Wealth Management Trio Files $636B Combined — QTR Family Wealth Runs Concentrated Mag-7 Book While FMB Goes All-In on Dimensional ETFs

Executive Summary

As of April 16, 2026, The 13F Tracker Desk has processed 30 SEC Form 13F-HR filings, with three wealth management firms disclosing parsed holdings totaling $636.9 billion in combined assets under management. Today's filing window is dominated by small-to-mid-size RIAs (Registered Investment Advisors), with 27 of 30 filers submitting metadata-only filings — a pattern consistent with the inter-quarter dead zone between major filing deadlines.

The standout signal comes from QTR Family Wealth, LLC, which disclosed a $240.1 billion portfolio across 287 positions with a pronounced Magnificent Seven concentration: NVIDIA ($10.0B), Apple ($8.7B), and Alphabet Class C ($7.6B) occupy the top three slots, with Technology representing $50.6B (21.1%) of total AUM. This is a notably aggressive tech overweight for a family wealth office.

FMB Wealth Management presents the opposite strategy: a $241.7 billion, 98-position portfolio built almost entirely on Dimensional Fund Advisors ETFs. Their top holding — Dimensional US Core Equity 2 ETF at $44.2B — represents 18.3% of total AUM, signaling a systematic factor-based approach with minimal active stock selection.

Today's priority signals: (1) QTR Family Wealth's Mag-7 concentration — 21% tech allocation is aggressive for a wealth manager with fiduciary obligations; (2) FMB's Dimensional ETF dominance — a case study in institutional factor investing at scale; (3) 27 metadata-only filers — the volume of empty filings suggests many small RIAs are filing but not yet reporting Q1 2026 positions.

Today In Numbers

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Today's filing volume of 30 is within the normal daily range for mid-April, falling in the inter-quarter period where most major institutional filers have already submitted their Q4 2025 13F-HR reports. The 3:27 ratio of parsed-to-metadata filings reflects the typical pattern where smaller RIAs file the form but EDGAR's XML parsing does not extract holdings data on the filing date. As of this report, no filings came from managers on our Notable Filer watchlist (top 100 hedge funds, activists, or sovereign wealth funds).

Notable Filer Deep Dives

QTR Family Wealth, LLC — $240.1B AUM

• Filing: 13F-HR, filed April 16, 2026, period of report Q4 2025. SEC EDGAR filing
• Portfolio summary: 287 positions, $240.1B total value. Highly concentrated in Technology ($50.6B, 21.1%) with significant Automotive ($6.4B) and Financials ($7.3B) exposure.
• Top 10 holdings table:

Rank	Company	Value ($B)	% of Portfolio

|---|---|---|---|

• Sector allocation: Other 66.0%, Technology 21.1%, Financials 3.0%, Automotive 2.6%, Healthcare 2.8%, Consumer 2.3%, Energy 1.8%, Communications 0.5%
• The signal: QTR Family Wealth runs a growth-tilted, Mag-7-heavy portfolio that is unusual for a family wealth office. The 21.1% technology concentration, led by NVDA at 4.2% of total AUM, suggests the firm has strong conviction in AI/semiconductor themes. The voting structure is notable: the vast majority of shares show "none" voting authority (45,020 of 50,997 NVDA shares), indicating these may be held in discretionary accounts where the end client retains voting rights. This is consistent with a wealth management model, not a hedge fund.

FMB Wealth Management — $241.7B AUM

• Filing: 13F-HR, filed April 16, 2026, period of report Q4 2025. SEC EDGAR filing
• Portfolio summary: 98 positions, $241.7B total value. Overwhelmingly concentrated in ETFs, particularly Dimensional Fund Advisors products.
• Top 10 holdings table:

Rank	Company	Value ($B)	% of Portfolio

|---|---|---|---|

• Sector allocation: Other (primarily ETFs) 94.0%, Technology 3.9%, Healthcare 1.0%, Energy 0.8%, Automotive 0.2%, Financials 0.1%
• The signal: FMB represents the purest factor-investing approach we've seen in recent filings. With 94% of assets in ETFs (primarily Dimensional products), this is a firm that has fully embraced systematic, evidence-based investing. The Dimensional US Core Equity 2 ETF alone at $44.2B suggests this firm may be one of Dimensional's largest RIA distribution partners. For portfolio managers evaluating factor exposure, FMB's portfolio is essentially a multi-factor US equity allocation achieved through ETF wrappers rather than direct stock selection.

Future Financial Wealth Management LLC — $155.2B AUM

• Filing: 13F-HR, filed April 16, 2026, period of report Q4 2025. SEC EDGAR filing
• Portfolio summary: 128 positions, $155.2B total value. Large ETF core with notable healthcare and technology satellite positions.
• Top holdings: Invesco QQQ ($17.0B, 10.9%), Vanguard S&P 500 ETF ($16.9B, 10.9%), Janus Henderson AAA CLO ETF ($7.5B, 4.8%)
• Sector allocation: Other (ETFs) 83.6%, Technology 7.7%, Healthcare 3.1%, Consumer 2.8%, Energy 0.6%, Automotive 0.6%, Communications 1.1%, Financials 0.6%
• The signal: Future Financial's dual top holdings — QQQ and VOO at nearly identical $17B weights — suggest a core-satellite strategy where beta exposure is split between tech-heavy Nasdaq 100 and broad S&P 500. The Janus Henderson AAA CLO position at $7.5B is the most interesting allocation: it signals a search for yield in investment-grade structured credit that is increasingly common among wealth managers seeking fixed-income alternatives. Voting authority shows zero sole voting across all positions, confirming a discretionary wealth management model.

Sector Flow Analysis

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Today's sector picture is dominated by ETF-wrapper allocations in the "Other" category, which at $515.2B represents 80.9% of total assets across all three parsed filers. This is characteristic of the wealth management segment: rather than making direct sector bets, these firms achieve sector exposure through broad-market and factor ETFs.

The $71.9B in direct Technology exposure across all three filers is the standout sector allocation, driven primarily by QTR Family Wealth's $50.6B tech book. When you add the implied tech exposure within QQQ and broad-market ETFs, the true technology allocation across today's filers likely exceeds $120B or approximately 19% of combined AUM.

Notably absent from today's filings: any significant real estate, utilities, or materials exposure — sectors that have seen institutional flows in recent weeks as recession hedges. The wealth management segment represented today appears firmly positioned for continued growth/tech outperformance.

Activist And Concentration Watch

No activist filers or recognized activist funds appeared in today's batch. The 30 filings are exclusively from registered investment advisors and wealth management firms.

Concentration flags worth monitoring:

QTR Family Wealth shows the highest single-stock concentration among today's filers: NVIDIA at 4.2% of a $240B portfolio ($10.0B). While 4.2% may not seem extreme, the absolute dollar value of $10.0B in a single equity position is substantial for a wealth management firm. Combined with Apple (3.6%) and Alphabet (3.2%), the top 3 holdings represent 11.0% of total AUM — a level of concentration that suggests active allocation decisions rather than passive index tracking.

FMB Wealth Management's Dimensional ETF concentration presents a different risk profile: their top holding at 18.3% of AUM ($44.2B in a single ETF) creates meaningful single-product risk. If Dimensional US Core Equity 2 experienced significant redemptions or tracking issues, FMB's portfolio would be disproportionately affected. This type of ETF concentration is increasingly common among DFA-aligned RIAs but represents a form of manager concentration risk that investors should monitor.

No 13D or 13D/A filings were detected in today's batch, confirming the absence of activist positioning signals.

Contrarian Signals

Signal 1: The Metadata-Only Filing Surge

27 of 30 filers today submitted without parseable holdings data. While this is normal for the inter-quarter period, it's worth asking: why are 27 firms filing 13F-HRs now? The most common explanations are: (1) delayed Q4 2025 filings from smaller advisors, (2) amendment filings that EDGAR hasn't fully processed, or (3) new registrants filing their first 13F after crossing the $100M AUM threshold. If it's primarily explanation #3, this could signal a growing population of small-to-mid-size asset managers — a bullish indicator for the wealth management industry's growth.

Signal 2: The ETF-ification of Institutional Portfolios

Two of three parsed filers today (FMB and Future Financial) run portfolios that are 80%+ ETF-based. This is a structural shift worth tracking: as more institutional capital moves into ETF wrappers, the price discovery function shifts to ETF creation/redemption mechanisms rather than direct stock-level order flow. For investors who rely on 13F data to track "smart money" positioning, the increasing ETF-ification of institutional portfolios means that 13F filings are becoming less informative about stock-level conviction — the positions tell you more about factor exposure preferences than individual company views.

The contrarian take: The absence of notable or hedge fund filers today, combined with the wealth management focus, actually makes today's filings more representative of how the majority of institutional capital is actually deployed. The $636.9B across three firms dwarfs many hedge fund AUM figures, yet these filings attract minimal financial media attention. The real institutional signal isn't what Bridgewater or Citadel is buying — it's how the long tail of $100M-$500M RIAs is collectively positioning.

What To Watch This Week

1. Q1 2026 13F Filing Deadline Approaching (May 15)

The next major 13F filing deadline — covering positions as of March 31, 2026 — is May 15. The volume of daily filings will increase dramatically starting in late April as larger institutions begin submitting. Watch for early filers among top hedge funds, which sometimes signal urgency to disclose (or hide) position changes.

2. Dimensional Fund Advisors Inflows

FMB's massive Dimensional allocation highlights a broader trend. DFA/Dimensional ETFs have seen significant institutional adoption in 2025-2026. Monitor whether other RIA filers this week show similar Dimensional concentration, which would confirm a structural shift in the advisory channel.

3. NVIDIA Earnings (Late May)

QTR Family Wealth's $10B NVDA position will be tested by earnings later next month. Given that several wealth managers have shown similar Mag-7 concentration in recent filings, an NVDA earnings miss could trigger coordinated portfolio rebalancing across the RIA segment.

4. CLO ETF Flows

Future Financial's $7.5B Janus Henderson AAA CLO position is noteworthy. If we see similar CLO ETF allocations in upcoming filings, it confirms that wealth managers are using structured credit ETFs as bond alternatives — a trend that could accelerate if the Fed signals higher-for-longer rates.

5. Small RIA Filing Completions

The 27 metadata-only filers today may have their holdings data populated on EDGAR in the coming days as XML processing completes. We'll revisit any that reveal interesting positions.

Bottom Line

Today's 13F filing batch reinforces three structural themes in institutional investing: (1) the ETF-ification of wealth management, with two of three substantive filers running 80%+ ETF portfolios; (2) persistent Magnificent Seven concentration among growth-oriented allocators, with QTR Family Wealth's 21% tech allocation leading the way; and (3) the growing importance of the RIA channel as a driver of aggregate institutional flows.

With 27 of 30 filers submitting metadata-only filings, today's actionable intelligence is limited to the three parsed portfolios. However, the $636.9B in combined AUM across these three firms is a reminder that the wealth management segment — not hedge funds — represents the bulk of 13F-reported institutional capital. As we approach the May 15 Q1 2026 filing deadline, expect daily filing volumes to increase and the proportion of notable filers to rise significantly.

The 13F Tracker Desk publishes daily at 13ftracker.online. All analysis reflects positions as reported in SEC filings, subject to the standard 45-day reporting delay. This is not investment advice.