Valmark Advisers, Inc.

CIK 0001380443 · Q2 2026

13F Equity AUM

$9.4B

+11.9% QoQ

Positions

727

-676 QoQ

AUM Rank

#1,157

Top 9%

Skill Alpha (FF)

-2.3%/yr

Underperformer

Rank #5,624 · Top 68%

vs S&P -6.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 30.1%Top 10: 46.1%Top 20: 62.2%

VEA9.2%

SPYG6.0%

SPYV6.0%

SPMD5.1%

VTIP3.9%

VOO3.6%

SPSB3.4%

SPSM3.1%

VWO2.9%

SPTM2.9%

Others (717)53.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services95.7%

Other4.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 727Median: 0.01%Avg: 0.14%

0–0.5%

687(23.3%)

0.5–1%

20(14.4%)

1–3%

12(21.9%)

3–5%

4(14.1%)

5%+

4(26.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 727vs 20 funds

0%Low

727

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New66Increased356Decreased233Exited15

New Positions

GRID0.0%

+3K

QBUF0.0%

+16K

HONEYWELL AEROSPACE …0.0%

+3K

LQTI0.0%

+38K

CRDO0.0%

+2K

DFSD0.0%

+15K

VBIL0.0%

+18K

SPACE EXPLORATION TE…0.0%

+3K

SWARMER INC0.0%

+5K

OSCR0.0%

+12K

Increased

SPSB3.4%

+1.7M(+18%)

EMLC1.4%

+461K(+10%)

VGIT2.2%

+428K(+14%)

USIG1.9%

+390K(+13%)

HYLB1.4%

+357K(+11%)

GUNR2.0%

+328K(+10%)

VTIP3.9%

+274K(+4%)

SPYV6.0%

+265K(+3%)

CGMM0.2%

+260K(+125%)

HYBB0.9%

+250K(+16%)

Decreased

FLRN0.1%

-700,341(-70%)

SPSM3.1%

-310,690(-6%)

EMXC1.7%

-259,055(-14%)

JPST0.4%

-243,676(-27%)

SPYG6.0%

-146,137(-3%)

XSOE0.8%

-129,224(-8%)

SPMD5.1%

-115,834(-2%)

KEY0.0%

-57,523(-63%)

SMLF1.2%

-53,795(-4%)

VEU0.5%

-49,851(-8%)

Exited

-39,709

-4,673

-2,313

-6,492

-12,798

-39,664

-49,983

-2,615

-8,091

-2,457

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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