Aspen Investment Management Inc
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 20, 2025), Aspen Investment Management Inc reported 146 stock positions worth $216.9 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.9% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 5.3%) and iShares 5-10Y Inv Grade (IGIB, 3.1%). Compared with Q4 2024, it opened 14 new positions, sold out of 9, added to 76 and reduced 33. The biggest buy was a new position in Robinhood Markets Class A (HOOD) and the biggest sale an exit from SS SPDR P S&P 500 Growth ETF (SPYG).
- Most Recent 13F
- Q2 2026
- Location
- GRAND RAPIDS, MI
- CIK
- 0001541596
- Portfolio Value
- $216.9M (Q1 2025)
- SEC Filing
- 0001541596-25-000004 ↗ filed May 20, 2025
Holdings Value
Holdings 146 stocks · $216.9M
| SPY SS SPDR S&P 500 ETF Trust-US | 8.86% | 34,348 | $19.2M | Add +2.0% |
| RSP Invesco S&P 500 Equal Weight | 5.31% | 66,518 | $11.5M | Add +10.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 3.09% | 127,642 | $6.7M | Add +2.1% |
| MSFT Microsoft Corp. | 3.08% | 17,802 | $6.7M | Reduce -0.1% |
| IWM iShares Russell 2000 ETF | 2.96% | 32,190 | $6.4M | Reduce -14.7% |
| IEFA iShares Core MSCI Eafe ETF | 2.67% | 76,432 | $5.8M | Reduce -2.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 2.55% | 105,612 | $5.5M | Add +7.6% |
| JPM JPMorgan Chase & Co. | 2.03% | 17,927 | $4.4M | Reduce -0.7% |
| FPE FT-Preferred Secur & Inc. ETF | 1.97% | 242,579 | $4.3M | Add +3.5% |
| WMT Walmart Inc. | 1.92% | 47,502 | $4.2M | Add +3.5% |
| FTSL First Trust Senior Loan ETF | 1.75% | 83,364 | $3.8M | Add +2.0% |
| AAPL Apple Inc. | 1.61% | 15,761 | $3.5M | Reduce -7.5% |
| BSCR Invesco Bulletshares 2027 CB | 1.52% | 168,660 | $3.3M | Add +1.5% |
| IVV iShares Core S&P 500 ETF | 1.50% | 5,792 | $3.3M | Add +1.9% |
| GS Goldman Sachs Group Inc. | 1.49% | 5,935 | $3.2M | Reduce -2.5% |
| AMZN Amazon.com Inc. | 1.42% | 16,227 | $3.1M | Add +1.1% |
| VNQ Vanguard Real Estate ETF | 1.40% | 33,500 | $3.0M | Add +1.4% |
| V Visa Inc. Class A | 1.18% | 7,334 | $2.6M | Add +2.6% |
| HYS PIMCO 0-5 Year H/Y Corp. Bond | 1.17% | 26,988 | $2.5M | Add +0.5% |
| BSCS Invesco Bulletshares 2028 CB | 1.14% | 121,900 | $2.5M | Add +2.3% |
| XLI SS Industrial Select Sector | 1.12% | 18,542 | $2.4M | Reduce -2.3% |
| FICO Fair Isaac Corp. | 1.11% | 1,307 | $2.4M | Reduce -8.0% |
| ICE Intercontinental Exchange Inc. | 1.04% | 13,068 | $2.3M | Add +4.0% |
| HD Home Depot Inc. | 1.04% | 6,133 | $2.2M | Reduce -0.7% |
| BSCQ Invesco Bulletshares 2026 CB | 1.02% | 113,485 | $2.2M | Add +3.9% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.99% | 27,192 | $2.1M | Add +17.9% |
| PEP Pepsico Inc. | 0.96% | 13,845 | $2.1M | Add +3.6% |
| GOOGL Alphabet Inc. Class A | 0.92% | 12,861 | $2.0M | Add +10.4% |
| WM Waste Management Inc. | 0.91% | 8,544 | $2.0M | Add +3.9% |
| SCHW Schwab (charles) Corp. | 0.87% | 24,165 | $1.9M | Add +48.6% |
| DES Wisdomtree US Smallcap Divid | 0.87% | 58,867 | $1.9M | Add +0.5% |
| SYK Stryker Corp. | 0.85% | 4,925 | $1.8M | Add +6.0% |
| SCHA Schwab US Small-Cap ETF | 0.83% | 77,102 | $1.8M | Add +0.3% |
| XOM Exxon Mobil Corp. | 0.81% | 14,754 | $1.8M | Add +5.9% |
| AMGN Amgen Inc. | 0.80% | 5,555 | $1.7M | Add +0.3% |
| TT Trane Technologies PLC | 0.79% | 5,086 | $1.7M | Reduce -3.2% |
| BSCP Invesco Bulletshares 2025 CB | 0.78% | 81,703 | $1.7M | Reduce -1.4% |
| GLD SPDR Gold Shares | 0.78% | 5,857 | $1.7M | Add +0.3% |
| SCHX Schwab US Large-Cap ETF | 0.77% | 75,841 | $1.7M | Add +2.4% |
| CVX Chevron Corp. | 0.77% | 9,944 | $1.7M | Add +0.3% |
| ADP Automatic Data Processing | 0.76% | 5,407 | $1.7M | Add +5.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.75% | 6,557 | $1.6M | Add +10.7% |
| JNJ Johnson & Johnson | 0.75% | 9,805 | $1.6M | Reduce -8.5% |
| HOOD Robinhood Markets Inc. Class A | 0.74% | 38,803 | $1.6M | New |
| ITW Illinois Tool Works | 0.71% | 6,236 | $1.5M | Add +0.7% |
| MDY State Street SPDR S&P Midcap | 0.70% | 2,831 | $1.5M | Reduce -3.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.69% | 5,807 | $1.5M | Add +0.1% |
| SCHF Schwab Intl Equity ETF | 0.68% | 74,893 | $1.5M | Reduce -2.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.67% | 34,720 | $1.4M | Add +1.1% |
| CSX CSX Corp. | 0.66% | 48,923 | $1.4M | Reduce -10.6% |
| CSCO Cisco Systems Inc. | 0.59% | 20,856 | $1.3M | Add +4.0% |
| PG The Procter & Gamble Co. | 0.59% | 7,507 | $1.3M | Add +2.1% |
| WMB Williams Cos Inc. | 0.57% | 20,674 | $1.2M | Add +2.9% |
| XLE SS Energy Select Sector | 0.57% | 13,194 | $1.2M | Add +230.3% |
| JCI Johnson Controls Internation | 0.57% | 15,330 | $1.2M | Add +1.3% |
| GLW Corning Inc. | 0.53% | 25,016 | $1.1M | Add +4.8% |
| NEE Nextera Energy Inc. | 0.51% | 15,464 | $1.1M | Add +2.4% |
| IWB iShares Russell 1000 ETF | 0.50% | 3,542 | $1.1M | Add +51.2% |
| XLY SS Consumer Disc Select Sect | 0.49% | 5,410 | $1.1M | Add +38.2% |
| HBAN Huntington Bancshares Inc. | 0.49% | 70,743 | $1.1M | Reduce -27.1% |
| MDLZ Mondelez International Inc. Class A | 0.48% | 15,466 | $1.0M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.48% | 7,848 | $1.0M | Add +2.9% |
| COST Costco Wholesale Corp. | 0.46% | 1,063 | $1.0M | Add +42.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.46% | 11,944 | $1.0M | Add +1.6% |
| EFA iShares MSCI Eafe ETF | 0.46% | 12,208 | $998K | No change |
| CAT Caterpillar Inc. | 0.45% | 2,966 | $978K | No change |
| VWO Vanguard Ftse Emerging Marke | 0.45% | 21,491 | $973K | Add +0.8% |
| ABBV Abbvie Inc. | 0.44% | 4,533 | $950K | Add +6.5% |
| ETN Eaton Corp. PLC | 0.43% | 3,447 | $937K | Add +8.5% |
| AXP American Express Co. | 0.41% | 3,286 | $884K | Reduce -0.9% |
| BSX Boston Scientific Corp. | 0.40% | 8,700 | $878K | Add +20.8% |
| PYPL PayPal Holdings Inc. | 0.40% | 13,434 | $877K | Reduce -16.3% |
| LMT Lockheed Martin Corp. | 0.39% | 1,869 | $835K | Reduce -2.6% |
| NVDA Nvidia Corp. | 0.38% | 7,657 | $830K | Add +4.5% |
| META Meta Platforms Inc. Class A | 0.38% | 1,436 | $828K | Reduce -5.7% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.38% | 38,087 | $817K | Reduce -1.8% |
| LLY Eli Lilly & Co. | 0.37% | 973 | $804K | Add +5.0% |
| PWR Quanta Services Inc. | 0.36% | 3,056 | $777K | Add +84.8% |
| EW Edwards Lifesciences Corp. | 0.35% | 10,360 | $751K | Reduce -2.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.34% | 2,668 | $733K | New |
| WFC Wells Fargo & Co. | 0.34% | 10,163 | $730K | Add +7.3% |
| SCHC Schwab Intl Small-Cap Equity | 0.33% | 19,778 | $710K | No change |
| KO The Coca-Cola Co. | 0.32% | 9,727 | $697K | Add +0.3% |
| TXN Texas Instruments Inc. | 0.31% | 3,695 | $664K | Add +1.6% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.29% | 22,456 | $619K | Reduce -1.1% |
| CMF iShares California Muni Bond | 0.28% | 10,881 | $612K | No change |
| IEMG iShares Core MSCI Emerging | 0.28% | 11,288 | $609K | No change |
| SCHM Schwab US Mid Cap ETF | 0.28% | 22,836 | $598K | Add +0.2% |
| DUK Duke Energy Corp. | 0.27% | 4,869 | $594K | No change |
| MAR Marriott International Class A | 0.27% | 2,490 | $593K | No change |
| ETD Ethan Allen Interiors Inc. | 0.27% | 21,296 | $590K | No change |
| MET Metlife Inc. | 0.27% | 7,190 | $577K | Reduce -0.8% |
| XLV SS Health Care Select Sector | 0.26% | 3,894 | $569K | Add +82.0% |
| GOOG Alphabet Inc. Class C | 0.26% | 3,636 | $568K | Add +1.1% |
| XLK SS Technology Select Sector | 0.26% | 2,750 | $568K | No change |
| EMLP First Trust North American E | 0.26% | 14,870 | $557K | Reduce -2.6% |
| COP Conocophillips | 0.25% | 5,135 | $539K | Reduce -1.9% |
| AIG American International Group | 0.24% | 6,051 | $526K | Add +16.4% |
| BMY Bristol-Myers Squibb Co. | 0.23% | 8,232 | $502K | Add +0.2% |
| VGT Vanguard Info Tech ETF | 0.23% | 908 | $492K | New |
Portfolio Sells Q4 2024 → Q1 2025
| SPYG SS SPDR P S&P 500 Growth ETF | Sold out | 0.00% | −1.07 |
| IWM iShares Russell 2000 ETF | Reduce -14.7% | 2.96% | −0.91 |
| DOCU Docusign Inc. | Reduce -72.3% | 0.14% | −0.42 |
| MSFT Microsoft Corp. | Reduce -0.1% | 3.08% | −0.41 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.37 |
| AAPL Apple Inc. | Reduce -7.5% | 1.61% | −0.37 |
| GNRC Generac Holdings Inc. | Sold out | 0.00% | −0.29 |
| MHO M/I Homes Inc. | Sold out | 0.00% | −0.24 |
| HBAN Huntington Bancshares Inc. | Reduce -27.1% | 0.49% | −0.24 |
| PYPL PayPal Holdings Inc. | Reduce -16.3% | 0.40% | −0.23 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.22 |
| FICO Fair Isaac Corp. | Reduce -8.0% | 1.11% | −0.20 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.19 |
| PHM Pultegroup Inc. | Sold out | 0.00% | −0.16 |
| CSX CSX Corp. | Reduce -10.6% | 0.66% | −0.16 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.13 |
| GS Goldman Sachs Group Inc. | Reduce -2.5% | 1.49% | −0.12 |
| TT Trane Technologies PLC | Reduce -3.2% | 0.79% | −0.11 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Sold out | 0.00% | −0.10 |
| MDY State Street SPDR S&P Midcap | Reduce -3.9% | 0.70% | −0.08 |
| HD Home Depot Inc. | Reduce -0.7% | 1.04% | −0.08 |
| AXP American Express Co. | Reduce -0.9% | 0.41% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -2.6% | 0.39% | −0.05 |
| XLI SS Industrial Select Sector | Reduce -2.3% | 1.12% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -5.7% | 0.38% | −0.03 |
| EW Edwards Lifesciences Corp. | Reduce -2.4% | 0.35% | −0.02 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -1.4% | 0.78% | −0.02 |
| PFE Pfizer Inc. | Reduce -4.1% | 0.14% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -13.3% | 0.10% | −0.01 |
| MET Metlife Inc. | Reduce -0.8% | 0.27% | −0.01 |
| EMLP First Trust North American E | Reduce -2.6% | 0.26% | +0.00 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -1.1% | 0.29% | +0.00 |
| INTC Intel Corp. | Reduce -8.3% | 0.18% | +0.01 |
| COP Conocophillips | Reduce -1.9% | 0.25% | +0.01 |
| TRV The Travelers Cos Inc. | Reduce -0.6% | 0.18% | +0.01 |
| MDT Medtronic PLC | Reduce -0.8% | 0.17% | +0.02 |
| JPM JPMorgan Chase & Co. | Reduce -0.7% | 2.03% | +0.02 |
| BCI Abrdn Bloomberg All Commodit | Reduce -1.8% | 0.38% | +0.02 |
| SCHF Schwab Intl Equity ETF | Reduce -2.4% | 0.68% | +0.02 |
| JNJ Johnson & Johnson | Reduce -8.5% | 0.75% | +0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.4% | 0.48% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -2.8% | 2.67% | +0.10 |
Portfolio Buys Q4 2024 → Q1 2025
| HOOD Robinhood Markets Inc. Class A | New | 0.74% | +0.74 |
| RSP Invesco S&P 500 Equal Weight | Add +10.4% | 5.31% | +0.41 |
| XLE SS Energy Select Sector | Add +230.3% | 0.57% | +0.41 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.34% | +0.34 |
| SCHW Schwab (charles) Corp. | Add +48.6% | 0.87% | +0.31 |
| VGT Vanguard Info Tech ETF | New | 0.23% | +0.23 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.21% | +0.21 |
| MU Micron Technology Inc. | New | 0.20% | +0.20 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +7.6% | 2.55% | +0.19 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +17.9% | 0.99% | +0.18 |
| ICE Intercontinental Exchange Inc. | Add +4.0% | 1.04% | +0.17 |
| TTD Trade Desk Inc./the Class A | New | 0.16% | +0.16 |
| IWB iShares Russell 1000 ETF | Add +51.2% | 0.50% | +0.15 |
| XLC SS Comm Select Sector SPDR | New | 0.15% | +0.15 |
| IBM Intl Business Machines Corp. | Add +10.7% | 0.75% | +0.15 |
| COST Costco Wholesale Corp. | Add +42.5% | 0.46% | +0.15 |
| WM Waste Management Inc. | Add +3.9% | 0.91% | +0.14 |
| V Visa Inc. Class A | Add +2.6% | 1.18% | +0.14 |
| AMGN Amgen Inc. | Add +0.3% | 0.80% | +0.13 |
| DSTL Distillate US Fundamental St | New | 0.13% | +0.13 |
| XLV SS Health Care Select Sector | Add +82.0% | 0.26% | +0.13 |
| GLD SPDR Gold Shares | Add +0.3% | 0.78% | +0.12 |
| PWR Quanta Services Inc. | Add +84.8% | 0.36% | +0.12 |
| XOM Exxon Mobil Corp. | Add +5.9% | 0.81% | +0.11 |
| INFL Horizon Kinetics Infl Benef | New | 0.11% | +0.11 |
| IYY iShares Dow Jones U.S. ETF | New | 0.11% | +0.11 |
| RSG Republic Services Inc. | New | 0.11% | +0.11 |
| BSX Boston Scientific Corp. | Add +20.8% | 0.40% | +0.11 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +2.1% | 3.09% | +0.10 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.10% | +0.10 |
| CVX Chevron Corp. | Add +0.3% | 0.77% | +0.10 |
| AVUV Avantis US Small Cap Value | New | 0.10% | +0.10 |
| XSD SS SPDR S&P Semiconductor | New | 0.10% | +0.10 |
| ABBV Abbvie Inc. | Add +6.5% | 0.44% | +0.09 |
| XLY SS Consumer Disc Select Sect | Add +38.2% | 0.49% | +0.08 |
| ABT Abbott Laboratories | Add +2.9% | 0.48% | +0.08 |
| IWF iShares Russell 1000 Growth | Add +80.9% | 0.20% | +0.08 |
| SYK Stryker Corp. | Add +6.0% | 0.85% | +0.07 |
| AIG American International Group | Add +16.4% | 0.24% | +0.07 |
| ADP Automatic Data Processing | Add +5.7% | 0.76% | +0.07 |
| WMB Williams Cos Inc. | Add +2.9% | 0.57% | +0.06 |
| SCHG Schwab US Large-Cap Growth | Add +52.0% | 0.21% | +0.06 |
| BNY Bank of New York Mellon Corp. | Add +1.6% | 0.46% | +0.04 |
| GE General Electric | Add +5.3% | 0.21% | +0.04 |
| CSCO Cisco Systems Inc. | Add +4.0% | 0.59% | +0.04 |
| FPE FT-Preferred Secur & Inc. ETF | Add +3.5% | 1.97% | +0.04 |
| KO The Coca-Cola Co. | Add +0.3% | 0.32% | +0.04 |
| LLY Eli Lilly & Co. | Add +5.0% | 0.37% | +0.04 |
| C Citigroup Inc. | Add +39.8% | 0.13% | +0.04 |
| ELV Elevance Health Inc. | Add +2.6% | 0.21% | +0.04 |
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 |