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

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $196.9M Q1 2024 Q2 2024: $200.4M Q2 2024 Q3 2024: $214.4M Q3 2024 Q4 2024: $215.4M $215.4M Q4 2024 Q1 2025: $216.9M Q1 2025 Q2 2025: $237.8M Q2 2025 Q3 2025: $258.8M Q3 2025 Q4 2025: $331.3M Q4 2025 Q1 2026: $326.5M Q1 2026 Q2 2026: $372.0M Q2 2026

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%
OEF iShares S&P 100 ETF 0.23% 1,700 $491K No change
DON Wisdomtree US Midcap Dividen 0.23% 9,630 $491K No change
AMAT Applied Materials Inc. 0.22% 2,875 $468K Reduce -0.5%
BMY Bristol-Myers Squibb Co. 0.22% 8,214 $465K No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.20% 4,129 $434K Add +2.3%
CRWD CrowdStrike Holdings Inc. Class A 0.19% 1,224 $419K New
SCHD Schwab US DVD Equity ETF 0.19% 14,840 $405K Reduce -3.0%
DE Deere & Co. 0.18% 925 $392K Reduce -3.6%
VIG Vanguard Dividend Apprec ETF 0.18% 1,939 $380K No change
AIG American International Group 0.18% 5,198 $378K Add +5.0%
ELV Elevance Health Inc. 0.17% 1,021 $377K No change
INTC Intel Corp. 0.17% 18,734 $376K Reduce -7.1%
MPC Marathon Petroleum Corp. 0.17% 2,621 $366K No change
TRV The Travelers Cos Inc. 0.17% 1,504 $362K Reduce -1.2%
GE General Electric filed as GE AEROSPACE 0.16% 2,130 $355K Reduce -2.3%
XLF SS Financial Select Sector 0.16% 7,233 $350K No change
PHM Pultegroup Inc. 0.16% 3,140 $342K Add +28.9%
XLE SS Energy Select Sector 0.16% 3,994 $342K No change
PFE Pfizer Inc. 0.16% 12,572 $334K Reduce -27.3%
SCHG Schwab US Large-Cap Growth 0.16% 11,983 $334K No change
MDT Medtronic PLC 0.15% 4,117 $329K Reduce -2.3%
MNST Monster Beverage Corp. 0.15% 6,152 $323K No change
MSI Motorola Solutions Inc. 0.15% 690 $319K Add +22.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.15% 2,838 $316K Reduce -4.9%
XLV SS Health Care Select Sector 0.14% 2,139 $294K Add +0.1%
PANW Palo Alto Networks Inc. 0.13% 1,593 $290K New
UNH Unitedhealth Group Inc. 0.13% 568 $287K No change
IJH iShares Core S&P Midcap ETF 0.13% 4,471 $279K Add +0.1%
IWF iShares Russell 1000 Growth 0.13% 680 $273K No change
VYM Vanguard High DVD Yield ETF 0.12% 2,075 $265K No change
PAYX Paychex Inc. 0.12% 1,860 $261K No change
SHW The Sherwin-Williams Co. 0.12% 750 $255K No change
DTE DTE Energy Company 0.12% 2,088 $252K No change
CIBR First Trust Nasdaq Cybersecu 0.12% 3,928 $249K Add +5.1%
IHDG Wisdomtree International Hed 0.11% 5,650 $246K No change
IWR iShares Russell Mid-Cap ETF 0.11% 2,700 $239K No change
SCHV Schwab US Large-Cap Value 0.11% 9,114 $238K No change
QQQX Nuveen Nasdaq 100 DYN Overwr 0.10% 8,150 $220K No change
HCA HCA Healthcare Inc. 0.10% 699 $210K Reduce -3.5%
C Citigroup Inc. 0.09% 2,889 $203K New
RIVN Rivian Automotive Inc. Class A 0.06% 10,400 $138K New

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 187$372.0MSPY, RSP, IWM, IEFA, AAPL
Q1 2026 171$326.5MSPY, RSP, IWM, IEFA, AAPL
Q4 2025 176$331.3MSPY, RSP, AAPL, MSFT, IWM
Q3 2025 149$258.8MSPY, RSP, MSFT, IWM, IEFA
Q2 2025 147$237.8MSPY, RSP, MSFT, IWM, IEFA
Q1 2025 146$216.9MSPY, RSP, IGIB, MSFT, IWM
Q4 2024 141$215.4MSPY, RSP, IWM, MSFT, IGIB
Q3 2024 147$214.4MSPY, RSP, IWM, MSFT, IGIB
Q2 2024 148$200.4MSPY, RSP, MSFT, IWM, IGIB
Q1 2024 153$196.9MSPY, MSFT, RSP, IWM, IEFA