Arrow Financial Corp

Name: Arrow Financial Corp 13F holdings, Q1 2025
Creator: Arrow Financial Corp
Published: 2025-05-05

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

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

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%
SYY Sysco Corp.	0.10%	12,302	$923K	Reduce -37.6%
MRK Merck & Co. Inc.	0.10%	9,876	$886K	Reduce -2.4%
ADP Automatic Data Processing	0.10%	2,878	$879K	Reduce -0.3%
D Dominion Energy Inc.	0.10%	15,219	$853K	Reduce -1.9%
XLI SS Industrial Select Sector	0.08%	5,607	$735K	Reduce -23.3%
EMN Eastman Chemical Co.	0.08%	8,274	$729K	Add +1.2%
CL Colgate-Palmolive Co.	0.08%	7,757	$727K	No change
ECL Ecolab Inc.	0.08%	2,863	$726K	Reduce -34.4%
AXP American Express Co.	0.08%	2,683	$722K	Reduce -0.6%
MMM 3M Co.	0.08%	4,670	$686K	Reduce -1.3%
VNQ Vanguard Real Estate ETF	0.08%	7,564	$685K	Add +15.0%
IVV iShares Core S&P 500 ETF	0.08%	1,210	$680K	New
TXN Texas Instruments Inc.	0.07%	3,668	$659K	No change
NEE Nextera Energy Inc.	0.07%	8,924	$633K	Reduce -39.0%
LYB Lyondellbasell Indu Class A	0.07%	8,901	$627K	Reduce -7.2%
GE General Electric filed as GE AEROSPACE	0.07%	3,119	$624K	Reduce -2.0%
SUSB iShares ESG Aware 1-5 Year U	0.07%	24,545	$613K	No change
XLY SS Consumer Disc Select Sect	0.07%	3,105	$613K	Reduce -31.3%
VZ Verizon Communications Inc.	0.06%	11,715	$531K	Reduce -7.6%
GLD SPDR Gold Shares	0.06%	1,802	$519K	No change
PM Philip Morris International	0.06%	3,230	$513K	No change
SNOW Snowflake Inc.	0.06%	3,449	$504K	Add +1.6%
FISV Fiserv Inc.	0.06%	2,250	$497K	No change
BMY Bristol-Myers Squibb Co.	0.05%	7,644	$466K	Reduce -0.3%
INTU Intuit Inc.	0.05%	750	$460K	No change
SBUX Starbucks Corp.	0.05%	4,595	$451K	No change
XLC SS Comm Select Sector SPDR	0.05%	4,666	$450K	Reduce -37.5%
EMR Emerson Electric Co.	0.05%	3,986	$437K	Reduce -1.4%
PAYX Paychex Inc.	0.05%	2,818	$435K	No change
WFC Wells Fargo & Co.	0.05%	5,899	$423K	Reduce -1.4%
SPYG SS SPDR P S&P 500 Growth ETF	0.04%	4,842	$389K	No change
VTI VG Morningstar TS MKT ETF-US	0.04%	1,378	$379K	No change
XLE SS Energy Select Sector	0.04%	3,817	$357K	Reduce -23.7%
IWR iShares Russell Mid-Cap ETF	0.04%	4,076	$347K	Reduce -2.2%
IGSB iShares 1-5Y Inv Grade Corp.	0.04%	6,607	$346K	No change
CARR Carrier Global Corp.	0.04%	5,375	$341K	No change
CPK Chesapeake Utilities Corp.	0.04%	2,480	$319K	No change
PFE Pfizer Inc.	0.03%	12,190	$309K	Reduce -1.5%
MO Altria Group Inc.	0.03%	4,995	$300K	No change
XLP SS Consumer Staples Sel Sect	0.03%	3,668	$300K	Reduce -37.9%
SHY iShares 1-3 Year Treasury Bo	0.03%	3,226	$267K	No change
T AT&T Inc.	0.03%	9,431	$267K	Reduce -1.1%
GEV GE Vernova Inc.	0.03%	802	$245K	No change
AMAT Applied Materials Inc.	0.03%	1,685	$245K	No change
IBMO iShares Ibonds Dec 2026 Term	0.03%	9,451	$242K	No change
IBMN iShares Ibonds Dec 2025 Term	0.03%	9,006	$241K	No change
IBMP iShares Ibonds Dec 2027 Term	0.03%	9,517	$241K	No change
IBMQ iShares Ibonds Dec 2028 Muni	0.03%	9,448	$239K	No change
GS Goldman Sachs Group Inc.	0.03%	417	$228K	Reduce -86.2%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.03%	2,455	$226K	Add +2.4%
SDY SS SPDR S&P Dividend ETF	0.02%	1,642	$223K	No change
DLTR Dollar Tree Inc.	0.02%	2,896	$217K	Reduce -14.2%
OTIS Otis Worldwide Corp.	0.02%	2,075	$214K	New
NGG National Grid PLC-SP ADR	0.02%	3,233	$212K	New
F Ford Motor Co. filed as FORD MTR CO	0.01%	10,500	$105K	No change

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

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	162	$1.1B	VOO, QQQ, AROW, IJH, IJR
Q1 2026	157	$994.0M	VOO, QQQ, AROW, IJH, IJR
Q4 2025	159	$1.0B	VOO, QQQ, AROW, IJH, IDEV
Q3 2025	160	$978.0M	VOO, QQQ, IJH, AROW, IJR
Q2 2025	160	$949.7M	VOO, QQQ, IJH, AROW, IJR
Q1 2025	155	$894.5M	VOO, QQQ, IJH, AROW, SPYV
Q4 2024	167	$1.1B	VOO, QQQ, AROW, IJH, IJR
Q3 2024	340	$1.1B	VOO, QQQ, AROW, IJH, IJR
Q2 2024	336	$1.0B	VOO, QQQ, IJH, AROW, IJR
Q1 2024	333	$1.0B	VOO, IJR, IJH, SPYV, AROW