SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Armbruster Capital Management, Inc.

CIK 0001664847 · 1250 PITTSFORD VICTOR ROAD, BUILDING 100 SUITE 180, PITTSFORD, NY, 14534 · 585-381-4180

Reported Value
$439M
Q4 2023
Positions
101
Filings on Record
31
2019–present window
Filed
Feb 1, 2024
original filing

Summary

Armbruster Capital Management, Inc. reported $439M in U.S.-listed holdings across 101 positions for Q4 2023.

Its largest position, Vanguard Wellington Fd, represents 11.0% of the portfolio.

Compared with Q3 2023, the fund opened 4 new positions and exited 3.

Portfolio Metrics

Turnover
+0.3%
vs prior filed quarter
Top-10 Concentration
+57.0%
share of reported value
Largest Position
+11.0%
Vanguard Wellington Fd
New / Exited
4 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $202MQ4 ’18Q1 ’19: $231MQ2 ’19: $238MQ3 ’19: $241MQ4 ’19: $261MQ4 ’19Q1 ’20: $212MQ2 ’20: $249MQ3 ’20: $260MQ4 ’20: $298MQ4 ’20Q1 ’21: $338MQ2 ’21: $354MQ3 ’21: $350MQ4 ’21: $437MQ4 ’21Q1 ’22: $415MQ2 ’22: $370MQ3 ’22: $351MQ4 ’22: $386MQ4 ’22Q1 ’23: $391MQ2 ’23: $406MQ3 ’23: $396MQ4 ’23: $439MQ4 ’23Q1 ’24: $470MQ2 ’24: $482MQ3 ’24: $502MQ4 ’24: $492MQ4 ’24Q1 ’25: $501MQ2 ’25: $552MQ3 ’25: $588MQ4 ’25: $596MQ4 ’25Q1 ’26: $610Mfilingsflow.com

Portfolio Composition

By security type
ETP: 94.6%Common Stock: 5.0%REIT: 0.4%
  • ETP · 94.6% · $415M
  • Common Stock · 5.0% · $22M
  • REIT · 0.4% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPDR SER TRNEW+1.8K1.8K+$243,079$243,079
ISHARES TRNEW+6.3K6.3K+$240,449$240,449
NOWSERVICENOW INCNEW+317317+$223,957$223,957
VANGUARD INTL EQUITY INDEX FNEW+1.8K1.8K+$209,930$209,930
PFEPFIZER INCSOLD OUT−6.7K0−$222,073$0
BMYBRISTOL-MYERS SQUIBB COSOLD OUT−3.7K0−$213,239$0
VANGUARD SCOTTSDALE FDSSOLD OUT−3.0K0−$202,925$0
INVESCO EXCH TRADED FD TR IIADDED+53.8K172.3K+$3M$8M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ESGDISHARES TRMSCI USA MMENTM · MSCI USA QLT FCT · MSCI INTL VLU FT · MSCI INTL QUALTY · MSCI INTL MOMENT · MSCI USA MIN VOL · MSCI EAFE MIN VL · CORE S&P500 ETF · CORE MSCI EAFE · CORE S&P MCP ETF · CORE S&P SCP ETF · MSCI USA SMCP MN · ESG AW MSCI EAFE37.39%$164M2.56M
2VANGUARD WELLINGTON FDUS VALUE FACTR · US QUALITY · US MOMENTUM17.42%$76M650.1K
3INVESCO EXCHANGE TRADED FD TS&P500 PUR VAL · S&P SMLCP MOMENT · S&P SML600 VAL11.64%$51M648.0K
4INVESCO EXCH TRADED FD TR IIS&P500 LOW VOL · S&P SMLCP LOW · S&P 500 ENHNCD · S&P INTL LOW10.01%$44M863.3K
5AMERICAN CENTY ETF TREMERGING MKT VAL · AVANTIS EMGMKT3.42%$15M318.6K
6VTVVANGUARD INDEX FDSLARGE CAP ETF · MID CAP ETF · REAL ESTATE ETF · VALUE ETF · TOTAL STK MKT2.93%$13M71.1K
7ISHARES INCEMNG MKTS EQT · CORE MSCI EMKT · MSCI EMERG MRKT2.49%$11M235.2K
8SPDR DOW JONES INDL AVERAGEUT SER 11.74%$8M20.3K
9SCHWAB STRATEGIC TRINTL EQTY ETF · EMRG MKTEQ ETF1.36%$6M174.6K
10SPDR S&P 500 ETF TRTR UNIT1.26%$6M11.7K
11DFIVDIMENSIONAL ETF TRUSTINTERNATNAL VAL0.74%$3M94.3K
12PAYXPAYCHEX INCCOM0.59%$3M21.7K
13VANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT0.57%$2M52.0K
14BNLBROADSTONE NET LEASE INCCOM0.41%$2M103.9K
15SPDR SER TRS&P 500 ESG ETF0.38%$2M36.0K
16AAPLAPPLE INCCOM0.37%$2M8.5K
17BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.35%$2M4.3K
18INTCINTEL CORPCOM0.34%$1M29.8K
19EXMOCEXXON MOBIL CORPCOM0.33%$1M14.4K
20VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.30%$1M32.0K
21MSFTMICROSOFT CORPCOM0.30%$1M3.4K
22JPMJPMORGAN CHASE & COCOM0.28%$1M7.3K
23NDQINVESCO QQQ TRUNIT SER 10.25%$1M2.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$610M132Apr 21, 202613F-HRchanges · EDGAR ↗
Q4 2025$596M132Jan 23, 202613F-HRchanges · EDGAR ↗
Q3 2025$588M131Oct 20, 202513F-HRchanges · EDGAR ↗
Q2 2025$552M128Jul 23, 202513F-HRchanges · EDGAR ↗
Q1 2025$501M128Apr 16, 202513F-HRchanges · EDGAR ↗
Q4 2024$492M132Jan 22, 202513F-HRchanges · EDGAR ↗
Q3 2024$502M130Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$482M118Jul 29, 202413F-HRchanges · EDGAR ↗
Q1 2024$470M107May 7, 202413F-HRchanges · EDGAR ↗
Q4 2023$439M101Feb 1, 202413F-HRchanges · EDGAR ↗
Q3 2023$396M100Oct 17, 202313F-HRchanges · EDGAR ↗
Q2 2023$406M106Aug 3, 202313F-HRchanges · EDGAR ↗
Q1 2023$391M102May 9, 202313F-HRchanges · EDGAR ↗
Q4 2022$386M103Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$351M105Nov 16, 2022RESTATEMENTchanges · EDGAR ↗
Q2 2022$370M109Aug 1, 202213F-HRchanges · EDGAR ↗
Q1 2022$415M124May 5, 202213F-HRchanges · EDGAR ↗
Q4 2021$437M122Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$350M94Oct 21, 202113F-HRchanges · EDGAR ↗
Q2 2021$354M98Aug 6, 202113F-HRchanges · EDGAR ↗
Q1 2021$338M91Apr 29, 202113F-HRchanges · EDGAR ↗
Q4 2020$298M88Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$260M86Oct 30, 202013F-HRchanges · EDGAR ↗
Q2 2020$249M86Aug 10, 202013F-HRchanges · EDGAR ↗
Q1 2020$212M76May 8, 202013F-HRchanges · EDGAR ↗
Q4 2019$261M80Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$241M76Nov 8, 201913F-HRchanges · EDGAR ↗
Q2 2019$238M73Jul 18, 201913F-HRchanges · EDGAR ↗
Q1 2019$231M70Apr 16, 201913F-HRchanges · EDGAR ↗
Q4 2018$202M68Jan 28, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.