Institutional Manager · CIK 0001624510

FINANCIAL CONSULATE, INC

HUNT VALLEY, MD · File #028-16386

Latest AUM

$731.4M

Positions

1,339

Top-10 Concentration

74.3%

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	SCHWAB STRATEGIC TR	808524730	+441,510	+$15.9M	$0
REDUCE	SCHWAB STRATEGIC TR	808524789	-204,030	-$5.4M	+$1.0M
REDUCE	MICROSOFT CORP	MSFT	-7,877	-$3.8M	-$555,841
ADD	VANGUARD MALVERN FDS	922020805	+64,482	+$3.2M	-$576,911
EXITED	SCHWAB STRATEGIC TR	808524854	-86,422	-$2.2M	$0
ADD	SCHWAB STRATEGIC TR	808524201	+68,869	+$1.9M	+$2.9M
ADD	PIMCO EQUITY SER	72202L371	+43,969	+$1.7M	+$2.0M
REDUCE	PIMCO EQUITY SER	72202L363	-20,867	-$1.2M	+$35,338
REDUCE	PGIM ETF TR	69344A107	-20,708	-$1.0M	-$60,100
ADD	FRANKLIN TEMPLETON ETF TR	FGDL	+16,033	+$902,016	-$69,184

Sector Allocation

5.4%$39.4M

1.6%$11.7M

1.4%$9.9M

0.9%$6.7M

Consumer Discretionary

0.8%$5.9M

Consumer Staples

0.4%$3.0M

Energy

0.4%$2.8M

Communication Services

0.3%$2.4M

Utilities

0.3%$2.2M

Materials

0.2%$1.8M

Real Estate

0.1%$983,767

Filing History

Jan 22, 202613F HOLDINGS REPORTQ/E Dec 20251,339 pos · $731.4M
Oct 21, 202513F HOLDINGS REPORTQ/E Sep 20251,153 pos · $708.2M
Jul 18, 202513F HOLDINGS REPORTQ/E Jun 202537 pos · $506.5M
Apr 25, 202513F HOLDINGS REPORTQ/E Mar 202526 pos · $396.2M
Feb 3, 202513F HOLDINGS REPORTQ/E Dec 202431 pos · $377.1M
Oct 21, 202413F HOLDINGS REPORTQ/E Sep 202434 pos · $376.5M
Jul 22, 202413F HOLDINGS REPORTQ/E Jun 202435 pos · $341.2M
Apr 23, 202413F HOLDINGS REPORTQ/E Mar 202440 pos · $338.4M
Oct 24, 202313F HOLDINGS REPORTQ/E Dec 202338 pos · $226.5M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SCHWAB STRATEGIC TR	808524201	5,201,944	$140.0M	21.29%
2	DIMENSIONAL ETF TRUST	25434V831	1,988,141	$75.6M	11.50%
3	PIMCO EQUITY SER	72202L371	1,669,238	$64.1M	9.75%
4	SCHWAB STRATEGIC TR	808524805	1,823,619	$43.8M	6.67%
5	DIMENSIONAL ETF TRUST	25434V765	1,195,150	$37.8M	5.76%
6	DIMENSIONAL ETF TRUST	25434V500	424,499	$29.6M	4.50%
7	VANGUARD MALVERN FDS	922020805	557,604	$27.6M	4.19%
8	SCHWAB STRATEGIC TR	808524789	1,019,275	$27.1M	4.12%
9	SCHWAB STRATEGIC TR	808524797	794,902	$21.8M	3.32%
10	FRANKLIN TEMPLETON ETF TR	FGDL	380,180	$21.4M	3.25%
11	APPLE INC	AAPL	78,098	$21.2M	3.23%
12	T ROWE PRICE ETF INC	87283Q867	441,925	$16.9M	2.57%
13	SCHWAB STRATEGIC TR	808524730	441,510	$15.9M	2.42%
14	MCCORMICK & CO INC	MKC-V	183,409	$12.5M	1.90%
15	PGIM ETF TR	69344A107	229,710	$11.4M	1.73%
16	SCHWAB STRATEGIC TR	808524755	234,290	$10.6M	1.61%
17	SPDR INDEX SHS FDS	78463X301	67,018	$9.3M	1.41%
18	PATRICK INDS INC	703343103	52,645	$5.7M	0.87%
19	NVIDIA CORPORATION	NVDA	27,400	$5.1M	0.78%
20	PIMCO EQUITY SER	72202L363	76,168	$4.3M	0.66%