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Cherry Tree Wealth Management, LLC — 13F Holdings & Portfolio

CIK 1985414 · latest 13F-HR filed 2026-10-15

Backtest portfolio

Cherry Tree Wealth Management, LLC manages $530.8M in 13F-reported U.S. long-equity assets across 582 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are VEA (4.91%), SPIB (4.10%), SPSB (4.07%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 16 new positions and exited 28; 106 existing positions rose in reported value and 224 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
$530.8M

Long-equity book

Holdings
582

Distinct positions

Period
2026-09-30

Filed 2026-10-15

Q/Q Activity
+16 / −28 / ↑106 / ↓224

vs 2026-06-30

Portfolio charts

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

Portfolio map

Q3 26
VEA4.9% · +22%SPIB4.1% · +2%SPSB4.1% · -0%VTV3.8% · +0%BND3.8% · -0%IVV3.4% · +0%VB2.7% · +2%VYM2.6% · -0%DFAC2.5% · -0%VBR2.4% · +0%FNDF2.3% · +1%VEU2.1% · -0%AVLV2.1% · +1%FLRN2.1% · -4%BSV2.0% · +1%VTIP1.9% · +0%VCSH1.8% · -8%VYMI1.8% · -0%DUHP1.6% · +32%RSP1.5% · +6%FNDC1.4% · -24%DFCF1.4% · +10%AVEM1.4% · +1%VWO1.4% · -5%DFUV1.3% · -0%VXUS1.3% · -1%VBIL1.2% · -6%SCHF1.1% · -32%VCRM1.1% · +1388%DFAT1.1% · -1%IBDT1.1% · -3%TITN1.1% · +2%VTI1.0% · 0%AVUV0.9% · +2%IBDU0.9% · +2%VNQ0.9% · -0%DFGR0.9% · -6%VOO0.9% · +3%SPLV0.8% · -1%AAPL0.8% · -1%VTEB0.8% · -44%DFAX0.8% · +0%MSFT0.7% · -0%IBDS0.7% · -11%FTMN0.6% · +1812%SCHB0.6% · -2%DFIV0.5% · 0%TROW0.5% · -7%ITOT0.5% · -1%SPY0.4% · -6%USEW0.4% · 0%SCHX0.4% · -3%DFAS0.4% · -2%JPST0.4% · -7%AGG0.4% · -2%GEQ0.4% · 0%VUG0.4% · -1%DISV0.4% · +154%VSS0.4% · +24%SCHZ0.3% · +29%

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 = 34.5%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 27, 2026.

Assets Under Management
$673.5M
Discretionary
$643.2M
Employees
12
Accounts
1,101
Address
301 CARLSON PARKWAY
SUITE 103
MINNETONKA, MN 55305
Phone
(952) 893-9012
Website
Name Title / Status Ownership Type
ADAM SMITH COMPANIES, LLC ControlMANAGING MEMBER
since Jul 2009
75% or moreDomestic Entity
BORTNEM, JANE, MARIE ControlCHIEF FINANCIAL OFFICER, TREASURER, SECRETARY & CHIEF COMPLIANCE OFFICER
since Jul 2009
Less than 5%Individual
CHRISTIANSON, ANTON, JOSEPH ControlCHAIRMAN
since Jul 2009
Less than 5%Individual
KOLODGE, CONNER, GREGORY ControlINVESTMENT ADVISOR AND PRESIDENT
since Jan 2021
Less than 5%Individual
STOFER, GORDON, FAIRCHILD ControlNON MANAGING MEMBER
since Jul 2009
5–10%Individual
O'CONNOR, JOHN, CHARLESCHIEF INVESTMENT OFFICER AND INVESTMENT ADVISOR
since Jan 2021
Less than 5%Individual
O'CONNOR, KEVIN, JAMESEMERITUS WEALTH STRATEGIST
since Jan 2020
Less than 5%Individual
TUFTE, KEITH, NORMANINVESTMENT ADVISOR
since Aug 2009
Less than 5%Individual
CHRISTIANSON, ANTON, JOSEPH Control
Indirect owner via ADAM SMITH COMPANIES, LLC
CHAIRMAN AND MEMBER
since Mar 1997
75% or moreIndividual
Ownership & leadership changes · 6 filings with changes since Jan 20, 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 28, 2025 filing
  • ChangedKOLODGE, CONNER, GREGORY · title INVESTMENT ADVISOR → INVESTMENT ADVISOR AND PRESIDENT; now a control person
  • ChangedO'CONNOR, KEVIN, JAMES · no longer a control person
  • ChangedTUFTE, KEITH, NORMAN · title INVESTMENT ADVISOR AND PRESIDENT → INVESTMENT ADVISOR; no longer a control person
Mar 28, 2024 filing
  • ChangedO'CONNOR, JOHN, CHARLES · title INVESTMENT ADVISOR → CHIEF INVESTMENT OFFICER AND INVESTMENT ADVISOR
  • ChangedTUFTE, KEITH, NORMAN · title CHIEF INVESTMENT OFFICER AND PRESIDENT → INVESTMENT ADVISOR AND PRESIDENT
Mar 11, 2021 filing
  • AddedKOLODGE, CONNER, GREGORY · INVESTMENT ADVISOR · Less than 5%
  • AddedO'CONNOR, JOHN, CHARLES · INVESTMENT ADVISOR · Less than 5%
Mar 20, 2020 filing
  • ChangedO'CONNOR, KEVIN, JAMES · title VICE CHAIRMAN → EMERITUS WEALTH STRATEGIST
Mar 27, 2018 filing
  • ChangedSTOFER, GORDON, FAIRCHILD · ownership 10–25% → 5–10%
Mar 19, 2014 filing
  • ChangedBORTNEM, JANE, MARIE · title TREASURER, SECRETARY & CHIEF COMPLIANCE OFFICER → CHIEF FINANCIAL OFFICER, TREASURER, SECRETARY & CHIEF COMPLIANCE OFFICER
Jan 20, 2012 filing (earliest on record)
  • ListedADAM SMITH COMPANIES, LLC · MANAGING MEMBER · 75% or more · control person
  • ListedBORTNEM, JANE, MARIE · TREASURER, SECRETARY & CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedCHRISTIANSON, ANTON, JOSEPH · CHAIRMAN · Less than 5% · control person
  • ListedCHRISTIANSON, ANTON, JOSEPH · CHAIRMAN AND MEMBER · 75% or more · indirect via ADAM SMITH COMPANIES, LLC · control person
  • ListedO'CONNOR, KEVIN, JAMES · VICE CHAIRMAN · Less than 5% · control person
  • ListedSTOFER, GORDON, FAIRCHILD · NON MANAGING MEMBER · 10–25% · control person
  • ListedTUFTE, KEITH, NORMAN · CHIEF INVESTMENT OFFICER AND PRESIDENT · 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.

Cherry Tree Wealth Management, 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 TAX-MANAGED FDS VEA 921943858 $26.0M 4.91% 368,838 SH
2 SPDR SERIES TRUST SPIB 78464A375 $21.8M 4.10% 674,553 SH
3 SPDR SERIES TRUST SPSB 78464A474 $21.6M 4.07% 730,194 SH
4 VANGUARD INDEX FDS VTV 922908744 $20.3M 3.83% 94,012 SH
5 VANGUARD BD INDEX FDS BND 921937835 $20.2M 3.81% 288,277 SH
6 ISHARES TR IVV 464287200 $18.3M 3.44% 23,844 SH
7 VANGUARD INDEX FDS VB 922908751 $14.6M 2.75% 51,237 SH
8 VANGUARD WHITEHALL FDS VYM 921946406 $13.8M 2.61% 89,140 SH
9 DIMENSIONAL ETF TRUST DFAC 25434V708 $13.3M 2.51% 299,729 SH
10 VANGUARD INDEX FDS VBR 922908611 $12.9M 2.43% 55,888 SH
11 SCHWAB STRATEGIC TR FNDF 808524755 $12.1M 2.28% 224,980 SH
12 VANGUARD INTL EQUITY INDEX F VEU 922042775 $11.4M 2.15% 137,556 SH
13 AMERICAN CENTY ETF TR AVLV 025072349 $11.3M 2.13% 124,846 SH
14 SPDR SERIES TRUST FLRN 78468R200 $11.2M 2.11% 363,691 SH
15 VANGUARD BD INDEX FDS BSV 921937827 $10.8M 2.04% 141,493 SH
16 VANGUARD MALVERN FDS VTIP 922020805 $9.9M 1.87% 201,828 SH
17 VANGUARD SCOTTSDALE FDS VCSH 92206C409 $9.8M 1.85% 126,843 SH
18 VANGUARD WHITEHALL FDS VYMI 921946794 $9.4M 1.77% 92,741 SH
19 DFA INVT DIMENSIONS GROUP IN DUHP 25239Y196 $8.6M 1.61% 204,051 SH
20 INVESCO EXCHANGE TRADED FD T RSP 46137V357 $7.8M 1.47% 37,481 SH
21 SCHWAB STRATEGIC TR FNDC 808524748 $7.5M 1.41% 149,804 SH
22 DIMENSIONAL ETF TRUST DFCF 25434V872 $7.3M 1.37% 180,801 SH
23 AMERICAN CENTY ETF TR AVEM 025072604 $7.3M 1.37% 77,112 SH
24 VANGUARD INTL EQUITY INDEX F VWO 922042858 $7.2M 1.37% 122,199 SH
25 DIMENSIONAL ETF TRUST DFUV 25434V724 $7.1M 1.33% 128,649 SH
26 VANGUARD STAR FDS VXUS 921909768 $7.0M 1.33% 82,793 SH
27 VANGUARD INSTL INDEX FD VBIL 922040845 $6.5M 1.23% 86,262 SH
28 SCHWAB STRATEGIC TR SCHF 808524805 $6.0M 1.12% 217,256 SH
29 VANGUARD MUN BD FDS VCRM 922907712 $5.9M 1.11% 82,159 SH
30 DIMENSIONAL ETF TRUST DFAT 25434V609 $5.8M 1.09% 87,247 SH
31 ISHARES TR IBDT 46435U515 $5.7M 1.08% 229,986 SH
32 TITAN MACHY INC TITN 88830R101 $5.7M 1.07% 245,921 SH
33 VANGUARD INDEX FDS VTI 922908769 $5.3M 1.00% 14,210 SH
34 AMERICAN CENTY ETF TR AVUV 025072877 $5.0M 0.94% 42,460 SH
35 ISHARES TR IBDU 46436E205 $5.0M 0.93% 218,441 SH
36 VANGUARD INDEX FDS VNQ 922908553 $4.9M 0.92% 54,347 SH
37 DIMENSIONAL ETF TRUST DFGR 25434V658 $4.7M 0.89% 174,867 SH
38 VANGUARD INDEX FDS VOO 922908363 $4.6M 0.86% 6,526 SH
39 INVESCO EXCH TRADED FD TR II SPLV 46138E354 $4.3M 0.80% 60,578 SH
40 APPLE INC AAPL 037833100 $4.2M 0.80% 12,696 SH
41 VANGUARD MUN BD FDS VTEB 922907746 $4.1M 0.77% 86,424 SH
42 DIMENSIONAL ETF TRUST DFAX 25434V880 $4.1M 0.77% 109,871 SH
43 MICROSOFT CORP MSFT 594918104 $4.0M 0.75% 7,723 SH
44 ISHARES TR IBDS 46435UAA9 $3.6M 0.69% 151,095 SH
45 PUTNAM ETF TRUST FTMN 746729813 $3.2M 0.61% 394,181 SH
46 SCHWAB STRATEGIC TR SCHB 808524102 $3.2M 0.61% 109,813 SH
47 DIMENSIONAL ETF TRUST DFIV 25434V807 $2.7M 0.51% 48,562 SH
48 PRICE T ROWE GROUP INC TROW 74144T108 $2.7M 0.51% 26,042 SH
49 ISHARES TR ITOT 464287150 $2.6M 0.48% 15,417 SH
50 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $2.2M 0.42% 2,940 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-15 $530.8M 582 0001985414-26-000005
2026-06-30 2026-09-15 $531.5M 594 0001985414-26-000004
2026-03-31 2026-05-05 $472.7M 582 0001985414-26-000003
2025-12-31 2026-02-10 $473.6M 586 0001985414-26-000001
Filer Information
Address
301 CARLSON PARKWAY
SUITE 103
MINNETONKA, MN 55305
Phone
(952) 893-9012
Filing Manager
Cherry Tree Wealth Management, LLC
MINNETONKA, MN
Signatory
Jane Bortnem
CCO