Adalta Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Adalta Capital Management LLC reported 88 stock positions worth $224.0 million. Its top holding was Microsoft (MSFT) at 9.8% of the portfolio, followed by JPMorgan Chase (JPM, 6.9%) and Alphabet Class A (GOOGL, 6.0%). Compared with Q3 2025, it opened 11 new positions, sold out of 25, added to 16 and reduced 26. The biggest buy was a new position in Option Care Health (OPCH) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001698926
- Portfolio Value
- $224.0M (Q4 2025)
- SEC Filing
- 0001698926-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 88 stocks · $224.0M
| MSFT Microsoft Corp. | 9.76% | 45,228 | $21.9M | Reduce -0.7% |
| JPM JPMorgan Chase & Co. | 6.86% | 47,680 | $15.4M | Reduce -1.1% |
| GOOGL Alphabet Inc. Class A | 6.04% | 43,249 | $13.5M | Reduce -1.7% |
| BX Blackstone Inc. | 6.01% | 87,391 | $13.5M | Add +0.8% |
| BN Brookfield Corp. | 5.46% | 266,476 | $12.2M | Add +2.6% |
| HD Home Depot Inc. | 4.49% | 29,217 | $10.1M | Reduce -0.1% |
| QCOM Qualcomm Inc. | 4.27% | 55,911 | $9.6M | Add +0.7% |
| MRK Merck & Co. Inc. | 4.24% | 89,580 | $9.5M | Reduce -0.7% |
| AXP American Express Co. | 3.84% | 23,243 | $8.6M | Reduce -0.7% |
| PFX Phenixfin Corp. | 3.50% | 175,569 | $7.8M | Add +1.5% |
| UNP Union Pacific Corp. | 3.48% | 33,685 | $7.8M | Reduce -0.1% |
| GH Guardant Health Inc. | 2.89% | 63,288 | $6.5M | No change |
| MKL Markel Group Inc. | 2.62% | 2,732 | $5.9M | No change |
| ACGL Arch Capital Group Ltd. | 2.36% | 55,031 | $5.3M | Add +4.0% |
| MELI MercadoLibre Inc. | 1.92% | 2,132 | $4.3M | Reduce -1.6% |
| WY Weyerhaeuser Co. | 1.77% | 167,482 | $4.0M | Reduce -7.3% |
| GOOG Alphabet Inc. Class C | 1.69% | 12,084 | $3.8M | Reduce -1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.61% | 7,193 | $3.6M | Add +16.1% |
| JNJ Johnson & Johnson | 1.59% | 17,221 | $3.6M | Reduce -0.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.37% | 183,100 | $3.1M | Add +2.2% |
| SO The Southern Co. | 1.28% | 32,838 | $2.9M | No change |
| FNV Franco-Nevada Corp. | 1.27% | 13,758 | $2.9M | Reduce -2.8% |
| DUK Duke Energy Corp. | 1.16% | 22,225 | $2.6M | No change |
| CSCO Cisco Systems Inc. | 1.07% | 31,024 | $2.4M | No change |
| BAM Brookfield Asset Mgmt-A | 0.99% | 42,178 | $2.2M | Reduce -1.1% |
| AAPL Apple Inc. | 0.93% | 7,700 | $2.1M | Reduce -4.6% |
| CPNG Coupang Inc. | 0.91% | 86,466 | $2.0M | Add +2.4% |
| DHR Danaher Corp. | 0.87% | 8,524 | $2.0M | Reduce -3.2% |
| BWXT BWX Technologies Inc. | 0.81% | 10,483 | $1.8M | Reduce -14.1% |
| BA The Boeing Co. | 0.77% | 7,950 | $1.7M | Reduce -0.6% |
| BRW Saba Capital Income & Opport | 0.71% | 225,787 | $1.6M | Add +27.2% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.62% | 36,194 | $1.4M | No change |
| CVX Chevron Corp. | 0.61% | 8,969 | $1.4M | No change |
| CNI Canadian Natl Railway Co. | 0.60% | 13,700 | $1.4M | Reduce -11.3% |
| BXMT Blackstone Mortgage Tru Class A | 0.55% | 62,360 | $1.2M | Add +0.0% |
| BMY Bristol-Myers Squibb Co. | 0.45% | 18,622 | $1.0M | No change |
| XOM Exxon Mobil Corp. | 0.44% | 8,121 | $977K | No change |
| BTI British American Tob-SP ADR | 0.40% | 15,515 | $891K | Add +39.6% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.40% | 12,705 | $891K | Add +5.1% |
| LLY Eli Lilly & Co. | 0.40% | 826 | $888K | Add +17.5% |
| USFR Wisdomtree Floating Rate Tre | 0.36% | 16,000 | $805K | Reduce -38.5% |
| ED Consolidated Edison Inc. | 0.35% | 7,967 | $791K | No change |
| EQT Eqt Corp. | 0.33% | 13,920 | $746K | Add +23.2% |
| CL Colgate-Palmolive Co. | 0.31% | 8,810 | $696K | Reduce -1.1% |
| PM Philip Morris International | 0.31% | 4,240 | $686K | No change |
| D Dominion Energy Inc. | 0.31% | 11,700 | $686K | No change |
| OPCH Option Care Health Inc. | 0.30% | 20,880 | $665K | New |
| MLM Martin Marietta Materials | 0.28% | 1,015 | $632K | No change |
| KMB Kimberly-Clark Corp. | 0.27% | 6,005 | $613K | Add +497.5% |
| ENB Enbridge Inc. | 0.27% | 12,796 | $612K | No change |
| BEP Brookfield Renewable Partner | 0.27% | 22,451 | $606K | No change |
| CEFS Saba Opport Hedg Cef ETF-Usd | 0.27% | 26,135 | $602K | No change |
| AMRZ Amrize Ltd. | 0.26% | 10,900 | $589K | New |
| PCG P G & E Corp. | 0.26% | 36,490 | $588K | No change |
| HSY The Hershey Co. | 0.26% | 3,231 | $588K | Reduce -5.4% |
| PG The Procter & Gamble Co. | 0.24% | 3,770 | $540K | Reduce -0.5% |
| GRAB Grab Holdings Ltd. Class A | 0.22% | 100,880 | $503K | No change |
| EIX Edison International | 0.21% | 8,000 | $480K | No change |
| EPD Enterprise Products Partners | 0.21% | 14,675 | $470K | No change |
| TIC Tic Solutions Inc. | 0.20% | 43,500 | $440K | New |
| SPSB SS SPDR P St C Corp. ETF | 0.20% | 14,543 | $439K | New |
| BSCS Invesco Bulletshares 2028 CB | 0.20% | 21,290 | $439K | New |
| IBDT iShares Ibonds Dec 2028 ETF | 0.20% | 17,180 | $437K | New |
| DE Deere & Co. | 0.19% | 920 | $430K | No change |
| STIP iShares 0-5 Year Tips Bond E | 0.19% | 4,060 | $416K | No change |
| SLQD iShares 0-5 YR Inv GRD Corp. | 0.18% | 7,800 | $395K | No change |
| KO The Coca-Cola Co. | 0.18% | 5,625 | $393K | No change |
| TPL Texas Pacific Land Corp. | 0.17% | 1,325 | $381K | New |
| CMC Commercial Metals Co. | 0.14% | 4,565 | $316K | No change |
| HON Honeywell International Inc. | 0.14% | 1,611 | $314K | No change |
| AMAT Applied Materials Inc. | 0.13% | 1,145 | $294K | No change |
| JEPI JPMorgan Equity Premium Inco | 0.13% | 5,000 | $288K | No change |
| SNOW Snowflake Inc. | 0.13% | 1,295 | $284K | No change |
| UTF Cohen & Steers Infrastructur | 0.12% | 10,900 | $263K | New |
| RTX RTX Corp. | 0.11% | 1,300 | $238K | No change |
| AMZN Amazon.com Inc. | 0.10% | 970 | $224K | No change |
| BEPC Brookfield Renewable Corp. | 0.10% | 5,735 | $220K | No change |
| WMB Williams Cos Inc. | 0.10% | 3,615 | $217K | No change |
| MU Micron Technology Inc. | 0.10% | 750 | $214K | Reduce -28.6% |
| ISRG Intuitive Surgical Inc. | 0.09% | 375 | $212K | No change |
| L Loews Corp. | 0.09% | 2,000 | $211K | Add +33.3% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.09% | 3,050 | $206K | Reduce -43.0% |
| ABBV Abbvie Inc. | 0.09% | 897 | $205K | Reduce -2.1% |
| GRNB Vaneck Green Bond ETF | 0.09% | 8,250 | $201K | No change |
| DLY Doubleline Yield Opport | 0.08% | 13,000 | $189K | New |
| PGX Invesco Preferred ETF | 0.06% | 11,596 | $130K | New |
| COST Costco Wholesale Corp. | 0.06% | 150 | $129K | Reduce -3.2% |
| BGB Blackstone Strategic Credit | 0.05% | 10,000 | $119K | New |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.7% | 9.76% | −0.94 |
| HD Home Depot Inc. | Reduce -0.1% | 4.49% | −0.89 |
| MELI MercadoLibre Inc. | Reduce -1.6% | 1.92% | −0.38 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.37 |
| WY Weyerhaeuser Co. | Reduce -7.3% | 1.77% | −0.26 |
| USFR Wisdomtree Floating Rate Tre | Reduce -38.5% | 0.36% | −0.23 |
| BWXT BWX Technologies Inc. | Reduce -14.1% | 0.81% | −0.21 |
| GBTC Grayscale Bitcoin Trust ETF | Sold out | 0.00% | −0.16 |
| ETH Grayscale Ethereum Staking M | Sold out | 0.00% | −0.16 |
| FNV Franco-Nevada Corp. | Reduce -2.8% | 1.27% | −0.16 |
| UNP Union Pacific Corp. | Reduce -0.1% | 3.48% | −0.14 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.14 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.13 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −0.13 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.12 |
| BAM Brookfield Asset Mgmt-A | Reduce -1.1% | 0.99% | −0.12 |
| VG Venture Global Inc. Class A | Sold out | 0.00% | −0.11 |
| BTC Grayscale Bitcoin Mini ETF | Sold out | 0.00% | −0.09 |
| CW Curtiss-Wright Corp. | Sold out | 0.00% | −0.09 |
| MWA Mueller Water Products Inc. Class A | Sold out | 0.00% | −0.08 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −0.08 |
| JEPQ JPM Nasdaq Equity Premium | Sold out | 0.00% | −0.08 |
| T AT&T Inc. | Sold out | 0.00% | −0.07 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.07 |
| VWOB Vanguard Emerg MKTS Gov BND | Reduce -43.0% | 0.09% | −0.07 |
| PENN Penn Entertainment Inc. | Sold out | 0.00% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.06 |
| NET Cloudflare Inc. Class A | Sold out | 0.00% | −0.06 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.06 |
| CNI Canadian Natl Railway Co. | Reduce -11.3% | 0.60% | −0.06 |
| VNOM Viper Energy Inc. Class A | Sold out | 0.00% | −0.06 |
| MDU Mdu Resources Group Inc. | Sold out | 0.00% | −0.05 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -1.1% | 6.86% | −0.05 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.04 |
| ESAB Esab Corp. | Sold out | 0.00% | −0.03 |
| HSY The Hershey Co. | Reduce -5.4% | 0.26% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -0.5% | 0.24% | −0.02 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.02 |
| BA The Boeing Co. | Reduce -0.6% | 0.77% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -1.1% | 0.31% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -3.2% | 0.06% | −0.01 |
| ABBV Abbvie Inc. | Reduce -2.1% | 0.09% | −0.00 |
| AAPL Apple Inc. | Reduce -4.6% | 0.93% | +0.00 |
| MU Micron Technology Inc. | Reduce -28.6% | 0.10% | +0.02 |
| DHR Danaher Corp. | Reduce -3.2% | 0.87% | +0.08 |
| JNJ Johnson & Johnson | Reduce -0.1% | 1.59% | +0.14 |
| AXP American Express Co. | Reduce -0.7% | 3.84% | +0.31 |
| GOOG Alphabet Inc. Class C | Reduce -1.0% | 1.69% | +0.34 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 4.24% | +0.77 |
Portfolio Buys Q3 2025 → Q4 2025
| OPCH Option Care Health Inc. | New | 0.30% | +0.30 |
| AMRZ Amrize Ltd. | New | 0.26% | +0.26 |
| KMB Kimberly-Clark Corp. | Add +497.5% | 0.27% | +0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +16.1% | 1.61% | +0.20 |
| TIC Tic Solutions Inc. | New | 0.20% | +0.20 |
| SPSB SS SPDR P St C Corp. ETF | New | 0.20% | +0.20 |
| BSCS Invesco Bulletshares 2028 CB | New | 0.20% | +0.20 |
| IBDT iShares Ibonds Dec 2028 ETF | New | 0.20% | +0.20 |
| ACGL Arch Capital Group Ltd. | Add +4.0% | 2.36% | +0.18 |
| TPL Texas Pacific Land Corp. | New | 0.17% | +0.17 |
| LLY Eli Lilly & Co. | Add +17.5% | 0.40% | +0.15 |
| BTI British American Tob-SP ADR | Add +39.6% | 0.40% | +0.13 |
| UTF Cohen & Steers Infrastructur | New | 0.12% | +0.12 |
| DLY Doubleline Yield Opport | New | 0.08% | +0.08 |
| BRW Saba Capital Income & Opport | Add +27.2% | 0.71% | +0.08 |
| QCOM Qualcomm Inc. | Add +0.7% | 4.27% | +0.08 |
| BN Brookfield Corp. | Add +2.6% | 5.46% | +0.07 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +2.2% | 1.37% | +0.07 |
| PGX Invesco Preferred ETF | New | 0.06% | +0.06 |
| EQT Eqt Corp. | Add +23.2% | 0.33% | +0.05 |
| BGB Blackstone Strategic Credit | New | 0.05% | +0.05 |
| L Loews Corp. | Add +33.3% | 0.09% | +0.03 |
| BXMT Blackstone Mortgage Tru Class A | Add +0.0% | 0.55% | +0.01 |
| WRB WR Berkley Corp. | Add +5.1% | 0.40% | −0.02 |
| PFX Phenixfin Corp. | Add +1.5% | 3.50% | −0.23 |
| CPNG Coupang Inc. | Add +2.4% | 0.91% | −0.32 |
| BX Blackstone Inc. | Add +0.8% | 6.01% | −0.71 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 103 | $227.8M | JPM, MSFT, GOOGL, MRK, BN |
| Q1 2026 | 97 | $209.1M | MSFT, JPM, GOOGL, MRK, BN |
| Q4 2025 | 88 | $224.0M | MSFT, JPM, GOOGL, BX, BN |
| Q3 2025 | 102 | $220.3M | MSFT, JPM, BX, BN, HD |
| Q2 2025 | 97 | $199.3M | MSFT, JPM, BX, HD, BN |
| Q1 2025 | 101 | $187.8M | MSFT, BX, JPM, HD, BN |
| Q4 2024 | 99 | $191.5M | MSFT, BX, JPM, HD, BN |
| Q3 2024 | 95 | $193.9M | MSFT, BX, HD, JPM, MRK |
| Q2 2024 | 101 | $183.9M | MSFT, BX, MRK, QCOM, HD |
| Q1 2024 | 101 | $181.1M | MSFT, MRK, BX, HD, JPM |