Adalta Capital Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), Adalta Capital Management LLC reported 101 stock positions worth $187.8 million. Its top holding was Microsoft (MSFT) at 9.7% of the portfolio, followed by Blackstone (BX, 6.8%) and JPMorgan Chase (JPM, 6.4%). Compared with Q4 2024, it opened 8 new positions, sold out of 6, added to 27 and reduced 28. The biggest buy was Phenixfin (PFX, shares +8%) and the biggest sale Microsoft (MSFT, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$187.8M (Q1 2025)
SEC Filing
0001698926-25-000002 ↗ filed May 16, 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 Q4 2024 Q1 2025: $187.8M $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 · $187.8M
MSFT Microsoft Corp. 9.68% 48,443 $18.2M Reduce -0.2%
BX Blackstone Inc. 6.79% 91,216 $12.8M Add +0.1%
JPM JPMorgan Chase & Co. 6.42% 49,158 $12.1M Add +0.2%
HD Home Depot Inc. 5.70% 29,210 $10.7M Add +0.1%
BN Brookfield Corp. 4.82% 172,613 $9.0M Reduce -0.6%
PFX Phenixfin Corp. 4.76% 168,449 $8.9M Add +8.3%
QCOM Qualcomm Inc. 4.57% 55,906 $8.6M Reduce -0.3%
MRK Merck & Co. Inc. 4.35% 90,161 $8.2M Add +0.0%
UNP Union Pacific Corp. 4.25% 33,770 $8.0M No change
GOOGL Alphabet Inc. Class A 3.59% 43,592 $6.7M Add +1.1%
AXP American Express Co. 3.49% 24,385 $6.6M Reduce -1.6%
WY Weyerhaeuser Co. 2.82% 180,907 $5.3M Reduce -1.8%
ACGL Arch Capital Group Ltd. 2.61% 50,967 $4.9M Reduce -7.8%
MKL Markel Group Inc. 2.58% 2,591 $4.8M Add +1.0%
MELI MercadoLibre Inc. 2.13% 2,055 $4.0M Add +13.2%
BRK.B Berkshire Hathaway Inc. Class B 1.76% 6,193 $3.3M No change
JNJ Johnson & Johnson 1.62% 18,344 $3.0M Add +0.4%
SO The Southern Co. 1.61% 32,794 $3.0M No change
GH Guardant Health Inc. 1.44% 63,663 $2.7M Reduce -6.7%
DUK Duke Energy Corp. 1.33% 20,431 $2.5M No change
BAM Brookfield Asset Mgmt-A 1.12% 43,341 $2.1M Reduce -0.1%
FNV Franco-Nevada Corp. 1.06% 12,591 $2.0M Reduce -4.7%
CSCO Cisco Systems Inc. 1.02% 31,024 $1.9M No change
DHR Danaher Corp. 0.98% 8,919 $1.8M Add +30.1%
CPNG Coupang Inc. 0.93% 79,729 $1.7M Add +1.9%
GOOG Alphabet Inc. Class C 0.93% 11,184 $1.7M Add +41.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.83% 37,219 $1.6M Reduce -1.2%
CNI Canadian Natl Railway Co. 0.83% 15,950 $1.6M No change
CVX Chevron Corp. 0.81% 9,069 $1.5M No change
BA The Boeing Co. 0.75% 8,300 $1.4M Reduce -3.8%
BXMT Blackstone Mortgage Tru Class A 0.68% 62,432 $1.3M Reduce -0.7%
AAPL Apple Inc. 0.67% 5,670 $1.3M Reduce -1.2%
BMY Bristol-Myers Squibb Co. 0.61% 18,722 $1.1M Reduce -0.5%
BWXT BWX Technologies Inc. 0.54% 10,335 $1.0M Add +119.0%
XOM Exxon Mobil Corp. 0.51% 8,121 $966K No change
DE Deere & Co. 0.49% 1,970 $928K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.49% 89,797 $920K Reduce -15.7%
ED Consolidated Edison Inc. 0.47% 7,967 $881K No change
CL Colgate-Palmolive Co. 0.44% 8,910 $835K Reduce -0.2%
PM Philip Morris International 0.36% 4,240 $679K Add +13.4%
CMCSA Comcast Corp. Class A 0.35% 18,000 $664K No change
D Dominion Energy Inc. 0.35% 11,700 $656K No change
PG The Procter & Gamble Co. 0.34% 3,789 $646K Add +0.5%
PCG P G & E Corp. 0.33% 36,490 $628K No change
ENB Enbridge Inc. 0.30% 12,796 $567K No change
CEFS Saba Opport Hedg Cef ETF-Usd 0.30% 26,135 $557K No change
BRW Saba Capital Income & Opport 0.29% 70,300 $546K Add +20.1%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.28% 7,420 $528K Add +610.0%
BEP Brookfield Renewable Partner 0.27% 23,201 $514K Reduce -0.6%
EPD Enterprise Products Partners 0.27% 14,675 $501K No change
MLM Martin Marietta Materials 0.26% 1,025 $490K Reduce -2.4%
PYPL PayPal Holdings Inc. 0.26% 7,370 $481K Add +9.7%
EIX Edison International 0.25% 8,000 $471K No change
GM General Motors Co. 0.25% 10,000 $470K Reduce -62.3%
GRAB Grab Holdings Ltd. Class A 0.23% 97,180 $440K Add +52.6%
LLY Eli Lilly & Co. 0.22% 510 $421K Reduce -35.0%
KO The Coca-Cola Co. 0.22% 5,625 $406K No change
OCSL Oaktree Specialty Lending Co. 0.21% 25,535 $392K Add +2.1%
EQT Eqt Corp. 0.21% 7,300 $390K Reduce -2.7%
AMAT Applied Materials Inc. 0.21% 2,670 $387K No change
BABA Alibaba Group Holding-SP ADR 0.20% 2,780 $368K Reduce -51.4%
ENVX Enovix Corp. 0.19% 49,031 $360K No change
HON Honeywell International Inc. 0.18% 1,611 $341K No change
GBTC Grayscale Bitcoin Trust ETF 0.14% 4,135 $269K Add +20.9%
SNOW Snowflake Inc. 0.14% 1,740 $254K No change
MWA Mueller Water Products Inc. Class A 0.13% 9,250 $235K New
WMB Williams Cos Inc. 0.12% 3,615 $216K Add +16.6%
CMC Commercial Metals Co. 0.11% 4,565 $211K No change
HSY The Hershey Co. 0.11% 1,229 $210K Add +36.7%
SE Sea Ltd.-ADR 0.11% 1,550 $202K New
GRNB Vaneck Green Bond ETF 0.11% 8,250 $199K No change
ABBV Abbvie Inc. 0.10% 916 $192K New
KVUE Kenvue Inc. 0.10% 8,000 $192K New
ISRG Intuitive Surgical Inc. 0.10% 375 $186K No change
AMZN Amazon.com Inc. 0.10% 970 $185K Add +3.2%
UBER Uber Technologies Inc. 0.09% 2,425 $177K Add +61.7%
RTX RTX Corp. 0.09% 1,300 $172K No change
ESAB Esab Corp. 0.09% 1,460 $170K Reduce -32.4%
SSNC Ss&c Technologies Holdings 0.09% 2,000 $167K New
BEPC Brookfield Renewable Corp. 0.09% 5,922 $165K Reduce -0.6%
T AT&T Inc. 0.09% 5,785 $164K New
PLTR Palantir Technologies Inc. Class A 0.09% 1,927 $163K Reduce -8.2%
COST Costco Wholesale Corp. 0.08% 160 $151K No change
DEO Diageo PLC-Sponsored ADR 0.08% 1,420 $151K Reduce -28.3%
AMD Advanced Micro Devices 0.08% 1,430 $147K No change
KMB Kimberly-Clark Corp. 0.08% 1,005 $144K No change
PENN Penn Entertainment Inc. 0.08% 8,816 $144K Reduce -1.8%
VNOM Viper Energy Inc. 0.08% 3,180 $144K No change
CARR Carrier Global Corp. 0.07% 2,184 $138K No change
GNRC Generac Holdings Inc. 0.07% 1,080 $137K No change
BTI British American Tob-SP ADR 0.07% 3,000 $127K New
BCDF Horizon Kin Blockchain Dev 0.07% 4,425 $123K Add +34.1%
SRAD Sportradar Group AG-A 0.07% 5,675 $123K No change
GIS General Mills Inc. 0.06% 2,000 $120K Reduce -11.2%
MDU Mdu Resources Group Inc. 0.06% 6,530 $111K No change
VG Venture Global Inc. Class A 0.05% 10,000 $103K New
WM Waste Management Inc. 0.05% 425 $98K Add +112.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 2,000 $83K No change
NET Cloudflare Inc. Class A 0.04% 615 $69K No change
ECG Everus Construction Group 0.03% 1,624 $60K No change
DVN Devon Energy Corp. 0.03% 1,525 $57K No change

Portfolio Sells Q4 2024 → Q1 2025
MSFT Microsoft Corp. Reduce -0.2% 9.68% −0.99
GM General Motors Co. Reduce -62.3% 0.25% −0.49
BN Brookfield Corp. Reduce -0.6% 4.82% −0.39
AXP American Express Co. Reduce -1.6% 3.49% −0.35
OBE Obsidian Energy Ltd. Sold out 0.00% −0.19
VAC Marriott Vacations World Sold out 0.00% −0.12
BAM Brookfield Asset Mgmt-A Reduce -0.1% 1.12% −0.11
COHR Coherent Corp. Sold out 0.00% −0.10
LLY Eli Lilly & Co. Reduce -35.0% 0.22% −0.09
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.09
NU Nu Holdings Ltd./Cayman Isl-A Reduce -15.7% 0.49% −0.09
AAPL Apple Inc. Reduce -1.2% 0.67% −0.08
CVEO Civeo Corp. Sold out 0.00% −0.06
BABA Alibaba Group Holding-SP ADR Reduce -51.4% 0.20% −0.06
ACGL Arch Capital Group Ltd. Reduce -7.8% 2.61% −0.05
DEO Diageo PLC-Sponsored ADR Reduce -28.3% 0.08% −0.05
ESAB Esab Corp. Reduce -32.4% 0.09% −0.04
BA The Boeing Co. Reduce -3.8% 0.75% −0.04
MLM Martin Marietta Materials Reduce -2.4% 0.26% −0.02
PENN Penn Entertainment Inc. Reduce -1.8% 0.08% −0.02
CR Crane Co. Sold out 0.00% −0.02
GIS General Mills Inc. Reduce -11.2% 0.06% −0.01
BEP Brookfield Renewable Partner Reduce -0.6% 0.27% −0.00
BEPC Brookfield Renewable Corp. Reduce -0.6% 0.09% +0.00
PLTR Palantir Technologies Inc. Class A Reduce -8.2% 0.09% +0.00
CL Colgate-Palmolive Co. Reduce -0.2% 0.44% +0.02
EQT Eqt Corp. Reduce -2.7% 0.21% +0.03
BMY Bristol-Myers Squibb Co. Reduce -0.5% 0.61% +0.05
QCOM Qualcomm Inc. Reduce -0.3% 4.57% +0.07
SLB SLB Ltd. Reduce -1.2% 0.83% +0.07
BXMT Blackstone Mortgage Tru Class A Reduce -0.7% 0.68% +0.09
WY Weyerhaeuser Co. Reduce -1.8% 2.82% +0.11
FNV Franco-Nevada Corp. Reduce -4.7% 1.06% +0.24
GH Guardant Health Inc. Reduce -6.7% 1.44% +0.36

Portfolio Buys Q4 2024 → Q1 2025
PFX Phenixfin Corp. Add +8.3% 4.76% +0.70
MELI MercadoLibre Inc. Add +13.2% 2.13% +0.52
JPM JPMorgan Chase & Co. Add +0.2% 6.42% +0.28
BWXT BWX Technologies Inc. Add +119.0% 0.54% +0.27
MKL Markel Group Inc. Add +1.0% 2.58% +0.27
WRB WR Berkley Corp. Add +610.0% 0.28% +0.25
JNJ Johnson & Johnson Add +0.4% 1.62% +0.24
DHR Danaher Corp. Add +30.1% 0.98% +0.15
GOOG Alphabet Inc. Class C Add +41.8% 0.93% +0.15
MWA Mueller Water Products Inc. Class A New 0.13% +0.13
PM Philip Morris International Add +13.4% 0.36% +0.12
SE Sea Ltd.-ADR New 0.11% +0.11
ABBV Abbvie Inc. New 0.10% +0.10
KVUE Kenvue Inc. New 0.10% +0.10
SSNC Ss&c Technologies Holdings New 0.09% +0.09
T AT&T Inc. New 0.09% +0.09
GRAB Grab Holdings Ltd. Class A Add +52.6% 0.23% +0.08
BTI British American Tob-SP ADR New 0.07% +0.07
BRW Saba Capital Income & Opport Add +20.1% 0.29% +0.06
VG Venture Global Inc. Class A New 0.05% +0.05
UBER Uber Technologies Inc. Add +61.7% 0.09% +0.05
CPNG Coupang Inc. Add +1.9% 0.93% +0.03
HSY The Hershey Co. Add +36.7% 0.11% +0.03
WM Waste Management Inc. Add +112.5% 0.05% +0.03
WMB Williams Cos Inc. Add +16.6% 0.12% +0.03
BCDF Horizon Kin Blockchain Dev Add +34.1% 0.07% +0.02
PG The Procter & Gamble Co. Add +0.5% 0.34% +0.01
GBTC Grayscale Bitcoin Trust ETF Add +20.9% 0.14% +0.01
OCSL Oaktree Specialty Lending Co. Add +2.1% 0.21% +0.01
AMZN Amazon.com Inc. Add +3.2% 0.10% −0.01
PYPL PayPal Holdings Inc. Add +9.7% 0.26% −0.04
HD Home Depot Inc. Add +0.1% 5.70% −0.23
MRK Merck & Co. Inc. Add +0.0% 4.35% −0.37
GOOGL Alphabet Inc. Class A Add +1.1% 3.59% −0.67
BX Blackstone Inc. Add +0.1% 6.79% −1.41

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