Boltwood Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 6, 2025), Boltwood Capital Management reported 178 stock positions worth $375.7 million. Its top holding was Schwab Intl Equity ETF (SCHF) at 7.1% of the portfolio, followed by NT Iboxx 3Y Dur Tips ETF (TDTT, 4.8%) and iShares MBS ETF (MBB, 3.3%). Compared with Q2 2025, it opened 6 new positions, added to 89 and reduced 63. The biggest buy was Alphabet Class A (GOOGL, shares +1%) and the biggest sale NT Disc Dur MBS ETF (MBSD, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- WALNUT CREEK, CA
- CIK
- 0001563690
- Portfolio Value
- $375.7M (Q3 2025)
- SEC Filing
- 0001563690-25-000008 ↗ filed Oct 6, 2025
Holdings Value
Holdings 178 stocks · $375.7M
| SCHF Schwab Intl Equity ETF | 7.10% | 1,145,575 | $26.7M | Add +0.1% |
| TDTT NT Iboxx 3Y Dur Tips ETF | 4.79% | 739,131 | $18.0M | Add +8.1% |
| MBB iShares MBS ETF | 3.26% | 128,790 | $12.3M | Add +0.2% |
| SPDW Ste STR SPDR PT DW Eu ETF | 3.15% | 276,625 | $11.8M | Reduce -0.7% |
| HYGV NT HY Val-SCRD BD ETF | 3.13% | 285,024 | $11.7M | Add +2.9% |
| IEI iShares 3-7 Year Treasury Bo | 3.05% | 95,803 | $11.4M | Reduce -0.4% |
| NVDA Nvidia Corp. | 2.56% | 51,553 | $9.6M | Add +0.8% |
| MSFT Microsoft Corp. | 2.50% | 18,133 | $9.4M | Add +0.8% |
| AAPL Apple Inc. | 2.47% | 36,394 | $9.3M | Add +0.5% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 2.15% | 241,952 | $8.1M | Add +0.6% |
| XLK SS Technology Select Sector | 2.02% | 26,900 | $7.6M | Add +0.9% |
| IJH iShares Core S&P Midcap ETF | 2.01% | 115,520 | $7.5M | Reduce -0.4% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 1.90% | 87,966 | $7.1M | Add +0.4% |
| MBSD NT Disc Dur MBS ETF | 1.86% | 335,253 | $7.0M | Reduce -6.4% |
| IJR iShares Core S&P Small-Cap E | 1.77% | 56,116 | $6.7M | Reduce -0.5% |
| SHY iShares 1-3 Year Treasury Bo | 1.69% | 76,696 | $6.4M | Add +1.5% |
| GOOGL Alphabet Inc. Class A | 1.68% | 25,996 | $6.3M | Add +0.5% |
| JPM JPMorgan Chase & Co. | 1.42% | 16,951 | $5.3M | Add +0.2% |
| SPEM State Street SP PTF Em ETF | 1.38% | 110,910 | $5.2M | Reduce -1.2% |
| GUNR NT Mstar GLBL NR ETF | 1.37% | 117,197 | $5.1M | Reduce -1.3% |
| NFRA NT GLBL BRD Infra ETF | 1.36% | 81,066 | $5.1M | Add +1.0% |
| GQRE NT GLBL Qual Re ETF | 1.29% | 79,262 | $4.8M | Add +2.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 1.13% | 80,389 | $4.3M | Add +2.9% |
| SKOR NT Crdscr US Corp. BD ETF | 1.03% | 78,949 | $3.9M | Add +1.3% |
| CAT Caterpillar Inc. | 1.01% | 7,961 | $3.8M | Reduce -3.0% |
| AMZN Amazon.com Inc. | 1.00% | 17,116 | $3.8M | Add +1.8% |
| CVX Chevron Corp. | 0.94% | 22,755 | $3.5M | Add +0.1% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.94% | 156,679 | $3.5M | Add +36.9% |
| META Meta Platforms Inc. Class A | 0.90% | 4,596 | $3.4M | Add +1.1% |
| SCHA Schwab US Small-Cap ETF | 0.84% | 113,375 | $3.2M | Add +3.0% |
| LOW Lowe's Cos Inc. | 0.82% | 12,210 | $3.1M | Reduce -1.1% |
| XLY SS Consumer Disc Select Sect | 0.80% | 12,516 | $3.0M | Add +0.6% |
| EFA iShares MSCI Eafe ETF | 0.80% | 32,117 | $3.0M | Reduce -0.3% |
| ABT Abbott Laboratories | 0.77% | 21,665 | $2.9M | Add +0.7% |
| XOM Exxon Mobil Corp. | 0.76% | 25,325 | $2.9M | Reduce -0.1% |
| ORCL Oracle Corp. | 0.75% | 10,025 | $2.8M | Add +0.8% |
| IEF iShares 7-10 Year Treasury B | 0.73% | 28,498 | $2.7M | Reduce -4.0% |
| SCHB Schwab US Broad Market ETF | 0.72% | 105,750 | $2.7M | Reduce -3.0% |
| GNR State Street SPDR S&P Global | 0.71% | 44,800 | $2.7M | Reduce -3.0% |
| SCHM Schwab US Mid Cap ETF | 0.70% | 88,764 | $2.6M | Add +4.7% |
| XLV SS Health Care Select Sector | 0.69% | 18,539 | $2.6M | Add +2.9% |
| AXP American Express Co. | 0.64% | 7,233 | $2.4M | Reduce -0.1% |
| XLF SS Financial Select Sector | 0.62% | 43,512 | $2.3M | Add +2.3% |
| XLC SS Comm Select Sector SPDR | 0.59% | 18,730 | $2.2M | Add +3.9% |
| CRM Salesforce Inc. | 0.58% | 9,236 | $2.2M | Reduce -0.2% |
| PG The Procter & Gamble Co. | 0.56% | 13,811 | $2.1M | Reduce -0.7% |
| XLI SS Industrial Select Sector | 0.56% | 13,687 | $2.1M | Add +1.0% |
| ICE Intercontinental Exchange Inc. | 0.56% | 12,505 | $2.1M | Add +0.1% |
| KLAC KLA Corp. | 0.56% | 1,953 | $2.1M | Reduce -1.8% |
| VEU Vanguard Ftse All-World Ex-U | 0.55% | 29,179 | $2.1M | Reduce -2.5% |
| WMT Walmart Inc. | 0.53% | 19,439 | $2.0M | Reduce -1.7% |
| XLE SS Energy Select Sector | 0.52% | 21,739 | $1.9M | Reduce -2.2% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.52% | 72,030 | $1.9M | Add +2.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.47% | 12,298 | $1.8M | Reduce -1.8% |
| KO The Coca-Cola Co. | 0.46% | 26,318 | $1.7M | Add +0.8% |
| ABBV Abbvie Inc. | 0.42% | 6,896 | $1.6M | Reduce -0.7% |
| TLT iShares 20+ Year Treasury BD | 0.42% | 17,585 | $1.6M | Add +3.6% |
| RAVI NT Ultrashrt Fi ETF | 0.41% | 20,473 | $1.5M | Reduce -1.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.41% | 13,430 | $1.5M | Add +0.1% |
| ALL Allstate Corp. | 0.41% | 7,154 | $1.5M | No change |
| BX Blackstone Inc. | 0.41% | 8,944 | $1.5M | Add +0.2% |
| PFE Pfizer Inc. | 0.40% | 58,274 | $1.5M | Add +0.7% |
| LLY Eli Lilly & Co. | 0.39% | 1,933 | $1.5M | Reduce -2.0% |
| WFC Wells Fargo & Co. | 0.38% | 17,210 | $1.4M | Add +1.5% |
| COST Costco Wholesale Corp. | 0.38% | 1,558 | $1.4M | Add +2.6% |
| RTX RTX Corp. | 0.38% | 8,502 | $1.4M | Add +1.9% |
| MA Mastercard Inc. Class A | 0.38% | 2,481 | $1.4M | Reduce -0.3% |
| AMD Advanced Micro Devices | 0.35% | 8,118 | $1.3M | Add +0.2% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.34% | 23,903 | $1.3M | Add +2.2% |
| XLP SS Consumer Staples Sel Sect | 0.33% | 15,670 | $1.2M | Add +1.7% |
| SUB iShares Short-Term National | 0.33% | 11,435 | $1.2M | Add +6.5% |
| SPTI SS SPDR P Int Term TSY ETF | 0.31% | 40,900 | $1.2M | Add +122.3% |
| MCHI iShares MSCI China ETF | 0.30% | 17,350 | $1.1M | No change |
| RWO State Street SPDR Dow Jones | 0.30% | 24,840 | $1.1M | Add +2.0% |
| HD Home Depot Inc. | 0.30% | 2,760 | $1.1M | Reduce -0.4% |
| AVGO Broadcom Inc. | 0.30% | 3,379 | $1.1M | Add +3.8% |
| FLCH Franklin Ftse China ETF | 0.29% | 42,550 | $1.1M | No change |
| ICSH iShares Ultra Short Duration | 0.28% | 21,000 | $1.1M | Add +3.5% |
| SPLB SS SPDR P Long Term C ETF | 0.28% | 45,750 | $1.1M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 2,059 | $1.0M | Add +2.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.27% | 3,134 | $1.0M | Reduce -5.3% |
| INDA iShares MSCI India ETF | 0.27% | 19,425 | $1.0M | No change |
| XLB SS Materials Select Sector | 0.26% | 11,025 | $988K | Reduce -8.3% |
| STIP iShares 0-5 Year Tips Bond E | 0.26% | 9,500 | $982K | Add +43.9% |
| MCHP Microchip Technology Inc. | 0.26% | 14,939 | $959K | Reduce -1.5% |
| ADP Automatic Data Processing | 0.25% | 3,206 | $941K | Reduce -0.9% |
| TSLA Tesla Inc. | 0.25% | 2,095 | $932K | Add +4.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.24% | 10,531 | $918K | Add +1.1% |
| TPR Tapestry Inc. | 0.24% | 8,093 | $916K | Reduce -1.6% |
| MRSH Marsh & McLennan Cos | 0.24% | 4,527 | $912K | Reduce -0.9% |
| DHR Danaher Corp. | 0.23% | 4,390 | $870K | Reduce -0.1% |
| MDLZ Mondelez International Inc. Class A | 0.23% | 13,673 | $854K | Reduce -0.7% |
| CME Cme Group Inc. | 0.22% | 3,115 | $842K | Add +0.5% |
| PANW Palo Alto Networks Inc. | 0.21% | 3,957 | $806K | Add +1.0% |
| CSCO Cisco Systems Inc. | 0.21% | 11,715 | $802K | Add +1.1% |
| BA The Boeing Co. | 0.21% | 3,691 | $797K | Add +0.6% |
| IGF iShares Global Infrastructur | 0.21% | 12,810 | $783K | Reduce -0.8% |
| JNJ Johnson & Johnson | 0.21% | 4,209 | $780K | Add +4.1% |
| BLK BlackRock Inc. | 0.21% | 664 | $774K | Reduce -1.6% |
| SCHW Schwab (charles) Corp. | 0.20% | 7,851 | $750K | Add +0.9% |
Portfolio Sells Q2 2025 → Q3 2025
| MBSD NT Disc Dur MBS ETF | Reduce -6.4% | 1.86% | −0.25 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -0.4% | 3.05% | −0.21 |
| CRM Salesforce Inc. | Reduce -0.2% | 0.58% | −0.13 |
| RDDT Reddit Inc. Class A | Reduce -54.8% | 0.18% | −0.10 |
| CMG Chipotle Mexican Grill Inc. | Reduce -3.5% | 0.13% | −0.08 |
| IEF iShares 7-10 Year Treasury B | Reduce -4.0% | 0.73% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 0.56% | −0.07 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -0.7% | 3.15% | −0.05 |
| MCHP Microchip Technology Inc. | Reduce -1.5% | 0.26% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -2.0% | 0.39% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -0.9% | 0.24% | −0.04 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.4% | 2.01% | −0.04 |
| XLB SS Materials Select Sector | Reduce -8.3% | 0.26% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.7% | 0.23% | −0.04 |
| ADP Automatic Data Processing | Reduce -0.9% | 0.25% | −0.03 |
| RAVI NT Ultrashrt Fi ETF | Reduce -1.2% | 0.41% | −0.03 |
| ADBE Adobe Inc. | Reduce -0.6% | 0.18% | −0.03 |
| AMT American Tower Corp. | Reduce -0.0% | 0.13% | −0.03 |
| FCX Freeport-McMoran Inc. | Reduce -2.7% | 0.11% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -0.3% | 0.38% | −0.02 |
| EFA iShares MSCI Eafe ETF | Reduce -0.3% | 0.80% | −0.02 |
| XLE SS Energy Select Sector | Reduce -2.2% | 0.52% | −0.02 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -2.5% | 0.55% | −0.02 |
| AXP American Express Co. | Reduce -0.1% | 0.64% | −0.02 |
| PM Philip Morris International | Reduce -0.5% | 0.08% | −0.02 |
| WMT Walmart Inc. | Reduce -1.7% | 0.53% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.1% | 0.76% | −0.02 |
| DHR Danaher Corp. | Reduce -0.1% | 0.23% | −0.02 |
| SCHB Schwab US Broad Market ETF | Reduce -3.0% | 0.72% | −0.01 |
| MCO Moody's Corp. | Reduce -2.0% | 0.09% | −0.01 |
| SPLB SS SPDR P Long Term C ETF | Reduce -0.1% | 0.28% | −0.01 |
| XLRE SS Real Estate Select Sector | Reduce -1.7% | 0.18% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -5.3% | 0.27% | −0.01 |
| SBUX Starbucks Corp. | Reduce -1.0% | 0.06% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.1% | 0.06% | −0.01 |
| IGF iShares Global Infrastructur | Reduce -0.8% | 0.21% | −0.01 |
| FTV Fortive Corp. | Reduce -0.6% | 0.06% | −0.01 |
| NKE Nike Inc. Class B | Reduce -4.3% | 0.06% | −0.01 |
| JCI Johnson Controls Internation | Reduce -2.5% | 0.13% | −0.01 |
| GNR State Street SPDR S&P Global | Reduce -3.0% | 0.71% | −0.01 |
| VIG Vanguard Dividend Apprec ETF | Reduce -1.4% | 0.20% | −0.01 |
| MCD McDonald's Corp. | Reduce -0.7% | 0.15% | −0.01 |
| VAW Vanguard Materials ETF | Reduce -6.6% | 0.05% | −0.00 |
| UNP Union Pacific Corp. | Reduce -2.2% | 0.07% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -3.4% | 0.15% | −0.00 |
| VDE Vanguard Energy ETF | Reduce -1.9% | 0.06% | −0.00 |
| VCR Vanguard Consumer Discre ETF | Reduce -2.0% | 0.07% | +0.00 |
| D Dominion Energy Inc. | Reduce -0.2% | 0.07% | +0.00 |
| VGT Vanguard Info Tech ETF | Reduce -0.9% | 0.11% | +0.00 |
| BLK BlackRock Inc. | Reduce -1.6% | 0.21% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +0.5% | 1.68% | +0.39 |
| AAPL Apple Inc. | Add +0.5% | 2.47% | +0.36 |
| NVDA Nvidia Corp. | Add +0.8% | 2.56% | +0.26 |
| SPMB SS SPDR P Mort Back Bond ETF | Add +36.9% | 0.94% | +0.22 |
| SPTI SS SPDR P Int Term TSY ETF | Add +122.3% | 0.31% | +0.16 |
| ORCL Oracle Corp. | Add +0.8% | 0.75% | +0.13 |
| XLK SS Technology Select Sector | Add +0.9% | 2.02% | +0.10 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +0.6% | 2.15% | +0.09 |
| TDTT NT Iboxx 3Y Dur Tips ETF | Add +8.1% | 4.79% | +0.07 |
| STIP iShares 0-5 Year Tips Bond E | Add +43.9% | 0.26% | +0.07 |
| TSLA Tesla Inc. | Add +4.8% | 0.25% | +0.07 |
| INTC Intel Corp. | New | 0.06% | +0.06 |
| EZA iShares MSCI South Africa Et | New | 0.06% | +0.06 |
| HAL Halliburton Co. | New | 0.06% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | New | 0.06% | +0.06 |
| TFC Truist Financial Corp. | New | 0.05% | +0.05 |
| MUB iShares National Muni Bond E | New | 0.05% | +0.05 |
| SCHA Schwab US Small-Cap ETF | Add +3.0% | 0.84% | +0.05 |
| AVGO Broadcom Inc. | Add +3.8% | 0.30% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +1.3% | 0.18% | +0.04 |
| XLC SS Comm Select Sector SPDR | Add +3.9% | 0.59% | +0.03 |
| JNJ Johnson & Johnson | Add +4.1% | 0.21% | +0.03 |
| RTX RTX Corp. | Add +1.9% | 0.38% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +0.2% | 1.42% | +0.03 |
| XLY SS Consumer Disc Select Sect | Add +0.6% | 0.80% | +0.03 |
| BX Blackstone Inc. | Add +0.2% | 0.41% | +0.03 |
| SCHM Schwab US Mid Cap ETF | Add +4.7% | 0.70% | +0.02 |
| AMD Advanced Micro Devices | Add +0.2% | 0.35% | +0.02 |
| NSC Norfolk Southern Corp. | Add +2.3% | 0.20% | +0.02 |
| C Citigroup Inc. | Add +10.2% | 0.10% | +0.02 |
| CVX Chevron Corp. | Add +0.1% | 0.94% | +0.02 |
| EWT iShares MSCI Taiwan ETF | Add +1.6% | 0.16% | +0.01 |
| EWY iShares MSCI South Korea ETF | Add +5.3% | 0.09% | +0.01 |
| GSK GSK PLC-Spon ADR | Add +0.4% | 0.14% | +0.01 |
| CVS CVS Health Corp. | Add +1.4% | 0.18% | +0.01 |
| GS Goldman Sachs Group Inc. | Add +1.1% | 0.10% | +0.01 |
| PLD Prologis Inc. | Add +0.8% | 0.15% | +0.00 |
| ETN Eaton Corp. PLC | Add +5.0% | 0.11% | +0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +1.1% | 0.24% | +0.00 |
| ZBH Zimmer Biomet Holdings Inc. | Add +0.9% | 0.10% | +0.00 |
| SUB iShares Short-Term National | Add +6.5% | 0.33% | +0.00 |
| USB US Bancorp | Add +0.7% | 0.08% | +0.00 |
| PEP Pepsico Inc. | Add +0.6% | 0.19% | +0.00 |
| MRK Merck & Co. Inc. | Add +0.4% | 0.13% | −0.00 |
| COR Cencora Inc. | Add +1.3% | 0.15% | −0.00 |
| VZ Verizon Communications Inc. | Add +2.3% | 0.08% | −0.00 |
| WFC Wells Fargo & Co. | Add +1.5% | 0.38% | −0.00 |
| SCHW Schwab (charles) Corp. | Add +0.9% | 0.20% | −0.00 |
| VFH Vanguard Financials ETF | Add +0.1% | 0.07% | −0.00 |
| RWO State Street SPDR Dow Jones | Add +2.0% | 0.30% | −0.00 |
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 |