Adalta Capital Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 18, 2026), Adalta Capital Management LLC reported 97 stock positions worth $209.1 million. Its top holding was Microsoft (MSFT) at 7.0% of the portfolio, followed by JPMorgan Chase (JPM, 6.7%) and Alphabet Class A (GOOGL, 5.3%). Compared with Q4 2025, it opened 13 new positions, sold out of 4, added to 24 and reduced 30. The biggest buy was Micron Technology (MU, shares +385%) and the biggest sale Microsoft (MSFT, shares −13%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001698926
Portfolio Value
$209.1M (Q1 2026)
SEC Filing
0001698926-26-000002 ↗ filed May 18, 2026

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 Q3 2025 Q4 2025: $224.0M Q4 2025 Q1 2026: $209.1M $209.1M Q1 2026 Q2 2026: $227.8M Q2 2026

Holdings 97 stocks · $209.1M
MSFT Microsoft Corp. 6.99% 39,474 $14.6M Reduce -12.7%
JPM JPMorgan Chase & Co. 6.70% 47,610 $14.0M Reduce -0.1%
GOOGL Alphabet Inc. Class A 5.28% 38,419 $11.0M Reduce -11.2%
MRK Merck & Co. Inc. 5.13% 88,591 $10.7M Reduce -1.1%
BN Brookfield Corp. 5.13% 265,083 $10.7M Reduce -0.5%
BX Blackstone Inc. 4.77% 86,721 $10.0M Reduce -0.8%
HD Home Depot Inc. 4.59% 29,207 $9.6M Reduce -0.0%
UNP Union Pacific Corp. 3.91% 33,685 $8.2M No change
QCOM Qualcomm Inc. 3.29% 53,457 $6.9M Reduce -4.4%
PFX Phenixfin Corp. 3.28% 175,569 $6.9M No change
AXP American Express Co. 3.26% 22,503 $6.8M Reduce -3.2%
GH Guardant Health Inc. 2.72% 61,473 $5.7M Reduce -2.9%
MKL Markel Group Inc. 2.54% 2,775 $5.3M Add +1.6%
ACGL Arch Capital Group Ltd. 2.48% 53,921 $5.2M Reduce -2.0%
MELI MercadoLibre Inc. 2.20% 2,661 $4.6M Add +24.8%
WY Weyerhaeuser Co. 2.04% 174,582 $4.3M Add +4.2%
JNJ Johnson & Johnson 2.00% 17,096 $4.2M Reduce -0.7%
GOOG Alphabet Inc. Class C 1.71% 12,429 $3.6M Add +2.9%
BRK.B Berkshire Hathaway Inc. Class B 1.65% 7,203 $3.5M Add +0.1%
FNV Franco-Nevada Corp. 1.65% 13,946 $3.4M Add +1.4%
SO The Southern Co. 1.52% 32,838 $3.2M No change
DUK Duke Energy Corp. 1.41% 22,475 $2.9M Add +1.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.21% 175,875 $2.5M Reduce -4.0%
CSCO Cisco Systems Inc. 1.15% 31,024 $2.4M No change
SLB SLB Ltd. filed as SLB LIMITED 1.09% 43,894 $2.3M Add +21.3%
BWXT BWX Technologies Inc. 1.04% 10,623 $2.2M Add +1.3%
AAPL Apple Inc. 0.91% 7,500 $1.9M Reduce -2.6%
CVX Chevron Corp. 0.89% 8,969 $1.9M No change
DHR Danaher Corp. 0.81% 8,864 $1.7M Add +4.0%
CPNG Coupang Inc. 0.79% 87,801 $1.7M Add +1.5%
BRW Saba Capital Income & Opport 0.78% 240,672 $1.6M Add +6.6%
BA The Boeing Co. 0.75% 7,850 $1.6M Reduce -1.3%
CNI Canadian Natl Railway Co. 0.67% 13,700 $1.4M No change
BAM Brookfield Asset Mgmt-A 0.67% 31,471 $1.4M Reduce -25.4%
XOM Exxon Mobil Corp. 0.66% 8,121 $1.4M No change
MU Micron Technology Inc. 0.59% 3,635 $1.2M Add +384.7%
BXMT Blackstone Mortgage Tru Class A 0.58% 61,531 $1.2M Reduce -1.3%
BMY Bristol-Myers Squibb Co. 0.54% 18,572 $1.1M Reduce -0.3%
EQT Eqt Corp. 0.54% 17,670 $1.1M Add +26.9%
BTI British American Tob-SP ADR 0.49% 17,120 $1.0M Add +10.3%
TPL Texas Pacific Land Corp. 0.45% 1,995 $947K Add +50.6%
LLY Eli Lilly & Co. 0.44% 1,009 $928K Add +22.1%
ED Consolidated Edison Inc. 0.43% 7,867 $890K Reduce -1.3%
HSY The Hershey Co. 0.41% 4,126 $858K Add +27.7%
HON Honeywell International Inc. 0.39% 3,626 $820K Add +125.1%
OPCH Option Care Health Inc. 0.39% 30,405 $819K Add +45.6%
LB Landbridge Co. LLC-A 0.37% 11,285 $779K New
CL Colgate-Palmolive Co. 0.36% 8,810 $751K No change
BEP Brookfield Renewable Partner 0.35% 22,451 $734K No change
D Dominion Energy Inc. 0.35% 11,800 $729K Add +0.8%
PM Philip Morris International 0.34% 4,240 $707K No change
AMRZ Amrize Ltd. 0.34% 12,580 $703K Add +15.4%
ENB Enbridge Inc. 0.33% 12,796 $693K No change
WBI Waterbridge Infrastruc Class A 0.32% 24,625 $660K New
PCG P G & E Corp. 0.31% 36,490 $643K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.29% 9,020 $598K Reduce -29.0%
MLM Martin Marietta Materials 0.29% 1,015 $598K No change
CEFS Saba Opport Hedg Cef ETF-Usd 0.28% 26,135 $589K No change
KMB Kimberly-Clark Corp. 0.28% 6,005 $587K No change
EIX Edison International 0.28% 8,000 $585K No change
EPD Enterprise Products Partners 0.27% 14,675 $555K No change
PG The Procter & Gamble Co. 0.26% 3,770 $545K No change
DE Deere & Co. 0.25% 920 $520K No change
USFR Wisdomtree Floating Rate Tre 0.23% 9,495 $478K Reduce -40.7%
KO The Coca-Cola Co. 0.21% 5,625 $431K No change
RSPA Invesco S&P 500 Ew Income Ad 0.19% 8,000 $400K New
AMAT Applied Materials Inc. 0.19% 1,145 $391K No change
BINC iShares Flex I A ETF-Usd Inc. 0.18% 7,300 $379K New
SLQD iShares 0-5 YR Inv GRD Corp. 0.16% 6,600 $333K Reduce -15.4%
EFAA Invesco MSCI Eafe Income Adv 0.15% 6,000 $316K New
UTF Cohen & Steers Infrastructur 0.13% 10,900 $282K No change
CMC Commercial Metals Co. 0.13% 4,565 $280K No change
DLY Doubleline Yield Opport 0.13% 19,684 $274K Add +51.4%
VNOM Viper Energy Inc. Class A 0.13% 5,680 $267K New
WMB Williams Cos Inc. 0.13% 3,615 $263K No change
RTX RTX Corp. 0.12% 1,300 $251K No change
P Everpure Inc. Class A 0.12% 4,110 $243K New
GRAB Grab Holdings Ltd. Class A 0.12% 65,880 $241K Reduce -34.7%
CW Curtiss-Wright Corp. 0.11% 352 $240K New
WIP State Street SPDR Ftse Inter 0.11% 6,000 $238K New
BEPC Brookfield Renewable Corp. 0.11% 5,708 $228K Reduce -0.5%
GNRC Generac Holdings Inc. 0.10% 1,080 $211K New
VWOB Vanguard Emerg MKTS Gov BND 0.10% 3,050 $200K No change
MWA Mueller Water Products Inc. Class A 0.10% 7,225 $199K New
GRNB Vaneck Green Bond ETF 0.09% 8,250 $198K No change
SNOW Snowflake Inc. 0.09% 1,295 $195K No change
ABBV Abbvie Inc. 0.09% 897 $195K No change
L Loews Corp. 0.09% 1,700 $181K Reduce -15.0%
AMZN Amazon.com Inc. 0.08% 850 $177K Reduce -12.4%
INTC Intel Corp. 0.08% 4,000 $177K New
ISRG Intuitive Surgical Inc. 0.08% 375 $173K No change
JEPI JPMorgan Equity Premium Inco 0.08% 3,000 $170K Reduce -40.0%
PGX Invesco Preferred ETF 0.08% 14,596 $159K Add +25.9%
COST Costco Wholesale Corp. 0.06% 135 $135K Reduce -10.0%
STIP iShares 0-5 Year Tips Bond E 0.05% 1,000 $103K Reduce -75.4%
ATAI Ataibeckley Inc. 0.02% 10,973 $39K New
TIC Tic Solutions Inc. 0.01% 2,000 $13K Reduce -95.4%

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -12.7% 6.99% −2.78
BX Blackstone Inc. Reduce -0.8% 4.77% −1.24
QCOM Qualcomm Inc. Reduce -4.4% 3.29% −0.98
GOOGL Alphabet Inc. Class A Reduce -11.2% 5.28% −0.76
AXP American Express Co. Reduce -3.2% 3.26% −0.58
BN Brookfield Corp. Reduce -0.5% 5.13% −0.33
BAM Brookfield Asset Mgmt-A Reduce -25.4% 0.67% −0.32
SPSB SS SPDR P St C Corp. ETF Sold out 0.00% −0.20
BSCS Invesco Bulletshares 2028 CB Sold out 0.00% −0.20
IBDT iShares Ibonds Dec 2028 ETF Sold out 0.00% −0.20
TIC Tic Solutions Inc. Reduce -95.4% 0.01% −0.19
GH Guardant Health Inc. Reduce -2.9% 2.72% −0.17
JPM JPMorgan Chase & Co. Reduce -0.1% 6.70% −0.16
NU Nu Holdings Ltd./Cayman Isl-A Reduce -4.0% 1.21% −0.16
STIP iShares 0-5 Year Tips Bond E Reduce -75.4% 0.05% −0.14
USFR Wisdomtree Floating Rate Tre Reduce -40.7% 0.23% −0.13
WRB WR Berkley Corp. Reduce -29.0% 0.29% −0.11
GRAB Grab Holdings Ltd. Class A Reduce -34.7% 0.12% −0.11
BGB Blackstone Strategic Credit Sold out 0.00% −0.05
JEPI JPMorgan Equity Premium Inco Reduce -40.0% 0.08% −0.05
AAPL Apple Inc. Reduce -2.6% 0.91% −0.02
BA The Boeing Co. Reduce -1.3% 0.75% −0.02
SLQD iShares 0-5 YR Inv GRD Corp. Reduce -15.4% 0.16% −0.02
AMZN Amazon.com Inc. Reduce -12.4% 0.08% −0.02
L Loews Corp. Reduce -15.0% 0.09% −0.01
COST Costco Wholesale Corp. Reduce -10.0% 0.06% +0.01
BEPC Brookfield Renewable Corp. Reduce -0.5% 0.11% +0.01
BXMT Blackstone Mortgage Tru Class A Reduce -1.3% 0.58% +0.03
ED Consolidated Edison Inc. Reduce -1.3% 0.43% +0.07
BMY Bristol-Myers Squibb Co. Reduce -0.3% 0.54% +0.09
HD Home Depot Inc. Reduce -0.0% 4.59% +0.11
ACGL Arch Capital Group Ltd. Reduce -2.0% 2.48% +0.12
JNJ Johnson & Johnson Reduce -0.7% 2.00% +0.41
MRK Merck & Co. Inc. Reduce -1.1% 5.13% +0.89

Portfolio Buys Q4 2025 → Q1 2026
MU Micron Technology Inc. Add +384.7% 0.59% +0.49
SLB SLB Ltd. Add +21.3% 1.09% +0.46
FNV Franco-Nevada Corp. Add +1.4% 1.65% +0.37
LB Landbridge Co. LLC-A New 0.37% +0.37
WBI Waterbridge Infrastruc Class A New 0.32% +0.32
MELI MercadoLibre Inc. Add +24.8% 2.20% +0.28
TPL Texas Pacific Land Corp. Add +50.6% 0.45% +0.28
WY Weyerhaeuser Co. Add +4.2% 2.04% +0.27
HON Honeywell International Inc. Add +125.1% 0.39% +0.25
DUK Duke Energy Corp. Add +1.1% 1.41% +0.24
BWXT BWX Technologies Inc. Add +1.3% 1.04% +0.23
EQT Eqt Corp. Add +26.9% 0.54% +0.20
RSPA Invesco S&P 500 Ew Income Ad New 0.19% +0.19
BINC iShares Flex I A ETF-Usd Inc. New 0.18% +0.18
EFAA Invesco MSCI Eafe Income Adv New 0.15% +0.15
HSY The Hershey Co. Add +27.7% 0.41% +0.15
VNOM Viper Energy Inc. Class A New 0.13% +0.13
P Everpure Inc. Class A New 0.12% +0.12
CW Curtiss-Wright Corp. New 0.11% +0.11
WIP State Street SPDR Ftse Inter New 0.11% +0.11
GNRC Generac Holdings Inc. New 0.10% +0.10
MWA Mueller Water Products Inc. Class A New 0.10% +0.10
OPCH Option Care Health Inc. Add +45.6% 0.39% +0.09
BTI British American Tob-SP ADR Add +10.3% 0.49% +0.09
INTC Intel Corp. New 0.08% +0.08
AMRZ Amrize Ltd. Add +15.4% 0.34% +0.07
BRW Saba Capital Income & Opport Add +6.6% 0.78% +0.07
LLY Eli Lilly & Co. Add +22.1% 0.44% +0.05
DLY Doubleline Yield Opport Add +51.4% 0.13% +0.05
D Dominion Energy Inc. Add +0.8% 0.35% +0.04
BRK.B Berkshire Hathaway Inc. Class B Add +0.1% 1.65% +0.04
ATAI Ataibeckley Inc. New 0.02% +0.02
PGX Invesco Preferred ETF Add +25.9% 0.08% +0.02
GOOG Alphabet Inc. Class C Add +2.9% 1.71% +0.01
DHR Danaher Corp. Add +4.0% 0.81% −0.07
MKL Markel Group Inc. Add +1.6% 2.54% −0.08
CPNG Coupang Inc. Add +1.5% 0.79% −0.12

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