Avalon Trust Co

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), Avalon Trust Co reported 314 stock positions worth $1.3 billion. Its top holding was Microsoft (MSFT) at 8.5% of the portfolio, followed by Apple (AAPL, 7.8%) and Alphabet Class C (GOOG, 6.8%). Compared with Q1 2024, it opened 10 new positions, sold out of 23, added to 19 and reduced 92. The biggest buy was Nvidia (NVDA, shares +4579%) and the biggest sale iShares Semiconductor ETF (SOXX, shares −98%).

Most Recent 13F
Q2 2026
Location
SANTA FE, NM
CIK
0001798150
Portfolio Value
$1.3B (Q2 2024)
SEC Filing
0001798150-24-000004 ↗ filed Aug 12, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.3B $1.3B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.4B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.5B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 314 stocks · $1.3B
MSFT Microsoft Corp. 8.53% 241,141 $107.8M Reduce -0.7%
AAPL Apple Inc. 7.80% 468,031 $98.6M Add +0.5%
GOOG Alphabet Inc. Class C 6.79% 467,781 $85.8M Reduce -0.4%
AMZN Amazon.com Inc. 5.70% 372,938 $72.1M Add +0.4%
AVGO Broadcom Inc. 5.48% 43,100 $69.2M Reduce -0.4%
NVDA Nvidia Corp. 3.88% 396,805 $49.0M Add +4579.3%
V Visa Inc. Class A 3.54% 170,331 $44.7M Reduce -0.5%
BRK.B Berkshire Hathaway Inc. Class B 3.19% 98,926 $40.2M Reduce -0.0%
PGR Progressive Corp. 2.85% 173,238 $36.0M Reduce -0.5%
FSLR First Solar Inc. 2.47% 138,640 $31.3M Add +63.5%
LOW Lowe's Cos Inc. 2.34% 134,066 $29.6M Add +2.4%
ADBE Adobe Inc. 2.14% 48,695 $27.1M Add +37.5%
PPH Vaneck Pharmaceutical ETF 2.06% 284,975 $26.1M Add +0.0%
NVR NVR Inc. 2.03% 3,376 $25.6M Reduce -0.4%
PWR Quanta Services Inc. 1.88% 93,439 $23.7M Reduce -0.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.87% 215,102 $23.7M Reduce -0.3%
MRK Merck & Co. Inc. 1.86% 189,956 $23.5M Reduce -0.2%
BRK.A Berkshire Hathaway Inc. Class A 1.84% 38 $23.3M No change
MDLZ Mondelez International Inc. Class A 1.79% 346,146 $22.7M Add +1.6%
PNC PNC Financial Services Group 1.67% 135,870 $21.1M Reduce -0.4%
TMO Thermo Fisher Scientific Inc. 1.53% 34,896 $19.3M Reduce -3.5%
LIN Linde PLC 1.51% 43,573 $19.1M Reduce -0.8%
RMD Resmed Inc. 1.44% 95,040 $18.2M Add +0.4%
IBB iShares Biotechnology ETF 1.39% 128,203 $17.6M Add +2.5%
GOOGL Alphabet Inc. Class A 1.39% 96,442 $17.6M Reduce -1.5%
CMS CMS Energy Corp. 1.38% 292,075 $17.4M New
DHR Danaher Corp. 1.37% 69,055 $17.3M Reduce -0.3%
AMT American Tower Corp. 1.18% 76,403 $14.9M Add +3.6%
AVB Avalonbay Communities Inc. 1.17% 71,505 $14.8M Reduce -0.3%
AON Aon PLC Class A 1.10% 47,186 $13.9M Add +1.8%
ULTA Ulta Beauty Inc. 1.09% 35,620 $13.7M Add +4.4%
VLTO Veralto Corp. 1.00% 132,274 $12.6M Reduce -0.1%
PANW Palo Alto Networks Inc. 0.93% 34,650 $11.7M Reduce -0.1%
TRMB Trimble Inc. 0.91% 204,824 $11.5M Reduce -2.3%
VMI Valmont Industries 0.89% 40,830 $11.2M Add +1.0%
WM Waste Management Inc. 0.87% 51,766 $11.0M Reduce -25.3%
TYL Tyler Technologies Inc. 0.85% 21,260 $10.7M Reduce -0.1%
JNJ Johnson & Johnson 0.63% 54,110 $7.9M Reduce -3.0%
BIPC Brookfield Infrastructure-A 0.49% 182,401 $6.1M Add +6.1%
ADI Analog Devices Inc. 0.48% 26,663 $6.1M Reduce -9.7%
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.48% 136,575 $6.1M Reduce -0.1%
BIP Brookfield Infrastructure Pa 0.48% 220,493 $6.1M Reduce -0.1%
APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC 0.47% 83,750 $5.9M Add +3.5%
HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C 0.40% 169,350 $5.0M Add +2.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.34% 7,906 $4.3M Reduce -1.6%
NOC Northrop Grumman Corp. 0.33% 9,478 $4.1M Reduce -13.7%
VXUS Vanguard Total Intl Stock 0.30% 63,000 $3.8M No change
BE Bloom Energy Corp. Class A 0.26% 267,359 $3.3M Reduce -0.9%
TT Trane Technologies PLC 0.23% 8,870 $2.9M No change
MA Mastercard Inc. Class A 0.21% 6,028 $2.7M Reduce -2.2%
XLV SS Health Care Select Sector 0.19% 16,693 $2.4M Reduce -8.1%
KKR KKR & Co. Inc. 0.17% 20,284 $2.1M No change
GLD SPDR Gold Shares 0.16% 9,282 $2.0M No change
VTI VG Morningstar TS MKT ETF-US 0.16% 7,390 $2.0M Reduce -3.9%
NEE Nextera Energy Inc. 0.15% 27,554 $2.0M No change
COST Costco Wholesale Corp. 0.15% 2,216 $1.9M Reduce -0.8%
DHI D.R. Horton Inc. 0.14% 13,000 $1.8M Reduce -10.3%
VXF Vanguard Extended Market ETF 0.13% 9,868 $1.7M No change
UNH Unitedhealth Group Inc. 0.13% 3,164 $1.6M Reduce -23.9%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.12% 6,000 $1.5M No change
AMAL Amalgamated Financial Corp. 0.11% 51,830 $1.4M Reduce -0.2%
LEN Lennar Corp. Class A 0.11% 9,000 $1.3M Reduce -14.3%
BN Brookfield Corp. 0.11% 32,248 $1.3M Reduce -19.9%
TRV The Travelers Cos Inc. 0.11% 6,550 $1.3M Reduce -7.4%
CNI Canadian Natl Railway Co. 0.10% 11,000 $1.3M Reduce -4.6%
LKQ LKQ Corp. 0.10% 30,500 $1.3M Reduce -92.5%
MS Morgan Stanley 0.10% 13,000 $1.3M No change
PG The Procter & Gamble Co. 0.10% 7,434 $1.2M No change
SCHW Schwab (charles) Corp. 0.08% 14,000 $1.0M No change
OC Owens Corning 0.08% 5,500 $955K Reduce -15.4%
JPM JPMorgan Chase & Co. 0.07% 4,388 $888K Reduce -13.1%
ORCL Oracle Corp. 0.07% 6,136 $866K No change
LLY Eli Lilly & Co. 0.07% 925 $837K Reduce -1.6%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.07% 2,642 $830K No change
MKL Markel Group Inc. 0.06% 500 $788K No change
GS Goldman Sachs Group Inc. 0.06% 1,700 $769K No change
MDY State Street SPDR S&P Midcap 0.05% 1,254 $671K No change
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.05% 9,000 $667K No change
ABBV Abbvie Inc. 0.05% 3,695 $634K Reduce -6.5%
VB Vanguard Most SM-Cap ETF-Usd 0.05% 2,767 $603K No change
GIS General Mills Inc. 0.05% 9,298 $588K No change
CRM Salesforce Inc. 0.05% 2,281 $586K No change
SOXX iShares Semiconductor ETF 0.05% 2,350 $580K Reduce -98.5%
ABT Abbott Laboratories 0.05% 5,523 $574K Reduce -8.3%
KRNT Kornit Digital Ltd. 0.04% 37,760 $553K Reduce -0.8%
VRSK Verisk Analytics Inc. 0.04% 1,991 $537K No change
TFC Truist Financial Corp. 0.04% 13,000 $505K No change
HD Home Depot Inc. 0.04% 1,459 $502K Reduce -9.8%
PEP Pepsico Inc. 0.04% 3,044 $502K No change
USMV iShares MSCI USA Min Vol Fac 0.04% 5,892 $495K No change
ADP Automatic Data Processing 0.04% 1,883 $449K No change
VNQ Vanguard Real Estate ETF 0.03% 5,224 $438K No change
ENTG Entegris Inc. 0.03% 3,000 $406K Reduce -45.5%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 0.03% 3,334 $395K No change
WAT Waters Corp. 0.03% 1,335 $387K No change
IWM iShares Russell 2000 ETF 0.03% 1,700 $345K Reduce -14.2%
IMCG iShares Morningstar Mid-Cap 0.03% 5,000 $339K Reduce -10.8%
NVO Novo-Nordisk A/S-Spons ADR 0.03% 2,372 $339K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.03% 3,000 $327K No change
MMM 3M Co. 0.03% 3,200 $327K No change

Show all 314 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above)
SecurityClassShares / PrincipalValueChange
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 14,500$3KNo change

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q1 2024 → Q2 2024
SOXX iShares Semiconductor ETF Reduce -98.5% 0.05% −2.77
CVS CVS Health Corp. Sold out 0.00% −1.96
LKQ LKQ Corp. Reduce -92.5% 0.10% −1.69
V Visa Inc. Class A Reduce -0.5% 3.54% −0.38
WM Waste Management Inc. Reduce -25.3% 0.87% −0.34
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.0% 3.19% −0.23
NVR NVR Inc. Reduce -0.4% 2.03% −0.22
TRMB Trimble Inc. Reduce -2.3% 0.91% −0.20
MRK Merck & Co. Inc. Reduce -0.2% 1.86% −0.20
TMO Thermo Fisher Scientific Inc. Reduce -3.5% 1.53% −0.20
LIN Linde PLC Reduce -0.8% 1.51% −0.16
PNC PNC Financial Services Group Reduce -0.4% 1.67% −0.14
PWR Quanta Services Inc. Reduce -0.1% 1.88% −0.11
PGR Progressive Corp. Reduce -0.5% 2.85% −0.11
NOC Northrop Grumman Corp. Reduce -13.7% 0.33% −0.10
JNJ Johnson & Johnson Reduce -3.0% 0.63% −0.10
BIP Brookfield Infrastructure Pa Reduce -0.1% 0.48% −0.09
DHR Danaher Corp. Reduce -0.3% 1.37% −0.05
DHI D.R. Horton Inc. Reduce -10.3% 0.14% −0.05
LEN Lennar Corp. Class A Reduce -14.3% 0.11% −0.04
UNH Unitedhealth Group Inc. Reduce -23.9% 0.13% −0.04
KEYS Keysight Technologies Inc. Reduce -62.2% 0.02% −0.04
MA Mastercard Inc. Class A Reduce -2.2% 0.21% −0.03
BN Brookfield Corp. Reduce -19.9% 0.11% −0.03
ENTG Entegris Inc. Reduce -45.5% 0.03% −0.03
NKE Nike Inc. Class B Reduce -67.9% 0.01% −0.03
TRV The Travelers Cos Inc. Reduce -7.4% 0.11% −0.03
XLV SS Health Care Select Sector Reduce -8.1% 0.19% −0.03
CNI Canadian Natl Railway Co. Reduce -4.6% 0.10% −0.02
VOO Vanguard S&P 500 ETF Reduce -50.3% 0.02% −0.02
PTLC Pacer Trendpilot US Large Ca Reduce -80.8% 0.00% −0.01
OC Owens Corning Reduce -15.4% 0.08% −0.01
CVX Chevron Corp. Reduce -72.3% 0.00% −0.01
UL Unilever PLC Reduce -84.0% 0.00% −0.01
KRNT Kornit Digital Ltd. Reduce -0.8% 0.04% −0.01
JPM JPMorgan Chase & Co. Reduce -13.1% 0.07% −0.01
HD Home Depot Inc. Reduce -9.8% 0.04% −0.01
ABT Abbott Laboratories Reduce -8.3% 0.05% −0.01
ORLY O'reilly Automotive Inc. Reduce -50.0% 0.01% −0.01
ABBV Abbvie Inc. Reduce -6.5% 0.05% −0.01
ACN Accenture PLC Class A Reduce -21.5% 0.02% −0.01
ZTS Zoetis Inc. Reduce -40.9% 0.01% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -3.9% 0.16% −0.01
BAM Brookfield Asset Mgmt-A Sold out 0.00% −0.01
IWM iShares Russell 2000 ETF Reduce -14.2% 0.03% −0.01
ALGN Align Technology Inc. Sold out 0.00% −0.01
URI United Rentals Inc. Reduce -15.9% 0.02% −0.01
SBUX Starbucks Corp. Reduce -11.1% 0.02% −0.01
EW Edwards Lifesciences Corp. Reduce -23.4% 0.01% −0.01
PFE Pfizer Inc. Reduce -56.3% 0.00% −0.01

Portfolio Buys Q1 2024 → Q2 2024
NVDA Nvidia Corp. Add +4579.3% 3.88% +3.82
CMS CMS Energy Corp. New 1.38% +1.38
FSLR First Solar Inc. Add +63.5% 2.47% +1.30
AAPL Apple Inc. Add +0.5% 7.80% +1.25
ADBE Adobe Inc. Add +37.5% 2.14% +0.67
AMZN Amazon.com Inc. Add +0.4% 5.70% +0.21
VMI Valmont Industries Add +1.0% 0.89% +0.13
HASI Ha Sustainable Infrastructur Add +2.5% 0.40% +0.01
OLB Olb Group Inc. Add +900.0% 0.01% +0.01
MU Micron Technology Inc. New 0.00% +0.00
CLMB Climb Global Solutions Inc. New 0.00% +0.00
PLPC Preformed Line Products Co. New 0.00% +0.00
NUE Nucor Corp. New 0.00% +0.00
GM General Motors Co. Add +15.0% 0.03% +0.00
KMI Kinder Morgan Inc. New 0.00% +0.00
COP Conocophillips New 0.00% +0.00
LAKE Lakeland Industries Inc. New 0.00% +0.00
ALB Albemarle Corp. New 0.00% +0.00
BEPC Brookfield Renewable Cor-A New 0.00% +0.00
IBB iShares Biotechnology ETF Add +2.5% 1.39% −0.01
AMT American Tower Corp. Add +3.6% 1.18% −0.02
BIPC Brookfield Infrastructure-A Add +6.1% 0.49% −0.02
PPH Vaneck Pharmaceutical ETF Add +0.0% 2.06% −0.06
APTV Aptiv Irish Holdings Ltd. Add +3.5% 0.47% −0.06
RMD Resmed Inc. Add +0.4% 1.44% −0.10
MDLZ Mondelez International Inc. Class A Add +1.6% 1.79% −0.16
AON Aon PLC Class A Add +1.8% 1.10% −0.17
ULTA Ulta Beauty Inc. Add +4.4% 1.09% −0.38
LOW Lowe's Cos Inc. Add +2.4% 2.34% −0.40

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 458$1.6BNVDA, AAPL, GOOG, AVGO, AMZN
Q1 2026 456$1.5BNVDA, AAPL, GOOG, AVGO, MSFT
Q4 2025 426$1.5BNVDA, GOOG, AVGO, AAPL, MSFT
Q3 2025 609$1.5BNVDA, MSFT, AVGO, AAPL, GOOG
Q2 2025 399$1.4BMSFT, NVDA, AVGO, AAPL, AMZN
Q1 2025 428$1.3BAAPL, MSFT, NVDA, AMZN, GOOG
Q4 2024 424$1.4BAAPL, MSFT, NVDA, GOOG, AMZN
Q3 2024 317$1.4BAAPL, MSFT, NVDA, GOOG, AMZN
Q2 2024 314$1.3BMSFT, AAPL, GOOG, AMZN, AVGO
Q1 2024 325$1.2BMSFT, AAPL, GOOG, AMZN, AVGO