Allied Investment Advisors, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 12, 2024), Allied Investment Advisors, LLC reported 74 stock positions worth $426.2 million. Its top holding was Vanguard Health Care ETF (VHT) at 8.3% of the portfolio, followed by Microsoft (MSFT, 6.5%) and Vanguard Utilities ETF (VPU, 4.5%). Compared with Q1 2024, it opened 7 new positions, sold out of 3, added to 34 and reduced 12. The biggest buy was Aaon (AAON, shares +263%) and the biggest sale Caterpillar (CAT, shares −2%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001729869
Portfolio Value
$426.2M (Q2 2024)
SEC Filing
0001085146-24-002916 ↗ filed Jul 12, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $414.2M Q1 2024 Q2 2024: $426.2M $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 74 stocks · $426.2M
VHT Vanguard Health Care ETF 8.32% 133,344 $35.5M Add +1.6%
MSFT Microsoft Corp. 6.46% 61,559 $27.5M Add +0.1%
VPU Vanguard Utilities ETF 4.54% 130,925 $19.4M Add +3.2%
AAPL Apple Inc. 4.13% 83,499 $17.6M Add +0.6%
JPM JPMorgan Chase & Co. 3.45% 72,724 $14.7M Reduce -1.4%
CAT Caterpillar Inc. 3.32% 42,426 $14.1M Reduce -2.5%
SHEL Shell PLC-ADR 2.90% 171,102 $12.4M Reduce -0.2%
WFC Wells Fargo & Co. 2.85% 204,247 $12.1M Reduce -1.4%
XOM Exxon Mobil Corp. 2.84% 105,308 $12.1M Add +0.0%
FDX FedEx Corp. 2.84% 40,358 $12.1M Add +1.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.74% 293,111 $11.7M Add +0.9%
LOW Lowe's Cos Inc. 2.71% 52,313 $11.5M Add +2.2%
CVX Chevron Corp. 2.67% 72,834 $11.4M Add +1.9%
EMR Emerson Electric Co. 2.59% 100,108 $11.0M Add +0.2%
AAON Aaon Inc. 2.46% 120,192 $10.5M Add +263.1%
GS Goldman Sachs Group Inc. 2.45% 23,109 $10.5M Reduce -0.5%
RTX RTX Corp. 2.43% 103,368 $10.4M Add +1.6%
MRK Merck & Co. Inc. 2.43% 83,738 $10.4M Reduce -1.2%
TTE Totalenergies SE -Spon ADR 2.37% 151,351 $10.1M Add +0.4%
PG The Procter & Gamble Co. 2.34% 60,451 $10.0M Add +1.2%
OTIS Otis Worldwide Corp. 2.30% 101,951 $9.8M Add +1.6%
DE Deere & Co. 2.26% 25,776 $9.6M Add +1.9%
KMB Kimberly-Clark Corp. 2.18% 67,225 $9.3M Add +2.8%
USB US Bancorp 2.10% 225,011 $8.9M Add +1.0%
PEP Pepsico Inc. 2.09% 54,109 $8.9M Add +3.3%
JNJ Johnson & Johnson 2.09% 60,845 $8.9M Add +6.7%
STT State Street Corp. 2.04% 117,278 $8.7M Add +1.6%
LMT Lockheed Martin Corp. 2.03% 18,535 $8.7M Add +2.7%
ABT Abbott Laboratories 2.01% 82,518 $8.6M Add +3.7%
TGT Target Corp. 2.01% 57,904 $8.6M Add +2.3%
SYY Sysco Corp. 2.00% 119,698 $8.5M Add +3.2%
MMM 3M Co. 1.93% 80,452 $8.2M Add +17.3%
MDT Medtronic PLC 1.92% 103,842 $8.2M Add +5.7%
PFE Pfizer Inc. 1.64% 249,980 $7.0M Add +10.0%
NOBL Proshares S&P 500 Dividend A 0.38% 16,721 $1.6M Reduce -0.1%
VGT Vanguard Info Tech ETF 0.30% 2,187 $1.3M No change
BRK.B Berkshire Hathaway Inc. Class B 0.29% 3,023 $1.2M No change
BRK.A Berkshire Hathaway Inc. Class A 0.29% 2 $1.2M No change
WMT Walmart Inc. 0.27% 16,986 $1.2M Reduce -4.4%
COST Costco Wholesale Corp. 0.23% 1,139 $968K Add +296.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.21% 5,264 $910K Reduce -5.3%
SPLV Invesco S&P 500 Low Volatili 0.19% 12,200 $792K No change
HD Home Depot Inc. 0.14% 1,770 $609K Reduce -3.7%
AMZN Amazon.com Inc. 0.13% 2,937 $568K Add +22.5%
EBMT Eagle Bancorp Montana Inc. 0.13% 42,769 $568K No change
MDU Mdu Resources Group Inc. 0.13% 22,204 $557K New
SBUX Starbucks Corp. 0.13% 7,131 $555K Add +0.7%
GBCI Glacier Bancorp Inc. 0.12% 14,188 $529K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.12% 919 $500K Add +66.5%
GOOGL Alphabet Inc. Class A 0.11% 2,598 $473K Add +2.0%
DFUS Dimensional US Eq MKT ETF 0.11% 7,752 $456K No change
VFH Vanguard Financials ETF 0.10% 4,119 $411K No change
CSL Carlisle Cos Inc. 0.08% 820 $332K No change
NVDA Nvidia Corp. 0.08% 2,605 $322K New
KNF Knife River Corp. 0.07% 4,549 $319K New
SCHV Schwab US Large-Cap Value 0.07% 4,051 $300K Add +0.2%
IJK iShares S&P Mid-Cap 400 Grow 0.07% 3,363 $296K No change
FIBK First Interstate Bancsys-A 0.07% 10,210 $284K No change
MCD McDonald's Corp. 0.06% 1,073 $273K No change
IWF iShares Russell 1000 Growth 0.06% 724 $264K No change
VIS Vanguard Industrials ETF 0.06% 1,063 $250K Reduce -1.7%
LLY Eli Lilly & Co. 0.06% 269 $243K No change
ORCL Oracle Corp. 0.06% 1,705 $241K New
META Meta Platforms Inc. Class A 0.06% 471 $237K New
C Citigroup Inc. 0.05% 3,585 $228K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.05% 1,994 $226K No change
ABBV Abbvie Inc. 0.05% 1,275 $219K Reduce -17.9%
OKE Oneok Inc. 0.05% 2,656 $217K New
ECL Ecolab Inc. 0.05% 903 $215K No change
AXP American Express Co. 0.05% 900 $208K New
SCHD Schwab US DVD Equity ETF 0.05% 2,623 $204K No change
DNP DNP Select Income Fund Inc. 0.02% 11,650 $96K No change
GERN Geron Corp. 0.02% 20,959 $89K No change
RYVYL INC 0.01% 14,684 $21K No change

Portfolio Sells Q1 2024 → Q2 2024
CAT Caterpillar Inc. Reduce -2.5% 3.32% −0.53
MRK Merck & Co. Inc. Reduce -1.2% 2.43% −0.27
JPM JPMorgan Chase & Co. Reduce -1.4% 3.45% −0.12
WFC Wells Fargo & Co. Reduce -1.4% 2.85% −0.05
BA The Boeing Co. Sold out 0.00% −0.05
ADP Automatic Data Processing Sold out 0.00% −0.05
AMD Advanced Micro Devices Sold out 0.00% −0.05
IBM Intl Business Machines Corp. Reduce -5.3% 0.21% −0.04
NOBL Proshares S&P 500 Dividend A Reduce -0.1% 0.38% −0.03
HD Home Depot Inc. Reduce -3.7% 0.14% −0.03
ABBV Abbvie Inc. Reduce -17.9% 0.05% −0.02
VIS Vanguard Industrials ETF Reduce -1.7% 0.06% −0.01
WMT Walmart Inc. Reduce -4.4% 0.27% +0.01
GS Goldman Sachs Group Inc. Reduce -0.5% 2.45% +0.11
SHEL Shell PLC-ADR Reduce -0.2% 2.90% +0.12

Portfolio Buys Q1 2024 → Q2 2024
AAON Aaon Inc. Add +263.1% 2.46% +1.76
AAPL Apple Inc. Add +0.6% 4.13% +0.69
MSFT Microsoft Corp. Add +0.1% 6.46% +0.21
COST Costco Wholesale Corp. Add +296.9% 0.23% +0.18
VPU Vanguard Utilities ETF Add +3.2% 4.54% +0.18
MMM 3M Co. Add +17.3% 1.93% +0.17
KMB Kimberly-Clark Corp. Add +2.8% 2.18% +0.14
MDU Mdu Resources Group Inc. New 0.13% +0.13
PFE Pfizer Inc. Add +10.0% 1.64% +0.12
BAC Bank of America Corp. Add +0.9% 2.74% +0.08
NVDA Nvidia Corp. New 0.08% +0.08
KNF Knife River Corp. New 0.07% +0.07
ORCL Oracle Corp. New 0.06% +0.06
META Meta Platforms Inc. Class A New 0.06% +0.06
OKE Oneok Inc. New 0.05% +0.05
LMT Lockheed Martin Corp. Add +2.7% 2.03% +0.05
AXP American Express Co. New 0.05% +0.05
FDX FedEx Corp. Add +1.1% 2.84% +0.05
SPY SS SPDR S&P 500 ETF Trust-US Add +66.5% 0.12% +0.05
RTX RTX Corp. Add +1.6% 2.43% +0.04
AMZN Amazon.com Inc. Add +22.5% 0.13% +0.03
GOOGL Alphabet Inc. Class A Add +2.0% 0.11% +0.02
PG The Procter & Gamble Co. Add +1.2% 2.34% −0.00
SCHV Schwab US Large-Cap Value Add +0.2% 0.07% −0.00
SBUX Starbucks Corp. Add +0.7% 0.13% −0.03
CVX Chevron Corp. Add +1.9% 2.67% −0.05
JNJ Johnson & Johnson Add +6.7% 2.09% −0.09
OTIS Otis Worldwide Corp. Add +1.6% 2.30% −0.10
XOM Exxon Mobil Corp. Add +0.0% 2.84% −0.11
STT State Street Corp. Add +1.6% 2.04% −0.12
PEP Pepsico Inc. Add +3.3% 2.09% −0.12
TTE Totalenergies SE -Spon ADR Add +0.4% 2.37% −0.14
EMR Emerson Electric Co. Add +0.2% 2.59% −0.15
MDT Medtronic PLC Add +5.7% 1.92% −0.15
ABT Abbott Laboratories Add +3.7% 2.01% −0.17
DE Deere & Co. Add +1.9% 2.26% −0.25
VHT Vanguard Health Care ETF Add +1.6% 8.32% −0.25
SYY Sysco Corp. Add +3.2% 2.00% −0.27
USB US Bancorp Add +1.0% 2.10% −0.31
TGT Target Corp. Add +2.3% 2.01% −0.41
LOW Lowe's Cos Inc. Add +2.2% 2.71% −0.44

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