SEC Filing Analysis: Cornerstone Management, Inc.

Executive Summary

• Trading Significance: Medium
• Key Takeaway: Cornerstone Management, Inc. filed its quarterly Form 13F-HR, disclosing $604.7 million in assets under management as of September 30, 2025. The portfolio is heavily concentrated in broad-market ETFs, particularly Vanguard's Growth and Value funds, suggesting a long-term, diversified strategy.
• Market Impact: This filing offers a transparent look into the positions of a mid-sized institutional manager. While not large enough to single-handedly move markets, the data is valuable for tracking institutional sentiment and identifying which securities and ETFs are favored by professional money managers.

Filer Information

Field	Value
Filer Name	Cornerstone Management, Inc.
CIK	0001587867
Total Portfolio Value	$604,705,780
Number of Holdings	63

Filing Details

Field	Value
Form Type	13F-HR
Filing Date	2025-10-10
Period of Report	2025-09-30
Accession Number	0002085853-25-000066

Portfolio Analysis

This filing is a holdings report, not a transactional report. It details the firm's long positions as of the end of the third quarter of 2025.

Top 5 Holdings by Market Value

Issuer	Title of Class	Market Value
VANGUARD INDEX FDS	GROWTH ETF	$158,562,424
VANGUARD INDEX FDS	VALUE ETF	$96,428,571
J P MORGAN EXCHANGE TRADED F	ULTRA SHRT ETF	$95,099,400
ISHARES TR	CORE US AGGBD ET	$41,052,676
ISHARES TR	MSCI EAFE ETF	$22,747,640

Key Observations

1. ETF Dominance: The top five holdings, representing over 68% of the portfolio's value, are all ETFs. This indicates a core strategy built on diversification and exposure to broad market segments (US growth, US value, short-term bonds, aggregate bonds, international developed markets).
2. Conservative Core: The significant allocation to ultra-short and aggregate bond ETFs (JPST and AGG) suggests a balanced approach, managing risk and maintaining liquidity within the portfolio.
3. Individual Stock Picks: Beyond the core ETF holdings, the firm holds positions in major individual companies such as Berkshire Hathaway (BRK.A, BRK.B), NVIDIA (NVDA), and Apple (AAPL), indicating selective, high-conviction bets on established market leaders.

Investment Insights

Strategic Implications

• The portfolio structure suggests a 'core-satellite' strategy. The 'core' consists of low-cost, diversified ETFs, while the 'satellites' are individual stocks and more specialized ETFs (e.g., iShares US Aerospace & Defense ETF).
• The lack of voting authority ('None' column in the filing) for most positions is typical for assets held in client accounts where the investment manager has investment discretion but not voting power.

Potential Themes

• Long-Term Growth & Value: The two largest positions in Vanguard's Growth and Value ETFs show a classic, balanced approach to capturing the entire US large-cap market.
• International Diversification: A substantial position in the MSCI EAFE ETF demonstrates a commitment to diversifying outside of the United States.
• Targeted Bets: Holdings in companies like Palantir (PLTR) and NVIDIA (NVDA) show an allocation to high-growth technology sectors.

Contextual Analysis

Filing Context

• A Form 13F-HR is a mandatory quarterly filing for institutional investment managers with over $100 million in qualifying assets. It provides a snapshot of the manager's long positions in publicly traded securities.

Limitations of 13F Data

• Backward-Looking: The data is as of September 30, 2025, and may not reflect current holdings.
• No Short Positions: 13F filings do not require the disclosure of short positions, providing an incomplete picture of the firm's overall strategy.
• No Cash or Non-Equity Holdings: The report only covers specific types of equity securities, excluding cash, derivatives (options/futures), and most debt instruments.

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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 2025-10-10 | Data source: SEC EDGAR