Baer Investment Advisory LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Baer Investment Advisory LLC reported 25 stock positions worth $79.9 million . Its top holding was Amphenol Class A (APH) at 8.1% of the portfolio, followed by Amazon.com (AMZN, 7.1% ) and Emcor (EME, 6.7% ). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 17 and reduced 4. The biggest buy was a new position in Curtiss-Wright (CW) and the biggest sale an exit from Cadence Design SYS (CDNS).
Location CORTE MADERA, CA
CIK 0002057153
Portfolio Value $79.9M (Q3 2025) Holdings 25 stocks · $79.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 APH Amphenol Corp. Class A 52,294 $6.5M Add +3.1% AMZN Amazon.com Inc. 25,954 $5.7M Add +1.4% EME Emcor Group Inc. 8,203 $5.3M Add +0.7% INTU Intuit Inc. 7,332 $5.0M Add +59.8% VEEV Veeva Systems Inc. Class A 15,588 $4.6M Add +8.7% ADI Analog Devices Inc. 18,406 $4.5M Add +7.2% CSGP Costar Group Inc. 52,517 $4.4M Add +6.4% CW Curtiss-Wright Corp. 7,639 $4.1M New DE Deere & Co. 8,039 $3.7M Add +29.4% TXN Texas Instruments Inc. 19,056 $3.5M Add +262.2% AAPL Apple Inc. 13,528 $3.4M Add +3.3% COST Costco Wholesale Corp. 3,602 $3.3M Add +53.5% NVDA Nvidia Corp. 17,665 $3.3M Add +1.9% URI United Rentals Inc. 3,127 $3.0M Add +1.5% ZTS Zoetis Inc. 20,391 $3.0M Add +13.2% NFLX Netflix Inc. 2,173 $2.6M Add +11.8% APD Air Products & Chemicals Inc. 9,001 $2.5M Reduce -18.4% MSFT Microsoft Corp. 4,177 $2.2M Add +6.2% HD Home Depot Inc. 5,006 $2.0M Reduce -11.3% SHOP Shopify Inc. Class A 10,933 $1.6M New ECL Ecolab Inc. 5,359 $1.5M Add +17.5% TMO Thermo Fisher Scientific Inc. 3,010 $1.5M Reduce -13.7% EPD Enterprise Products Partners 46,225 $1.4M Reduce -28.5% QQQ Invesco QQQ Trust Series 1 1,877 $1.1M New SNAP Snap Inc. Class A 10,000 $77K No change
Options reported separately and not counted above: NVDA calls ($10.5M), TSM calls ($7.5M), MSFT calls ($4.8M), NFLX calls ($2.8M), SHOPIFY INC (SHOPCN 0.125 11/01/25) calls ($2.5M), CDNS calls ($2.4M), URI calls ($1.4M), TTD calls ($1.0M), CSGP calls ($841K), TMO calls ($756K), AAPL calls ($656K), AMZN calls ($595K), and 4 more.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ CDNS Cadence Design SYS Inc. Sold out 0.00% −5.08 TTD Trade Desk Inc./the Class A Sold out 0.00% −3.39 APD Air Products & Chemicals Inc. Reduce -18.4% 3.07% −1.95 EPD Enterprise Products Partners Reduce -28.5% 1.81% −1.47 HD Home Depot Inc. Reduce -11.3% 2.54% −0.86 TMO Thermo Fisher Scientific Inc. Reduce -13.7% 1.83% −0.43
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ CW Curtiss-Wright Corp. New 5.19% +5.19 ADI Analog Devices Inc. Add +7.2% 5.66% +5.05 TXN Texas Instruments Inc. Add +262.2% 4.38% +2.80 SHOP Shopify Inc. Class A New 2.03% +2.03 QQQ Invesco QQQ Trust Series 1 New 1.41% +1.41 APH Amphenol Corp. Class A Add +3.1% 8.10% +0.61 INTU Intuit Inc. Add +59.8% 6.26% +0.53 EME Emcor Group Inc. Add +0.7% 6.67% +0.42 URI United Rentals Inc. Add +1.5% 3.74% +0.26 NVDA Nvidia Corp. Add +1.9% 4.12% +0.23 COST Costco Wholesale Corp. Add +53.5% 4.17% +0.12 AAPL Apple Inc. Add +3.3% 4.31% −0.01 ECL Ecolab Inc. Add +17.5% 1.84% −0.14 MSFT Microsoft Corp. Add +6.2% 2.71% −0.26 CSGP Costar Group Inc. Add +6.4% 5.54% −0.37 DE Deere & Co. Add +29.4% 4.60% −0.56 NFLX Netflix Inc. Add +11.8% 3.26% −0.61 VEEV Veeva Systems Inc. Class A Add +8.7% 5.81% −0.72 ZTS Zoetis Inc. Add +13.2% 3.73% −1.26 AMZN Amazon.com Inc. Add +1.4% 7.13% −1.51
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ NVDA Nvidia Corp. call Add +0.0% 1,445 $10.5M TSM Taiwan Semiconductor-SP ADR call Add +0.0% 752 $7.5M MSFT Microsoft Corp. call Add +0.0% 374 $4.8M NFLX Netflix Inc. call Add +0.0% 92 $2.8M SHOPIFY INC (SHOPCN 0.125 11/01/25) call Add +0.0% 401 $2.5M CDNS Cadence Design SYS Inc. call Add +0.0% 339 $2.4M URI United Rentals Inc. call Add +0.0% 59 $1.4M TTD Trade Desk Inc./the Class A call Add +0.0% 967 $1.0M CSGP Costar Group Inc. call Add +0.0% 432 $841K TMO Thermo Fisher Scientific Inc. call Add +0.0% 69 $756K AAPL Apple Inc. call Add +0.0% 110 $656K AMZN Amazon.com Inc. call Add +0.0% 95 $595K VEEV Veeva Systems Inc. Class A call Add +0.0% 65 $362K INTU Intuit Inc. call Add +0.0% 22 $324K APD Air Products & Chemicals Inc. call Add +0.0% 136 $220K DE Deere & Co. call Add +0.0% 26 $213K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 25 $82.5M VEEV, AMZN, CW, DE, RACE Q1 2026 Amended 23 $70.4M AMZN, CW, EME, DE, RACE Q4 2025 23 $71.7M APH, AMZN, EME, ADI, INTU Q3 2025 25 $79.9M APH, AMZN, EME, INTU, VEEV Q2 2025 Amended 24 $61.2M AMZN, APH, VEEV, EME, CSGP Q1 2025 25 $77.3M NVDA, AMZN, CSGP, NFLX, APD Q4 2024 24 $92.8M ITOT, QQQ, AMZN, TSM, AAPL