SEC Filing Analysis: Bay Harbor Wealth Management, LLC

Executive Summary

• Trading Significance: High
• Key Takeaway: Bay Harbor Wealth Management has disclosed institutional assets under management (AUM) of approximately $370.1 billion as of September 30, 2025. The portfolio is heavily weighted towards large, diversified ETFs, indicating a strategy of broad market participation and risk management.
• Market Impact: This filing provides a valuable look into the allocation strategies of a major institutional manager. The heavy concentration in broad-market ETFs reinforces the trend of passive and quasi-passive investing. The sheer size of the holdings means any significant future shifts in allocation could influence flows into these large ETF products.

Filer Information

Field	Value
Filer Name	Bay Harbor Wealth Management, LLC
CIK	0001767989
Total AUM Reported	$370,127,233,000
Number of Holdings	1,289
Report Period	2025-09-30

Filing Type: Form 13F-HR

A Form 13F-HR is a quarterly report required to be filed by institutional investment managers with at least $100 million in equity assets under management. It discloses their long U.S. equity holdings at the end of each calendar quarter.

• This is a holdings report, not a transactional report.
• It does not show short positions, cash, or non-U.S. securities.
• The data reflects positions as of a specific date and does not detail the individual buy/sell activity during the quarter.

Portfolio Overview & Top Holdings

The portfolio is dominated by large, liquid ETFs, suggesting a core strategy built on diversified market exposure across various asset classes, including U.S. equity, international equity, and fixed income. The values reported are in thousands of USD.

Holding	Security Type	Value (USD)	Shares/Units
DIMENSIONAL US CORE EQUITY MARKET ETF	Exchange Traded Fund	$30,177,211,000	659,467
VANGUARD GROWTH ETF	Exchange Traded Fund	$22,806,988,000	47,503
VANGUARD FTSE DEVELOPED MARKETS ETF	Exchange Traded Fund	$22,034,501,000	367,732
ISHARES CORE TOTAL USD BOND MARKET ETF	Exchange Traded Fund	$20,935,142,000	448,194
VANGUARD VALUE ETF	Exchange Traded Fund	$16,087,775,000	85,832
ISHARES U.S. EQUITY FACTOR ROTATION ACTIVE ETF	Exchange Traded Fund	$15,684,270,000	264,937
VANGUARD TOTAL INTERNATIONAL BOND ETF	Exchange Traded Fund	$14,121,522,000	285,514
ISHARES S&P 500 GROWTH ETF	Exchange Traded Fund	$12,979,090,000	107,514
ISHARES S&P 500 VALUE ETF	Exchange Traded Fund	$12,016,816,000	58,190
ISHARES MSCI USA QUALITY FACTOR ETF	Exchange Traded Fund	$11,985,090,000	61,620

Investment Insights

Strategic Observations

• Core-Satellite Approach: The massive positions in broad market ETFs likely form the 'core' of client portfolios, providing a stable, diversified base. The other 1,200+ smaller positions may represent 'satellite' holdings for tactical tilts or specific client mandates.
• Preference for Passive/Factor Investing: The top holdings are dominated by Vanguard, iShares, and Dimensional Fund Advisors (DFA) products, which are known for their systematic, factor-based, and low-cost approaches. This indicates a belief in efficient markets and capturing risk premia over active stock picking.
• Global Diversification: The presence of both U.S. and international (developed and emerging markets) equity and bond ETFs highlights a commitment to global diversification.

Key Takeaways

1. Scale of Operations: With a reported AUM of $370.1 billion, Bay Harbor Wealth Management is a major institutional player.
2. ETF-Centric Strategy: The firm's primary strategy for its largest allocations is through ETFs, not direct ownership of individual stocks.
3. Risk Management Focus: A portfolio this diversified across thousands of underlying securities via ETFs is inherently designed to manage and mitigate idiosyncratic (single-stock) risk, focusing instead on capturing broad market returns.

Contextual Analysis

This 13F-HR filing is a mandatory, routine disclosure for the period ending September 30, 2025. It reflects the manager's portfolio composition on that specific date. The data is backward-looking and may not represent the current portfolio, as positions could have changed since the reporting date. The filing also lists two 'Other Managers' for whom it is reporting: Dana Investment Advisors, Inc. and DIMENSIONAL FUND ADVISORS LP. This means some of the reported assets are managed by these sub-advisors, a common practice for large wealth platforms.

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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 October 9, 2025 | Data source: SEC EDGAR