Avalon Trust Co
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Avalon Trust Co reported 399 stock positions worth $1.4 billion. Its top holding was Microsoft (MSFT) at 8.3% of the portfolio, followed by Nvidia (NVDA, 8.2%) and Broadcom (AVGO, 6.9%). Compared with Q1 2025, it opened 47 new positions, sold out of 76, added to 36 and reduced 126. The biggest buy was a new position in Mortgage-Backed Securities (JMTG) and the biggest sale an exit from Berkshire Hathaway Class A (BRK.A).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001798150
- Portfolio Value
- $1.4B (Q2 2025)
- SEC Filing
- 0001798150-25-000004 ↗ filed Aug 8, 2025
Holdings Value
Holdings 399 stocks · $1.4B
| MSFT Microsoft Corp. | 8.34% | 229,189 | $114.0M | Reduce -6.0% |
| NVDA Nvidia Corp. | 8.24% | 713,387 | $112.7M | Reduce -2.0% |
| AVGO Broadcom Inc. | 6.86% | 340,571 | $93.9M | Reduce -3.7% |
| AAPL Apple Inc. | 5.94% | 395,671 | $81.2M | Reduce -11.7% |
| AMZN Amazon.com Inc. | 5.71% | 355,735 | $78.0M | Reduce -3.6% |
| GOOG Alphabet Inc. Class C | 4.98% | 383,714 | $68.1M | Reduce -11.6% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 4.65% | 1,265,990 | $63.5M | New |
| V Visa Inc. Class A | 4.38% | 168,576 | $59.9M | Reduce -1.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.58% | 72,540 | $35.2M | Reduce -23.6% |
| PWR Quanta Services Inc. | 2.57% | 93,128 | $35.2M | Reduce -3.9% |
| PGR Progressive Corp. | 2.13% | 109,135 | $29.1M | Reduce -4.6% |
| LOW Lowe's Cos Inc. | 2.00% | 123,521 | $27.4M | Reduce -4.5% |
| PPH Vaneck Pharmaceutical ETF | 1.80% | 280,477 | $24.7M | Reduce -1.1% |
| RMD Resmed Inc. | 1.74% | 92,208 | $23.8M | Reduce -3.7% |
| PNC PNC Financial Services Group | 1.73% | 127,134 | $23.7M | Reduce -4.2% |
| AZO AutoZone Inc. | 1.62% | 5,982 | $22.2M | New |
| FSLR First Solar Inc. | 1.61% | 133,405 | $22.1M | Reduce -4.8% |
| AWK American Water Works Co. Inc. | 1.48% | 145,594 | $20.3M | Reduce -3.8% |
| CMS CMS Energy Corp. | 1.47% | 290,371 | $20.1M | Add +0.8% |
| LIN Linde PLC | 1.39% | 40,402 | $19.0M | Reduce -4.2% |
| BE Bloom Energy Corp. Class A | 1.20% | 684,792 | $16.4M | Reduce -4.0% |
| IBB iShares Biotechnology ETF | 1.13% | 122,015 | $15.4M | Reduce -4.0% |
| DHR Danaher Corp. | 1.08% | 74,960 | $14.8M | Add +11.2% |
| COO The Cooper Cos Inc. | 1.08% | 207,030 | $14.7M | Add +1.5% |
| TMO Thermo Fisher Scientific Inc. | 1.06% | 35,700 | $14.5M | Reduce -4.0% |
| AON Aon PLC Class A | 1.04% | 39,781 | $14.2M | Reduce -10.2% |
| AVB Avalonbay Communities Inc. | 1.02% | 68,652 | $14.0M | Reduce -1.4% |
| PANW Palo Alto Networks Inc. | 1.02% | 67,977 | $13.9M | Reduce -4.4% |
| OWL Blue Owl Capital Inc. | 1.02% | 723,939 | $13.9M | Reduce -8.2% |
| MDLZ Mondelez International Inc. Class A | 1.01% | 205,250 | $13.8M | Reduce -3.2% |
| VLTO Veralto Corp. | 1.01% | 136,876 | $13.8M | Add +3.8% |
| GTLS Chart Industries Inc. | 0.98% | 81,079 | $13.3M | Reduce -3.5% |
| VMI Valmont Industries | 0.96% | 40,053 | $13.1M | Reduce -3.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.92% | 101,705 | $12.6M | Reduce -5.2% |
| TYL Tyler Technologies Inc. | 0.85% | 19,664 | $11.7M | Reduce -4.9% |
| USFD US Foods Holding Corp. | 0.79% | 140,425 | $10.8M | Add +0.8% |
| NOW ServiceNow Inc. | 0.74% | 9,814 | $10.1M | Reduce -0.7% |
| ANET Arista Networks Inc. | 0.69% | 92,086 | $9.4M | Reduce -11.7% |
| GOOGL Alphabet Inc. Class A | 0.61% | 47,722 | $8.4M | Reduce -35.0% |
| BIPC Brookfield Infrastructure-A | 0.59% | 194,594 | $8.1M | Reduce -0.6% |
| ADBE Adobe Inc. | 0.54% | 19,209 | $7.4M | Reduce -49.2% |
| ADI Analog Devices Inc. | 0.46% | 26,711 | $6.4M | Add +5.7% |
| BIP Brookfield Infrastructure Pa | 0.46% | 187,080 | $6.3M | Reduce -9.2% |
| JNJ Johnson & Johnson | 0.46% | 40,742 | $6.2M | Reduce -14.9% |
| NVT Nvent Electric PLC | 0.46% | 84,949 | $6.2M | Reduce -38.6% |
| HASI Ha Sustainable Infrastructur | 0.36% | 181,295 | $4.9M | Add +0.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.35% | 7,687 | $4.7M | Add +11.9% |
| NOC Northrop Grumman Corp. | 0.29% | 7,906 | $4.0M | Reduce -9.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 12,326 | $3.7M | Add +108.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.27% | 4,577 | $3.7M | Reduce -67.5% |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 0.26% | 164,402 | $3.6M | Reduce -15.6% |
| GLD SPDR Gold Shares | 0.24% | 10,967 | $3.3M | No change |
| MA Mastercard Inc. Class A | 0.22% | 5,359 | $3.0M | Add +3.8% |
| VXUS Vanguard Total Intl Stock | 0.21% | 41,577 | $2.9M | Add +66.3% |
| TT Trane Technologies PLC | 0.20% | 6,390 | $2.8M | Reduce -23.4% |
| XLV SS Health Care Select Sector | 0.16% | 16,000 | $2.2M | Reduce -4.2% |
| COST Costco Wholesale Corp. | 0.15% | 2,096 | $2.1M | No change |
| TRV The Travelers Cos Inc. | 0.15% | 7,541 | $2.0M | Add +23.4% |
| KKR KKR & Co. Inc. | 0.11% | 11,810 | $1.6M | Reduce -7.8% |
| AMAL Amalgamated Financial Corp. | 0.11% | 49,545 | $1.5M | Reduce -2.2% |
| VXF Vanguard Extended Market ETF | 0.11% | 8,000 | $1.5M | No change |
| ORCL Oracle Corp. | 0.11% | 6,892 | $1.5M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 0.11% | 18,801 | $1.5M | Reduce -46.7% |
| ULTA Ulta Beauty Inc. | 0.09% | 2,775 | $1.3M | Reduce -28.8% |
| IVV iShares Core S&P 500 ETF | 0.09% | 2,085 | $1.3M | Add +20.0% |
| JPM JPMorgan Chase & Co. | 0.08% | 3,963 | $1.1M | Reduce -9.6% |
| PG The Procter & Gamble Co. | 0.08% | 7,147 | $1.1M | Reduce -2.9% |
| MS Morgan Stanley | 0.08% | 8,000 | $1.1M | Reduce -20.0% |
| BN Brookfield Corp. | 0.08% | 18,000 | $1.1M | Reduce -10.0% |
| CNI Canadian Natl Railway Co. | 0.08% | 10,600 | $1.1M | No change |
| AMT American Tower Corp. | 0.08% | 4,675 | $1.0M | Reduce -37.8% |
| GS Goldman Sachs Group Inc. | 0.07% | 1,450 | $1.0M | No change |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.07% | 2,450 | $897K | No change |
| DHI D.R. Horton Inc. | 0.06% | 6,750 | $870K | Reduce -22.9% |
| ABT Abbott Laboratories | 0.06% | 6,273 | $853K | Reduce -6.9% |
| MKL Markel Group Inc. | 0.06% | 400 | $799K | No change |
| CRM Salesforce Inc. | 0.05% | 2,637 | $719K | Add +49.1% |
| LEN Lennar Corp. Class A | 0.05% | 6,500 | $719K | Reduce -18.8% |
| LLY Eli Lilly & Co. | 0.05% | 881 | $687K | No change |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.05% | 7,000 | $644K | Reduce -12.5% |
| SCHW Schwab (charles) Corp. | 0.05% | 7,000 | $639K | Reduce -15.9% |
| VRSK Verisk Analytics Inc. | 0.05% | 1,991 | $620K | No change |
| XLK SS Technology Select Sector | 0.05% | 2,441 | $618K | Add +69.4% |
| ABBV Abbvie Inc. | 0.04% | 3,272 | $607K | Add +20.6% |
| USMV iShares MSCI USA Min Vol Fac | 0.04% | 6,350 | $596K | Add +56.8% |
| KRNT Kornit Digital Ltd. | 0.04% | 29,827 | $594K | Reduce -0.9% |
| MRSH Marsh & McLennan Cos | 0.04% | 2,714 | $593K | No change |
| AKR Acadia Realty Trust | 0.04% | 31,000 | $576K | Reduce -8.8% |
| MDY State Street SPDR S&P Midcap | 0.04% | 1,000 | $566K | Reduce -20.3% |
| NEE Nextera Energy Inc. | 0.04% | 7,954 | $552K | Reduce -67.8% |
| OC Owens Corning | 0.04% | 4,000 | $550K | Reduce -11.1% |
| VIG Vanguard Dividend Apprec ETF | 0.04% | 2,485 | $509K | Add +107.1% |
| MMM 3M Co. | 0.04% | 3,200 | $487K | Reduce -0.5% |
| HD Home Depot Inc. | 0.04% | 1,307 | $479K | Reduce -5.0% |
| ADP Automatic Data Processing | 0.03% | 1,483 | $457K | Reduce -23.2% |
| WMT Walmart Inc. | 0.03% | 4,606 | $450K | Reduce -2.9% |
| WAT Waters Corp. | 0.03% | 1,245 | $435K | No change |
| PEP Pepsico Inc. | 0.03% | 3,277 | $433K | Add +10.2% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.03% | 3,234 | $424K | No change |
| VB Vanguard Most SM-Cap ETF-Usd | 0.03% | 1,790 | $424K | Reduce -27.1% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DRTSW Alpha Tau Medical Ltd. -27 | *W EXP 99/99/999 | 14,500 | $3K | No change |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q1 2025 → Q2 2025
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −2.41 |
| AAPL Apple Inc. | Reduce -11.7% | 5.94% | −1.98 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -23.6% | 2.58% | −1.45 |
| ADBE Adobe Inc. | Reduce -49.2% | 0.54% | −0.61 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -67.5% | 0.27% | −0.47 |
| PGR Progressive Corp. | Reduce -4.6% | 2.13% | −0.45 |
| GOOG Alphabet Inc. Class C | Reduce -11.6% | 4.98% | −0.42 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.0% | 1.06% | −0.41 |
| V Visa Inc. Class A | Reduce -1.7% | 4.38% | −0.40 |
| LOW Lowe's Cos Inc. | Reduce -4.5% | 2.00% | −0.40 |
| AON Aon PLC Class A | Reduce -10.2% | 1.04% | −0.37 |
| AWK American Water Works Co. Inc. | Reduce -3.8% | 1.48% | −0.29 |
| GOOGL Alphabet Inc. Class A | Reduce -35.0% | 0.61% | −0.29 |
| PPH Vaneck Pharmaceutical ETF | Reduce -1.1% | 1.80% | −0.25 |
| OWL Blue Owl Capital Inc. | Reduce -8.2% | 1.02% | −0.24 |
| JNJ Johnson & Johnson | Reduce -14.9% | 0.46% | −0.18 |
| LIN Linde PLC | Reduce -4.2% | 1.39% | −0.18 |
| AVB Avalonbay Communities Inc. | Reduce -1.4% | 1.02% | −0.17 |
| IBB iShares Biotechnology ETF | Reduce -4.0% | 1.13% | −0.16 |
| NVR NVR Inc. | Sold out | 0.00% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -46.7% | 0.11% | −0.14 |
| MDLZ Mondelez International Inc. Class A | Reduce -3.2% | 1.01% | −0.13 |
| PNC PNC Financial Services Group | Reduce -4.2% | 1.73% | −0.12 |
| NVT Nvent Electric PLC | Reduce -38.6% | 0.46% | −0.12 |
| TJX TJX Companies Inc. | Reduce -5.2% | 0.92% | −0.12 |
| TYL Tyler Technologies Inc. | Reduce -4.9% | 0.85% | −0.10 |
| NEE Nextera Energy Inc. | Reduce -67.8% | 0.04% | −0.10 |
| UNH Unitedhealth Group Inc. | Reduce -94.9% | 0.00% | −0.09 |
| LKQ LKQ Corp. | Reduce -75.5% | 0.02% | −0.07 |
| NOC Northrop Grumman Corp. | Reduce -9.2% | 0.29% | −0.07 |
| AMT American Tower Corp. | Reduce -37.8% | 0.08% | −0.05 |
| XLV SS Health Care Select Sector | Reduce -4.2% | 0.16% | −0.04 |
| BIP Brookfield Infrastructure Pa | Reduce -9.2% | 0.46% | −0.03 |
| DHI D.R. Horton Inc. | Reduce -22.9% | 0.06% | −0.02 |
| LEN Lennar Corp. Class A | Reduce -18.8% | 0.05% | −0.02 |
| TT Trane Technologies PLC | Reduce -23.4% | 0.20% | −0.02 |
| ULTA Ulta Beauty Inc. | Reduce -28.8% | 0.09% | −0.02 |
| BROOKLINE BANCORP INC | Sold out | 0.00% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -2.9% | 0.08% | −0.02 |
| USFR Wisdomtree Floating Rate Tre | Sold out | 0.00% | −0.02 |
| IXN iShares Global Tech ETF | Sold out | 0.00% | −0.02 |
| AKR Acadia Realty Trust | Reduce -8.8% | 0.04% | −0.01 |
| ADP Automatic Data Processing | Reduce -23.2% | 0.03% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -27.1% | 0.03% | −0.01 |
| MDY State Street SPDR S&P Midcap | Reduce -20.3% | 0.04% | −0.01 |
| SOXX iShares Semiconductor ETF | Reduce -37.5% | 0.03% | −0.01 |
| PLD Prologis Inc. | Reduce -27.3% | 0.02% | −0.01 |
| EQIX Equinix Inc. | Reduce -97.1% | 0.00% | −0.01 |
| OC Owens Corning | Reduce -11.1% | 0.04% | −0.01 |
| MS Morgan Stanley | Reduce -20.0% | 0.08% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| JMTG Mortgage-Backed Securities | New | 4.65% | +4.65 |
| AZO AutoZone Inc. | New | 1.62% | +1.62 |
| VTI VG Morningstar TS MKT ETF-US | Add +108.9% | 0.27% | +0.14 |
| VXUS Vanguard Total Intl Stock | Add +66.3% | 0.21% | +0.09 |
| USFD US Foods Holding Corp. | Add +0.8% | 0.79% | +0.07 |
| ADI Analog Devices Inc. | Add +5.7% | 0.46% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +11.9% | 0.35% | +0.04 |
| ITA iShares U.S. Aerospace & Def | New | 0.03% | +0.03 |
| OKE Oneok Inc. | New | 0.02% | +0.02 |
| XLK SS Technology Select Sector | Add +69.4% | 0.05% | +0.02 |
| TRV The Travelers Cos Inc. | Add +23.4% | 0.15% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +107.1% | 0.04% | +0.02 |
| CRWV Coreweave Inc. Class A | New | 0.02% | +0.02 |
| FUTY Fidelity MSCI US Utilities | New | 0.02% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +20.0% | 0.09% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +227.1% | 0.02% | +0.02 |
| ICE Intercontinental Exchange Inc. | Add +1524.4% | 0.02% | +0.02 |
| CRM Salesforce Inc. | Add +49.1% | 0.05% | +0.01 |
| VLO Valero Energy Corp. | New | 0.01% | +0.01 |
| USMV iShares MSCI USA Min Vol Fac | Add +56.8% | 0.04% | +0.01 |
| T AT&T Inc. | Add +373.6% | 0.02% | +0.01 |
| EPD Enterprise Products Partners | Add +157.9% | 0.02% | +0.01 |
| IWS iShares Russell Mid-Cap Valu | New | 0.01% | +0.01 |
| AMAT Applied Materials Inc. | Add +532.9% | 0.01% | +0.01 |
| XLF SS Financial Select Sector | New | 0.01% | +0.01 |
| TIP iShares Tips Bond ETF | Add +526.9% | 0.01% | +0.01 |
| UNP Union Pacific Corp. | Add +77.4% | 0.03% | +0.01 |
| GILD Gilead Sciences Inc. | New | 0.01% | +0.01 |
| IJR iShares Core S&P Small-Cap E | New | 0.01% | +0.01 |
| JCPI JP Morgan Inflation MGD Bond | New | 0.01% | +0.01 |
| VZ Verizon Communications Inc. | Add +75.6% | 0.02% | +0.01 |
| MINT PIMCO Enhanced Short Maturit | New | 0.01% | +0.01 |
| HOLX Hologic Inc. | New | 0.01% | +0.01 |
| IWB iShares Russell 1000 ETF | New | 0.01% | +0.01 |
| HEDJ Wisdomtree Europe Hedged Equ | New | 0.01% | +0.01 |
| CSCO Cisco Systems Inc. | Add +36.5% | 0.02% | +0.01 |
| RSP Invesco S&P 500 Equal Weight | New | 0.01% | +0.01 |
| EIX Edison International | New | 0.01% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +200.0% | 0.01% | +0.01 |
| VGSH Vanguard Short-Term Treasury | Add +454.5% | 0.01% | +0.01 |
| NFRA NT GLBL BRD Infra ETF | New | 0.01% | +0.01 |
| BBJP JPMorgan Betabuilders Japan | New | 0.01% | +0.01 |
| IDV iShares International Select | New | 0.01% | +0.01 |
| RY Royal Bank of Canada | New | 0.00% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | New | 0.00% | +0.00 |
| OGS One Gas Inc. | New | 0.00% | +0.00 |
| VUSB Vanguard Ultra Short Bond Et | New | 0.00% | +0.00 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.00% | +0.00 |
| ICSH iShares Ultra Short Duration | Add +40.0% | 0.02% | +0.00 |
| BBCA JPMorgan Betabuilders Canada | New | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 458 | $1.6B | NVDA, AAPL, GOOG, AVGO, AMZN |
| Q1 2026 | 456 | $1.5B | NVDA, AAPL, GOOG, AVGO, MSFT |
| Q4 2025 | 426 | $1.5B | NVDA, GOOG, AVGO, AAPL, MSFT |
| Q3 2025 | 609 | $1.5B | NVDA, MSFT, AVGO, AAPL, GOOG |
| Q2 2025 | 399 | $1.4B | MSFT, NVDA, AVGO, AAPL, AMZN |
| Q1 2025 | 428 | $1.3B | AAPL, MSFT, NVDA, AMZN, GOOG |
| Q4 2024 | 424 | $1.4B | AAPL, MSFT, NVDA, GOOG, AMZN |
| Q3 2024 | 317 | $1.4B | AAPL, MSFT, NVDA, GOOG, AMZN |
| Q2 2024 | 314 | $1.3B | MSFT, AAPL, GOOG, AMZN, AVGO |
| Q1 2024 | 325 | $1.2B | MSFT, AAPL, GOOG, AMZN, AVGO |