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

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 Q4 2024 Q1 2025: $216.9M $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 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
DON Wisdomtree US Midcap Dividen 0.22% 9,630 $477K No change
SCHD Schwab US DVD Equity ETF 0.22% 16,972 $475K Add +14.4%
OEF iShares S&P 100 ETF 0.21% 1,700 $460K No change
ELV Elevance Health Inc. 0.21% 1,048 $456K Add +2.6%
SCHG Schwab US Large-Cap Growth 0.21% 18,216 $456K Add +52.0%
GE General Electric filed as GE AEROSPACE 0.21% 2,244 $449K Add +5.3%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.21% 1,733 $445K New
IWF iShares Russell 1000 Growth 0.20% 1,230 $444K Add +80.9%
MU Micron Technology Inc. 0.20% 5,043 $438K New
DE Deere & Co. 0.20% 925 $434K No change
MRVL Marvell Technology Inc. 0.20% 7,009 $432K Add +40.5%
ORCL Oracle Corp. 0.19% 2,989 $418K Add +0.5%
TRV The Travelers Cos Inc. 0.18% 1,495 $395K Reduce -0.6%
INTC Intel Corp. 0.18% 17,184 $390K Reduce -8.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.18% 4,531 $390K Add +9.7%
MPC Marathon Petroleum Corp. 0.18% 2,621 $382K No change
VIG Vanguard Dividend Apprec ETF 0.17% 1,939 $376K No change
MDT Medtronic PLC 0.17% 4,083 $367K Reduce -0.8%
MNST Monster Beverage Corp. 0.17% 6,152 $360K No change
XLF SS Financial Select Sector 0.17% 7,233 $360K No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.16% 6,491 $355K New
XLC SS Comm Select Sector SPDR 0.15% 3,350 $323K New
IJH iShares Core S&P Midcap ETF 0.15% 5,475 $319K Add +22.5%
PFE Pfizer Inc. 0.14% 12,061 $306K Reduce -4.1%
UNH Unitedhealth Group Inc. 0.14% 582 $305K Add +2.5%
MSI Motorola Solutions Inc. 0.14% 690 $302K No change
DOCU Docusign Inc. 0.14% 3,698 $301K Reduce -72.3%
PAYX Paychex Inc. 0.14% 1,909 $295K Add +2.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.13% 2,938 $290K Add +3.5%
DTE DTE Energy Company 0.13% 2,088 $289K No change
C Citigroup Inc. 0.13% 4,039 $287K Add +39.8%
CIBR First Trust Nasdaq Cybersecu 0.13% 4,514 $284K Add +14.9%
DSTL Distillate US Fundamental St 0.13% 5,062 $275K New
VYM Vanguard High DVD Yield ETF 0.12% 2,075 $268K No change
SCHV Schwab US Large-Cap Value 0.12% 9,822 $261K Add +7.8%
IHDG Wisdomtree International Hed 0.11% 5,650 $245K No change
HCA HCA Healthcare Inc. 0.11% 699 $242K No change
INFL Horizon Kinetics Infl Benef 0.11% 5,914 $240K New
IYY iShares Dow Jones U.S. ETF 0.11% 1,757 $239K New
RSG Republic Services Inc. 0.11% 970 $235K New
IWR iShares Russell Mid-Cap ETF 0.11% 2,700 $230K No change
SHW The Sherwin-Williams Co. 0.10% 650 $227K Reduce -13.3%
VTV Vanguard Mrngstr Val ETF-Aui 0.10% 1,267 $219K New
AVUV Avantis US Small Cap Value 0.10% 2,479 $216K New
XSD SS SPDR S&P Semiconductor 0.10% 1,034 $208K New
RIVN Rivian Automotive Inc. Class A 0.06% 10,400 $129K No change

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

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