Avalon Trust Co
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Avalon Trust Co reported 609 stock positions worth $1.5 billion. Its top holding was Nvidia (NVDA) at 8.7% of the portfolio, followed by Microsoft (MSFT, 7.7%) and Broadcom (AVGO, 7.2%). Compared with Q2 2025, it opened 243 new positions, sold out of 31, added to 159 and reduced 82. The biggest buy was Alphabet Class C (GOOG, shares +0%) and the biggest sale Cooper Cos (COO, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001798150
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001798150-25-000005 ↗ filed Nov 10, 2025
Holdings Value
Holdings 609 stocks · $1.5B
| NVDA Nvidia Corp. | 8.74% | 721,348 | $134.6M | Add +1.1% |
| MSFT Microsoft Corp. | 7.74% | 230,210 | $119.2M | Add +0.5% |
| AVGO Broadcom Inc. | 7.18% | 335,423 | $110.7M | Reduce -1.5% |
| AAPL Apple Inc. | 6.83% | 413,400 | $105.3M | Add +4.5% |
| GOOG Alphabet Inc. Class C | 6.08% | 384,225 | $93.6M | Add +0.1% |
| AMZN Amazon.com Inc. | 5.20% | 364,675 | $80.1M | Add +2.5% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 4.29% | 1,296,719 | $66.1M | Add +2.4% |
| V Visa Inc. Class A | 3.75% | 169,307 | $57.8M | Add +0.4% |
| PWR Quanta Services Inc. | 2.54% | 94,230 | $39.1M | Add +1.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.37% | 72,708 | $36.6M | Add +0.2% |
| LOW Lowe's Cos Inc. | 1.99% | 122,265 | $30.7M | Reduce -1.0% |
| BE Bloom Energy Corp. Class A | 1.97% | 358,780 | $30.3M | Reduce -47.6% |
| FSLR First Solar Inc. | 1.89% | 132,158 | $29.1M | Reduce -0.9% |
| PGR Progressive Corp. | 1.89% | 117,827 | $29.1M | Add +8.0% |
| AZO AutoZone Inc. | 1.66% | 5,967 | $25.6M | Reduce -0.3% |
| RMD Resmed Inc. | 1.63% | 91,630 | $25.1M | Reduce -0.6% |
| PNC PNC Financial Services Group | 1.62% | 124,229 | $25.0M | Reduce -2.3% |
| PPH Vaneck Pharmaceutical ETF | 1.62% | 275,400 | $24.9M | Reduce -1.8% |
| CMS CMS Energy Corp. | 1.39% | 291,346 | $21.3M | Add +0.3% |
| AWK American Water Works Co. Inc. | 1.34% | 148,269 | $20.6M | Add +1.8% |
| NOW ServiceNow Inc. | 1.34% | 22,393 | $20.6M | Add +128.2% |
| LIN Linde PLC | 1.23% | 39,726 | $18.9M | Reduce -1.7% |
| IBB iShares Biotechnology ETF | 1.12% | 119,247 | $17.2M | Reduce -2.3% |
| TMO Thermo Fisher Scientific Inc. | 1.11% | 35,193 | $17.1M | Reduce -1.4% |
| EQIX Equinix Inc. | 1.07% | 21,048 | $16.5M | Add +420860.0% |
| DHR Danaher Corp. | 1.01% | 78,807 | $15.6M | Add +5.1% |
| VMI Valmont Industries | 1.00% | 39,710 | $15.4M | Reduce -0.9% |
| GTLS Chart Industries Inc. | 1.00% | 76,594 | $15.3M | Reduce -5.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.96% | 102,143 | $14.8M | Add +0.4% |
| VLTO Veralto Corp. | 0.95% | 136,712 | $14.6M | Reduce -0.1% |
| AON Aon PLC Class A | 0.92% | 39,585 | $14.1M | Reduce -0.5% |
| PANW Palo Alto Networks Inc. | 0.90% | 67,975 | $13.8M | Reduce 0.0% |
| ANET Arista Networks Inc. | 0.87% | 91,570 | $13.3M | Reduce -0.6% |
| MDLZ Mondelez International Inc. Class A | 0.86% | 212,823 | $13.3M | Add +3.7% |
| GOOGL Alphabet Inc. Class A | 0.86% | 54,252 | $13.2M | Add +13.7% |
| OWL Blue Owl Capital Inc. | 0.77% | 699,084 | $11.8M | Reduce -3.4% |
| USFD US Foods Holding Corp. | 0.70% | 141,675 | $10.9M | Add +0.9% |
| TYL Tyler Technologies Inc. | 0.67% | 19,605 | $10.3M | Reduce -0.3% |
| ADI Analog Devices Inc. | 0.63% | 39,251 | $9.6M | Add +47.0% |
| NVT Nvent Electric PLC | 0.54% | 84,849 | $8.4M | Reduce -0.1% |
| BIPC Brookfield Infrastructure-A | 0.52% | 193,169 | $7.9M | Reduce -0.7% |
| JNJ Johnson & Johnson | 0.49% | 40,878 | $7.6M | Add +0.3% |
| ADBE Adobe Inc. | 0.43% | 18,991 | $6.7M | Reduce -1.1% |
| BIP Brookfield Infrastructure Pa | 0.40% | 186,980 | $6.1M | Reduce -0.1% |
| HASI Ha Sustainable Infrastructur | 0.36% | 181,275 | $5.6M | Reduce -0.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.31% | 7,263 | $4.8M | Reduce -5.5% |
| NOC Northrop Grumman Corp. | 0.31% | 7,811 | $4.8M | Reduce -1.2% |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 0.30% | 166,062 | $4.6M | Add +1.0% |
| GLD SPDR Gold Shares | 0.26% | 11,093 | $3.9M | Add +1.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.24% | 11,322 | $3.7M | Reduce -8.2% |
| MA Mastercard Inc. Class A | 0.22% | 5,853 | $3.3M | Add +9.2% |
| VXUS Vanguard Total Intl Stock | 0.20% | 41,000 | $3.0M | Reduce -1.4% |
| TT Trane Technologies PLC | 0.18% | 6,391 | $2.7M | Add +0.0% |
| COST Costco Wholesale Corp. | 0.16% | 2,673 | $2.5M | Add +27.5% |
| TRV The Travelers Cos Inc. | 0.15% | 8,528 | $2.4M | Add +13.1% |
| XLV SS Health Care Select Sector | 0.15% | 17,073 | $2.4M | Add +6.7% |
| ORCL Oracle Corp. | 0.12% | 6,806 | $1.9M | Reduce -1.3% |
| KKR KKR & Co. Inc. | 0.10% | 11,909 | $1.5M | Add +0.8% |
| MRK Merck & Co. Inc. | 0.10% | 18,300 | $1.5M | Reduce -2.7% |
| AMAT Applied Materials Inc. | 0.10% | 7,441 | $1.5M | Add +644.1% |
| ULTA Ulta Beauty Inc. | 0.10% | 2,761 | $1.5M | Reduce -0.5% |
| JPM JPMorgan Chase & Co. | 0.09% | 4,571 | $1.4M | Add +15.3% |
| IVV iShares Core S&P 500 ETF | 0.09% | 2,038 | $1.4M | Reduce -2.3% |
| AMAL Amalgamated Financial Corp. | 0.09% | 49,435 | $1.3M | Reduce -0.2% |
| MS Morgan Stanley | 0.08% | 8,089 | $1.3M | Add +1.1% |
| TSLA Tesla Inc. | 0.08% | 2,864 | $1.3M | Add +332.6% |
| GS Goldman Sachs Group Inc. | 0.08% | 1,466 | $1.2M | Add +1.1% |
| AVB Avalonbay Communities Inc. | 0.08% | 6,010 | $1.2M | Reduce -91.3% |
| PG The Procter & Gamble Co. | 0.07% | 7,471 | $1.1M | Add +4.5% |
| DHI D.R. Horton Inc. | 0.07% | 6,750 | $1.1M | No change |
| BN Brookfield Corp. | 0.07% | 16,000 | $1.1M | Reduce -11.1% |
| XLK SS Technology Select Sector | 0.07% | 3,588 | $1.0M | Add +47.0% |
| ABT Abbott Laboratories | 0.07% | 7,475 | $1.0M | Add +19.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.06% | 2,450 | $986K | No change |
| CNI Canadian Natl Railway Co. | 0.06% | 10,200 | $962K | Reduce -3.8% |
| VXF Vanguard Extended Market ETF | 0.06% | 4,500 | $942K | Reduce -43.8% |
| LEN Lennar Corp. Class A | 0.05% | 6,633 | $836K | Add +2.0% |
| MKL Markel Group Inc. | 0.05% | 425 | $812K | Add +6.3% |
| ABBV Abbvie Inc. | 0.05% | 3,456 | $800K | Add +5.6% |
| TD Toronto-Dominion Bank | 0.05% | 10,000 | $800K | New |
| LLY Eli Lilly & Co. | 0.05% | 966 | $737K | Add +9.7% |
| SCHW Schwab (charles) Corp. | 0.04% | 7,040 | $672K | Add +0.6% |
| NEE Nextera Energy Inc. | 0.04% | 8,808 | $665K | Add +10.7% |
| VRSK Verisk Analytics Inc. | 0.04% | 2,593 | $652K | Add +30.2% |
| CRM Salesforce Inc. | 0.04% | 2,690 | $638K | Add +2.0% |
| USMV iShares MSCI USA Min Vol Fac | 0.04% | 6,350 | $604K | No change |
| HD Home Depot Inc. | 0.04% | 1,473 | $597K | Add +12.7% |
| MDY State Street SPDR S&P Midcap | 0.04% | 1,000 | $596K | No change |
| MRSH Marsh & McLennan Cos | 0.04% | 2,936 | $592K | Add +8.2% |
| ADP Automatic Data Processing | 0.04% | 1,952 | $573K | Add +31.6% |
| OC Owens Corning | 0.04% | 4,000 | $566K | No change |
| BX Blackstone Inc. | 0.04% | 3,306 | $565K | Add +422.3% |
| AMT American Tower Corp. | 0.04% | 2,914 | $560K | Reduce -37.7% |
| CSCO Cisco Systems Inc. | 0.04% | 8,175 | $559K | Add +74.4% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.03% | 6,000 | $538K | Reduce -14.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.03% | 10,305 | $532K | Add +69.0% |
| XAR SS SPDR S&P Aerospace Def | 0.03% | 2,250 | $529K | Add +75.8% |
| MMM 3M Co. | 0.03% | 3,208 | $498K | Add +0.3% |
| URI United Rentals Inc. | 0.03% | 511 | $488K | Add +46.4% |
| IYW iShares Ustechnology ETF | 0.03% | 2,486 | $487K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $5K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DRTSW Alpha Tau Medical Ltd. -27 | *W EXP 99/99/999 | 14,500 | $5K | No change |
Lines left out (2) · $113 — a value with no share or principal amount
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q2 2025 → Q3 2025
| COO The Cooper Cos Inc. | Reduce -97.6% | 0.02% | −1.06 |
| AVB Avalonbay Communities Inc. | Reduce -91.3% | 0.08% | −0.95 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -97.2% | 0.01% | −0.26 |
| OWL Blue Owl Capital Inc. | Reduce -3.4% | 0.77% | −0.25 |
| PPH Vaneck Pharmaceutical ETF | Reduce -1.8% | 1.62% | −0.19 |
| TYL Tyler Technologies Inc. | Reduce -0.3% | 0.67% | −0.19 |
| LIN Linde PLC | Reduce -1.7% | 1.23% | −0.16 |
| AON Aon PLC Class A | Reduce -0.5% | 0.92% | −0.12 |
| PANW Palo Alto Networks Inc. | Reduce 0.0% | 0.90% | −0.12 |
| PNC PNC Financial Services Group | Reduce -2.3% | 1.62% | −0.11 |
| RMD Resmed Inc. | Reduce -0.6% | 1.63% | −0.11 |
| ADBE Adobe Inc. | Reduce -1.1% | 0.43% | −0.11 |
| BIPC Brookfield Infrastructure-A | Reduce -0.7% | 0.52% | −0.08 |
| VLTO Veralto Corp. | Reduce -0.1% | 0.95% | −0.06 |
| BIP Brookfield Infrastructure Pa | Reduce -0.1% | 0.40% | −0.06 |
| VXF Vanguard Extended Market ETF | Reduce -43.8% | 0.06% | −0.05 |
| AMT American Tower Corp. | Reduce -37.7% | 0.04% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.5% | 0.31% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -8.2% | 0.24% | −0.03 |
| AMAL Amalgamated Financial Corp. | Reduce -0.2% | 0.09% | −0.03 |
| KRNT Kornit Digital Ltd. | Reduce -11.2% | 0.02% | −0.02 |
| CNI Canadian Natl Railway Co. | Reduce -3.8% | 0.06% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -38.2% | 0.02% | −0.02 |
| VXUS Vanguard Total Intl Stock | Reduce -1.4% | 0.20% | −0.01 |
| FDX FedEx Corp. | Reduce -99.5% | 0.00% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -38.5% | 0.02% | −0.01 |
| T AT&T Inc. | Reduce -77.5% | 0.00% | −0.01 |
| FUTY Fidelity MSCI US Utilities | Reduce -69.6% | 0.01% | −0.01 |
| CF CF Industries Holdings Inc. | Reduce -14.3% | 0.03% | −0.01 |
| IBB iShares Biotechnology ETF | Reduce -2.3% | 1.12% | −0.01 |
| AKR Acadia Realty Trust | Reduce -22.6% | 0.03% | −0.01 |
| BN Brookfield Corp. | Reduce -11.1% | 0.07% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -35.6% | 0.01% | −0.01 |
| IMCG iShares Morningstar Mid-Cap | Reduce -42.9% | 0.01% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -2.7% | 0.10% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -1.0% | 1.99% | −0.01 |
| ZTS Zoetis Inc. | Reduce -24.7% | 0.01% | −0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -21.2% | 0.01% | −0.01 |
| KO The Coca-Cola Co. | Reduce -33.8% | 0.01% | −0.01 |
| EIX Edison International | Reduce -98.8% | 0.00% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -50.9% | 0.01% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -2.3% | 0.09% | −0.01 |
| NFRA NT GLBL BRD Infra ETF | Sold out | 0.00% | −0.01 |
| TGT Target Corp. | Reduce -35.4% | 0.00% | −0.00 |
| KMI Kinder Morgan Inc. | Reduce -98.8% | 0.00% | −0.00 |
| RSPS Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.00 |
| IWM iShares Russell 2000 ETF | Reduce -23.8% | 0.01% | −0.00 |
| HES Hess Corp. | Sold out | 0.00% | −0.00 |
| ICE Intercontinental Exchange Inc. | Reduce -3.3% | 0.01% | −0.00 |
| HEDJ Wisdomtree Europe Hedged Equ | Reduce -50.0% | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | Add +0.1% | 6.08% | +1.10 |
| EQIX Equinix Inc. | Add +420860.0% | 1.07% | +1.07 |
| AAPL Apple Inc. | Add +4.5% | 6.83% | +0.90 |
| NOW ServiceNow Inc. | Add +128.2% | 1.34% | +0.60 |
| NVDA Nvidia Corp. | Add +1.1% | 8.74% | +0.50 |
| GOOGL Alphabet Inc. Class A | Add +13.7% | 0.86% | +0.24 |
| ADI Analog Devices Inc. | Add +47.0% | 0.63% | +0.16 |
| AMAT Applied Materials Inc. | Add +644.1% | 0.10% | +0.09 |
| TSLA Tesla Inc. | Add +332.6% | 0.08% | +0.07 |
| TD Toronto-Dominion Bank | New | 0.05% | +0.05 |
| TJX TJX Companies Inc. | Add +0.4% | 0.96% | +0.04 |
| JNJ Johnson & Johnson | Add +0.3% | 0.49% | +0.04 |
| ONT Onterris Inc. | Add +1.0% | 0.30% | +0.03 |
| IYW iShares Ustechnology ETF | New | 0.03% | +0.03 |
| BX Blackstone Inc. | Add +422.3% | 0.04% | +0.03 |
| HLIO Helios Technologies Inc. | Add +1936.5% | 0.03% | +0.03 |
| AXON Axon Enterprise Inc. | New | 0.02% | +0.02 |
| ZS Zscaler Inc. | New | 0.02% | +0.02 |
| XLK SS Technology Select Sector | Add +47.0% | 0.07% | +0.02 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.02% | +0.02 |
| HUBS HubSpot Inc. | New | 0.02% | +0.02 |
| SPGI S&P Global Inc. | Add +248.4% | 0.03% | +0.02 |
| IAU iShares Gold Trust | New | 0.02% | +0.02 |
| SMH Vaneck Semiconductor ETF | New | 0.02% | +0.02 |
| WDAY Workday Inc. Class A | New | 0.02% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.02% | +0.02 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.01% | +0.01 |
| XAR SS SPDR S&P Aerospace Def | Add +75.8% | 0.03% | +0.01 |
| REG Regency Centers Corp. | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | New | 0.01% | +0.01 |
| BAC Bank of America Corp. | Add +69.0% | 0.03% | +0.01 |
| NUE Nucor Corp. | New | 0.01% | +0.01 |
| XLF SS Financial Select Sector | Add +132.7% | 0.02% | +0.01 |
| TTD Trade Desk Inc./the Class A | New | 0.01% | +0.01 |
| CSCO Cisco Systems Inc. | Add +74.4% | 0.04% | +0.01 |
| URI United Rentals Inc. | Add +46.4% | 0.03% | +0.01 |
| WFC Wells Fargo & Co. | Add +295.4% | 0.02% | +0.01 |
| GLD SPDR Gold Shares | Add +1.1% | 0.26% | +0.01 |
| MTD Mettler-Toledo International | New | 0.01% | +0.01 |
| XLY SS Consumer Disc Select Sect | New | 0.01% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +15.3% | 0.09% | +0.01 |
| AMJB Alerian MLP ETN2044 | New | 0.01% | +0.01 |
| HACK Amplify Cybersecurity ETF | Add +147.2% | 0.02% | +0.01 |
| COST Costco Wholesale Corp. | Add +27.5% | 0.16% | +0.01 |
| CIBR First Trust Nasdaq Cybersecu | Add +361.3% | 0.01% | +0.01 |
| VTR Ventas Inc. | New | 0.01% | +0.01 |
| IRM Iron Mountain Inc. | New | 0.01% | +0.01 |
| WRB WR Berkley Corp. | New | 0.01% | +0.01 |
| MPWR Monolithic Power Systems Inc. | New | 0.01% | +0.01 |
| ABBV Abbvie Inc. | Add +5.6% | 0.05% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| VHT Vanguard Health Care ETF | HEALTH CAR ETF | Reduce -100.0% | 0 | $80 |
| OGS One Gas Inc. | COM | Reduce -100.0% | 0 | $33 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |