Adalta Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Adalta Capital Management LLC reported 102 stock positions worth $220.3 million. Its top holding was Microsoft (MSFT) at 10.7% of the portfolio, followed by JPMorgan Chase (JPM, 6.9%) and Blackstone (BX, 6.7%). Compared with Q2 2025, it opened 11 new positions, sold out of 6, added to 22 and reduced 25. The biggest buy was Alphabet Class A (GOOGL, shares +0%) and the biggest sale Microsoft (MSFT, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$220.3M (Q3 2025)
SEC Filing
0001698926-25-000007 ↗ filed Nov 17, 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 Q2 2025 Q3 2025: $220.3M $220.3M Q3 2025 Q4 2025: $224.0M Q4 2025 Q1 2026: $209.1M Q1 2026 Q2 2026: $227.8M Q2 2026

Holdings 102 stocks · $220.3M
MSFT Microsoft Corp. 10.71% 45,531 $23.6M Reduce -0.2%
JPM JPMorgan Chase & Co. 6.90% 48,212 $15.2M No change
BX Blackstone Inc. 6.73% 86,741 $14.8M Reduce -3.7%
BN Brookfield Corp. 5.39% 173,101 $11.9M Add +0.7%
HD Home Depot Inc. 5.38% 29,240 $11.8M No change
GOOGL Alphabet Inc. Class A 4.85% 43,983 $10.7M Add +0.5%
QCOM Qualcomm Inc. 4.19% 55,511 $9.2M Reduce -0.1%
PFX Phenixfin Corp. 3.73% 172,939 $8.2M Add +1.8%
UNP Union Pacific Corp. 3.62% 33,710 $8.0M No change
AXP American Express Co. 3.53% 23,400 $7.8M Reduce -0.2%
MRK Merck & Co. Inc. 3.47% 90,180 $7.6M No change
MKL Markel Group Inc. 2.37% 2,732 $5.2M Add +3.4%
MELI MercadoLibre Inc. 2.30% 2,167 $5.1M Add +6.1%
ACGL Arch Capital Group Ltd. 2.18% 52,929 $4.8M Add +3.8%
WY Weyerhaeuser Co. 2.03% 180,682 $4.5M Reduce -0.1%
GH Guardant Health Inc. 1.80% 63,288 $4.0M Reduce -0.1%
JNJ Johnson & Johnson 1.45% 17,237 $3.2M Reduce -5.5%
FNV Franco-Nevada Corp. 1.43% 14,158 $3.2M Add +10.5%
BRK.B Berkshire Hathaway Inc. Class B 1.41% 6,193 $3.1M No change
SO The Southern Co. 1.41% 32,838 $3.1M Add +0.1%
GOOG Alphabet Inc. Class C 1.35% 12,209 $3.0M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.30% 179,200 $2.9M Add +36.5%
DUK Duke Energy Corp. 1.25% 22,225 $2.8M Add +7.4%
CPNG Coupang Inc. 1.23% 84,466 $2.7M Add +4.9%
BAM Brookfield Asset Mgmt-A 1.10% 42,653 $2.4M Reduce -0.2%
BWXT BWX Technologies Inc. 1.02% 12,205 $2.3M Add +3.7%
CSCO Cisco Systems Inc. 0.96% 31,024 $2.1M No change
AAPL Apple Inc. 0.93% 8,075 $2.1M Add +59.1%
DHR Danaher Corp. 0.79% 8,804 $1.7M Reduce -0.2%
BA The Boeing Co. 0.78% 8,000 $1.7M Reduce -3.6%
CNI Canadian Natl Railway Co. 0.66% 15,450 $1.5M No change
CVX Chevron Corp. 0.63% 8,969 $1.4M Reduce -1.1%
BRW Saba Capital Income & Opport 0.63% 177,500 $1.4M Add +86.5%
USFR Wisdomtree Floating Rate Tre 0.59% 26,000 $1.3M New
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.57% 36,194 $1.3M Reduce -0.1%
BXMT Blackstone Mortgage Tru Class A 0.53% 62,359 $1.2M Reduce -0.1%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.42% 12,085 $926K Add +47.9%
XOM Exxon Mobil Corp. 0.42% 8,121 $916K No change
BMY Bristol-Myers Squibb Co. 0.38% 18,622 $840K Reduce -0.8%
APP AppLovin Corp. Class A 0.37% 1,120 $805K New
ED Consolidated Edison Inc. 0.36% 7,967 $801K No change
D Dominion Energy Inc. 0.32% 11,700 $716K No change
CL Colgate-Palmolive Co. 0.32% 8,910 $712K No change
PM Philip Morris International 0.31% 4,240 $688K No change
ENB Enbridge Inc. 0.29% 12,796 $646K No change
MLM Martin Marietta Materials 0.29% 1,015 $640K No change
HSY The Hershey Co. 0.29% 3,416 $639K Add +18.2%
EQT Eqt Corp. 0.28% 11,300 $615K Add +71.2%
GRAB Grab Holdings Ltd. Class A 0.28% 100,880 $607K Add +2.2%
CEFS Saba Opport Hedg Cef ETF-Usd 0.27% 26,135 $595K No change
BTI British American Tob-SP ADR 0.27% 11,110 $590K Reduce -4.0%
PG The Procter & Gamble Co. 0.26% 3,789 $582K No change
BEP Brookfield Renewable Partner 0.26% 22,451 $579K Reduce -0.7%
PCG P G & E Corp. 0.25% 36,490 $551K No change
LLY Eli Lilly & Co. 0.24% 703 $536K Add +39.2%
EPD Enterprise Products Partners 0.21% 14,675 $459K No change
EIX Edison International 0.20% 8,000 $442K No change
DE Deere & Co. 0.19% 920 $422K Reduce -8.0%
STIP iShares 0-5 Year Tips Bond E 0.19% 4,060 $420K New
SLQD iShares 0-5 YR Inv GRD Corp. 0.18% 7,800 $396K New
KO The Coca-Cola Co. 0.17% 5,625 $376K No change
GBTC Grayscale Bitcoin Trust ETF 0.16% 4,035 $362K Reduce -2.4%
VWOB Vanguard Emerg MKTS Gov BND 0.16% 5,350 $358K New
ETH Grayscale Ethereum Staking M 0.16% 9,005 $353K New
HON Honeywell International Inc. 0.15% 1,611 $339K No change
UBER Uber Technologies Inc. 0.14% 3,085 $302K Add +48.7%
SNOW Snowflake Inc. 0.13% 1,295 $292K No change
PLTR Palantir Technologies Inc. Class A 0.13% 1,577 $288K Reduce -6.0%
JEPI JPMorgan Equity Premium Inco 0.13% 5,000 $286K New
SE Sea Ltd.-ADR 0.13% 1,550 $277K No change
BABA Alibaba Group Holding-SP ADR 0.12% 1,500 $268K Reduce -28.2%
CMC Commercial Metals Co. 0.12% 4,565 $261K No change
VG Venture Global Inc. Class A 0.11% 16,575 $235K Add +180.9%
AMAT Applied Materials Inc. 0.11% 1,145 $234K No change
WMB Williams Cos Inc. 0.10% 3,615 $229K No change
RTX RTX Corp. 0.10% 1,300 $218K No change
AMZN Amazon.com Inc. 0.10% 970 $213K No change
ABBV Abbvie Inc. 0.10% 916 $212K No change
BTC Grayscale Bitcoin Mini ETF 0.09% 4,000 $203K No change
GRNB Vaneck Green Bond ETF 0.09% 8,250 $202K No change
BEPC Brookfield Renewable Corp. 0.09% 5,735 $197K Reduce -0.6%
CW Curtiss-Wright Corp. 0.09% 352 $191K No change
MWA Mueller Water Products Inc. Class A 0.08% 7,225 $184K Add +40.3%
GNRC Generac Holdings Inc. 0.08% 1,080 $181K No change
MU Micron Technology Inc. 0.08% 1,050 $176K New
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.08% 3,000 $173K New
ISRG Intuitive Surgical Inc. 0.08% 375 $168K No change
T AT&T Inc. 0.07% 5,785 $163K No change
META Meta Platforms Inc. Class A 0.07% 215 $158K Reduce -4.4%
L Loews Corp. 0.07% 1,500 $151K No change
COST Costco Wholesale Corp. 0.07% 155 $143K No change
PENN Penn Entertainment Inc. 0.06% 7,300 $141K Reduce -7.7%
DEO Diageo PLC-Sponsored ADR 0.06% 1,420 $136K No change
NET Cloudflare Inc. Class A 0.06% 615 $132K No change
CARR Carrier Global Corp. 0.06% 2,184 $130K No change
KMB Kimberly-Clark Corp. 0.06% 1,005 $126K No change
VNOM Viper Energy Inc. Class A 0.06% 3,180 $122K New
MDU Mdu Resources Group Inc. 0.05% 6,355 $114K Reduce -2.7%
GIS General Mills Inc. 0.05% 2,000 $101K No change
WM Waste Management Inc. 0.04% 425 $94K No change
ESAB Esab Corp. 0.03% 660 $74K Reduce -47.6%
COF Capital One Financial Corp. 0.02% 178 $38K New

Portfolio Sells Q2 2025 → Q3 2025
MSFT Microsoft Corp. Reduce -0.2% 10.71% −0.68
WY Weyerhaeuser Co. Reduce -0.1% 2.03% −0.30
QCOM Qualcomm Inc. Reduce -0.1% 4.19% −0.25
PYPL PayPal Holdings Inc. Sold out 0.00% −0.23
AXP American Express Co. Reduce -0.2% 3.53% −0.22
OCSL Oaktree Specialty Lending Co. Sold out 0.00% −0.17
BA The Boeing Co. Reduce -3.6% 0.78% −0.09
BXMT Blackstone Mortgage Tru Class A Reduce -0.1% 0.53% −0.08
BAM Brookfield Asset Mgmt-A Reduce -0.2% 1.10% −0.08
DHR Danaher Corp. Reduce -0.2% 0.79% −0.08
DE Deere & Co. Reduce -8.0% 0.19% −0.06
VNOM Viper Energy Inc. Sold out 0.00% −0.06
BMY Bristol-Myers Squibb Co. Reduce -0.8% 0.38% −0.05
SRAD Sportradar Group AG-A Sold out 0.00% −0.05
SLB SLB Ltd. Reduce -0.1% 0.57% −0.05
ESAB Esab Corp. Reduce -47.6% 0.03% −0.04
SSNC Ss&c Technologies Holdings Sold out 0.00% −0.04
BX Blackstone Inc. Reduce -3.7% 6.73% −0.03
KVUE Kenvue Inc. Sold out 0.00% −0.03
BEP Brookfield Renewable Partner Reduce -0.7% 0.26% −0.03
CVX Chevron Corp. Reduce -1.1% 0.63% −0.02
BTI British American Tob-SP ADR Reduce -4.0% 0.27% −0.01
META Meta Platforms Inc. Class A Reduce -4.4% 0.07% −0.01
GBTC Grayscale Bitcoin Trust ETF Reduce -2.4% 0.16% −0.01
PENN Penn Entertainment Inc. Reduce -7.7% 0.06% −0.01
BEPC Brookfield Renewable Corp. Reduce -0.6% 0.09% −0.01
MDU Mdu Resources Group Inc. Reduce -2.7% 0.05% −0.00
BABA Alibaba Group Holding-SP ADR Reduce -28.2% 0.12% +0.00
PLTR Palantir Technologies Inc. Class A Reduce -6.0% 0.13% +0.02
JNJ Johnson & Johnson Reduce -5.5% 1.45% +0.05
GH Guardant Health Inc. Reduce -0.1% 1.80% +0.14

Portfolio Buys Q2 2025 → Q3 2025
GOOGL Alphabet Inc. Class A Add +0.5% 4.85% +0.98
USFR Wisdomtree Floating Rate Tre New 0.59% +0.59
AAPL Apple Inc. Add +59.1% 0.93% +0.41
NU Nu Holdings Ltd./Cayman Isl-A Add +36.5% 1.30% +0.40
FNV Franco-Nevada Corp. Add +10.5% 1.43% +0.38
APP AppLovin Corp. Class A New 0.37% +0.37
BRW Saba Capital Income & Opport Add +86.5% 0.63% +0.24
STIP iShares 0-5 Year Tips Bond E New 0.19% +0.19
SLQD iShares 0-5 YR Inv GRD Corp. New 0.18% +0.18
BWXT BWX Technologies Inc. Add +3.7% 1.02% +0.17
VWOB Vanguard Emerg MKTS Gov BND New 0.16% +0.16
ETH Grayscale Ethereum Staking M New 0.16% +0.16
JEPI JPMorgan Equity Premium Inco New 0.13% +0.13
WRB WR Berkley Corp. Add +47.9% 0.42% +0.12
EQT Eqt Corp. Add +71.2% 0.28% +0.09
MU Micron Technology Inc. New 0.08% +0.08
JEPQ JPM Nasdaq Equity Premium New 0.08% +0.08
VG Venture Global Inc. Class A Add +180.9% 0.11% +0.06
VNOM Viper Energy Inc. Class A New 0.06% +0.06
BN Brookfield Corp. Add +0.7% 5.39% +0.05
HSY The Hershey Co. Add +18.2% 0.29% +0.05
LLY Eli Lilly & Co. Add +39.2% 0.24% +0.05
UBER Uber Technologies Inc. Add +48.7% 0.14% +0.04
GRAB Grab Holdings Ltd. Class A Add +2.2% 0.28% +0.03
CPNG Coupang Inc. Add +4.9% 1.23% +0.02
DUK Duke Energy Corp. Add +7.4% 1.25% +0.02
MWA Mueller Water Products Inc. Class A Add +40.3% 0.08% +0.02
COF Capital One Financial Corp. New 0.02% +0.02
SO The Southern Co. Add +0.1% 1.41% −0.10
ACGL Arch Capital Group Ltd. Add +3.8% 2.18% −0.15
MKL Markel Group Inc. Add +3.4% 2.37% −0.28
MELI MercadoLibre Inc. Add +6.1% 2.30% −0.38
PFX Phenixfin Corp. Add +1.8% 3.73% −0.60

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