Arrow Financial Corp

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Arrow Financial Corp reported 155 stock positions worth $894.5 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 12.5% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 8.3%) and iShares Core S&P Midcap ETF (IJH, 5.7%). Compared with Q4 2024, it opened 3 new positions, sold out of 15, added to 16 and reduced 110. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +0%) and the biggest sale Nvidia (NVDA, shares −43%).

Most Recent 13F
Q2 2026
Location
Glens Falls, NY
CIK
0000717538
Portfolio Value
$894.5M (Q1 2025)
SEC Filing
0000717538-25-000052 ↗ filed May 5, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.0B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $894.5M $894.5M Q1 2025 Q2 2025: $949.7M Q2 2025 Q3 2025: $978.0M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $994.0M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 155 stocks · $894.5M
VOO Vanguard S&P 500 ETF 12.48% 217,197 $111.6M Add +0.3%
QQQ Invesco QQQ Trust Series 1 8.29% 158,151 $74.2M Add +1.1%
IJH iShares Core S&P Midcap ETF 5.65% 866,247 $50.5M Reduce -0.0%
AROW Arrow Financial Corp. 5.55% 1,887,250 $49.6M Reduce -0.7%
SPYV SS SPDR P S&P 500 Value ETF 4.54% 795,847 $40.6M Add +0.5%
IJR iShares Core S&P Small-Cap E 4.49% 383,938 $40.1M Reduce -0.2%
IDEV iShares Core MSCI Dev MKTS 3.49% 453,166 $31.2M Reduce -0.5%
IBHE iShares Ibonds 2025 H/Y Inc. 3.25% 1,250,775 $29.1M Reduce -15.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd 3.14% 108,765 $28.1M Reduce -2.0%
AAPL Apple Inc. 1.80% 72,599 $16.1M Reduce -37.0%
IBDX iShares Ibonds Dec 2032 TC 1.67% 597,191 $14.9M Reduce -0.5%
IBDY iShares Ibonds Dec 2033 Corp. 1.63% 570,865 $14.6M Reduce -0.3%
IBDW iShares Ibonds Dec 2031 Corp. 1.62% 699,516 $14.5M Reduce -0.4%
IBDV iShares Ibonds Dec 2030 Corp. 1.61% 664,224 $14.4M Reduce -0.5%
IBDU iShares Ibonds Dec 2029 Term 1.61% 622,702 $14.4M Add +0.4%
IBDT iShares Ibonds Dec 2028 ETF 1.60% 566,467 $14.3M Add +0.5%
IBDR iShares Ibonds Dec 2026 Term 1.57% 580,936 $14.1M Reduce -0.7%
MSFT Microsoft Corp. 1.56% 37,272 $14.0M Reduce -35.5%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 1.56% 578,531 $14.0M Reduce -0.2%
IBDQ iShares Ibonds Dec 2025 Term 1.52% 542,074 $13.6M Reduce -2.0%
VB Vanguard Most SM-Cap ETF-Usd 1.26% 50,745 $11.3M Reduce -0.6%
NVDA Nvidia Corp. 1.25% 103,378 $11.2M Reduce -43.0%
GOOGL Alphabet Inc. Class A 1.00% 57,924 $9.0M Reduce -32.6%
IBHF iShares Ibond 2026 HY & Inc. 0.87% 334,879 $7.8M Add +349.7%
XHB SS SPDR S&P Homebldrs ETF 0.86% 79,376 $7.7M Add +4.2%
AMZN Amazon.com Inc. 0.84% 39,421 $7.5M Reduce -39.6%
TLH iShares 10-20 Year Treasury 0.84% 72,073 $7.5M Reduce -11.5%
AGG iShares Core U.S. Aggregate 0.74% 67,236 $6.7M No change
JPM JPMorgan Chase & Co. 0.74% 26,915 $6.6M Reduce -32.1%
VCSH Vanguard S/T Corp. Bond ETF 0.65% 74,016 $5.8M Reduce -0.5%
XLRE SS Real Estate Select Sector 0.60% 128,558 $5.4M Add +1.3%
ORCL Oracle Corp. 0.56% 35,776 $5.0M Reduce -24.0%
BRK.B Berkshire Hathaway Inc. Class B 0.55% 9,302 $5.0M Reduce -35.7%
HD Home Depot Inc. 0.55% 13,486 $4.9M Reduce -36.9%
V Visa Inc. Class A 0.54% 13,738 $4.8M Reduce -30.0%
NYF iShares New York Muni Bond E 0.52% 88,704 $4.7M Reduce -1.8%
META Meta Platforms Inc. Class A 0.51% 7,890 $4.5M Reduce -41.5%
CRM Salesforce Inc. 0.49% 16,230 $4.4M Reduce -38.1%
LLY Eli Lilly & Co. 0.47% 5,141 $4.2M Reduce -40.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.46% 7,326 $4.1M Reduce -0.3%
XOM Exxon Mobil Corp. 0.43% 32,705 $3.9M Reduce -20.4%
IBDZ ISHARESIBONDSDEC2034TMCORP 0.43% 148,400 $3.8M Add +158.4%
COST Costco Wholesale Corp. 0.39% 3,700 $3.5M Reduce -27.9%
JNJ Johnson & Johnson 0.38% 20,608 $3.4M Reduce -31.9%
SYK Stryker Corp. 0.38% 9,063 $3.4M Reduce -32.8%
AMGN Amgen Inc. 0.38% 10,822 $3.4M Reduce -30.6%
BLK BlackRock Inc. 0.38% 3,562 $3.4M Reduce -38.4%
ICE Intercontinental Exchange Inc. 0.38% 19,519 $3.4M Reduce -37.1%
CSCO Cisco Systems Inc. 0.37% 53,862 $3.3M Reduce -1.3%
PG The Procter & Gamble Co. 0.37% 19,261 $3.3M Reduce -39.3%
NFLX Netflix Inc. 0.37% 3,511 $3.3M Reduce -33.3%
APH Amphenol Corp. Class A 0.36% 48,648 $3.2M Reduce -35.1%
TMUS T-Mobile US Inc. 0.34% 11,391 $3.0M Reduce -0.4%
WMT Walmart Inc. 0.32% 32,888 $2.9M Reduce -46.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.31% 23,015 $2.8M Reduce -31.7%
MCD McDonald's Corp. 0.31% 8,894 $2.8M Reduce -22.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.31% 66,144 $2.8M Reduce -45.8%
ABT Abbott Laboratories 0.29% 19,482 $2.6M Reduce -40.4%
WMB Williams Cos Inc. 0.28% 41,843 $2.5M Reduce -45.4%
TMO Thermo Fisher Scientific Inc. 0.27% 4,869 $2.4M Reduce -39.9%
CAT Caterpillar Inc. 0.27% 7,337 $2.4M Reduce -46.5%
TRV The Travelers Cos Inc. 0.27% 9,117 $2.4M Reduce -0.9%
ADBE Adobe Inc. 0.27% 6,256 $2.4M Reduce -41.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.27% 24,214 $2.4M Reduce -20.8%
KO The Coca-Cola Co. 0.26% 32,273 $2.3M Reduce -0.1%
UNH Unitedhealth Group Inc. 0.25% 4,326 $2.3M Reduce -42.9%
HON Honeywell International Inc. 0.24% 10,325 $2.2M Reduce -46.9%
MA Mastercard Inc. Class A 0.23% 3,772 $2.1M Reduce -1.4%
UNP Union Pacific Corp. 0.23% 8,721 $2.1M Reduce -0.9%
MS Morgan Stanley 0.23% 17,258 $2.0M Reduce -39.9%
GOOG Alphabet Inc. Class C 0.21% 12,042 $1.9M Reduce -3.3%
MINT PIMCO Enhanced Short Maturit 0.21% 18,379 $1.8M Reduce -10.7%
XLK SS Technology Select Sector 0.21% 8,956 $1.8M Reduce -27.9%
GD General Dynamics Corp. 0.20% 6,517 $1.8M Reduce -0.1%
BND Vanguard Total Bond Market 0.19% 23,393 $1.7M Add +0.2%
PANW Palo Alto Networks Inc. 0.19% 10,010 $1.7M Reduce -12.9%
DHR Danaher Corp. 0.18% 8,012 $1.6M Reduce -32.3%
VRTX Vertex Pharmaceuticals Inc. 0.18% 3,385 $1.6M Reduce -39.6%
COP Conocophillips 0.18% 15,427 $1.6M Reduce -0.1%
MAS Masco Corp. 0.18% 22,551 $1.6M Reduce -55.1%
PEP Pepsico Inc. 0.17% 10,332 $1.5M Reduce -40.8%
CMI Cummins Inc. 0.17% 4,796 $1.5M Reduce -1.4%
YUM Yum! Brands Inc. 0.17% 9,499 $1.5M Reduce -0.8%
IR Ingersoll-Rand Inc. 0.16% 18,230 $1.5M Reduce -43.6%
CVX Chevron Corp. 0.15% 8,277 $1.4M Reduce -44.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.15% 5,249 $1.3M Reduce -0.4%
MUB iShares National Muni Bond E 0.15% 12,378 $1.3M Add +5.5%
ABBV Abbvie Inc. 0.14% 5,956 $1.2M Reduce -0.3%
XLB SS Materials Select Sector 0.14% 14,397 $1.2M Reduce -8.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.14% 15,599 $1.2M Reduce -5.1%
TSLA Tesla Inc. 0.13% 4,501 $1.2M Reduce -47.9%
LOW Lowe's Cos Inc. 0.13% 4,864 $1.1M No change
XLF SS Financial Select Sector 0.12% 22,328 $1.1M Reduce -27.4%
MRVL Marvell Technology Inc. 0.12% 18,041 $1.1M Reduce -52.7%
PWR Quanta Services Inc. 0.12% 4,168 $1.1M Add +3.8%
AWK American Water Works Co. Inc. 0.11% 6,841 $1.0M Reduce -30.9%
RTX RTX Corp. 0.11% 7,482 $991K Reduce -0.4%
TER Teradyne Inc. 0.11% 11,854 $979K Reduce -29.6%
XLV SS Health Care Select Sector 0.11% 6,525 $953K Reduce -25.4%
LEN Lennar Corp. Class A 0.10% 8,112 $931K Reduce -27.6%

Show all 155 holdings

Portfolio Sells Q4 2024 → Q1 2025
NVDA Nvidia Corp. Reduce -43.0% 1.25% −1.06
AAPL Apple Inc. Reduce -37.0% 1.80% −0.93
MSFT Microsoft Corp. Reduce -35.5% 1.56% −0.75
GOOGL Alphabet Inc. Class A Reduce -32.6% 1.00% −0.54
AMZN Amazon.com Inc. Reduce -39.6% 0.84% −0.52
CRM Salesforce Inc. Reduce -38.1% 0.49% −0.35
MRVL Marvell Technology Inc. Reduce -52.7% 0.12% −0.28
META Meta Platforms Inc. Class A Reduce -41.5% 0.51% −0.24
HD Home Depot Inc. Reduce -36.9% 0.55% −0.24
DLR Digital Realty Trust Inc. Sold out 0.00% −0.21
WMT Walmart Inc. Reduce -46.4% 0.32% −0.20
CAT Caterpillar Inc. Reduce -46.5% 0.27% −0.20
TSLA Tesla Inc. Reduce -47.9% 0.13% −0.20
BAC Bank of America Corp. Reduce -45.8% 0.31% −0.20
BLK BlackRock Inc. Reduce -38.4% 0.38% −0.19
ORCL Oracle Corp. Reduce -24.0% 0.56% −0.19
ADBE Adobe Inc. Reduce -41.4% 0.27% −0.18
HON Honeywell International Inc. Reduce -46.9% 0.24% −0.17
MAS Masco Corp. Reduce -55.1% 0.18% −0.17
JPM JPMorgan Chase & Co. Reduce -32.1% 0.74% −0.16
WM Waste Management Inc. Sold out 0.00% −0.16
LLY Eli Lilly & Co. Reduce -40.0% 0.47% −0.15
GS Goldman Sachs Group Inc. Reduce -86.2% 0.03% −0.14
PG The Procter & Gamble Co. Reduce -39.3% 0.37% −0.14
APH Amphenol Corp. Class A Reduce -35.1% 0.36% −0.14
TMO Thermo Fisher Scientific Inc. Reduce -39.9% 0.27% −0.13
MS Morgan Stanley Reduce -39.9% 0.23% −0.12
COF Capital One Financial Corp. Sold out 0.00% −0.12
IR Ingersoll-Rand Inc. Reduce -43.6% 0.16% −0.11
WMB Williams Cos Inc. Reduce -45.4% 0.28% −0.11
UNH Unitedhealth Group Inc. Reduce -42.9% 0.25% −0.11
TER Teradyne Inc. Reduce -29.6% 0.11% −0.09
SHW The Sherwin-Williams Co. Sold out 0.00% −0.09
SYK Stryker Corp. Reduce -32.8% 0.38% −0.08
APD Air Products & Chemicals Inc. Sold out 0.00% −0.08
NFLX Netflix Inc. Reduce -33.3% 0.37% −0.08
PEP Pepsico Inc. Reduce -40.8% 0.17% −0.08
SO The Southern Co. Sold out 0.00% −0.08
DHR Danaher Corp. Reduce -32.3% 0.18% −0.07
TJX TJX Companies Inc. Reduce -31.7% 0.31% −0.07
BRK.B Berkshire Hathaway Inc. Class B Reduce -35.7% 0.55% −0.07
XLK SS Technology Select Sector Reduce -27.9% 0.21% −0.07
ICE Intercontinental Exchange Inc. Reduce -37.1% 0.38% −0.06
ABT Abbott Laboratories Reduce -40.4% 0.29% −0.06
HSY The Hershey Co. Sold out 0.00% −0.06
DIS The Walt Disney Co. Reduce -20.8% 0.27% −0.06
COST Costco Wholesale Corp. Reduce -27.9% 0.39% −0.06
PSA Public Storage Sold out 0.00% −0.05
CVX Chevron Corp. Reduce -44.5% 0.15% −0.05
V Visa Inc. Class A Reduce -30.0% 0.54% −0.05

Portfolio Buys Q4 2024 → Q1 2025
VOO Vanguard S&P 500 ETF Add +0.3% 12.48% +1.40
IBHF iShares Ibond 2026 HY & Inc. Add +349.7% 0.87% +0.71
SPYV SS SPDR P S&P 500 Value ETF Add +0.5% 4.54% +0.70
QQQ Invesco QQQ Trust Series 1 Add +1.1% 8.29% +0.70
IBDZ ISHARESIBONDSDEC2034TMCORP Add +158.4% 0.43% +0.29
IBDU iShares Ibonds Dec 2029 Term Add +0.4% 1.61% +0.27
IBDT iShares Ibonds Dec 2028 ETF Add +0.5% 1.60% +0.27
XLRE SS Real Estate Select Sector Add +1.3% 0.60% +0.11
XHB SS SPDR S&P Homebldrs ETF Add +4.2% 0.86% +0.10
IVV iShares Core S&P 500 ETF New 0.08% +0.08
BND Vanguard Total Bond Market Add +0.2% 0.19% +0.03
MUB iShares National Muni Bond E Add +5.5% 0.15% +0.03
OTIS Otis Worldwide Corp. New 0.02% +0.02
NGG National Grid PLC-SP ADR New 0.02% +0.02
VNQ Vanguard Real Estate ETF Add +15.0% 0.08% +0.02
EMN Eastman Chemical Co. Add +1.2% 0.08% +0.01
SNOW Snowflake Inc. Add +1.6% 0.06% +0.01
TROW T Rowe Price Group Inc. Add +2.4% 0.03% −0.00
PWR Quanta Services Inc. Add +3.8% 0.12% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 162$1.1BVOO, QQQ, AROW, IJH, IJR
Q1 2026 157$994.0MVOO, QQQ, AROW, IJH, IJR
Q4 2025 159$1.0BVOO, QQQ, AROW, IJH, IDEV
Q3 2025 160$978.0MVOO, QQQ, IJH, AROW, IJR
Q2 2025 160$949.7MVOO, QQQ, IJH, AROW, IJR
Q1 2025 155$894.5MVOO, QQQ, IJH, AROW, SPYV
Q4 2024 167$1.1BVOO, QQQ, AROW, IJH, IJR
Q3 2024 340$1.1BVOO, QQQ, AROW, IJH, IJR
Q2 2024 336$1.0BVOO, QQQ, IJH, AROW, IJR
Q1 2024 333$1.0BVOO, IJR, IJH, SPYV, AROW