SEC Filing Analysis: Evanson Asset Management, LLC

Executive Summary

• Trading Significance: Low
• Key Takeaway: Evanson Asset Management, LLC has filed its quarterly Form 13F-HR, disclosing $1.77 billion in assets under management across 323 positions as of September 30, 2025. The filing provides a snapshot of the firm's long equity positions.
• Market Impact: As a routine quarterly filing with a 45-day lag, immediate market impact is minimal. However, analysis of changes from previous quarters can reveal shifts in institutional strategy and sentiment over time.

Filer Information

Field	Value
Filer Name	Evanson Asset Management, LLC
CIK	0001626379
Type	Institutional Investment Manager
Total AUM Reported	$1,773,307,339

Portfolio Analysis

Field	Value
Form Type	13F-HR (Holdings Report)
Period of Report Date	2025-09-30
Total Holdings	323
Total Portfolio Value	$1,773,307,339

Top 10 Holdings

Issuer	Class of Security	Value (USD)
DIMENSIONAL ETF TRUST	US CORE EQUITY 2	$153,943,456
SPROTT ASSET MANAGEMENT LP	PHYSICAL GOLD TR	$134,421,243
VANGUARD INSTL INDEX FD	0-3 MO TREAS BIL	$102,967,010
APPLE INC	COM	$75,922,180
DIMENSIONAL ETF TRUST	WORLD EX US CORE	$73,745,194
DIMENSIONAL ETF TRUST	US EQUITY MARKET	$66,494,108
DIMENSIONAL ETF TRUST	US TARGETED VLU	$63,759,472
DIMENSIONAL ETF TRUST	INTERNATNAL VAL	$62,562,666
DIMENSIONAL ETF TRUST	US MKTWIDE VALUE	$58,893,031
VANGUARD INDEX FDS	TOTAL STK MKT	$54,080,259

Market Implications of 13F Filings

Informational Value

• Direction: Neutral
• Reasoning: Form 13F is a backward-looking report. It shows positions held at the end of a quarter, not real-time trading activity. It is useful for understanding a manager's portfolio construction and long-term convictions but is not a timely trading signal.

Volume & Sentiment

• Expected Volume Impact: None. The market has already priced in this information over the preceding 45 days.
• Sentiment Indicator: The portfolio indicates a broadly diversified, index-tracking strategy with significant allocations to value, international, and small-cap ETFs, alongside a substantial hedge in physical gold and cash equivalents (treasury bills). This suggests a balanced, risk-aware approach rather than a concentrated bullish or bearish stance on any single sector.

Portfolio Insights

Key Observations

1. ETF Dominance: The majority of the top holdings are broad-market and factor-based ETFs, primarily from Dimensional Fund Advisors (DFA) and Vanguard. This points to a strategy focused on systematic, diversified exposure rather than individual stock picking.
2. Significant Gold & Cash Position: The second and third largest holdings are a physical gold trust and a short-term treasury ETF, totaling over $237 million (approx. 13.4% of the reported portfolio). This indicates a strong emphasis on capital preservation and hedging against inflation or market volatility.
3. Large-Cap Tech Exposure: Despite the ETF focus, significant single-stock positions exist in mega-cap tech companies like Apple, Alphabet, and Microsoft, reflecting their large weight in the overall market.

Contextual Analysis

Filing Type

This is a Form 13F-HR, a mandatory quarterly report for institutional investment managers with over $100 million in qualifying assets. It discloses long positions in publicly traded U.S. securities.

Limitations

• Lag: The data is as of September 30, 2025, and was filed 45 days later. The manager could have altered these positions since.
• Scope: The filing does not include short positions, options, or non-U.S. securities, providing an incomplete picture of the manager's overall strategy.

Risk Assessment

Risk Level for Interpretation: Medium

Key Risks in Using This Data

• Lag Risk: Making trading decisions based on 45-day-old data is inherently risky as the positions may have changed.
• Incomplete Picture: The lack of short positions means one cannot know if a long position is part of a complex hedging strategy (e.g., a pairs trade).
• 'Window Dressing': Some funds may buy high-performing stocks just before the end of a quarter to make their portfolio appear more successful. This filing does not provide enough information to confirm or deny such activity.

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IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.

Analysis generated on 2025-10-14 | Data source: SEC EDGAR