Institutional Manager · CIK 0001865158

Keystone Financial Services

LOVELAND, CO · File #028-21556

Latest AUM

$331.3M

Positions

261

Top-10 Concentration

47.6%

Filings

Portfolio Value Over Time

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	ISHARES TR	464287101	+7,043	+$2.4M	+$120,003
REDUCE	ISHARES TR	464288885	-19,805	-$2.3M	+$1,388
REDUCE	ISHARES TR	464287721	-10,298	-$2.1M	+$53,177
REDUCE	ISHARES TR	464288877	-25,626	-$1.8M	+$507,243
REDUCE	ISHARES TR	46432F339	-8,993	-$1.8M	+$215,277
REDUCE	ISHARES TR	46434V613	-35,345	-$1.6M	-$33,732
ADD	BLACKROCK ETF TRUST	BLK	+48,684	+$1.6M	-$41,018
NEW	ISHARES TR	464288760	+6,277	+$1.3M	$0
ADD	BLACKROCK ETF TRUST	BLK	+17,083	+$1.0M	+$230,851
ADD	ISHARES TR	464288653	+6,844	+$695,832	-$29,810

Sector Allocation

Financials

15.5%$51.2M

Technology

2.2%$7.4M

Consumer Discretionary

1.5%$4.9M

Healthcare

1.4%$4.5M

Communication Services

1.1%$3.7M

0.8%$2.5M

0.7%$2.2M

0.2%$565,715

0.1%$435,412

0.1%$229,259

Filing History

Feb 12, 202613F HOLDINGS REPORTQ/E Dec 2025261 pos · $331.3M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 2025271 pos · $322.7M
Aug 7, 202513F HOLDINGS REPORTQ/E Jun 2025249 pos · $294.0M
Apr 23, 202513F HOLDINGS REPORTQ/E Mar 2025216 pos · $262.4M
Jan 31, 202513F HOLDINGS REPORTQ/E Dec 2024223 pos · $261.2M
Nov 5, 202413F HOLDINGS REPORTQ/E Sep 2024216 pos · $257.9M
Jul 23, 202413F HOLDINGS REPORTQ/E Jun 2024200 pos · $241.3M
Jun 13, 202413F HOLDINGS REPORTQ/E Jun 2024199 pos · $229.2M
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 2023171 pos · $188.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287200	24,567	$16.8M	6.04%
2	ISHARES TR	46434V613	335,111	$15.6M	5.60%
3	BLACKROCK ETF TRUST	BLK	256,282	$15.6M	5.60%
4	ISHARES TR	464287309	113,967	$14.0M	5.05%
5	ISHARES TR	464287408	62,271	$13.2M	4.74%
6	ISHARES TR	464288877	178,856	$12.8M	4.59%
7	ISHARES TR	46432F339	62,946	$12.5M	4.49%
8	ISHARES INC	46434G103	159,371	$10.7M	3.85%
9	ISHARES TR	464287200	15,501	$10.6M	3.81%
10	ISHARES TR	464287101	30,915	$10.6M	3.81%
11	BLACKROCK ETF TRUST	BLK	160,454	$9.8M	3.50%
12	ISHARES TR	464287309	71,140	$8.8M	3.15%
13	ISHARES TR	46432F339	43,273	$8.6M	3.09%
14	ISHARES TR	464288877	116,063	$8.3M	2.98%
15	ISHARES TR	464287408	38,663	$8.2M	2.94%
16	ISHARES TR	46434V613	163,135	$7.6M	2.73%
17	ISHARES INC	46434G103	98,989	$6.7M	2.39%
18	ISHARES TR	464287101	18,899	$6.5M	2.33%
19	BLACKROCK ETF TRUST	BLK	154,809	$6.0M	2.14%
20	ISHARES TR	464288653	56,926	$5.8M	2.08%