Boltwood Capital Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), Boltwood Capital Management reported 172 stock positions worth $351.8 million. Its top holding was Schwab Intl Equity ETF (SCHF) at 7.2% of the portfolio, followed by NT Iboxx 3Y Dur Tips ETF (TDTT, 4.7%) and iShares MBS ETF (MBB, 3.4%). Compared with Q1 2025, it opened 6 new positions, sold out of 4, added to 72 and reduced 84. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale NT HY Val-SCRD BD ETF (HYGV, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- WALNUT CREEK, CA
- CIK
- 0001563690
- Portfolio Value
- $351.8M (Q2 2025)
- SEC Filing
- 0001563690-25-000006 ↗ filed Jul 8, 2025
Holdings Value
Holdings 172 stocks · $351.8M
| SCHF Schwab Intl Equity ETF | 7.19% | 1,144,526 | $25.3M | Reduce -2.1% |
| TDTT NT Iboxx 3Y Dur Tips ETF | 4.71% | 683,782 | $16.6M | Add +6.3% |
| MBB iShares MBS ETF | 3.43% | 128,588 | $12.1M | Reduce -4.0% |
| IEI iShares 3-7 Year Treasury Bo | 3.26% | 96,157 | $11.5M | Add +0.3% |
| HYGV NT HY Val-SCRD BD ETF | 3.23% | 276,913 | $11.4M | Reduce -12.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 3.20% | 278,425 | $11.3M | Reduce -1.2% |
| MSFT Microsoft Corp. | 2.54% | 17,986 | $8.9M | Add +5.9% |
| NVDA Nvidia Corp. | 2.30% | 51,123 | $8.1M | Add +3.3% |
| AAPL Apple Inc. | 2.11% | 36,204 | $7.4M | Add +6.2% |
| MBSD NT Disc Dur MBS ETF | 2.11% | 358,160 | $7.4M | Reduce -8.0% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 2.06% | 240,631 | $7.3M | Add +0.3% |
| IJH iShares Core S&P Midcap ETF | 2.04% | 115,940 | $7.2M | Add +1.6% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 2.01% | 87,584 | $7.1M | Add +29.9% |
| XLK SS Technology Select Sector | 1.92% | 26,667 | $6.8M | Add +4.6% |
| SHY iShares 1-3 Year Treasury Bo | 1.78% | 75,560 | $6.3M | Reduce -0.1% |
| IJR iShares Core S&P Small-Cap E | 1.75% | 56,411 | $6.2M | Reduce -0.4% |
| NFRA NT GLBL BRD Infra ETF | 1.41% | 80,228 | $5.0M | Reduce -0.4% |
| JPM JPMorgan Chase & Co. | 1.39% | 16,913 | $4.9M | Add +2.9% |
| SPEM State Street SP PTF Em ETF | 1.36% | 112,240 | $4.8M | Add +0.5% |
| GUNR NT Mstar GLBL NR ETF | 1.35% | 118,683 | $4.8M | Reduce -10.1% |
| GQRE NT GLBL Qual Re ETF | 1.32% | 77,557 | $4.6M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 1.30% | 25,856 | $4.6M | Add +5.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.17% | 78,112 | $4.1M | Reduce -0.7% |
| SKOR NT Crdscr US Corp. BD ETF | 1.08% | 77,918 | $3.8M | Reduce -6.0% |
| AMZN Amazon.com Inc. | 1.05% | 16,816 | $3.7M | Add +6.0% |
| META Meta Platforms Inc. Class A | 0.95% | 4,545 | $3.4M | Add +4.3% |
| CVX Chevron Corp. | 0.93% | 22,735 | $3.3M | Add +0.1% |
| CAT Caterpillar Inc. | 0.91% | 8,211 | $3.2M | Add +0.2% |
| ABT Abbott Laboratories | 0.83% | 21,525 | $2.9M | Reduce -0.7% |
| EFA iShares MSCI Eafe ETF | 0.82% | 32,207 | $2.9M | Reduce -1.6% |
| IEF iShares 7-10 Year Treasury B | 0.81% | 29,702 | $2.8M | Reduce -4.1% |
| SCHA Schwab US Small-Cap ETF | 0.79% | 110,065 | $2.8M | Add +15.0% |
| LOW Lowe's Cos Inc. | 0.78% | 12,341 | $2.7M | Reduce -1.2% |
| XOM Exxon Mobil Corp. | 0.78% | 25,340 | $2.7M | Add +0.8% |
| XLY SS Consumer Disc Select Sect | 0.77% | 12,448 | $2.7M | Add +1.3% |
| SCHB Schwab US Broad Market ETF | 0.74% | 108,965 | $2.6M | Add +2.5% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.72% | 114,414 | $2.5M | Add +18.5% |
| CRM Salesforce Inc. | 0.72% | 9,251 | $2.5M | Reduce -0.1% |
| GNR State Street SPDR S&P Global | 0.71% | 46,200 | $2.5M | Reduce -9.2% |
| XLV SS Health Care Select Sector | 0.69% | 18,017 | $2.4M | Reduce -0.8% |
| SCHM Schwab US Mid Cap ETF | 0.68% | 84,779 | $2.4M | Add +7.3% |
| AXP American Express Co. | 0.66% | 7,243 | $2.3M | Reduce -0.8% |
| ICE Intercontinental Exchange Inc. | 0.65% | 12,486 | $2.3M | Reduce -3.1% |
| XLF SS Financial Select Sector | 0.63% | 42,531 | $2.2M | Add +4.7% |
| PG The Procter & Gamble Co. | 0.63% | 13,914 | $2.2M | Reduce -0.5% |
| ORCL Oracle Corp. | 0.62% | 9,949 | $2.2M | Reduce -4.1% |
| VEU Vanguard Ftse All-World Ex-U | 0.57% | 29,944 | $2.0M | Reduce -6.3% |
| XLI SS Industrial Select Sector | 0.57% | 13,552 | $2.0M | Add +0.6% |
| XLC SS Comm Select Sector SPDR | 0.56% | 18,030 | $2.0M | Add +1.4% |
| WMT Walmart Inc. | 0.55% | 19,782 | $1.9M | Reduce -0.5% |
| XLE SS Energy Select Sector | 0.54% | 22,229 | $1.9M | Reduce -4.0% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.53% | 70,330 | $1.9M | Add +7.4% |
| KO The Coca-Cola Co. | 0.53% | 26,123 | $1.8M | Reduce -0.5% |
| KLAC KLA Corp. | 0.51% | 1,988 | $1.8M | Reduce -3.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.47% | 13,417 | $1.7M | Add +0.3% |
| RAVI NT Ultrashrt Fi ETF | 0.44% | 20,723 | $1.6M | Reduce -13.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.44% | 12,526 | $1.5M | Reduce -2.9% |
| LLY Eli Lilly & Co. | 0.44% | 1,973 | $1.5M | Reduce -1.6% |
| COST Costco Wholesale Corp. | 0.43% | 1,518 | $1.5M | Add +3.7% |
| TLT iShares 20+ Year Treasury BD | 0.43% | 16,965 | $1.5M | Reduce -4.9% |
| ALL Allstate Corp. | 0.41% | 7,154 | $1.4M | Reduce -3.3% |
| PFE Pfizer Inc. | 0.40% | 57,854 | $1.4M | Add +2.1% |
| MA Mastercard Inc. Class A | 0.40% | 2,488 | $1.4M | Add +12.9% |
| WFC Wells Fargo & Co. | 0.39% | 16,950 | $1.4M | Add +0.3% |
| BX Blackstone Inc. | 0.38% | 8,929 | $1.3M | Add +5.2% |
| ABBV Abbvie Inc. | 0.37% | 6,941 | $1.3M | Reduce -0.8% |
| XLP SS Consumer Staples Sel Sect | 0.35% | 15,413 | $1.2M | Reduce -2.2% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.35% | 23,390 | $1.2M | Reduce -0.2% |
| RTX RTX Corp. | 0.35% | 8,346 | $1.2M | Add +18.0% |
| AMD Advanced Micro Devices | 0.33% | 8,101 | $1.1M | Add +18.7% |
| SUB iShares Short-Term National | 0.32% | 10,735 | $1.1M | Reduce -5.8% |
| INDA iShares MSCI India ETF | 0.31% | 19,425 | $1.1M | Add +2.9% |
| RWO State Street SPDR Dow Jones | 0.31% | 24,340 | $1.1M | Add +16.9% |
| MCHP Microchip Technology Inc. | 0.30% | 15,164 | $1.1M | Reduce -21.3% |
| XLB SS Materials Select Sector | 0.30% | 12,023 | $1.1M | Reduce -6.3% |
| SPLB SS SPDR P Long Term C ETF | 0.29% | 45,800 | $1.0M | Reduce -6.4% |
| ICSH iShares Ultra Short Duration | 0.29% | 20,300 | $1.0M | No change |
| HD Home Depot Inc. | 0.29% | 2,770 | $1.0M | Reduce -3.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.29% | 3,309 | $1.0M | Add +1.6% |
| MRSH Marsh & McLennan Cos | 0.28% | 4,567 | $999K | Reduce -1.2% |
| ADP Automatic Data Processing | 0.28% | 3,236 | $998K | Reduce -0.9% |
| RDDT Reddit Inc. Class A | 0.28% | 6,590 | $992K | Reduce -45.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 2,019 | $981K | Reduce -2.1% |
| MCHI iShares MSCI China ETF | 0.27% | 17,350 | $956K | Add +30.2% |
| MDLZ Mondelez International Inc. Class A | 0.26% | 13,773 | $929K | Add +3.0% |
| FLCH Franklin Ftse China ETF | 0.26% | 42,550 | $924K | Reduce -1.2% |
| AVGO Broadcom Inc. | 0.26% | 3,256 | $898K | Add +34.9% |
| DHR Danaher Corp. | 0.25% | 4,395 | $868K | No change |
| CME Cme Group Inc. | 0.24% | 3,100 | $854K | No change |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.24% | 10,413 | $850K | Reduce -3.5% |
| CSCO Cisco Systems Inc. | 0.23% | 11,593 | $804K | Add +1.4% |
| PANW Palo Alto Networks Inc. | 0.23% | 3,917 | $802K | No change |
| BA The Boeing Co. | 0.22% | 3,670 | $769K | Add +1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 2,595 | $765K | Reduce -3.6% |
| IGF iShares Global Infrastructur | 0.22% | 12,910 | $764K | Add +12.7% |
| CMG Chipotle Mexican Grill Inc. | 0.21% | 13,240 | $743K | Reduce -1.4% |
| ADBE Adobe Inc. | 0.21% | 1,906 | $737K | Add +2.0% |
| HON Honeywell International Inc. | 0.21% | 3,125 | $728K | Add +0.3% |
| TPR Tapestry Inc. | 0.21% | 8,220 | $722K | Reduce -2.8% |
| SCHW Schwab (charles) Corp. | 0.20% | 7,779 | $710K | Add +0.8% |
Portfolio Sells Q1 2025 → Q2 2025
| HYGV NT HY Val-SCRD BD ETF | Reduce -12.3% | 3.23% | −0.64 |
| MBB iShares MBS ETF | Reduce -4.0% | 3.43% | −0.39 |
| MBSD NT Disc Dur MBS ETF | Reduce -8.0% | 2.11% | −0.34 |
| GUNR NT Mstar GLBL NR ETF | Reduce -10.1% | 1.35% | −0.20 |
| SKOR NT Crdscr US Corp. BD ETF | Reduce -6.0% | 1.08% | −0.14 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.12 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -0.1% | 1.78% | −0.12 |
| XLE SS Energy Select Sector | Reduce -4.0% | 0.54% | −0.12 |
| XLV SS Health Care Select Sector | Reduce -0.8% | 0.69% | −0.12 |
| GNR State Street SPDR S&P Global | Reduce -9.2% | 0.71% | −0.11 |
| LOW Lowe's Cos Inc. | Reduce -1.2% | 0.78% | −0.11 |
| RAVI NT Ultrashrt Fi ETF | Reduce -13.5% | 0.44% | −0.11 |
| RDDT Reddit Inc. Class A | Reduce -45.0% | 0.28% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -0.5% | 0.63% | −0.09 |
| IEF iShares 7-10 Year Treasury B | Reduce -4.1% | 0.81% | −0.09 |
| CDW CDW Corp. | Sold out | 0.00% | −0.09 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.08 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -0.7% | 1.17% | −0.08 |
| ABBV Abbvie Inc. | Reduce -0.8% | 0.37% | −0.08 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.07 |
| TLT iShares 20+ Year Treasury BD | Reduce -4.9% | 0.43% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -1.6% | 0.44% | −0.07 |
| MRSH Marsh & McLennan Cos | Reduce -1.2% | 0.28% | −0.06 |
| ALL Allstate Corp. | Reduce -3.3% | 0.41% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.1% | 0.28% | −0.06 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.4% | 1.75% | −0.05 |
| KO The Coca-Cola Co. | Reduce -0.5% | 0.53% | −0.05 |
| PEP Pepsico Inc. | Reduce -0.2% | 0.19% | −0.04 |
| SPLB SS SPDR P Long Term C ETF | Reduce -6.4% | 0.29% | −0.04 |
| ABT Abbott Laboratories | Reduce -0.7% | 0.83% | −0.04 |
| BLK BlackRock Inc. | Reduce -20.1% | 0.20% | −0.04 |
| SUB iShares Short-Term National | Reduce -5.8% | 0.32% | −0.04 |
| CRM Salesforce Inc. | Reduce -0.1% | 0.72% | −0.04 |
| TJX TJX Companies Inc. | Reduce -2.9% | 0.44% | −0.04 |
| XLP SS Consumer Staples Sel Sect | Reduce -2.2% | 0.35% | −0.04 |
| XLB SS Materials Select Sector | Reduce -6.3% | 0.30% | −0.04 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -2.9% | 0.10% | −0.04 |
| FTV Fortive Corp. | Reduce -0.3% | 0.07% | −0.03 |
| CMF iShares California Muni Bond | Reduce -9.0% | 0.17% | −0.03 |
| HD Home Depot Inc. | Reduce -3.5% | 0.29% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -0.9% | 0.13% | −0.03 |
| MCD McDonald's Corp. | Reduce -3.0% | 0.16% | −0.03 |
| ICE Intercontinental Exchange Inc. | Reduce -3.1% | 0.65% | −0.02 |
| T AT&T Inc. | Reduce -8.5% | 0.16% | −0.02 |
| PLD Prologis Inc. | Reduce -0.3% | 0.15% | −0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Reduce -0.2% | 0.35% | −0.02 |
| ADP Automatic Data Processing | Reduce -0.9% | 0.28% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -6.3% | 0.57% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -1.3% | 0.14% | −0.02 |
| FLCH Franklin Ftse China ETF | Reduce -1.2% | 0.26% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +3.3% | 2.30% | +0.67 |
| MSFT Microsoft Corp. | Add +5.9% | 2.54% | +0.60 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +29.9% | 2.01% | +0.39 |
| XLK SS Technology Select Sector | Add +4.6% | 1.92% | +0.32 |
| META Meta Platforms Inc. Class A | Add +4.3% | 0.95% | +0.19 |
| JPM JPMorgan Chase & Co. | Add +2.9% | 1.39% | +0.17 |
| GOOGL Alphabet Inc. Class A | Add +5.0% | 1.30% | +0.14 |
| AVGO Broadcom Inc. | Add +34.9% | 0.26% | +0.13 |
| AMZN Amazon.com Inc. | Add +6.0% | 1.05% | +0.13 |
| AMD Advanced Micro Devices | Add +18.7% | 0.33% | +0.11 |
| SCHA Schwab US Small-Cap ETF | Add +15.0% | 0.79% | +0.11 |
| STIP iShares 0-5 Year Tips Bond E | Add +120.0% | 0.19% | +0.10 |
| NFLX Netflix Inc. | New | 0.09% | +0.09 |
| CAT Caterpillar Inc. | Add +0.2% | 0.91% | +0.08 |
| C Citigroup Inc. | New | 0.08% | +0.08 |
| EWY iShares MSCI South Korea ETF | New | 0.08% | +0.08 |
| CARR Carrier Global Corp. | New | 0.07% | +0.07 |
| DIS The Walt Disney Co. | Add +0.3% | 0.47% | +0.07 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +18.5% | 0.72% | +0.07 |
| NKE Nike Inc. Class B | New | 0.06% | +0.06 |
| RTX RTX Corp. | Add +18.0% | 0.35% | +0.06 |
| VAW Vanguard Materials ETF | New | 0.06% | +0.06 |
| MCHI iShares MSCI China ETF | Add +30.2% | 0.27% | +0.05 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +0.3% | 2.06% | +0.05 |
| SCHM Schwab US Mid Cap ETF | Add +7.3% | 0.68% | +0.05 |
| FLTW Franklin Ftse Taiwan ETF | Add +15.5% | 0.19% | +0.04 |
| SCHB Schwab US Broad Market ETF | Add +2.5% | 0.74% | +0.04 |
| XLC SS Comm Select Sector SPDR | Add +1.4% | 0.56% | +0.03 |
| XLY SS Consumer Disc Select Sect | Add +1.3% | 0.77% | +0.03 |
| XLI SS Industrial Select Sector | Add +0.6% | 0.57% | +0.03 |
| BA The Boeing Co. | Add +1.2% | 0.22% | +0.03 |
| FLJP Franklin Ftse Japan ETF | Add +34.1% | 0.11% | +0.03 |
| MA Mastercard Inc. Class A | Add +12.9% | 0.40% | +0.03 |
| RWO State Street SPDR Dow Jones | Add +16.9% | 0.31% | +0.03 |
| IGF iShares Global Infrastructur | Add +12.7% | 0.22% | +0.03 |
| SPEM State Street SP PTF Em ETF | Add +0.5% | 1.36% | +0.03 |
| TSLA Tesla Inc. | Add +2.0% | 0.18% | +0.03 |
| ETN Eaton Corp. PLC | Add +8.0% | 0.10% | +0.03 |
| FLKR Franklin Ftse South Korea | Add +1.5% | 0.12% | +0.02 |
| PYPL PayPal Holdings Inc. | Add +10.8% | 0.15% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +1.6% | 2.04% | +0.02 |
| BX Blackstone Inc. | Add +5.2% | 0.38% | +0.02 |
| EWG iShares MSCI Germany ETF | Add +15.4% | 0.10% | +0.02 |
| SCHW Schwab (charles) Corp. | Add +0.8% | 0.20% | +0.02 |
| XLF SS Financial Select Sector | Add +4.7% | 0.63% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +2.3% | 0.09% | +0.02 |
| WFC Wells Fargo & Co. | Add +0.3% | 0.39% | +0.02 |
| ACN Accenture PLC Class A | Add +28.7% | 0.13% | +0.02 |
| EWQ iShares MSCI France ETF | Add +14.7% | 0.11% | +0.02 |
| EWU iShares MSCI United Kingdom | Add +12.3% | 0.14% | +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 |