Gallagher Fiduciary Advisors, LLC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$3.1B

Holdings

325

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (325 positions)

#	Stock	Shares	Value	% Portfolio
1	MCDMCDONALDS CORP	4,426,061	$1.4B	43.82%
2	PCGPG&E CORP	19,426,614	$312.2M	10.11%
3	DALDELTA AIR LINES INC DEL	4,041,390	$280.5M	9.08%
4	VTIVANGUARD INDEX FDS	481,663	$161.5M	5.23%
5	CBRECBRE GROUP INC	894,599	$143.8M	4.66%
6	SCHBSCHWAB STRATEGIC TR	2,626,353	$68.9M	2.23%
7	VCLTVANGUARD SCOTTSDALE FDS	845,731	$64.1M	2.08%
8	IGLBISHARES TR	1,264,405	$63.8M	2.07%
9	BENFRANKLIN RESOURCES INC	1,424,072	$34.0M	1.10%
10	LQDISHARES TR	288,382	$31.8M	1.03%
11	KORPAMERICAN CENTY ETF TR	634,224	$30.0M	0.97%
12	AVUVAMERICAN CENTY ETF TR	192,925	$19.7M	0.64%
13	AQLTISHARES TR	206,046	$18.4M	0.60%
14	IEMGISHARES INC	271,827	$18.3M	0.59%
15	VBRVANGUARD INDEX FDS	84,951	$18.0M	0.58%
16	VBKVANGUARD INDEX FDS	56,956	$17.2M	0.56%
17	ISCGISHARES TR	307,111	$17.0M	0.55%
18	VIOVVANGUARD ADMIRAL FDS INC	171,421	$16.8M	0.54%
19	SPYSPDR S&P 500 ETF TR	21,349	$14.6M	0.47%
20	PMBSPIMCO ETF TR	145,021	$14.2M	0.46%
21	AVLVAMERICAN CENTY ETF TR	173,727	$13.2M	0.43%
22	VEAVANGUARD TAX-MANAGED FDS	208,692	$13.0M	0.42%
23	VTVVANGUARD INDEX FDS	60,442	$11.5M	0.37%
24	DGROISHARES TR	141,488	$9.8M	0.32%
25	IUSGISHARES TR	57,685	$9.7M	0.31%
26	IDV*ISHARES TR	226,411	$8.9M	0.29%
27	CLFCLEVELAND-CLIFFS INC NEW	664,766	$8.8M	0.29%
28	VYMVANGUARD WHITEHALL FDS	61,497	$8.8M	0.29%
29	VUGVANGUARD INDEX FDS	17,282	$8.4M	0.27%
30	RDVYFIRST TR EXCHANGE TRADED FD	118,867	$8.3M	0.27%
31	SDVYFIRST TR EXCHANGE-TRADED FD	204,794	$7.8M	0.25%
32	VGITVANGUARD SCOTTSDALE FDS	108,532	$6.5M	0.21%
33	IUSVISHARES TR	62,323	$6.4M	0.21%
34	VNQVANGUARD INDEX FDS	70,696	$6.3M	0.20%
35	IXUSISHARES TR	70,518	$6.0M	0.19%
36	SHYGISHARES TR	131,855	$5.7M	0.18%
37	ZALTINNOVATOR ETFS TRUST	171,607	$5.6M	0.18%
38	HDVISHARES TR	43,534	$5.3M	0.17%
39	BUFRFIRST TR EXCHNG TRADED FD VI	146,415	$5.0M	0.16%
40	AAPLAPPLE INC	17,731	$4.8M	0.16%
41	IUSBISHARES TR	94,475	$4.4M	0.14%
42	BUFQFIRST TR EXCHNG TRADED FD VI	121,597	$4.4M	0.14%
43	IVVISHARES TR	6,355	$4.4M	0.14%
44	SGOVISHARES TR	39,405	$4.0M	0.13%
45	MTUMISHARES TR	15,754	$3.9M	0.13%
46	XFEBFIRST TR EXCH TRADED FD III	215,131	$3.9M	0.13%
47	NVDANVIDIA CORPORATION	19,828	$3.7M	0.12%
48	XLGINVESCO EXCHANGE TRADED FD T	58,705	$3.5M	0.11%
49	SHYISHARES TR	40,948	$3.4M	0.11%
50	VWOVANGUARD INTL EQUITY INDEX F	62,073	$3.3M	0.11%
51	BNDVANGUARD BD INDEX FDS	44,657	$3.3M	0.11%
52	QUALISHARES TR	16,377	$3.3M	0.11%
53	PALCPACER FDS TR	62,212	$3.2M	0.11%
54	SOXXISHARES TR	10,318	$3.1M	0.10%
55	EMBISHARES TR	30,386	$2.9M	0.09%
56	JNKSPDR SERIES TRUST	29,801	$2.9M	0.09%
57	FIWFIRST TR EXCHANGE-TRADED FD	25,144	$2.7M	0.09%
58	MMM3M CO	16,604	$2.7M	0.09%
59	FBNDFIDELITY MERRIMACK STR TR	57,123	$2.6M	0.09%
60	XOMEXXON MOBIL CORP	20,856	$2.5M	0.08%
61	AIRRFIRST TR EXCHANGE TRADED FD	24,375	$2.4M	0.08%
62	MSFTMICROSOFT CORP	4,777	$2.3M	0.07%
63	AMZNAMAZON COM INC	9,488	$2.2M	0.07%
64	JPMJPMORGAN CHASE & CO.	6,792	$2.2M	0.07%
65	FESMFIDELITY COVINGTON TRUST	57,711	$2.2M	0.07%
66	BUFZFIRST TR EXCHNG TRADED FD VI	72,213	$1.9M	0.06%
67	AGGISHARES TR	19,029	$1.9M	0.06%
68	TSLATESLA INC	4,049	$1.8M	0.06%
69	BRK/BBERKSHIRE HATHAWAY INC DEL	3,535	$1.8M	0.06%
70	IYRISHARES TR	18,302	$1.7M	0.06%
71	VOOVANGUARD INDEX FDS	2,624	$1.6M	0.05%
72	DDTOINNOVATOR ETFS TRUST	46,800	$1.6M	0.05%
73	SANMSANMINA CORPORATION	9,617	$1.4M	0.05%
74	FOCTFIRST TR EXCHNG TRADED FD VI	28,559	$1.4M	0.05%
75	JUNMFIRST TR EXCHNG TRADED FD VI	39,834	$1.4M	0.04%
76	XELXCEL ENERGY INC	17,945	$1.3M	0.04%
77	IBMINTERNATIONAL BUSINESS MACHS	4,387	$1.3M	0.04%
78	IFGLISHARES TR	55,673	$1.3M	0.04%
79	CVXCHEVRON CORP NEW	8,375	$1.3M	0.04%
80	XLKSELECT SECTOR SPDR TR	8,830	$1.3M	0.04%
81	ABBVABBVIE INC	5,504	$1.3M	0.04%
82	PGPROCTER AND GAMBLE CO	8,715	$1.2M	0.04%
83	DYNFBLACKROCK ETF TRUST	20,287	$1.2M	0.04%
84	IWNISHARES TR	6,790	$1.2M	0.04%
85	TMHCTAYLOR MORRISON HOME CORP	20,734	$1.2M	0.04%
86	JNJJOHNSON & JOHNSON	5,889	$1.2M	0.04%
87	WELLWELLTOWER INC	6,540	$1.2M	0.04%
88	CMCCOMMERCIAL METALS CO	17,220	$1.2M	0.04%
89	IVWISHARES TR	9,460	$1.2M	0.04%
90	QGROAMERICAN CENTY ETF TR	10,157	$1.2M	0.04%
91	KOCOCA COLA CO	16,231	$1.1M	0.04%
92	WMTWALMART INC	10,099	$1.1M	0.04%
93	BACVERIZON COMMUNICATIONS INC	26,813	$1.1M	0.04%
94	IVEISHARES TR	5,010	$1.1M	0.03%
95	KRGKITE RLTY GROUP TR	43,974	$1.1M	0.03%
96	FNOVFIRST TR EXCHNG TRADED FD VI	18,688	$1.0M	0.03%
97	IWVISHARES TR	2,606	$1.0M	0.03%
98	METAMETA PLATFORMS INC	1,506	$993K	0.03%
99	FDECFIRST TR EXCHNG TRADED FD VI	19,347	$990K	0.03%
100	EFVISHARES TR	13,720	$979K	0.03%

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