Allied Investment Advisors, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Allied Investment Advisors, LLC reported 97 stock positions worth $628.3 million. Its top holding was Schwab US DVD Equity ETF (SCHD) at 7.4% of the portfolio, followed by Vanguard Health Care ETF (VHT, 6.8%) and Microsoft (MSFT, 5.3%). Compared with Q2 2025, it opened 13 new positions, sold out of 3, added to 52 and reduced 15. The biggest buy was a new position in Realty Income (O) and the biggest sale Emerson Electric (EMR, shares −72%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001729869
Portfolio Value
$628.3M (Q3 2025)
SEC Filing
0001729869-25-000009 ↗ filed Nov 4, 2025

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 Q3 2024 Q4 2024: $496.2M Q4 2024 Q1 2025: $527.4M Q1 2025 Q2 2025: $571.9M Q2 2025 Q3 2025: $628.3M $628.3M Q3 2025 Q4 2025: $646.8M Q4 2025 Q1 2026: $697.4M Q1 2026 Q2 2026: $796.5M Q2 2026

Holdings 97 stocks · $628.3M
SCHD Schwab US DVD Equity ETF 7.42% 1,708,261 $46.6M Add +4.6%
VHT Vanguard Health Care ETF 6.76% 163,525 $42.5M Add +5.6%
MSFT Microsoft Corp. 5.28% 64,060 $33.2M Add +2.9%
JPM JPMorgan Chase & Co. 3.52% 70,214 $22.1M Add +1.1%
CAT Caterpillar Inc. 3.30% 43,509 $20.8M Reduce -0.5%
AAON Aaon Inc. 2.95% 198,652 $18.6M Reduce -18.2%
RTX RTX Corp. 2.81% 105,624 $17.7M Add +1.2%
GS Goldman Sachs Group Inc. 2.76% 21,786 $17.3M Reduce -1.8%
WFC Wells Fargo & Co. 2.68% 200,547 $16.8M Add +2.1%
VPU Vanguard Utilities ETF 2.67% 88,649 $16.8M Reduce -36.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.62% 319,091 $16.5M Add +2.8%
LOW Lowe's Cos Inc. 2.36% 59,003 $14.8M Add +3.4%
STT State Street Corp. 2.34% 126,785 $14.7M Add +1.9%
XOM Exxon Mobil Corp. 2.21% 122,986 $13.9M Add +4.1%
SHEL Shell PLC-ADR 2.18% 191,732 $13.7M Add +3.5%
JNJ Johnson & Johnson 2.16% 73,313 $13.6M Add +4.5%
CVX Chevron Corp. 2.14% 86,751 $13.5M Add +4.4%
DE Deere & Co. 2.06% 28,366 $13.0M Add +3.6%
MMM 3M Co. 2.06% 83,269 $12.9M Add +3.3%
ABT Abbott Laboratories 2.02% 94,598 $12.7M Add +5.5%
AAPL Apple Inc. 2.01% 49,590 $12.6M Reduce -1.8%
USB US Bancorp 2.00% 259,561 $12.5M Add +4.1%
SYY Sysco Corp. 1.96% 149,727 $12.3M Add +5.0%
MDT Medtronic PLC 1.89% 124,806 $11.9M Add +5.6%
FDX FedEx Corp. 1.82% 48,534 $11.4M Add +5.0%
LMT Lockheed Martin Corp. 1.81% 22,764 $11.4M Add +7.6%
GPC Genuine Parts Co. 1.76% 79,656 $11.0M Add +6.9%
O Realty Income Corp. 1.73% 178,812 $10.9M New
OTIS Otis Worldwide Corp. 1.73% 118,761 $10.9M Add +6.0%
PG The Procter & Gamble Co. 1.72% 70,370 $10.8M Add +5.6%
TTE Totalenergies SE -Spon ADR 1.71% 179,910 $10.7M Add +5.1%
PEP Pepsico Inc. 1.64% 73,345 $10.3M Add +7.6%
KMB Kimberly-Clark Corp. 1.59% 80,573 $10.0M Add +6.0%
AMRZ Amrize Ltd. 1.51% 196,078 $9.5M New
PFE Pfizer Inc. 1.45% 358,047 $9.1M Add +8.3%
DEO Diageo PLC-Sponsored ADR 1.32% 86,830 $8.3M Add +9.2%
TGT Target Corp. 1.28% 89,555 $8.0M Add +6.7%
VGK Vanguard Ftse Europe ETF 1.27% 99,657 $8.0M Add +34.2%
VTI VG Morningstar TS MKT ETF-US 1.14% 21,829 $7.2M Add +1.9%
EMR Emerson Electric Co. 0.62% 29,885 $3.9M Reduce -71.6%
WMT Walmart Inc. 0.34% 20,476 $2.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.33% 4,129 $2.1M Add +11.0%
NVDA Nvidia Corp. 0.31% 10,601 $2.0M Add +89.0%
NOBL Proshares S&P 500 Dividend A 0.29% 17,929 $1.8M Add +10.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.25% 8,288 $1.5M Add +58.0%
BRK.A Berkshire Hathaway Inc. Class A 0.24% 2 $1.5M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.23% 5,155 $1.5M Add +5.7%
VGT Vanguard Info Tech ETF 0.23% 1,924 $1.4M Reduce -2.1%
COST Costco Wholesale Corp. 0.20% 1,327 $1.2M Reduce -15.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.18% 1,686 $1.1M Add +46.4%
AVGO Broadcom Inc. 0.15% 2,883 $951K Add +226.1%
GBCI Glacier Bancorp Inc. 0.15% 19,101 $930K Add +28.8%
SPLV Invesco S&P 500 Low Volatili 0.14% 12,200 $896K No change
GOOGL Alphabet Inc. Class A 0.14% 3,629 $882K No change
META Meta Platforms Inc. Class A 0.13% 1,107 $813K Add +106.9%
HD Home Depot Inc. 0.12% 1,852 $750K Reduce -2.2%
AMZN Amazon.com Inc. 0.11% 3,267 $717K Add +29.3%
SBUX Starbucks Corp. 0.09% 6,992 $592K No change
ORCL Oracle Corp. 0.09% 2,050 $577K No change
DFUS Dimensional US Eq MKT ETF 0.09% 7,752 $562K No change
MRK Merck & Co. Inc. 0.09% 6,646 $558K Reduce -3.8%
GOOG Alphabet Inc. Class C 0.09% 2,265 $552K Add +87.0%
FIBK First Interstate Bancsys-A 0.09% 17,048 $543K Add +34.0%
ABBV Abbvie Inc. 0.08% 2,292 $531K Add +24.6%
ECG Everus Construction Group 0.08% 5,757 $494K Add +3.8%
VFH Vanguard Financials ETF 0.07% 3,582 $470K Reduce -6.5%
MDU Mdu Resources Group Inc. 0.06% 22,904 $408K Add +3.8%
BA The Boeing Co. 0.06% 1,884 $407K No change
MCD McDonald's Corp. 0.06% 1,332 $405K No change
GLD SPDR Gold Shares 0.06% 1,058 $376K Reduce -84.0%
C Citigroup Inc. 0.06% 3,689 $374K Add +1.0%
MCK McKesson Corp. 0.06% 479 $370K New
KNF Knife River Corp. 0.06% 4,722 $363K Add +4.6%
SCHV Schwab US Large-Cap Value 0.06% 12,451 $362K Add +2.2%
QQQ Invesco QQQ Trust Series 1 0.06% 603 $362K New
IVV iShares Core S&P 500 ETF 0.05% 502 $336K Reduce -10.8%
AXP American Express Co. 0.05% 989 $329K No change
WDC Western Digital Corp. 0.05% 2,642 $317K New
CSCO Cisco Systems Inc. 0.05% 4,428 $303K New
VIS Vanguard Industrials ETF 0.05% 1,006 $298K Reduce -5.4%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.05% 734 $295K New
CSL Carlisle Cos Inc. 0.04% 820 $270K No change
SCHW Schwab (charles) Corp. 0.04% 2,789 $266K New
COP Conocophillips 0.04% 2,737 $259K No change
STLD Steel Dynamics Inc. 0.04% 1,827 $255K New
LLY Eli Lilly & Co. 0.04% 326 $248K Add +22.1%
UNH Unitedhealth Group Inc. 0.04% 683 $236K New
ADP Automatic Data Processing 0.04% 800 $235K No change
AMD Advanced Micro Devices 0.04% 1,443 $233K No change
AGG iShares Core U.S. Aggregate 0.04% 2,309 $231K Add +1.8%
IJJ iShares S&P Mid-Cap 400 Valu 0.04% 1,784 $231K No change
AXON Axon Enterprise Inc. 0.04% 320 $230K New
FSLR First Solar Inc. 0.04% 1,027 $226K New
BROS Dutch Bros Inc. Class A 0.04% 4,257 $223K New
VTIP Vanguard Short-Term Tips 0.03% 4,014 $203K No change
F Ford Motor Co. filed as FORD MTR CO 0.02% 12,330 $147K No change
GERN Geron Corp. 0.00% 15,959 $22K Reduce -23.9%

Portfolio Sells Q2 2025 → Q3 2025
EMR Emerson Electric Co. Reduce -71.6% 0.62% −1.83
VPU Vanguard Utilities ETF Reduce -36.1% 2.67% −1.61
PICK iShares MSCI Global Metals & Sold out 0.00% −0.45
GLD SPDR Gold Shares Reduce -84.0% 0.06% −0.29
AAON Aaon Inc. Reduce -18.2% 2.95% −0.18
EBMT Eagle Bancorp Montana Inc. Sold out 0.00% −0.09
COST Costco Wholesale Corp. Reduce -15.8% 0.20% −0.08
VFH Vanguard Financials ETF Reduce -6.5% 0.07% −0.01
IVV iShares Core S&P 500 ETF Reduce -10.8% 0.05% −0.01
MRK Merck & Co. Inc. Reduce -3.8% 0.09% −0.01
VIS Vanguard Industrials ETF Reduce -5.4% 0.05% −0.00
RYVYL INC Sold out 0.00% −0.00
HD Home Depot Inc. Reduce -2.2% 0.12% −0.00
GERN Geron Corp. Reduce -23.9% 0.00% −0.00
VGT Vanguard Info Tech ETF Reduce -2.1% 0.23% +0.00
GS Goldman Sachs Group Inc. Reduce -1.8% 2.76% +0.02
AAPL Apple Inc. Reduce -1.8% 2.01% +0.20
CAT Caterpillar Inc. Reduce -0.5% 3.30% +0.34

Portfolio Buys Q2 2025 → Q3 2025
O Realty Income Corp. New 1.73% +1.73
AMRZ Amrize Ltd. New 1.51% +1.51
JNJ Johnson & Johnson Add +4.5% 2.16% +0.29
VGK Vanguard Ftse Europe ETF Add +34.2% 1.27% +0.26
GPC Genuine Parts Co. Add +6.9% 1.76% +0.18
NVDA Nvidia Corp. Add +89.0% 0.31% +0.16
RTX RTX Corp. Add +1.2% 2.81% +0.15
LOW Lowe's Cos Inc. Add +3.4% 2.36% +0.15
AVGO Broadcom Inc. Add +226.1% 0.15% +0.11
LMT Lockheed Martin Corp. Add +7.6% 1.81% +0.10
MDT Medtronic PLC Add +5.6% 1.89% +0.09
VTV Vanguard Mrngstr Val ETF-Aui Add +58.0% 0.25% +0.08
SYY Sysco Corp. Add +5.0% 1.96% +0.07
PEP Pepsico Inc. Add +7.6% 1.64% +0.07
CVX Chevron Corp. Add +4.4% 2.14% +0.06
META Meta Platforms Inc. Class A Add +106.9% 0.13% +0.06
MCK McKesson Corp. New 0.06% +0.06
QQQ Invesco QQQ Trust Series 1 New 0.06% +0.06
SPY SS SPDR S&P 500 ETF Trust-US Add +46.4% 0.18% +0.05
BAC Bank of America Corp. Add +2.8% 2.62% +0.05
WDC Western Digital Corp. New 0.05% +0.05
GOOG Alphabet Inc. Class C Add +87.0% 0.09% +0.05
PFE Pfizer Inc. Add +8.3% 1.45% +0.05
CSCO Cisco Systems Inc. New 0.05% +0.05
MGK Vngrd Mrgstr MG CP GR ETF-Ui New 0.05% +0.05
SCHW Schwab (charles) Corp. New 0.04% +0.04
STLD Steel Dynamics Inc. New 0.04% +0.04
UNH Unitedhealth Group Inc. New 0.04% +0.04
AXON Axon Enterprise Inc. New 0.04% +0.04
GBCI Glacier Bancorp Inc. Add +28.8% 0.15% +0.04
FSLR First Solar Inc. New 0.04% +0.04
BROS Dutch Bros Inc. Class A New 0.04% +0.04
VHT Vanguard Health Care ETF Add +5.6% 6.76% +0.03
STT State Street Corp. Add +1.9% 2.34% +0.03
ABBV Abbvie Inc. Add +24.6% 0.08% +0.02
USB US Bancorp Add +4.1% 2.00% +0.02
FIBK First Interstate Bancsys-A Add +34.0% 0.09% +0.02
AMZN Amazon.com Inc. Add +29.3% 0.11% +0.02
ECG Everus Construction Group Add +3.8% 0.08% +0.02
BRK.B Berkshire Hathaway Inc. Class B Add +11.0% 0.33% +0.01
NOBL Proshares S&P 500 Dividend A Add +10.1% 0.29% +0.01
JPM JPMorgan Chase & Co. Add +1.1% 3.52% +0.01
C Citigroup Inc. Add +1.0% 0.06% +0.01
LLY Eli Lilly & Co. Add +22.1% 0.04% +0.00
VTI VG Morningstar TS MKT ETF-US Add +1.9% 1.14% +0.00
MDU Mdu Resources Group Inc. Add +3.8% 0.06% +0.00
SCHV Schwab US Large-Cap Value Add +2.2% 0.06% −0.00
AGG iShares Core U.S. Aggregate Add +1.8% 0.04% −0.00
KNF Knife River Corp. Add +4.6% 0.06% −0.01
FDX FedEx Corp. Add +5.0% 1.82% −0.02

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