARY, RAY · PRESIDENT · 75% or more · indirect via FINANCIAL ADVOCATES INCORPORATED · control person
  • ListedCOTE, TIFFANY, ELISE · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ListedFINANCIAL ADVOCATES INCORPORATED · MEMBER · 75% or more · 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 13 →

Top Trims

Show all 82 →

New Positions

Show all 3 →

Exited Positions

Show all 509 →

Financial Advocates Investment Management Holdings (2025-09-30)

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 APPLE INC AAPL 037833100 $18.2M 10.22% 71,372 SH
2 SPDR GOLD TR GLD 78463V107 $7.8M 4.36% 21,837 SH
3 ISHARES TR AOA 464289859 $6.3M 3.55% 71,608 SH
4 PIMCO ETF TR MINT 72201R833 $6.0M 3.39% 59,889 SH
5 ISHARES TR IVV 464287200 $5.7M 3.19% 8,485 SH
6 ISHARES TR IUSB 46434V613 $4.7M 2.66% 101,424 SH
7 INVESCO EXCHANGE TRADED FD T XLG 46137V233 $4.6M 2.60% 80,409 SH
8 PACER FDS TR PTLC 69374H105 $4.5M 2.54% 82,362 SH
9 ISHARES TR AOM 464289875 $4.4M 2.50% 93,348 SH
10 ISHARES TR ITA 464288760 $4.2M 2.35% 19,979 SH
11 VANGUARD INDEX FDS VTI 922908769 $4.1M 2.28% 12,358 SH
12 SPDR S&P 500 ETF TR SPY 78462F103 $4.0M 2.22% 5,931 SH
13 J P MORGAN EXCHANGE TRADED F JGRO 46654Q609 $3.9M 2.18% 41,414 SH
14 VANGUARD BD INDEX FDS BND 921937835 $3.7M 2.06% 49,253 SH
15 INVESCO EXCH TRADED FD TR II SPMO 46138E339 $3.7M 2.05% 30,187 SH
16 VANGUARD WORLD FD VPU 92204A876 $3.1M 1.75% 16,395 SH
17 BLACKROCK ETF TRUST DYNF 09290C103 $3.0M 1.70% 50,979 SH
18 ISHARES TR IVW 464287309 $3.0M 1.70% 24,989 SH
19 INVESCO EXCH TRADED FD TR II QQQM 46138G649 $3.0M 1.67% 12,012 SH
20 ISHARES TR MUB 464288414 $2.9M 1.65% 27,564 SH
21 ETF SER SOLUTIONS SPDV 26922A594 $2.8M 1.56% 79,724 SH
22 ISHARES TR IGSB 464288646 $2.7M 1.53% 51,395 SH
23 ISHARES TR EFV 464288877 $2.5M 1.42% 37,332 SH
24 ISHARES SILVER TR SLV 46428Q109 $2.4M 1.37% 57,484 SH
25 MICROSOFT CORP MSFT 594918104 $2.4M 1.33% 4,562 SH
26 ISHARES TR IEF 464287440 $2.4M 1.32% 24,395 SH
27 ISHARES TR QUAL 46432F339 $2.3M 1.32% 12,028 SH
28 ISHARES TR USMV 46429B697 $2.2M 1.25% 21,568 SH
29 ISHARES TR IVE 464287408 $2.1M 1.18% 10,181 SH
30 ISHARES TR OEF 464287101 $2.0M 1.14% 6,106 SH
31 ISHARES INC IEMG 46434G103 $1.9M 1.09% 29,509 SH
32 META PLATFORMS INC META 30303M102 $1.7M 0.97% 2,343 SH
33 ALPHABET INC GOOG 02079K107 $1.7M 0.97% 7,052 SH
34 SPROTT PHYSICAL SILVER TR PSLV 85207K107 $1.7M 0.93% 105,499 SH
35 PIMCO ETF TR ZROZ 72201R882 $1.5M 0.86% 22,499 SH
36 NVIDIA CORPORATION NVDA 67066G104 $1.5M 0.86% 8,160 SH
37 ISHARES TR MBB 464288588 $1.4M 0.81% 15,174 SH
38 AMAZON COM INC AMZN 023135106 $1.4M 0.79% 6,391 SH
39 ISHARES TR STIP 46429B747 $1.4M 0.76% 13,137 SH
40 PACER FDS TR COWZ 69374H881 $1.3M 0.74% 22,885 SH
41 VANGUARD INDEX FDS VNQ 922908553 $1.3M 0.72% 14,009 SH
42 VANECK ETF TRUST GDX 92189F106 $1.3M 0.72% 16,749 SH
43 BLACKROCK ETF TRUST THRO 09290C806 $1.3M 0.70% 33,078 SH
44 VANGUARD WHITEHALL FDS VYM 921946406 $1.2M 0.65% 8,265 SH
45 BLACKROCK ETF TRUST II BINC 092528603 $1.1M 0.62% 20,628 SH
46 VANGUARD STAR FDS VXUS 921909768 $1.1M 0.59% 14,356 SH
47 SELECT SECTOR SPDR TR XLV 81369Y209 $1.0M 0.59% 7,519 SH
48 VANGUARD INDEX FDS VB 922908751 $1.0M 0.59% 4,100 SH
49 ALPHABET INC GOOGL 02079K305 $1.0M 0.59% 4,286 SH
50 VANGUARD WORLD FD MGK 921910816 $958.2K 0.54% 2,381 SH
Filing History
Period Filed AUM Holdings Accession
2025-09-30 2025-11-06 $177.9M 104 0001730293-25-000007
2025-06-30 2025-08-12 $1.23B 627 0001730293-25-000006