Creative Planning 13F Portfolio

The biggest adds by dollars are telling: BND, BSV, IVV, SPDW, and SPMD dominate the buy tape. This is not a rotation into esoteric credit or single names; it’s a scale‑up in cheap, index‑like exposure where liquidity is deepest and tracking error lowest.

• BND and BSV: Adding $681.9M to BND and $502.8M to BSV, both still slightly underwater versus average cost, signals they see more upside in interest‑rate normalization than credit spread compression. They are extending and reinforcing core duration rather than reaching for yield.
• SPDW and SPMD: With an extra $535.1M into developed ex‑U.S. (SPDW) and $311.3M into U.S. mid‑caps (SPMD), they are favoring broad but slightly more targeted beta over pure cap‑weighted behemoths. It’s a way to express valuation and diversification views without taking single‑stock risk abroad.
• AVUV and AVDV: Adds of $175.6M and $178.8M to these small‑cap value factor ETFs show a live belief that the quality/value/small premium is not dead — especially outside the S&P 500 glare.
• NVDA, MU, AMAT, AVGO, META, MSFT, GOOGL/GOOG, AMZN, TSLA: Within the modest single‑stock sleeve, the incremental capital overwhelmingly goes to AI platforms and semis. They are not trying to out‑pick niche AI startups; they are riding the infrastructure toll roads that already dominate indices.

Put together, conviction is rising in three places: rate‑sensitive core bonds, factor‑tilted equities (small/value), and the AI supply chain — all stapled onto an S&P 500‑heavy core.

On the sell side, there are no dramatic liquidations, just deliberate diet cuts to crowded parts of the portfolio. The biggest trims by dollars are almost all in broad international and multi‑cap wrappers, where performance has been strong and overlap with other holdings is high.

• VEA, SCHF, IDEV, SCHE, SPEM, VWO: Cutting VEA by $244.8M and modestly reducing SCHF, IDEV, SCHE, SPEM, and VWO is essentially a controlled deflation of traditional cap‑weighted foreign and EM beta. These funds are generally sitting on healthy gains, making them natural funding sources.
• VV, VO, VB, VYM, SCHM: Light trims to these Vanguard and Schwab U.S. multi‑cap ETFs look more like overlap management than a statement on U.S. equities. The S&P‑centric vehicles (IVV, SPY, VOO) are being favored as the primary core.
• AGG, VTEB, VNQ, SCHH: Small reductions in AGG and some real estate/muni exposure juxtaposed with big adds to BND, BSV, and VGIT indicate a preference for particular bond constructions over others, not an exit from fixed income.

The pattern is clear: when they need cash, they sell where they are long performance and redundancy — international index sleeves and secondary U.S. wrappers — while protecting and even enlarging their preferred building blocks.

The headline sector mix barely budges on the surface: technology creeps from 9.48% to 9.74%, while everything that sits inside index and ETF wrappers remains “unclassified” in the 13F taxonomy. Underneath that, however, the real risk story is a bond and factor allocation story, not a classic sector rotation.

Tech remains the only true overweight by named holdings: Apple, Microsoft, Nvidia, Alphabet, Broadcom, Micron, Applied Materials, and Meta all see share count increases. This is a deliberate bet that AI and cloud profit pools will keep compounding faster than the broad market, but expressed through index pillars and mega‑caps rather than speculative satellites.

Outside tech, single‑name exposure is token: Tesla in autos/industrials, Amazon in consumer, Eli Lilly in health care, JPMorgan in financials. The real sector diversification is happening inside the big ETFs — IVV, VTI, SPY, SPDW, IEMG, AVUV, AVDV, and others — where they can rebalance macro and factor risk in one stroke instead of shuffling dozens of stocks.

Net‑net, sector risk is being managed at the wrapper level. They are content to let indices dictate the sector breakdown, then lean a bit more heavily into tech’s AI winners and into REITs via XLRE and VNQ for yield and inflation hedging, all while bond exposure becomes the primary dial for total portfolio volatility.

Looking ahead, this book is clearly positioned for a world where rates ease and volatility resurfaces, but secular tech and AI remain the earnings engine. The outsized adds to BND, BSV, VGIT, and other high‑quality bond ETFs say they want to lock in a better bond carry profile and be paid if the next move in yields is down.

At the same time, they are not fading what worked. Incremental capital into Nvidia, Micron, Applied Materials, Broadcom, Meta, Microsoft, Alphabet, Amazon, and Tesla keeps the portfolio’s growth optionality alive. If AI and cloud spending keep surprising to the upside, this 13F will fully participate via both index exposure and direct holdings.

The slow bleed out of cap‑weighted foreign equity in favor of factor products like AVUV and AVDV suggests that, over time, Creative Planning prefers systematic tilts to value and small caps rather than blind allegiance to global market caps. Expect more of this: small sizing changes, but always in the direction of cleaner building blocks and more precise levers.

This is a very institutional answer to a messy macro and AI‑driven micro backdrop: keep the S&P 500 at the core, use bonds and factors as the real tools of expression, and let the megacap AI complex ride until the fundamentals tell a different story.