Adalta Capital Management LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 15, 2024), Adalta Capital Management LLC reported 101 stock positions worth $183.9 million. Its top holding was Microsoft (MSFT) at 13.0% of the portfolio, followed by Blackstone (BX, 6.2%) and Merck (MRK, 6.1%). Compared with Q1 2024, it opened 7 new positions, sold out of 7, added to 25 and reduced 20. The biggest buy was a new position in Danaher (DHR) and the biggest sale Home Depot (HD, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$183.9M (Q2 2024)
SEC Filing
0001698926-24-000004 ↗ filed Aug 15, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $181.1M Q1 2024 Q2 2024: $183.9M $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 · $183.9M
MSFT Microsoft Corp. 13.03% 53,609 $24.0M Reduce -0.3%
BX Blackstone Inc. 6.15% 91,406 $11.3M Add +0.2%
MRK Merck & Co. Inc. 6.11% 90,183 $11.2M Reduce -0.1%
QCOM Qualcomm Inc. 6.06% 55,920 $11.1M Reduce -1.2%
HD Home Depot Inc. 5.41% 28,919 $10.0M Reduce -0.1%
JPM JPMorgan Chase & Co. 5.38% 48,934 $9.9M Reduce -0.1%
GOOGL Alphabet Inc. Class A 4.34% 43,860 $8.0M Reduce -0.1%
UNP Union Pacific Corp. 4.17% 33,935 $7.7M Reduce -0.2%
BN Brookfield Corp. 3.88% 171,903 $7.1M Add +0.8%
PFX Phenixfin Corp. 3.81% 149,904 $7.0M Add +5.3%
AXP American Express Co. 3.22% 25,605 $5.9M Reduce -0.0%
ACGL Arch Capital Group Ltd. 2.91% 52,998 $5.3M Add +0.1%
WY Weyerhaeuser Co. 2.82% 182,477 $5.2M Add +0.0%
MKL Markel Group Inc. 1.54% 1,793 $2.8M Add +1.4%
JNJ Johnson & Johnson 1.45% 18,271 $2.7M No change
MELI MercadoLibre Inc. 1.44% 1,609 $2.6M Add +19.3%
BRK.B Berkshire Hathaway Inc. Class B 1.37% 6,193 $2.5M No change
SO The Southern Co. 1.18% 27,919 $2.2M Add +0.1%
GH Guardant Health Inc. 1.12% 71,023 $2.1M No change
CNI Canadian Natl Railway Co. 1.03% 15,950 $1.9M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.00% 38,794 $1.8M No change
BA The Boeing Co. 0.98% 9,949 $1.8M No change
BAM Brookfield Asset Mgmt-A 0.90% 43,494 $1.7M No change
DUK Duke Energy Corp. 0.89% 16,355 $1.6M Add +2.4%
CPNG Coupang Inc. 0.89% 77,961 $1.6M Add +0.1%
CSCO Cisco Systems Inc. 0.80% 31,024 $1.5M Reduce -0.5%
CVX Chevron Corp. 0.77% 9,093 $1.4M No change
DHR Danaher Corp. 0.76% 5,560 $1.4M New
GOOG Alphabet Inc. Class C 0.74% 7,435 $1.4M Reduce -0.3%
LLY Eli Lilly & Co. 0.68% 1,385 $1.3M Add +16.9%
BXMT Blackstone Mortgage Tru Class A 0.68% 69,188 $1.2M Add +0.0%
AAPL Apple Inc. 0.66% 5,790 $1.2M No change
FNV Franco-Nevada Corp. 0.63% 9,740 $1.2M Reduce -14.5%
POR Portland General Electric Co. 0.58% 24,530 $1.1M Reduce -40.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.52% 74,825 $964K Add +13.0%
XOM Exxon Mobil Corp. 0.51% 8,121 $935K Reduce -1.2%
CL Colgate-Palmolive Co. 0.47% 8,960 $869K No change
ENVX Enovix Corp. 0.46% 54,231 $838K No change
BAX Baxter International Inc. 0.44% 23,778 $802K Reduce -0.7%
BMY Bristol-Myers Squibb Co. 0.43% 18,877 $784K No change
OCSL Oaktree Specialty Lending Co. 0.41% 40,265 $757K Add +2.0%
VAC Marriott Vacations World 0.39% 8,295 $724K No change
ED Consolidated Edison Inc. 0.39% 7,967 $712K No change
DE Deere & Co. 0.39% 1,896 $711K Add +0.5%
CMCSA Comcast Corp. Class A 0.38% 18,000 $705K No change
AMAT Applied Materials Inc. 0.36% 2,790 $658K Add +165.7%
PCG P G & E Corp. 0.35% 36,490 $637K No change
PG The Procter & Gamble Co. 0.34% 3,770 $622K Reduce -0.5%
BABA Alibaba Group Holding-SP ADR 0.32% 8,100 $597K Reduce -23.6%
BEP Brookfield Renewable Partner 0.32% 23,900 $592K No change
EIX Edison International 0.31% 8,000 $574K No change
MLM Martin Marietta Materials 0.31% 1,050 $569K No change
CEFS Saba Opport Hedg Cef ETF-Usd 0.30% 26,135 $556K No change
ENB Enbridge Inc. 0.25% 12,796 $455K No change
EPD Enterprise Products Partners 0.24% 15,050 $436K No change
PYPL PayPal Holdings Inc. 0.21% 6,720 $390K Add +0.8%
BRW Saba Capital Income & Opport 0.21% 54,790 $386K Add +9.1%
OBE Obsidian Energy Ltd. 0.20% 50,192 $375K No change
DEO Diageo PLC-Sponsored ADR 0.20% 2,875 $362K Reduce -1.7%
KO The Coca-Cola Co. 0.20% 5,625 $361K No change
HON Honeywell International Inc. 0.19% 1,611 $344K No change
D Dominion Energy Inc. 0.17% 6,500 $319K No change
NEE Nextera Energy Inc. 0.15% 4,000 $283K No change
VNOM Viper Energy Inc. 0.15% 7,405 $278K No change
GRAB Grab Holdings Ltd. Class A 0.14% 73,680 $262K Reduce -9.8%
AMD Advanced Micro Devices 0.14% 1,590 $258K New
REGN Regeneron Pharmaceuticals 0.14% 245 $258K No change
CMC Commercial Metals Co. 0.14% 4,565 $251K Add +11.3%
BWXT BWX Technologies Inc. 0.13% 2,565 $244K Add +35.0%
ATKR Atkore Inc. 0.13% 1,769 $239K New
SNOW Snowflake Inc. 0.13% 1,740 $235K No change
CARR Carrier Global Corp. 0.13% 3,684 $233K New
PM Philip Morris International 0.12% 2,190 $225K No change
CVEO Civeo Corp. 0.11% 8,000 $199K No change
GRNB Vaneck Green Bond ETF 0.11% 8,250 $195K No change
PENN Penn Entertainment Inc. 0.09% 8,981 $174K No change
BEPC Brookfield Renewable Cor-A 0.09% 5,959 $169K No change
ISRG Intuitive Surgical Inc. 0.09% 375 $167K No change
MDU Mdu Resources Group Inc. 0.09% 6,530 $165K Add +6.8%
NWLI National Western Life Grou-A 0.08% 310 $154K No change
GM General Motors Co. 0.08% 3,175 $148K New
COHR Coherent Corp. 0.08% 2,000 $145K New
SKWD Skyward Specialty Insurance 0.08% 4,000 $145K Add +100.0%
DVN Devon Energy Corp. 0.08% 3,025 $143K No change
GNRC Generac Holdings Inc. 0.08% 1,080 $143K No change
GIS General Mills Inc. 0.08% 2,253 $143K Add +0.8%
KMB Kimberly-Clark Corp. 0.08% 1,005 $140K No change
COST Costco Wholesale Corp. 0.07% 160 $136K No change
HSY The Hershey Co. 0.07% 720 $132K New
RTX RTX Corp. 0.07% 1,300 $131K No change
TAIL Cambria Tail Risk ETF 0.06% 9,600 $113K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 2,600 $103K No change
ESAB Esab Corp. 0.05% 1,000 $95K Add +66.7%
SRAD Sportradar Group AG-A 0.05% 7,675 $86K Reduce -54.6%
BCDF Horizon Kin Blockchain Dev 0.04% 3,300 $81K Add +10.0%
CR Crane Co. 0.04% 545 $79K No change
WMB Williams Cos Inc. 0.03% 1,500 $64K No change
NET Cloudflare Inc. Class A 0.03% 615 $51K No change
TDW Tidewater Inc. 0.03% 500 $48K No change
TMO Thermo Fisher Scientific Inc. 0.01% 33 $18K No change

Show all 101 holdings

Portfolio Sells Q1 2024 → Q2 2024
HD Home Depot Inc. Reduce -0.1% 5.41% −0.72
MRK Merck & Co. Inc. Reduce -0.1% 6.11% −0.51
UNP Union Pacific Corp. Reduce -0.2% 4.17% −0.45
POR Portland General Electric Co. Reduce -40.1% 0.58% −0.38
OGE Oge Energy Corp. Sold out 0.00% −0.23
BAX Baxter International Inc. Reduce -0.7% 0.44% −0.13
FNV Franco-Nevada Corp. Reduce -14.5% 0.63% −0.12
BABA Alibaba Group Holding-SP ADR Reduce -23.6% 0.32% −0.10
RYZ Ryerson Holding Corp. Sold out 0.00% −0.09
SAIC Science Applications Inte Sold out 0.00% −0.08
DESP Despegar.com Corp. Sold out 0.00% −0.07
SRAD Sportradar Group AG-A Reduce -54.6% 0.05% −0.06
ARCO Arcos Dorados Holdings Inc. Class A Sold out 0.00% −0.06
CSCO Cisco Systems Inc. Reduce -0.5% 0.80% −0.06
PROSHARES TR Sold out 0.00% −0.05
SKYT Skywater Technology Inc. Sold out 0.00% −0.05
DEO Diageo PLC-Sponsored ADR Reduce -1.7% 0.20% −0.05
AKTSQ Akoustis Technologies Inc. Reduce -37.5% 0.01% −0.05
JPM JPMorgan Chase & Co. Reduce -0.1% 5.38% −0.04
XOM Exxon Mobil Corp. Reduce -1.2% 0.51% −0.02
PG The Procter & Gamble Co. Reduce -0.5% 0.34% −0.00
GRAB Grab Holdings Ltd. Class A Reduce -9.8% 0.14% +0.00
AXP American Express Co. Reduce -0.0% 3.22% +0.00
GOOG Alphabet Inc. Class C Reduce -0.3% 0.74% +0.11
MSFT Microsoft Corp. Reduce -0.3% 13.03% +0.54
GOOGL Alphabet Inc. Class A Reduce -0.1% 4.34% +0.69
QCOM Qualcomm Inc. Reduce -1.2% 6.06% +0.76

Portfolio Buys Q1 2024 → Q2 2024
DHR Danaher Corp. New 0.76% +0.76
PFX Phenixfin Corp. Add +5.3% 3.81% +0.36
MELI MercadoLibre Inc. Add +19.3% 1.44% +0.31
AMAT Applied Materials Inc. Add +165.7% 0.36% +0.24
ACGL Arch Capital Group Ltd. Add +0.1% 2.91% +0.20
LLY Eli Lilly & Co. Add +16.9% 0.68% +0.17
AMD Advanced Micro Devices New 0.14% +0.14
ATKR Atkore Inc. New 0.13% +0.13
CARR Carrier Global Corp. New 0.13% +0.13
CPNG Coupang Inc. Add +0.1% 0.89% +0.12
NU Nu Holdings Ltd./Cayman Isl-A Add +13.0% 0.52% +0.09
GM General Motors Co. New 0.08% +0.08
COHR Coherent Corp. New 0.08% +0.08
SO The Southern Co. Add +0.1% 1.18% +0.07
HSY The Hershey Co. New 0.07% +0.07
MKL Markel Group Inc. Add +1.4% 1.54% +0.05
DUK Duke Energy Corp. Add +2.4% 0.89% +0.04
SKWD Skyward Specialty Insurance Add +100.0% 0.08% +0.04
BWXT BWX Technologies Inc. Add +35.0% 0.13% +0.02
ESAB Esab Corp. Add +66.7% 0.05% +0.01
BRW Saba Capital Income & Opport Add +9.1% 0.21% +0.01
MDU Mdu Resources Group Inc. Add +6.8% 0.09% +0.00
CMC Commercial Metals Co. Add +11.3% 0.14% +0.00
BCDF Horizon Kin Blockchain Dev Add +10.0% 0.04% +0.00
GIS General Mills Inc. Add +0.8% 0.08% −0.01
OCSL Oaktree Specialty Lending Co. Add +2.0% 0.41% −0.02
PYPL PayPal Holdings Inc. Add +0.8% 0.21% −0.03
DE Deere & Co. Add +0.5% 0.39% −0.04
BN Brookfield Corp. Add +0.8% 3.88% −0.06
BXMT Blackstone Mortgage Tru Class A Add +0.0% 0.68% −0.11
BX Blackstone Inc. Add +0.2% 6.15% −0.46
WY Weyerhaeuser Co. Add +0.0% 2.82% −0.80

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