Managers / Q4 2025 · view latest →
DAHRING | CUSMANO LLC
CIK 0002053669 · 26200 TOWN CENTER DR, SUITE 100, NOVI, MI, 48375 · 248-348-0100
Summary
Dahring | Cusmano LLC reported $144M in U.S.-listed holdings across 49 positions for Q4 2025.
Its largest position, Pimco Etf Tr, represents 12.6% of the portfolio.
Compared with Q3 2025, the fund opened 0 new positions and exited 4.
Portfolio Metrics
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
Portfolio Composition
- ETP · 97.0% · $140M
- Common Stock · 3.0% · $4M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VANGUARD MALVERN FDS | ADDED | +13.5K | 20.6K | +$693,092 | $1M |
| AZOAUTOZONE INC | SOLD OUT | −102 | 0 | −$437,604 | $0 |
| PGPROCTER AND GAMBLE CO | SOLD OUT | −2.0K | 0 | −$305,083 | $0 |
| TSCOTRACTOR SUPPLY CO | SOLD OUT | −5.0K | 0 | −$284,350 | $0 |
| JNJJOHNSON & JOHNSON | SOLD OUT | −1.3K | 0 | −$243,015 | $0 |
| FIDELITY COVINGTON TRUST | ADDED | +5.8K | 11.9K | +$333,277 | $674,668 |
| TVALT ROWE PRICE ETF INC | ADDED | +3.4K | 12.4K | +$129,919 | $437,890 |
| ISHARES TR | TRIMMED | −11.8K | 20.6K | −$574,330 | $977,066 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | FIDELITY COVINGTON TRUST | FUNDAMENTAL LARG · ENHANCED SMALL · BLUE CHIP GRWTH · ENHANCED INTL · MSCI INFO TECH I · HIGH DIVID ETF · EMERG MKTS MLTFT | 31.21% | $45M | 926.8K |
| 2 | SCHWAB STRATEGIC TR | US LCAP GR ETF · HIGH YIELD BD ET · FUNDAMENTAL US L · INTL EQTY ETF | 18.61% | $27M | 887.6K |
| 3 | PIMCO ETF TR | MULTISECTOR BD · MUNI INCOME OPP | 13.13% | $19M | 696.9K |
| 4 | FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 7.57% | $11M | 236.5K |
| 5 | TFLRT ROWE PRICE ETF INC | US EQUITY RESEAR · ULTRA SHRT TRM · CAP APPRECIATION · SMALL MID CAP · FLOATING RATE · VALUE ETF | 7.19% | $10M | 246.5K |
| 6 | INVESCO EXCHANGE TRADED FD T | S&P MDCP QUALITY | 6.39% | $9M | 89.8K |
| 7 | VANGUARD INDEX FDS | LARGE CAP ETF · SML CP GRW ETF · SMALL CP ETF | 3.29% | $5M | 15.5K |
| 8 | IAU*ISHARES GOLD TRhistory → | ISHARES NEW | 2.80% | $4M | 49.6K |
| 9 | VANGUARD WORLD FD | HEALTH CAR ETF · MEGA GRWTH IND | 1.53% | $2M | 7.2K |
| 10 | CGBLCAPITAL GROUP CORE BALANCEDhistory → | SHS | 1.46% | $2M | 59.6K |
| 11 | ISHARES TR | HIGH YLD SYSTM B · RUS 1000 GRW ETF · MRGSTR MD CP GRW | 1.13% | $2M | 24.2K |
| 12 | VANGUARD MALVERN FDS | MULTI SECTOR | 0.74% | $1M | 20.6K |
| 13 | SPDR SERIES TRUST | STATE STREET SPD | 0.66% | $954,888 | 8.9K |
| 14 | MSFTMICROSOFT CORP | COM | 0.60% | $865,755 | 1.8K |
| 15 | VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 0.43% | $622,665 | 2.8K |
| 16 | AAPLAPPLE INC | COM | 0.40% | $578,883 | 2.1K |
| 17 | VANGUARD WHITEHALL FDS | HIGH DIV YLD | 0.31% | $448,160 | 3.1K |
| 18 | GQ9SPDR GOLD TR | GOLD SHS | 0.29% | $413,351 | 1.0K |
| 19 | AMZNAMAZON COM INC | COM | 0.26% | $372,774 | 1.6K |
| 20 | NDQINVESCO QQQ TR | UNIT SER 1 | 0.25% | $362,116 | 589 |
| 21 | WMTWALMART INC | COM | 0.24% | $342,250 | 3.1K |
| 22 | LLYELI LILLY & CO | COM | 0.24% | $341,502 | 318 |
| 23 | WECWEC ENERGY GROUP INC | COM | 0.22% | $316,964 | 3.0K |
| 24 | NVDANVIDIA CORPORATION | COM | 0.19% | $275,148 | 1.5K |
| 25 | PLTRPALANTIR TECHNOLOGIES INC | CL A | 0.19% | $273,380 | 1.5K |
| 26 | DTEDTE ENERGY CO | COM | 0.18% | $260,539 | 2.0K |
| 27 | FFORD MTR CO | COM | 0.17% | $240,067 | 18.3K |
| 28 | TSLATESLA INC | COM | 0.15% | $214,516 | 477 |
| 29 | HDHOME DEPOT INC | COM | 0.15% | $209,492 | 609 |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $163M | 58 | May 5, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $144M | 49 | Feb 5, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $138M | 53 | Nov 7, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $128M | 55 | Aug 5, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $116M | 55 | May 5, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $110M | 61 | Feb 3, 2025 | 13F-HR | changes · 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 ↗.