Bourgeon Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Bourgeon Capital Management LLC reported 106 stock positions worth $539.8 million. Its top holding was Alphabet Class A (GOOGL) at 5.7% of the portfolio, followed by JPMorgan Chase (JPM, 5.2%) and Microsoft (MSFT, 4.1%). Compared with Q2 2025, it opened 10 new positions, sold out of 10, added to 21 and reduced 42. The biggest buy was a new position in Cohen & Steers (CNS) and the biggest sale an exit from Confluent Class A (CFLT).
- Most Recent 13F
- Q2 2026
- Location
- Darien, CT
- CIK
- 0001088731
- Portfolio Value
- $539.8M (Q3 2025)
- SEC Filing
- 0001019056-25-000222 ↗ filed Oct 21, 2025
Holdings Value
Holdings 106 stocks · $539.8M
| GOOGL Alphabet Inc. Class A | 5.71% | 126,768 | $30.8M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 5.21% | 89,194 | $28.1M | Reduce -3.3% |
| MSFT Microsoft Corp. | 4.09% | 42,593 | $22.1M | Reduce -3.2% |
| LLY Eli Lilly & Co. | 3.33% | 23,547 | $18.0M | Add +83.0% |
| ETN Eaton Corp. PLC | 3.09% | 44,519 | $16.7M | Reduce -0.2% |
| MU Micron Technology Inc. | 3.08% | 99,313 | $16.6M | Reduce -8.0% |
| MRVL Marvell Technology Inc. | 2.83% | 181,661 | $15.3M | Add +8.1% |
| AMZN Amazon.com Inc. | 2.82% | 69,218 | $15.2M | Reduce -0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.72% | 284,863 | $14.7M | Reduce -0.3% |
| TEVA Teva Pharmaceutical-SP ADR | 2.69% | 720,000 | $14.5M | Reduce -0.6% |
| RTX RTX Corp. | 2.65% | 85,489 | $14.3M | Reduce -0.5% |
| HUBB Hubbell Inc. | 2.61% | 32,746 | $14.1M | Reduce -0.6% |
| MRK Merck & Co. Inc. | 2.60% | 167,227 | $14.0M | Add +3.9% |
| C Citigroup Inc. | 2.55% | 135,365 | $13.7M | Reduce -0.3% |
| AAPL Apple Inc. | 2.54% | 53,914 | $13.7M | Reduce -0.7% |
| FCX Freeport-McMoran Inc. | 2.51% | 345,604 | $13.6M | Add +4.2% |
| ILMN Illumina Inc. | 2.49% | 141,660 | $13.5M | Reduce -0.2% |
| CW Curtiss-Wright Corp. | 2.41% | 23,921 | $13.0M | Reduce -0.1% |
| MDB Mongodb Inc. | 2.23% | 38,709 | $12.0M | Reduce -0.3% |
| DHR Danaher Corp. | 2.18% | 59,283 | $11.8M | Reduce -0.3% |
| CSX CSX Corp. | 2.16% | 328,364 | $11.7M | Add +4.4% |
| PNC PNC Financial Services Group | 2.02% | 54,233 | $10.9M | Reduce -16.7% |
| QCOM Qualcomm Inc. | 1.96% | 63,753 | $10.6M | Reduce -0.7% |
| MDLZ Mondelez International Inc. Class A | 1.94% | 167,701 | $10.5M | Reduce -0.6% |
| ADBE Adobe Inc. | 1.90% | 29,138 | $10.3M | Add +18.1% |
| PLD Prologis Inc. | 1.84% | 86,561 | $9.9M | Reduce -0.3% |
| CNS Cohen & Steers Inc. | 1.77% | 145,615 | $9.6M | New |
| COP Conocophillips | 1.58% | 89,913 | $8.5M | Reduce -0.1% |
| PANW Palo Alto Networks Inc. | 1.53% | 40,465 | $8.2M | Add +119.9% |
| XAR SS SPDR S&P Aerospace Def | 1.48% | 34,084 | $8.0M | Reduce -9.8% |
| OKTA Okta Inc. | 1.47% | 86,650 | $7.9M | New |
| PWR Quanta Services Inc. | 1.42% | 18,437 | $7.6M | Reduce -0.4% |
| VST Vistra Corp. | 1.37% | 37,838 | $7.4M | Reduce -11.4% |
| SNOW Snowflake Inc. | 1.30% | 31,142 | $7.0M | Reduce -8.3% |
| CTRA Coterra Energy Inc. | 1.29% | 294,430 | $7.0M | Reduce -0.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.21% | 189,283 | $6.5M | Reduce -0.3% |
| TER Teradyne Inc. | 1.18% | 46,281 | $6.4M | Reduce -40.2% |
| NVDA Nvidia Corp. | 1.00% | 28,926 | $5.4M | Add +3.4% |
| BLK BlackRock Inc. | 0.97% | 4,513 | $5.3M | Reduce -1.0% |
| TTE Totalenergies SE -Spon ADR | 0.79% | 71,382 | $4.3M | Reduce -8.6% |
| GOOG Alphabet Inc. Class C | 0.52% | 11,502 | $2.8M | Reduce -5.8% |
| ADI Analog Devices Inc. | 0.52% | 11,357 | $2.8M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 5,466 | $2.7M | No change |
| XOM Exxon Mobil Corp. | 0.41% | 19,825 | $2.2M | Reduce -0.1% |
| EOG EOG Resources Inc. | 0.41% | 19,809 | $2.2M | Add +79.9% |
| BIV Vanguard Intermediate-Term B | 0.41% | 28,227 | $2.2M | Add +8.2% |
| CVX Chevron Corp. | 0.40% | 13,767 | $2.1M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.37% | 2,972 | $2.0M | Add +5.9% |
| VOO Vanguard S&P 500 ETF | 0.32% | 2,814 | $1.7M | Add +2.7% |
| AGG iShares Core U.S. Aggregate | 0.31% | 16,769 | $1.7M | Add +5.8% |
| NXPI NXP Semiconductors NV | 0.24% | 5,751 | $1.3M | New |
| GBIL Goldman Sachs Access Treasur | 0.22% | 12,068 | $1.2M | Reduce -50.1% |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.19% | 2,613 | $1.0M | Reduce -26.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 3,153 | $1.0M | No change |
| IGRO iShares Intl Div Growth ETF | 0.18% | 12,366 | $985K | Add +3.1% |
| AMGN Amgen Inc. | 0.18% | 3,395 | $958K | Reduce -0.0% |
| JNJ Johnson & Johnson | 0.18% | 5,134 | $952K | No change |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.15% | 24,570 | $820K | Add +2.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.14% | 775 | $750K | Reduce -14.4% |
| V Visa Inc. Class A | 0.14% | 2,186 | $746K | No change |
| IWD iShares Russell 1000 Value E | 0.13% | 3,528 | $718K | No change |
| AVGO Broadcom Inc. | 0.13% | 2,101 | $693K | No change |
| DVYA iShares Asia/Pacific Dividen | 0.13% | 16,236 | $683K | Add +5.3% |
| EMGF iShares Emerging Markets Equ | 0.12% | 11,713 | $663K | Add +7.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.12% | 12,210 | $660K | No change |
| NFLX Netflix Inc. | 0.12% | 545 | $653K | No change |
| IWF iShares Russell 1000 Growth | 0.12% | 1,350 | $632K | No change |
| SNPS Synopsys Inc. | 0.11% | 1,222 | $603K | Add +39.0% |
| LMB Limbach Holdings Inc. | 0.11% | 6,000 | $583K | Reduce -30.1% |
| MTD Mettler-Toledo International | 0.10% | 460 | $565K | No change |
| SHOP Shopify Inc. Class A | 0.10% | 3,608 | $536K | No change |
| BX Blackstone Inc. | 0.09% | 2,826 | $483K | Reduce -0.1% |
| AKRO Akero Therapeutics Inc. | 0.09% | 9,936 | $472K | New |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.09% | 5,067 | $465K | New |
| IAU iShares Gold Trust | 0.09% | 6,346 | $462K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.08% | 5,251 | $458K | No change |
| INTU Intuit Inc. | 0.08% | 666 | $455K | Reduce -8.3% |
| COST Costco Wholesale Corp. | 0.08% | 487 | $451K | No change |
| IWP iShares Russell Mid-Cap Grow | 0.08% | 3,151 | $449K | No change |
| IWY iShares Russell Top 200 Grow | 0.08% | 1,530 | $419K | No change |
| SBUX Starbucks Corp. | 0.08% | 4,927 | $417K | No change |
| NOW ServiceNow Inc. | 0.08% | 452 | $416K | No change |
| GE General Electric filed as GE AEROSPACE | 0.07% | 1,294 | $389K | No change |
| ABNB Airbnb Inc. Class A | 0.07% | 3,169 | $385K | No change |
| ISRG Intuitive Surgical Inc. | 0.07% | 857 | $383K | Add +15.8% |
| FICO Fair Isaac Corp. | 0.07% | 248 | $371K | New |
| USMV iShares MSCI USA Min Vol Fac | 0.07% | 3,900 | $371K | No change |
| SPGI S&P Global Inc. | 0.07% | 746 | $363K | No change |
| MSCI MSCI Inc. | 0.07% | 618 | $351K | No change |
| BSX Boston Scientific Corp. | 0.06% | 3,226 | $315K | Add +43.3% |
| AWK American Water Works Co. Inc. | 0.06% | 2,220 | $309K | No change |
| WMT Walmart Inc. | 0.05% | 2,833 | $292K | No change |
| TDG Transdigm Group Inc. | 0.05% | 209 | $275K | No change |
| ZTS Zoetis Inc. | 0.05% | 1,868 | $273K | Reduce -0.1% |
| AX Axos Financial Inc. | 0.05% | 3,200 | $271K | No change |
| SPOT Spotify Technology SA | 0.05% | 384 | $268K | No change |
| HD Home Depot Inc. | 0.05% | 656 | $266K | Reduce -9.9% |
| APH Amphenol Corp. Class A | 0.05% | 2,047 | $253K | Add +0.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.05% | 411 | $247K | New |
| HACK Amplify Cybersecurity ETF | 0.05% | 2,804 | $243K | No change |
| VIXY Proshares Vix Short-Term Fut | 0.04% | 7,500 | $242K | New |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.04% | 5,535 | $237K | New |
| EW Edwards Lifesciences Corp. | 0.04% | 3,007 | $234K | No change |
| DLR Digital Realty Trust Inc. | 0.04% | 1,307 | $226K | No change |
| WPC WP Carey Inc. | 0.04% | 3,300 | $223K | No change |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.04% | 686 | $211K | New |
Options reported separately and not counted above: SPY puts ($2.0M), QQQ puts ($1.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 149,079 | $10.4M | Reduce -0.2% |
Total filed on the 13F, all lines: $550.2M.
Portfolio Sells Q2 2025 → Q3 2025
| CFLT Confluent Inc. Class A | Sold out | 0.00% | −1.61 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −1.37 |
| PFE Pfizer Inc. | Sold out | 0.00% | −1.04 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.75 |
| PNC PNC Financial Services Group | Reduce -16.7% | 2.02% | −0.43 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.6% | 1.94% | −0.35 |
| MSFT Microsoft Corp. | Reduce -3.2% | 4.09% | −0.32 |
| VST Vistra Corp. | Reduce -11.4% | 1.37% | −0.29 |
| GBIL Goldman Sachs Access Treasur | Reduce -50.1% | 0.22% | −0.26 |
| AMZN Amazon.com Inc. | Reduce -0.5% | 2.82% | −0.26 |
| ILMN Illumina Inc. | Reduce -0.2% | 2.49% | −0.23 |
| SNOW Snowflake Inc. | Reduce -8.3% | 1.30% | −0.23 |
| TER Teradyne Inc. | Reduce -40.2% | 1.18% | −0.22 |
| CTRA Coterra Energy Inc. | Reduce -0.1% | 1.29% | −0.22 |
| DHR Danaher Corp. | Reduce -0.3% | 2.18% | −0.19 |
| TTE Totalenergies SE -Spon ADR | Reduce -8.6% | 0.79% | −0.18 |
| JPM JPMorgan Chase & Co. | Reduce -3.3% | 5.21% | −0.17 |
| LMB Limbach Holdings Inc. | Reduce -30.1% | 0.11% | −0.13 |
| XAR SS SPDR S&P Aerospace Def | Reduce -9.8% | 1.48% | −0.12 |
| ETN Eaton Corp. PLC | Reduce -0.2% | 3.09% | −0.12 |
| HUBB Hubbell Inc. | Reduce -0.6% | 2.61% | −0.10 |
| QCOM Qualcomm Inc. | Reduce -0.7% | 1.96% | −0.09 |
| SLB SLB Ltd. | Reduce -0.3% | 1.21% | −0.09 |
| RIG Transocean Ltd. | Sold out | 0.00% | −0.07 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.07 |
| CPRT Copart Inc. | Sold out | 0.00% | −0.06 |
| COP Conocophillips | Reduce -0.1% | 1.58% | −0.05 |
| CC The Chemours Co. | Sold out | 0.00% | −0.04 |
| INTU Intuit Inc. | Reduce -8.3% | 0.08% | −0.03 |
| ALLO Allogene Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| IESC Ies Holdings Inc. | Reduce -26.8% | 0.19% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.1% | 0.41% | −0.02 |
| AMGN Amgen Inc. | Reduce -0.0% | 0.18% | −0.01 |
| ZTS Zoetis Inc. | Reduce -0.1% | 0.05% | −0.01 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -14.4% | 0.14% | −0.01 |
| HD Home Depot Inc. | Reduce -9.9% | 0.05% | −0.00 |
| CVX Chevron Corp. | Reduce -0.5% | 0.40% | −0.00 |
| PLD Prologis Inc. | Reduce -0.3% | 1.84% | −0.00 |
| BAC Bank of America Corp. | Reduce -0.3% | 2.72% | −0.00 |
| BX Blackstone Inc. | Reduce -0.1% | 0.09% | +0.00 |
| PWR Quanta Services Inc. | Reduce -0.4% | 1.42% | +0.01 |
| BLK BlackRock Inc. | Reduce -1.0% | 0.97% | +0.01 |
| CW Curtiss-Wright Corp. | Reduce -0.1% | 2.41% | +0.05 |
| GOOG Alphabet Inc. Class C | Reduce -5.8% | 0.52% | +0.08 |
| RTX RTX Corp. | Reduce -0.5% | 2.65% | +0.12 |
| C Citigroup Inc. | Reduce -0.3% | 2.55% | +0.22 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -0.6% | 2.69% | +0.25 |
| AAPL Apple Inc. | Reduce -0.7% | 2.54% | +0.30 |
| MU Micron Technology Inc. | Reduce -8.0% | 3.08% | +0.40 |
Portfolio Buys Q2 2025 → Q3 2025
| CNS Cohen & Steers Inc. | New | 1.77% | +1.77 |
| OKTA Okta Inc. | New | 1.47% | +1.47 |
| LLY Eli Lilly & Co. | Add +83.0% | 3.33% | +1.31 |
| PANW Palo Alto Networks Inc. | Add +119.9% | 1.53% | +0.77 |
| NXPI NXP Semiconductors NV | New | 0.24% | +0.24 |
| MRVL Marvell Technology Inc. | Add +8.1% | 2.83% | +0.21 |
| EOG EOG Resources Inc. | Add +79.9% | 0.41% | +0.15 |
| NVDA Nvidia Corp. | Add +3.4% | 1.00% | +0.11 |
| CSX CSX Corp. | Add +4.4% | 2.16% | +0.09 |
| AKRO Akero Therapeutics Inc. | New | 0.09% | +0.09 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.09% | +0.09 |
| FICO Fair Isaac Corp. | New | 0.07% | +0.07 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.05% | +0.05 |
| VIXY Proshares Vix Short-Term Fut | New | 0.04% | +0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.04% | +0.04 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.04% | +0.04 |
| MRK Merck & Co. Inc. | Add +3.9% | 2.60% | +0.03 |
| SNPS Synopsys Inc. | Add +39.0% | 0.11% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +5.9% | 0.37% | +0.02 |
| BSX Boston Scientific Corp. | Add +43.3% | 0.06% | +0.01 |
| EMGF iShares Emerging Markets Equ | Add +7.4% | 0.12% | +0.01 |
| DVYA iShares Asia/Pacific Dividen | Add +5.3% | 0.13% | +0.01 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +2.8% | 0.15% | +0.01 |
| APH Amphenol Corp. Class A | Add +0.1% | 0.05% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +2.7% | 0.32% | +0.01 |
| BIV Vanguard Intermediate-Term B | Add +8.2% | 0.41% | +0.00 |
| AGG iShares Core U.S. Aggregate | Add +5.8% | 0.31% | −0.01 |
| IGRO iShares Intl Div Growth ETF | Add +3.1% | 0.18% | −0.01 |
| ISRG Intuitive Surgical Inc. | Add +15.8% | 0.07% | −0.01 |
| ADBE Adobe Inc. | Add +18.1% | 1.90% | −0.02 |
| FCX Freeport-McMoran Inc. | Add +4.2% | 2.51% | −0.38 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 3,000 | $2.0M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 3,000 | $1.8M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -0.2% | 149,079 | $10.4M |
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 |