Athena Investment Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Athena Investment Management reported 155 stock positions worth $178.9 million. Its top holding was Schwab US Large-Cap ETF (SCHX) at 18.1% of the portfolio, followed by Schwab Intl Equity ETF (SCHF, 4.6%) and Schwab US Small-Cap ETF (SCHA, 4.5%). Compared with Q1 2025, it opened 9 new positions, added to 24 and reduced 54. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale UnitedHealth (UNH, shares −0%).

Most Recent 13F
Q2 2026
Location
ORINDA, CA
CIK
0001921093
Portfolio Value
$178.9M (Q2 2025)
SEC Filing
0001921093-25-000004 ↗ filed Aug 12, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $166.6M Q1 2024 Q2 2024: $164.9M Q2 2024 Q3 2024: $175.4M Q3 2024 Q4 2024: $172.6M Q4 2024 Q1 2025: $165.1M Q1 2025 Q2 2025: $178.9M $178.9M Q2 2025 Q3 2025: $192.0M Q3 2025 Q4 2025: $195.2M Q4 2025 Q1 2026: $192.8M Q1 2026 Q2 2026: $168.7M Q2 2026

Holdings 155 stocks · $178.9M
SCHX Schwab US Large-Cap ETF 18.05% 1,321,308 $32.3M Reduce -0.0%
SCHF Schwab Intl Equity ETF 4.63% 374,989 $8.3M Reduce -0.1%
SCHA Schwab US Small-Cap ETF 4.53% 320,575 $8.1M Reduce -0.0%
JPM JPMorgan Chase & Co. 4.04% 24,925 $7.2M Reduce -1.1%
MSFT Microsoft Corp. 3.89% 13,990 $7.0M Reduce -0.8%
UNH UnitedHealth Group Inc. 2.15% 12,353 $3.9M Reduce -0.1%
SCHG Schwab US Large-Cap Growth 2.09% 128,147 $3.7M Add +0.1%
AAPL Apple Inc. 2.08% 18,130 $3.7M Add +12.2%
HD Home Depot Inc. 1.29% 6,281 $2.3M No change
SCHM Schwab US Mid Cap ETF 1.28% 81,946 $2.3M Add +1.3%
RTX RTX Corp. 1.25% 15,371 $2.2M Reduce -0.6%
GE General Electric Company 1.23% 8,537 $2.2M Reduce -2.8%
PEP Pepsico Inc. 1.21% 16,441 $2.2M No change
ABBV Abbvie Inc. 1.18% 11,361 $2.1M Reduce -0.2%
IWM iShares Russell 2000 ETF 1.16% 9,638 $2.1M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.06% 6,450 $1.9M Reduce -0.9%
AFL Aflac Inc. 1.05% 17,821 $1.9M Reduce -1.2%
EFA iShares MSCI Eafe ETF 1.04% 20,869 $1.9M No change
AVGO Broadcom Inc. 0.92% 5,944 $1.6M Reduce -10.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.86% 3,491 $1.5M Add +18.1%
CVX Chevron Corp. 0.83% 10,421 $1.5M Add +1.6%
IVV iShares Core S&P 500 ETF 0.81% 2,330 $1.4M Reduce -1.4%
ABT Abbott Laboratories 0.80% 10,497 $1.4M No change
BANKAMERICA CORP 0.78% 29,419 $1.4M No change
NOC Northrop Grumman Corp. 0.75% 2,699 $1.3M No change
XOM Exxon Mobil Corp. 0.74% 12,358 $1.3M Add +0.2%
SCHE Schwab Emrg Mrkts Eqty ETF 0.74% 44,152 $1.3M Reduce -0.7%
AT&T filed as AT&T CORP 0.74% 45,886 $1.3M Add +1.1%
BRK.B Berkshire Hathaway Inc. Class B 0.74% 2,718 $1.3M Add +24.7%
JNJ Johnson & Johnson 0.73% 8,539 $1.3M No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.72% 4,536 $1.3M Add +3.8%
KMB Kimberly-Clark Corp. 0.72% 10,019 $1.3M No change
PFE Pfizer Inc. 0.71% 52,334 $1.3M No change
VDE Vanguard Energy ETF 0.69% 10,305 $1.2M Reduce -0.3%
CSCO Cisco Systems Inc. 0.66% 16,933 $1.2M Reduce -0.3%
MCD McDonald's Corp. 0.65% 3,980 $1.2M Reduce -4.8%
XLK SS Technology Select Sector 0.64% 4,510 $1.1M No change
VZ Verizon Communications Inc. 0.63% 26,021 $1.1M Add +0.2%
INTC Intel Corp. 0.61% 48,394 $1.1M Reduce -3.0%
SCHV Schwab US Large-Cap Value 0.60% 38,510 $1.1M Reduce -0.8%
HPQ HP Inc. 0.59% 42,984 $1.1M No change
AMGN Amgen Inc. 0.59% 3,754 $1.0M Add +2.1%
LLY Eli Lilly & Co. 0.57% 1,306 $1.0M Reduce -0.1%
PG The Procter & Gamble Co. 0.57% 6,378 $1.0M Reduce -0.9%
NSC Norfolk Southern Corp. 0.51% 3,543 $907K Reduce -4.2%
HPE Hewlett Packard Enterprise 0.50% 43,432 $888K No change
HON Honeywell International Inc. 0.49% 3,739 $871K No change
QCOM Qualcomm Inc. 0.49% 5,461 $870K Reduce -0.1%
WMT Walmart Inc. 0.48% 8,847 $865K Reduce -3.8%
GOOGL Alphabet Inc. Class A 0.48% 4,908 $865K Reduce -0.1%
QQQ Invesco QQQ Trust Series 1 0.46% 1,504 $830K New
ITW Illinois Tool Works 0.45% 3,255 $805K Reduce -2.0%
ADM Archer-Daniels-Midland Co. 0.44% 14,785 $780K No change
LHX L3HARRIS Technologies Inc. 0.43% 3,068 $770K No change
WFC Wells Fargo & Co. 0.42% 9,447 $757K Reduce -0.5%
TXN Texas Instruments Inc. 0.42% 3,643 $756K No change
AXP American Express Co. 0.42% 2,347 $749K Reduce -0.3%
BA The Boeing Co. 0.42% 3,558 $745K Reduce -0.2%
RS Reliance Inc. 0.42% 2,366 $743K Reduce -1.9%
NVDA Nvidia Corp. 0.41% 4,609 $728K No change
XLY SS Consumer Disc Select Sect 0.41% 3,350 $728K New
GS Goldman Sachs Group Inc. 0.40% 1,013 $717K Reduce -7.4%
MPC Marathon Petroleum Corp. 0.40% 4,315 $717K Reduce -0.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.40% 5,747 $713K Reduce -0.8%
SCHW Schwab (charles) Corp. 0.39% 7,708 $703K No change
BMY Bristol-Myers Squibb Co. 0.39% 14,915 $690K No change
VEA Vanguard Ftse Developed ETF 0.38% 11,994 $684K Add +110.4%
EFX Equifax Inc. 0.37% 2,582 $670K Reduce -0.3%
VHT Vanguard Health Care ETF 0.37% 2,694 $669K Add +0.6%
MRK Merck & Co. Inc. 0.37% 8,407 $666K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.37% 2,378 $665K Add +29.3%
DE Deere & Co. 0.37% 1,297 $660K Add +8.3%
CAT Caterpillar Inc. 0.37% 1,684 $654K No change
GEV GE Vernova Inc. 0.35% 1,181 $625K Reduce -28.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.35% 1,005 $621K No change
APH Amphenol Corp. Class A 0.34% 6,225 $615K Reduce -1.0%
IJH iShares Core S&P Midcap ETF 0.33% 9,641 $598K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.33% 2,151 $596K Reduce -3.8%
ADP Automatic Data Processing 0.32% 1,866 $575K No change
SCZ iShares MSCI Eafe Small-Cap 0.32% 7,915 $575K No change
AMAT Applied Materials Inc. 0.32% 3,130 $573K Add +21.6%
CEG Constellation Energy 0.32% 1,775 $573K No change
VTRS Viatris Inc. 0.30% 60,848 $543K Add +2.8%
ADI Analog Devices Inc. 0.30% 2,280 $543K Add +0.8%
EFG iShares MSCI Eafe Growth ETF 0.29% 4,619 $517K No change
ORCL Oracle Corp. 0.28% 2,319 $507K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.28% 1,133 $499K No change
MSI Motorola Solutions Inc. 0.28% 1,173 $493K No change
CARR Carrier Global Corp. 0.27% 6,664 $488K No change
IWO iShares Russell 2000 Growth 0.27% 1,694 $484K No change
MDT Medtronic Inc 0.27% 5,458 $476K No change
FWONA Liberty Media Corp.-Liberty-A 0.27% 5,006 $475K Reduce -3.0%
TRV The Travelers Cos Inc. 0.26% 1,718 $460K Reduce -10.0%
CVS CVS Health Corp. 0.25% 6,489 $448K No change
COP Conocophillips 0.25% 4,944 $444K No change
MCK McKesson Corp. 0.25% 601 $440K Reduce -9.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.23% 3,332 $411K Reduce -1.9%
WTM White Mountains Insurance GP 0.23% 229 $411K Reduce -0.9%
SYK Stryker Corp. 0.23% 1,035 $409K Reduce -0.4%
KMPR Kemper Corp. 0.23% 6,310 $407K No change
K Kellanova 0.23% 5,103 $406K No change
VB Vanguard Most SM-Cap ETF-Usd 0.23% 1,703 $403K New
NEE Nextera Energy Inc. 0.22% 5,788 $402K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.22% 1,998 $390K No change
PSX Phillips 66 0.22% 3,249 $388K No change
STZ Constellation Brands Inc. Class A 0.21% 2,358 $384K No change
IYH iShares U.S. Healthcare ETF 0.21% 6,546 $370K No change
GOOG Alphabet Inc. Class C 0.21% 2,080 $369K Reduce -2.4%
A Agilent Technologies Inc. 0.19% 2,893 $341K Add +0.4%
SYY Sysco Corp. 0.19% 4,494 $340K Add +1.0%
CMCSA Comcast Corp. Class A 0.19% 9,479 $338K No change
KEYS Keysight Technologies Inc. 0.19% 2,036 $334K No change
APD Air Products & Chemicals Inc. 0.18% 1,159 $327K No change
SYF Synchrony Financial 0.18% 4,802 $320K Reduce -12.5%
KO The Coca-Cola Co. 0.18% 4,475 $317K Add +4.7%
EMXC iShares MSCI Emr MRK Ex Chna 0.17% 4,959 $313K No change
ETN Eaton Corp. PLC 0.17% 871 $311K Reduce -3.6%
ALL Allstate Corp. 0.17% 1,522 $306K No change
XLF SS Financial Select Sector 0.17% 5,740 $301K Add +6.3%
CNP Centerpoint Energy Inc. 0.16% 7,900 $290K Reduce -3.0%
AVY Avery Dennison Corp. 0.16% 1,648 $289K No change
CAH Cardinal Health Inc. 0.16% 1,717 $288K Reduce -20.1%
IYG iShares U.S. Financial Servi 0.16% 3,345 $286K No change
OXY Occidental Petroleum Corp. 0.16% 6,622 $278K No change
CTVA Corteva Inc. 0.15% 3,717 $277K No change
TT Trane Technologies PLC 0.15% 633 $277K Reduce -0.2%
SO The Southern Co. 0.15% 2,958 $272K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.15% 3,693 $272K No change
LH Laboratory CRP of Amer Hldgs filed as Labcorp Holdings Inc. 0.15% 1,031 $271K No change
VIS Vanguard Industrials ETF 0.15% 943 $264K Reduce -3.8%
MS Morgan Stanley 0.15% 1,845 $260K No change
LOW Lowe's Cos Inc. 0.14% 1,138 $253K No change
KMI Kinder Morgan Inc. 0.14% 8,574 $252K Reduce -2.6%
AMZN Amazon.com Inc. 0.14% 1,141 $250K No change
DOW Dow Inc. 0.14% 9,147 $242K Add +7.6%
VSS Vanguard Ftse All Wo X-US SC 0.14% 1,800 $242K No change
IWB iShares Russell 1000 ETF 0.14% 712 $242K Reduce -0.8%
VWO Vanguard Ftse Emerging Marke 0.13% 4,669 $231K Add +2.6%
D Dominion Energy Inc. 0.13% 3,988 $225K New
NLR Vaneck Urani & Nuclr ETF-Usd 0.12% 2,000 $222K New
GEHC GE Healthcare Technology 0.12% 2,989 $221K No change
GD General Dynamics Corp. 0.12% 759 $221K Reduce -2.2%
IWP iShares Russell Mid-Cap Grow 0.12% 1,590 $221K New
DD Dupont DE Nemours Inc. 0.12% 3,197 $219K No change
GPN Global Payments Inc. 0.12% 2,702 $216K No change
ACN Accenture PLC Class A 0.12% 709 $212K No change
IWR iShares Russell Mid-Cap ETF 0.12% 2,299 $211K New
IWN iShares Russell 2000 Value E 0.12% 1,325 $209K No change
COST Costco Wholesale Corp. 0.12% 210 $208K New
VLO Valero Energy Corp. 0.11% 1,508 $203K New
UNP Union Pacific Corp. 0.11% 877 $202K Reduce -2.8%
WY Weyerhaeuser Co. 0.11% 7,825 $201K No change
PCG P G & E Corp. 0.10% 12,310 $172K No change
GT Goodyear Tire & Rubber Co. 0.09% 15,872 $165K No change
HBI Hanesbrands Inc. 0.05% 19,394 $89K No change

Portfolio Sells Q1 2025 → Q2 2025
UNH UnitedHealth Group Inc. Reduce -0.1% 2.15% −1.77
ABBV Abbvie Inc. Reduce -0.2% 1.18% −0.27
AFL Aflac Inc. Reduce -1.2% 1.05% −0.16
MCD McDonald's Corp. Reduce -4.8% 0.65% −0.14
VDE Vanguard Energy ETF Reduce -0.3% 0.69% −0.13
PG The Procter & Gamble Co. Reduce -0.9% 0.57% −0.10
LLY Eli Lilly & Co. Reduce -0.1% 0.57% −0.09
INTC Intel Corp. Reduce -3.0% 0.61% −0.08
ITW Illinois Tool Works Reduce -2.0% 0.45% −0.05
TRV The Travelers Cos Inc. Reduce -10.0% 0.26% −0.05
WTM White Mountains Insurance GP Reduce -0.9% 0.23% −0.04
SCHV Schwab US Large-Cap Value Reduce -0.8% 0.60% −0.03
MCK McKesson Corp. Reduce -9.3% 0.25% −0.02
NSC Norfolk Southern Corp. Reduce -4.2% 0.51% −0.02
QCOM Qualcomm Inc. Reduce -0.1% 0.49% −0.02
TJX TJX Companies Inc. Reduce -1.9% 0.23% −0.02
CAH Cardinal Health Inc. Reduce -20.1% 0.16% −0.02
CNP Centerpoint Energy Inc. Reduce -3.0% 0.16% −0.02
UNP Union Pacific Corp. Reduce -2.8% 0.11% −0.02
SCHA Schwab US Small-Cap ETF Reduce -0.0% 4.53% −0.02
KMI Kinder Morgan Inc. Reduce -2.6% 0.14% −0.01
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -3.8% 0.33% −0.01
EFX Equifax Inc. Reduce -0.3% 0.37% −0.01
RS Reliance Inc. Reduce -1.9% 0.42% −0.01
SYK Stryker Corp. Reduce -0.4% 0.23% −0.01
WMT Walmart Inc. Reduce -3.8% 0.48% −0.01
GD General Dynamics Corp. Reduce -2.2% 0.12% −0.00
VIS Vanguard Industrials ETF Reduce -3.8% 0.15% +0.00
SCHE Schwab Emrg Mrkts Eqty ETF Reduce -0.7% 0.74% +0.00
IWB iShares Russell 1000 ETF Reduce -0.8% 0.14% +0.00
SYF Synchrony Financial Reduce -12.5% 0.18% +0.00
IVV iShares Core S&P 500 ETF Reduce -1.4% 0.81% +0.00
GOOG Alphabet Inc. Class C Reduce -2.4% 0.21% +0.00
WFC Wells Fargo & Co. Reduce -0.5% 0.42% +0.01
FWONA Liberty Media Corp.-Liberty-A Reduce -3.0% 0.27% +0.01
RTX RTX Corp. Reduce -0.6% 1.25% +0.01
MPC Marathon Petroleum Corp. Reduce -0.6% 0.40% +0.02
CSCO Cisco Systems Inc. Reduce -0.3% 0.66% +0.02
GOOGL Alphabet Inc. Class A Reduce -0.1% 0.48% +0.02
ETN Eaton Corp. PLC Reduce -3.6% 0.17% +0.03
TT Trane Technologies PLC Reduce -0.2% 0.15% +0.03
AXP American Express Co. Reduce -0.3% 0.42% +0.04
GS Goldman Sachs Group Inc. Reduce -7.4% 0.40% +0.04
GEV GE Vernova Inc. Reduce -28.4% 0.35% +0.04
BA The Boeing Co. Reduce -0.2% 0.42% +0.05
DIS The Walt Disney Co. Reduce -0.8% 0.40% +0.05
IBM Intl Business Machines Corp. Reduce -0.9% 1.06% +0.08
APH Amphenol Corp. Class A Reduce -1.0% 0.34% +0.09
SCHF Schwab Intl Equity ETF Reduce -0.1% 4.63% +0.14
GE General Electric Company Reduce -2.8% 1.23% +0.16

Portfolio Buys Q1 2025 → Q2 2025
QQQ Invesco QQQ Trust Series 1 New 0.46% +0.46
XLY SS Consumer Disc Select Sect New 0.41% +0.41
VB Vanguard Most SM-Cap ETF-Usd New 0.23% +0.23
VEA Vanguard Ftse Developed ETF Add +110.4% 0.38% +0.21
VUG Vanguard Mrngstar GR ETF-Sui Add +18.1% 0.86% +0.19
SCHG Schwab US Large-Cap Growth Add +0.1% 2.09% +0.15
D Dominion Energy Inc. New 0.13% +0.13
NLR Vaneck Urani & Nuclr ETF-Usd New 0.12% +0.12
IWP iShares Russell Mid-Cap Grow New 0.12% +0.12
IWR iShares Russell Mid-Cap ETF New 0.12% +0.12
COST Costco Wholesale Corp. New 0.12% +0.12
VLO Valero Energy Corp. New 0.11% +0.11
AMAT Applied Materials Inc. Add +21.6% 0.32% +0.09
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +29.3% 0.37% +0.08
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +3.8% 0.72% +0.04
BRK.B Berkshire Hathaway Inc. Class B Add +24.7% 0.74% +0.04
DE Deere & Co. Add +8.3% 0.37% +0.03
ADI Analog Devices Inc. Add +0.8% 0.30% +0.03
XLF SS Financial Select Sector Add +6.3% 0.17% +0.01
VWO Vanguard Ftse Emerging Marke Add +2.6% 0.13% +0.00
SCHM Schwab US Mid Cap ETF Add +1.3% 1.28% +0.00
KO The Coca-Cola Co. Add +4.7% 0.18% −0.01
VTRS Viatris Inc. Add +2.8% 0.30% −0.01
SYY Sysco Corp. Add +1.0% 0.19% −0.01
A Agilent Technologies Inc. Add +0.4% 0.19% −0.01
AT&T Add +1.1% 0.74% −0.04
DOW Dow Inc. Add +7.6% 0.14% −0.04
VHT Vanguard Health Care ETF Add +0.6% 0.37% −0.06
VZ Verizon Communications Inc. Add +0.2% 0.63% −0.08
AAPL Apple Inc. Add +12.2% 2.08% −0.09
AMGN Amgen Inc. Add +2.1% 0.59% −0.11
XOM Exxon Mobil Corp. Add +0.2% 0.74% −0.14
CVX Chevron Corp. Add +1.6% 0.83% −0.21

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 132$168.7MSCHX, SCHA, SCHF, JPM, INTC
Q1 2026 153$192.8MSCHX, SCHF, SCHA, JPM, MSFT
Q4 2025 155$195.2MSCHX, SCHF, SCHA, JPM, MSFT
Q3 2025 155$192.0MSCHX, SCHF, SCHA, JPM, MSFT
Q2 2025 155$178.9MSCHX, SCHF, SCHA, JPM, MSFT
Q1 2025 146$165.1MSCHX, SCHA, SCHF, UNH, JPM
Q4 2024 154$172.6MSCHX, SCHA, SCHF, JPM, UNH
Q3 2024 151$175.4MSCHX, SCHA, SCHF, UNH, MSFT
Q2 2024 148$164.9MSCHX, SCHA, SCHF, UNH, MSFT
Q1 2024 149$166.6MSCHX, SCHA, SCHF, UNH, MSFT