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Note Advisors, LLC — 13F Holdings & Portfolio

CIK 2056243 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Note Advisors, LLC manages $230.6M in 13F-reported U.S. long-equity assets across 86 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are DFAU (23.77%), DFCF (10.60%), DFAI (8.27%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 3 new positions and exited 2; 49 existing positions rose in reported value and 15 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
$230.6M

Long-equity book

Holdings
86

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+3 / −2 / ↑49 / ↓15

vs 2026-03-31

Portfolio charts

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

Portfolio map

Q2 26
DFAU23.8% · +13%DFCF10.6% · +22%DFAI8.3% · +13%DFAC4.9% · +1%BND4.0% · +7%DFAE3.3% · +2%VONE3.1% · -3%VNQ2.6% · +1%NYF2.4% · +4%VYMI2.3% · +4%FPE1.8% · +10%LQD1.8% · +9%DFGX1.6% · +12%BNDX1.5% · -2%VEA1.4% · +1%SPIP1.3% · +5%DFAR1.3% · +19%DFNM1.3% · +7%QYLD1.2% · +2%DCOR1.2% · +10%COMT1.1% · +8%SCHD1.1% · +3%JEPI1.0% · +6%VIG1.0% · +4%GOOG1.0% · -0%VTEB0.8% · +8%PZT0.8% · +11%EMHY0.6% · newIXUS0.6% · -0%IWB0.6% · -0%DFIC0.5% · +0%SPHY0.5% · +6%TIP0.5% · -6%AAPL0.5% · -2%MCD0.5% · 0%MUB0.5% · -2%IAGG0.4% · -3%GIGB0.4% · -11%NBTB0.4% · +1%MSFT0.3% · -14%UAL0.3% · -1%VTC0.3% · 0%VWO0.3% · -1%GOOGL0.3% · -5%AVGO0.2% · 0%QQQ0.2% · 0%VTWV0.2% · +2%VXUS0.2% · 0%VTV0.2% · -0%XHLF0.2% · -50%XYLD0.2% · -6%VOE0.2% · -0%BRK.B0.2% · -1%DFIP0.2% · 0%ADI0.2% · -3%VWOB0.2% · -41%SCHZ0.2% · +2%AMZN0.2% · -16%SCHR0.2% · 0%MTB0.2% · -2%

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

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 = 65.2%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 30, 2026.

Assets Under Management
$437.0M
Discretionary
$436.6M
Employees
11
Accounts
1,183
Address
50 LAKEFRONT BLVD, SUITE 215
BUFFALO, NY 14202
Phone
(716) 256-1682
Website
Name Title / Status Ownership Type
GLOGOWSKI, SHAWN, CASEY ControlPRINCIPAL/CCO
since Aug 2014
Less than 5%Individual
SSAO1210, LLC ControlMEMBER
since Jun 2023
75% or moreDomestic Entity
GLOGOWSKI, SHAWN, CASEY Control
Indirect owner via SSAO1210, LLC
MEMBER
since Jun 2023
75% or moreIndividual
Ownership & leadership changes · 4 filings with changes since May 20, 2014

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 30, 2026 filing
  • No longer listedSTW SOUTHWEST, LLC · MEMBER · 50–75% · listed since Jun 2023
  • No longer listedWARING, THOMAS, HOWARD · PRINCIPAL · Less than 5% · control person · listed since Aug 2014
  • No longer listedWARING, THOMAS, HOWARD · MEMBER · 75% or more · indirect via STW SOUTHWEST, LLC · control person · listed since Jun 2023
  • ChangedSSAO1210, LLC · ownership 50–75% → 75% or more
Mar 25, 2025 filing
  • AddedGLOGOWSKI, SHAWN, CASEY · MEMBER · 75% or more · indirect via SSAO1210, LLC · control person
  • AddedSSAO1210, LLC · MEMBER · 50–75% · control person
  • AddedSTW SOUTHWEST, LLC · MEMBER · 50–75%
  • AddedWARING, THOMAS, HOWARD · MEMBER · 75% or more · indirect via STW SOUTHWEST, LLC · control person
  • ChangedGLOGOWSKI, SHAWN, CASEY · ownership 25–50% → Less than 5%
  • ChangedWARING, THOMAS, HOWARD · ownership 50–75% → Less than 5%
Feb 4, 2015 filing
  • No longer listedCAMPO, PETER, C · PRINCIPAL · 10–25% · control person · listed since Aug 2014
Aug 13, 2014 filing
  • No longer listedISDANER, CODY, CHARLES · PRINCIPAL/CCO · 75% or more · control person · listed since May 2014
  • AddedCAMPO, PETER, C · PRINCIPAL · 10–25% · control person
  • AddedGLOGOWSKI, SHAWN, CASEY · PRINCIPAL/CCO · 25–50% · control person
  • AddedWARING, THOMAS, HOWARD · PRINCIPAL · 50–75% · control person
May 20, 2014 filing (earliest on record)
  • ListedISDANER, CODY, CHARLES · PRINCIPAL/CCO · 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 49 →

Top Trims

Show all 15 →

New Positions

Show all 3 →

Exited Positions

Show all 2 →

Note Advisors, 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 DIMENSIONAL ETF TRUST DFAU 25434V104 $54.8M 23.77% 1,060,382 SH
2 DIMENSIONAL ETF TRUST DFCF 25434V872 $24.4M 10.60% 579,174 SH
3 DIMENSIONAL ETF TRUST DFAI 25434V203 $19.1M 8.27% 462,050 SH
4 DIMENSIONAL ETF TRUST DFAC 25434V708 $11.2M 4.87% 253,344 SH
5 VANGUARD BD INDEX FDS BND 921937835 $9.2M 3.98% 125,032 SH
6 DIMENSIONAL ETF TRUST DFAE 25434V302 $7.6M 3.32% 190,093 SH
7 VANGUARD SCOTTSDALE FDS VONE 92206C730 $7.2M 3.14% 21,373 SH
8 VANGUARD INDEX FDS VNQ 922908553 $5.9M 2.57% 61,419 SH
9 ISHARES TR NYF 464288323 $5.4M 2.35% 100,569 SH
10 VANGUARD WHITEHALL FDS VYMI 921946794 $5.3M 2.31% 54,128 SH
11 FIRST TR EXCH TRADED FD III FPE 33739E108 $4.2M 1.83% 235,753 SH
12 ISHARES TR LQD 464287242 $4.2M 1.81% 38,208 SH
13 DIMENSIONAL ETF TRUST DFGX 25434V575 $3.7M 1.60% 68,806 SH
14 VANGUARD CHARLOTTE FDS BNDX 92203J407 $3.5M 1.53% 72,898 SH
15 VANGUARD TAX-MANAGED FDS VEA 921943858 $3.2M 1.40% 45,281 SH
16 SPDR SERIES TRUST SPIP 78464A656 $3.1M 1.35% 120,853 SH
17 DIMENSIONAL ETF TRUST DFAR 25434V823 $3.0M 1.30% 114,242 SH
18 DIMENSIONAL ETF TRUST DFNM 25434V849 $3.0M 1.29% 61,502 SH
19 GLOBAL X FDS QYLD 37954Y483 $2.8M 1.22% 152,902 SH
20 DIMENSIONAL ETF TRUST DCOR 25434V625 $2.7M 1.19% 33,347 SH
21 ISHARES U S ETF TR COMT 46431W853 $2.4M 1.06% 80,288 SH
22 SCHWAB STRATEGIC TR SCHD 808524797 $2.4M 1.05% 76,417 SH
23 J P MORGAN EXCHANGE TRADED F JEPI 46641Q332 $2.3M 1.02% 41,575 SH
24 VANGUARD SPECIALIZED FUNDS VIG 921908844 $2.3M 1.00% 9,769 SH
25 ALPHABET INC GOOG 02079K107 $2.2M 0.97% 6,326 SH
26 VANGUARD MUN BD FDS VTEB 922907746 $1.9M 0.84% 38,465 SH
27 INVESCO EXCH TRADED FD TR II PZT 46138E529 $1.9M 0.80% 81,448 SH
28 ISHARES INC EMHY 464286285 $1.5M 0.65% 36,663 SH
29 ISHARES TR IXUS 46432F834 $1.3M 0.57% 13,852 SH
30 ISHARES TR IWB 464287622 $1.3M 0.56% 3,165 SH
31 DIMENSIONAL ETF TRUST DFIC 25434V799 $1.2M 0.52% 32,307 SH
32 SPDR SERIES TRUST SPHY 78468R606 $1.2M 0.51% 50,622 SH
33 ISHARES TR TIP 464287176 $1.2M 0.51% 10,763 SH
34 APPLE INC AAPL 037833100 $1.1M 0.48% 3,791 SH
35 MCDONALDS CORP MCD 580135101 $1.1M 0.47% 4,027 SH
36 ISHARES TR MUB 464288414 $1.0M 0.45% 9,677 SH
37 ISHARES TR IAGG 46435G672 $978.2K 0.42% 19,332 SH
38 GOLDMAN SACHS ETF TR GIGB 381430479 $916.9K 0.40% 19,971 SH
39 NBT BANCORP INC NBTB 628778102 $891.0K 0.39% 18,048 SH
40 MICROSOFT CORP MSFT 594918104 $792.6K 0.34% 2,125 SH
41 UNITED AIRLS HLDGS INC UAL 910047109 $790.5K 0.34% 5,813 SH
42 VANGUARD SCOTTSDALE FDS VTC 92206C573 $715.0K 0.31% 9,310 SH
43 VANGUARD INTL EQUITY INDEX F VWO 922042858 $631.0K 0.27% 10,571 SH
44 ALPHABET INC GOOGL 02079K305 $585.0K 0.25% 1,637 SH
45 BROADCOM INC AVGO 11135F101 $565.5K 0.25% 1,497 SH
46 INVESCO QQQ TR QQQ 46090E103 $512.5K 0.22% 696 SH
47 VANGUARD SCOTTSDALE FDS VTWV 92206C649 $493.9K 0.21% 2,527 SH
48 VANGUARD STAR FDS VXUS 921909768 $486.1K 0.21% 5,686 SH
49 VANGUARD INDEX FDS VTV 922908744 $479.2K 0.21% 2,199 SH
50 BONDBLOXX ETF TRUST XHLF 09789C788 $473.6K 0.21% 9,416 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $230.6M 86 0002056243-26-000003
2026-03-31 2026-05-15 $200.1M 85 0002056243-26-000002
2025-12-31 2026-02-18 $194.9M 83 0002056243-26-000001
2025-09-30 2025-11-14 $168.2M 83 0002056243-25-000006
Filer Information
Address
50 LAKEFRONT BLVD., SUITE 215
BUFFALO, NY 14202
Phone
(716) 256-1682
Filing Manager
Note Advisors, LLC
BUFFALO, NY
Signatory
JORDAN GREEN
Counsel