SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Keystone Financial Services

CIK 0001865158 · 4090 CLYDESDALE PARKWAY, SUITE 201, LOVELAND, CO, 80538 · 970-744-5408

Reported Value
$323M
Q3 2025
Positions
271
Filings on Record
18
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Keystone Financial Services reported $323M in U.S.-listed holdings across 271 positions for Q3 2025.

Its largest position, Ishares Tr, represents 5.3% of the portfolio.

Compared with Q2 2025, the fund opened 15 new positions and exited 3.

Portfolio Metrics

Turnover
+0.5%
vs prior filed quarter
Top-10 Concentration
+40.3%
share of reported value
Largest Position
+5.3%
Ishares Tr
New / Exited
15 / 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 ’21: $195MQ4 ’21Q1 ’22: $174MQ2 ’22: $184MQ3 ’22: $172MQ3 ’22Q4 ’22: $186MQ1 ’23: $187MQ2 ’23: $196MQ2 ’23Q3 ’23: $189MQ4 ’23: $212MQ2 ’24: $241MQ2 ’24Q3 ’24: $258MQ4 ’24: $261MQ1 ’25: $262MQ1 ’25Q2 ’25: $294MQ3 ’25: $323MQ4 ’25: $331MQ4 ’25Q1 ’26: $341Mfilingsflow.com

Portfolio Composition

By security type
ETP: 82.4%Common Stock: 15.8%ADR: 0.8%Other: 0.8%REIT: 0.1%
  • ETP · 82.4% · $266M
  • Common Stock · 15.8% · $51M
  • ADR · 0.8% · $3M
  • Other · 0.8% · $2M
  • REIT · 0.1% · $468,050

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
APPAPPLOVIN CORPNEW+404404+$290,290$290,290
BABAALIBABA GROUP HLDG LTDNEW+1.5K1.5K+$260,410$260,410
GLWCORNING INCNEW+3.2K3.2K+$258,805$258,805
STWDSTARWOOD PPTY TR INCNEW+13.2K13.2K+$255,180$255,180
HHHHOWARD HUGHES HOLDINGS INCNEW+2.8K2.8K+$232,952$232,952
IBITISHARES BITCOIN TRUST ETFNEW+3.5K3.5K+$230,230$230,230
AMGAFFILIATED MANAGERS GROUP INNEW+942942+$224,601$224,601
EVREVERCORE INCNEW+659659+$222,293$222,293

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

Holdings — Q3 2025

16 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TLHISHARES TRCORE TOTAL USD · MSCI USA QLT FCT · CORE S&P500 ETF · EAFE VALUE ETF · S&P 500 GRWT ETF · S&P 500 VAL ETF · S&P 100 ETF · EAFE GRWTH ETF · 10-20 YR TRS ETF · U.S. TECH ETF · MSCI USA MMENTM · MBS ETF · CORE INTL AGGR · NATIONAL MUN ETF60.22%$194M1.76M
2LCTUUSDBLACKROCK ETF TRUSTISHARES US EQUIT · ISHARES US THEMA · ISHARES A I INNO · US CARBON TRANS11.14%$36M743.3K
3ISHARES INCCORE MSCI EMKT4.68%$15M229.2K
4IAU*ISHARES GOLD TRhistory →ISHARES NEW1.02%$3M45.2K
5BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.79%$3M5.1K
6BLACKROCK ETF TRUST IIISHARES FLEXIBLE0.73%$2M44.1K
7JPMJPMORGAN CHASE & CO.COM0.70%$2M7.2K
8ORCLORACLE CORPCOM0.60%$2M6.9K
9METAMETA PLATFORMS INCCL A0.56%$2M2.5K
10GOOGALPHABET INCCAP STK CL C0.56%$2M7.4K
114I1PHILIP MORRIS INTL INCCOM0.56%$2M11.1K
12MSFTMICROSOFT CORPCOM0.51%$2M3.2K
13SCHWSCHWAB CHARLES CORPCOM0.46%$1M15.6K
14AVGOBROADCOM INCCOM0.46%$1M4.5K
15BKNGBOOKING HOLDINGS INCCOM0.46%$1M273
16WFCWELLS FARGO CO NEWCOM0.38%$1M14.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$341M259May 6, 202613F-HRchanges · EDGAR ↗
Q4 2025$331M261Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$323M271Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$294M249Aug 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$262M216Apr 23, 202513F-HRchanges · EDGAR ↗
Q4 2024$261M223Jan 31, 202513F-HRchanges · EDGAR ↗
Q3 2024$258M216Nov 5, 202413F-HRchanges · EDGAR ↗
Q2 2024$241M200Jul 23, 202413F-HRchanges · EDGAR ↗
Q4 2023$212M190Jan 29, 202413F-HRchanges · EDGAR ↗
Q3 2023$189M171Nov 8, 202313F-HRchanges · EDGAR ↗
Q2 2023$196M173Aug 2, 202313F-HRchanges · EDGAR ↗
Q1 2023$187M183Apr 28, 202313F-HRchanges · EDGAR ↗
Q4 2022$186M185Feb 1, 202313F-HRchanges · EDGAR ↗
Q3 2022$172M183Oct 28, 202213F-HRchanges · EDGAR ↗
Q2 2022$184M186Aug 3, 202213F-HRchanges · EDGAR ↗
Q1 2022$174M164May 10, 202213F-HRchanges · EDGAR ↗
Q4 2021$195M192Feb 1, 202213F-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 ↗.