HANOVER ADVISORS INC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$257.6M

Holdings

109

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (109 positions)

#	Stock	Shares	Value	% Portfolio
1	VTIVANGUARD INDEX FDS	186,480	$62.5M	24.27%
2	SPYSPDR S&P 500 ETF TR	59,094	$40.3M	15.65%
3	VIGVANGUARD SPECIALIZED FUNDS	82,731	$18.2M	7.06%
4	IWVISHARES TR	38,315	$14.8M	5.75%
5	BILSPDR SERIES TRUST	109,520	$10.0M	3.89%
6	BIVVANGUARD BD INDEX FDS	104,013	$8.1M	3.14%
7	MDYSPDR S&P MIDCAP 400 ETF TR	11,127	$6.7M	2.61%
8	AORISHARES TR	100,435	$6.5M	2.53%
9	VBILVANGUARD INSTL INDEX FD	79,600	$6.0M	2.33%
10	VOOVANGUARD INDEX FDS	8,146	$5.1M	1.98%
11	VYMVANGUARD WHITEHALL FDS	30,870	$4.4M	1.72%
12	AOMISHARES TR	78,751	$3.8M	1.46%
13	VUGVANGUARD INDEX FDS	7,549	$3.7M	1.43%
14	AOAISHARES TR	36,181	$3.2M	1.26%
15	VGTVANGUARD WORLD FD	3,014	$2.3M	0.88%
16	MSFTMICROSOFT CORP	4,466	$2.2M	0.84%
17	VTVVANGUARD INDEX FDS	11,142	$2.1M	0.83%
18	BSCRINVESCO EXCH TRD SLF IDX FD	85,684	$1.7M	0.66%
19	TSLATESLA INC	3,617	$1.6M	0.63%
20	QLTAISHARES TR	30,837	$1.5M	0.58%
21	IXNISHARES TR	13,867	$1.5M	0.57%
22	VNQVANGUARD INDEX FDS	16,445	$1.5M	0.56%
23	VTEBVANGUARD MUN BD FDS	28,686	$1.4M	0.56%
24	VTIPVANGUARD MALVERN FDS	28,793	$1.4M	0.55%
25	KOCOCA COLA CO	20,298	$1.4M	0.55%
26	VEAVANGUARD TAX-MANAGED FDS	21,597	$1.3M	0.52%
27	PKGPACKAGING CORP AMER	6,423	$1.3M	0.51%
28	BSCSINVESCO EXCH TRD SLF IDX FD	63,713	$1.3M	0.51%
29	AIRRFIRST TR EXCHANGE TRADED FD	13,083	$1.3M	0.50%
30	BRK/BBERKSHIRE HATHAWAY INC DEL	2,487	$1.3M	0.49%
31	BSCQINVESCO EXCH TRD SLF IDX FD	61,301	$1.2M	0.47%
32	IEFISHARES TR	12,256	$1.2M	0.46%
33	PLTRPALANTIR TECHNOLOGIES INC	6,273	$1.1M	0.43%
34	VISVANGUARD WORLD FD	3,643	$1.1M	0.42%
35	ARKGARK ETF TR	35,589	$1.0M	0.40%
36	VGITVANGUARD SCOTTSDALE FDS	16,133	$966K	0.38%
37	BSCTINVESCO EXCH TRD SLF IDX FD	50,882	$958K	0.37%
38	VOXVANGUARD WORLD FD	4,950	$958K	0.37%
39	DFUSDIMENSIONAL ETF TRUST	12,397	$919K	0.36%
40	IWFISHARES TR	1,869	$884K	0.34%
41	XLKSELECT SECTOR SPDR TR	5,883	$846K	0.33%
42	BSCUINVESCO EXCH TRD SLF IDX FD	49,852	$843K	0.33%
43	AGGISHARES TR	8,176	$816K	0.32%
44	EMXCISHARES INC	11,165	$811K	0.31%
45	IWDISHARES TR	3,604	$758K	0.29%
46	BRK-BBERKSHIRE HATHAWAY INC DEL	1	$754K	0.29%
47	IVOOVANGUARD ADMIRAL FDS INC	6,633	$741K	0.29%
48	BACBANK AMERICA CORP	13,088	$719K	0.28%
49	ARKKARK ETF TR	9,150	$703K	0.27%
50	MPXMARINE PRODS CORP	78,135	$684K	0.27%
51	DFEVDIMENSIONAL ETF TRUST	18,470	$623K	0.24%
52	DFSVDIMENSIONAL ETF TRUST	18,759	$616K	0.24%
53	DONWISDOMTREE TR	11,871	$612K	0.24%
54	HYBLSSGA ACTIVE TR	21,522	$612K	0.24%
55	DISVDIMENSIONAL ETF TRUST	16,040	$609K	0.24%
56	VFHVANGUARD WORLD FD	4,561	$608K	0.24%
57	KBWBINVESCO EXCH TRADED FD TR II	7,155	$603K	0.23%
58	DFIVDIMENSIONAL ETF TRUST	11,887	$593K	0.23%
59	KBESPDR SERIES TRUST	9,191	$557K	0.22%
60	SGOVISHARES TR	5,525	$554K	0.22%
61	BSCVINVESCO EXCH TRD SLF IDX FD	32,038	$534K	0.21%
62	IVOVVANGUARD ADMIRAL FDS INC	5,186	$523K	0.20%
63	GMEDGLOBUS MED INC	5,580	$487K	0.19%
64	BSCWINVESCO EXCH TRD SLF IDX FD	23,121	$482K	0.19%
65	VXFVANGUARD INDEX FDS	2,123	$443K	0.17%
66	XLESELECT SECTOR SPDR TR	9,827	$439K	0.17%
67	DUHPDIMENSIONAL ETF TRUST	10,432	$396K	0.15%
68	DFACDIMENSIONAL ETF TRUST	9,890	$391K	0.15%
69	DFASDIMENSIONAL ETF TRUST	5,587	$389K	0.15%
70	HDVISHARES TR	3,199	$389K	0.15%
71	JPMJPMORGAN CHASE & CO.	1,164	$375K	0.15%
72	GNRSPDR INDEX SHS FDS	5,889	$365K	0.14%
73	VEUVANGUARD INTL EQUITY INDEX F	4,929	$362K	0.14%
74	VOOVVANGUARD ADMIRAL FDS INC	1,680	$344K	0.13%
75	DFAIDIMENSIONAL ETF TRUST	8,892	$338K	0.13%
76	GQ9SPDR GOLD TR	849	$336K	0.13%
77	DFATDIMENSIONAL ETF TRUST	5,595	$333K	0.13%
78	HDHOME DEPOT INC	949	$326K	0.13%
79	OEFISHARES TR	950	$325K	0.13%
80	AAPLAPPLE INC	1,195	$324K	0.13%
81	VDEVANGUARD WORLD FD	2,561	$322K	0.13%
82	BSVVANGUARD BD INDEX FDS	4,013	$316K	0.12%
83	VCITVANGUARD SCOTTSDALE FDS	3,751	$314K	0.12%
84	GLPIGAMING & LEISURE PPTYS INC	6,929	$309K	0.12%
85	XLISELECT SECTOR SPDR TR	1,983	$307K	0.12%
86	VCSHVANGUARD SCOTTSDALE FDS	3,632	$289K	0.11%
87	WMTWALMART INC	2,550	$284K	0.11%
88	SHYISHARES TR	3,418	$283K	0.11%
89	IBDSISHARES TR	11,069	$268K	0.10%
90	FQIDIGITAL RLTY TR INC	1,727	$267K	0.10%
91	IBDUISHARES TR	11,406	$266K	0.10%
92	SSBSOUTHSTATE BK CORP	2,780	$261K	0.10%
93	STEWSRH TOTAL RETURN FUND INC	13,976	$259K	0.10%
94	MACMACERICH CO	14,021	$258K	0.10%
95	BNDXVANGUARD CHARLOTTE FDS	5,263	$254K	0.10%
96	DFNMDIMENSIONAL ETF TRUST	5,267	$253K	0.10%
97	VUSBVANGUARD BD INDEX FDS	4,998	$249K	0.10%
98	DFISDIMENSIONAL ETF TRUST	7,425	$244K	0.09%
99	PEPPEPSICO INC	1,678	$240K	0.09%
100	IBTIISHARES TR	10,569	$236K	0.09%

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