Baer Investment Advisory LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Baer Investment Advisory LLC reported 23 stock positions worth $71.7 million . Its top holding was Amphenol Class A (APH) at 9.2% of the portfolio, followed by Amazon.com (AMZN, 8.5% ) and Emcor (EME, 7.2% ). Compared with Q3 2025, it opened 3 new positions, sold out of 5, added to 11 and reduced 8. The biggest buy was Ecolab (ECL, shares +172% ) and the biggest sale an exit from Costar (CSGP).
Location CORTE MADERA, CA
CIK 0002057153
Portfolio Value $71.7M (Q4 2025) Holdings 23 stocks · $71.7M 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 Q3 2025 APH Amphenol Corp. Class A 48,822 $6.6M Reduce -6.6% AMZN Amazon.com Inc. 26,311 $6.1M Add +1.4% EME Emcor Group Inc. 8,439 $5.2M Add +2.9% ADI Analog Devices Inc. 18,351 $5.0M Reduce -0.3% INTU Intuit Inc. 7,301 $4.8M Reduce -0.4% CW Curtiss-Wright Corp. 7,963 $4.4M Add +4.2% DE Deere & Co. 8,363 $3.9M Add +4.0% ECL Ecolab Inc. 14,561 $3.8M Add +171.7% AAPL Apple Inc. 13,938 $3.8M Add +3.0% VEEV Veeva Systems Inc. Class A 16,286 $3.6M Add +4.5% NVDA Nvidia Corp. 17,550 $3.3M Reduce -0.7% TXN Texas Instruments Inc. 16,912 $2.9M Reduce -11.3% URI United Rentals Inc. 3,372 $2.7M Add +7.8% EPD Enterprise Products Partners 79,774 $2.6M Add +72.6% NFLX Netflix Inc. 23,198 $2.2M Add +6.8% IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 7,306 $2.2M New RACE Ferrari NV 5,330 $2.0M New MSFT Microsoft Corp. 3,930 $1.9M Reduce -5.9% TMO Thermo Fisher Scientific Inc. 3,023 $1.8M Add +0.4% SHOP Shopify Inc. Class A 10,503 $1.7M Reduce -3.9% CDNS Cadence Design SYS Inc. 3,378 $1.1M New QQQ Invesco QQQ Trust Series 1 354 $217K Reduce -81.1% SNAP Snap Inc. Class A 10,000 $81K No change
Options reported separately and not counted above: NVDA calls ($9.8M), TSM calls ($7.2M), MSFT calls ($4.0M), NFLX calls ($2.2M), SHOPIFY INC (SHOPCN 0.125 11/01/25) calls ($2.1M), CSGP calls ($2.0M), IBM calls ($1.5M), TMO calls ($1.2M), CDNS calls ($1.2M), URI calls ($733K), AMZN calls ($634K), AAPL calls ($508K), and 1 more.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ CSGP Costar Group Inc. Sold out 0.00% −5.54 COST Costco Wholesale Corp. Sold out 0.00% −4.17 ZTS Zoetis Inc. Sold out 0.00% −3.73 APD Air Products & Chemicals Inc. Sold out 0.00% −3.07 HD Home Depot Inc. Sold out 0.00% −2.54 QQQ Invesco QQQ Trust Series 1 Reduce -81.1% 0.30% −1.11 TXN Texas Instruments Inc. Reduce -11.3% 4.09% −0.29 MSFT Microsoft Corp. Reduce -5.9% 2.65% −0.06 SHOP Shopify Inc. Class A Reduce -3.9% 2.36% +0.33 NVDA Nvidia Corp. Reduce -0.7% 4.57% +0.44 INTU Intuit Inc. Reduce -0.4% 6.75% +0.48 APH Amphenol Corp. Class A Reduce -6.6% 9.20% +1.11 ADI Analog Devices Inc. Reduce -0.3% 6.94% +1.28
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ ECL Ecolab Inc. Add +171.7% 5.33% +3.50 IBM Intl Business Machines Corp. New 3.02% +3.02 RACE Ferrari NV New 2.75% +2.75 EPD Enterprise Products Partners Add +72.6% 3.57% +1.76 CDNS Cadence Design SYS Inc. New 1.47% +1.47 AMZN Amazon.com Inc. Add +1.4% 8.47% +1.34 AAPL Apple Inc. Add +3.0% 5.29% +0.98 CW Curtiss-Wright Corp. Add +4.2% 6.12% +0.94 DE Deere & Co. Add +4.0% 5.43% +0.83 TMO Thermo Fisher Scientific Inc. Add +0.4% 2.44% +0.62 EME Emcor Group Inc. Add +2.9% 7.20% +0.54 URI United Rentals Inc. Add +7.8% 3.81% +0.07 NFLX Netflix Inc. Add +6.8% 3.03% −0.23 VEEV Veeva Systems Inc. Class A Add +4.5% 5.07% −0.74
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ NVDA Nvidia Corp. call Reduce -6.3% 1,354 $9.8M TSM Taiwan Semiconductor-SP ADR call Reduce -9.6% 680 $7.2M MSFT Microsoft Corp. call Add +3.2% 386 $4.0M NFLX Netflix Inc. call Reduce -1.5% 906 $2.2M SHOPIFY INC (SHOPCN 0.125 11/01/25) call Reduce -18.9% 325 $2.1M CSGP Costar Group Inc. call Add +236.6% 1,454 $2.0M IBM Intl Business Machines Corp. call New 242 $1.5M CDNS Cadence Design SYS Inc. call Reduce -28.0% 244 $1.2M TTD Trade Desk Inc./the Class A call Sold out 967 $1.0Mbefore exit URI United Rentals Inc. call Reduce -8.5% 54 $733K AMZN Amazon.com Inc. call Add +7.4% 102 $634K AAPL Apple Inc. call Reduce -29.1% 78 $508K VEEV Veeva Systems Inc. Class A call Sold out 65 $362Kbefore exit INTU Intuit Inc. call Sold out 22 $324Kbefore exit QQQ Invesco QQQ Trust Series 1 put New 352 $280K APD Air Products & Chemicals Inc. call Sold out 136 $220Kbefore exit DE Deere & Co. call Sold out 26 $213Kbefore exit
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