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Brio Consultants, LLC — 13F Holdings & Portfolio

CIK 1747799 · latest 13F-HR filed 2026-08-12

Backtest portfolio

Brio Consultants, LLC manages $853.4M in 13F-reported U.S. long-equity assets across 164 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VOO (10.22%), BND (8.22%), SCHG (7.46%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 12 new positions and exited 0; 51 existing positions rose in reported value and 17 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
$853.4M

Long-equity book

Holdings
164

Distinct positions

Period
2026-06-30

Filed 2026-08-12

Q/Q Activity
+12 / −0 / ↑51 / ↓17

vs 2026-03-31

Portfolio charts

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

Portfolio map

Q2 26
VOO10.2% · -1%BND8.2% · +3%SCHG7.5% · +1%GTO6.9% · +5%SPDW5.9% · +2%VONV4.9% · +2%GSIE4.7% · +2%SPEM2.6% · +4%TIPX2.2% · +2%IAGG2.1% · +2%HTRB2.1% · +0%SMMD1.9% · +2%SPYM1.9% · +21%IUSG1.7% · -1%IFRA1.4% · +1%CMF1.4% · +2%VUG1.3% · -0%XLRE1.3% · +2%AAPL1.1% · +1%QEFA1.1% · -1%VIG1.1% · -0%INTF1.1% · -1%VXUS1.0% · +0%DSI1.0% · -1%USSG1.0% · -1%GUNR1.0% · +2%EFA1.0% · -1%SUB0.9% · +5%AVUS0.9% · -0%JMUB0.8% · +3%SCHB0.8% · +0%IEFA0.8% · +1%FTLS0.7% · +2%ISTB0.7% · +0%VTEC0.7% · +2%MUB0.7% · +24%EAGG0.6% · +4%NVDA0.6% · +4%NUDM0.5% · +1%SHM0.5% · +1%EELV0.5% · -1%ESGD0.5% · +1%SUSB0.4% · +3%VCRM0.4% · +26%GOOG0.4% · -3%VONE0.4% · -0%VTI0.4% · -1%NANR0.4% · +6%GOOGL0.3% · +11%NFRA0.3% · +1%SCHH0.3% · +3%AMZN0.3% · +5%RDDT0.3% · newEMCR0.3% · +1%COWZ0.2% · -0%FNDE0.2% · +4%SCHF0.2% · +1%IWF0.2% · -1%GNR0.2% · +0%MSFT0.2% · +7%

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

Q1 26 → Q2 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

3 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 = 55.2%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Sep 3, 2026.

Assets Under Management
$1.06B
Discretionary
$1.06B
Employees
21
Accounts
804
Address
19 SUTTER STREET
SAN FRANCISCO, CA 94104
Phone
(415) 623-2450
Website
Name Title / Status Ownership Type
BRIO FINANCIAL HOLDINGS, LLC ControlSHAREHOLDER
since Mar 2025
75% or moreDomestic Entity
MILLER, BRANDON, JAY ControlMANAGING MEMBER
since Oct 2017
Less than 5%Individual
Zalewski, Jay, Steven ControlCHIEF COMPLIANCE OFFICER
since Oct 2017
Less than 5%Individual
BECK, MATTHEW, RICHARDCHIEF PARTNERSHIP OFFICER
since Jan 2025
Less than 5%Individual
Telford, Michael, SinclairDIRECTOR OF OPERATIONS
since Jan 2024
Less than 5%Individual
BRIO LEGACY HOLDINGS, LLC Control
Indirect owner via BRIO FINANCIAL HOLDINGS, LLC
SHAREHOLDER
since Mar 2025
75% or moreDomestic Entity
MILLER, BRANDON, JAY Control
Indirect owner via BRIO LEGACY HOLDINGS, LLC
MEMBER
since Jan 2025
75% or moreIndividual
Ownership & leadership changes · 4 filings with changes since Sep 11, 2017

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.

Apr 15, 2025 filing
  • AddedBRIO FINANCIAL HOLDINGS, LLC · SHAREHOLDER · 75% or more · control person
  • AddedBRIO LEGACY HOLDINGS, LLC · SHAREHOLDER · 75% or more · indirect via BRIO FINANCIAL HOLDINGS, LLC · control person
  • AddedMILLER, BRANDON, JAY · MEMBER · 75% or more · indirect via BRIO LEGACY HOLDINGS, LLC · control person
Mar 24, 2025 filing
  • No longer listedJORDAN, JOANNE, FLORENCE · MINORITY OWNER · Less than 5% · listed since Jan 2020
  • AddedTelford, Michael, Sinclair · DIRECTOR OF OPERATIONS · Less than 5%
  • ChangedBECK, MATTHEW, RICHARD · title CHIEF OPERATING OFFICER → CHIEF PARTNERSHIP OFFICER; no longer a control person
  • ChangedMILLER, BRANDON, JAY · ownership 75% or more → Less than 5%
  • ChangedZalewski, Jay, Steven · ownership 5–10% → Less than 5%
Feb 18, 2022 filing
  • AddedBECK, MATTHEW, RICHARD · CHIEF OPERATING OFFICER · Less than 5% · control person
Mar 18, 2020 filing
  • AddedJORDAN, JOANNE, FLORENCE · MINORITY OWNER · Less than 5%
  • ChangedZalewski, Jay, Steven · ownership Less than 5% → 5–10%
Sep 11, 2017 filing (earliest on record)
  • ListedMILLER, BRANDON, JAY · MANAGING MEMBER · 75% or more · control person
  • ListedZalewski, Jay, 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 51 →

Top Trims

Show all 17 →

New Positions

Show all 12 →

Exited Positions

  • No exits this quarter.
Show all 0 →

Brio Consultants, LLC Holdings (2026-06-30)

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 $87.2M 10.22% 127,028 SH
2 VANGUARD BD INDEX FDS BND 921937835 $70.1M 8.22% 955,502 SH
3 SCHWAB STRATEGIC TR SCHG 808524300 $63.6M 7.46% 1,880,176 SH
4 INVESCO ACTIVELY MANAGED EXC GTO 46090A804 $58.6M 6.87% 1,250,499 SH
5 SPDR INDEX SHS FDS SPDW 78463X889 $50.1M 5.87% 994,021 SH
6 VANGUARD SCOTTSDALE FDS VONV 92206C714 $42.2M 4.94% 396,710 SH
7 GOLDMAN SACHS ETF TR GSIE 381430107 $39.7M 4.65% 869,104 SH
8 SPDR INDEX SHS FDS SPEM 78463X509 $22.0M 2.57% 424,043 SH
9 SPDR SERIES TRUST TIPX 78468R861 $19.1M 2.24% 1,009,494 SH
10 ISHARES TR IAGG 46435G672 $18.1M 2.12% 357,992 SH
11 HARTFORD FDS EXCHANGE TRADED HTRB 41653L305 $17.8M 2.09% 528,257 SH
12 ISHARES TR SMMD 46435G268 $16.2M 1.89% 176,437 SH
13 SPDR SERIES TRUST SPYM 78464A854 $16.2M 1.89% 183,922 SH
14 ISHARES TR IUSG 464287671 $14.2M 1.66% 75,494 SH
15 ISHARES TR IFRA 46435U713 $11.9M 1.39% 188,776 SH
16 ISHARES TR CMF 464288356 $11.6M 1.35% 200,419 SH
17 VANGUARD INDEX FDS VUG 922908736 $11.2M 1.31% 129,488 SH
18 SELECT SECTOR SPDR TR XLRE 81369Y860 $10.8M 1.27% 245,437 SH
19 APPLE INC AAPL 037833100 $9.3M 1.09% 32,230 SH
20 SPDR INDEX SHS FDS QEFA 78463X434 $9.2M 1.08% 95,653 SH
21 VANGUARD SPECIALIZED FUNDS VIG 921908844 $9.1M 1.07% 38,626 SH
22 ISHARES TR INTF 46434V274 $9.1M 1.07% 222,095 SH
23 VANGUARD STAR FDS VXUS 921909768 $8.9M 1.04% 104,118 SH
24 ISHARES TR DSI 464288570 $8.9M 1.04% 62,504 SH
25 DBX ETF TR USSG 233051150 $8.7M 1.02% 124,959 SH
26 FLEXSHARES TR GUNR 33939L407 $8.4M 0.99% 171,078 SH
27 ISHARES TR EFA 464287465 $8.2M 0.96% 79,094 SH
28 ISHARES TR SUB 464288158 $8.1M 0.95% 75,986 SH
29 AMERICAN CENTY ETF TR AVUS 025072885 $7.7M 0.90% 60,066 SH
30 J P MORGAN EXCHANGE TRADED F JMUB 46641Q647 $7.0M 0.82% 137,455 SH
31 SCHWAB STRATEGIC TR SCHB 808524102 $6.5M 0.76% 224,925 SH
32 ISHARES TR IEFA 46432F842 $6.5M 0.76% 66,903 SH
33 FIRST TR EXCH TRADED FD III FTLS 33739P103 $6.1M 0.71% 82,219 SH
34 ISHARES TR ISTB 46432F859 $6.0M 0.70% 123,399 SH
35 VANGUARD CALIF TAX FREE FDS VTEC 922021605 $5.9M 0.69% 58,901 SH
36 ISHARES TR MUB 464288414 $5.6M 0.65% 51,572 SH
37 ISHARES TR EAGG 46435U549 $5.2M 0.61% 109,222 SH
38 NVIDIA CORPORATION NVDA 67066G104 $4.8M 0.56% 24,000 SH
39 NUSHARES ETF TR NUDM 67092P805 $4.2M 0.49% 104,411 SH
40 SPDR SERIES TRUST SHM 78468R739 $4.1M 0.48% 86,254 SH
41 INVESCO EXCH TRADED FD TR II EELV 46138E297 $4.1M 0.48% 146,521 SH
42 ISHARES TR ESGD 46435G516 $4.1M 0.48% 39,514 SH
43 ISHARES TR SUSB 46435G243 $3.8M 0.45% 152,702 SH
44 VANGUARD MUN BD FDS VCRM 922907712 $3.7M 0.44% 49,083 SH
45 ALPHABET INC GOOG 02079K107 $3.5M 0.41% 9,957 SH
46 VANGUARD SCOTTSDALE FDS VONE 92206C730 $3.4M 0.39% 9,915 SH
47 VANGUARD INDEX FDS VTI 922908769 $3.2M 0.37% 8,544 SH
48 SPDR INDEX SHS FDS NANR 78463X152 $3.1M 0.36% 40,406 SH
49 ALPHABET INC GOOGL 02079K305 $2.7M 0.32% 7,612 SH
50 FLEXSHARES TR NFRA 33939L795 $2.6M 0.30% 40,317 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-12 $853.4M 164 0001765380-26-000352
2026-03-31 2026-05-06 $818.0M 152 0001765380-26-000174
2025-12-31 2026-02-04 $769.5M 146 0001765380-26-000062
Filer Information
Address
19 SUTTER STREET
SAN FRANCISCO, CA 94104
Phone
(415) 623-2450
Filing Manager
Brio Consultants, LLC
SAN FRANCISCO, CA
Signatory
Jake Zalewski
Chief Compliance Officer