Allied Investment Advisors, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 4, 2024), Allied Investment Advisors, LLC reported 74 stock positions worth $504.9 million. Its top holding was Schwab US DVD Equity ETF (SCHD) at 8.0% of the portfolio, followed by Vanguard Health Care ETF (VHT, 7.5%) and Microsoft (MSFT, 5.3%). Compared with Q2 2024, it opened 4 new positions, sold out of 4, added to 35 and reduced 13. The biggest buy was Schwab US DVD Equity ETF (SCHD, shares +18100%) and the biggest sale Merck (MRK, shares −85%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001729869
Portfolio Value
$504.9M (Q3 2024)
SEC Filing
0001085146-24-004652 ↗ filed Oct 4, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $414.2M Q1 2024 Q2 2024: $426.2M Q2 2024 Q3 2024: $504.9M $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 · $504.9M
SCHD Schwab US DVD Equity ETF 7.99% 477,398 $40.4M Add +18100.5%
VHT Vanguard Health Care ETF 7.53% 134,750 $38.0M Add +1.1%
MSFT Microsoft Corp. 5.25% 61,622 $26.5M Add +0.1%
VPU Vanguard Utilities ETF 4.56% 132,249 $23.0M Add +1.0%
AAPL Apple Inc. 3.82% 82,730 $19.3M Reduce -0.9%
CAT Caterpillar Inc. 3.29% 42,429 $16.6M Add +0.0%
AAON Aaon Inc. 3.17% 148,198 $16.0M Add +23.3%
JPM JPMorgan Chase & Co. 3.02% 72,423 $15.3M Reduce -0.4%
LOW Lowe's Cos Inc. 2.82% 52,594 $14.2M Add +0.5%
XOM Exxon Mobil Corp. 2.48% 106,632 $12.5M Add +1.3%
RTX RTX Corp. 2.47% 102,809 $12.5M Reduce -0.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.32% 295,655 $11.7M Add +0.9%
WFC Wells Fargo & Co. 2.30% 205,941 $11.6M Add +0.8%
GS Goldman Sachs Group Inc. 2.26% 23,086 $11.4M Reduce -0.1%
SHEL Shell PLC-ADR 2.25% 172,293 $11.4M Add +0.7%
FDX FedEx Corp. 2.21% 40,685 $11.1M Add +0.8%
EMR Emerson Electric Co. 2.19% 101,054 $11.1M Add +0.9%
MMM 3M Co. 2.17% 80,321 $11.0M Reduce -0.2%
CVX Chevron Corp. 2.17% 74,536 $11.0M Add +2.3%
DE Deere & Co. 2.16% 26,131 $10.9M Add +1.4%
LMT Lockheed Martin Corp. 2.16% 18,626 $10.9M Add +0.5%
OTIS Otis Worldwide Corp. 2.13% 103,500 $10.8M Add +1.5%
PG The Procter & Gamble Co. 2.11% 61,562 $10.7M Add +1.8%
STT State Street Corp. 2.08% 118,764 $10.5M Add +1.3%
USB US Bancorp 2.05% 226,223 $10.3M Add +0.5%
JNJ Johnson & Johnson 1.98% 61,665 $10.0M Add +1.4%
TTE Totalenergies SE -Spon ADR 1.95% 152,578 $9.9M Add +0.8%
KMB Kimberly-Clark Corp. 1.93% 68,559 $9.8M Add +2.0%
ABT Abbott Laboratories 1.91% 84,743 $9.7M Add +2.7%
SYY Sysco Corp. 1.91% 123,333 $9.6M Add +3.0%
MDT Medtronic PLC 1.91% 106,862 $9.6M Add +2.9%
TGT Target Corp. 1.86% 60,135 $9.4M Add +3.9%
PEP Pepsico Inc. 1.85% 54,845 $9.3M Add +1.4%
DEO Diageo PLC-Sponsored ADR 1.72% 62,044 $8.7M New
PFE Pfizer Inc. 1.49% 259,203 $7.5M Add +3.7%
NOBL Proshares S&P 500 Dividend A 0.36% 16,887 $1.8M Add +1.0%
BRK.B Berkshire Hathaway Inc. Class B 0.28% 3,048 $1.4M Add +0.8%
MRK Merck & Co. Inc. 0.28% 12,262 $1.4M Reduce -85.4%
BRK.A Berkshire Hathaway Inc. Class A 0.27% 2 $1.4M No change
WMT Walmart Inc. 0.27% 16,986 $1.4M No change
VGT Vanguard Info Tech ETF 0.25% 2,187 $1.3M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.23% 5,204 $1.2M Reduce -1.1%
COST Costco Wholesale Corp. 0.21% 1,189 $1.1M Add +4.4%
SPLV Invesco S&P 500 Low Volatili 0.17% 12,200 $875K No change
HD Home Depot Inc. 0.14% 1,770 $717K No change
SBUX Starbucks Corp. 0.14% 7,067 $689K Reduce -0.9%
GBCI Glacier Bancorp Inc. 0.13% 14,831 $678K Add +4.5%
MDU Mdu Resources Group Inc. 0.12% 22,204 $609K No change
EBMT Eagle Bancorp Montana Inc. 0.12% 37,769 $596K Reduce -11.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.10% 919 $527K No change
NVDA Nvidia Corp. 0.10% 4,190 $509K Add +60.8%
DFUS Dimensional US Eq MKT ETF 0.10% 7,752 $482K No change
AMZN Amazon.com Inc. 0.09% 2,499 $466K Reduce -14.9%
GOOGL Alphabet Inc. Class A 0.09% 2,800 $464K Add +7.8%
VFH Vanguard Financials ETF 0.09% 4,025 $442K Reduce -2.3%
KNF Knife River Corp. 0.08% 4,549 $407K No change
IVV iShares Core S&P 500 ETF 0.08% 686 $396K New
CSL Carlisle Cos Inc. 0.07% 820 $369K No change
MCD McDonald's Corp. 0.06% 1,073 $327K No change
SCHV Schwab US Large-Cap Value 0.06% 4,051 $326K No change
FIBK First Interstate Bancsys-A 0.06% 10,210 $313K No change
ORCL Oracle Corp. 0.06% 1,705 $291K No change
VIS Vanguard Industrials ETF 0.05% 1,063 $276K No change
META Meta Platforms Inc. Class A 0.05% 471 $270K No change
ABBV Abbvie Inc. 0.05% 1,275 $252K No change
OKE Oneok Inc. 0.05% 2,656 $242K No change
AGG iShares Core U.S. Aggregate 0.05% 2,350 $238K New
IJJ iShares S&P Mid-Cap 400 Valu 0.05% 1,909 $236K Reduce -4.3%
ECL Ecolab Inc. 0.05% 903 $231K No change
C Citigroup Inc. 0.04% 3,585 $224K No change
LLY Eli Lilly & Co. 0.04% 252 $223K Reduce -6.3%
ADP Automatic Data Processing 0.04% 800 $221K New
GERN Geron Corp. 0.02% 20,959 $95K No change
RYVYL INC 0.00% 14,684 $19K No change

Portfolio Sells Q2 2024 → Q3 2024
MRK Merck & Co. Inc. Reduce -85.4% 0.28% −2.16
JPM JPMorgan Chase & Co. Reduce -0.4% 3.02% −0.43
AAPL Apple Inc. Reduce -0.9% 3.82% −0.31
GS Goldman Sachs Group Inc. Reduce -0.1% 2.26% −0.19
IJK iShares S&P Mid-Cap 400 Grow Sold out 0.00% −0.07
IWF iShares Russell 1000 Growth Sold out 0.00% −0.06
AXP American Express Co. Sold out 0.00% −0.05
AMZN Amazon.com Inc. Reduce -14.9% 0.09% −0.04
DNP DNP Select Income Fund Inc. Sold out 0.00% −0.02
EBMT Eagle Bancorp Montana Inc. Reduce -11.7% 0.12% −0.01
LLY Eli Lilly & Co. Reduce -6.3% 0.04% −0.01
VFH Vanguard Financials ETF Reduce -2.3% 0.09% −0.01
IJJ iShares S&P Mid-Cap 400 Valu Reduce -4.3% 0.05% −0.01
SBUX Starbucks Corp. Reduce -0.9% 0.14% +0.01
IBM Intl Business Machines Corp. Reduce -1.1% 0.23% +0.01
RTX RTX Corp. Reduce -0.5% 2.47% +0.03
MMM 3M Co. Reduce -0.2% 2.17% +0.25

Portfolio Buys Q2 2024 → Q3 2024
SCHD Schwab US DVD Equity ETF Add +18100.5% 7.99% +7.95
DEO Diageo PLC-Sponsored ADR New 1.72% +1.72
AAON Aaon Inc. Add +23.3% 3.17% +0.71
LMT Lockheed Martin Corp. Add +0.5% 2.16% +0.13
LOW Lowe's Cos Inc. Add +0.5% 2.82% +0.12
IVV iShares Core S&P 500 ETF New 0.08% +0.08
AGG iShares Core U.S. Aggregate New 0.05% +0.05
STT State Street Corp. Add +1.3% 2.08% +0.04
ADP Automatic Data Processing New 0.04% +0.04
NVDA Nvidia Corp. Add +60.8% 0.10% +0.03
VPU Vanguard Utilities ETF Add +1.0% 4.56% +0.01
GBCI Glacier Bancorp Inc. Add +4.5% 0.13% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +0.8% 0.28% −0.01
MDT Medtronic PLC Add +2.9% 1.91% −0.01
COST Costco Wholesale Corp. Add +4.4% 0.21% −0.02
GOOGL Alphabet Inc. Class A Add +7.8% 0.09% −0.02
NOBL Proshares S&P 500 Dividend A Add +1.0% 0.36% −0.02
CAT Caterpillar Inc. Add +0.0% 3.29% −0.03
USB US Bancorp Add +0.5% 2.05% −0.05
ABT Abbott Laboratories Add +2.7% 1.91% −0.10
SYY Sysco Corp. Add +3.0% 1.91% −0.10
DE Deere & Co. Add +1.4% 2.16% −0.10
JNJ Johnson & Johnson Add +1.4% 1.98% −0.11
TGT Target Corp. Add +3.9% 1.86% −0.15
PFE Pfizer Inc. Add +3.7% 1.49% −0.16
OTIS Otis Worldwide Corp. Add +1.5% 2.13% −0.17
PG The Procter & Gamble Co. Add +1.8% 2.11% −0.23
PEP Pepsico Inc. Add +1.4% 1.85% −0.25
KMB Kimberly-Clark Corp. Add +2.0% 1.93% −0.25
XOM Exxon Mobil Corp. Add +1.3% 2.48% −0.37
EMR Emerson Electric Co. Add +0.9% 2.19% −0.40
BAC Bank of America Corp. Add +0.9% 2.32% −0.41
TTE Totalenergies SE -Spon ADR Add +0.8% 1.95% −0.42
CVX Chevron Corp. Add +2.3% 2.17% −0.50
WFC Wells Fargo & Co. Add +0.8% 2.30% −0.54
FDX FedEx Corp. Add +0.8% 2.21% −0.63
SHEL Shell PLC-ADR Add +0.7% 2.25% −0.65
VHT Vanguard Health Care ETF Add +1.1% 7.53% −0.79
MSFT Microsoft Corp. Add +0.1% 5.25% −1.20

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