Adalta Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Adalta Capital Management LLC reported 97 stock positions worth $199.3 million. Its top holding was Microsoft (MSFT) at 11.4% of the portfolio, followed by JPMorgan Chase (JPM, 7.0%) and Blackstone (BX, 6.8%). Compared with Q1 2025, it opened 4 new positions, sold out of 8, added to 20 and reduced 35. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +46%) and the biggest sale Union Pacific (UNP, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$199.3M (Q2 2025)
SEC Filing
0001698926-25-000003 ↗ filed Aug 12, 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 Q1 2025 Q2 2025: $199.3M $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 97 stocks · $199.3M
MSFT Microsoft Corp. 11.39% 45,631 $22.7M Reduce -5.8%
JPM JPMorgan Chase & Co. 7.01% 48,212 $14.0M Reduce -1.9%
BX Blackstone Inc. 6.76% 90,041 $13.5M Reduce -1.3%
HD Home Depot Inc. 5.38% 29,240 $10.7M Add +0.1%
BN Brookfield Corp. 5.34% 171,963 $10.6M Reduce -0.4%
QCOM Qualcomm Inc. 4.44% 55,536 $8.8M Reduce -0.7%
PFX Phenixfin Corp. 4.33% 169,839 $8.6M Add +0.8%
UNP Union Pacific Corp. 3.89% 33,710 $7.8M Reduce -0.2%
GOOGL Alphabet Inc. Class A 3.87% 43,778 $7.7M Add +0.4%
AXP American Express Co. 3.75% 23,445 $7.5M Reduce -3.9%
MRK Merck & Co. Inc. 3.62% 90,180 $7.2M Add +0.0%
MELI MercadoLibre Inc. 2.68% 2,042 $5.3M Reduce -0.6%
MKL Markel Group Inc. 2.65% 2,643 $5.3M Add +2.0%
WY Weyerhaeuser Co. 2.33% 180,932 $4.6M Add +0.0%
ACGL Arch Capital Group Ltd. 2.33% 50,997 $4.6M Add +0.1%
GH Guardant Health Inc. 1.65% 63,363 $3.3M Reduce -0.5%
SO The Southern Co. 1.51% 32,794 $3.0M No change
BRK.B Berkshire Hathaway Inc. Class B 1.51% 6,193 $3.0M No change
JNJ Johnson & Johnson 1.40% 18,237 $2.8M Reduce -0.6%
DUK Duke Energy Corp. 1.23% 20,696 $2.4M Add +1.3%
CPNG Coupang Inc. 1.21% 80,511 $2.4M Add +1.0%
BAM Brookfield Asset Mgmt-A 1.19% 42,728 $2.4M Reduce -1.4%
GOOG Alphabet Inc. Class C 1.09% 12,209 $2.2M Add +9.2%
CSCO Cisco Systems Inc. 1.08% 31,024 $2.2M No change
FNV Franco-Nevada Corp. 1.05% 12,816 $2.1M Add +1.8%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.90% 131,325 $1.8M Add +46.3%
DHR Danaher Corp. 0.88% 8,819 $1.7M Reduce -1.1%
BA The Boeing Co. 0.87% 8,300 $1.7M No change
BWXT BWX Technologies Inc. 0.85% 11,770 $1.7M Add +13.9%
CNI Canadian Natl Railway Co. 0.81% 15,450 $1.6M Reduce -3.1%
CVX Chevron Corp. 0.65% 9,069 $1.3M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.62% 36,219 $1.2M Reduce -2.7%
BXMT Blackstone Mortgage Tru Class A 0.62% 62,433 $1.2M Add +0.0%
AAPL Apple Inc. 0.52% 5,075 $1.0M Reduce -10.5%
XOM Exxon Mobil Corp. 0.44% 8,121 $875K No change
BMY Bristol-Myers Squibb Co. 0.44% 18,772 $869K Add +0.3%
CL Colgate-Palmolive Co. 0.41% 8,910 $810K No change
ED Consolidated Edison Inc. 0.40% 7,967 $799K No change
PM Philip Morris International 0.39% 4,240 $778K No change
BRW Saba Capital Income & Opport 0.39% 95,200 $767K Add +35.4%
D Dominion Energy Inc. 0.33% 11,700 $661K No change
PG The Procter & Gamble Co. 0.30% 3,789 $604K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.30% 8,170 $600K Add +10.1%
CEFS Saba Opport Hedg Cef ETF-Usd 0.29% 26,135 $581K No change
ENB Enbridge Inc. 0.29% 12,796 $580K No change
BEP Brookfield Renewable Partner 0.29% 22,601 $577K Reduce -2.6%
MLM Martin Marietta Materials 0.28% 1,015 $557K Reduce -1.0%
BTI British American Tob-SP ADR 0.28% 11,570 $557K Add +285.7%
DE Deere & Co. 0.26% 1,000 $510K Reduce -49.2%
PCG P G & E Corp. 0.26% 36,490 $510K No change
GRAB Grab Holdings Ltd. Class A 0.25% 98,680 $496K Add +1.5%
HSY The Hershey Co. 0.24% 2,891 $480K Add +135.2%
PYPL PayPal Holdings Inc. 0.23% 6,220 $462K Reduce -15.6%
EPD Enterprise Products Partners 0.23% 14,675 $455K No change
EIX Edison International 0.21% 8,000 $413K No change
KO The Coca-Cola Co. 0.20% 5,625 $401K No change
LLY Eli Lilly & Co. 0.20% 505 $394K Reduce -1.0%
EQT Eqt Corp. 0.19% 6,600 $385K Reduce -9.6%
HON Honeywell International Inc. 0.19% 1,611 $375K No change
GBTC Grayscale Bitcoin Trust ETF 0.18% 4,135 $351K No change
OCSL Oaktree Specialty Lending Co. 0.17% 25,535 $349K No change
SNOW Snowflake Inc. 0.15% 1,295 $290K Reduce -25.6%
SE Sea Ltd.-ADR 0.12% 1,550 $248K No change
BABA Alibaba Group Holding-SP ADR 0.12% 2,090 $242K Reduce -24.8%
PLTR Palantir Technologies Inc. Class A 0.11% 1,677 $229K Reduce -13.0%
WMB Williams Cos Inc. 0.11% 3,615 $227K No change
CMC Commercial Metals Co. 0.11% 4,565 $224K No change
AMZN Amazon.com Inc. 0.11% 970 $213K No change
AMAT Applied Materials Inc. 0.11% 1,145 $210K Reduce -57.1%
ISRG Intuitive Surgical Inc. 0.10% 375 $204K No change
GRNB Vaneck Green Bond ETF 0.10% 8,250 $200K No change
UBER Uber Technologies Inc. 0.10% 2,075 $194K Reduce -14.4%
BTC Grayscale Bitcoin Mini ETF 0.10% 4,000 $191K New
RTX RTX Corp. 0.10% 1,300 $190K No change
BEPC Brookfield Renewable Corp. 0.09% 5,772 $189K Reduce -2.5%
CW Curtiss-Wright Corp. 0.09% 352 $172K New
ABBV Abbvie Inc. 0.09% 916 $170K No change
T AT&T Inc. 0.08% 5,785 $167K No change
META Meta Platforms Inc. Class A 0.08% 225 $166K New
CARR Carrier Global Corp. 0.08% 2,184 $160K No change
GNRC Generac Holdings Inc. 0.08% 1,080 $155K No change
COST Costco Wholesale Corp. 0.08% 155 $153K Reduce -3.1%
ESAB Esab Corp. 0.08% 1,260 $152K Reduce -13.7%
DEO Diageo PLC-Sponsored ADR 0.07% 1,420 $143K No change
PENN Penn Entertainment Inc. 0.07% 7,910 $141K Reduce -10.3%
L Loews Corp. 0.07% 1,500 $137K New
KMB Kimberly-Clark Corp. 0.07% 1,005 $131K No change
MWA Mueller Water Products Inc. Class A 0.06% 5,150 $124K Reduce -44.3%
VNOM Viper Energy Inc. 0.06% 3,180 $121K No change
NET Cloudflare Inc. Class A 0.06% 615 $120K No change
MDU Mdu Resources Group Inc. 0.06% 6,530 $110K No change
SRAD Sportradar Group AG-A 0.05% 3,750 $105K Reduce -33.9%
GIS General Mills Inc. 0.05% 2,000 $104K No change
WM Waste Management Inc. 0.05% 425 $97K No change
VG Venture Global Inc. Class A 0.05% 5,900 $92K Reduce -41.0%
SSNC Ss&c Technologies Holdings 0.04% 1,000 $83K Reduce -50.0%
KVUE Kenvue Inc. 0.03% 2,600 $54K Reduce -67.5%

Portfolio Sells Q1 2025 → Q2 2025
UNP Union Pacific Corp. Reduce -0.2% 3.89% −0.36
CMCSA Comcast Corp. Class A Sold out 0.00% −0.35
GM General Motors Co. Sold out 0.00% −0.25
DE Deere & Co. Reduce -49.2% 0.26% −0.24
JNJ Johnson & Johnson Reduce -0.6% 1.40% −0.22
SLB SLB Ltd. Reduce -2.7% 0.62% −0.21
ENVX Enovix Corp. Sold out 0.00% −0.19
AAPL Apple Inc. Reduce -10.5% 0.52% −0.15
QCOM Qualcomm Inc. Reduce -0.7% 4.44% −0.13
AMAT Applied Materials Inc. Reduce -57.1% 0.11% −0.10
DHR Danaher Corp. Reduce -1.1% 0.88% −0.10
AMD Advanced Micro Devices Sold out 0.00% −0.08
KVUE Kenvue Inc. Reduce -67.5% 0.03% −0.07
BABA Alibaba Group Holding-SP ADR Reduce -24.8% 0.12% −0.07
BCDF Horizon Kin Blockchain Dev Sold out 0.00% −0.07
MWA Mueller Water Products Inc. Class A Reduce -44.3% 0.06% −0.06
SSNC Ss&c Technologies Holdings Reduce -50.0% 0.04% −0.05
BAC Bank of America Corp. Sold out 0.00% −0.04
ECG Everus Construction Group Sold out 0.00% −0.03
BX Blackstone Inc. Reduce -1.3% 6.76% −0.03
DVN Devon Energy Corp. Sold out 0.00% −0.03
LLY Eli Lilly & Co. Reduce -1.0% 0.20% −0.03
PYPL PayPal Holdings Inc. Reduce -15.6% 0.23% −0.02
CNI Canadian Natl Railway Co. Reduce -3.1% 0.81% −0.02
EQT Eqt Corp. Reduce -9.6% 0.19% −0.01
ESAB Esab Corp. Reduce -13.7% 0.08% −0.01
SRAD Sportradar Group AG-A Reduce -33.9% 0.05% −0.01
VG Venture Global Inc. Class A Reduce -41.0% 0.05% −0.01
PENN Penn Entertainment Inc. Reduce -10.3% 0.07% −0.01
COST Costco Wholesale Corp. Reduce -3.1% 0.08% −0.00
UBER Uber Technologies Inc. Reduce -14.4% 0.10% +0.00
BEPC Brookfield Renewable Corp. Reduce -2.5% 0.09% +0.01
SNOW Snowflake Inc. Reduce -25.6% 0.15% +0.01
BEP Brookfield Renewable Partner Reduce -2.6% 0.29% +0.02
MLM Martin Marietta Materials Reduce -1.0% 0.28% +0.02
PLTR Palantir Technologies Inc. Class A Reduce -13.0% 0.11% +0.03
BAM Brookfield Asset Mgmt-A Reduce -1.4% 1.19% +0.07
GH Guardant Health Inc. Reduce -0.5% 1.65% +0.21
AXP American Express Co. Reduce -3.9% 3.75% +0.26
BN Brookfield Corp. Reduce -0.4% 5.34% +0.52
MELI MercadoLibre Inc. Reduce -0.6% 2.68% +0.54
JPM JPMorgan Chase & Co. Reduce -1.9% 7.01% +0.59
MSFT Microsoft Corp. Reduce -5.8% 11.39% +1.71

Portfolio Buys Q1 2025 → Q2 2025
NU Nu Holdings Ltd./Cayman Isl-A Add +46.3% 0.90% +0.41
BWXT BWX Technologies Inc. Add +13.9% 0.85% +0.31
GOOGL Alphabet Inc. Class A Add +0.4% 3.87% +0.28
CPNG Coupang Inc. Add +1.0% 1.21% +0.28
BTI British American Tob-SP ADR Add +285.7% 0.28% +0.21
GOOG Alphabet Inc. Class C Add +9.2% 1.09% +0.16
HSY The Hershey Co. Add +135.2% 0.24% +0.13
BTC Grayscale Bitcoin Mini ETF New 0.10% +0.10
BRW Saba Capital Income & Opport Add +35.4% 0.39% +0.09
CW Curtiss-Wright Corp. New 0.09% +0.09
META Meta Platforms Inc. Class A New 0.08% +0.08
MKL Markel Group Inc. Add +2.0% 2.65% +0.07
L Loews Corp. New 0.07% +0.07
WRB WR Berkley Corp. Add +10.1% 0.30% +0.02
GRAB Grab Holdings Ltd. Class A Add +1.5% 0.25% +0.01
FNV Franco-Nevada Corp. Add +1.8% 1.05% −0.00
BXMT Blackstone Mortgage Tru Class A Add +0.0% 0.62% −0.06
DUK Duke Energy Corp. Add +1.3% 1.23% −0.10
BMY Bristol-Myers Squibb Co. Add +0.3% 0.44% −0.17
ACGL Arch Capital Group Ltd. Add +0.1% 2.33% −0.28
HD Home Depot Inc. Add +0.1% 5.38% −0.32
PFX Phenixfin Corp. Add +0.8% 4.33% −0.43
WY Weyerhaeuser Co. Add +0.0% 2.33% −0.49
MRK Merck & Co. Inc. Add +0.0% 3.62% −0.73

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