SEC Filing Analysis: FMB WEALTH MANAGEMENT (13F-HR)

Executive Summary

• Trading Significance: Medium
• Key Takeaway: FMB WEALTH MANAGEMENT has filed its quarterly Form 13F-HR, reporting $236.1 million in assets under management across 126 positions as of September 30, 2025. The portfolio shows a strong preference for broad-market and factor-based ETFs, primarily from Dimensional Fund Advisors and American Century, suggesting a diversified, strategic beta investment philosophy.
• Market Impact: As a routine quarterly disclosure from a mid-sized wealth manager, the direct market impact is expected to be low. However, the data provides insight into the strategies employed by institutional asset managers for high-net-worth clients.

Filer Information

Field	Value
Company	FMB WEALTH MANAGEMENT
CIK	0002040224
Business Address	100 N WESTLAKE BLVD, STE 201, WESTLAKE VILLAGE, CA 91362-3764

Filing Details

Field	Value
Form Type	13F-HR (Holdings Report)
Filing Date	2025-10-15
Period of Report	2025-09-30
Total Portfolio Value	$236,097,915
Total Holdings	126

Portfolio Analysis

The portfolio is heavily concentrated in Exchange-Traded Funds (ETFs), which comprise the largest positions. This indicates a top-down asset allocation strategy focused on diversification and exposure to specific market factors (e.g., value, small-cap, international) rather than concentrated bets on individual stocks.

Top 5 Holdings by Value

Issuer	Security	Value (USD)
DIMENSIONAL ETF TRUST	US CORE EQUITY 2 ETF	$41,729,634
DIMENSIONAL ETF TRUST	DIMENSIONAL US EQUITY ETF	$19,803,317
AMERICAN CENTY ETF TR	US EQUITY ETF	$15,678,007
DIMENSIONAL ETF TRUST	WORLD EX US CORE EQUITY ETF	$13,835,474
DIMENSIONAL ETF TRUST	DIMENSIONAL INTERNATIONAL CORE EQUITY MARKET ETF	$12,797,284

Notable Individual Stock Holdings

While ETFs dominate, the firm also holds positions in well-known large-cap companies:

• Apple Inc (AAPL): Total value of $5,045,609 across two entries.
• NVIDIA Corporation (NVDA): Total value of $3,512,631 across two entries.
• Microsoft Corp (MSFT): Total value of $1,763,860 across two entries.
• Amgen Inc (AMGN): Total value of $1,974,988 across two entries.

Investment Insights

Positive Market Indicators

• Diversification Strategy: The heavy use of broad-market and factor-based ETFs suggests a disciplined, long-term approach to portfolio construction, which can be a stabilizing strategy.
• Continued Tech Exposure: Despite the ETF focus, holdings in major technology leaders like Apple, NVIDIA, and Microsoft show continued conviction in the sector's long-term growth prospects.

Risk Factors & Considerations

• Backward-Looking Data: 13F filings report positions held 45 days prior to the filing date. The portfolio may have changed significantly since the period of report.
• Incomplete Picture: These filings do not include cash positions, short positions, or certain other asset classes, providing only a partial view of the firm's overall strategy and market outlook.

Key Takeaways

1. ETF-Centric Strategy: FMB Wealth Management's core strategy revolves around using ETFs for broad market exposure.
2. Factor Tilts: The specific choice of Dimensional and Avantis (American Century) ETFs suggests an investment philosophy rooted in academic, factor-based investing (e.g., value, size, profitability).
3. Supplemental Stock Positions: Individual stocks appear to be used as satellite holdings to supplement the core ETF strategy, likely for capturing specific growth opportunities.

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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 2025-10-15 | Data source: SEC EDGAR