Our Portfolios
Our portfolios are constructed to account for decades of research by leading academics and extensive empirical data. We implement diversified portfolios, not only with regards to the number of holdings, but also diversified exposure to risk premiums that have demonstrated the historical tendency to drive returns.

The following is a sampling, but by no means an exhaustive list, of the investments we utilize for clients. Client portfolios are customized for each situation, and often hold investments not shown below.

Equity

Asset Class

US Large Blend

US Large Cap Momentum

US Large Cap Value

US Small Cap Value

US REIT

International Blend

International Value

International Small Value

Emerging Markets Blend

Emerging Markets Value

Emerging Markets Small Cap

Tax-Advantaged Brokerage Account (IRA, Roth IRA, etc.)

DFA Enhanced US Large Company Portfolio (DFELX)

iShares Edge MSCI USA Momentum Factor ETF (MTUM)

DFA US Large Cap Value Portfolio (DFLVX)

DFA Small Cap Value Portfolio (DFSVX) / DFA Targeted Value Portfolio (DFFVX)

 Vanguard REIT ETF (VNQ) *


DFA International Core Equity Portfolio (DFIEX)

DFA International Value Portfolio (DFIVX)

DFA International Small Cap Value Portfolio (DISVX)

DFA Emerging Markets Core Equity Portfolio (DFCEX)

DFA Emerging Markets Value Portfolio (DFEVX)

DFA Emerging Markets Small Cap (DEMSX)

Taxable Brokerage Account 

iShares Core S&P 500 ETF (IVV) *


iShares Edge MSCI USA Momentum Factor ETF (MTUM)

DFA Tax Managed Marketwide Value Portfolio (DTMMX)

iShares S&P 600 Value ETF (IJS)

N/A

DFA International Core Equity Portfolio (DFIEX)

DFA Tax-Managed International Value Portfolio (DTMIX)

DFA International Small Cap Value Portfolio (DISVX)

DFA Emerging Markets Core Equity Portfolio (DFCEX)

DFA Emerging Markets Value Portfolio (DFEVX)

DFA Emerging Markets Small Cap (DEMSX)

Tax Loss Harvesting Replacement 

 Vanguard Total Stock Market ETF (VTI) *


 Vanguard Growth ETF (VUG) *


Vanguard Value ETF (VTV) *


 Vanguard Small Cap ETF (VB) *


N/A

 Vanguard FTSE Developed Markets ETF (VEA) *


 Vanguard FTSE Developed Markets ETF (VEA) *


 Vanguard FTSE Developed Markets ETF (VEA) *


Vanguard FTSE Emerging Markets ETF (VWO) *


Vanguard FTSE Emerging Markets ETF (VWO) *


Vanguard FTSE Emerging Markets ETF (VWO) *


* Vanguard Admiral-class mutual funds, representing the same underlying index as starred ETFs, will replace the ETFs for transactions exceeding certain thresholds. This is triggered when we estimate that the cost related to the bid-ask spread is likely to exceed mutual fund transaction fees.

Based on the circumstances and the client’s instructions, tax loss harvesting will be implemented when there are meaningful opportunities to harvest losses. Tax loss harvesting is not optimal for every tax situation, therefore, tax loss harvesting will only be implemented after careful analysis, with client approval.

Fixed Income
Our fixed income philosophy emphasizes safety of principal, while taking calculated risks elsewhere in the portfolio. We build fixed income portfolios utilizing brokered certificates of deposit, U.S. Treasury Bonds, TIPS, and investment grade municipal bonds. We also utilize fixed income mutual funds and ETFs.

Alternative Investments
We conduct thorough analysis of the expected returns, risk and correlations on a wide variety of alternative investment opportunities. After thorough due diligence, we integrate alternative investment recommendations with more traditional holdings, on a case-by-case basis. These strategies emphasize well-documented sources of return, uncorrelated with equity and fixed income markets.

Hedged Equity
These strategies seek to add downside protection to the equity portion of client portfolios, as needed for certain circumstances. This may help mitigate difficult to manage risk factors, such as sequence of returns risk, or assist with tax-sensitive risk reduction.

Please note: No investor should invest solely on the basis of information listed here. This information is offered to allow prospective clients to evaluate our services, and is not individualized investment, tax or legal advice. Client portfolios often do not contain many of the investments shown above, as portfolios are constructed based on the needs of each client. Astra Capital Management Limited Liability Company is not affiliated with Dimensional Fund Advisors, AQR Funds, Vanguard, Baird Funds, BlackRock or any other fund sponsor.