This $74 Million Fixed-Income Bet Shows How Advisors Are Building Portfolios
Key Points
Oregon-based von Borstel & Associates added 97,269 DFGP shares in the third quarter.
The overall value of the position increased by $5.75 million from the previous period.
As of September 30, the fund reported holding 1.34 million DFGP shares valued at $74.09 million, making it the second-largest position in the portfolio.
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On November 13, von Borstel & Associates, Inc. disclosed a $5.75 million increase in its Dimensional Global Core Plus Fixed Income ETF (NASDAQ:DFGP) stake.
What Happened
According to a filing with the Securities and Exchange Commission dated November 13, von Borstel & Associates, Inc. acquired an additional 97,269 shares of the Dimensional ETF Trust - Dimensional Global Core Plus Fixed Income ETF (NASDAQ:DFGP) during the third quarter, bringing its total position to 1.34 million shares valued at $74.09 million at quarter-end, representing roughly 11.36% of overall fund assets.
What Else to Know
The buy increased DFGP’s share of 13F assets to 11.36% after the filing
Top holdings after the filing:
- NYSEMKT: DFAC: $133.53 million (20.2% of AUM)
- NASDAQ: DFGP: $74.09 million (11.2% of AUM)
- NYSEMKT: DFIC: $45.49 million (6.9% of AUM)
- NYSEMKT: DUHP: $26.78 million (4.0% of AUM)
- NYSEMKT: DFSV: $25.95 million (3.9% of AUM)
As of Friday, DFGP shares were priced at $54.03, up about 2% over the past year, compared to a nearly 17% gain for the S&P 500.
ETF Overview
| Metric | Value |
|---|---|
| AUM | $2.06 billion |
| Yield | 3.4% |
| Price (as of Friday) | $54.03 |
| 1-year total return | 6% |
ETF Snapshot
- DFGP's investment strategy focuses on a globally diversified portfolio of U.S. and foreign debt securities, including both investment grade and select lower-rated bonds to enhance yield potential.
- It's structured as an exchange-traded fund offering exposure to core plus fixed income securities.
- The fund serves institutional and individual investors seeking diversified fixed income exposure with daily liquidity.
The Dimensional Global Core Plus Fixed Income ETF (DFGP) provides investors with access to a broad universe of global fixed income securities, managed with a disciplined approach to credit and interest rate risk.
Foolish Take
This move looks less about chasing returns and more about restoring balance. After years where bonds were portfolio dead weight, investors are thinking fixed income is once again doing its job. The Dimensional Global Core Plus Fixed Income ETF offers something many diversified portfolios have been missing: income you can see, paired with risk that is easier to model.
At roughly $74 million, the position now makes up more than 11% of reported assets, placing it just behind the firm’s core equity exposure. In other words, this isn’t a speculative bond trade but a structural allocation alongside equity ETFs, not a replacement for them. With a yield to maturity north of 5.5% and a duration under seven years, the fund sits in a sweet spot for investors who want income without making an aggressive rate call.
Dimensional’s systematic approach also matters here. The ETF spreads exposure across more than 1,300 holdings, blends investment-grade with selective lower-rated credit, and keeps costs low with a net expense ratio around 0.22%. For investors staring down more volatile equity markets and uncertain rate paths, that combination offers diversification that actually diversifies.
Glossary
Stake: The ownership interest or investment a party holds in a company or fund.
13F reportable assets: Securities and assets that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its current price.
Total return: The investment’s price change plus all dividends and distributions, assuming those payouts are reinvested.
Core plus fixed income: A bond investment strategy combining investment-grade core bonds with higher-yielding, riskier bonds for added return potential.
Investment grade: Bonds rated as having a relatively low risk of default by credit rating agencies.
Lower-rated bonds: Bonds with below investment-grade ratings, offering higher yields but greater risk.
Credit risk: The risk that a bond issuer may fail to make required payments to investors.
Interest rate risk: The risk that changes in interest rates will affect the value of fixed income investments.
Annualized: Expressed as a yearly rate, regardless of the actual time period measured.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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