Boltwood Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 10, 2025), Boltwood Capital Management reported 170 stock positions worth $328.9 million. Its top holding was Schwab Intl Equity ETF (SCHF) at 7.0% of the portfolio, followed by NT Iboxx 3Y Dur Tips ETF (TDTT, 4.8%) and NT HY Val-SCRD BD ETF (HYGV, 3.9%). Compared with Q4 2024, it opened 5 new positions, sold out of 5, added to 74 and reduced 80. The biggest buy was NT Iboxx 3Y Dur Tips ETF (TDTT, shares +14%) and the biggest sale NT Mstar GLBL NR ETF (GUNR, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- WALNUT CREEK, CA
- CIK
- 0001563690
- Portfolio Value
- $328.9M (Q1 2025)
- SEC Filing
- 0001563690-25-000005 ↗ filed Apr 10, 2025
Holdings Value
Holdings 170 stocks · $328.9M
| SCHF Schwab Intl Equity ETF | 7.03% | 1,168,766 | $23.1M | Reduce -1.4% |
| TDTT NT Iboxx 3Y Dur Tips ETF | 4.77% | 643,334 | $15.7M | Add +13.7% |
| HYGV NT HY Val-SCRD BD ETF | 3.87% | 315,636 | $12.7M | Reduce -2.3% |
| MBB iShares MBS ETF | 3.82% | 133,985 | $12.6M | Reduce -2.3% |
| IEI iShares 3-7 Year Treasury Bo | 3.44% | 95,868 | $11.3M | Reduce -1.8% |
| SPDW Ste STR SPDR PT DW Eu ETF | 3.12% | 281,730 | $10.3M | Reduce -2.4% |
| MBSD NT Disc Dur MBS ETF | 2.44% | 389,178 | $8.0M | Reduce -5.4% |
| AAPL Apple Inc. | 2.30% | 34,106 | $7.6M | Add +7.1% |
| IJH iShares Core S&P Midcap ETF | 2.02% | 114,075 | $6.7M | Add +0.6% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 2.01% | 239,959 | $6.6M | Add +0.7% |
| MSFT Microsoft Corp. | 1.94% | 16,990 | $6.4M | Add +4.5% |
| SHY iShares 1-3 Year Treasury Bo | 1.90% | 75,660 | $6.3M | Add +4.4% |
| IJR iShares Core S&P Small-Cap E | 1.80% | 56,626 | $5.9M | Add +1.0% |
| NVDA Nvidia Corp. | 1.63% | 49,506 | $5.4M | Add +4.3% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 1.62% | 67,400 | $5.3M | Add +1.4% |
| XLK SS Technology Select Sector | 1.60% | 25,493 | $5.3M | Add +4.8% |
| GUNR NT Mstar GLBL NR ETF | 1.56% | 131,972 | $5.1M | Reduce -25.0% |
| NFRA NT GLBL BRD Infra ETF | 1.41% | 80,530 | $4.6M | Add +2.6% |
| GQRE NT GLBL Qual Re ETF | 1.35% | 76,867 | $4.5M | Add +6.8% |
| SPEM State Street SP PTF Em ETF | 1.34% | 111,710 | $4.4M | Add +0.3% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.25% | 78,652 | $4.1M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 1.23% | 16,435 | $4.0M | Add +13.7% |
| SKOR NT Crdscr US Corp. BD ETF | 1.22% | 82,922 | $4.0M | Reduce -6.4% |
| GOOGL Alphabet Inc. Class A | 1.16% | 24,630 | $3.8M | Add +4.4% |
| CVX Chevron Corp. | 1.16% | 22,715 | $3.8M | Add +0.2% |
| AMZN Amazon.com Inc. | 0.92% | 15,861 | $3.0M | Add +5.4% |
| XOM Exxon Mobil Corp. | 0.91% | 25,150 | $3.0M | Reduce -0.2% |
| IEF iShares 7-10 Year Treasury B | 0.90% | 30,967 | $3.0M | Reduce -11.9% |
| LOW Lowe's Cos Inc. | 0.89% | 12,493 | $2.9M | Reduce -2.2% |
| ABT Abbott Laboratories | 0.87% | 21,677 | $2.9M | Reduce -1.2% |
| GNR State Street SPDR S&P Global | 0.82% | 50,865 | $2.7M | Reduce -14.1% |
| CAT Caterpillar Inc. | 0.82% | 8,195 | $2.7M | Reduce -0.5% |
| EFA iShares MSCI Eafe ETF | 0.81% | 32,722 | $2.7M | Add +0.7% |
| XLV SS Health Care Select Sector | 0.81% | 18,156 | $2.7M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 0.76% | 4,359 | $2.5M | Add +2.7% |
| CRM Salesforce Inc. | 0.76% | 9,265 | $2.5M | Reduce -1.9% |
| XLY SS Consumer Disc Select Sect | 0.74% | 12,284 | $2.4M | Add +1.8% |
| PG The Procter & Gamble Co. | 0.72% | 13,982 | $2.4M | Reduce -1.4% |
| SCHB Schwab US Broad Market ETF | 0.70% | 106,260 | $2.3M | Reduce -2.5% |
| SCHA Schwab US Small-Cap ETF | 0.68% | 95,738 | $2.2M | Add +9.5% |
| ICE Intercontinental Exchange Inc. | 0.68% | 12,886 | $2.2M | Reduce -4.6% |
| XLE SS Energy Select Sector | 0.66% | 23,146 | $2.2M | Add +1.7% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.65% | 96,583 | $2.1M | Reduce -2.0% |
| SCHM Schwab US Mid Cap ETF | 0.63% | 78,973 | $2.1M | Add +7.8% |
| XLF SS Financial Select Sector | 0.62% | 40,627 | $2.0M | Add +2.7% |
| AXP American Express Co. | 0.60% | 7,298 | $2.0M | Reduce -0.6% |
| VEU Vanguard Ftse All-World Ex-U | 0.59% | 31,974 | $1.9M | Reduce -5.0% |
| KO The Coca-Cola Co. | 0.57% | 26,255 | $1.9M | Reduce -1.1% |
| RAVI NT Ultrashrt Fi ETF | 0.55% | 23,956 | $1.8M | Reduce -12.2% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.54% | 65,490 | $1.8M | Reduce -6.1% |
| XLI SS Industrial Select Sector | 0.54% | 13,471 | $1.8M | Add +1.3% |
| WMT Walmart Inc. | 0.53% | 19,886 | $1.7M | Reduce -1.1% |
| XLC SS Comm Select Sector SPDR | 0.52% | 17,786 | $1.7M | Add +0.6% |
| LLY Eli Lilly & Co. | 0.50% | 2,005 | $1.7M | Reduce -2.5% |
| TLT iShares 20+ Year Treasury BD | 0.49% | 17,835 | $1.6M | Add +4.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.48% | 12,901 | $1.6M | Reduce -1.9% |
| ALL Allstate Corp. | 0.47% | 7,397 | $1.5M | Reduce -4.1% |
| ABBV Abbvie Inc. | 0.45% | 7,000 | $1.5M | Reduce -0.9% |
| ORCL Oracle Corp. | 0.44% | 10,370 | $1.4M | Reduce -5.7% |
| PFE Pfizer Inc. | 0.44% | 56,649 | $1.4M | Reduce -6.1% |
| KLAC KLA Corp. | 0.42% | 2,050 | $1.4M | Add +3.3% |
| COST Costco Wholesale Corp. | 0.42% | 1,464 | $1.4M | Add +16.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.40% | 13,383 | $1.3M | Reduce -1.3% |
| XLP SS Consumer Staples Sel Sect | 0.39% | 15,761 | $1.3M | Add +1.8% |
| RDDT Reddit Inc. Class A | 0.38% | 11,972 | $1.3M | New |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.37% | 23,445 | $1.2M | Reduce -0.1% |
| WFC Wells Fargo & Co. | 0.37% | 16,900 | $1.2M | Reduce -0.4% |
| MA Mastercard Inc. Class A | 0.37% | 2,204 | $1.2M | Add +7.3% |
| SUB iShares Short-Term National | 0.37% | 11,400 | $1.2M | Reduce -19.0% |
| BX Blackstone Inc. | 0.36% | 8,489 | $1.2M | Add +43.9% |
| MRSH Marsh & McLennan Cos | 0.34% | 4,622 | $1.1M | Reduce -7.5% |
| SPLB SS SPDR P Long Term C ETF | 0.34% | 48,950 | $1.1M | Reduce -4.6% |
| XLB SS Materials Select Sector | 0.34% | 12,835 | $1.1M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.33% | 2,063 | $1.1M | Reduce -10.5% |
| HD Home Depot Inc. | 0.32% | 2,870 | $1.1M | Add +2.9% |
| ICSH iShares Ultra Short Duration | 0.31% | 20,300 | $1.0M | Add +2.0% |
| ADP Automatic Data Processing | 0.30% | 3,267 | $998K | Reduce -4.3% |
| INDA iShares MSCI India ETF | 0.30% | 18,875 | $972K | Add +28.6% |
| RTX RTX Corp. | 0.28% | 7,073 | $937K | Add +87.0% |
| MCHP Microchip Technology Inc. | 0.28% | 19,264 | $933K | Reduce -37.6% |
| FLCH Franklin Ftse China ETF | 0.28% | 43,050 | $920K | Add +4.5% |
| RWO State Street SPDR Dow Jones | 0.28% | 20,815 | $908K | Add +1.6% |
| MDLZ Mondelez International Inc. Class A | 0.28% | 13,368 | $907K | Add +0.7% |
| DHR Danaher Corp. | 0.27% | 4,395 | $901K | Reduce -1.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 3,257 | $895K | Add +0.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.26% | 10,786 | $850K | Reduce -1.8% |
| CME Cme Group Inc. | 0.25% | 3,100 | $822K | Reduce -32.6% |
| BLK BlackRock Inc. | 0.24% | 845 | $800K | No change |
| PEP Pepsico Inc. | 0.24% | 5,186 | $778K | Reduce -0.2% |
| MCHI iShares MSCI China ETF | 0.22% | 13,325 | $725K | Add +12.4% |
| ADBE Adobe Inc. | 0.22% | 1,868 | $716K | Reduce -2.5% |
| CSCO Cisco Systems Inc. | 0.21% | 11,433 | $706K | Reduce -4.9% |
| AMD Advanced Micro Devices | 0.21% | 6,827 | $701K | Add +182.9% |
| VIG Vanguard Dividend Apprec ETF | 0.21% | 3,572 | $693K | Reduce -6.0% |
| XLRE SS Real Estate Select Sector | 0.21% | 16,461 | $689K | Reduce -2.6% |
| CMG Chipotle Mexican Grill Inc. | 0.21% | 13,435 | $675K | Add +3.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.20% | 2,692 | $669K | Reduce -3.2% |
| PANW Palo Alto Networks Inc. | 0.20% | 3,917 | $668K | Reduce -3.7% |
| HON Honeywell International Inc. | 0.20% | 3,115 | $660K | Add +0.7% |
| CMF iShares California Muni Bond | 0.20% | 11,700 | $658K | Reduce -21.8% |
Portfolio Sells Q4 2024 → Q1 2025
| GUNR NT Mstar GLBL NR ETF | Reduce -25.0% | 1.56% | −0.39 |
| MCHP Microchip Technology Inc. | Reduce -37.6% | 0.28% | −0.26 |
| CRM Salesforce Inc. | Reduce -1.9% | 0.76% | −0.21 |
| HYGV NT HY Val-SCRD BD ETF | Reduce -2.3% | 3.87% | −0.13 |
| MAS Masco Corp. | Sold out | 0.00% | −0.12 |
| ORCL Oracle Corp. | Reduce -5.7% | 0.44% | −0.12 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.11 |
| MBSD NT Disc Dur MBS ETF | Reduce -5.4% | 2.44% | −0.09 |
| IEF iShares 7-10 Year Treasury B | Reduce -11.9% | 0.90% | −0.09 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.09 |
| CAT Caterpillar Inc. | Reduce -0.5% | 0.82% | −0.09 |
| SUB iShares Short-Term National | Reduce -19.0% | 0.37% | −0.09 |
| CME Cme Group Inc. | Reduce -32.6% | 0.25% | −0.08 |
| GNR State Street SPDR S&P Global | Reduce -14.1% | 0.82% | −0.07 |
| RAVI NT Ultrashrt Fi ETF | Reduce -12.2% | 0.55% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -2.2% | 0.89% | −0.07 |
| SKOR NT Crdscr US Corp. BD ETF | Reduce -6.4% | 1.22% | −0.07 |
| AXP American Express Co. | Reduce -0.6% | 0.60% | −0.07 |
| MUB iShares National Muni Bond E | Sold out | 0.00% | −0.06 |
| FBIN Fortune Brands Innovations I | Sold out | 0.00% | −0.06 |
| VGT Vanguard Info Tech ETF | Reduce -30.4% | 0.10% | −0.06 |
| CMF iShares California Muni Bond | Reduce -21.8% | 0.20% | −0.06 |
| DIS The Walt Disney Co. | Reduce -1.3% | 0.40% | −0.06 |
| SCHB Schwab US Broad Market ETF | Reduce -2.5% | 0.70% | −0.06 |
| PFE Pfizer Inc. | Reduce -6.1% | 0.44% | −0.05 |
| ADBE Adobe Inc. | Reduce -2.5% | 0.22% | −0.04 |
| DHR Danaher Corp. | Reduce -1.1% | 0.27% | −0.04 |
| GOOG Alphabet Inc. Class C | Reduce -1.0% | 0.12% | −0.03 |
| FLTW Franklin Ftse Taiwan ETF | Reduce -5.6% | 0.14% | −0.02 |
| WMT Walmart Inc. | Reduce -1.1% | 0.53% | −0.02 |
| ADI Analog Devices Inc. | Reduce -5.7% | 0.19% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -3.7% | 0.20% | −0.02 |
| JCI Johnson Controls Internation | Reduce -15.8% | 0.13% | −0.02 |
| VOX Vanguard Communication Servi | Reduce -13.1% | 0.09% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Reduce -6.0% | 0.21% | −0.02 |
| J Jacobs Solutions Inc. | Reduce -0.4% | 0.13% | −0.01 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -6.1% | 0.54% | −0.01 |
| USB US Bancorp | Reduce -1.3% | 0.08% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -5.0% | 0.16% | −0.01 |
| SPLB SS SPDR P Long Term C ETF | Reduce -4.6% | 0.34% | −0.01 |
| MBB iShares MBS ETF | Reduce -2.3% | 3.82% | −0.01 |
| MCO Moody's Corp. | Reduce -6.8% | 0.11% | −0.01 |
| EWJ iShares MSCI Japan ETF | Reduce -9.4% | 0.12% | −0.01 |
| VDE Vanguard Energy ETF | Reduce -17.3% | 0.07% | −0.01 |
| TJX TJX Companies Inc. | Reduce -1.9% | 0.48% | −0.01 |
| NEE Nextera Energy Inc. | Reduce -1.7% | 0.16% | −0.01 |
| PEP Pepsico Inc. | Reduce -0.2% | 0.24% | −0.00 |
| FTV Fortive Corp. | Reduce -0.7% | 0.10% | −0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -5.1% | 0.10% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -4.9% | 0.21% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| TDTT NT Iboxx 3Y Dur Tips ETF | Add +13.7% | 4.77% | +0.70 |
| RDDT Reddit Inc. Class A | New | 0.38% | +0.38 |
| JPM JPMorgan Chase & Co. | Add +13.7% | 1.23% | +0.17 |
| CVX Chevron Corp. | Add +0.2% | 1.16% | +0.15 |
| RTX RTX Corp. | Add +87.0% | 0.28% | +0.15 |
| AMD Advanced Micro Devices | Add +182.9% | 0.21% | +0.12 |
| NFRA NT GLBL BRD Infra ETF | Add +2.6% | 1.41% | +0.11 |
| GQRE NT GLBL Qual Re ETF | Add +6.8% | 1.35% | +0.10 |
| STIP iShares 0-5 Year Tips Bond E | New | 0.09% | +0.09 |
| SHY iShares 1-3 Year Treasury Bo | Add +4.4% | 1.90% | +0.09 |
| FLKR Franklin Ftse South Korea | New | 0.09% | +0.09 |
| FLJP Franklin Ftse Japan ETF | New | 0.08% | +0.08 |
| ETN Eaton Corp. PLC | New | 0.08% | +0.08 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +0.7% | 2.01% | +0.08 |
| COST Costco Wholesale Corp. | Add +16.2% | 0.42% | +0.07 |
| EFA iShares MSCI Eafe ETF | Add +0.7% | 0.81% | +0.06 |
| XLE SS Energy Select Sector | Add +1.7% | 0.66% | +0.06 |
| INDA iShares MSCI India ETF | Add +28.6% | 0.30% | +0.06 |
| MCHI iShares MSCI China ETF | Add +12.4% | 0.22% | +0.05 |
| BX Blackstone Inc. | Add +43.9% | 0.36% | +0.05 |
| FLCH Franklin Ftse China ETF | Add +4.5% | 0.28% | +0.05 |
| KLAC KLA Corp. | Add +3.3% | 0.42% | +0.04 |
| JNJ Johnson & Johnson | Add +14.3% | 0.17% | +0.04 |
| MA Mastercard Inc. Class A | Add +7.3% | 0.37% | +0.04 |
| TLT iShares 20+ Year Treasury BD | Add +4.0% | 0.49% | +0.04 |
| EWT iShares MSCI Taiwan ETF | Add +43.3% | 0.15% | +0.03 |
| SPEM State Street SP PTF Em ETF | Add +0.3% | 1.34% | +0.03 |
| MDLZ Mondelez International Inc. Class A | Add +0.7% | 0.28% | +0.03 |
| XLF SS Financial Select Sector | Add +2.7% | 0.62% | +0.03 |
| IGF iShares Global Infrastructur | Add +13.5% | 0.19% | +0.03 |
| AMT American Tower Corp. | Add +0.6% | 0.17% | +0.03 |
| ACN Accenture PLC Class A | Add +48.1% | 0.11% | +0.03 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +1.4% | 1.62% | +0.02 |
| MCD McDonald's Corp. | Add +5.5% | 0.19% | +0.02 |
| XLP SS Consumer Staples Sel Sect | Add +1.8% | 0.39% | +0.02 |
| EWG iShares MSCI Germany ETF | Add +10.8% | 0.08% | +0.02 |
| NOW ServiceNow Inc. | Add +69.1% | 0.08% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +11.5% | 0.10% | +0.02 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +0.1% | 1.25% | +0.01 |
| EEM iShares MSCI Emerging Market | Add +4.9% | 0.16% | +0.01 |
| EWU iShares MSCI United Kingdom | Add +1.3% | 0.13% | +0.01 |
| EWQ iShares MSCI France ETF | Add +4.5% | 0.10% | +0.01 |
| SCHM Schwab US Mid Cap ETF | Add +7.8% | 0.63% | +0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Add +1.1% | 0.13% | +0.01 |
| BDX Becton Dickinson and Co. | Add +12.0% | 0.08% | +0.01 |
| EWC iShares MSCI Canada ETF | Add +11.7% | 0.08% | +0.01 |
| NSC Norfolk Southern Corp. | Add +4.5% | 0.17% | +0.01 |
| RWO State Street SPDR Dow Jones | Add +1.6% | 0.28% | +0.01 |
| ICSH iShares Ultra Short Duration | Add +2.0% | 0.31% | +0.01 |
| META Meta Platforms Inc. Class A | Add +2.7% | 0.76% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 192 | $436.4M | SCHF, TDTT, SPDW, MBB, IEI |
| Q1 2026 | 184 | $392.1M | SCHF, TDTT, MBB, SPDW, IEI |
| Q4 2025 | 182 | $384.6M | SCHF, TDTT, MBB, SPDW, HYGV |
| Q3 2025 | 178 | $375.7M | SCHF, TDTT, MBB, SPDW, HYGV |
| Q2 2025 | 172 | $351.8M | SCHF, TDTT, MBB, IEI, HYGV |
| Q1 2025 | 170 | $328.9M | SCHF, TDTT, HYGV, MBB, IEI |
| Q4 2024 | 170 | $328.2M | SCHF, TDTT, HYGV, MBB, IEI |
| Q3 2024 | 174 | $337.4M | SCHF, HYGV, TDTT, MBB, IEI |
| Q2 2024 | 166 | $320.1M | SCHF, MBB, HYGV, TDTT, IEI |
| Q1 2024 | 169 | $322.8M | SCHF, HYGV, MBB, IEI, SPDW |