Institutional Manager · CIK 0001646821

D'Orazio & Associates, Inc.

VIENNA, VA · File #028-16943

Latest AUM

$782.5M

Positions

296

Top-10 Concentration

67.5%

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
ADD	VANGUARD INDEX FDS	922908769	+404,489	+$135.6M	+$12,964
REDUCE	ISHARES TR	46434V456	-1,029,600	-$46.8M	+$1.3M
REDUCE	INVESCO EXCH TRADED FD TR II	IVZ	-140,932	-$35.6M	+$821,404
REDUCE	J P MORGAN EXCHANGE TRADED F	46641Q761	-253,078	-$16.0M	+$68,932
REDUCE	ISHARES TR	46432F396	-48,240	-$12.1M	-$297,476
REDUCE	INVESCO EXCH TRADED FD TR II	IVZ	-214,489	-$11.9M	+$341,494
REDUCE	ISHARES TR	46436E403	-131,425	-$9.0M	+$326,031
ADD	VANGUARD MALVERN FDS	922020748	+71,826	+$5.6M	-$69,047
NEW	BOEING CO	BA-PA	+9,355	+$2.0M	$0
EXITED	SPIRIT AEROSYSTEMS HLDGS INC	848574109	-44,017	-$1.7M	$0

Sector Allocation

11.9%$93.6M

9.6%$75.0M

6.8%$53.6M

3.5%$27.6M

Consumer Discretionary

1.8%$14.3M

Communication Services

0.9%$7.3M

0.7%$5.3M

0.4%$3.0M

0.3%$2.4M

0.1%$667,205

Filing History

Feb 4, 202613F HOLDINGS REPORTQ/E Dec 2025296 pos · $782.5M
Nov 10, 202513F HOLDINGS REPORTQ/E Sep 2025288 pos · $757.3M
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 2025279 pos · $709.7M
Apr 17, 202513F HOLDINGS REPORTQ/E Mar 2025259 pos · $659.4M
Jan 28, 202513F HOLDINGS REPORTQ/E Dec 2024242 pos · $679.6M
Nov 5, 202413F HOLDINGS REPORTQ/E Sep 2024246 pos · $706.0M
Aug 8, 202413F HOLDINGS REPORTQ/E Jun 2024218 pos · $651.7M
May 9, 202413F HOLDINGS REPORTQ/E Mar 2024211 pos · $620.4M
Oct 11, 202313F HOLDINGS REPORTQ/E Dec 2023156 pos · $445.7M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908769	406,315	$136.2M	20.02%
2	BOOZ ALLEN HAMILTON HLDG COR	BAH	719,696	$60.7M	8.92%
3	ISHARES TR	46434V456	1,009,261	$45.9M	6.74%
4	J P MORGAN EXCHANGE TRADED F	46641Q159	933,629	$43.2M	6.35%
5	BERKSHIRE HATHAWAY INC DEL	BRK-A	72,187	$36.3M	5.33%
6	INVESCO EXCH TRADED FD TR II	IVZ	141,038	$35.7M	5.24%
7	VANGUARD TAX-MANAGED FDS	921943858	569,509	$35.6M	5.23%
8	ISHARES TR	46434V621	441,376	$30.6M	4.50%
9	INVESCO QQQ TR	IVZ	31,189	$19.2M	2.82%
10	J P MORGAN EXCHANGE TRADED F	46641Q761	256,749	$16.2M	2.38%
11	UNITEDHEALTH GROUP INC	UNH	48,732	$16.1M	2.36%
12	VANGUARD MALVERN FDS	922020748	205,899	$16.0M	2.36%
13	INVESCO EXCH TRADED FD TR II	IVZ	264,497	$14.7M	2.16%
14	INVESCO EXCHANGE TRADED FD T	IVZ	127,290	$14.5M	2.13%
15	ISHARES TR	46432F396	57,264	$14.3M	2.11%
16	AMERICAN CENTY ETF TR	025072802	133,694	$12.6M	1.85%
17	MICROSOFT CORP	MSFT	25,183	$12.2M	1.79%
18	APPLE INC	AAPL	44,074	$12.0M	1.76%
19	ISHARES TR	46436E403	151,267	$10.3M	1.51%
20	NVIDIA CORPORATION	NVDA	47,408	$8.8M	1.30%