Goldstein Munger & Associates

CIK

1570251

Location

SAN RAMON, CA

Portfolio Value

Small $303,489,427

Diversification

Highly concentrated

Filing Date

Global Rank

#3,279 / 6,827 ▼ 57 · as of Sep 2022

Top Industry

Semiconductors 92.4%

Period ended 4 years ago

Filed Nov 8, 2022 · 4y

11 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2022, never from the firm's own description.

Style

Concentrated

The top 10 positions are 97.6% of the book (60%+)

Turnover

Low turnover

2.1% over the last four quarters (under 30%)

Horizon

Horizon unknown

The value-weighted holding period is at least 10.9 quarters, but 96.3% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 94.0%; sector active share 70.9% against the combined 13F book's sector weights.

Over time 11 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

32 tracked positions · as of Sep 30, 2022 · Δ vs Jun 30, 2022

Top Position

67.7%

+2.8 pts

Top 5

86.7%

+0.2 pts

Top 10

97.6%

−0.0 pts

HHI

4,710

Highly concentrated+343

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2022

Sector	% Portfolio	Value	Positions
Unclassified	98.9%	$300,058,229	30
Technology	1.1%	$3,431,198	2

Last Quarter's Activity

Export CSV

Sep 30, 2022 vs Jun 30, 2022

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
EEM	iShares MSCI Emerging Markets ETF	+14,747	311,157	$10,853,156
EFA	iShares MSCI EAFE ETF	+5,427	438,092	$24,537,532
IWB	iShares Russell 1000 ETF	+5,260	658,245	$129,891,485
IWM	iShares Russell 2000 ETF	+1,265	106,066	$17,492,404
VTWO	VANGUARD RUSSELL 2000 INDEX FUND	+870	17,782	$1,184,814
IWV	iShares Russell 3000 ETF	+293	24,454	$5,062,956
VHT	VANGUARD HEALTH CARE INDEX FUND	+179	32,117	$7,184,572
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
IAU	Ishares Gold Trust	−101,453	534,645	$16,857,356
GLD	Spdr Gold Trust	−21,496	68,009	$10,518,952
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	−12,128	363,566	$13,266,523
VEA	Vanguard FTSE Developed Markets ETF	−7,570	454,263	$16,517,002
CDNS	Cadence Design Systems Inc	−700	1,600	$261,488
—		−334	19,662	$2,535,021
IWF	iShares Russell 1000 Growth ETF	−200	58,777	$12,366,680
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
VV	VANGUARD LARGE-CAP INDEX FUND	1,257	$205,594
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
VSGX	VANGUARD ESG INTERNATIONAL STOCK ETF	4,535	$222,396
—		3,479	$208,357
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

32 tracked positions · $303,489,427 total · filing declares 32 positions · $303,489,000 · as of Sep 30, 2022

All sectors Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
IWB	iShares Russell 1000 ETF	Added	658,245	+5,260	$129,891,485	−4.3%	11+	before history	42.80%
EFA	iShares MSCI EAFE ETF	Added	438,092	+5,427	$24,537,532	−9.2%	11+	before history	8.09%
IWM	iShares Russell 2000 ETF	Added	106,066	+1,265	$17,492,404	−1.4%	11+	before history	5.76%
IAU	Ishares Gold Trust	Reduced	534,645	-101,453	$16,857,356	−22.8%	11+	before history	5.55%
VEA	Vanguard FTSE Developed Markets ETF	Reduced	454,263	-7,570	$16,517,002	−12.3%	11+	before history	5.44%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Reduced	363,566	-12,128	$13,266,523	−15.2%	11+	before history	4.37%
IWF	iShares Russell 1000 Growth ETF	Reduced	58,777	-200	$12,366,680	−4.1%	11+	before history	4.07%
EEM	iShares MSCI Emerging Markets ETF	Added	311,157	+14,747	$10,853,156	−8.7%	11+	before history	3.58%
GLD	Spdr Gold Trust	Reduced	68,009	-21,496	$10,518,952	−30.2%	11+	before history	3.47%
IWD	iShares Russell 1000 Value ETF	Held	73,171	0	$9,950,524	−6.2%	11+	before history	3.28%
VYM	VANGUARD HIGH DIVIDEND YIELD INDEX FUND	Held	76,204	0	$7,230,235	−6.7%	11+	before history	2.38%
VHT	VANGUARD HEALTH CARE INDEX FUND	Added	32,117	+179	$7,184,572	−4.5%	10	unpriced	2.37%
IWV	iShares Russell 3000 ETF	Added	24,454	+293	$5,062,956	−3.6%	11+	before history	1.67%
INTC	Intel Corp Technology	Held	123,000	0	$3,169,710	−31.1%	3	$49.56	1.04%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Held	15,964	0	$2,865,059	−4.9%	11+	before history	0.94%
		Reduced	19,662	-334	$2,535,021	−6.9%	11+	before history	0.84%
SPY	Spdr S&P 500 ETF Trust	Held	6,666	0	$2,380,961	−5.3%	11+	before history	0.78%
IWO	iShares Russell 2000 Growth ETF	Held	11,192	0	$2,312,155	+0.1%	11+	before history	0.76%
VTV	VANGUARD VALUE INDEX FUND	Held	13,281	0	$1,639,937	−6.4%	11+	before history	0.54%
VTWO	VANGUARD RUSSELL 2000 INDEX FUND	Added	17,782	+870	$1,184,814	+2.5%	11+	before history	0.39%
IVW	iShares S&P 500 Growth ETF	Held	15,930	0	$921,550	−4.1%	11+	before history	0.30%
IJR	iShares Core S&P Small-Cap ETF	Held	7,247	0	$631,865	−5.6%	11+	before history	0.21%
IJH	iShares Core S&P Mid-Cap ETF	Held	2,864	0	$627,960	−3.1%	11+	before history	0.21%
EFV	iShares MSCI EAFE Value ETF	Held	15,088	0	$581,340	−11.2%	11+	before history	0.19%
EFG	iShares MSCI EAFE Growth ETF	Held	7,922	0	$574,820	−9.9%	11+	before history	0.19%
SCHB	Schwab U.S. Broad Market ETF	Held	13,007	0	$546,165	−5.0%	10	unpriced	0.18%
VUG	VANGUARD GROWTH INDEX FUND	Held	2,048	0	$438,169	−4.0%	11+	before history	0.14%
IJS	iShares S&P Small-Cap 600 Value ETF	Held	4,420	0	$364,429	−7.4%	11+	before history	0.12%
IJT	iShares S&P Small-Cap 600 Growth ETF	Held	2,736	0	$278,169	−3.5%	11+	before history	0.09%
CDNS	Cadence Design Systems Inc Technology	Reduced	1,600	-700	$261,488	−24.2%	3	$153.41	0.09%
SCHE	Schwab Emerging Markets Equity ETF	Held	10,752	0	$240,844	−11.7%	11+	before history	0.08%
VV	VANGUARD LARGE-CAP INDEX FUND	NEW	1,257	NEW	$205,594	NEW	1	unpriced	0.07%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.