Allied Investment Advisors, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 11, 2024), Allied Investment Advisors, LLC reported 70 stock positions worth $414.2 million. Its top holding was Vanguard Health Care ETF (VHT) at 8.6% of the portfolio, followed by Microsoft (MSFT, 6.3%) and Vanguard Utilities ETF (VPU, 4.4%). Compared with Q4 2023, it opened 8 new positions, sold out of 1, added to 39 and reduced 10. The biggest buy was Target (TGT, shares +6%) and the biggest sale Boeing (BA, shares −65%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001729869
Portfolio Value
$414.2M (Q1 2024)
SEC Filing
0001085146-24-001709 ↗ filed Apr 11, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $414.2M $414.2M Q1 2024 Q2 2024: $426.2M Q2 2024 Q3 2024: $504.9M Q3 2024 Q4 2024: $496.2M Q4 2024 Q1 2025: $527.4M Q1 2025 Q2 2025: $571.9M Q2 2025 Q3 2025: $628.3M Q3 2025 Q4 2025: $646.8M Q4 2025 Q1 2026: $697.4M Q1 2026 Q2 2026: $796.5M Q2 2026

Holdings 70 stocks · $414.2M
VHT Vanguard Health Care ETF 8.57% 131,267 $35.5M Add +3.1%
MSFT Microsoft Corp. 6.25% 61,528 $25.9M Reduce -0.3%
VPU Vanguard Utilities ETF 4.37% 126,907 $18.1M Add +8.7%
CAT Caterpillar Inc. 3.85% 43,511 $15.9M Reduce -0.1%
JPM JPMorgan Chase & Co. 3.57% 73,756 $14.8M Add +0.2%
AAPL Apple Inc. 3.44% 82,976 $14.2M Add +2.7%
LOW Lowe's Cos Inc. 3.15% 51,207 $13.0M Add +1.9%
XOM Exxon Mobil Corp. 2.95% 105,276 $12.2M Add +3.9%
WFC Wells Fargo & Co. 2.90% 207,216 $12.0M Add +2.9%
FDX FedEx Corp. 2.79% 39,898 $11.6M Add +3.0%
SHEL Shell PLC-ADR 2.77% 171,430 $11.5M Add +2.2%
EMR Emerson Electric Co. 2.74% 99,886 $11.3M Add +1.6%
CVX Chevron Corp. 2.72% 71,465 $11.3M Add +4.3%
MRK Merck & Co. Inc. 2.70% 84,782 $11.2M Add +2.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.66% 290,475 $11.0M Add +3.4%
DE Deere & Co. 2.51% 25,283 $10.4M Add +4.4%
TTE Totalenergies SE -Spon ADR 2.51% 150,777 $10.4M Add +2.5%
TGT Target Corp. 2.42% 56,619 $10.0M Add +6.3%
OTIS Otis Worldwide Corp. 2.40% 100,339 $10.0M Add +2.5%
USB US Bancorp 2.40% 222,727 $10.0M Add +5.4%
RTX RTX Corp. 2.40% 101,717 $9.9M Add +3.9%
GS Goldman Sachs Group Inc. 2.34% 23,223 $9.7M Add +3.5%
PG The Procter & Gamble Co. 2.34% 59,752 $9.7M Add +4.8%
SYY Sysco Corp. 2.27% 116,005 $9.4M Add +3.8%
PEP Pepsico Inc. 2.21% 52,404 $9.2M Add +4.8%
ABT Abbott Laboratories 2.18% 79,582 $9.0M Add +5.1%
JNJ Johnson & Johnson 2.18% 57,045 $9.0M Add +4.5%
STT State Street Corp. 2.15% 115,384 $8.9M Add +4.6%
MDT Medtronic PLC 2.07% 98,279 $8.6M Add +5.5%
KMB Kimberly-Clark Corp. 2.04% 65,417 $8.5M Add +7.0%
LMT Lockheed Martin Corp. 1.98% 18,040 $8.2M Add +5.0%
MMM 3M Co. 1.76% 68,611 $7.3M Add +16.3%
PFE Pfizer Inc. 1.52% 227,247 $6.3M Add +24.3%
AAON Aaon Inc. 0.70% 33,100 $2.9M No change
NOBL Proshares S&P 500 Dividend A 0.41% 16,740 $1.7M Reduce -0.6%
BRK.B Berkshire Hathaway Inc. Class B 0.31% 3,023 $1.3M Add +6.1%
BRK.A Berkshire Hathaway Inc. Class A 0.31% 2 $1.3M No change
VGT Vanguard Info Tech ETF 0.28% 2,187 $1.1M Add +0.7%
WMT Walmart Inc. 0.26% 17,766 $1.1M Reduce -17.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 5,559 $1.1M Reduce -6.4%
SPLV Invesco S&P 500 Low Volatili 0.19% 12,200 $804K No change
HD Home Depot Inc. 0.17% 1,838 $705K Add +3.8%
SBUX Starbucks Corp. 0.16% 7,081 $647K Add +1.4%
GBCI Glacier Bancorp Inc. 0.14% 14,188 $571K Add +10.3%
EBMT Eagle Bancorp Montana Inc. 0.13% 42,769 $549K Reduce -22.6%
DFUS Dimensional US Eq MKT ETF 0.11% 7,752 $442K No change
AMZN Amazon.com Inc. 0.10% 2,397 $432K Add +16.5%
VFH Vanguard Financials ETF 0.10% 4,119 $422K Reduce -0.8%
GOOGL Alphabet Inc. Class A 0.09% 2,548 $385K Add +1.7%
CSL Carlisle Cos Inc. 0.08% 820 $321K No change
SCHV Schwab US Large-Cap Value 0.07% 4,043 $307K No change
IJK iShares S&P Mid-Cap 400 Grow 0.07% 3,363 $307K No change
MCD McDonald's Corp. 0.07% 1,073 $303K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 552 $288K Reduce -43.1%
ABBV Abbvie Inc. 0.07% 1,554 $283K Add +16.8%
FIBK First Interstate Bancsys-A 0.07% 10,210 $278K No change
VIS Vanguard Industrials ETF 0.06% 1,081 $264K Reduce -1.3%
IWF iShares Russell 1000 Growth 0.06% 724 $244K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.06% 1,994 $236K No change
C Citigroup Inc. 0.05% 3,585 $227K New
BA The Boeing Co. 0.05% 1,144 $221K Reduce -65.1%
ADP Automatic Data Processing 0.05% 877 $219K New
SCHD Schwab US DVD Equity ETF 0.05% 2,623 $211K New
COST Costco Wholesale Corp. 0.05% 287 $210K New
LLY Eli Lilly & Co. 0.05% 269 $209K New
ECL Ecolab Inc. 0.05% 903 $209K New
AMD Advanced Micro Devices 0.05% 1,151 $208K New
DNP DNP Select Income Fund Inc. 0.03% 11,650 $106K New
GERN Geron Corp. 0.02% 20,959 $69K No change
RYVYL INC 0.01% 14,684 $43K No change

Portfolio Sells Q4 2023 → Q1 2024
BA The Boeing Co. Reduce -65.1% 0.05% −0.18
EBMT Eagle Bancorp Montana Inc. Reduce -22.6% 0.13% −0.10
ALT Altimmune Inc. Sold out 0.00% −0.07
MSFT Microsoft Corp. Reduce -0.3% 6.25% −0.06
SPY SS SPDR S&P 500 ETF Trust-US Reduce -43.1% 0.07% −0.06
WMT Walmart Inc. Reduce -17.3% 0.26% −0.05
NOBL Proshares S&P 500 Dividend A Reduce -0.6% 0.41% −0.03
IBM Intl Business Machines Corp. Reduce -6.4% 0.26% −0.01
VFH Vanguard Financials ETF Reduce -0.8% 0.10% −0.00
VIS Vanguard Industrials ETF Reduce -1.3% 0.06% −0.00
CAT Caterpillar Inc. Reduce -0.1% 3.85% +0.35

Portfolio Buys Q4 2023 → Q1 2024
TGT Target Corp. Add +6.3% 2.42% +0.36
MRK Merck & Co. Inc. Add +2.8% 2.70% +0.25
WFC Wells Fargo & Co. Add +2.9% 2.90% +0.20
XOM Exxon Mobil Corp. Add +3.9% 2.95% +0.20
JPM JPMorgan Chase & Co. Add +0.2% 3.57% +0.16
RTX RTX Corp. Add +3.9% 2.40% +0.15
EMR Emerson Electric Co. Add +1.6% 2.74% +0.13
FDX FedEx Corp. Add +3.0% 2.79% +0.13
LOW Lowe's Cos Inc. Add +1.9% 3.15% +0.11
PFE Pfizer Inc. Add +24.3% 1.52% +0.09
BAC Bank of America Corp. Add +3.4% 2.66% +0.09
PG The Procter & Gamble Co. Add +4.8% 2.34% +0.07
C Citigroup Inc. New 0.05% +0.05
ADP Automatic Data Processing New 0.05% +0.05
SCHD Schwab US DVD Equity ETF New 0.05% +0.05
SYY Sysco Corp. Add +3.8% 2.27% +0.05
COST Costco Wholesale Corp. New 0.05% +0.05
LLY Eli Lilly & Co. New 0.05% +0.05
ECL Ecolab Inc. New 0.05% +0.05
AMD Advanced Micro Devices New 0.05% +0.05
BRK.B Berkshire Hathaway Inc. Class B Add +6.1% 0.31% +0.03
DNP DNP Select Income Fund Inc. New 0.03% +0.03
KMB Kimberly-Clark Corp. Add +7.0% 2.04% +0.02
OTIS Otis Worldwide Corp. Add +2.5% 2.40% +0.02
AMZN Amazon.com Inc. Add +16.5% 0.10% +0.02
VPU Vanguard Utilities ETF Add +8.7% 4.37% +0.01
ABBV Abbvie Inc. Add +16.8% 0.07% +0.01
HD Home Depot Inc. Add +3.8% 0.17% +0.00
MMM 3M Co. Add +16.3% 1.76% +0.00
GOOGL Alphabet Inc. Class A Add +1.7% 0.09% −0.00
GBCI Glacier Bancorp Inc. Add +10.3% 0.14% −0.01
VGT Vanguard Info Tech ETF Add +0.7% 0.28% −0.01
GS Goldman Sachs Group Inc. Add +3.5% 2.34% −0.01
MDT Medtronic PLC Add +5.5% 2.07% −0.02
SBUX Starbucks Corp. Add +1.4% 0.16% −0.03
CVX Chevron Corp. Add +4.3% 2.72% −0.06
ABT Abbott Laboratories Add +5.1% 2.18% −0.08
USB US Bancorp Add +5.4% 2.40% −0.08
PEP Pepsico Inc. Add +4.8% 2.21% −0.10
VHT Vanguard Health Care ETF Add +3.1% 8.57% −0.10
DE Deere & Co. Add +4.4% 2.51% −0.13
LMT Lockheed Martin Corp. Add +5.0% 1.98% −0.14
JNJ Johnson & Johnson Add +4.5% 2.18% −0.15
STT State Street Corp. Add +4.6% 2.15% −0.17
TTE Totalenergies SE -Spon ADR Add +2.5% 2.51% −0.19
SHEL Shell PLC-ADR Add +2.2% 2.77% −0.23
AAPL Apple Inc. Add +2.7% 3.44% −0.80

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 110$796.5MSCHD, VHT, MSFT, JPM, CAT
Q1 2026 100$697.4MSCHD, VHT, CAT, MSFT, XOM
Q4 2025 102$646.8MSCHD, VHT, MSFT, CAT, JPM
Q3 2025 97$628.3MSCHD, VHT, MSFT, JPM, CAT
Q2 2025 87$571.9MSCHD, VHT, MSFT, VPU, JPM
Q1 2025 86$527.4MSCHD, VHT, MSFT, VPU, JPM
Q4 2024 79$496.2MSCHD, VHT, MSFT, VPU, AAPL
Q3 2024 74$504.9MSCHD, VHT, MSFT, VPU, AAPL
Q2 2024 74$426.2MVHT, MSFT, VPU, AAPL, JPM
Q1 2024 70$414.2MVHT, MSFT, VPU, CAT, JPM