Ballast, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Ballast, Inc. reported 132 stock positions worth $410.7 million. Its top holding was Vanguard Most SM-Cap ETF-Usd (VB) at 10.4% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 9.8%) and Invesco S&P 500 Quality ETF (SPHQ, 6.5%). Compared with Q2 2025, it opened 7 new positions, sold out of 3, added to 27 and reduced 51. The biggest buy was Vanguard Most SM-Cap ETF-Usd (VB, shares +2%) and the biggest sale Costco Wholesale (COST, shares −0%).

Most Recent 13F
Q2 2026
Location
Lexington, KY
CIK
0001730477
Portfolio Value
$410.7M (Q3 2025)
SEC Filing
0001172661-25-004628 ↗ filed Nov 7, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $316.5M Q1 2024 Q2 2024: $324.9M Q2 2024 Q3 2024: $352.5M Q3 2024 Q4 2024: $349.8M Q4 2024 Q1 2025: $353.4M Q1 2025 Q2 2025: $381.9M Q2 2025 Q3 2025: $410.7M $410.7M Q3 2025 Q4 2025: $427.3M Q4 2025 Q1 2026: $432.4M Q1 2026 Q2 2026: $530.2M Q2 2026

Holdings 132 stocks · $410.7M
VB Vanguard Most SM-Cap ETF-Usd 10.37% 167,436 $42.6M Add +2.3%
VO Vngrd Mrngstr MD-Cap ETF-Usd 9.78% 136,681 $40.1M Add +2.0%
SPHQ Invesco S&P 500 Quality ETF 6.47% 362,684 $26.6M Add +3.8%
COWZ Pacer US Cash Cows 100 ETF 4.63% 330,811 $19.0M Add +3.4%
VEU Vanguard Ftse All-World Ex-U 4.33% 249,328 $17.8M Add +1.0%
RSP Invesco S&P 500 Equal Weight 4.24% 91,721 $17.4M Add +3.5%
SHY iShares 1-3 Year Treasury Bo 4.14% 205,111 $17.0M Add +5.5%
VYM Vanguard High DVD Yield ETF 4.11% 119,695 $16.9M Add +2.8%
SPLV Invesco S&P 500 Low Volatili 3.67% 205,011 $15.1M Add +3.3%
AAPL Apple Inc. 3.30% 53,261 $13.6M Reduce -0.7%
PFF iShares Preferred & Income S 3.06% 396,927 $12.6M Add +4.8%
IWF iShares Russell 1000 Growth 2.85% 24,960 $11.7M Add +2.6%
VHT Vanguard Health Care ETF 2.46% 38,885 $10.1M Add +3.7%
MSFT Microsoft Corp. 2.04% 16,176 $8.4M Reduce -1.0%
IWD iShares Russell 1000 Value E 1.94% 39,175 $8.0M Add +3.2%
GRBK Green Brick Partners Inc. 1.32% 73,494 $5.4M No change
UNH Unitedhealth Group Inc. 1.32% 15,693 $5.4M Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B 1.21% 9,916 $5.0M Reduce -0.3%
JPM JPMorgan Chase & Co. 1.06% 13,862 $4.4M Reduce -0.9%
JNJ Johnson & Johnson 1.05% 23,190 $4.3M Reduce -1.4%
VGT Vanguard Info Tech ETF 1.00% 5,505 $4.1M Add +6.2%
AMZN Amazon.com Inc. 0.91% 16,967 $3.7M Reduce -1.4%
GOOG Alphabet Inc. Class C 0.83% 14,058 $3.4M Reduce -1.4%
LLY Eli Lilly & Co. 0.81% 4,361 $3.3M Add +0.7%
COST Costco Wholesale Corp. 0.65% 2,884 $2.7M Reduce -0.3%
VWO Vanguard Ftse Emerging Marke 0.62% 47,100 $2.6M Reduce -0.7%
WMT Walmart Inc. 0.61% 24,207 $2.5M Reduce -2.3%
PG The Procter & Gamble Co. 0.59% 15,690 $2.4M Reduce -1.1%
GOOGL Alphabet Inc. Class A 0.57% 9,586 $2.3M Add +1.4%
HD Home Depot Inc. 0.52% 5,315 $2.2M Reduce -1.1%
XOM Exxon Mobil Corp. 0.52% 18,945 $2.1M Reduce -0.3%
MU Micron Technology Inc. 0.52% 12,752 $2.1M Reduce -2.4%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.51% 18,678 $2.1M Add +6.3%
RTX RTX Corp. 0.48% 11,896 $2.0M Reduce -2.7%
DUK Duke Energy Corp. 0.48% 15,779 $2.0M Reduce -0.4%
AGG iShares Core U.S. Aggregate 0.46% 18,755 $1.9M Add +3.0%
TFC Truist Financial Corp. 0.45% 39,997 $1.8M Reduce -2.6%
TRV The Travelers Cos Inc. 0.45% 6,548 $1.8M Reduce -1.3%
CSCO Cisco Systems Inc. 0.43% 25,785 $1.8M Reduce -1.1%
NVDA Nvidia Corp. 0.41% 9,008 $1.7M No change
NTRS Northern Trust Corp. 0.41% 12,482 $1.7M Reduce -4.3%
NKE Nike Inc. Class B 0.40% 23,329 $1.6M Reduce -1.9%
ED Consolidated Edison Inc. 0.39% 15,948 $1.6M Reduce -2.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.38% 13,653 $1.6M Reduce -2.1%
DE Deere & Co. 0.38% 3,401 $1.6M Reduce -0.1%
DD Dupont DE Nemours Inc. 0.37% 19,394 $1.5M Reduce -1.1%
BA The Boeing Co. 0.37% 6,980 $1.5M Reduce -3.4%
AMD Advanced Micro Devices 0.37% 9,292 $1.5M Reduce -4.5%
HON Honeywell International Inc. 0.35% 6,916 $1.5M Reduce -0.7%
V Visa Inc. Class A 0.35% 4,246 $1.4M Add +0.3%
TXN Texas Instruments Inc. 0.35% 7,868 $1.4M Reduce -0.7%
TGT Target Corp. 0.34% 15,425 $1.4M Reduce -5.8%
CRM Salesforce Inc. 0.33% 5,751 $1.4M Add +0.2%
CAT Caterpillar Inc. 0.33% 2,825 $1.3M No change
CB Chubb Ltd. 0.33% 4,737 $1.3M Add +0.1%
ORCL Oracle Corp. 0.32% 4,672 $1.3M No change
IVV iShares Core S&P 500 ETF 0.31% 1,916 $1.3M No change
UNP Union Pacific Corp. 0.31% 5,319 $1.3M No change
TMUS T-Mobile US Inc. 0.31% 5,238 $1.3M Reduce -0.9%
MDT Medtronic PLC 0.30% 13,066 $1.2M Reduce -1.0%
KMB Kimberly-Clark Corp. 0.30% 9,891 $1.2M Add +0.3%
PEP Pepsico Inc. 0.30% 8,642 $1.2M No change
MDLZ Mondelez International Inc. Class A 0.29% 18,983 $1.2M Reduce -0.4%
HAL Halliburton Co. 0.29% 47,839 $1.2M Reduce -1.3%
VLO Valero Energy Corp. 0.26% 6,372 $1.1M Reduce -2.5%
PFE Pfizer Inc. 0.25% 40,884 $1.0M Reduce -0.8%
GLW Corning Inc. 0.22% 10,922 $896K Reduce -6.4%
KO The Coca-Cola Co. 0.21% 13,175 $874K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 1,257 $838K Add +1.6%
ABBV Abbvie Inc. 0.18% 3,132 $725K No change
NSC Norfolk Southern Corp. 0.18% 2,408 $723K No change
MCD McDonald's Corp. 0.17% 2,244 $682K No change
VIG Vanguard Dividend Apprec ETF 0.16% 3,091 $667K No change
IJH iShares Core S&P Midcap ETF 0.16% 9,848 $643K No change
SYK Stryker Corp. 0.15% 1,642 $607K No change
VXF Vanguard Extended Market ETF 0.13% 2,625 $550K No change
XPO Xpo Inc. 0.13% 4,173 $539K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.13% 2,881 $537K Add +2.5%
GD General Dynamics Corp. 0.13% 1,575 $537K Reduce -4.5%
GS Goldman Sachs Group Inc. 0.12% 631 $502K Reduce -24.5%
MA Mastercard Inc. Class A 0.11% 824 $469K Reduce -6.6%
META Meta Platforms Inc. Class A 0.11% 635 $466K No change
GLD SPDR Gold Shares 0.11% 1,295 $460K No change
AFL Aflac Inc. 0.11% 4,087 $457K Reduce -4.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.11% 8,562 $442K No change
AXP American Express Co. 0.10% 1,288 $428K No change
NOC Northrop Grumman Corp. 0.10% 701 $427K No change
CINF Cincinnati Financial Corp. 0.10% 2,655 $420K No change
NEE Nextera Energy Inc. 0.10% 5,533 $418K No change
TSLA Tesla Inc. 0.10% 907 $403K No change
IJR iShares Core S&P Small-Cap E 0.10% 3,376 $401K Reduce -15.1%
SCHD Schwab US DVD Equity ETF 0.10% 14,415 $394K No change
AVGO Broadcom Inc. 0.09% 1,182 $390K No change
SPYG SS SPDR P S&P 500 Growth ETF 0.09% 3,725 $389K Reduce -18.2%
VNQ Vanguard Real Estate ETF 0.09% 4,185 $383K No change
SPYV SS SPDR P S&P 500 Value ETF 0.09% 6,706 $371K Reduce -17.7%
EMR Emerson Electric Co. 0.09% 2,757 $362K Reduce -3.5%
PLTR Palantir Technologies Inc. Class A 0.09% 1,981 $361K Reduce -12.5%
ABT Abbott Laboratories 0.09% 2,693 $361K No change
WFC Wells Fargo & Co. 0.09% 4,295 $360K No change
BX Blackstone Inc. 0.09% 2,104 $359K Reduce -30.2%
KKR KKR & Co. Inc. 0.09% 2,752 $358K Reduce -2.5%
VTI VG Morningstar TS MKT ETF-US 0.09% 1,080 $354K No change
IWS iShares Russell Mid-Cap Valu 0.08% 2,487 $347K No change
COP Conocophillips 0.08% 3,508 $332K Add +1.3%
DGX Quest Diagnostics Inc. 0.08% 1,712 $326K No change
CTSH Cognizant Tech Solutions-A 0.07% 4,570 $307K No change
USB US Bancorp 0.07% 6,282 $304K No change
MRK Merck & Co. Inc. 0.07% 3,448 $289K No change
CVX Chevron Corp. 0.07% 1,860 $289K No change
MKL Markel Group Inc. 0.07% 143 $273K Reduce -37.3%
VOO Vanguard S&P 500 ETF 0.06% 434 $266K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.06% 646 $260K Add +1.9%
GE General Electric filed as GE AEROSPACE 0.06% 827 $249K No change
MRSH Marsh & McLennan Cos 0.06% 1,230 $248K No change
SLF Sun Life Financial Inc. 0.06% 4,083 $245K No change
D Dominion Energy Inc. 0.06% 3,938 $241K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.06% 5,543 $237K Reduce -19.5%
T AT&T Inc. 0.06% 8,391 $237K No change
FDX FedEx Corp. 0.06% 977 $230K Reduce -7.1%
ACN Accenture PLC Class A 0.06% 930 $229K No change
CHD Church & Dwight Co. Inc. 0.06% 2,587 $227K No change
QQQ Invesco QQQ Trust Series 1 0.05% 369 $222K New
GXO Gxo Logistics Inc. 0.05% 4,062 $215K New
ALL Allstate Corp. 0.05% 1,000 $215K No change
ECL Ecolab Inc. 0.05% 750 $205K No change
CTAS Cintas Corp. 0.05% 1,000 $205K No change
MO Altria Group Inc. 0.05% 3,077 $203K New
LIN Linde PLC 0.05% 424 $201K New
IWM iShares Russell 2000 ETF 0.03% 567 $137K New
EEM iShares MSCI Emerging Market 0.02% 1,324 $71K New
PACK Ranpak Holdings Corp. 0.01% 10,000 $56K New

Options reported separately and not counted above: EEM puts ($1.2M), IWM puts ($726K).

Portfolio Sells Q2 2025 → Q3 2025
COST Costco Wholesale Corp. Reduce -0.3% 0.65% −0.10
MSFT Microsoft Corp. Reduce -1.0% 2.04% −0.09
TGT Target Corp. Reduce -5.8% 0.34% −0.09
AMZN Amazon.com Inc. Reduce -1.4% 0.91% −0.08
TXN Texas Instruments Inc. Reduce -0.7% 0.35% −0.08
MCO Moody's Corp. Sold out 0.00% −0.08
PG The Procter & Gamble Co. Reduce -1.1% 0.59% −0.08
DE Deere & Co. Reduce -0.1% 0.38% −0.07
DIS The Walt Disney Co. Reduce -2.1% 0.38% −0.07
HON Honeywell International Inc. Reduce -0.7% 0.35% −0.07
HOMB Home Bancshares Inc. Sold out 0.00% −0.07
BN Brookfield Corp. Sold out 0.00% −0.06
MKL Markel Group Inc. Reduce -37.3% 0.07% −0.05
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 1.21% −0.05
MDLZ Mondelez International Inc. Class A Reduce -0.4% 0.29% −0.05
NKE Nike Inc. Class B Reduce -1.9% 0.40% −0.05
CSCO Cisco Systems Inc. Reduce -1.1% 0.43% −0.04
ED Consolidated Edison Inc. Reduce -2.0% 0.39% −0.04
GS Goldman Sachs Group Inc. Reduce -24.5% 0.12% −0.03
BX Blackstone Inc. Reduce -30.2% 0.09% −0.03
BA The Boeing Co. Reduce -3.4% 0.37% −0.03
WMT Walmart Inc. Reduce -2.3% 0.61% −0.03
TMUS T-Mobile US Inc. Reduce -0.9% 0.31% −0.02
NTRS Northern Trust Corp. Reduce -4.3% 0.41% −0.02
SPYV SS SPDR P S&P 500 Value ETF Reduce -17.7% 0.09% −0.02
TRV The Travelers Cos Inc. Reduce -1.3% 0.45% −0.02
SPYG SS SPDR P S&P 500 Growth ETF Reduce -18.2% 0.09% −0.02
TFC Truist Financial Corp. Reduce -2.6% 0.45% −0.02
XOM Exxon Mobil Corp. Reduce -0.3% 0.52% −0.02
IJR iShares Core S&P Small-Cap E Reduce -15.1% 0.10% −0.02
MA Mastercard Inc. Class A Reduce -6.6% 0.11% −0.02
SPDW Ste STR SPDR PT DW Eu ETF Reduce -19.5% 0.06% −0.02
DUK Duke Energy Corp. Reduce -0.4% 0.48% −0.01
EMR Emerson Electric Co. Reduce -3.5% 0.09% −0.01
KKR KKR & Co. Inc. Reduce -2.5% 0.09% −0.01
PFE Pfizer Inc. Reduce -0.8% 0.25% −0.01
AFL Aflac Inc. Reduce -4.4% 0.11% −0.01
FDX FedEx Corp. Reduce -7.1% 0.06% −0.01
MDT Medtronic PLC Reduce -1.0% 0.30% +0.00
JPM JPMorgan Chase & Co. Reduce -0.9% 1.06% +0.00
AMD Advanced Micro Devices Reduce -4.5% 0.37% +0.00
GD General Dynamics Corp. Reduce -4.5% 0.13% +0.00
VWO Vanguard Ftse Emerging Marke Reduce -0.7% 0.62% +0.01
PLTR Palantir Technologies Inc. Class A Reduce -12.5% 0.09% +0.01
HD Home Depot Inc. Reduce -1.1% 0.52% +0.01
DD Dupont DE Nemours Inc. Reduce -1.1% 0.37% +0.02
RTX RTX Corp. Reduce -2.7% 0.48% +0.02
HAL Halliburton Co. Reduce -1.3% 0.29% +0.03
VLO Valero Energy Corp. Reduce -2.5% 0.26% +0.03
GLW Corning Inc. Reduce -6.4% 0.22% +0.06

Portfolio Buys Q2 2025 → Q3 2025
VB Vanguard Most SM-Cap ETF-Usd Add +2.3% 10.37% +0.21
IWF iShares Russell 1000 Growth Add +2.6% 2.85% +0.14
GOOGL Alphabet Inc. Class A Add +1.4% 0.57% +0.13
VGT Vanguard Info Tech ETF Add +6.2% 1.00% +0.10
QQQ Invesco QQQ Trust Series 1 New 0.05% +0.05
GXO Gxo Logistics Inc. New 0.05% +0.05
MO Altria Group Inc. New 0.05% +0.05
LIN Linde PLC New 0.05% +0.05
VYM Vanguard High DVD Yield ETF Add +2.8% 4.11% +0.04
UNH Unitedhealth Group Inc. Add +0.5% 1.32% +0.04
IWM iShares Russell 2000 ETF New 0.03% +0.03
RSP Invesco S&P 500 Equal Weight Add +3.5% 4.24% +0.02
VHT Vanguard Health Care ETF Add +3.7% 2.46% +0.02
EEM iShares MSCI Emerging Market New 0.02% +0.02
PACK Ranpak Holdings Corp. New 0.01% +0.01
PFF iShares Preferred & Income S Add +4.8% 3.06% +0.01
COWZ Pacer US Cash Cows 100 ETF Add +3.4% 4.63% +0.01
IWD iShares Russell 1000 Value E Add +3.2% 1.94% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +1.6% 0.20% +0.00
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +6.3% 0.51% +0.00
MGK Vngrd Mrgstr MG CP GR ETF-Ui Add +1.9% 0.06% +0.00
VTV Vanguard Mrngstr Val ETF-Aui Add +2.5% 0.13% +0.00
COP Conocophillips Add +1.3% 0.08% −0.00
VEU Vanguard Ftse All-World Ex-U Add +1.0% 4.33% −0.01
AGG iShares Core U.S. Aggregate Add +3.0% 0.46% −0.02
KMB Kimberly-Clark Corp. Add +0.3% 0.30% −0.03
CB Chubb Ltd. Add +0.1% 0.33% −0.03
V Visa Inc. Class A Add +0.3% 0.35% −0.04
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +2.0% 9.78% −0.05
SPHQ Invesco S&P 500 Quality ETF Add +3.8% 6.47% −0.05
LLY Eli Lilly & Co. Add +0.7% 0.81% −0.07
SHY iShares 1-3 Year Treasury Bo Add +5.5% 4.14% −0.08
CRM Salesforce Inc. Add +0.2% 0.33% −0.08
SPLV Invesco S&P 500 Low Volatili Add +3.3% 3.67% −0.12

Options Activity Q2 2025 → Q3 2025
EEM iShares MSCI Emerging Market put New 23,000 $1.2M
IWM iShares Russell 2000 ETF put New 3,000 $726K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 156$530.2MVB, VO, SPHQ, VYM, RSP
Q1 2026 133$432.4MVB, VO, SPHQ, VYM, RSP
Q4 2025 133$427.3MVB, VO, SPHQ, VYM, RSP
Q3 2025 132$410.7MVB, VO, SPHQ, COWZ, VEU
Q2 2025Amended 128$381.9MVB, VO, SPHQ, COWZ, VEU
Q1 2025 125$353.4MVO, VB, SPHQ, COWZ, VEU
Q4 2024 119$349.8MVB, VO, SPHQ, COWZ, VEU
Q3 2024 125$352.5MVO, VB, SPHQ, VEU, VYM
Q2 2024 120$324.9MVO, VB, SPHQ, VEU, VYM
Q1 2024 120$316.5MVO, VB, SPHQ, SHY, VEU