Twele Capital Management, Inc.

MINNETONKA, MN · CIK 1411268 · 13F filing filed 2026-07-14

SEC-registered investment adviser since 2007 · corporation

Assets managed$578.5m
Staff4 · 3 in investment roles
Main clients (by assets)Pension plans 79%, High net worth individuals 17%, Individuals 3%
Form ADV · 2026-01-06SEC adviser record

Kindinstitutions
Others nearbyHopkins, MN

$612.3m reported value +9.2% vs Q1 2026

40positions

74.4%in top 10

1 new 15 added 23 reduced 0 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	93,090	$69.7m11.39%	11.39%	Reduced -5.0k	-4,992 -5.1%
2	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	95,820	$65.8m10.75%	10.75%	Reduced -3.0k	-2,950 -3.0%
3	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	806,604	$59.2m9.67%	9.67%	Added +58.1k	+58,105 7.8%
4	ISHARES TR 7-10 YR TRSY BD IEF	IEF	541,981	$51.3m8.37%	8.37%	Added +44.9k	+44,916 9.0%
5	ISHARES TR CORE US AGGBD ET AGG	AGG	515,560	$51.0m8.33%	8.33%	Added +40.2k	+40,233 8.5%
6	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	293,079	$46.3m7.56%	7.56%	Reduced -5.1k	-5,146 -1.7%
7	ISHARES TR CORE MSCI EAFE IEFA	IEFA	305,116	$29.5m4.81%	4.81%	Added +5.4k	+5,392 1.8%
8	ISHARES TR CORE S&P MCP ETF IJH	IJH	378,917	$29.2m4.77%	4.77%	Reduced -5.2k	-5,183 -1.4%
9	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	404,555	$28.8m4.71%	4.71%	Reduced -10.0k	-9,980 -2.4%
10	ISHARES TR CORE S&P SCP ETF IJR	IJR	165,931	$24.6m4.02%	4.02%	Reduced -7.7k	-7,667 -4.4%
11	VANGUARD INDEX FDS SMALL CP ETF VB	VB	76,439	$23.2m3.78%	3.78%	Reduced -1.7k	-1,703 -2.2%
12	VANGUARD INDEX FDS MID CAP ETF VO	VO	280,883	$22.6m3.70%	3.70%	Reduced -329	-329 -0.1%
13	ISHARES TR IBOXX HI YD ETF HYG	HYG	242,205	$19.4m3.16%	3.16%	Reduced -483	-483 -0.2%
14	ISHARES INC CORE MSCI EMKT IEMG	IEMG	205,491	$17.0m2.78%	2.78%	Reduced -15.6k	-15,632 -7.1%
15	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	200,399	$15.8m2.59%	2.59%	Added +13.5k	+13,492 7.2%
16	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	253,446	$15.1m2.47%	2.47%	Reduced -3.4k	-3,369 -1.3%
17	ISHARES TR IBOXX INV CP ETF LQD	LQD	117,726	$12.8m2.10%	2.10%	Added +8.3k	+8,314 7.6%
18	ISHARES TR BROAD USD HIGH USHY	USHY	185,359	$6.9m1.12%	1.12%	Added +49.8k	+49,827 36.8%
19	ISHARES TR US TREAS BD ETF GOVT	GOVT	187,305	$4.3m0.70%	0.70%	Added +31.1k	+31,134 19.9%
20	ISHARES TR MSCI EAFE ETF EFA	EFA	18,881	$2.0m0.32%	0.32%	Reduced -97	-97 -0.5%
21	ISHARES TR 3 7 YR TREAS BD IEI	IEI	16,501	$1.9m0.32%	0.32%	Reduced -275	-275 -1.6%
22	ISHARES TR NATIONAL MUN ETF MUB	MUB	16,623	$1.8m0.29%	0.29%	Added +5.5k	+5,454 48.8%
23	SCHWAB STRATEGIC TR US AGGREGATE B SCHZ	SCHZ	59,964	$1.4m0.23%	0.23%	Added +3.0k	+2,955 5.2%
24	VANGUARD MUN BD FDS TAX EXEMPT BD VTEB	VTEB	25,629	$1.3m0.21%	0.21%	Reduced -10.6k	-10,637 -29.3%
25	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	15,345	$1.3m0.21%	0.21%	Added +3.4k	+3,400 28.5%
26	SCHWAB STRATEGIC TR US LRG CAP ETF SCHX	SCHX	38,364	$1.1m0.18%	0.18%	Reduced -1.8k	-1,757 -4.4%
27	SCHWAB STRATEGIC TR US SML CAP ETF SCHA	SCHA	30,132	$1.1m0.18%	0.18%	Reduced -1.1k	-1,075 -3.4%
28	SCHWAB STRATEGIC TR SHT TM US TRES SCHO	SCHO	44,973	$1.1m0.18%	0.18%	Reduced -189	-189 -0.4%
29	SCHWAB STRATEGIC TR INTL EQTY ETF SCHF	SCHF	34,857	$965.5k0.16%	0.16%	Reduced -2.4k	-2,357 -6.3%
30	SCHWAB STRATEGIC TR US BRD MKT ETF SCHB	SCHB	27,279	$790.0k0.13%	0.13%	Reduced -550	-550 -2.0%
31	ISHARES TR RUS 1000 GRW ETF IWF	IWF	6,196	$769.4k0.13%	0.13%	Unchanged
32	APPLE INC COM AAPL	AAPL	2,558	$740.1k0.12%	0.12%	Added +1	+1 0.0%
33	SCHWAB STRATEGIC TR US MID-CAP ETF SCHM	SCHM	18,181	$670.3k0.11%	0.11%	Reduced -137	-137 -0.8%
34	SCHWAB STRATEGIC TR INT-TRM U.S TRES SCHR	SCHR	23,081	$569.2k0.09%	0.09%	Added +2.1k	+2,104 10.0%
35	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	6,585	$567.2k0.09%	0.09%	Reduced -201	-201 -3.0%
36	ISHARES TR 1 3 YR TREAS BD SHY	SHY	5,356	$439.8k0.07%	0.07%	Added +263	+263 5.2%
37	SCHWAB STRATEGIC TR EMRG MKTEQ ETF SCHE	SCHE	9,846	$357.0k0.06%	0.06%	Reduced -271	-271 -2.7%
38	ISHARES TR SELECT DIVID ETF DVY	DVY	2,244	$350.7k0.06%	0.06%	Reduced -139	-139 -5.8%
39	NVIDIA CORPORATION COM NVDA	NVDA	1,496	$299.4k0.05%	0.05%	Added +2	+2 0.1%
40	ISHARES TR 20 YR TR BD ETF TLT	TLT	2,411	$208.4k0.03%	0.03%	New