Boulay Financial Advisors, LLC — 13F Holdings & Portfolio
CIK 2056342 · latest 13F-HR filed 2026-08-04
Boulay Financial Advisors, LLC manages $1.08B in 13F-reported U.S. long-equity assets across 6 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are FNDX (28.06%), MOAT (22.02%), IWY (16.60%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 0; 4 existing positions rose in reported value and 0 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.
Long-equity book
Distinct positions
Filed 2026-08-04
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box 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 valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated 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 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Aug 19, 2026.
SUITE 500
EDEN PRAIRIE, MN 55344
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ALLEN, ERIK, LEIGH Control | GOVERNOR, TREASURER since Mar 2022 | Less than 5% | Individual |
| Beise, Laura, Lynn Boyd Control | GOVERNER since Jan 2023 | Less than 5% | Individual |
| Brown, Jay, Robert Control | PRESIDENT, CHIEF EXECUTIVE OFFICER, PARTNER, GOVERNOR since Mar 2022 | Less than 5% | Individual |
| Hogan, Catherine, Ann Control | BOARD SECRETARY, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER since Aug 2025 | Less than 5% | Individual |
| MELANDER, JON, JAMES Control | PARTNER, BOARD CHAIR, GOVERNOR since Jun 2023 | Less than 5% | Individual |
| Markowitz, Dan, Robert Control | GOVERNOR since Jun 2026 | Less than 5% | Individual |
| BFA HOLDINGS, LLC | OWNER since Mar 2022 | 50–75% | Domestic Entity |
| BOULAY, PLLP | OWNER since Jan 2001 | 25–50% | Domestic Entity |
| BLOODGOOD, JOSEPH, DANIEL Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Mar 2022 | General partner, trustee or manager | Individual |
| BREMER, DAVID, EDGAR Control Indirect owner via BFA HOLDINGS, LLC | FOUNDING PARTNER since Jun 2023 | General partner, trustee or manager | Individual |
| Brown, Jay, Robert Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Mar 2022 | General partner, trustee or manager | Individual |
| CARLSON, CHAD, MICHAEL Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Jun 2026 | General partner, trustee or manager | Individual |
| Delaney, Matthew, Ryan Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Jun 2026 | General partner, trustee or manager | Individual |
| FAITH, NATHAN, DANIEL Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Mar 2022 | General partner, trustee or manager | Individual |
| HANES, MEGHAN, MARIE Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Jun 2024 | General partner, trustee or manager | Individual |
| HORAN, ELLEN, R Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Jun 2023 | General partner, trustee or manager | Individual |
| Hogan, Catherine, Ann Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Jun 2024 | General partner, trustee or manager | Individual |
| MELANDER, JON, JAMES Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Mar 2022 | General partner, trustee or manager | Individual |
| SCHNEEMAN, PATRICK, KELLY Control Indirect owner via BFA HOLDINGS, LLC | MEMBER since Jun 2024 | General partner, trustee or manager | Individual |
Ownership & leadership changes · 10 filings with changes since Feb 15, 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.
- No longer listedJOHNSON, THOMAS, BRENT · GOVERNOR · Less than 5% · control person · listed since Mar 2022
- AddedCARLSON, CHAD, MICHAEL · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedDelaney, Matthew, Ryan · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedMarkowitz, Dan, Robert · GOVERNOR · Less than 5% · control person
- ChangedBFA HOLDINGS, LLC · ownership 25–50% → 50–75%
- ChangedBOULAY, PLLP · ownership 50–75% → 25–50%
- ChangedBrown, Jay, Robert · title PRESIDENT, SECRETARY, PARTNER, GOVERNOR → PRESIDENT, CHIEF EXECUTIVE OFFICER, PARTNER, GOVERNOR
- ChangedMELANDER, JON, JAMES · indirect via BFA HOLDINGS, LLC: ownership 25–50% → General partner, trustee or manager
- No longer listedBEVERSDORF, TIM, ALAN · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person · listed since Mar 2022
- ChangedBrown, Jay, Robert · title PRESIDENT, SECRETARY, CHIEF COMPLIANCE OFFICER, PARTNER, GOVERNOR → PRESIDENT, SECRETARY, PARTNER, GOVERNOR
- ChangedHogan, Catherine, Ann · title BOARD SECRETARY → BOARD SECRETARY, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER
- AddedHANES, MEGHAN, MARIE · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedHogan, Catherine, Ann · BOARD SECRETARY · Less than 5% · control person
- AddedHogan, Catherine, Ann · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedSCHNEEMAN, PATRICK, KELLY · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- No longer listedBREMER, DAVID, EDGAR · GOVERNOR, CHAIRPERSON · Less than 5% · control person · listed since Mar 2022
- No longer listedCROKE, HEATHER, DAWN · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person · listed since Mar 2022
- No longer listedSEBOLD, MOLLY, CASHMAN · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person · listed since Mar 2022
- AddedBeise, Laura, Lynn Boyd · GOVERNER · Less than 5% · control person
- AddedHORAN, ELLEN, R · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedMELANDER, JON, JAMES · PARTNER, BOARD CHAIR, GOVERNOR · Less than 5% · control person
- ChangedBREMER, DAVID, EDGAR · indirect via BFA HOLDINGS, LLC: title MEMBER → FOUNDING PARTNER; ownership 75% or more → General partner, trustee or manager
- ChangedBrown, Jay, Robert · title PRESIDENT, CHIEF COMPLIANCE OFFICER & GOVERNOR → PRESIDENT, SECRETARY, CHIEF COMPLIANCE OFFICER, PARTNER, GOVERNOR
- ChangedMELANDER, JON, JAMES · indirect via BFA HOLDINGS, LLC: ownership General partner, trustee or manager → 25–50%
- AddedALLEN, ERIK, LEIGH · GOVERNOR, TREASURER · Less than 5% · control person
- AddedBEVERSDORF, TIM, ALAN · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedBFA HOLDINGS, LLC · OWNER · 25–50%
- AddedBLOODGOOD, JOSEPH, DANIEL · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedBREMER, DAVID, EDGAR · MEMBER · 75% or more · indirect via BFA HOLDINGS, LLC · control person
- AddedBrown, Jay, Robert · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedCROKE, HEATHER, DAWN · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedFAITH, NATHAN, DANIEL · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedJOHNSON, THOMAS, BRENT · GOVERNOR · Less than 5% · control person
- AddedMELANDER, JON, JAMES · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- AddedSEBOLD, MOLLY, CASHMAN · MEMBER · General partner, trustee or manager · indirect via BFA HOLDINGS, LLC · control person
- ChangedBOULAY, PLLP · ownership 75% or more → 50–75%; no longer a control person
- ChangedBREMER, DAVID, EDGAR · title CEO → GOVERNOR, CHAIRPERSON
- ChangedBrown, Jay, Robert · title CHIEF COMPLIANCE OFFICER → PRESIDENT, CHIEF COMPLIANCE OFFICER & GOVERNOR
- Listed againBREMER, DAVID, EDGAR · CEO · Less than 5% · control person
- ChangedBrown, Jay, Robert · title CHIEF EXECUTIVE OFFICER, CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER
- No longer listedBREMER, DAVID, EDGAR · CHIEF EXECUTIVE OFFICER · Less than 5% · control person · listed since Jan 2001
- ChangedBrown, Jay, Robert · title CHIEF COMPLIANCE OFFICER → CHIEF EXECUTIVE OFFICER, CHIEF COMPLIANCE OFFICER; now a control person
- Listed againBREMER, DAVID, EDGAR · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
- No longer listedBREMER, DAVID, EDGAR · MANAGING MEMBER/CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2001
- AddedBrown, Jay, Robert · CHIEF COMPLIANCE OFFICER · Less than 5%
- No longer listedBOULAY, HEUTMAKER,ZIBELL & CO. P.L.L.P. · OWNER · 75% or more · control person · listed since Jan 2001
- AddedBOULAY, PLLP · OWNER · 75% or more · control person
Older changes (1 more filing)
- ListedBOULAY, HEUTMAKER,ZIBELL & CO. P.L.L.P. · OWNER · 75% or more · control person
- ListedBREMER, DAVID, EDGAR · MANAGING MEMBER/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)
- Schwab Strategic TR$36.6M +13.7%
- Ishares TR$27.5M +18.1%
- VanEck ETF Trust$23.1M +10.8%
- Columbia ETF TR II$12.9M +12.2%
Boulay Financial 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 | Schwab Strategic TR | FNDX | 808524771 | $303.0M | 28.06% | 9,744,092 | SH |
| 2 | VanEck ETF Trust | MOAT | 92189F643 | $237.8M | 22.02% | 2,287,619 | SH |
| 3 | Ishares TR | IWY | 464289438 | $179.3M | 16.60% | 617,030 | SH |
| 4 | Schwab Strategic TR | FNDF | 808524755 | $139.7M | 12.93% | 2,647,681 | SH |
| 5 | Columbia ETF TR II | XCEM | 19762B202 | $117.9M | 10.91% | 2,228,872 | SH |
| 6 | Schwab Strategic TR | FNDA | 808524763 | $102.3M | 9.48% | 2,689,045 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-04 | $1.08B | 6 | 0002056342-26-000003 |
| 2026-03-31 | 2026-05-13 | $871.3M | 5 | 0002056342-26-000002 |
| 2025-12-31 | 2026-02-12 | $850.5M | 5 | 0002056342-26-000001 |
| 2025-06-30 | 2025-10-14 | $663.0M | 4 | 0002056342-25-000008 |
EDEN PRAIRIE, MN 55344