Avalon Trust Co
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Avalon Trust Co reported 426 stock positions worth $1.5 billion. Its top holding was Nvidia (NVDA) at 8.9% of the portfolio, followed by Alphabet Class C (GOOG, 7.7%) and Broadcom (AVGO, 7.4%). Compared with Q3 2025, it opened 17 new positions, sold out of 201, added to 51 and reduced 201. The biggest buy was a new position in Entergy (ETR) and the biggest sale Chart Industries (GTLS, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001798150
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001798150-26-000001 ↗ filed Feb 9, 2026
Holdings Value
Holdings 426 stocks · $1.5B
| NVDA Nvidia Corp. | 8.86% | 734,592 | $137.0M | Add +1.8% |
| GOOG Alphabet Inc. Class C | 7.70% | 379,613 | $119.1M | Reduce -1.2% |
| AVGO Broadcom Inc. | 7.43% | 332,023 | $114.9M | Reduce -1.0% |
| AAPL Apple Inc. | 7.23% | 411,025 | $111.7M | Reduce -0.6% |
| MSFT Microsoft Corp. | 7.22% | 230,779 | $111.6M | Add +0.3% |
| AMZN Amazon.com Inc. | 5.47% | 366,405 | $84.6M | Add +0.5% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 4.40% | 1,331,424 | $68.0M | Add +2.7% |
| V Visa Inc. Class A | 3.93% | 173,135 | $60.7M | Add +2.3% |
| PWR Quanta Services Inc. | 2.56% | 93,664 | $39.5M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.28% | 70,028 | $35.2M | Reduce -3.7% |
| FSLR First Solar Inc. | 2.21% | 130,920 | $34.2M | Reduce -0.9% |
| BE Bloom Energy Corp. Class A | 1.99% | 354,869 | $30.8M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 1.98% | 126,719 | $30.6M | Add +3.6% |
| PPH Vaneck Pharmaceutical ETF | 1.79% | 267,854 | $27.6M | Reduce -2.7% |
| PGR Progressive Corp. | 1.76% | 119,225 | $27.1M | Add +1.2% |
| PNC PNC Financial Services Group | 1.68% | 124,210 | $25.9M | Reduce -0.0% |
| RMD Resmed Inc. | 1.44% | 92,464 | $22.3M | Add +0.9% |
| CMS CMS Energy Corp. | 1.32% | 292,171 | $20.4M | Add +0.3% |
| AZO AutoZone Inc. | 1.32% | 6,012 | $20.4M | Add +0.8% |
| TMO Thermo Fisher Scientific Inc. | 1.31% | 35,056 | $20.3M | Reduce -0.4% |
| AON Aon PLC Class A | 1.30% | 56,886 | $20.1M | Add +43.7% |
| AWK American Water Works Co. Inc. | 1.29% | 152,739 | $19.9M | Add +3.0% |
| LIN Linde PLC | 1.24% | 45,018 | $19.2M | Add +13.3% |
| DHR Danaher Corp. | 1.16% | 78,545 | $18.0M | Reduce -0.3% |
| NOW ServiceNow Inc. | 1.09% | 109,935 | $16.8M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 1.08% | 53,532 | $16.8M | Reduce -1.3% |
| EQIX Equinix Inc. | 1.05% | 21,255 | $16.3M | Add +1.0% |
| VMI Valmont Industries | 1.03% | 39,587 | $15.9M | Reduce -0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.01% | 101,345 | $15.6M | Reduce -0.8% |
| VLTO Veralto Corp. | 0.91% | 140,264 | $14.0M | Add +2.6% |
| PANW Palo Alto Networks Inc. | 0.85% | 70,978 | $13.1M | Add +4.4% |
| ANET Arista Networks Inc. | 0.78% | 92,355 | $12.1M | Add +0.9% |
| MDLZ Mondelez International Inc. Class A | 0.76% | 219,262 | $11.8M | Add +3.0% |
| USFD US Foods Holding Corp. | 0.70% | 142,931 | $10.8M | Add +0.9% |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 0.69% | 427,549 | $10.6M | Add +157.5% |
| ADI Analog Devices Inc. | 0.68% | 38,896 | $10.5M | Reduce -0.9% |
| TYL Tyler Technologies Inc. | 0.68% | 23,139 | $10.5M | Add +18.0% |
| BIPC Brookfield Infrastructure-A | 0.56% | 192,004 | $8.7M | Reduce -0.6% |
| NVT Nvent Electric PLC | 0.56% | 84,765 | $8.6M | Reduce -0.1% |
| JNJ Johnson & Johnson | 0.54% | 40,597 | $8.4M | Reduce -0.7% |
| BIP Brookfield Infrastructure Pa | 0.42% | 186,980 | $6.5M | No change |
| ETR Entergy Corp. | 0.40% | 66,557 | $6.2M | New |
| HASI Ha Sustainable Infrastructur | 0.37% | 183,140 | $5.8M | Add +1.0% |
| ADBE Adobe Inc. | 0.30% | 13,403 | $4.7M | Reduce -29.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.30% | 6,696 | $4.6M | Reduce -7.8% |
| GLD SPDR Gold Shares | 0.29% | 11,234 | $4.5M | Add +1.3% |
| NOC Northrop Grumman Corp. | 0.27% | 7,409 | $4.2M | Reduce -5.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.22% | 9,972 | $3.3M | Reduce -11.9% |
| MA Mastercard Inc. Class A | 0.22% | 5,838 | $3.3M | Reduce -0.3% |
| IBB iShares Biotechnology ETF | 0.18% | 16,225 | $2.7M | Reduce -86.4% |
| XLV SS Health Care Select Sector | 0.17% | 17,073 | $2.6M | No change |
| TRV The Travelers Cos Inc. | 0.16% | 8,749 | $2.5M | Add +2.6% |
| VXUS Vanguard Total Intl Stock | 0.16% | 33,000 | $2.5M | Reduce -19.5% |
| TT Trane Technologies PLC | 0.15% | 6,020 | $2.3M | Reduce -5.8% |
| COST Costco Wholesale Corp. | 0.15% | 2,706 | $2.3M | Add +1.2% |
| AMAT Applied Materials Inc. | 0.12% | 7,429 | $1.9M | Reduce -0.2% |
| ULTA Ulta Beauty Inc. | 0.11% | 2,781 | $1.7M | Add +0.7% |
| AMAL Amalgamated Financial Corp. | 0.10% | 49,435 | $1.6M | No change |
| KKR KKR & Co. Inc. | 0.10% | 12,301 | $1.6M | Add +3.3% |
| JPM JPMorgan Chase & Co. | 0.10% | 4,571 | $1.5M | No change |
| MS Morgan Stanley | 0.09% | 8,071 | $1.4M | Reduce -0.2% |
| IVV iShares Core S&P 500 ETF | 0.09% | 1,961 | $1.3M | Reduce -3.8% |
| ORCL Oracle Corp. | 0.09% | 6,806 | $1.3M | No change |
| MRK Merck & Co. Inc. | 0.09% | 12,550 | $1.3M | Reduce -31.4% |
| GS Goldman Sachs Group Inc. | 0.08% | 1,459 | $1.3M | Reduce -0.5% |
| TSLA Tesla Inc. | 0.08% | 2,759 | $1.2M | Reduce -3.7% |
| XLK SS Technology Select Sector | 0.07% | 7,176 | $1.0M | No change |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.07% | 2,450 | $1.0M | No change |
| CNI Canadian Natl Railway Co. | 0.07% | 10,200 | $1.0M | No change |
| AVB Avalonbay Communities Inc. | 0.06% | 5,320 | $965K | Reduce -11.5% |
| BN Brookfield Corp. | 0.06% | 21,000 | $964K | Reduce -12.5% |
| LLY Eli Lilly & Co. | 0.06% | 891 | $958K | Reduce -7.8% |
| TD Toronto-Dominion Bank | 0.06% | 10,000 | $942K | No change |
| MKL Markel Group Inc. | 0.06% | 425 | $914K | No change |
| PG The Procter & Gamble Co. | 0.05% | 5,857 | $839K | Reduce -21.6% |
| ABBV Abbvie Inc. | 0.05% | 3,278 | $749K | Reduce -5.2% |
| ABT Abbott Laboratories | 0.05% | 5,739 | $719K | Reduce -23.2% |
| CRM Salesforce Inc. | 0.04% | 2,595 | $687K | Reduce -3.5% |
| MDY State Street SPDR S&P Midcap | 0.04% | 1,000 | $603K | No change |
| VRSK Verisk Analytics Inc. | 0.04% | 2,591 | $580K | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.04% | 7,187 | $577K | Reduce -18.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.04% | 10,148 | $558K | Reduce -1.5% |
| DHI D.R. Horton Inc. | 0.03% | 3,750 | $540K | Reduce -44.4% |
| SOXX iShares Semiconductor ETF | 0.03% | 1,750 | $527K | No change |
| WMT Walmart Inc. | 0.03% | 4,625 | $515K | Reduce -1.2% |
| MMM 3M Co. | 0.03% | 3,200 | $512K | Reduce -0.3% |
| HD Home Depot Inc. | 0.03% | 1,464 | $504K | Reduce -0.6% |
| AMT American Tower Corp. | 0.03% | 2,865 | $503K | Reduce -1.7% |
| ADP Automatic Data Processing | 0.03% | 1,941 | $499K | Reduce -0.6% |
| WAT Waters Corp. | 0.03% | 1,300 | $494K | Reduce -10.0% |
| AKR Acadia Realty Trust | 0.03% | 24,000 | $493K | No change |
| XAR SS SPDR S&P Aerospace Def | 0.03% | 2,035 | $491K | Reduce -9.6% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.03% | 6,000 | $464K | No change |
| ISRG Intuitive Surgical Inc. | 0.03% | 809 | $458K | No change |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.03% | 3,234 | $457K | No change |
| OC Owens Corning | 0.03% | 4,000 | $448K | No change |
| SPGI S&P Global Inc. | 0.03% | 846 | $442K | Reduce -3.6% |
| UNP Union Pacific Corp. | 0.03% | 1,870 | $433K | Reduce -0.5% |
| TFC Truist Financial Corp. | 0.03% | 8,775 | $432K | Reduce -0.4% |
| PLD Prologis Inc. | 0.03% | 3,373 | $431K | Add +1.1% |
Other holdings (4): 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 |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 76 | $69 | No change |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 76 | $40 | New |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 76 | $31 | New |
Lines left out (3) · $106 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| VHT Vanguard Health Care ETF | HEALTH CAR ETF | 0 | $88 |
| CGW Invesco S&P Global Water Ind | S&P GBL WATER | 0 | $9 |
| VTV Vanguard Mrngstr Val ETF-Aui | VALUE ETF | 0 | $9 |
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 Q3 2025 → Q4 2025
| GTLS Chart Industries Inc. | Reduce -99.7% | 0.00% | −0.99 |
| IBB iShares Biotechnology ETF | Reduce -86.4% | 0.18% | −0.94 |
| OWL Blue Owl Capital Inc. | Reduce -97.5% | 0.02% | −0.75 |
| NOW ServiceNow Inc. | Reduce -1.8% | 1.09% | −0.25 |
| ADBE Adobe Inc. | Reduce -29.4% | 0.30% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.7% | 2.28% | −0.10 |
| VXF Vanguard Extended Market ETF | Sold out | 0.00% | −0.06 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.04 |
| DHI D.R. Horton Inc. | Reduce -44.4% | 0.03% | −0.04 |
| NOC Northrop Grumman Corp. | Reduce -5.2% | 0.27% | −0.04 |
| VXUS Vanguard Total Intl Stock | Reduce -19.5% | 0.16% | −0.03 |
| LEN Lennar Corp. Class A | Reduce -50.3% | 0.02% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -11.9% | 0.22% | −0.03 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -59.8% | 0.02% | −0.02 |
| TT Trane Technologies PLC | Reduce -5.8% | 0.15% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -21.6% | 0.05% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.8% | 0.30% | −0.02 |
| ABT Abbott Laboratories | Reduce -23.2% | 0.05% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -83.7% | 0.00% | −0.02 |
| OKE Oneok Inc. | Sold out | 0.00% | −0.02 |
| HACK Amplify Cybersecurity ETF | Sold out | 0.00% | −0.02 |
| XLF SS Financial Select Sector | Reduce -64.5% | 0.01% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -31.4% | 0.09% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -67.9% | 0.01% | −0.01 |
| VYM Vanguard High DVD Yield ETF | Reduce -99.9% | 0.00% | −0.01 |
| AVB Avalonbay Communities Inc. | Reduce -11.5% | 0.06% | −0.01 |
| LYV Live Nation Entertainment Inc. | Sold out | 0.00% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -21.1% | 0.03% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -35.5% | 0.03% | −0.01 |
| BX Blackstone Inc. | Reduce -18.4% | 0.03% | −0.01 |
| PHO Invesco Water Resources ETF | Sold out | 0.00% | −0.01 |
| ITA iShares U.S. Aerospace & Def | Reduce -31.6% | 0.02% | −0.01 |
| BN Brookfield Corp. | Reduce -12.5% | 0.06% | −0.01 |
| URI United Rentals Inc. | Reduce -12.1% | 0.02% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Reduce -94.1% | 0.00% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -68.8% | 0.00% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -73.3% | 0.00% | −0.01 |
| WRB WR Berkley Corp. | Sold out | 0.00% | −0.01 |
| GIS General Mills Inc. | Reduce -23.3% | 0.02% | −0.01 |
| JCPI JP Morgan Inflation MGD Bond | Sold out | 0.00% | −0.01 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.01 |
| CVX Chevron Corp. | Reduce -59.6% | 0.00% | −0.01 |
| AIQ Global X Art Intel & Tech | Sold out | 0.00% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -63.4% | 0.00% | −0.01 |
| TIP iShares Tips Bond ETF | Reduce -36.3% | 0.01% | −0.01 |
| PEP Pepsico Inc. | Reduce -25.2% | 0.02% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -19.4% | 0.02% | −0.01 |
| WDAY Workday Inc. Class A | Reduce -33.4% | 0.01% | −0.01 |
| TTD Trade Desk Inc./the Class A | Reduce -37.6% | 0.01% | −0.01 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| ETR Entergy Corp. | New | 0.40% | +0.40 |
| ONT Onterris Inc. | Add +157.5% | 0.69% | +0.39 |
| AON Aon PLC Class A | Add +43.7% | 1.30% | +0.38 |
| AMZN Amazon.com Inc. | Add +0.5% | 5.47% | +0.27 |
| V Visa Inc. Class A | Add +2.3% | 3.93% | +0.17 |
| NVDA Nvidia Corp. | Add +1.8% | 8.86% | +0.12 |
| JMTG Mortgage-Backed Securities | Add +2.7% | 4.40% | +0.10 |
| GLD SPDR Gold Shares | Add +1.3% | 0.29% | +0.03 |
| LIN Linde PLC | Add +13.3% | 1.24% | +0.02 |
| TYL Tyler Technologies Inc. | Add +18.0% | 0.68% | +0.01 |
| HASI Ha Sustainable Infrastructur | Add +1.0% | 0.37% | +0.01 |
| ULTA Ulta Beauty Inc. | Add +0.7% | 0.11% | +0.01 |
| EFA iShares MSCI Eafe ETF | Add +142.4% | 0.02% | +0.01 |
| SHOP Shopify Inc. Class A | New | 0.01% | +0.01 |
| TRV The Travelers Cos Inc. | Add +2.6% | 0.16% | +0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +58.7% | 0.02% | +0.01 |
| SLV iShares Silver Trust | Add +9.3% | 0.01% | +0.01 |
| MELI MercadoLibre Inc. | Add +700.0% | 0.01% | +0.00 |
| ASML ASML Holding NV-NY Reg SHS | Add +37.5% | 0.01% | +0.00 |
| CIBR First Trust Nasdaq Cybersecu | Add +45.6% | 0.01% | +0.00 |
| BEP Brookfield Renewable Partner | New | 0.00% | +0.00 |
| BWXT BWX Technologies Inc. | New | 0.00% | +0.00 |
| KNSL Kinsale Capital Group Inc. | Add +75.0% | 0.01% | +0.00 |
| CCJ Cameco Corp. | New | 0.00% | +0.00 |
| PLD Prologis Inc. | Add +1.1% | 0.03% | +0.00 |
| NVCT Nuvectis Pharma Inc. | Add +40.0% | 0.01% | +0.00 |
| AKRE Akre Focus ETF | New | 0.00% | +0.00 |
| FVR Frontview REIT Inc. | New | 0.00% | +0.00 |
| CSR Centerspace | New | 0.00% | +0.00 |
| IREN Iren Ltd. | Add +61.2% | 0.01% | +0.00 |
| UBER Uber Technologies Inc. | Add +1333.3% | 0.00% | +0.00 |
| ESGV Vanguard ESG US Stock ETF | New | 0.00% | +0.00 |
| AXON Axon Enterprise Inc. | Add +37.0% | 0.03% | +0.00 |
| URA Global X Uranium ETF | New | 0.00% | +0.00 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.00% | +0.00 |
| NET Cloudflare Inc. Class A | New | 0.00% | +0.00 |
| FCX Freeport-McMoran Inc. | Add +5.0% | 0.01% | +0.00 |
| IVT Inventrust Properties Corp. | Add +46.3% | 0.00% | +0.00 |
| WSR Whitestone REIT | Add +52.4% | 0.00% | +0.00 |
| MP MP Materials Corp. | New | 0.00% | +0.00 |
| KKR KKR & Co. Inc. | Add +3.3% | 0.10% | +0.00 |
| IJH iShares Core S&P Midcap ETF | Add +2.7% | 0.02% | +0.00 |
| QS Quantumscape Corp. | New | 0.00% | +0.00 |
| TMDX Transmedics Group Inc. | New | 0.00% | +0.00 |
| UEC Uranium Energy Corp. | New | 0.00% | +0.00 |
| COLD Americold Realty Trust Inc. | Add +12.3% | 0.00% | +0.00 |
| FBTC Fidelity Wise Origin Bitcoin | Add +56.0% | 0.00% | +0.00 |
| USAR USA Rare Earth Inc. | New | 0.00% | +0.00 |
| BXP BXP Inc. | Add +3.7% | 0.00% | −0.00 |
| METCB Ramaco Resources Inc. Class B | Add +1.7% | 0.00% | −0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 76 | $40 |
| OGS One Gas Inc. | COM | Sold out | 0 | $33before exit |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 76 | $31 |
| VTV Vanguard Mrngstr Val ETF-Aui | VALUE ETF | Reduce -100.0% | 0 | $9 |
| CGW Invesco S&P Global Water Ind | S&P GBL WATER | Reduce -100.0% | 0 | $9 |
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 |