Bourgeon Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Bourgeon Capital Management LLC reported 106 stock positions worth $496.5 million. Its top holding was JPMorgan Chase (JPM) at 5.4% of the portfolio, followed by Alphabet Class A (GOOGL, 4.5%) and Microsoft (MSFT, 4.4%). Compared with Q1 2025, it opened 17 new positions, sold out of 15, added to 39 and reduced 38. The biggest buy was Eli Lilly (LLY, shares +1311%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- Darien, CT
- CIK
- 0001088731
- Portfolio Value
- $496.5M (Q2 2025)
- SEC Filing
- 0001019056-25-000188 ↗ filed Jul 18, 2025
Holdings Value
Holdings 106 stocks · $496.5M
| JPM JPMorgan Chase & Co. | 5.38% | 92,194 | $26.7M | Reduce -2.5% |
| GOOGL Alphabet Inc. Class A | 4.51% | 127,193 | $22.4M | Add +4.4% |
| MSFT Microsoft Corp. | 4.41% | 43,993 | $21.9M | Add +0.8% |
| ETN Eaton Corp. PLC | 3.21% | 44,600 | $15.9M | Add +2.0% |
| AMZN Amazon.com Inc. | 3.07% | 69,568 | $15.3M | Add +2.3% |
| FCX Freeport-McMoran Inc. | 2.89% | 331,549 | $14.4M | Add +8.1% |
| ILMN Illumina Inc. | 2.73% | 141,896 | $13.5M | Add +76.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.72% | 285,757 | $13.5M | Reduce -0.3% |
| HUBB Hubbell Inc. | 2.71% | 32,958 | $13.5M | Add +48.6% |
| MU Micron Technology Inc. | 2.68% | 107,923 | $13.3M | Add +3.8% |
| MRVL Marvell Technology Inc. | 2.62% | 168,072 | $13.0M | Add +1.1% |
| MRK Merck & Co. Inc. | 2.57% | 160,906 | $12.7M | Add +7.2% |
| RTX RTX Corp. | 2.53% | 85,879 | $12.5M | Add +0.2% |
| PNC PNC Financial Services Group | 2.44% | 65,098 | $12.1M | Reduce -0.5% |
| TEVA Teva Pharmaceutical-SP ADR | 2.44% | 723,974 | $12.1M | Add +100.7% |
| DHR Danaher Corp. | 2.37% | 59,472 | $11.7M | Add +1.7% |
| CW Curtiss-Wright Corp. | 2.36% | 23,944 | $11.7M | Reduce -1.0% |
| C Citigroup Inc. | 2.33% | 135,800 | $11.6M | Add +100.0% |
| MDLZ Mondelez International Inc. Class A | 2.29% | 168,754 | $11.4M | Reduce -0.6% |
| AAPL Apple Inc. | 2.24% | 54,271 | $11.1M | Add +0.2% |
| CSX CSX Corp. | 2.07% | 314,649 | $10.3M | Reduce -5.0% |
| QCOM Qualcomm Inc. | 2.06% | 64,178 | $10.2M | Add +4.2% |
| LLY Eli Lilly & Co. | 2.02% | 12,871 | $10.0M | Add +1311.3% |
| ADBE Adobe Inc. | 1.92% | 24,680 | $9.5M | Add +41.0% |
| PLD Prologis Inc. | 1.84% | 86,803 | $9.1M | Add +59.9% |
| VST Vistra Corp. | 1.67% | 42,705 | $8.3M | New |
| MDB Mongodb Inc. | 1.64% | 38,841 | $8.2M | Reduce -3.0% |
| COP Conocophillips | 1.63% | 89,997 | $8.1M | Add +1.9% |
| CFLT Confluent Inc. Class A | 1.61% | 320,621 | $8.0M | New |
| XAR SS SPDR S&P Aerospace Def | 1.61% | 37,788 | $8.0M | Reduce -0.4% |
| SNOW Snowflake Inc. | 1.53% | 33,952 | $7.6M | Reduce -10.5% |
| CTRA Coterra Energy Inc. | 1.51% | 294,770 | $7.5M | Add +26.2% |
| PWR Quanta Services Inc. | 1.41% | 18,507 | $7.0M | Reduce -51.1% |
| TER Teradyne Inc. | 1.40% | 77,426 | $7.0M | Add +139.9% |
| ACN Accenture PLC Class A | 1.37% | 22,752 | $6.8M | Reduce -0.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.29% | 189,881 | $6.4M | Add +2.9% |
| PFE Pfizer Inc. | 1.04% | 213,288 | $5.2M | Reduce -48.4% |
| TTE Totalenergies SE -Spon ADR | 0.97% | 78,107 | $4.8M | Add +1.6% |
| BLK BlackRock Inc. | 0.96% | 4,557 | $4.8M | Reduce -18.9% |
| NVDA Nvidia Corp. | 0.89% | 27,976 | $4.4M | Reduce -3.6% |
| PANW Palo Alto Networks Inc. | 0.76% | 18,402 | $3.8M | New |
| GTLS Chart Industries Inc. | 0.75% | 22,547 | $3.7M | New |
| ADI Analog Devices Inc. | 0.54% | 11,357 | $2.7M | Reduce -4.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.53% | 5,466 | $2.7M | Reduce -0.2% |
| GBIL Goldman Sachs Access Treasur | 0.49% | 24,181 | $2.4M | Add +0.0% |
| GOOG Alphabet Inc. Class C | 0.44% | 12,207 | $2.2M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.43% | 19,847 | $2.1M | Add +4.0% |
| BIV Vanguard Intermediate-Term B | 0.41% | 26,092 | $2.0M | Add +3.2% |
| CVX Chevron Corp. | 0.40% | 13,841 | $2.0M | Add +8.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.35% | 2,807 | $1.7M | Add +6.7% |
| AGG iShares Core U.S. Aggregate | 0.32% | 15,854 | $1.6M | Add +5.2% |
| VOO Vanguard S&P 500 ETF | 0.31% | 2,739 | $1.6M | No change |
| EOG EOG Resources Inc. | 0.27% | 11,010 | $1.3M | Add +19.4% |
| LMB Limbach Holdings Inc. | 0.24% | 8,583 | $1.2M | Reduce -22.1% |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.21% | 3,568 | $1.1M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 3,153 | $958K | No change |
| AMGN Amgen Inc. | 0.19% | 3,396 | $948K | Reduce -91.4% |
| IGRO iShares Intl Div Growth ETF | 0.19% | 11,996 | $946K | Add +0.9% |
| JNJ Johnson & Johnson | 0.16% | 5,134 | $784K | Reduce -2.0% |
| V Visa Inc. Class A | 0.16% | 2,186 | $776K | Reduce -36.4% |
| NFLX Netflix Inc. | 0.15% | 545 | $730K | Reduce -44.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.15% | 905 | $725K | Reduce -78.8% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.15% | 23,896 | $720K | Reduce -0.1% |
| IWD iShares Russell 1000 Value E | 0.14% | 3,528 | $685K | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.13% | 12,210 | $651K | Add +23.9% |
| DVYA iShares Asia/Pacific Dividen | 0.12% | 15,425 | $593K | Add +3.9% |
| AVGO Broadcom Inc. | 0.12% | 2,101 | $579K | New |
| IWF iShares Russell 1000 Growth | 0.12% | 1,350 | $573K | No change |
| INTU Intuit Inc. | 0.12% | 726 | $572K | Reduce -42.7% |
| EMGF iShares Emerging Markets Equ | 0.11% | 10,905 | $568K | Add +2.1% |
| MTD Mettler-Toledo International | 0.11% | 460 | $540K | Add +0.2% |
| COST Costco Wholesale Corp. | 0.10% | 487 | $482K | Add +3.6% |
| NOW ServiceNow Inc. | 0.09% | 452 | $465K | Reduce -1.5% |
| SBUX Starbucks Corp. | 0.09% | 4,927 | $451K | Reduce -0.5% |
| SNPS Synopsys Inc. | 0.09% | 879 | $451K | New |
| IEFA iShares Core MSCI Eafe ETF | 0.09% | 5,251 | $438K | No change |
| IWP iShares Russell Mid-Cap Grow | 0.09% | 3,151 | $437K | No change |
| BX Blackstone Inc. | 0.09% | 2,828 | $423K | New |
| ABNB Airbnb Inc. Class A | 0.08% | 3,169 | $419K | New |
| SHOP Shopify Inc. Class A | 0.08% | 3,608 | $416K | New |
| ISRG Intuitive Surgical Inc. | 0.08% | 740 | $402K | Reduce -43.5% |
| IAU iShares Gold Trust | 0.08% | 6,346 | $396K | No change |
| SPGI S&P Global Inc. | 0.08% | 746 | $393K | Reduce -37.8% |
| IWY iShares Russell Top 200 Grow | 0.08% | 1,530 | $377K | Add +0.1% |
| RIG Transocean Ltd. | 0.07% | 143,750 | $372K | Reduce -13.9% |
| USMV iShares MSCI USA Min Vol Fac | 0.07% | 3,900 | $366K | No change |
| MSCI MSCI Inc. | 0.07% | 618 | $356K | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.07% | 4,791 | $345K | New |
| GE General Electric filed as GE AEROSPACE | 0.07% | 1,294 | $333K | Reduce -0.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.07% | 735 | $327K | Reduce -46.2% |
| TDG Transdigm Group Inc. | 0.06% | 209 | $318K | Reduce -22.6% |
| AWK American Water Works Co. Inc. | 0.06% | 2,220 | $309K | Reduce -0.1% |
| SPOT Spotify Technology SA | 0.06% | 384 | $295K | New |
| ZTS Zoetis Inc. | 0.06% | 1,870 | $292K | Reduce -0.8% |
| CPRT Copart Inc. | 0.06% | 5,916 | $290K | New |
| WMT Walmart Inc. | 0.06% | 2,833 | $277K | Add +12.8% |
| HD Home Depot Inc. | 0.05% | 728 | $267K | Reduce -4.7% |
| AX Axos Financial Inc. | 0.05% | 3,200 | $243K | No change |
| HACK Amplify Cybersecurity ETF | 0.05% | 2,804 | $242K | No change |
| BSX Boston Scientific Corp. | 0.05% | 2,252 | $242K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 149,319 | $10.2M | Reduce -0.4% |
Total filed on the 13F, all lines: $506.7M.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −2.54 |
| AMGN Amgen Inc. | Reduce -91.4% | 0.19% | −2.52 |
| EQT Eqt Corp. | Sold out | 0.00% | −2.42 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −1.45 |
| PFE Pfizer Inc. | Reduce -48.4% | 1.04% | −1.26 |
| AA Alcoa Corp. | Sold out | 0.00% | −1.26 |
| CEG Constellation Energy | Sold out | 0.00% | −1.16 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.92 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.75 |
| PWR Quanta Services Inc. | Reduce -51.1% | 1.41% | −0.70 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -78.8% | 0.15% | −0.47 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.6% | 2.29% | −0.24 |
| BLK BlackRock Inc. | Reduce -18.9% | 0.96% | −0.20 |
| ACN Accenture PLC Class A | Reduce -0.5% | 1.37% | −0.20 |
| SONY Sony Group Corp. - SP ADR | Sold out | 0.00% | −0.15 |
| IBB iShares Biotechnology ETF | Sold out | 0.00% | −0.12 |
| OIH Vaneck Oil Services ETF | Sold out | 0.00% | −0.12 |
| V Visa Inc. Class A | Reduce -36.4% | 0.16% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.2% | 0.53% | −0.11 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.09 |
| GRID First TRST Nasd Class Edg Sgiif | Sold out | 0.00% | −0.09 |
| PNC PNC Financial Services Group | Reduce -0.5% | 2.44% | −0.08 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -46.2% | 0.07% | −0.08 |
| CSX CSX Corp. | Reduce -5.0% | 2.07% | −0.07 |
| CC The Chemours Co. | Reduce -53.7% | 0.04% | −0.06 |
| NXPI NXP Semiconductors NV | Sold out | 0.00% | −0.06 |
| ISRG Intuitive Surgical Inc. | Reduce -43.5% | 0.08% | −0.06 |
| ASLE Aersale Corp. | Sold out | 0.00% | −0.06 |
| INTU Intuit Inc. | Reduce -42.7% | 0.12% | −0.06 |
| SPGI S&P Global Inc. | Reduce -37.8% | 0.08% | −0.05 |
| NFLX Netflix Inc. | Reduce -44.3% | 0.15% | −0.05 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.05 |
| RIG Transocean Ltd. | Reduce -13.9% | 0.07% | −0.04 |
| JNJ Johnson & Johnson | Reduce -2.0% | 0.16% | −0.03 |
| TDG Transdigm Group Inc. | Reduce -22.6% | 0.06% | −0.02 |
| SBUX Starbucks Corp. | Reduce -0.5% | 0.09% | −0.02 |
| AWK American Water Works Co. Inc. | Reduce -0.1% | 0.06% | −0.01 |
| ZTS Zoetis Inc. | Reduce -0.8% | 0.06% | −0.01 |
| HD Home Depot Inc. | Reduce -4.7% | 0.05% | −0.01 |
| EW Edwards Lifesciences Corp. | Reduce -0.4% | 0.05% | −0.00 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -0.1% | 0.15% | +0.00 |
| GE General Electric | Reduce -0.5% | 0.07% | +0.01 |
| NOW ServiceNow Inc. | Reduce -1.5% | 0.09% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 0.44% | +0.02 |
| ADI Analog Devices Inc. | Reduce -4.2% | 0.54% | +0.02 |
| LMB Limbach Holdings Inc. | Reduce -22.1% | 0.24% | +0.06 |
| BAC Bank of America Corp. | Reduce -0.3% | 2.72% | +0.10 |
| MDB Mongodb Inc. | Reduce -3.0% | 1.64% | +0.10 |
| NVDA Nvidia Corp. | Reduce -3.6% | 0.89% | +0.20 |
| XAR SS SPDR S&P Aerospace Def | Reduce -0.4% | 1.61% | +0.27 |
Portfolio Buys Q1 2025 → Q2 2025
| LLY Eli Lilly & Co. | Add +1311.3% | 2.02% | +1.86 |
| VST Vistra Corp. | New | 1.67% | +1.67 |
| CFLT Confluent Inc. Class A | New | 1.61% | +1.61 |
| ILMN Illumina Inc. | Add +76.4% | 2.73% | +1.33 |
| C Citigroup Inc. | Add +100.0% | 2.33% | +1.27 |
| TEVA Teva Pharmaceutical-SP ADR | Add +100.7% | 2.44% | +1.23 |
| HUBB Hubbell Inc. | Add +48.6% | 2.71% | +1.10 |
| TER Teradyne Inc. | Add +139.9% | 1.40% | +0.82 |
| MSFT Microsoft Corp. | Add +0.8% | 4.41% | +0.81 |
| PANW Palo Alto Networks Inc. | New | 0.76% | +0.76 |
| GTLS Chart Industries Inc. | New | 0.75% | +0.75 |
| MU Micron Technology Inc. | Add +3.8% | 2.68% | +0.70 |
| ETN Eaton Corp. PLC | Add +2.0% | 3.21% | +0.60 |
| PLD Prologis Inc. | Add +59.9% | 1.84% | +0.51 |
| ADBE Adobe Inc. | Add +41.0% | 1.92% | +0.45 |
| GOOGL Alphabet Inc. Class A | Add +4.4% | 4.51% | +0.38 |
| MRVL Marvell Technology Inc. | Add +1.1% | 2.62% | +0.37 |
| FCX Freeport-McMoran Inc. | Add +8.1% | 2.89% | +0.35 |
| AMZN Amazon.com Inc. | Add +2.3% | 3.07% | +0.23 |
| AVGO Broadcom Inc. | New | 0.12% | +0.12 |
| SNPS Synopsys Inc. | New | 0.09% | +0.09 |
| BX Blackstone Inc. | New | 0.09% | +0.09 |
| ABNB Airbnb Inc. Class A | New | 0.08% | +0.08 |
| SHOP Shopify Inc. Class A | New | 0.08% | +0.08 |
| MSCI MSCI Inc. | New | 0.07% | +0.07 |
| TTD Trade Desk Inc./the Class A | New | 0.07% | +0.07 |
| SPOT Spotify Technology SA | New | 0.06% | +0.06 |
| CPRT Copart Inc. | New | 0.06% | +0.06 |
| BSX Boston Scientific Corp. | New | 0.05% | +0.05 |
| DLR Digital Realty Trust Inc. | New | 0.05% | +0.05 |
| APH Amphenol Corp. Class A | New | 0.04% | +0.04 |
| RTX RTX Corp. | Add +0.2% | 2.53% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +6.7% | 0.35% | +0.03 |
| ALLO Allogene Therapeutics Inc. | New | 0.03% | +0.03 |
| CTRA Coterra Energy Inc. | Add +26.2% | 1.51% | +0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +23.9% | 0.13% | +0.02 |
| WMT Walmart Inc. | Add +12.8% | 0.06% | +0.01 |
| EOG EOG Resources Inc. | Add +19.4% | 0.27% | +0.01 |
| IWY iShares Russell Top 200 Grow | Add +0.1% | 0.08% | +0.01 |
| EMGF iShares Emerging Markets Equ | Add +2.1% | 0.11% | +0.00 |
| DVYA iShares Asia/Pacific Dividen | Add +3.9% | 0.12% | +0.00 |
| IGRO iShares Intl Div Growth ETF | Add +0.9% | 0.19% | +0.00 |
| COST Costco Wholesale Corp. | Add +3.6% | 0.10% | −0.00 |
| MTD Mettler-Toledo International | Add +0.2% | 0.11% | −0.01 |
| AGG iShares Core U.S. Aggregate | Add +5.2% | 0.32% | −0.01 |
| QCOM Qualcomm Inc. | Add +4.2% | 2.06% | −0.02 |
| BIV Vanguard Intermediate-Term B | Add +3.2% | 0.41% | −0.02 |
| GBIL Goldman Sachs Access Treasur | Add +0.0% | 0.49% | −0.04 |
| XOM Exxon Mobil Corp. | Add +4.0% | 0.43% | −0.07 |
| CVX Chevron Corp. | Add +8.6% | 0.40% | −0.07 |
Notes & Other Activity Q1 2025 → Q2 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -0.4% | 149,319 | $10.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 101 | $659.4M | GOOGL, LLY, JPM, MRVL, HUBB |
| Q1 2026 | 104 | $563.4M | GOOGL, JPM, LLY, MRK, HUBB |
| Q4 2025 | 120 | $603.0M | GOOGL, JPM, LLY, MSFT, TEVA |
| Q3 2025 | 106 | $539.8M | GOOGL, JPM, MSFT, LLY, ETN |
| Q2 2025 | 106 | $496.5M | JPM, GOOGL, MSFT, ETN, AMZN |
| Q1 2025 | 104 | $455.6M | JPM, GOOGL, MSFT, MRK, AMZN |
| Q4 2024 | 117 | $526.4M | JPM, MSFT, GOOGL, HON, AMZN |
| Q3 2024 | 105 | $519.8M | JPM, MSFT, GOOGL, AMGN, MRK |
| Q2 2024 | 109 | $510.3M | JPM, MSFT, GOOGL, MRK, AMGN |
| Q1 2024 | 112 | $511.1M | JPM, MSFT, MRK, GOOGL, HON |