M Financial Asset Management, Inc.

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (29 quarters reported)

$35.9M $6.72M

Q4 17 Q2 19 Q4 20 Q2 22 Q4 23 Q4 24

$12.7M in Q4 2017 → $20.7M now. Hover for any quarter.

Holdings

As reported for the quarter ended December 31, 2024. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
D Dimentional	25.1%	Trimmed 14%	126,741	$5.19M
VI Vanguard Intl Equity Index F	23.9%	Trimmed 23%	85,644	$4.94M
D Dimentional	19.7%	Trimmed 10%	114,509	$4.07M
D Dimentional	19.3%	Trimmed 6.7%	61,293	$3.99M
VW Vanguard World Fds	4.4%	Trimmed 14%	7,550	$915K
VW Vanguard World Fds	3.2%	Trimmed 13%	3,531	$663K
F Flexshares	1.9%	Trimmed 47%	9,415	$383K
IT Ishares Tr	1.8%	Trimmed 29%	4,755	$362K
VV Vaneck Vectors ETF Tr	0.7%	Trimmed 39%	2,282	$147K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended December 31, 2024 · filed February 03, 2025

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Intl Equity Index F	Trimmed	−25,620	−$1.48M	23.9%
D Dimentional	Trimmed	−20,185	−$826K	25.1%
D Dimentional	Trimmed	−13,130	−$466K	19.7%
F Flexshares	Trimmed	−8,235	−$335K	1.9%
D Dimentional	Trimmed	−4,383	−$285K	19.3%
IT Ishares Tr	Trimmed	−1,987	−$151K	1.8%
VW Vanguard World Fds	Trimmed	−1,206	−$146K	4.4%
VW Vanguard World Fds	Trimmed	−539	−$101K	3.2%
VV Vaneck Vectors ETF Tr	Trimmed	−1,483	−$95.5K	0.7%

quarter ended September 30, 2024 · filed October 30, 2024

Company	Action	Shares changed	Value of change	% of portfolio
D Dimentional	Trimmed	−40,164	−$1.67M	23.8%
VI Vanguard Intl Equity Index F	Trimmed	−5,416	−$341K	27.2%
D Dimentional	Added	+8,746	+$333K	18.9%
F Flexshares	Trimmed	−1,796	−$74.1K	2.8%
IT Ishares Tr	Trimmed	−445	−$38.3K	2.3%
VV Vaneck Vectors ETF Tr	Trimmed	−445	−$33.6K	1.1%
D Dimentional	Added	+309	+$20K	16.5%
VW Vanguard World Fds	Trimmed	−116	−$14.2K	4.2%
VW Vanguard World Fds	Trimmed	−1	−$211	3.3%

quarter ended June 30, 2024 · filed August 07, 2024

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Intl Equity Index F	Trimmed	−60,543	−$3.55M	26.4%
D Dimentional	Trimmed	−32,760	−$1.18M	16.5%
D Dimentional	Trimmed	−22,471	−$882K	28.3%
D Dimentional	Trimmed	−14,410	−$866K	15.1%
VW Vanguard World Fds	Trimmed	−2,380	−$303K	4.4%
VW Vanguard World Fds	Trimmed	−1,572	−$303K	3.0%
IT Ishares Tr	Trimmed	−2,343	−$184K	2.2%
F Flexshares	Trimmed	−2,727	−$109K	3.0%
VV Vaneck Vectors ETF Tr	Trimmed	−1,506	−$106K	1.1%

quarter ended March 31, 2024 · filed April 29, 2024

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Intl Equity Index F	Added	+17,802	+$1.21M	33.5%
VW Vanguard World Fds	Trimmed	−1,162	−$237K	3.2%
IT Ishares Tr	Trimmed	−692	−$58.4K	2.2%
F Flexshares	Trimmed	−1,147	−$47.1K	2.5%
D Dimentional	Trimmed	−766	−$31.3K	23.9%
D Dimentional	Trimmed	−242	−$15.1K	13.8%
D Dimentional	Added	+150	+$5.51K	15.5%
VW Vanguard World Fds	Added	+3	+$395	4.1%

quarter ended December 31, 2023 · filed February 08, 2024

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−2,831	−$230K	2.6%
VW Vanguard World Fds	Trimmed	−1,168	−$222K	4.1%
F Flexshares	Added	+3,096	+$127K	3.0%
VI Vanguard Intl Equity Index F	Trimmed	−564	−$31.7K	28.2%
D Dimentional	Trimmed	−595	−$20.4K	16.4%
VW Vanguard World Fds	Trimmed	−174	−$20.4K	4.2%
D Dimentional	Added	+490	+$18.2K	24.7%
D Dimentional	Added	+212	+$12.6K	15.1%
VV Vaneck Vectors ETF Tr	Added	+66	+$6.17K	1.7%

quarter ended September 30, 2023 · filed February 07, 2024

Company	Action	Shares changed	Value of change	% of portfolio
D Dimentional	Trimmed	−18,162	−$618K	24.1%
VW Vanguard World Fds	Trimmed	−1,496	−$190K	4.9%
D Dimentional	Added	+1,083	+$56.8K	14.1%
VI Vanguard Intl Equity Index F	Added	+1,036	+$53.7K	28.0%
D Dimentional	Trimmed	−1,053	−$34.3K	16.7%
VW Vanguard World Fds	Trimmed	−153	−$26.4K	4.6%
F Flexshares	Trimmed	−539	−$21.8K	2.8%
IT Ishares Tr	Trimmed	−111	−$8.22K	3.3%
VV Vaneck Vectors ETF Tr	Trimmed	−31	−$2.44K	1.5%

quarter ended June 30, 2023 · filed September 26, 2023

Company	Action	Shares changed	Value of change	% of portfolio
D Dimentional	Added	+41,652	+$1.44M	25.3%
D Dimentional	Added	+16,656	+$547K	16.2%
D Dimentional	Added	+9,323	+$511K	13.9%
F Flexshares	Trimmed	−1,684	−$67.4K	2.7%
VI Vanguard Intl Equity Index F	Trimmed	−983	−$53.5K	27.9%
IT Ishares Tr	Exited	−344	−$30K	—
VW Vanguard World Fds	Exited	−278	−$20K	—
VW Vanguard World Fds	Exited	−299	−$16K	—
IT Ishares Tr	Exited	−415	−$10K	—
IT Ishares Tr	Exited	−127	−$10K	—

Showing the 10 largest of 14 changes.

quarter ended March 31, 2023 · filed May 16, 2023

Company	Action	Shares changed	Value of change	% of portfolio
D Dimentional	Added	+6,374	+$336K	12.9%
VI Vanguard Intl Equity Index F	Trimmed	−687	−$36.7K	30.3%
D Dimentional	Trimmed	−720	−$23.2K	15.6%
D Dimentional	Added	+220	+$7.37K	22.1%
IT Ishares Tr	Exited	−45	−$3K	—
IT Ishares Tr	Exited	−29	−$2K	—
VW Vanguard World Fds	Added	+9	+$1.6K	5.1%
F Flexshares	Trimmed	−35	−$1.48K	3.4%
SP SPDR Port	Exited	−25	−$1K	—
SP SPDR Port	Exited	−32	−$1K	—

Showing the 10 largest of 12 changes.

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