Capstone Financial Advisors, Inc.

CIK 0001599217 · Q2 2026

13F Equity AUM

$2.1B

+10.5% QoQ

Positions

191

+6 QoQ

AUM Rank

#2,300

Top 18%

Skill Alpha (FF)

-0.1%/yr^ns

No Clear Edge

Rank #2,868 · Top 35%

vs S&P -2.8%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 56.4%Top 10: 74.5%Top 20: 89.5%

VTI17.8%

IWB12.7%

DFAC12.0%

NFRA7.3%

BND6.5%

VXUS4.8%

IXUS4.2%

DFAX3.7%

IWF2.8%

BNDX2.6%

Others (181)25.5%

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

Sector Allocation

Financial Services89.6%

Technology4.6%

Consumer Cyclical3.4%

Other2.4%

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

Position Sizing

Positions: 191Median: 0.03%Avg: 0.52%

0–0.5%

170(10.0%)

0.5–1%

3(1.7%)

1–3%

10(19.2%)

3–5%

3(12.7%)

5%+

5(56.4%)

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

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Portfolio Overlap

Shared: 0Unique: 191vs 20 funds

0%Low

191

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

New22Increased94Decreased53Exited16

New Positions

SBUX0.1%

+29K

KLAC0.0%

+2K

PANW0.0%

+1K

SNDK0.0%

+175

SMH0.0%

+476

SPACE EXPLORATION TE…0.0%

+3K

IVW0.0%

+2K

URI0.0%

+244

IEFA0.0%

+2K

ADBE0.0%

+1K

Increased

IWF2.8%

+343K(+299%)

BND6.5%

+61K(+3%)

NFRA7.3%

+46K(+2%)

BNDX2.6%

+32K(+3%)

PTLO0.0%

+20K(+34%)

VTI17.8%

+19K(+2%)

JMST0.1%

+14K(+128%)

DFIC0.1%

+11K(+53%)

SLQT0.0%

+10K(+40%)

DFAU0.2%

+8K(+14%)

Decreased

VTEB0.3%

-36,464(-22%)

DFAX3.7%

-22,270(-1%)

MIGA0.0%

-10,117(-62%)

IWB12.7%

-8,825(-1%)

T0.0%

-5,931(-27%)

CMG0.0%

-5,501(-43%)

TILT2.1%

-5,246(-3%)

AVRE0.7%

-5,070(-2%)

AAPL2.0%

-3,305(-2%)

RWO0.1%

-3,078(-5%)

Exited

-8,310

-11,093

-7,958

-3,921

-6,457

-1,070

-4,030

-1,719

-4,000

-3,572

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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