Adalta Capital Management LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 16, 2024), Adalta Capital Management LLC reported 101 stock positions worth $181.1 million. Its top holding was Microsoft (MSFT) at 12.5% of the portfolio, followed by Merck (MRK, 6.6%) and Blackstone (BX, 6.6%). Compared with Q4 2023, it opened 7 new positions, sold out of 3, added to 39 and reduced 27. The biggest buy was Merck (MRK, shares +1%) and the biggest sale Blackstone (BX, shares −2%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$181.1M (Q1 2024)
SEC Filing
0001698926-24-000003 ↗ filed May 16, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $181.1M $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 Q2 2026

Holdings 101 stocks · $181.1M
MSFT Microsoft Corp. 12.49% 53,748 $22.6M Add +1.7%
MRK Merck & Co. Inc. 6.62% 90,260 $12.0M Add +1.3%
BX Blackstone Inc. 6.62% 91,186 $12.0M Reduce -2.1%
HD Home Depot Inc. 6.14% 28,963 $11.1M Add +0.0%
JPM JPMorgan Chase & Co. 5.42% 48,989 $9.8M Add +1.6%
QCOM Qualcomm Inc. 5.29% 56,615 $9.6M Add +0.2%
UNP Union Pacific Corp. 4.62% 34,005 $8.4M Add +2.7%
BN Brookfield Corp. 3.94% 170,513 $7.1M Add +1.1%
GOOGL Alphabet Inc. Class A 3.66% 43,885 $6.6M Add +1.2%
WY Weyerhaeuser Co. 3.62% 182,467 $6.6M Add +1.5%
PFX Phenixfin Corp. 3.46% 142,309 $6.3M Add +4.9%
AXP American Express Co. 3.22% 25,615 $5.8M Add +2.2%
ACGL Arch Capital Group Ltd. 2.70% 52,948 $4.9M Add +7.3%
JNJ Johnson & Johnson 1.60% 18,271 $2.9M Add +4.0%
MKL Markel Group Inc. 1.49% 1,769 $2.7M Add +4.6%
BRK.B Berkshire Hathaway Inc. Class B 1.44% 6,193 $2.6M Add +15.7%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.18% 38,794 $2.1M Reduce -2.4%
CNI Canadian Natl Railway Co. 1.16% 15,950 $2.1M No change
MELI MercadoLibre Inc. 1.13% 1,349 $2.0M Add +25.6%
SO The Southern Co. 1.11% 27,896 $2.0M Add +2.3%
BA The Boeing Co. 1.06% 9,949 $1.9M Reduce -6.1%
BAM Brookfield Asset Mgmt-A 1.01% 43,494 $1.8M Add +0.8%
POR Portland General Electric Co. 0.96% 40,930 $1.7M Reduce -29.5%
CSCO Cisco Systems Inc. 0.86% 31,174 $1.6M Reduce -2.8%
DUK Duke Energy Corp. 0.85% 15,968 $1.5M Add +83.8%
GH Guardant Health Inc. 0.81% 71,023 $1.5M Add +15.6%
CVX Chevron Corp. 0.79% 9,093 $1.4M Reduce -0.3%
BXMT Blackstone Mortgage Tru Class A 0.78% 69,187 $1.4M Reduce -0.4%
CPNG Coupang Inc. 0.77% 77,861 $1.4M Reduce -6.8%
FNV Franco-Nevada Corp. 0.75% 11,390 $1.4M Add +28.2%
GOOG Alphabet Inc. Class C 0.63% 7,455 $1.1M Reduce -2.6%
BAX Baxter International Inc. 0.57% 23,953 $1.0M No change
BMY Bristol-Myers Squibb Co. 0.57% 18,877 $1.0M Reduce -0.3%
AAPL Apple Inc. 0.55% 5,790 $993K Reduce -23.5%
XOM Exxon Mobil Corp. 0.53% 8,221 $956K No change
LLY Eli Lilly & Co. 0.51% 1,185 $922K Add +17.3%
VAC Marriott Vacations World 0.49% 8,295 $894K No change
CL Colgate-Palmolive Co. 0.45% 8,960 $807K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.44% 66,225 $790K Add +5.0%
CMCSA Comcast Corp. Class A 0.43% 18,000 $780K No change
DE Deere & Co. 0.43% 1,886 $777K Add +3.6%
OCSL Oaktree Specialty Lending Co. 0.43% 39,475 $776K Add +165.8%
BABA Alibaba Group Holding-SP ADR 0.42% 10,600 $767K Reduce -3.5%
ED Consolidated Edison Inc. 0.40% 7,967 $723K No change
MLM Martin Marietta Materials 0.36% 1,050 $645K No change
PG The Procter & Gamble Co. 0.34% 3,789 $615K Reduce -0.0%
PCG P G & E Corp. 0.34% 36,490 $612K Add +1.3%
EIX Edison International 0.32% 8,000 $572K No change
BEP Brookfield Renewable Partner 0.31% 23,900 $555K Reduce -0.5%
CEFS Saba Opport Hedg Cef ETF-Usd 0.30% 26,135 $540K Add +1.9%
ENB Enbridge Inc. 0.26% 12,796 $463K No change
PYPL PayPal Holdings Inc. 0.25% 6,670 $447K Add +61.7%
DEO Diageo PLC-Sponsored ADR 0.24% 2,925 $440K New
EPD Enterprise Products Partners 0.24% 15,050 $439K Add +3.3%
ENVX Enovix Corp. 0.24% 54,231 $434K Add +18.1%
OGE Oge Energy Corp. 0.23% 12,250 $420K Reduce -63.4%
OBE Obsidian Energy Ltd. 0.23% 50,192 $413K Add +3.3%
BRW Saba Capital Income & Opport 0.20% 50,200 $366K Add +4.2%
KO The Coca-Cola Co. 0.19% 5,625 $347K No change
HON Honeywell International Inc. 0.18% 1,611 $331K No change
D Dominion Energy Inc. 0.18% 6,500 $320K No change
VNOM Viper Energy Inc. 0.16% 7,405 $285K Add +13.9%
SNOW Snowflake Inc. 0.16% 1,740 $281K Reduce -3.6%
GRAB Grab Holdings Ltd. Class A 0.14% 81,680 $256K Reduce -29.8%
NEE Nextera Energy Inc. 0.14% 4,000 $256K No change
CMC Commercial Metals Co. 0.13% 4,100 $242K Add +41.4%
REGN Regeneron Pharmaceuticals 0.13% 245 $236K No change
AMAT Applied Materials Inc. 0.12% 1,050 $217K New
CVEO Civeo Corp. 0.12% 8,000 $215K No change
PM Philip Morris International 0.11% 2,190 $203K Add +10.1%
SRAD Sportradar Group AG-A 0.11% 16,925 $197K Add +69.3%
GRNB Vaneck Green Bond ETF 0.11% 8,250 $196K No change
BWXT BWX Technologies Inc. 0.11% 1,900 $195K Reduce -24.0%
PENN Penn Entertainment Inc. 0.09% 8,981 $164K No change
RYZ Ryerson Holding Corp. 0.09% 4,725 $158K Reduce -27.3%
GIS General Mills Inc. 0.09% 2,234 $156K Add +0.9%
MDU Mdu Resources Group Inc. 0.09% 6,115 $155K No change
NWLI National Western Life Grou-A 0.08% 310 $153K New
DVN Devon Energy Corp. 0.08% 3,025 $152K No change
ISRG Intuitive Surgical Inc. 0.08% 375 $150K No change
BEPC Brookfield Renewable Cor-A 0.08% 5,959 $146K Reduce -0.5%
SAIC Science Applications Inte 0.08% 1,100 $143K Reduce -13.7%
GNRC Generac Holdings Inc. 0.08% 1,080 $136K Add +48.0%
KMB Kimberly-Clark Corp. 0.07% 1,005 $131K No change
RTX RTX Corp. 0.07% 1,300 $127K No change
DESP Despegar.com Corp. 0.07% 10,000 $120K New
TAIL Cambria Tail Risk ETF 0.06% 9,600 $117K No change
COST Costco Wholesale Corp. 0.06% 160 $117K No change
ARCO Arcos Dorados Holdings Inc. Class A 0.06% 10,000 $111K New
PROSHARES TR 0.05% 15,400 $99K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 2,600 $99K Reduce -16.1%
AKTSQ Akoustis Technologies Inc. 0.05% 160,000 $95K New
SKYT Skywater Technology Inc. 0.05% 9,000 $92K Reduce -40.0%
BCDF Horizon Kin Blockchain Dev 0.04% 3,000 $75K Add +50.0%
SKWD Skyward Specialty Insurance 0.04% 2,000 $75K Reduce -33.3%
CR Crane Co. 0.04% 545 $74K Reduce -56.9%
ESAB Esab Corp. 0.04% 600 $66K Reduce -25.0%
NET Cloudflare Inc. Class A 0.03% 615 $60K Reduce -35.3%
WMB Williams Cos Inc. 0.03% 1,500 $58K No change
TDW Tidewater Inc. 0.03% 500 $46K No change

Show all 101 holdings

Portfolio Sells Q4 2023 → Q1 2024
BX Blackstone Inc. Reduce -2.1% 6.62% −0.76
BA The Boeing Co. Reduce -6.1% 1.06% −0.61
POR Portland General Electric Co. Reduce -29.5% 0.96% −0.58
OGE Oge Energy Corp. Reduce -63.4% 0.23% −0.48
AAPL Apple Inc. Reduce -23.5% 0.55% −0.33
PROSHARES SHORT S&P500 Sold out 0.00% −0.17
BXMT Blackstone Mortgage Tru Class A Reduce -0.4% 0.78% −0.14
CSCO Cisco Systems Inc. Reduce -2.8% 0.86% −0.12
BABA Alibaba Group Holding-SP ADR Reduce -3.5% 0.42% −0.10
GRAB Grab Holdings Ltd. Class A Reduce -29.8% 0.14% −0.10
SLB SLB Ltd. Reduce -2.4% 1.18% −0.08
BEP Brookfield Renewable Partner Reduce -0.5% 0.31% −0.07
SNOW Snowflake Inc. Reduce -3.6% 0.16% −0.06
HUBS HubSpot Inc. Sold out 0.00% −0.06
CPNG Coupang Inc. Reduce -6.8% 0.77% −0.05
CR Crane Co. Reduce -56.9% 0.04% −0.05
RYZ Ryerson Holding Corp. Reduce -27.3% 0.09% −0.05
SKYT Skywater Technology Inc. Reduce -40.0% 0.05% −0.04
SPWH Sportsman's Warehouse Holdin Sold out 0.00% −0.03
CVX Chevron Corp. Reduce -0.3% 0.79% −0.03
GOOG Alphabet Inc. Class C Reduce -2.6% 0.63% −0.03
BEPC Brookfield Renewable Cor-A Reduce -0.5% 0.08% −0.02
BMY Bristol-Myers Squibb Co. Reduce -0.3% 0.57% −0.02
SKWD Skyward Specialty Insurance Reduce -33.3% 0.04% −0.02
SAIC Science Applications Inte Reduce -13.7% 0.08% −0.02
NET Cloudflare Inc. Class A Reduce -35.3% 0.03% −0.01
BAC Bank of America Corp. Reduce -16.1% 0.05% −0.01
BWXT BWX Technologies Inc. Reduce -24.0% 0.11% −0.01
ESAB Esab Corp. Reduce -25.0% 0.04% −0.01
PG The Procter & Gamble Co. Reduce -0.0% 0.34% +0.00

Portfolio Buys Q4 2023 → Q1 2024
MRK Merck & Co. Inc. Add +1.3% 6.62% +0.70
ACGL Arch Capital Group Ltd. Add +7.3% 2.70% +0.49
MSFT Microsoft Corp. Add +1.7% 12.49% +0.47
JPM JPMorgan Chase & Co. Add +1.6% 5.42% +0.46
AXP American Express Co. Add +2.2% 3.22% +0.38
QCOM Qualcomm Inc. Add +0.2% 5.29% +0.35
DUK Duke Energy Corp. Add +83.8% 0.85% +0.34
BRK.B Berkshire Hathaway Inc. Class B Add +15.7% 1.44% +0.28
OCSL Oaktree Specialty Lending Co. Add +165.8% 0.43% +0.25
DEO Diageo PLC-Sponsored ADR New 0.24% +0.24
FNV Franco-Nevada Corp. Add +28.2% 0.75% +0.15
LLY Eli Lilly & Co. Add +17.3% 0.51% +0.15
AMAT Applied Materials Inc. New 0.12% +0.12
NU Nu Holdings Ltd./Cayman Isl-A Add +5.0% 0.44% +0.12
MELI MercadoLibre Inc. Add +25.6% 1.13% +0.11
PYPL PayPal Holdings Inc. Add +61.7% 0.25% +0.09
NWLI National Western Life Grou-A New 0.08% +0.08
HD Home Depot Inc. Add +0.0% 6.14% +0.07
DESP Despegar.com Corp. New 0.07% +0.07
ARCO Arcos Dorados Holdings Inc. Class A New 0.06% +0.06
PROSHARES TR New 0.05% +0.05
AKTSQ Akoustis Technologies Inc. New 0.05% +0.05
CMC Commercial Metals Co. Add +41.4% 0.13% +0.05
SRAD Sportradar Group AG-A Add +69.3% 0.11% +0.04
MKL Markel Group Inc. Add +4.6% 1.49% +0.03
VNOM Viper Energy Inc. Add +13.9% 0.16% +0.03
OBE Obsidian Energy Ltd. Add +3.3% 0.23% +0.03
GNRC Generac Holdings Inc. Add +48.0% 0.08% +0.02
BCDF Horizon Kin Blockchain Dev Add +50.0% 0.04% +0.01
EPD Enterprise Products Partners Add +3.3% 0.24% +0.01
CEFS Saba Opport Hedg Cef ETF-Usd Add +1.9% 0.30% +0.00
PFX Phenixfin Corp. Add +4.9% 3.46% +0.00
GIS General Mills Inc. Add +0.9% 0.09% −0.00
PM Philip Morris International Add +10.1% 0.11% −0.00
GOOGL Alphabet Inc. Class A Add +1.2% 3.66% −0.00
DE Deere & Co. Add +3.6% 0.43% −0.01
BRW Saba Capital Income & Opport Add +4.2% 0.20% −0.03
BAM Brookfield Asset Mgmt-A Add +0.8% 1.01% −0.04
SO The Southern Co. Add +2.3% 1.11% −0.05
PCG P G & E Corp. Add +1.3% 0.34% −0.06
JNJ Johnson & Johnson Add +4.0% 1.60% −0.07
ENVX Enovix Corp. Add +18.1% 0.24% −0.11
BN Brookfield Corp. Add +1.1% 3.94% −0.15
WY Weyerhaeuser Co. Add +1.5% 3.62% −0.16
GH Guardant Health Inc. Add +15.6% 0.81% −0.20
UNP Union Pacific Corp. Add +2.7% 4.62% −0.30

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