Adalta Capital Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 15, 2024), Adalta Capital Management LLC reported 95 stock positions worth $193.9 million. Its top holding was Microsoft (MSFT) at 11.9% of the portfolio, followed by Blackstone (BX, 7.2%) and Home Depot (HD, 6.1%). Compared with Q2 2024, it opened 2 new positions, sold out of 8, added to 23 and reduced 22. The biggest buy was Brookfield (BN, shares +0%) and the biggest sale Microsoft (MSFT, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$193.9M (Q3 2024)
SEC Filing
0001698926-24-000005 ↗ filed Nov 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 Q2 2024 Q3 2024: $193.9M $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 95 stocks · $193.9M
MSFT Microsoft Corp. 11.85% 53,398 $23.0M Reduce -0.4%
BX Blackstone Inc. 7.22% 91,406 $14.0M No change
HD Home Depot Inc. 6.09% 29,134 $11.8M Add +0.7%
JPM JPMorgan Chase & Co. 5.32% 48,909 $10.3M Reduce -0.1%
MRK Merck & Co. Inc. 5.31% 90,125 $10.3M Reduce -0.1%
QCOM Qualcomm Inc. 4.90% 55,886 $9.5M Reduce -0.1%
BN Brookfield Corp. 4.73% 172,588 $9.2M Add +0.4%
UNP Union Pacific Corp. 4.29% 33,770 $8.3M Reduce -0.5%
GOOGL Alphabet Inc. Class A 3.75% 43,855 $7.3M Reduce -0.0%
PFX Phenixfin Corp. 3.66% 149,603 $7.1M Reduce -0.2%
AXP American Express Co. 3.58% 25,605 $6.9M No change
WY Weyerhaeuser Co. 3.22% 184,317 $6.2M Add +1.0%
ACGL Arch Capital Group Ltd. 3.06% 52,998 $5.9M No change
MELI MercadoLibre Inc. 1.80% 1,701 $3.5M Add +5.7%
JNJ Johnson & Johnson 1.53% 18,271 $3.0M No change
BRK.B Berkshire Hathaway Inc. Class B 1.47% 6,193 $2.9M No change
MKL Markel Group Inc. 1.47% 1,814 $2.8M Add +1.2%
SO The Southern Co. 1.36% 29,344 $2.6M Add +5.1%
DHR Danaher Corp. 1.22% 8,467 $2.4M Add +52.3%
DUK Duke Energy Corp. 1.18% 19,831 $2.3M Add +21.3%
BAM Brookfield Asset Mgmt-A 1.06% 43,393 $2.1M Reduce -0.2%
CPNG Coupang Inc. 1.00% 78,961 $1.9M Add +1.3%
CNI Canadian Natl Railway Co. 0.96% 15,950 $1.9M No change
CSCO Cisco Systems Inc. 0.85% 31,024 $1.7M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.84% 38,794 $1.6M No change
GH Guardant Health Inc. 0.84% 70,963 $1.6M Reduce -0.1%
BA The Boeing Co. 0.78% 9,949 $1.5M No change
AAPL Apple Inc. 0.69% 5,740 $1.3M Reduce -0.9%
CVX Chevron Corp. 0.69% 9,069 $1.3M Reduce -0.3%
FNV Franco-Nevada Corp. 0.68% 10,539 $1.3M Add +8.2%
GOOG Alphabet Inc. Class C 0.64% 7,435 $1.2M No change
BXMT Blackstone Mortgage Tru Class A 0.64% 63,805 $1.2M Reduce -7.8%
GM General Motors Co. 0.61% 26,500 $1.2M Add +734.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.59% 83,550 $1.1M Add +11.7%
BMY Bristol-Myers Squibb Co. 0.50% 18,877 $977K No change
DE Deere & Co. 0.50% 2,301 $964K Add +21.4%
XOM Exxon Mobil Corp. 0.49% 8,121 $952K No change
CL Colgate-Palmolive Co. 0.48% 8,960 $930K No change
ED Consolidated Edison Inc. 0.43% 7,967 $830K No change
CMCSA Comcast Corp. Class A 0.39% 18,000 $752K No change
BABA Alibaba Group Holding-SP ADR 0.38% 7,015 $744K Reduce -13.4%
OCSL Oaktree Specialty Lending Co. 0.38% 45,105 $736K Add +12.0%
PCG P G & E Corp. 0.37% 36,490 $722K No change
EIX Edison International 0.36% 8,000 $697K No change
LLY Eli Lilly & Co. 0.36% 785 $695K Reduce -43.3%
BEP Brookfield Renewable Partner 0.35% 23,900 $674K No change
PG The Procter & Gamble Co. 0.34% 3,770 $653K No change
VAC Marriott Vacations World 0.32% 8,295 $616K No change
CEFS Saba Opport Hedg Cef ETF-Usd 0.30% 26,135 $582K No change
MLM Martin Marietta Materials 0.29% 1,050 $565K No change
AMAT Applied Materials Inc. 0.29% 2,790 $564K No change
BWXT BWX Technologies Inc. 0.28% 4,918 $535K Add +91.7%
PYPL PayPal Holdings Inc. 0.27% 6,720 $524K No change
ENB Enbridge Inc. 0.27% 12,796 $520K No change
ENVX Enovix Corp. 0.27% 55,081 $514K Add +1.6%
BRW Saba Capital Income & Opport 0.27% 67,775 $514K Add +23.7%
PM Philip Morris International 0.25% 3,990 $490K Add +82.2%
DEO Diageo PLC-Sponsored ADR 0.25% 3,370 $481K Add +17.2%
EPD Enterprise Products Partners 0.22% 14,925 $434K Reduce -0.8%
KO The Coca-Cola Co. 0.21% 5,625 $407K No change
D Dominion Energy Inc. 0.19% 6,500 $376K No change
VNOM Viper Energy Inc. 0.18% 7,580 $342K Add +2.4%
HON Honeywell International Inc. 0.17% 1,611 $333K No change
BAX Baxter International Inc. 0.15% 7,425 $289K Reduce -68.8%
OBE Obsidian Energy Ltd. 0.14% 50,192 $278K No change
HSY The Hershey Co. 0.14% 1,444 $277K Add +100.6%
AMD Advanced Micro Devices 0.13% 1,590 $261K No change
REGN Regeneron Pharmaceuticals 0.13% 245 $258K No change
CMC Commercial Metals Co. 0.13% 4,565 $251K No change
GRAB Grab Holdings Ltd. Class A 0.12% 63,680 $242K Reduce -13.6%
ESAB Esab Corp. 0.12% 2,160 $230K Add +116.0%
GRNB Vaneck Green Bond ETF 0.10% 8,250 $202K No change
SNOW Snowflake Inc. 0.10% 1,740 $200K No change
BEPC Brookfield Renewable Cor-A 0.10% 5,959 $195K No change
ISRG Intuitive Surgical Inc. 0.10% 375 $184K No change
MDU Mdu Resources Group Inc. 0.09% 6,530 $180K No change
COHR Coherent Corp. 0.09% 2,000 $178K No change
CARR Carrier Global Corp. 0.09% 2,184 $176K Reduce -40.7%
GNRC Generac Holdings Inc. 0.09% 1,080 $172K No change
PENN Penn Entertainment Inc. 0.09% 8,981 $169K No change
GIS General Mills Inc. 0.09% 2,253 $166K No change
RTX RTX Corp. 0.08% 1,300 $158K No change
KMB Kimberly-Clark Corp. 0.07% 1,005 $144K No change
COST Costco Wholesale Corp. 0.07% 160 $142K No change
WMB Williams Cos Inc. 0.07% 3,100 $142K Add +106.7%
CVEO Civeo Corp. 0.07% 5,000 $137K Reduce -37.5%
DVN Devon Energy Corp. 0.06% 3,025 $118K No change
EQT Eqt Corp. 0.06% 3,000 $110K New
PLTR Palantir Technologies Inc. Class A 0.05% 2,600 $97K New
BCDF Horizon Kin Blockchain Dev 0.05% 3,300 $92K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 2,300 $91K Reduce -11.5%
CR Crane Co. 0.04% 545 $86K No change
SRAD Sportradar Group AG-A 0.04% 5,675 $69K Reduce -26.1%
NET Cloudflare Inc. Class A 0.03% 615 $50K No change
AKTSQ Akoustis Technologies Inc. 0.00% 90,000 $8K Reduce -10.0%

Portfolio Sells Q2 2024 → Q3 2024
MSFT Microsoft Corp. Reduce -0.4% 11.85% −1.18
QCOM Qualcomm Inc. Reduce -0.1% 4.90% −1.15
MRK Merck & Co. Inc. Reduce -0.1% 5.31% −0.79
GOOGL Alphabet Inc. Class A Reduce -0.0% 3.75% −0.59
POR Portland General Electric Co. Sold out 0.00% −0.58
LLY Eli Lilly & Co. Reduce -43.3% 0.36% −0.32
BAX Baxter International Inc. Reduce -68.8% 0.15% −0.29
GH Guardant Health Inc. Reduce -0.1% 0.84% −0.28
PFX Phenixfin Corp. Reduce -0.2% 3.66% −0.15
NEE Nextera Energy Inc. Sold out 0.00% −0.15
ATKR Atkore Inc. Sold out 0.00% −0.13
CVX Chevron Corp. Reduce -0.3% 0.69% −0.08
NWLI National Western Life Grou-A Sold out 0.00% −0.08
SKWD Skyward Specialty Insurance Sold out 0.00% −0.08
JPM JPMorgan Chase & Co. Reduce -0.1% 5.32% −0.06
TAIL Cambria Tail Risk ETF Sold out 0.00% −0.06
CVEO Civeo Corp. Reduce -37.5% 0.07% −0.04
BXMT Blackstone Mortgage Tru Class A Reduce -7.8% 0.64% −0.04
CARR Carrier Global Corp. Reduce -40.7% 0.09% −0.04
TDW Tidewater Inc. Sold out 0.00% −0.03
GRAB Grab Holdings Ltd. Class A Reduce -13.6% 0.12% −0.02
EPD Enterprise Products Partners Reduce -0.8% 0.22% −0.01
SRAD Sportradar Group AG-A Reduce -26.1% 0.04% −0.01
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.01
BAC Bank of America Corp. Reduce -11.5% 0.05% −0.01
AKTSQ Akoustis Technologies Inc. Reduce -10.0% 0.00% −0.00
AAPL Apple Inc. Reduce -0.9% 0.69% +0.03
BABA Alibaba Group Holding-SP ADR Reduce -13.4% 0.38% +0.06
UNP Union Pacific Corp. Reduce -0.5% 4.29% +0.12
BAM Brookfield Asset Mgmt-A Reduce -0.2% 1.06% +0.16

Portfolio Buys Q2 2024 → Q3 2024
BN Brookfield Corp. Add +0.4% 4.73% +0.85
HD Home Depot Inc. Add +0.7% 6.09% +0.68
GM General Motors Co. Add +734.6% 0.61% +0.53
DHR Danaher Corp. Add +52.3% 1.22% +0.46
WY Weyerhaeuser Co. Add +1.0% 3.22% +0.40
MELI MercadoLibre Inc. Add +5.7% 1.80% +0.36
DUK Duke Energy Corp. Add +21.3% 1.18% +0.29
SO The Southern Co. Add +5.1% 1.36% +0.19
BWXT BWX Technologies Inc. Add +91.7% 0.28% +0.14
PM Philip Morris International Add +82.2% 0.25% +0.13
CPNG Coupang Inc. Add +1.3% 1.00% +0.11
DE Deere & Co. Add +21.4% 0.50% +0.11
HSY The Hershey Co. Add +100.6% 0.14% +0.07
ESAB Esab Corp. Add +116.0% 0.12% +0.07
NU Nu Holdings Ltd./Cayman Isl-A Add +11.7% 0.59% +0.06
EQT Eqt Corp. New 0.06% +0.06
BRW Saba Capital Income & Opport Add +23.7% 0.27% +0.06
DEO Diageo PLC-Sponsored ADR Add +17.2% 0.25% +0.05
PLTR Palantir Technologies Inc. Class A New 0.05% +0.05
FNV Franco-Nevada Corp. Add +8.2% 0.68% +0.05
WMB Williams Cos Inc. Add +106.7% 0.07% +0.04
VNOM Viper Energy Inc. Add +2.4% 0.18% +0.03
OCSL Oaktree Specialty Lending Co. Add +12.0% 0.38% −0.03
MKL Markel Group Inc. Add +1.2% 1.47% −0.07
ENVX Enovix Corp. Add +1.6% 0.27% −0.19

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