Institutional Manager · CIK 0001815355

Scarborough Advisors, LLC

ANNAPOLIS, MD · File #028-22598

Latest AUM

$592.4M

Positions

463

Top-10 Concentration

60.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

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
REDUCE	ISHARES TR	46432F339	-58,113	-$11.5M	+$921,893
ADD	ISHARES TR	46432F396	+25,818	+$6.5M	-$297,867
ADD	SPDR SERIES TRUST	78464A508	+104,518	+$5.9M	+$807,997
ADD	ISHARES INC	46434G103	+65,080	+$4.4M	+$729,101
REDUCE	VANGUARD CHARLOTTE FDS	92203J407	-61,109	-$3.0M	-$99,647
NEW	ISHARES TR	46435U796	+30,427	+$2.7M	$0
ADD	SELECT SECTOR SPDR TR	81369Y506	+60,062	+$2.7M	-$3.2M
ADD	SPDR SERIES TRUST	78468R663	+16,891	+$1.5M	-$2,771
ADD	BLACKROCK ETF TRUST	BLK	+17,419	+$1.1M	+$1.2M
ADD	FIRST TR EXCHANGE TRADED FD	33737A108	+5,294	+$810,132	+$4,186

Sector Allocation

Financials

34.7%$205.6M

Technology

1.8%$10.7M

Consumer Discretionary

0.6%$3.7M

Industrials

0.3%$2.1M

Healthcare

0.2%$1.3M

Energy

0.1%$786,945

Communication Services

0.1%$485,963

0.1%$352,759

0.0%$118,976

0.0%$66,067

0.0%$58,492

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025463 pos · $592.4M
Feb 17, 202613F HOLDINGS REPORTQ/E Dec 2025469 pos · $566.8M
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 2025468 pos · $504.2M
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025118 pos · $702.1M
Jan 30, 202513F HOLDINGS REPORTQ/E Dec 2024110 pos · $707.6M
Oct 31, 202413F HOLDINGS REPORTQ/E Sep 202490 pos · $618.7M
Aug 8, 202413F HOLDINGS REPORTQ/E Jun 2024457 pos · $243.2M
May 10, 202413F HOLDINGS REPORTQ/E Mar 2024420 pos · $216.0M
Nov 30, 202313F HOLDINGS REPORT (Amended)Q/E Dec 202372 pos · $411.7M
Nov 7, 202313F HOLDINGS REPORTQ/E Dec 202372 pos · $411.7M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	INVESCO EXCH TRADED FD TR II	IVZ	233,361	$59.0M	10.43%
2	BLACKROCK ETF TRUST	BLK	743,184	$45.2M	7.98%
3	ISHARES INC	46434G103	625,924	$42.1M	7.43%
4	SPDR SERIES TRUST	78464A508	650,462	$37.0M	6.53%
5	ISHARES TR	46432F339	165,682	$32.9M	5.81%
6	SPDR SERIES TRUST	78464A854	399,204	$32.0M	5.66%
7	INVESCO EXCH TRADED FD TR II	IVZ	241,449	$27.6M	4.88%
8	FIRST TR EXCHANGE-TRADED FD	33733E104	256,055	$23.7M	4.19%
9	COLUMBIA ETF TR I	19761L706	535,940	$21.9M	3.87%
10	BLACKROCK ETF TRUST	BLK	498,031	$19.2M	3.39%
11	ISHARES TR	46432F396	74,322	$18.6M	3.29%
12	INVESCO EXCH TRADED FD TR II	IVZ	661,426	$18.2M	3.22%
13	BLACKROCK ETF TRUST	BLK	510,319	$17.0M	3.00%
14	SPDR GOLD TR	GLD	34,952	$13.9M	2.45%
15	FIRST TR EXCHANGE TRADED FD	33738R506	194,813	$13.5M	2.39%
16	JANUS DETROIT STR TR	47103U845	265,174	$13.4M	2.37%
17	ISHARES TR	46432F842	132,780	$11.9M	2.10%
18	LITMAN GREGORY FDS TR	53700T827	345,677	$9.7M	1.71%
19	BLACKROCK ETF TRUST II	BLK	180,633	$9.5M	1.68%
20	SPDR SERIES TRUST	78464A664	335,246	$8.9M	1.57%