Athena Investment Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Athena Investment Management reported 155 stock positions worth $192.0 million. Its top holding was Schwab US Large-Cap ETF (SCHX) at 18.0% of the portfolio, followed by Schwab Intl Equity ETF (SCHF, 4.5%) and Schwab US Small-Cap ETF (SCHA, 4.4%). Compared with Q2 2025, it opened 4 new positions, sold out of 4, added to 18 and reduced 69. The biggest buy was Vngrd Mrgstr LRG-Cap ETF-Usd (VV, shares +46%) and the biggest sale an exit from Intl Flavors & Fragrances (IFF).

Most Recent 13F
Q2 2026
Location
ORINDA, CA
CIK
0001921093
Portfolio Value
$192.0M (Q3 2025)
SEC Filing
0001921093-25-000006 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $192.0M $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 · $192.0M
SCHX Schwab US Large-Cap ETF 17.95% 1,308,343 $34.5M Reduce -1.0%
SCHF Schwab Intl Equity ETF 4.53% 373,859 $8.7M Reduce -0.3%
SCHA Schwab US Small-Cap ETF 4.40% 302,407 $8.4M Reduce -5.7%
JPM JPMorgan Chase & Co. 4.02% 24,466 $7.7M Reduce -1.8%
MSFT Microsoft Corp. 3.75% 13,915 $7.2M Reduce -0.5%
AAPL Apple Inc. 2.33% 17,537 $4.5M Reduce -3.3%
UNH UnitedHealth Group Inc. 2.22% 12,353 $4.3M No change
SCHG Schwab US Large-Cap Growth 2.13% 128,143 $4.1M Reduce 0.0%
ABBV Abbvie Inc. 1.37% 11,349 $2.6M Reduce -0.1%
RTX RTX Corp. 1.33% 15,299 $2.6M Reduce -0.5%
HD Home Depot Inc. 1.33% 6,281 $2.5M No change
GE General Electric Company 1.32% 8,423 $2.5M Reduce -1.3%
SCHM Schwab US Mid Cap ETF 1.28% 82,913 $2.5M Add +1.2%
IWM iShares Russell 2000 ETF 1.21% 9,629 $2.3M Reduce -0.1%
PEP Pepsico Inc. 1.20% 16,383 $2.3M Reduce -0.3%
AVGO Broadcom Inc. 1.07% 6,216 $2.1M Add +4.6%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 1.06% 6,600 $2.0M Add +45.5%
AFL Aflac Inc. 1.03% 17,762 $2.0M Reduce -0.3%
EFA iShares MSCI Eafe ETF 1.02% 20,869 $1.9M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.95% 6,450 $1.8M No change
VUG Vanguard Mrngstar GR ETF-Sui 0.87% 3,484 $1.7M Reduce -0.2%
CVX Chevron Corp. 0.87% 10,702 $1.7M Add +2.7%
NOC Northrop Grumman Corp. 0.86% 2,699 $1.6M No change
JNJ Johnson & Johnson 0.81% 8,437 $1.6M Reduce -1.2%
INTC Intel Corp. 0.81% 46,567 $1.6M Reduce -3.8%
IVV iShares Core S&P 500 ETF 0.81% 2,310 $1.5M Reduce -0.9%
SCHE Schwab Emrg Mrkts Eqty ETF 0.80% 46,037 $1.5M Add +4.3%
BANKAMERICA CORP 0.79% 29,419 $1.5M No change
ABT Abbott Laboratories 0.73% 10,497 $1.4M No change
XOM Exxon Mobil Corp. 0.72% 12,226 $1.4M Reduce -1.1%
PFE Pfizer Inc. 0.69% 52,302 $1.3M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 0.69% 2,648 $1.3M Reduce -2.6%
VDE Vanguard Energy ETF 0.67% 10,286 $1.3M Reduce -0.2%
AT&T filed as AT&T CORP 0.67% 45,566 $1.3M Reduce -0.7%
XLK SS Technology Select Sector 0.66% 4,510 $1.3M No change
KMB Kimberly-Clark Corp. 0.65% 10,019 $1.2M No change
MCD McDonald's Corp. 0.63% 3,980 $1.2M No change
VZ Verizon Communications Inc. 0.61% 26,836 $1.2M Add +3.1%
GOOGL Alphabet Inc. Class A 0.61% 4,797 $1.2M Reduce -2.3%
CSCO Cisco Systems Inc. 0.60% 16,851 $1.2M Reduce -0.5%
HPQ HP Inc. 0.60% 42,105 $1.1M Reduce -2.0%
SCHV Schwab US Large-Cap Value 0.58% 38,510 $1.1M No change
AMGN Amgen Inc. 0.57% 3,874 $1.1M Add +3.2%
HPE Hewlett Packard Enterprise 0.56% 43,432 $1.1M No change
NSC Norfolk Southern Corp. 0.55% 3,543 $1.1M No change
LLY Eli Lilly & Co. 0.52% 1,306 $996K No change
PG The Procter & Gamble Co. 0.51% 6,378 $980K No change
LHX L3HARRIS Technologies Inc. 0.49% 3,068 $937K No change
QCOM Qualcomm Inc. 0.48% 5,556 $924K Add +1.7%
QQQ Invesco QQQ Trust Series 1 0.47% 1,503 $902K Reduce -0.1%
ADM Archer-Daniels-Midland Co. 0.45% 14,514 $867K Reduce -1.8%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.45% 2,936 $862K Add +23.5%
NVDA Nvidia Corp. 0.45% 4,584 $855K Reduce -0.5%
VEA Vanguard Ftse Developed ETF 0.43% 13,739 $823K Add +14.6%
XLY SS Consumer Disc Select Sect 0.42% 3,350 $803K No change
ITW Illinois Tool Works 0.42% 3,068 $800K Reduce -5.8%
WFC Wells Fargo & Co. 0.41% 9,447 $792K No change
HON Honeywell International Inc. 0.41% 3,739 $787K No change
MPC Marathon Petroleum Corp. 0.41% 4,058 $782K Reduce -6.0%
AXP American Express Co. 0.40% 2,311 $768K Reduce -1.5%
BA The Boeing Co. 0.40% 3,546 $765K Reduce -0.3%
SCHW Schwab (charles) Corp. 0.38% 7,708 $736K No change
MRK Merck & Co. Inc. 0.38% 8,647 $726K Add +2.9%
VHT Vanguard Health Care ETF 0.38% 2,790 $724K Add +3.6%
APH Amphenol Corp. Class A 0.38% 5,831 $722K Reduce -6.3%
CAT Caterpillar Inc. 0.37% 1,489 $710K Reduce -11.6%
WMT Walmart Inc. 0.36% 6,705 $691K Reduce -24.2%
BMY Bristol-Myers Squibb Co. 0.35% 14,915 $673K No change
AMAT Applied Materials Inc. 0.35% 3,271 $670K Add +4.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.35% 1,005 $669K No change
TXN Texas Instruments Inc. 0.35% 3,643 $669K No change
RS Reliance Inc. 0.35% 2,364 $664K Reduce -0.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.34% 5,711 $654K Reduce -0.6%
EFX Equifax Inc. 0.34% 2,548 $654K Reduce -1.3%
VB Vanguard Most SM-Cap ETF-Usd 0.33% 2,490 $633K Add +46.2%
ORCL Oracle Corp. 0.33% 2,241 $630K Reduce -3.4%
GEV GE Vernova Inc. 0.33% 1,024 $630K Reduce -13.3%
IJH iShares Core S&P Midcap ETF 0.33% 9,641 $629K No change
VTRS Viatris Inc. 0.32% 61,493 $609K Add +1.1%
DE Deere & Co. 0.31% 1,297 $593K No change
SCZ iShares MSCI Eafe Small-Cap 0.31% 7,640 $586K Reduce -3.5%
CEG Constellation Energy 0.30% 1,775 $584K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.30% 1,915 $570K Reduce -11.0%
ADI Analog Devices Inc. 0.29% 2,266 $557K Reduce -0.6%
GS Goldman Sachs Group Inc. 0.29% 698 $556K Reduce -31.1%
IWO iShares Russell 2000 Growth 0.28% 1,694 $542K No change
MSI Motorola Solutions Inc. 0.28% 1,173 $536K No change
EFG iShares MSCI Eafe Growth ETF 0.27% 4,619 $526K No change
MDT Medtronic Inc 0.27% 5,458 $520K No change
ADP Automatic Data Processing 0.26% 1,716 $504K Reduce -8.0%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.26% 1,078 $500K Reduce -4.8%
CVS CVS Health Corp. 0.25% 6,489 $489K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.25% 3,317 $479K Reduce -0.5%
FWONA Liberty Media Corp.-Liberty-A 0.25% 5,006 $477K No change
GOOG Alphabet Inc. Class C 0.24% 1,922 $468K Reduce -7.6%
COP Conocophillips 0.24% 4,944 $468K No change
TRV The Travelers Cos Inc. 0.24% 1,672 $467K Reduce -2.7%
PSX Phillips 66 0.23% 3,214 $437K Reduce -1.1%
NEE Nextera Energy Inc. 0.23% 5,788 $437K No change
VXUS Vanguard Total Intl Stock 0.22% 5,818 $427K New
VBR Vngrd Mrngst SL-CP Val ETF-U 0.22% 1,998 $417K No change
K Kellanova 0.21% 4,983 $409K Reduce -2.4%
MCK McKesson Corp. 0.21% 523 $404K Reduce -13.0%
CARR Carrier Global Corp. 0.21% 6,664 $398K No change
IYH iShares U.S. Healthcare ETF 0.20% 6,546 $384K No change
WTM White Mountains Insurance GP 0.20% 229 $383K No change
SYK Stryker Corp. 0.20% 1,029 $380K Reduce -0.6%
A Agilent Technologies Inc. 0.19% 2,881 $370K Reduce -0.4%
SYY Sysco Corp. 0.19% 4,479 $369K Reduce -0.3%
KEYS Keysight Technologies Inc. 0.19% 2,036 $356K No change
EMXC iShares MSCI Emr MRK Ex Chna 0.17% 4,940 $333K Reduce -0.4%
ALL Allstate Corp. 0.17% 1,522 $327K No change
KMPR Kemper Corp. 0.17% 6,310 $325K No change
ETN Eaton Corp. PLC 0.17% 862 $323K Reduce -1.0%
STZ Constellation Brands Inc. Class A 0.17% 2,358 $318K No change
APD Air Products & Chemicals Inc. 0.16% 1,159 $316K No change
OXY Occidental Petroleum Corp. 0.16% 6,622 $313K No change
SYF Synchrony Financial 0.16% 4,402 $313K Reduce -8.3%
CNP Centerpoint Energy Inc. 0.16% 7,900 $307K No change
XLF SS Financial Select Sector 0.16% 5,655 $305K Reduce -1.5%
IYG iShares U.S. Financial Servi 0.16% 3,345 $300K No change
CMCSA Comcast Corp. Class A 0.16% 9,479 $298K No change
KO The Coca-Cola Co. 0.15% 4,475 $297K No change
LH Laboratory CRP of Amer Hldgs filed as LABCORP HLDGS INC 0.15% 1,027 $295K Reduce -0.4%
MS Morgan Stanley 0.15% 1,803 $287K Reduce -2.3%
LOW Lowe's Cos Inc. 0.15% 1,138 $286K No change
VIS Vanguard Industrials ETF 0.14% 938 $278K Reduce -0.5%
NLR Vaneck Urani & Nuclr ETF-Usd 0.14% 2,000 $271K No change
VWO Vanguard Ftse Emerging Marke 0.14% 5,007 $271K Add +7.2%
AVY Avery Dennison Corp. 0.14% 1,648 $267K No change
TT Trane Technologies PLC 0.14% 633 $267K No change
IWB iShares Russell 1000 ETF 0.14% 712 $260K No change
GD General Dynamics Corp. 0.13% 759 $259K No change
VSS Vanguard Ftse All Wo X-US SC 0.13% 1,800 $257K No change
CAH Cardinal Health Inc. 0.13% 1,599 $251K Reduce -6.9%
AMZN Amazon.com Inc. 0.13% 1,141 $251K No change
CTVA Corteva Inc. 0.13% 3,697 $250K Reduce -0.5%
DD Dupont DE Nemours Inc. 0.13% 3,197 $249K No change
D Dominion Energy Inc. 0.13% 3,980 $243K Reduce -0.2%
KMI Kinder Morgan Inc. 0.13% 8,504 $241K Reduce -0.8%
IWN iShares Russell 2000 Value E 0.12% 1,325 $234K No change
SO The Southern Co. 0.12% 2,458 $233K Reduce -16.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.12% 2,100 $229K New
GEHC GE Healthcare Technology 0.12% 3,020 $227K Add +1.0%
IWP iShares Russell Mid-Cap Grow 0.12% 1,590 $226K No change
VLO Valero Energy Corp. 0.12% 1,320 $225K Reduce -12.5%
GPN Global Payments Inc. 0.12% 2,702 $224K No change
IWR iShares Russell Mid-Cap ETF 0.12% 2,299 $222K No change
DOW Dow Inc. 0.11% 9,387 $215K Add +2.6%
UNP Union Pacific Corp. 0.11% 877 $207K No change
HXL Hexcel Corp. 0.11% 3,241 $203K New
XYL Xylem Inc. 0.11% 1,375 $203K New
PCG P G & E Corp. 0.10% 12,310 $186K No change
HBI Hanesbrands Inc. 0.07% 19,394 $128K No change
GT Goodyear Tire & Rubber Co. 0.06% 15,610 $117K Reduce -1.6%

Portfolio Sells Q2 2025 → Q3 2025
IFF Intl Flavors & Fragrances Sold out 0.00% −0.15
SCHA Schwab US Small-Cap ETF Reduce -5.7% 4.40% −0.14
MSFT Microsoft Corp. Reduce -0.5% 3.75% −0.14
WMT Walmart Inc. Reduce -24.2% 0.36% −0.12
ACN Accenture PLC Class A Sold out 0.00% −0.12
COST Costco Wholesale Corp. Sold out 0.00% −0.12
WY Weyerhaeuser Co. Sold out 0.00% −0.11
GS Goldman Sachs Group Inc. Reduce -31.1% 0.29% −0.11
SCHX Schwab US Large-Cap ETF Reduce -1.0% 17.95% −0.10
SCHF Schwab Intl Equity ETF Reduce -0.3% 4.53% −0.10
AT&T Reduce -0.7% 0.67% −0.07
RS Reliance Inc. Reduce -0.1% 0.35% −0.07
ADP Automatic Data Processing Reduce -8.0% 0.26% −0.06
DIS The Walt Disney Co. Reduce -0.6% 0.34% −0.06
CSCO Cisco Systems Inc. Reduce -0.5% 0.60% −0.06
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.6% 0.69% −0.04
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -11.0% 0.30% −0.04
MCK McKesson Corp. Reduce -13.0% 0.21% −0.04
EFX Equifax Inc. Reduce -1.3% 0.34% −0.03
ITW Illinois Tool Works Reduce -5.8% 0.42% −0.03
GT Goodyear Tire & Rubber Co. Reduce -1.6% 0.06% −0.03
SYK Stryker Corp. Reduce -0.6% 0.20% −0.03
CAH Cardinal Health Inc. Reduce -6.9% 0.13% −0.03
SO The Southern Co. Reduce -16.9% 0.12% −0.03
XOM Exxon Mobil Corp. Reduce -1.1% 0.72% −0.03
CTVA Corteva Inc. Reduce -0.5% 0.13% −0.02
GEV GE Vernova Inc. Reduce -13.3% 0.33% −0.02
JPM JPMorgan Chase & Co. Reduce -1.8% 4.02% −0.02
DIA SS SPDR Dow Jones Indus Avg Reduce -4.8% 0.26% −0.02
AXP American Express Co. Reduce -1.5% 0.40% −0.02
BA The Boeing Co. Reduce -0.3% 0.40% −0.02
AFL Aflac Inc. Reduce -0.3% 1.03% −0.02
SCZ iShares MSCI Eafe Small-Cap Reduce -3.5% 0.31% −0.02
SYF Synchrony Financial Reduce -8.3% 0.16% −0.02
KMI Kinder Morgan Inc. Reduce -0.8% 0.13% −0.02
PEP Pepsico Inc. Reduce -0.3% 1.20% −0.01
PFE Pfizer Inc. Reduce -0.1% 0.69% −0.01
K Kellanova Reduce -2.4% 0.21% −0.01
TRV The Travelers Cos Inc. Reduce -2.7% 0.24% −0.01
ADI Analog Devices Inc. Reduce -0.6% 0.29% −0.01
VDE Vanguard Energy ETF Reduce -0.2% 0.67% −0.01
XLF SS Financial Select Sector Reduce -1.5% 0.16% −0.01
ETN Eaton Corp. PLC Reduce -1.0% 0.17% −0.01
IVV iShares Core S&P 500 ETF Reduce -0.9% 0.81% −0.00
VIS Vanguard Industrials ETF Reduce -0.5% 0.14% −0.00
EMXC iShares MSCI Emr MRK Ex Chna Reduce -0.4% 0.17% −0.00
D Dominion Energy Inc. Reduce -0.2% 0.13% +0.00
A Agilent Technologies Inc. Reduce -0.4% 0.19% +0.00
SYY Sysco Corp. Reduce -0.3% 0.19% +0.00
LH Laboratory CRP of Amer Hldgs Reduce -0.4% 0.15% +0.00

Portfolio Buys Q2 2025 → Q3 2025
VV Vngrd Mrgstr LRG-Cap ETF-Usd Add +45.5% 1.06% +0.34
VXUS Vanguard Total Intl Stock New 0.22% +0.22
AVGO Broadcom Inc. Add +4.6% 1.07% +0.15
BNY Bank of New York Mellon Corp. New 0.12% +0.12
HXL Hexcel Corp. New 0.11% +0.11
XYL Xylem Inc. New 0.11% +0.11
VB Vanguard Most SM-Cap ETF-Usd Add +46.2% 0.33% +0.10
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +23.5% 0.45% +0.08
SCHE Schwab Emrg Mrkts Eqty ETF Add +4.3% 0.80% +0.06
VEA Vanguard Ftse Developed ETF Add +14.6% 0.43% +0.05
CVX Chevron Corp. Add +2.7% 0.87% +0.03
AMAT Applied Materials Inc. Add +4.5% 0.35% +0.03
VTRS Viatris Inc. Add +1.1% 0.32% +0.01
VWO Vanguard Ftse Emerging Marke Add +7.2% 0.14% +0.01
MRK Merck & Co. Inc. Add +2.9% 0.38% +0.01
VHT Vanguard Health Care ETF Add +3.6% 0.38% +0.00
SCHM Schwab US Mid Cap ETF Add +1.2% 1.28% −0.00
QCOM Qualcomm Inc. Add +1.7% 0.48% −0.00
GEHC GE Healthcare Technology Add +1.0% 0.12% −0.01
VZ Verizon Communications Inc. Add +3.1% 0.61% −0.01
AMGN Amgen Inc. Add +3.2% 0.57% −0.02
DOW Dow Inc. Add +2.6% 0.11% −0.02

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