Sand Hill Global Advisors portfolio

What changed this quarter

150 positions with a change (18 new, 45 added to, 78 trimmed, 9 sold); also, 1 exited through an acquisition or merger, 1 entered through a spin-off. 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• iShares Msci Emerging Market ETF+978%more sharesIncreased
  0.2% → 2.6%
• Vanguard International Equity Index F−25%fewer sharesReduced
  5.9% → 4.3%
• iShares Core S&P Midcap ETF−23%fewer sharesReduced
  5.3% → 4.2%
• iShares Russell 2000 ETF−15%fewer sharesReduced
  4.7% → 4.4%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Vanguard S&P 500 ETFVOO10.6%
• iShares Msci Eafe ETFEFA9.4%
• State Str Spdr S&P 500 ETF TSPY7.3%
• Vanguard Real Estate ETFVNQ5.1%
• STE Str SPDR PT S&P 500 ETFSPYM4.8%
• iShares Russell 2000 ETFIWM4.4%
• Vanguard International Equity Index FVWO4.3%
• iShares Core S&P Midcap ETFIJH4.2%
• Pimco Active Bond Exchange-t ETFBOND3.5%
• Vanguard Index FundsVBK3.3%
• iShares Msci Acwi EX US ETFACWX3.0%
• iShares Msci Emerging Market ETFEEM2.6%
• Invesco QQQ Trust Series 1 ETFQQQ2.6%
• Vanguard Intermediate-term T ETFVGIT2.4%
• iShares Core U.s. Aggregate ETFAGG2.2%
• iShares Core S&P 500 ETFIVV1.6%
• AppleAAPL1.5%
• AlphabetGOOGL · GOOG1.3%
• NVIDIANVDA1.2%
• Amazon.comAMZN0.9%
• MicrosoftMSFT0.9%
• iShares ESG Aware Msci USA S ETFESML0.8%
• iShares ESG Aware Msci USA ETFESGU0.8%
• iShares Ultra Short Duration ETFICSH0.7%
• Berkshire HathawayBRK/A · BRK/B0.7%
• Vanguard Ftse Developed ETFVEA0.7%
• J P Morgan Exchange Traded FundJPST0.7%
• JPMorgan ChaseJPM0.6%
• Meta PlatformsMETA0.6%
• iShares US Real Estate ETFIYR0.6%
• VisaV0.5%
• Pgim Ultra Short Bond ETFPULS0.5%
• BroadcomAVGO0.4%
• Parker-hannifinPH0.4%
• Palo Alto NetworksPANW0.4%
• iShares Trust iShares ESG AW ETFESGD0.4%
• Union PacificUNP0.4%
• TJXTJX0.4%
• Johnson & JohnsonJNJ0.4%
• SnowflakeSNOW0.3%
• Vanguard Short-term Bond ETFBSV0.3%
• Vanguard Most Sm-cap ETF-usd ETFVB0.3%
• Eli LillyLLY0.3%
• ASML HoldingASML0.3%
• ChevronCVX0.3%
• iShares ESG Aware US Aggrega ETFEAGG0.3%
• EcolabECL0.3%
• BlackRockBLK0.3%
• American Electric PowerAEP0.2%
• DoorDashDASH0.2%
• Quanta ServicesPWR0.2%
• State Str Spdr S&P Midcap 40MDY0.2%
• Procter & GamblePG0.2%
• RTXRTX0.2%
• CME GroupCME0.2%
• Vanguard Index FundsVTI0.2%
• TeslaTSLA0.2%
• StrykerSYK0.2%
• EatonETN0.2%
• iShares Sh DBA ETF USDNEAR0.2%
• Waste ManagementWM0.2%
• Cadence Design SystemsCDNS0.2%
• Booking HoldingsBKNG0.2%
• Vanguard S/t Corp Bond ETFVCSH0.2%
• AutodeskADSK0.2%
• Walt DisneyDIS0.2%
• PrologisPLD0.2%
• iShares Msci Acwi ETFACWI0.2%
• Applied MaterialsAMAT0.2%
• iShares Russell 1000 ETFIWB0.2%
• Cheniere EnergyLNG0.2%
• WYNN ResortsWYNN0.2%
• IsharesESGE0.2%
• EntergyETR0.2%
• Schwab Short-term US Treas ETFSCHO0.1%
• iShares National Muni Bond E ETFMUB0.1%
• Schwab US Large-cap ETFSCHX0.1%
• NewmontNEM0.1%
• Manager Directed PortfoliosVGSR0.1%
• Dimensional ETF TrustDFUS0.1%
• SalesforceCRM0.1%
• iShares California Muni Bond ETFCMF0.1%
• TargetTGT0.1%
• iShares Russell 3000 ETFIWV0.1%
• Arthur J. GallagherAJG0.1%
• Honeywell InternationalHON0.1%
• NetflixNFLX0.1%
• Honeywell AerospaceHONA0.1%
• Invesco ESG Nasdaq 100 ETFQQMG0.1%
• iShares Russell 2000 Growth ETFIWO0.1%
• CBRE GroupCBRE0.1%
• Costco WholesaleCOST0.1%
• Schwab International Equity ETFSCHF0.1%
• Pimco Intermediate Municipal ETFMUNI0.1%
• Western DigitalWDC0.1%
• Verisk AnalyticsVRSK0.1%
• Vertex PharmaceuticalsVRTX0.1%
• Home DepotHD0.1%