Adalta Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 18, 2025), Adalta Capital Management LLC reported 99 stock positions worth $191.5 million. Its top holding was Microsoft (MSFT) at 10.7% of the portfolio, followed by Blackstone (BX, 8.2%) and JPMorgan Chase (JPM, 6.1%). Compared with Q3 2024, it opened 5 new positions, sold out of 2, added to 16 and reduced 34. The biggest buy was Markel (MKL, shares +41%) and the biggest sale Microsoft (MSFT, shares −9%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$191.5M (Q4 2024)
SEC Filing
0001698926-25-000001 ↗ filed Feb 18, 2025

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 $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 99 stocks · $191.5M
MSFT Microsoft Corp. 10.68% 48,521 $20.5M Reduce -9.1%
BX Blackstone Inc. 8.20% 91,126 $15.7M Reduce -0.3%
JPM JPMorgan Chase & Co. 6.14% 49,049 $11.8M Add +0.3%
HD Home Depot Inc. 5.93% 29,184 $11.4M Add +0.2%
BN Brookfield Corp. 5.21% 173,588 $10.0M Add +0.6%
MRK Merck & Co. Inc. 4.72% 90,125 $9.0M No change
QCOM Qualcomm Inc. 4.50% 56,086 $8.6M Add +0.4%
GOOGL Alphabet Inc. Class A 4.26% 43,135 $8.2M Reduce -1.6%
PFX Phenixfin Corp. 4.06% 155,524 $7.8M Add +4.0%
UNP Union Pacific Corp. 4.02% 33,770 $7.7M No change
AXP American Express Co. 3.84% 24,785 $7.4M Reduce -3.2%
WY Weyerhaeuser Co. 2.71% 184,232 $5.2M Reduce -0.1%
ACGL Arch Capital Group Ltd. 2.67% 55,274 $5.1M Add +4.3%
MKL Markel Group Inc. 2.31% 2,566 $4.4M Add +41.5%
MELI MercadoLibre Inc. 1.61% 1,816 $3.1M Add +6.8%
BRK.B Berkshire Hathaway Inc. Class B 1.47% 6,193 $2.8M No change
SO The Southern Co. 1.41% 32,794 $2.7M Add +11.8%
JNJ Johnson & Johnson 1.38% 18,271 $2.6M No change
BAM Brookfield Asset Mgmt-A 1.23% 43,378 $2.4M Reduce -0.0%
DUK Duke Energy Corp. 1.15% 20,431 $2.2M Add +3.0%
GH Guardant Health Inc. 1.09% 68,263 $2.1M Reduce -3.8%
CSCO Cisco Systems Inc. 0.96% 31,024 $1.8M No change
CPNG Coupang Inc. 0.90% 78,261 $1.7M Reduce -0.9%
CNI Canadian Natl Railway Co. 0.85% 15,950 $1.6M No change
DHR Danaher Corp. 0.82% 6,857 $1.6M Reduce -19.0%
FNV Franco-Nevada Corp. 0.81% 13,216 $1.6M Add +25.4%
BA The Boeing Co. 0.80% 8,625 $1.5M Reduce -13.3%
GOOG Alphabet Inc. Class C 0.78% 7,885 $1.5M Add +6.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.76% 37,669 $1.5M Reduce -2.9%
AAPL Apple Inc. 0.75% 5,740 $1.4M No change
GM General Motors Co. 0.74% 26,500 $1.4M No change
CVX Chevron Corp. 0.69% 9,069 $1.3M No change
BXMT Blackstone Mortgage Tru Class A 0.59% 62,856 $1.1M Reduce -1.5%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.58% 106,500 $1.1M Add +27.5%
BMY Bristol-Myers Squibb Co. 0.56% 18,822 $1.1M Reduce -0.3%
XOM Exxon Mobil Corp. 0.46% 8,121 $874K No change
DE Deere & Co. 0.44% 1,970 $838K Reduce -14.4%
CL Colgate-Palmolive Co. 0.42% 8,930 $812K Reduce -0.3%
PCG P G & E Corp. 0.38% 36,490 $737K No change
ED Consolidated Edison Inc. 0.37% 7,967 $711K No change
CMCSA Comcast Corp. Class A 0.35% 18,000 $676K No change
EIX Edison International 0.33% 8,000 $639K No change
PG The Procter & Gamble Co. 0.33% 3,770 $632K No change
D Dominion Energy Inc. 0.33% 11,700 $630K Add +80.0%
LLY Eli Lilly & Co. 0.32% 785 $606K No change
PYPL PayPal Holdings Inc. 0.30% 6,720 $574K No change
CEFS Saba Opport Hedg Cef ETF-Usd 0.29% 26,135 $560K No change
ENB Enbridge Inc. 0.28% 12,796 $543K No change
MLM Martin Marietta Materials 0.28% 1,050 $542K No change
ENVX Enovix Corp. 0.28% 49,031 $533K Reduce -11.0%
BEP Brookfield Renewable Partner 0.28% 23,351 $532K Reduce -2.3%
BWXT BWX Technologies Inc. 0.27% 4,718 $526K Reduce -4.1%
BABA Alibaba Group Holding-SP ADR 0.25% 5,720 $485K Reduce -18.5%
EPD Enterprise Products Partners 0.24% 14,675 $460K Reduce -1.7%
PM Philip Morris International 0.24% 3,740 $455K Reduce -6.3%
BRW Saba Capital Income & Opport 0.23% 58,535 $446K Reduce -13.6%
AMAT Applied Materials Inc. 0.23% 2,670 $434K Reduce -4.3%
OCSL Oaktree Specialty Lending Co. 0.20% 25,000 $382K Reduce -44.6%
OBE Obsidian Energy Ltd. 0.19% 62,917 $364K Add +25.4%
HON Honeywell International Inc. 0.19% 1,611 $364K No change
KO The Coca-Cola Co. 0.18% 5,625 $350K No change
EQT Eqt Corp. 0.18% 7,500 $346K Add +150.0%
GRAB Grab Holdings Ltd. Class A 0.16% 63,680 $301K No change
SNOW Snowflake Inc. 0.14% 1,740 $269K No change
ESAB Esab Corp. 0.14% 2,160 $259K No change
GBTC Grayscale Bitcoin Trust ETF 0.13% 3,420 $253K New
DEO Diageo PLC-Sponsored ADR 0.13% 1,980 $252K Reduce -41.3%
VAC Marriott Vacations World 0.12% 2,500 $226K Reduce -69.9%
CMC Commercial Metals Co. 0.12% 4,565 $226K No change
AMZN Amazon.com Inc. 0.11% 940 $206K New
ISRG Intuitive Surgical Inc. 0.10% 375 $196K No change
GRNB Vaneck Green Bond ETF 0.10% 8,250 $196K No change
COHR Coherent Corp. 0.10% 2,000 $189K No change
PENN Penn Entertainment Inc. 0.09% 8,981 $178K No change
REGN Regeneron Pharmaceuticals 0.09% 245 $175K No change
AMD Advanced Micro Devices 0.09% 1,430 $173K Reduce -10.1%
WMB Williams Cos Inc. 0.09% 3,100 $168K No change
GNRC Generac Holdings Inc. 0.09% 1,080 $167K No change
BEPC Brookfield Renewable Corp. 0.09% 5,959 $165K No change
PLTR Palantir Technologies Inc. Class A 0.08% 2,100 $159K Reduce -19.2%
VNOM Viper Energy Inc. 0.08% 3,180 $156K Reduce -58.0%
HSY The Hershey Co. 0.08% 899 $152K Reduce -37.7%
RTX RTX Corp. 0.08% 1,300 $150K No change
CARR Carrier Global Corp. 0.08% 2,184 $150K No change
COST Costco Wholesale Corp. 0.08% 160 $147K No change
GIS General Mills Inc. 0.07% 2,253 $144K No change
KMB Kimberly-Clark Corp. 0.07% 1,005 $133K No change
MDU Mdu Resources Group Inc. 0.06% 6,530 $119K No change
CVEO Civeo Corp. 0.06% 5,000 $114K No change
ECG Everus Construction Group 0.06% 1,624 $107K Reduce -0.5%
SRAD Sportradar Group AG-A 0.05% 5,675 $98K No change
BCDF Horizon Kin Blockchain Dev 0.05% 3,300 $92K No change
UBER Uber Technologies Inc. 0.05% 1,500 $90K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 2,000 $88K Reduce -13.0%
NET Cloudflare Inc. Class A 0.03% 615 $66K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 1,045 $61K New
DVN Devon Energy Corp. 0.03% 1,525 $50K Reduce -49.6%
WM Waste Management Inc. 0.02% 200 $40K New
CR Crane Co. 0.02% 195 $30K Reduce -64.2%

Portfolio Sells Q3 2024 → Q4 2024
MSFT Microsoft Corp. Reduce -9.1% 10.68% −1.17
WY Weyerhaeuser Co. Reduce -0.1% 2.71% −0.51
DHR Danaher Corp. Reduce -19.0% 0.82% −0.39
VAC Marriott Vacations World Reduce -69.9% 0.12% −0.20
OCSL Oaktree Specialty Lending Co. Reduce -44.6% 0.20% −0.18
BAX Baxter International Inc. Sold out 0.00% −0.15
BABA Alibaba Group Holding-SP ADR Reduce -18.5% 0.25% −0.13
DEO Diageo PLC-Sponsored ADR Reduce -41.3% 0.13% −0.12
CPNG Coupang Inc. Reduce -0.9% 0.90% −0.10
VNOM Viper Energy Inc. Reduce -58.0% 0.08% −0.09
SLB SLB Ltd. Reduce -2.9% 0.76% −0.09
BEP Brookfield Renewable Partner Reduce -2.3% 0.28% −0.07
AMAT Applied Materials Inc. Reduce -4.3% 0.23% −0.06
HSY The Hershey Co. Reduce -37.7% 0.08% −0.06
DE Deere & Co. Reduce -14.4% 0.44% −0.06
CL Colgate-Palmolive Co. Reduce -0.3% 0.42% −0.06
BXMT Blackstone Mortgage Tru Class A Reduce -1.5% 0.59% −0.05
AMD Advanced Micro Devices Reduce -10.1% 0.09% −0.04
DVN Devon Energy Corp. Reduce -49.6% 0.03% −0.04
BRW Saba Capital Income & Opport Reduce -13.6% 0.23% −0.03
CR Crane Co. Reduce -64.2% 0.02% −0.03
PM Philip Morris International Reduce -6.3% 0.24% −0.01
AKTSQ Akoustis Technologies Inc. Sold out 0.00% −0.00
BWXT BWX Technologies Inc. Reduce -4.1% 0.27% −0.00
BAC Bank of America Corp. Reduce -13.0% 0.05% −0.00
ECG Everus Construction Group Reduce -0.5% 0.06% +0.00
ENVX Enovix Corp. Reduce -11.0% 0.28% +0.01
EPD Enterprise Products Partners Reduce -1.7% 0.24% +0.02
BA The Boeing Co. Reduce -13.3% 0.80% +0.02
PLTR Palantir Technologies Inc. Class A Reduce -19.2% 0.08% +0.03
BMY Bristol-Myers Squibb Co. Reduce -0.3% 0.56% +0.05
BAM Brookfield Asset Mgmt-A Reduce -0.0% 1.23% +0.17
GH Guardant Health Inc. Reduce -3.8% 1.09% +0.25
AXP American Express Co. Reduce -3.2% 3.84% +0.26
GOOGL Alphabet Inc. Class A Reduce -1.6% 4.26% +0.51
BX Blackstone Inc. Reduce -0.3% 8.20% +0.98

Portfolio Buys Q3 2024 → Q4 2024
MKL Markel Group Inc. Add +41.5% 2.31% +0.84
JPM JPMorgan Chase & Co. Add +0.3% 6.14% +0.82
BN Brookfield Corp. Add +0.6% 5.21% +0.48
PFX Phenixfin Corp. Add +4.0% 4.06% +0.40
GOOG Alphabet Inc. Class C Add +6.0% 0.78% +0.14
FNV Franco-Nevada Corp. Add +25.4% 0.81% +0.14
D Dominion Energy Inc. Add +80.0% 0.33% +0.14
GBTC Grayscale Bitcoin Trust ETF New 0.13% +0.13
EQT Eqt Corp. Add +150.0% 0.18% +0.12
AMZN Amazon.com Inc. New 0.11% +0.11
UBER Uber Technologies Inc. New 0.05% +0.05
OBE Obsidian Energy Ltd. Add +25.4% 0.19% +0.05
SO The Southern Co. Add +11.8% 1.41% +0.04
WRB WR Berkley Corp. New 0.03% +0.03
WM Waste Management Inc. New 0.02% +0.02
NU Nu Holdings Ltd./Cayman Isl-A Add +27.5% 0.58% −0.01
DUK Duke Energy Corp. Add +3.0% 1.15% −0.03
HD Home Depot Inc. Add +0.2% 5.93% −0.16
MELI MercadoLibre Inc. Add +6.8% 1.61% −0.19
ACGL Arch Capital Group Ltd. Add +4.3% 2.67% −0.39
QCOM Qualcomm Inc. Add +0.4% 4.50% −0.40

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