Bourgeon Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), Bourgeon Capital Management LLC reported 120 stock positions worth $603.0 million. Its top holding was Alphabet Class A (GOOGL) at 5.8% of the portfolio, followed by JPMorgan Chase (JPM, 4.7%) and Eli Lilly (LLY, 4.2%). Compared with Q3 2025, it opened 20 new positions, sold out of 6, added to 44 and reduced 29. The biggest buy was a new position in Block (XYZ) and the biggest sale an exit from Adobe (ADBE).

Most Recent 13F
Q2 2026
Location
Darien, CT
CIK
0001088731
Portfolio Value
$603.0M (Q4 2025)
SEC Filing
0001019056-26-000006 ↗ filed Jan 15, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $511.1M Q1 2024 Q2 2024: $510.3M Q2 2024 Q3 2024: $519.8M Q3 2024 Q4 2024: $526.4M Q4 2024 Q1 2025: $455.6M Q1 2025 Q2 2025: $496.5M Q2 2025 Q3 2025: $539.8M Q3 2025 Q4 2025: $603.0M $603.0M Q4 2025 Q1 2026: $563.4M Q1 2026 Q2 2026: $659.4M Q2 2026

Holdings 120 stocks · $603.0M
GOOGL Alphabet Inc. Class A 5.85% 112,680 $35.3M Reduce -11.1%
JPM JPMorgan Chase & Co. 4.69% 87,854 $28.3M Reduce -1.5%
LLY Eli Lilly & Co. 4.19% 23,518 $25.3M Reduce -0.1%
MSFT Microsoft Corp. 3.63% 45,319 $21.9M Add +6.4%
TEVA Teva Pharmaceutical-SP ADR 3.16% 611,345 $19.1M Reduce -15.1%
ILMN Illumina Inc. 3.08% 141,817 $18.6M Add +0.1%
FCX Freeport-McMoran Inc. 2.90% 343,999 $17.5M Reduce -0.5%
HUBB Hubbell Inc. 2.88% 39,090 $17.4M Add +19.4%
MRK Merck & Co. Inc. 2.87% 164,356 $17.3M Reduce -1.7%
MDB Mongodb Inc. 2.70% 38,793 $16.3M Add +0.2%
RTX RTX Corp. 2.61% 85,794 $15.7M Add +0.4%
AMZN Amazon.com Inc. 2.61% 68,089 $15.7M Reduce -1.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.60% 285,505 $15.7M Add +0.2%
MRVL Marvell Technology Inc. 2.52% 178,706 $15.2M Reduce -1.6%
ETN Eaton Corp. PLC 2.48% 47,023 $15.0M Add +5.6%
MU Micron Technology Inc. 2.48% 52,306 $14.9M Reduce -47.3%
AAPL Apple Inc. 2.40% 53,302 $14.5M Reduce -1.1%
C Citigroup Inc. 2.37% 122,690 $14.3M Reduce -9.4%
VST Vistra Corp. 2.27% 84,698 $13.7M Add +123.8%
DHR Danaher Corp. 2.26% 59,587 $13.6M Add +0.5%
CW Curtiss-Wright Corp. 2.20% 24,072 $13.3M Add +0.6%
OKTA Okta Inc. 2.08% 144,780 $12.5M Add +67.1%
CSX CSX Corp. 1.96% 326,652 $11.8M Reduce -0.5%
PNC PNC Financial Services Group 1.87% 54,019 $11.3M Reduce -0.4%
PLD Prologis Inc. 1.84% 86,837 $11.1M Add +0.3%
QCOM Qualcomm Inc. 1.84% 64,772 $11.1M Add +1.6%
MDLZ Mondelez International Inc. Class A 1.71% 191,281 $10.3M Add +14.1%
COP Conocophillips 1.40% 89,930 $8.4M Add +0.0%
XAR SS SPDR S&P Aerospace Def 1.36% 34,013 $8.2M Reduce -0.2%
CTRA Coterra Energy Inc. 1.29% 295,715 $7.8M Add +0.4%
XYZ Block Inc. 1.25% 115,362 $7.5M New
PANW Palo Alto Networks Inc. 1.24% 40,592 $7.5M Add +0.3%
SLB SLB Ltd. filed as SLB LIMITED 1.23% 192,719 $7.4M Add +1.8%
PWR Quanta Services Inc. 1.18% 16,799 $7.1M Reduce -8.9%
TER Teradyne Inc. 1.17% 36,448 $7.1M Reduce -21.3%
CNS Cohen & Steers Inc. 1.11% 107,085 $6.7M Reduce -26.5%
UNP Union Pacific Corp. 1.00% 26,140 $6.0M New
NVDA Nvidia Corp. 0.97% 31,478 $5.9M Add +8.8%
TTE Totalenergies SE 0.77% 71,210 $4.7M Reduce -0.2%
BLK BlackRock Inc. 0.76% 4,287 $4.6M Reduce -5.0%
GOOG Alphabet Inc. Class C 0.60% 11,462 $3.6M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.58% 5,167 $3.5M Add +73.9%
ADI Analog Devices Inc. 0.51% 11,357 $3.1M No change
EOG EOG Resources Inc. 0.48% 27,294 $2.9M Add +37.8%
BRK.B Berkshire Hathaway Inc. Class B 0.46% 5,466 $2.7M No change
COR Cencora Inc. 0.46% 8,124 $2.7M New
BIV Vanguard Intermediate-Term B 0.44% 34,430 $2.7M Add +22.0%
XOM Exxon Mobil Corp. 0.40% 19,822 $2.4M Reduce -0.0%
CVX Chevron Corp. 0.36% 14,397 $2.2M Add +4.6%
JNJ Johnson & Johnson 0.35% 10,134 $2.1M Add +97.4%
NXPI NXP Semiconductors NV 0.32% 8,750 $1.9M Add +52.1%
VOO Vanguard S&P 500 ETF 0.29% 2,816 $1.8M Add +0.1%
AGG iShares Core U.S. Aggregate 0.29% 17,503 $1.7M Add +4.4%
GBIL Goldman Sachs Access Treasur 0.19% 11,702 $1.2M Reduce -3.0%
AMGN Amgen Inc. 0.18% 3,395 $1.1M No change
IGRO iShares Intl Div Growth ETF 0.18% 13,229 $1.1M Add +7.0%
GEV GE Vernova Inc. 0.17% 1,557 $1.0M New
VTI VG Morningstar TS MKT ETF-US 0.17% 3,031 $1.0M Reduce -3.9%
EQT Eqt Corp. 0.16% 18,342 $983K New
AA Alcoa Corp. 0.15% 17,505 $930K New
SCHE Schwab Emrg Mrkts Eqty ETF 0.14% 25,331 $830K Add +3.1%
IESC Ies Holdings Inc. filed as IES HLDGS INC 0.14% 2,104 $818K Reduce -19.5%
ABBV Abbvie Inc. 0.13% 3,507 $801K New
AVGO Broadcom Inc. 0.13% 2,233 $773K Add +6.3%
V Visa Inc. Class A 0.13% 2,186 $767K No change
DVYA iShares Asia/Pacific Dividen 0.13% 17,189 $761K Add +5.9%
ASML ASML Holding NV-NY Reg SHS 0.12% 699 $748K Reduce -9.8%
IWD iShares Russell 1000 Value E 0.12% 3,528 $742K No change
EMGF iShares Emerging Markets Equ 0.12% 12,082 $699K Add +3.1%
MCHP Microchip Technology Inc. 0.11% 10,469 $667K New
IGIB iShares 5-10Y Inv Grade Corp. 0.11% 12,300 $663K Add +0.7%
WMT Walmart Inc. 0.11% 5,833 $650K Add +105.9%
MTD Mettler-Toledo International 0.11% 460 $641K No change
IWF iShares Russell 1000 Growth 0.11% 1,350 $639K No change
ENPH Enphase Energy Inc. 0.11% 19,800 $635K New
SHOP Shopify Inc. Class A 0.10% 3,608 $581K No change
SNPS Synopsys Inc. 0.10% 1,222 $574K No change
ROP Roper Technologies Inc. 0.09% 1,251 $557K New
DOCU Docusign Inc. 0.09% 8,008 $548K New
IAU iShares Gold Trust 0.09% 6,346 $515K No change
NFLX Netflix Inc. 0.08% 5,450 $511K No change
ISRG Intuitive Surgical Inc. 0.08% 857 $485K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.08% 5,228 $478K Add +3.2%
IEFA iShares Core MSCI Eafe ETF 0.08% 5,251 $470K No change
APH Amphenol Corp. Class A 0.08% 3,462 $468K Add +69.1%
LMB Limbach Holdings Inc. 0.08% 6,000 $467K No change
INTU Intuit Inc. 0.07% 665 $441K Reduce -0.1%
BX Blackstone Inc. 0.07% 2,851 $439K Add +0.9%
ABT Abbott Laboratories 0.07% 3,450 $432K New
IWP iShares Russell Mid-Cap Grow 0.07% 3,151 $431K No change
IWY iShares Russell Top 200 Grow 0.07% 1,530 $424K No change
COST Costco Wholesale Corp. 0.07% 487 $420K No change
FICO Fair Isaac Corp. 0.07% 248 $419K No change
SBUX Starbucks Corp. 0.07% 4,926 $415K Reduce -0.0%
GE General Electric filed as GE AEROSPACE 0.07% 1,287 $396K Reduce -0.5%
SPGI S&P Global Inc. 0.06% 746 $390K No change
AXON Axon Enterprise Inc. 0.06% 686 $390K New
QQQ Invesco QQQ Trust Series 1 0.06% 611 $375K Add +48.7%
USMV iShares MSCI USA Min Vol Fac 0.06% 3,900 $367K No change
MSCI MSCI Inc. 0.06% 618 $355K No change
BSX Boston Scientific Corp. 0.06% 3,693 $352K Add +14.5%
TDG Transdigm Group Inc. 0.06% 263 $350K Add +25.8%
PFE Pfizer Inc. 0.05% 13,271 $330K New
AWK American Water Works Co. Inc. 0.05% 2,220 $290K No change
SPOT Spotify Technology SA 0.05% 490 $285K Add +27.6%
AX Axos Financial Inc. 0.05% 3,200 $276K No change
EW Edwards Lifesciences Corp. 0.04% 3,007 $256K No change
SLV iShares Silver Trust 0.04% 3,690 $238K New
ZTS Zoetis Inc. 0.04% 1,869 $235K Add +0.1%
HD Home Depot Inc. 0.04% 665 $229K Add +1.4%
HACK Amplify Cybersecurity ETF 0.04% 2,805 $225K Add +0.0%
VRTX Vertex Pharmaceuticals Inc. 0.04% 483 $219K New
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.04% 686 $216K No change
NOW ServiceNow Inc. 0.04% 1,400 $214K Reduce -38.0%
LNC Lincoln National Corp. 0.04% 4,800 $214K New
WPC WP Carey Inc. 0.04% 3,300 $212K No change
RL Ralph Lauren Corp. 0.04% 600 $212K New
DXJ Wisdomtree Japan Hedged Eq 0.04% 1,467 $211K New
DLR Digital Realty Trust Inc. 0.03% 1,307 $202K No change
NKTX Nkarta Inc. 0.00% 10,400 $19K New

Options reported separately and not counted above: SPY puts ($2.0M), QQQ puts ($1.8M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $11.2M (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 150,024$10.4MAdd +0.6%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 15,000$874KNew

Total filed on the 13F, all lines: $614.3M.

Portfolio Sells Q3 2025 → Q4 2025
ADBE Adobe Inc. Sold out 0.00% −1.90
SNOW Snowflake Inc. Sold out 0.00% −1.30
CNS Cohen & Steers Inc. Reduce -26.5% 1.11% −0.66
MU Micron Technology Inc. Reduce -47.3% 2.48% −0.60
JPM JPMorgan Chase & Co. Reduce -1.5% 4.69% −0.52
MRVL Marvell Technology Inc. Reduce -1.6% 2.52% −0.31
PWR Quanta Services Inc. Reduce -8.9% 1.18% −0.24
BLK BlackRock Inc. Reduce -5.0% 0.76% −0.21
AMZN Amazon.com Inc. Reduce -1.6% 2.61% −0.21
CSX CSX Corp. Reduce -0.5% 1.96% −0.20
C Citigroup Inc. Reduce -9.4% 2.37% −0.17
PNC PNC Financial Services Group Reduce -0.4% 1.87% −0.15
AAPL Apple Inc. Reduce -1.1% 2.40% −0.14
XAR SS SPDR S&P Aerospace Def Reduce -0.2% 1.36% −0.12
AKRO Akero Therapeutics Inc. Sold out 0.00% −0.09
ABNB Airbnb Inc. Class A Sold out 0.00% −0.07
IESC Ies Holdings Inc. Reduce -19.5% 0.14% −0.06
VIXY Proshares Vix Short-Term Fut Sold out 0.00% −0.04
SPDW Ste STR SPDR PT DW Eu ETF Sold out 0.00% −0.04
NOW ServiceNow Inc. Reduce -38.0% 0.04% −0.04
GBIL Goldman Sachs Access Treasur Reduce -3.0% 0.19% −0.03
VTI VG Morningstar TS MKT ETF-US Reduce -3.9% 0.17% −0.02
XOM Exxon Mobil Corp. Reduce -0.0% 0.40% −0.02
TTE Totalenergies SE Reduce -0.2% 0.77% −0.02
ASML ASML Holding NV-NY Reg SHS Reduce -9.8% 0.12% −0.01
INTU Intuit Inc. Reduce -0.1% 0.07% −0.01
TER Teradyne Inc. Reduce -21.3% 1.17% −0.01
SBUX Starbucks Corp. Reduce -0.0% 0.07% −0.01
GE General Electric Reduce -0.5% 0.07% −0.01
GOOG Alphabet Inc. Class C Reduce -0.3% 0.60% +0.08
GOOGL Alphabet Inc. Class A Reduce -11.1% 5.85% +0.14
MRK Merck & Co. Inc. Reduce -1.7% 2.87% +0.27
FCX Freeport-McMoran Inc. Reduce -0.5% 2.90% +0.39
TEVA Teva Pharmaceutical-SP ADR Reduce -15.1% 3.16% +0.47
LLY Eli Lilly & Co. Reduce -0.1% 4.19% +0.86

Portfolio Buys Q3 2025 → Q4 2025
XYZ Block Inc. New 1.25% +1.25
UNP Union Pacific Corp. New 1.00% +1.00
VST Vistra Corp. Add +123.8% 2.27% +0.89
OKTA Okta Inc. Add +67.1% 2.08% +0.60
ILMN Illumina Inc. Add +0.1% 3.08% +0.59
MDB Mongodb Inc. Add +0.2% 2.70% +0.47
COR Cencora Inc. New 0.46% +0.46
HUBB Hubbell Inc. Add +19.4% 2.88% +0.27
SPY SS SPDR S&P 500 ETF Trust-US Add +73.9% 0.58% +0.22
JNJ Johnson & Johnson Add +97.4% 0.35% +0.17
GEV GE Vernova Inc. New 0.17% +0.17
EQT Eqt Corp. New 0.16% +0.16
AA Alcoa Corp. New 0.15% +0.15
ABBV Abbvie Inc. New 0.13% +0.13
MCHP Microchip Technology Inc. New 0.11% +0.11
ENPH Enphase Energy Inc. New 0.11% +0.11
ROP Roper Technologies Inc. New 0.09% +0.09
DOCU Docusign Inc. New 0.09% +0.09
DHR Danaher Corp. Add +0.5% 2.26% +0.08
NXPI NXP Semiconductors NV Add +52.1% 0.32% +0.07
ABT Abbott Laboratories New 0.07% +0.07
AXON Axon Enterprise Inc. New 0.06% +0.06
EOG EOG Resources Inc. Add +37.8% 0.48% +0.06
PFE Pfizer Inc. New 0.05% +0.05
WMT Walmart Inc. Add +105.9% 0.11% +0.05
SLV iShares Silver Trust New 0.04% +0.04
BIV Vanguard Intermediate-Term B Add +22.0% 0.44% +0.04
VRTX Vertex Pharmaceuticals Inc. New 0.04% +0.04
LNC Lincoln National Corp. New 0.04% +0.04
RL Ralph Lauren Corp. New 0.04% +0.04
DXJ Wisdomtree Japan Hedged Eq New 0.04% +0.04
APH Amphenol Corp. Class A Add +69.1% 0.08% +0.03
SLB SLB Ltd. Add +1.8% 1.23% +0.02
QQQ Invesco QQQ Trust Series 1 Add +48.7% 0.06% +0.02
TDG Transdigm Group Inc. Add +25.8% 0.06% +0.01
NKTX Nkarta Inc. New 0.00% +0.00
PLD Prologis Inc. Add +0.3% 1.84% +0.00
CTRA Coterra Energy Inc. Add +0.4% 1.29% +0.00
BSX Boston Scientific Corp. Add +14.5% 0.06% 0.00
AVGO Broadcom Inc. Add +6.3% 0.13% −0.00
DVYA iShares Asia/Pacific Dividen Add +5.9% 0.13% −0.00
IGRO iShares Intl Div Growth ETF Add +7.0% 0.18% −0.00
SPOT Spotify Technology SA Add +27.6% 0.05% −0.00
EMGF iShares Emerging Markets Equ Add +3.1% 0.12% −0.01
BIL SS SPDR BB 1-3M T-Bill ETF Add +3.2% 0.08% −0.01
HACK Amplify Cybersecurity ETF Add +0.0% 0.04% −0.01
HD Home Depot Inc. Add +1.4% 0.04% −0.01
ZTS Zoetis Inc. Add +0.1% 0.04% −0.01
IGIB iShares 5-10Y Inv Grade Corp. Add +0.7% 0.11% −0.01
SCHE Schwab Emrg Mrkts Eqty ETF Add +3.1% 0.14% −0.01

Notes & Other Activity Q3 2025 → Q4 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +0.6% 150,024 $10.4M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG New 15,000 $874K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 101$659.4MGOOGL, LLY, JPM, MRVL, HUBB
Q1 2026 104$563.4MGOOGL, JPM, LLY, MRK, HUBB
Q4 2025 120$603.0MGOOGL, JPM, LLY, MSFT, TEVA
Q3 2025 106$539.8MGOOGL, JPM, MSFT, LLY, ETN
Q2 2025 106$496.5MJPM, GOOGL, MSFT, ETN, AMZN
Q1 2025 104$455.6MJPM, GOOGL, MSFT, MRK, AMZN
Q4 2024 117$526.4MJPM, MSFT, GOOGL, HON, AMZN
Q3 2024 105$519.8MJPM, MSFT, GOOGL, AMGN, MRK
Q2 2024 109$510.3MJPM, MSFT, GOOGL, MRK, AMGN
Q1 2024 112$511.1MJPM, MSFT, MRK, GOOGL, HON