Adalta Capital Management LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Adalta Capital Management LLC reported 103 stock positions worth $227.8 million. Its top holding was JPMorgan Chase (JPM) at 6.8% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Alphabet Class A (GOOGL, 5.7%). Compared with Q1 2026, it opened 10 new positions, sold out of 5, added to 18 and reduced 49. The biggest buy was Applied Materials (AMAT, shares +57%) and the biggest sale Microsoft (MSFT, shares −3%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$227.8M (Q2 2026)
SEC Filing
0001698926-26-000003 ↗ filed Aug 14, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $181.1M Q1 2024 Q2 2024: $183.9M Q2 2024 Q3 2024: $193.9M Q3 2024 Q4 2024: $191.5M Q4 2024 Q1 2025: $187.8M Q1 2025 Q2 2025: $199.3M Q2 2025 Q3 2025: $220.3M Q3 2025 Q4 2025: $224.0M Q4 2025 Q1 2026: $209.1M Q1 2026 Q2 2026: $227.8M $227.8M Q2 2026

Holdings 103 stocks · $227.8M
JPM JPMorgan Chase & Co. 6.77% 47,083 $15.4M Reduce -1.1%
MSFT Microsoft Corp. 6.29% 38,424 $14.3M Reduce -2.7%
GOOGL Alphabet Inc. Class A 5.69% 36,279 $13.0M Reduce -5.6%
MRK Merck & Co. Inc. 4.94% 86,966 $11.2M Reduce -1.8%
BN Brookfield Corp. 4.75% 253,946 $10.8M Reduce -4.2%
BX Blackstone Inc. 4.35% 84,271 $9.9M Reduce -2.8%
HD Home Depot Inc. 4.31% 27,828 $9.8M Reduce -4.7%
QCOM Qualcomm Inc. 4.24% 52,272 $9.7M Reduce -2.2%
UNP Union Pacific Corp. 4.02% 33,685 $9.2M No change
GH Guardant Health Inc. 3.97% 60,310 $9.0M Reduce -1.9%
PFX Phenixfin Corp. 3.30% 176,569 $7.5M Add +0.6%
AXP American Express Co. 3.16% 21,311 $7.2M Reduce -5.3%
MKL Markel Group Inc. 2.34% 2,732 $5.3M Reduce -1.6%
ACGL Arch Capital Group Ltd. 2.26% 52,943 $5.1M Reduce -1.8%
MELI MercadoLibre Inc. 2.20% 2,950 $5.0M Add +10.9%
GOOG Alphabet Inc. Class C 1.85% 11,949 $4.2M Reduce -3.9%
JNJ Johnson & Johnson 1.83% 16,410 $4.2M Reduce -4.0%
MU Micron Technology Inc. 1.81% 3,573 $4.1M Reduce -1.7%
WY Weyerhaeuser Co. 1.79% 170,530 $4.1M Reduce -2.3%
CSCO Cisco Systems Inc. 1.60% 31,024 $3.6M No change
BRK.B Berkshire Hathaway Inc. Class B 1.58% 7,203 $3.6M No change
SO The Southern Co. 1.38% 32,813 $3.1M Reduce -0.1%
FNV Franco-Nevada Corp. 1.27% 13,852 $2.9M Reduce -0.7%
DUK Duke Energy Corp. 1.23% 22,131 $2.8M Reduce -1.5%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.98% 167,075 $2.2M Reduce -5.0%
BWXT BWX Technologies Inc. 0.90% 10,558 $2.1M Reduce -0.6%
SLB SLB Ltd. filed as SLB LIMITED 0.87% 42,464 $2.0M Reduce -3.3%
DHR Danaher Corp. 0.81% 9,662 $1.8M Add +9.0%
AAPL Apple Inc. 0.77% 6,095 $1.8M Reduce -18.7%
BA The Boeing Co. 0.72% 7,550 $1.6M Reduce -3.8%
CNI Canadian Natl Railway Co. 0.72% 13,700 $1.6M No change
BRW Saba Capital Income & Opport 0.72% 248,039 $1.6M Add +3.1%
CVX Chevron Corp. 0.63% 8,709 $1.4M Reduce -2.9%
CPNG Coupang Inc. 0.63% 82,896 $1.4M Reduce -5.6%
BAM Brookfield Asset Mgmt-A 0.59% 29,990 $1.3M Reduce -4.7%
AMAT Applied Materials Inc. 0.57% 1,800 $1.3M Add +57.2%
USFR Wisdomtree Floating Rate Tre 0.47% 21,395 $1.1M Add +125.3%
XOM Exxon Mobil Corp. 0.47% 7,855 $1.1M Reduce -3.3%
BXMT Blackstone Mortgage Tru Class A 0.47% 61,532 $1.1M Add +0.0%
TPL Texas Pacific Land Corp. 0.46% 2,385 $1.0M Add +19.6%
BTI British American Tob-SP ADR 0.46% 16,860 $1.0M Reduce -1.5%
LB Landbridge Co. LLC-A 0.44% 12,735 $1.0M Add +12.8%
BMY Bristol-Myers Squibb Co. 0.42% 16,538 $953K Reduce -10.9%
LLY Eli Lilly & Co. 0.40% 763 $915K Reduce -24.4%
WBI Waterbridge Infrastruc Class A 0.37% 24,875 $852K Add +1.0%
EQT Eqt Corp. 0.37% 15,895 $845K Reduce -10.1%
PM Philip Morris International 0.36% 4,540 $828K Add +7.1%
ED Consolidated Edison Inc. 0.36% 7,467 $826K Reduce -5.1%
D Dominion Energy Inc. 0.35% 11,835 $808K Add +0.3%
CL Colgate-Palmolive Co. 0.35% 8,810 $808K No change
INTC Intel Corp. 0.34% 5,500 $768K Add +37.5%
HSY The Hershey Co. 0.31% 4,060 $712K Reduce -1.6%
ENB Enbridge Inc. 0.30% 12,796 $694K No change
CEFS Saba Opport Hedg Cef ETF-Usd 0.29% 26,135 $670K No change
KMB Kimberly-Clark Corp. 0.29% 6,005 $667K No change
AMRZ Amrize Ltd. 0.29% 12,380 $660K Reduce -1.6%
BEP Brookfield Renewable Partner 0.28% 18,601 $646K Reduce -17.1%
OPCH Option Care Health Inc. 0.27% 28,780 $604K Reduce -5.3%
EIX Edison International 0.26% 8,000 $596K No change
PCG P G & E Corp. 0.26% 34,857 $588K Reduce -4.5%
MLM Martin Marietta Materials 0.26% 1,015 $585K No change
BMEZ BlackRock HLTH Sci TRM TR II 0.25% 37,080 $569K New
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.24% 7,845 $558K Reduce -13.0%
PG The Procter & Gamble Co. 0.24% 3,770 $553K No change
EPD Enterprise Products Partners 0.24% 14,675 $539K No change
DE Deere & Co. 0.23% 837 $532K Reduce -9.0%
KO The Coca-Cola Co. 0.20% 5,625 $460K No change
HON Honeywell International Inc. 0.19% 1,890 $423K Add +4.3%
HONA Honeywell Aerospace Inc. 0.18% 1,890 $418K Add +4.3%
RSPA Invesco S&P 500 Ew Income Ad 0.17% 7,100 $379K Reduce -11.3%
BINC iShares Flex I A ETF-Usd Inc. 0.16% 7,000 $366K Reduce -4.1%
NOW ServiceNow Inc. 0.16% 3,630 $360K New
UTF Cohen & Steers Infrastructur 0.15% 12,260 $338K Add +12.5%
SNOW Snowflake Inc. 0.14% 1,295 $330K No change
GNRC Generac Holdings Inc. 0.14% 1,080 $316K No change
P Everpure Inc. Class A 0.13% 3,785 $298K Reduce -7.9%
CMC Commercial Metals Co. 0.13% 4,565 $286K No change
EFAA Invesco MSCI Eafe Income Adv 0.12% 5,050 $282K Reduce -15.8%
DLY Doubleline Yield Opport 0.12% 19,684 $277K No change
VRSN Verisign Inc. 0.12% 1,080 $272K New
WMB Williams Cos Inc. 0.12% 3,615 $269K No change
CW Curtiss-Wright Corp. 0.12% 352 $267K No change
RTX RTX Corp. 0.11% 1,300 $247K No change
AMZN Amazon.com Inc. 0.11% 1,005 $240K Add +18.2%
WIP State Street SPDR Ftse Inter 0.10% 6,000 $236K No change
GRAB Grab Holdings Ltd. Class A 0.10% 61,880 $233K Reduce -6.1%
ABBV Abbvie Inc. 0.10% 897 $226K No change
NVDA Nvidia Corp. 0.10% 1,111 $222K New
VWOB Vanguard Emerg MKTS Gov BND 0.09% 3,050 $205K No change
CB Chubb Ltd. 0.09% 600 $205K New
GRNB Vaneck Green Bond ETF 0.09% 8,250 $199K No change
MWA Mueller Water Products Inc. Class A 0.08% 7,000 $181K Reduce -3.1%
BSTZ BlackRock Sci & Tech TRM TR 0.08% 6,000 $180K New
GLW Corning Inc. 0.08% 700 $179K New
VNOM Viper Energy Inc. Class A 0.08% 4,180 $177K Reduce -26.4%
ATAI Ataibeckley Inc. 0.07% 31,711 $167K Add +189.0%
BEPC Brookfield Renewable Corp. 0.07% 4,447 $165K Reduce -22.1%
PGX Invesco Preferred ETF 0.07% 14,596 $158K No change
NML Neuberger Energy Infrastruct 0.07% 15,000 $152K New
ISRG Intuitive Surgical Inc. 0.07% 375 $149K No change

Show all 103 holdings

Portfolio Sells Q1 2026 → Q2 2026
MSFT Microsoft Corp. Reduce -2.7% 6.29% −0.70
BX Blackstone Inc. Reduce -2.8% 4.35% −0.42
BN Brookfield Corp. Reduce -4.2% 4.75% −0.38
FNV Franco-Nevada Corp. Reduce -0.7% 1.27% −0.38
HD Home Depot Inc. Reduce -4.7% 4.31% −0.29
CVX Chevron Corp. Reduce -2.9% 0.63% −0.25
WY Weyerhaeuser Co. Reduce -2.3% 1.79% −0.25
NU Nu Holdings Ltd./Cayman Isl-A Reduce -5.0% 0.98% −0.23
ACGL Arch Capital Group Ltd. Reduce -1.8% 2.26% −0.22
SLB SLB Ltd. Reduce -3.3% 0.87% −0.21
MKL Markel Group Inc. Reduce -1.6% 2.34% −0.20
MRK Merck & Co. Inc. Reduce -1.8% 4.94% −0.19
XOM Exxon Mobil Corp. Reduce -3.3% 0.47% −0.19
DUK Duke Energy Corp. Reduce -1.5% 1.23% −0.18
JNJ Johnson & Johnson Reduce -4.0% 1.83% −0.17
EQT Eqt Corp. Reduce -10.1% 0.37% −0.17
CPNG Coupang Inc. Reduce -5.6% 0.63% −0.16
SLQD iShares 0-5 YR Inv GRD Corp. Sold out 0.00% −0.16
SO The Southern Co. Reduce -0.1% 1.38% −0.14
BWXT BWX Technologies Inc. Reduce -0.6% 0.90% −0.14
AAPL Apple Inc. Reduce -18.7% 0.77% −0.14
OPCH Option Care Health Inc. Reduce -5.3% 0.27% −0.13
BMY Bristol-Myers Squibb Co. Reduce -10.9% 0.42% −0.12
HSY The Hershey Co. Reduce -1.6% 0.31% −0.10
AXP American Express Co. Reduce -5.3% 3.16% −0.09
L Loews Corp. Sold out 0.00% −0.09
JEPI JPMorgan Equity Premium Inco Sold out 0.00% −0.08
BAM Brookfield Asset Mgmt-A Reduce -4.7% 0.59% −0.08
BEP Brookfield Renewable Partner Reduce -17.1% 0.28% −0.07
ED Consolidated Edison Inc. Reduce -5.1% 0.36% −0.06
VNOM Viper Energy Inc. Class A Reduce -26.4% 0.08% −0.05
STIP iShares 0-5 Year Tips Bond E Sold out 0.00% −0.05
PCG P G & E Corp. Reduce -4.5% 0.26% −0.05
AMRZ Amrize Ltd. Reduce -1.6% 0.29% −0.05
LLY Eli Lilly & Co. Reduce -24.4% 0.40% −0.04
WRB WR Berkley Corp. Reduce -13.0% 0.24% −0.04
BEPC Brookfield Renewable Corp. Reduce -22.1% 0.07% −0.04
BA The Boeing Co. Reduce -3.8% 0.72% −0.03
BTI British American Tob-SP ADR Reduce -1.5% 0.46% −0.03
EFAA Invesco MSCI Eafe Income Adv Reduce -15.8% 0.12% −0.03
RSPA Invesco S&P 500 Ew Income Ad Reduce -11.3% 0.17% −0.03
BINC iShares Flex I A ETF-Usd Inc. Reduce -4.1% 0.16% −0.02
MWA Mueller Water Products Inc. Class A Reduce -3.1% 0.08% −0.02
DE Deere & Co. Reduce -9.0% 0.23% −0.01
GRAB Grab Holdings Ltd. Class A Reduce -6.1% 0.10% −0.01
COST Costco Wholesale Corp. Reduce -3.7% 0.05% −0.01
TIC Tic Solutions Inc. Sold out 0.00% −0.01
P Everpure Inc. Class A Reduce -7.9% 0.13% +0.01
JPM JPMorgan Chase & Co. Reduce -1.1% 6.77% +0.07
GOOG Alphabet Inc. Class C Reduce -3.9% 1.85% +0.15

Portfolio Buys Q1 2026 → Q2 2026
AMAT Applied Materials Inc. Add +57.2% 0.57% +0.38
INTC Intel Corp. Add +37.5% 0.34% +0.25
BMEZ BlackRock HLTH Sci TRM TR II New 0.25% +0.25
USFR Wisdomtree Floating Rate Tre Add +125.3% 0.47% +0.24
NOW ServiceNow Inc. New 0.16% +0.16
VRSN Verisign Inc. New 0.12% +0.12
NVDA Nvidia Corp. New 0.10% +0.10
CB Chubb Ltd. New 0.09% +0.09
BSTZ BlackRock Sci & Tech TRM TR New 0.08% +0.08
GLW Corning Inc. New 0.08% +0.08
LB Landbridge Co. LLC-A Add +12.8% 0.44% +0.07
NML Neuberger Energy Infrastruct New 0.07% +0.07
WBI Waterbridge Infrastruc Class A Add +1.0% 0.37% +0.06
ATAI Ataibeckley Inc. Add +189.0% 0.07% +0.05
OBE Obsidian Energy Ltd. New 0.04% +0.04
OPEN Opendoor Technologies Inc. New 0.03% +0.03
PM Philip Morris International Add +7.1% 0.36% +0.03
AMZN Amazon.com Inc. Add +18.2% 0.11% +0.02
PFX Phenixfin Corp. Add +0.6% 3.30% +0.02
UTF Cohen & Steers Infrastructur Add +12.5% 0.15% +0.01
D Dominion Energy Inc. Add +0.3% 0.35% +0.01
TPL Texas Pacific Land Corp. Add +19.6% 0.46% +0.01
DHR Danaher Corp. Add +9.0% 0.81% +0.00
MELI MercadoLibre Inc. Add +10.9% 2.20% −0.00
HONA Honeywell Aerospace Inc. Add +4.3% 0.18% −0.01
BRW Saba Capital Income & Opport Add +3.1% 0.72% −0.06
BXMT Blackstone Mortgage Tru Class A Add +0.0% 0.47% −0.11
HON Honeywell International Inc. Add +4.3% 0.19% −0.21

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 103$227.8MJPM, MSFT, GOOGL, MRK, BN
Q1 2026 97$209.1MMSFT, JPM, GOOGL, MRK, BN
Q4 2025 88$224.0MMSFT, JPM, GOOGL, BX, BN
Q3 2025 102$220.3MMSFT, JPM, BX, BN, HD
Q2 2025 97$199.3MMSFT, JPM, BX, HD, BN
Q1 2025 101$187.8MMSFT, BX, JPM, HD, BN
Q4 2024 99$191.5MMSFT, BX, JPM, HD, BN
Q3 2024 95$193.9MMSFT, BX, HD, JPM, MRK
Q2 2024 101$183.9MMSFT, BX, MRK, QCOM, HD
Q1 2024 101$181.1MMSFT, MRK, BX, HD, JPM