Institutional Manager · CIK 0001380443

Valmark Advisers, Inc.

AKRON, OH · File #028-12433

Latest AUM

$8.11B

Positions

657

Top-10 Concentration

58.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	ISHARES TR	46435U473	+1,456,143	+$68.6M	$0
REDUCE	DBX ETF TR	233051432	-1,580,684	-$58.2M	-$1.4M
ADD	VANGUARD MALVERN FDS	922020805	+314,697	+$15.6M	-$7.5M
ADD	SPDR SERIES TRUST	78464A508	+231,888	+$13.2M	+$12.6M
ADD	CAPITAL GROUP GROWTH ETF	14020G101	+295,543	+$13.1M	+$317,703
ADD	SPDR SERIES TRUST	78464A847	+204,651	+$11.9M	+$4.9M
ADD	CAPITAL GRP FIXED INCM ETF T	14020Y102	+514,232	+$11.6M	-$42,657
ADD	ISHARES TR	46434V290	+149,923	+$11.2M	+$562,568
ADD	VANGUARD TAX-MANAGED FDS	921943858	+174,623	+$10.9M	+$30.0M
ADD	SPDR SERIES TRUST	78464A474	+340,112	+$10.3M	-$755,745

Sector Allocation

Technology

3.9%$313.8M

Financials

2.9%$232.5M

Consumer Discretionary

0.5%$38.6M

0.4%$29.7M

0.3%$27.3M

0.2%$17.0M

0.2%$15.4M

0.2%$14.5M

Communication Services

0.1%$8.8M

Utilities

0.1%$5.1M

Real Estate

0.0%$555,902

Filing History

Jan 26, 202613F HOLDINGS REPORTQ/E Dec 2025657 pos · $8.11B
Oct 24, 202513F HOLDINGS REPORTQ/E Sep 2025646 pos · $7.74B
Jul 23, 202513F HOLDINGS REPORTQ/E Jun 2025640 pos · $7.19B
Apr 23, 202513F HOLDINGS REPORTQ/E Mar 2025602 pos · $6.63B
Jan 30, 202513F HOLDINGS REPORTQ/E Dec 2024591 pos · $6.46B
Oct 25, 202413F HOLDINGS REPORTQ/E Sep 2024582 pos · $6.40B
Aug 1, 202413F HOLDINGS REPORTQ/E Jun 2024558 pos · $5.89B
May 6, 202413F HOLDINGS REPORTQ/E Mar 2024536 pos · $5.75B
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 2023469 pos · $4.82B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD TAX-MANAGED FDS	921943858	11,930,938	$745.3M	11.32%
2	SPDR SERIES TRUST	78464A409	4,661,198	$497.3M	7.55%
3	SPDR SERIES TRUST	78464A508	8,740,145	$496.5M	7.54%
4	SPDR SERIES TRUST	78464A847	7,041,736	$407.8M	6.19%
5	VANGUARD INDEX FDS	922908363	579,503	$363.4M	5.52%
6	VANGUARD MALVERN FDS	922020805	6,716,272	$332.2M	5.05%
7	SPDR SERIES TRUST	78464A474	8,737,196	$263.9M	4.01%
8	SPDR SERIES TRUST	78468R853	5,302,606	$248.5M	3.77%
9	VANGUARD INTL EQUITY INDEX F	922042858	4,495,055	$241.7M	3.67%
10	SPDR SERIES TRUST	78464A805	2,867,091	$236.5M	3.59%
11	VANGUARD SCOTTSDALE FDS	92206C706	3,106,042	$186.1M	2.83%
12	FLEXSHARES TR	FLEX	3,592,669	$164.7M	2.50%
13	ISHARES TR	46434V647	6,283,171	$156.8M	2.38%
14	ISHARES TR	464288620	2,953,621	$152.9M	2.32%
15	ISHARES INC	46434G764	1,757,820	$127.8M	1.94%
16	DBX ETF TR	233051432	3,291,939	$121.2M	1.84%
17	VANGUARD BD INDEX FDS	921937827	1,534,909	$121.0M	1.84%
18	VANECK ETF TRUST	92189H300	4,419,178	$114.1M	1.73%
19	ISHARES TR	464287242	872,328	$96.1M	1.46%
20	ISHARES TR	46434V290	1,211,401	$90.7M	1.38%