Aspen Investment Management Inc
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 3, 2025), Aspen Investment Management Inc reported 141 stock positions worth $215.4 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 9.2% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 4.9%) and iShares Russell 2000 ETF (IWM, 3.9%). Compared with Q3 2024, it opened 4 new positions, sold out of 10, added to 56 and reduced 51. The biggest buy was Docusign (DOCU, shares +258%) and the biggest sale SPDR Gold Shares (GLD, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND RAPIDS, MI
- CIK
- 0001541596
- Portfolio Value
- $215.4M (Q4 2024)
- SEC Filing
- 0001541596-25-000001 ↗ filed Feb 3, 2025
Holdings Value
Holdings 141 stocks · $215.4M
| SPY SS SPDR S&P 500 ETF Trust-US | 9.16% | 33,667 | $19.7M | Add +0.7% |
| RSP Invesco S&P 500 Equal Weight | 4.90% | 60,256 | $10.6M | Add +4.2% |
| IWM iShares Russell 2000 ETF | 3.87% | 37,746 | $8.3M | Add +7.2% |
| MSFT Microsoft Corp. | 3.49% | 17,827 | $7.5M | Reduce -0.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 2.99% | 124,975 | $6.4M | Add +6.4% |
| IEFA iShares Core MSCI Eafe ETF | 2.56% | 78,596 | $5.5M | Reduce -0.4% |
| IGSB iShares 1-5Y Inv Grade Corp. | 2.36% | 98,143 | $5.1M | Add +14.1% |
| JPM JPMorgan Chase & Co. | 2.01% | 18,046 | $4.3M | Reduce -0.8% |
| AAPL Apple Inc. | 1.98% | 17,043 | $4.3M | Reduce -1.1% |
| FPE FT-Preferred Secur & Inc. ETF | 1.93% | 234,335 | $4.1M | Add +7.9% |
| WMT Walmart Inc. | 1.93% | 45,893 | $4.1M | Add +4.0% |
| FTSL First Trust Senior Loan ETF | 1.75% | 81,738 | $3.8M | Add +17.2% |
| AMZN Amazon.com Inc. | 1.64% | 16,056 | $3.5M | Add +0.2% |
| GS Goldman Sachs Group Inc. | 1.62% | 6,087 | $3.5M | Add +1.0% |
| IVV iShares Core S&P 500 ETF | 1.55% | 5,682 | $3.3M | Reduce -0.8% |
| BSCR Invesco Bulletshares 2027 CB | 1.50% | 166,230 | $3.2M | Add +13.3% |
| VNQ Vanguard Real Estate ETF | 1.37% | 33,054 | $2.9M | Add +8.1% |
| FICO Fair Isaac Corp. | 1.31% | 1,420 | $2.8M | Reduce -0.7% |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 1.17% | 26,855 | $2.5M | Add +1.7% |
| XLI SS Industrial Select Sector | 1.16% | 18,982 | $2.5M | Add +47.6% |
| HD Home Depot Inc. | 1.11% | 6,173 | $2.4M | Reduce -1.2% |
| BSCS Invesco Bulletshares 2028 CB | 1.11% | 119,170 | $2.4M | Add +22.7% |
| SPYG SS SPDR P S&P 500 Growth ETF | 1.07% | 26,321 | $2.3M | Reduce -31.2% |
| V Visa Inc. Class A | 1.05% | 7,148 | $2.3M | Add +1.1% |
| GOOGL Alphabet Inc. Class A | 1.02% | 11,652 | $2.2M | Add +1.2% |
| BSCQ Invesco Bulletshares 2026 CB | 0.99% | 109,230 | $2.1M | Add +17.6% |
| PEP Pepsico Inc. | 0.94% | 13,369 | $2.0M | Reduce -4.9% |
| DES Wisdomtree US Smallcap Divid | 0.93% | 58,591 | $2.0M | Add +0.7% |
| SCHA Schwab US Small-Cap ETF | 0.92% | 76,862 | $2.0M | Add +0.7% |
| TT Trane Technologies PLC | 0.90% | 5,256 | $1.9M | Reduce -0.6% |
| ICE Intercontinental Exchange Inc. | 0.87% | 12,562 | $1.9M | Add +0.1% |
| CSX CSX Corp. | 0.82% | 54,737 | $1.8M | Reduce -11.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.81% | 23,055 | $1.7M | Add +13.6% |
| SCHX Schwab US Large-Cap ETF | 0.80% | 74,037 | $1.7M | Add +1.9% |
| BSCP Invesco Bulletshares 2025 CB | 0.79% | 82,875 | $1.7M | Add +3.4% |
| MDY State Street SPDR S&P Midcap | 0.78% | 2,945 | $1.7M | Add +28.8% |
| SYK Stryker Corp. | 0.78% | 4,647 | $1.7M | Add +3.0% |
| WM Waste Management Inc. | 0.77% | 8,223 | $1.7M | Reduce -1.7% |
| HBAN Huntington Bancshares Inc. | 0.73% | 96,995 | $1.6M | Reduce -11.8% |
| ITW Illinois Tool Works | 0.73% | 6,191 | $1.6M | Reduce -0.7% |
| JNJ Johnson & Johnson | 0.72% | 10,711 | $1.5M | Reduce -11.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.71% | 5,801 | $1.5M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.70% | 34,350 | $1.5M | No change |
| XOM Exxon Mobil Corp. | 0.70% | 13,932 | $1.5M | Reduce -1.1% |
| ADP Automatic Data Processing | 0.69% | 5,115 | $1.5M | Reduce -1.0% |
| AMGN Amgen Inc. | 0.67% | 5,541 | $1.4M | Reduce -0.3% |
| CVX Chevron Corp. | 0.67% | 9,919 | $1.4M | Reduce -2.3% |
| SCHF Schwab Intl Equity ETF | 0.66% | 76,693 | $1.4M | Reduce -1.4% |
| GLD SPDR Gold Shares | 0.66% | 5,837 | $1.4M | Reduce -47.7% |
| PYPL PayPal Holdings Inc. | 0.64% | 16,056 | $1.4M | Add +19.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.60% | 5,925 | $1.3M | Add +1.9% |
| PG The Procter & Gamble Co. | 0.57% | 7,354 | $1.2M | Reduce -0.3% |
| DOCU Docusign Inc. | 0.56% | 13,375 | $1.2M | Add +258.1% |
| SCHW Schwab (charles) Corp. | 0.56% | 16,257 | $1.2M | Add +13.1% |
| JCI Johnson Controls Internation | 0.55% | 15,130 | $1.2M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 0.55% | 20,061 | $1.2M | Add +0.0% |
| GLW Corning Inc. | 0.53% | 23,873 | $1.1M | Add +388.2% |
| WMB Williams Cos Inc. | 0.50% | 20,094 | $1.1M | No change |
| NEE Nextera Energy Inc. | 0.50% | 15,106 | $1.1M | Add +1.0% |
| CAT Caterpillar Inc. | 0.50% | 2,966 | $1.1M | Reduce -3.6% |
| ETN Eaton Corp. PLC | 0.49% | 3,177 | $1.1M | Add +3.4% |
| AXP American Express Co. | 0.46% | 3,316 | $984K | Add +0.0% |
| NVDA Nvidia Corp. | 0.46% | 7,329 | $984K | Add +0.5% |
| VWO Vanguard Ftse Emerging Marke | 0.44% | 21,313 | $939K | Reduce -0.4% |
| MDLZ Mondelez International Inc. Class A | 0.43% | 15,694 | $937K | Reduce -0.8% |
| LMT Lockheed Martin Corp. | 0.43% | 1,919 | $933K | Reduce -2.8% |
| EFA iShares MSCI Eafe ETF | 0.43% | 12,208 | $923K | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.42% | 11,750 | $903K | Add +1.4% |
| META Meta Platforms Inc. Class A | 0.41% | 1,523 | $892K | Add +6.2% |
| XLY SS Consumer Disc Select Sect | 0.41% | 3,915 | $878K | Add +93.8% |
| ABT Abbott Laboratories | 0.40% | 7,626 | $863K | Reduce -3.9% |
| MRK Merck & Co. Inc. | 0.37% | 7,997 | $796K | Reduce -11.9% |
| EW Edwards Lifesciences Corp. | 0.36% | 10,611 | $786K | Reduce -2.4% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.36% | 38,787 | $766K | Reduce -6.1% |
| ABBV Abbvie Inc. | 0.35% | 4,256 | $756K | Reduce -16.3% |
| IWB iShares Russell 1000 ETF | 0.35% | 2,342 | $754K | No change |
| LLY Eli Lilly & Co. | 0.33% | 927 | $716K | Reduce -21.7% |
| MAR Marriott International Class A | 0.32% | 2,490 | $695K | Add +40.0% |
| GOOG Alphabet Inc. Class C | 0.32% | 3,595 | $685K | Add +1.7% |
| COST Costco Wholesale Corp. | 0.32% | 746 | $684K | Add +89.8% |
| TXN Texas Instruments Inc. | 0.32% | 3,637 | $682K | Reduce -1.6% |
| SCHC Schwab Intl Small-Cap Equity | 0.32% | 19,778 | $679K | Add +1.0% |
| WFC Wells Fargo & Co. | 0.31% | 9,476 | $666K | Reduce -0.0% |
| BSX Boston Scientific Corp. | 0.30% | 7,203 | $643K | Add +0.5% |
| XLK SS Technology Select Sector | 0.30% | 2,750 | $639K | No change |
| SCHM Schwab US Mid Cap ETF | 0.29% | 22,799 | $632K | Reduce -1.3% |
| GNRC Generac Holdings Inc. | 0.29% | 4,033 | $625K | Add +0.3% |
| CMF iShares California Muni Bond | 0.29% | 10,881 | $623K | No change |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.28% | 22,706 | $605K | Reduce -1.1% |
| KO The Coca-Cola Co. | 0.28% | 9,696 | $604K | No change |
| ETD Ethan Allen Interiors Inc. | 0.28% | 21,296 | $599K | No change |
| MET Metlife Inc. | 0.28% | 7,245 | $593K | Reduce -0.1% |
| IEMG iShares Core MSCI Emerging | 0.27% | 11,288 | $589K | Reduce -25.7% |
| MRVL Marvell Technology Inc. | 0.26% | 4,988 | $551K | Add +9.3% |
| EMLP First Trust North American E | 0.25% | 15,270 | $544K | No change |
| MHO M/I Homes Inc. | 0.24% | 3,960 | $526K | Add +110.6% |
| DUK Duke Energy Corp. | 0.24% | 4,869 | $525K | Reduce -3.5% |
| PWR Quanta Services Inc. | 0.24% | 1,654 | $523K | Add +3.8% |
| COP Conocophillips | 0.24% | 5,235 | $519K | Add +0.0% |
| ORCL Oracle Corp. | 0.23% | 2,973 | $495K | Reduce -3.3% |
Portfolio Sells Q3 2024 → Q4 2024
| GLD SPDR Gold Shares | Reduce -47.7% | 0.66% | −0.61 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.43 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -31.2% | 1.07% | −0.41 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.36 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -0.4% | 2.56% | −0.31 |
| HPQ HP Inc. | Sold out | 0.00% | −0.31 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.24 |
| JNJ Johnson & Johnson | Reduce -11.8% | 0.72% | −0.20 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.19 |
| CSX CSX Corp. | Reduce -11.3% | 0.82% | −0.17 |
| PEP Pepsico Inc. | Reduce -4.9% | 0.94% | −0.17 |
| AMGN Amgen Inc. | Reduce -0.3% | 0.67% | −0.16 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.16 |
| LLY Eli Lilly & Co. | Reduce -21.7% | 0.33% | −0.16 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.14 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.14 |
| IEMG iShares Core MSCI Emerging | Reduce -25.7% | 0.27% | −0.13 |
| ABBV Abbvie Inc. | Reduce -16.3% | 0.35% | −0.12 |
| BLD Topbuild Corp. | Sold out | 0.00% | −0.11 |
| RTX RTX Corp. | Sold out | 0.00% | −0.11 |
| MRK Merck & Co. Inc. | Reduce -11.9% | 0.37% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.8% | 0.43% | −0.11 |
| LMT Lockheed Martin Corp. | Reduce -2.8% | 0.43% | −0.11 |
| MSFT Microsoft Corp. | Reduce -0.4% | 3.49% | −0.10 |
| SCHF Schwab Intl Equity ETF | Reduce -1.4% | 0.66% | −0.09 |
| PFE Pfizer Inc. | Reduce -27.3% | 0.16% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -1.1% | 0.70% | −0.07 |
| HD Home Depot Inc. | Reduce -1.2% | 1.11% | −0.07 |
| CAT Caterpillar Inc. | Reduce -3.6% | 0.50% | −0.06 |
| TT Trane Technologies PLC | Reduce -0.6% | 0.90% | −0.06 |
| AMAT Applied Materials Inc. | Reduce -0.5% | 0.22% | −0.06 |
| INTC Intel Corp. | Reduce -7.1% | 0.17% | −0.05 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.4% | 0.44% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -1.6% | 0.32% | −0.04 |
| HCA HCA Healthcare Inc. | Reduce -3.5% | 0.10% | −0.04 |
| WM Waste Management Inc. | Reduce -1.7% | 0.77% | −0.04 |
| BCI Abrdn Bloomberg All Commodit | Reduce -6.1% | 0.36% | −0.04 |
| ITW Illinois Tool Works | Reduce -0.7% | 0.73% | −0.03 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -1.1% | 0.28% | −0.03 |
| CVX Chevron Corp. | Reduce -2.3% | 0.67% | −0.03 |
| DUK Duke Energy Corp. | Reduce -3.5% | 0.24% | −0.03 |
| GE General Electric | Reduce -2.3% | 0.16% | −0.03 |
| MDT Medtronic PLC | Reduce -2.3% | 0.15% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 0.57% | −0.02 |
| HBAN Huntington Bancshares Inc. | Reduce -11.8% | 0.73% | −0.02 |
| ABT Abbott Laboratories | Reduce -3.9% | 0.40% | −0.02 |
| ORCL Oracle Corp. | Reduce -3.3% | 0.23% | −0.01 |
| SCHD Schwab US DVD Equity ETF | Reduce -3.0% | 0.19% | −0.01 |
| SCHM Schwab US Mid Cap ETF | Reduce -1.3% | 0.29% | −0.01 |
| DE Deere & Co. | Reduce -3.6% | 0.18% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| DOCU Docusign Inc. | Add +258.1% | 0.56% | +0.45 |
| GLW Corning Inc. | Add +388.2% | 0.53% | +0.42 |
| XLI SS Industrial Select Sector | Add +47.6% | 1.16% | +0.35 |
| WMT Walmart Inc. | Add +4.0% | 1.93% | +0.26 |
| FTSL First Trust Senior Loan ETF | Add +17.2% | 1.75% | +0.26 |
| IWM iShares Russell 2000 ETF | Add +7.2% | 3.87% | +0.24 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +14.1% | 2.36% | +0.24 |
| AMZN Amazon.com Inc. | Add +0.2% | 1.64% | +0.24 |
| GS Goldman Sachs Group Inc. | Add +1.0% | 1.62% | +0.23 |
| XLY SS Consumer Disc Select Sect | Add +93.8% | 0.41% | +0.22 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.7% | 9.16% | +0.21 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.19% | +0.19 |
| BSCS Invesco Bulletshares 2028 CB | Add +22.7% | 1.11% | +0.18 |
| MDY State Street SPDR S&P Midcap | Add +28.8% | 0.78% | +0.17 |
| COST Costco Wholesale Corp. | Add +89.8% | 0.32% | +0.16 |
| BSCR Invesco Bulletshares 2027 CB | Add +13.3% | 1.50% | +0.15 |
| PYPL PayPal Holdings Inc. | Add +19.2% | 0.64% | +0.15 |
| V Visa Inc. Class A | Add +1.1% | 1.05% | +0.14 |
| BSCQ Invesco Bulletshares 2026 CB | Add +17.6% | 0.99% | +0.14 |
| PANW Palo Alto Networks Inc. | New | 0.13% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +1.2% | 1.02% | +0.13 |
| SCHW Schwab (charles) Corp. | Add +13.1% | 0.56% | +0.12 |
| MAR Marriott International Class A | Add +40.0% | 0.32% | +0.12 |
| MRVL Marvell Technology Inc. | Add +9.3% | 0.26% | +0.10 |
| C Citigroup Inc. | New | 0.09% | +0.09 |
| MHO M/I Homes Inc. | Add +110.6% | 0.24% | +0.09 |
| FPE FT-Preferred Secur & Inc. ETF | Add +7.9% | 1.93% | +0.09 |
| RSP Invesco S&P 500 Equal Weight | Add +4.2% | 4.90% | +0.07 |
| RIVN Rivian Automotive Inc. Class A | New | 0.06% | +0.06 |
| CSCO Cisco Systems Inc. | Add +0.0% | 0.55% | +0.05 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +13.6% | 0.81% | +0.05 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +6.4% | 2.99% | +0.05 |
| NVDA Nvidia Corp. | Add +0.5% | 0.46% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +1.7% | 0.32% | +0.04 |
| AXP American Express Co. | Add +0.0% | 0.46% | +0.04 |
| META Meta Platforms Inc. Class A | Add +6.2% | 0.41% | +0.03 |
| BNY Bank of New York Mellon Corp. | Add +1.4% | 0.42% | +0.03 |
| SCHX Schwab US Large-Cap ETF | Add +1.9% | 0.80% | +0.03 |
| MSI Motorola Solutions Inc. | Add +22.1% | 0.15% | +0.03 |
| BSCP Invesco Bulletshares 2025 CB | Add +3.4% | 0.79% | +0.02 |
| PWR Quanta Services Inc. | Add +3.8% | 0.24% | +0.02 |
| BSX Boston Scientific Corp. | Add +0.5% | 0.30% | +0.02 |
| SYK Stryker Corp. | Add +3.0% | 0.78% | +0.02 |
| ETN Eaton Corp. PLC | Add +3.4% | 0.49% | +0.01 |
| CIBR First Trust Nasdaq Cybersecu | Add +5.1% | 0.12% | +0.01 |
| AIG American International Group | Add +5.0% | 0.18% | +0.01 |
| SCHA Schwab US Small-Cap ETF | Add +0.7% | 0.92% | +0.01 |
| IBM Intl Business Machines Corp. | Add +1.9% | 0.60% | +0.00 |
| IJH iShares Core S&P Midcap ETF | Add +0.1% | 0.13% | −0.00 |
| DES Wisdomtree US Smallcap Divid | Add +0.7% | 0.93% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 187 | $372.0M | SPY, RSP, IWM, IEFA, AAPL |
| Q1 2026 | 171 | $326.5M | SPY, RSP, IWM, IEFA, AAPL |
| Q4 2025 | 176 | $331.3M | SPY, RSP, AAPL, MSFT, IWM |
| Q3 2025 | 149 | $258.8M | SPY, RSP, MSFT, IWM, IEFA |
| Q2 2025 | 147 | $237.8M | SPY, RSP, MSFT, IWM, IEFA |
| Q1 2025 | 146 | $216.9M | SPY, RSP, IGIB, MSFT, IWM |
| Q4 2024 | 141 | $215.4M | SPY, RSP, IWM, MSFT, IGIB |
| Q3 2024 | 147 | $214.4M | SPY, RSP, IWM, MSFT, IGIB |
| Q2 2024 | 148 | $200.4M | SPY, RSP, MSFT, IWM, IGIB |
| Q1 2024 | 153 | $196.9M | SPY, MSFT, RSP, IWM, IEFA |