Top Institutional Investors

Great Waters Wealth Management — 13F Holdings & Portfolio

CIK 1964535 · latest 13F-HR filed 2026-10-07

Backtest portfolio

Great Waters Wealth Management manages $1.11B in 13F-reported U.S. long-equity assets across 131 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are DFUS (23.25%), DFAX (17.80%), DFCF (15.31%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 7 new positions and exited 3; 31 existing positions rose in reported value and 49 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
$1.11B

Long-equity book

Holdings
131

Distinct positions

Period
2026-09-30

Filed 2026-10-07

Q/Q Activity
+7 / −3 / ↑31 / ↓49

vs 2026-06-30

Portfolio charts

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

Portfolio map

Q3 26
DFUS23.3% · +6%DFAX17.8% · +6%DFCF15.3% · +11%DFSD8.8% · +8%DFAS8.5% · +7%DFAT5.6% · +6%DFGR2.5% · +10%BND2.1% · -16%DFIC1.7% · -14%IWM1.6% · -12%DFAC1.1% · -2%AAPL0.9% · +1%NVDA0.7% · +2%UNH0.7% · -1%DFAE0.6% · -14%MMM0.4% · -0%MU0.3% · +0%MSFT0.3% · +3%DCI0.2% · 0%SPGM0.2% · -1%VTEB0.2% · -4%SCHD0.2% · +2%SCHB0.2% · -10%IWF0.2% · -1%EFA0.2% · -1%IWD0.2% · -0%AMD0.2% · 0%AMZN0.2% · +4%ACWI0.2% · -0%HON0.2% · -0%CORP0.2% · +2%SCHG0.1% · -1%SCHF0.1% · -8%COST0.1% · -0%TER0.1% · -0%SPLV0.1% · +0%SRLN0.1% · +2%SPY0.1% · +16%TSLA0.1% · -11%SCHO0.1% · +0%SCHA0.1% · -0%HONA0.1% · newSCHM0.1% · -1%MDT0.1% · -7%VGSH0.1% · -1%IVV0.1% · +0%SCHZ0.1% · -5%BRK.B0.1% · +4%LLY0.1% · -0%IFLN0.1% · +2%MCK0.1% · 0%TT0.1% · 0%QQQ0.1% · -48%ABT0.1% · +103%GOOGL0.1% · -1%ECL0.1% · -4%PFE0.1% · 0%XEL0.1% · -0%VTI0.1% · +18%DGRE0.1% · +0%

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 = 87.3%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Apr 7, 2026.

Assets Under Management
$1.24B
Discretionary
$1.24B
Employees
42
Accounts
6,141
Address
4100 LEXINGTON AVE N
SUITE 100
SHOREVIEW, MN 55126
Phone
(612) 360-2127
Website
Name Title / Status Ownership Type
Arseneau, Maya, Ruth ControlCHIEF OF STAFF
since Mar 2023
Less than 5%Individual
FOULKS, NICHOLAS, CHRISTOPHER BENJAMIN ControlDIRECTOR OF COMMUNICATIONS STRATEGY
since Sep 2021
Less than 5%Individual
GREAT WATERS FINANCIAL MANAGEMENT ControlOWNER
since Sep 2021
75% or moreDomestic Entity
HALVERSON, JUSTIN, RAYMOND ControlCHIEF COMPLIANCE OFFICER
since Sep 2021
Less than 5%Individual
KOVAR, ELIJAH, REED ControlPARTNER
since Sep 2021
Less than 5%Individual
PALUMBO, MICHAEL, JOSEPH ControlCHIEF EXECUTIVE OFFICER
since Sep 2021
Less than 5%Individual
SCHWARTZ, MATTHEW, JOSEPH ControlADVISOR, DIRECTOR OF CLIENT EXPERIENCE
since Nov 2023
Less than 5%Individual
Waller, Andrew, Leigh ControlDIRECTOR OF FINANCE
since Sep 2024
Less than 5%Individual
HALVERSON FINANCIAL Control
Indirect owner via GREAT WATERS FINANCIAL MANAGEMENT
OWNER
since Sep 2021
25–50%Domestic Entity
KOVAR, ELIJAH, REED Control
Indirect owner via PROVIDENCE FINANCIAL
OWNER
since Sep 2021
75% or moreIndividual
PROVIDENCE FINANCIAL Control
Indirect owner via GREAT WATERS FINANCIAL MANAGEMENT
OWNER
since Sep 2021
25–50%Domestic Entity
SERONA GROUP Control
Indirect owner via GREAT WATERS FINANCIAL MANAGEMENT
OWNER
since Sep 2021
25–50%Domestic Entity
Ownership & leadership changes · 4 filings with changes since Feb 24, 2022

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 14, 2026 filing
  • No longer listedKohnen, Kersten, Joy · DIRECTOR OF PEOPLE & CULTURE · Less than 5% · control person · listed since Mar 2023
Mar 26, 2025 filing
  • No longer listedSietstra, Chris, Aric · DIRECTOR OF FINANCE · Less than 5% · control person · listed since Sep 2022
  • AddedWaller, Andrew, Leigh · DIRECTOR OF FINANCE · Less than 5% · control person
Mar 6, 2024 filing
  • AddedArseneau, Maya, Ruth · CHIEF OF STAFF · Less than 5% · control person
  • AddedKohnen, Kersten, Joy · DIRECTOR OF PEOPLE & CULTURE · Less than 5% · control person
  • AddedSCHWARTZ, MATTHEW, JOSEPH · ADVISOR, DIRECTOR OF CLIENT EXPERIENCE · Less than 5% · control person
  • AddedSietstra, Chris, Aric · DIRECTOR OF FINANCE · Less than 5% · control person
Mar 29, 2023 filing
  • No longer listedOlson, Anna, Elizabeth · DIRECTOR OF LEADERSHIP AND ORGANIZATIONAL DEVELOPMENT · Less than 5% · control person · listed since Sep 2021
Feb 24, 2022 filing (earliest on record)
  • ListedFOULKS, NICHOLAS, CHRISTOPHER BENJAMIN · DIRECTOR OF COMMUNICATIONS STRATEGY · Less than 5% · control person
  • ListedGREAT WATERS FINANCIAL MANAGEMENT · OWNER · 75% or more · control person
  • ListedHALVERSON FINANCIAL · OWNER · 25–50% · indirect via GREAT WATERS FINANCIAL MANAGEMENT · control person
  • ListedHALVERSON, JUSTIN, RAYMOND · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedKOVAR, ELIJAH, REED · PARTNER · Less than 5% · control person
  • ListedKOVAR, ELIJAH, REED · OWNER · 75% or more · indirect via PROVIDENCE FINANCIAL · control person
  • ListedOlson, Anna, Elizabeth · DIRECTOR OF LEADERSHIP AND ORGANIZATIONAL DEVELOPMENT · Less than 5% · control person
  • ListedPALUMBO, MICHAEL, JOSEPH · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
  • ListedPROVIDENCE FINANCIAL · OWNER · 25–50% · indirect via GREAT WATERS FINANCIAL MANAGEMENT · control person
  • ListedSERONA GROUP · OWNER · 25–50% · indirect via GREAT WATERS FINANCIAL MANAGEMENT · 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.

Great Waters Wealth Management 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 DIMENSIONAL ETF TRUST DFUS 25434V401 $258.6M 23.25% 3,114,270 SH
2 DIMENSIONAL ETF TRUST DFAX 25434V880 $198.0M 17.80% 5,348,513 SH
3 DIMENSIONAL ETF TRUST DFCF 25434V872 $170.2M 15.31% 4,243,092 SH
4 DIMENSIONAL ETF TRUST DFSD 25434V864 $98.3M 8.84% 2,114,712 SH
5 DIMENSIONAL ETF TRUST DFAS 25434V500 $95.0M 8.55% 1,227,703 SH
6 DIMENSIONAL ETF TRUST DFAT 25434V609 $62.6M 5.63% 942,310 SH
7 DIMENSIONAL ETF TRUST DFGR 25434V658 $28.3M 2.54% 1,044,549 SH
8 VANGUARD BD INDEX FDS BND 921937835 $23.3M 2.10% 332,202 SH
9 DIMENSIONAL ETF TRUST DFIC 25434V799 $18.5M 1.66% 491,025 SH
10 ISHARES TR IWM 464287655 $17.9M 1.61% 64,266 SH
11 DIMENSIONAL ETF TRUST DFAC 25434V708 $12.7M 1.14% 285,686 SH
12 APPLE INC AAPL 037833100 $10.4M 0.93% 31,173 SH
13 NVIDIA CORPORATION NVDA 67066G104 $8.0M 0.72% 34,940 SH
14 UNITEDHEALTH GROUP INC UNH 91324P102 $7.5M 0.67% 20,426 SH
15 DIMENSIONAL ETF TRUST DFAE 25434V302 $7.2M 0.65% 182,668 SH
16 3M CO MMM 88579Y101 $4.0M 0.36% 24,394 SH
17 MICRON TECHNOLOGY INC MU 595112103 $3.5M 0.32% 3,325 SH
18 MICROSOFT CORP MSFT 594918104 $2.8M 0.25% 5,453 SH
19 DONALDSON INC DCI 257651109 $2.6M 0.24% 30,219 SH
20 SPDR INDEX SHS FDS SPGM 78463X475 $2.6M 0.24% 30,262 SH
21 VANGUARD MUN BD FDS VTEB 922907746 $2.6M 0.23% 54,486 SH
22 SCHWAB STRATEGIC TR SCHD 808524797 $2.6M 0.23% 78,784 SH
23 SCHWAB STRATEGIC TR SCHB 808524102 $2.5M 0.23% 85,827 SH
24 ISHARES TR IWF 464287614 $2.5M 0.22% 19,755 SH
25 ISHARES TR EFA 464287465 $2.0M 0.18% 19,367 SH
26 ISHARES TR IWD 464287598 $1.9M 0.17% 7,848 SH
27 ADVANCED MICRO DEVICES INC AMD 007903107 $1.9M 0.17% 3,093 SH
28 AMAZON COM INC AMZN 023135106 $1.9M 0.17% 7,539 SH
29 ISHARES TR ACWI 464288257 $1.8M 0.17% 11,563 SH
30 HONEYWELL INTL INC HON 438516205 $1.7M 0.15% 8,118 SH
31 PIMCO ETF TR CORP 72201R817 $1.7M 0.15% 18,318 SH
32 SCHWAB STRATEGIC TR SCHG 808524300 $1.7M 0.15% 46,493 SH
33 SCHWAB STRATEGIC TR SCHF 808524805 $1.6M 0.15% 60,047 SH
34 COSTCO WHOLESALE CORPORATION COST 22160K105 $1.6M 0.15% 1,811 SH
35 TERADYNE INC TER 880770102 $1.6M 0.14% 4,000 SH
36 INVESCO EXCH TRADED FD TR II SPLV 46138E354 $1.6M 0.14% 22,654 SH
37 SSGA ACTIVE ETF TR SRLN 78467V608 $1.6M 0.14% 38,410 SH
38 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $1.4M 0.13% 1,828 SH
39 TESLA INC TSLA 88160R101 $1.4M 0.12% 3,910 SH
40 SCHWAB STRATEGIC TR SCHO 808524862 $1.3M 0.12% 55,560 SH
41 SCHWAB STRATEGIC TR SCHA 808524607 $1.3M 0.12% 40,570 SH
42 HONEYWELL AEROSPACE INC HONA 43849R105 $1.3M 0.11% 8,158 SH
43 SCHWAB STRATEGIC TR SCHM 808524508 $1.2M 0.11% 35,389 SH
44 MEDTRONIC PLC MDT G5960L103 $1.1M 0.10% 12,571 SH
45 VANGUARD SCOTTSDALE FDS VGSH 92206C102 $1.1M 0.10% 18,663 SH
46 ISHARES TR IVV 464287200 $1.0M 0.09% 1,349 SH
47 SCHWAB STRATEGIC TR SCHZ 808524839 $943.6K 0.08% 42,695 SH
48 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $910.6K 0.08% 1,829 SH
49 ELI LILLY & CO LLY 532457108 $901.5K 0.08% 779 SH
50 INVESCO EXCH TRADED FD TR II IFLN 46138E719 $843.4K 0.08% 48,358 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-07 $1.11B 131 0001964535-26-000005
2026-06-30 2026-07-09 $1.08B 128 0001964535-26-000003
2026-03-31 2026-04-17 $944.9M 121 0001964535-26-000002
2025-12-31 2026-01-15 $909.0M 117 0001964535-26-000001
Filer Information
Address
4100 LEXINGTON AVE.
SUITE 100
SHOREVIEW, MN 55126
Phone
(612) 360-2127
Filing Manager
Great Waters Wealth Management
SHOREVIEW, MN
Signatory
Justin Halverson
Chief Compliance Officer