Institutional Manager · CIK 0001890149

Bell Investment Advisors, Inc

ORINDA, CA · File #028-21406

Latest AUM

$632.3M

Positions

1,802

Top-10 Concentration

64.7%

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	GOLDMAN SACHS ETF TR	NVGLF	+29,582	+$3.0M	-$175,002
NEW	ISHARES TR	46438G422	+104,891	+$2.7M	$0
ADD	VANGUARD SCOTTSDALE FDS	92206C771	+37,592	+$1.8M	+$120,156
ADD	FLEXSHARES TR	FLEX	+66,370	+$1.6M	-$509,444
REDUCE	SCHWAB STRATEGIC TR	808524771	-49,517	-$1.3M	+$1.9M
ADD	ISHARES TR	464287432	+15,412	+$1.3M	-$917,439
ADD	VANGUARD CALIF TAX FREE FDS	922021605	+12,456	+$1.2M	+$15,996
ADD	ISHARES TR	46429B747	+10,828	+$1.1M	-$21,513
ADD	ISHARES TR	46435G409	+22,468	+$854,908	+$177,898
REDUCE	APPLE INC	AAPL	-3,132	-$851,472	+$479,647

Sector Allocation

10.4%$65.6M

4.2%$26.8M

0.8%$5.1M

0.7%$4.6M

Consumer Discretionary

0.6%$3.5M

Energy

0.4%$2.3M

Communication Services

0.3%$1.8M

0.2%$1.2M

0.1%$487,635

0.1%$397,204

0.1%$369,703

Filing History

Feb 24, 202613F HOLDINGS REPORTQ/E Dec 20251,802 pos · $632.3M
Nov 21, 202513F HOLDINGS REPORTQ/E Sep 20251,876 pos · $611.9M
Aug 11, 202513F HOLDINGS REPORTQ/E Jun 20251,879 pos · $581.6M
May 16, 202513F HOLDINGS REPORTQ/E Mar 20251,904 pos · $541.2M
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 20241,900 pos · $535.2M
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 20241,878 pos · $545.2M
Aug 8, 202413F HOLDINGS REPORTQ/E Jun 20241,943 pos · $509.4M
May 8, 202413F HOLDINGS REPORTQ/E Mar 20241,910 pos · $511.7M
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 20231,923 pos · $446.4M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	GOLDMAN SACHS ETF TR	NVGLF	632,985	$63.3M	11.10%
2	SCHWAB STRATEGIC TR	808524771	2,013,483	$54.8M	9.61%
3	VANGUARD SCOTTSDALE FDS	92206C771	1,038,999	$48.9M	8.58%
4	FLEXSHARES TR	FLEX	1,953,181	$47.0M	8.24%
5	ISHARES TR	464287432	430,551	$37.5M	6.58%
6	SCHWAB STRATEGIC TR	808524755	685,355	$31.0M	5.43%
7	SCHWAB STRATEGIC TR	808524201	887,608	$23.9M	4.19%
8	ISHARES TR	46432F396	92,299	$23.1M	4.05%
9	SCHWAB STRATEGIC TR	808524763	635,328	$20.0M	3.51%
10	VANGUARD INDEX FDS	922908744	102,294	$19.5M	3.43%
11	ISHARES TR	46432F339	82,549	$16.4M	2.88%
12	SCHWAB STRATEGIC TR	808524805	571,232	$13.7M	2.41%
13	INVESCO EXCH TRADED FD TR II	IVZ	162,975	$11.6M	2.04%
14	ISHARES INC	46434G103	155,737	$10.5M	1.84%
15	SCHWAB STRATEGIC TR	808524797	361,691	$9.9M	1.74%
16	ISHARES TR	46434V456	209,644	$9.5M	1.67%
17	SCHWAB STRATEGIC TR	808524730	216,567	$7.8M	1.37%
18	SCHWAB STRATEGIC TR	808524748	169,608	$7.6M	1.33%
19	ISHARES TR	464287804	61,301	$7.4M	1.29%
20	SCHWAB STRATEGIC TR	808524607	246,052	$7.0M	1.23%