Boyd Watterson Asset Management LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 29, 2024), Boyd Watterson Asset Management LLC reported 411 stock positions worth $274.9 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.6% of the portfolio, followed by Microsoft (MSFT, 7.8%) and Eli Lilly (LLY, 4.1%). Compared with Q4 2023, it opened 23 new positions, sold out of 8, added to 55 and reduced 63. The biggest buy was Eli Lilly (LLY, shares +6%) and the biggest sale Apple (AAPL, shares −0%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$274.9M (Q1 2024)
SEC Filing
0001121477-24-000004 ↗ filed Apr 29, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $274.9M $274.9M Q1 2024 Q2 2024: $346.3M Q2 2024 Q3 2024: $361.0M Q3 2024 Q4 2024: $356.1M Q4 2024 Q1 2025: $309.3M Q1 2025 Q2 2025: $314.8M Q2 2025 Q3 2025: $334.8M Q3 2025 Q4 2025: $345.6M Q4 2025 Q1 2026: $324.9M Q1 2026 Q2 2026: $370.6M Q2 2026

Holdings 411 stocks · $274.9M
SPY SS SPDR S&P 500 ETF Trust-US 8.64% 45,395 $23.7M No change
MSFT Microsoft Corp. 7.77% 50,740 $21.3M Add +0.3%
LLY Eli Lilly & Co. 4.10% 14,489 $11.3M Add +6.1%
AVGO Broadcom Inc. 3.73% 7,735 $10.3M Reduce -1.1%
GOOGL Alphabet Inc. Class A 3.51% 63,916 $9.6M Add +4.0%
JPM JPMorgan Chase & Co. 3.22% 44,194 $8.9M Add +0.3%
MDY State Street SPDR S&P Midcap 2.82% 13,930 $7.8M No change
ETN Eaton Corp. PLC 2.77% 24,344 $7.6M Reduce -0.5%
AAPL Apple Inc. 2.73% 43,804 $7.5M Reduce -0.5%
AXP American Express Co. 2.36% 28,514 $6.5M Add +1.2%
ABBV Abbvie Inc. 2.04% 30,803 $5.6M Reduce -4.8%
HON Honeywell International Inc. 2.02% 27,070 $5.6M Add +0.9%
XOM Exxon Mobil Corp. 1.90% 44,952 $5.2M Add +1.2%
MBB iShares MBS ETF 1.76% 52,275 $4.8M Reduce -17.9%
AMZN Amazon.com Inc. 1.67% 25,401 $4.6M Add +1.8%
CAT Caterpillar Inc. 1.43% 10,737 $3.9M Reduce -0.7%
VOO Vanguard S&P 500 ETF 1.42% 8,097 $3.9M No change
JNJ Johnson & Johnson 1.33% 23,139 $3.7M Add +1.0%
LIN Linde PLC 1.30% 7,715 $3.6M Add +0.6%
IOO iShares Global 100 ETF 1.30% 39,980 $3.6M Reduce -0.9%
MRK Merck & Co. Inc. 1.29% 26,895 $3.5M Add +13.7%
V Visa Inc. Class A 1.28% 12,588 $3.5M Add +0.2%
CRWD CrowdStrike Holdings Inc. Class A 1.27% 10,918 $3.5M Reduce -11.6%
PG The Procter & Gamble Co. 1.10% 18,614 $3.0M Reduce -0.4%
CVX Chevron Corp. 1.07% 18,691 $2.9M Add +2.0%
ABT Abbott Laboratories 1.06% 25,633 $2.9M Reduce -0.5%
GOOG Alphabet Inc. Class C 1.00% 18,122 $2.8M Reduce -0.7%
PH Parker Hannifin Corp. 1.00% 4,929 $2.7M Add +1.7%
NVDA Nvidia Corp. 0.99% 3,000 $2.7M No change
IJR iShares Core S&P Small-Cap E 0.98% 24,350 $2.7M No change
QCOM Qualcomm Inc. 0.96% 15,555 $2.6M Add +2.6%
PEP Pepsico Inc. 0.94% 14,688 $2.6M Reduce -12.0%
TMO Thermo Fisher Scientific Inc. 0.90% 4,268 $2.5M Add +1.2%
BMY Bristol-Myers Squibb Co. 0.84% 42,725 $2.3M Reduce -1.8%
CRM Salesforce Inc. 0.81% 7,408 $2.2M Add +4.8%
ORLY O'reilly Automotive Inc. 0.80% 1,958 $2.2M Reduce -7.3%
SHOP Shopify Inc. Class A 0.79% 28,182 $2.2M Add +1.9%
INTC Intel Corp. 0.76% 47,401 $2.1M Add +2.9%
BKNG Booking Holdings Inc. 0.75% 565 $2.0M Reduce -0.3%
SCHD Schwab US DVD Equity ETF 0.75% 25,416 $2.0M Add +12.8%
EFA iShares MSCI Eafe ETF 0.74% 25,332 $2.0M No change
HD Home Depot Inc. 0.70% 5,042 $1.9M No change
PSX Phillips 66 0.66% 11,109 $1.8M No change
EMR Emerson Electric Co. 0.62% 15,053 $1.7M Add +2.4%
TT Trane Technologies PLC 0.59% 5,428 $1.6M Reduce -1.1%
CI The Cigna Group 0.59% 4,453 $1.6M No change
TGT Target Corp. 0.57% 8,916 $1.6M Reduce -1.9%
KO The Coca-Cola Co. 0.55% 24,563 $1.5M No change
EEM iShares MSCI Emerging Market 0.53% 35,325 $1.5M No change
GS Goldman Sachs Group Inc. 0.52% 3,424 $1.4M Add +9.6%
MRSH Marsh & McLennan Cos 0.50% 6,676 $1.4M Add +10.9%
ZBRA Zebra Technologies Corp. Class A 0.45% 4,072 $1.2M Reduce -1.2%
REGN Regeneron Pharmaceuticals 0.42% 1,195 $1.2M Add +30.0%
NEE Nextera Energy Inc. 0.40% 17,098 $1.1M No change
DHR Danaher Corp. 0.34% 3,764 $940K No change
BA The Boeing Co. 0.34% 4,804 $927K Reduce -1.7%
CSX CSX Corp. 0.33% 24,681 $915K Reduce -0.5%
META Meta Platforms Inc. Class A 0.32% 1,793 $871K Add +3.3%
JAAA Janus Henderson Aaa Clo ETF 0.31% 17,000 $863K No change
SPTI SS SPDR P Int Term TSY ETF 0.31% 30,225 $852K Add +26.3%
TRV The Travelers Cos Inc. 0.30% 3,538 $814K No change
IJH iShares Core S&P Midcap ETF 0.29% 13,335 $810K No change
PFE Pfizer Inc. 0.29% 29,096 $807K Reduce -28.7%
UPS United Parcel Service Class B 0.28% 5,226 $777K No change
CMI Cummins Inc. 0.27% 2,520 $742K Add +2.4%
VUG Vanguard Mrngstar GR ETF-Sui 0.26% 2,089 $719K No change
IGIB iShares 5-10Y Inv Grade Corp. 0.26% 13,693 $707K Reduce -1.7%
AMD Advanced Micro Devices 0.25% 3,840 $693K Add +87.8%
TXN Texas Instruments Inc. 0.25% 3,918 $683K Reduce -4.1%
RTX RTX Corp. 0.25% 6,980 $681K Reduce -1.4%
APD Air Products & Chemicals Inc. 0.24% 2,709 $656K No change
SCHW Schwab (charles) Corp. 0.24% 9,014 $652K Reduce -7.0%
GE General Electric 0.22% 3,516 $617K Add +8.8%
CSCO Cisco Systems Inc. 0.22% 12,231 $610K Reduce -1.3%
ROP Roper Technologies Inc. 0.22% 1,087 $610K Add +3.4%
KVUE Kenvue Inc. 0.22% 28,399 $609K Reduce -1.4%
SHEL Shell PLC-ADR 0.21% 8,613 $577K No change
C Citigroup Inc. 0.21% 8,945 $566K Add +178.2%
DNP DNP Select Income Fund Inc. 0.20% 61,778 $560K Add +0.4%
CARR Carrier Global Corp. 0.20% 9,603 $558K Reduce -2.0%
MA Mastercard Inc. Class A 0.20% 1,129 $544K Reduce -12.3%
LOW Lowe's Cos Inc. 0.20% 2,130 $543K Add +4.9%
USB US Bancorp 0.19% 11,750 $525K Reduce -7.8%
COP Conocophillips 0.19% 4,126 $525K Reduce -0.1%
EOG EOG Resources Inc. 0.19% 4,023 $514K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.18% 2,552 $487K Add +0.0%
SYF Synchrony Financial 0.17% 10,568 $456K No change
IEF iShares 7-10 Year Treasury B 0.16% 4,734 $448K Reduce -10.0%
HPQ HP Inc. 0.15% 13,974 $422K Add +7.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.15% 11,075 $420K Add +1.9%
MDLZ Mondelez International Inc. Class A 0.15% 5,968 $418K Reduce -3.6%
SHY iShares 1-3 Year Treasury Bo 0.15% 5,000 $409K No change
MDT Medtronic PLC 0.15% 4,601 $401K Reduce -3.8%
CMG Chipotle Mexican Grill Inc. 0.14% 137 $398K Reduce -7.4%
BLK BlackRock Finance Inc. 0.14% 452 $377K No change
PYPL PayPal Holdings Inc. 0.13% 5,494 $368K Reduce -42.9%
IGSB iShares 1-5Y Inv Grade Corp. 0.13% 6,973 $358K Reduce -12.4%
SJNK SS SPDR BB St Hi Yield ETF 0.13% 13,983 $353K Reduce -9.4%
VMBS Vanguard Mortgage-Backed Sec 0.12% 7,497 $342K Add +110.2%
VCLT Vanguard Long-Term Corp. Bond 0.12% 4,359 $341K Reduce -1.5%

Show all 411 holdings

Other holdings (29): bonds, preferreds, convertibles and warrants · $4.1M (not counted above)
SecurityClassShares / PrincipalValueChange
US BANCORP (USB 4 PERP M) PFD 84,165$1.6MNo change
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD 40,750$875KReduce -4.7%
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD 25,300$491KReduce -7.3%
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$241KNo change
BRUNSWICK CORP (BC 6.5 10/15/48) PFD 9,338$239KNo change
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$225KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$207KNo change
REINSURANCE GRP OF AMER (RGA V5.75 06/15/56) PFD 2,366$59KNo change
AMERICAN FINANCIAL GROUP (AFG 5.875 03/30/59) Common Stock 876$22KNo change
BRUNSWICK CORP (BC 6.625 01/15/49) PFD 871$22KNo change
KIMCO REALTY CORP (KIM 5.25 PERP M) PFD 655$15KNo change
ZIONS BANCORP NA (ZION V0 PERP G) COM 500$13KNo change
GOLDMAN SACHS GROUP INC (GS F PERP D) Preferred Stock 500$12KNo change
HUNTINGTON BANCSHARES (HBAN V6.875 PERP J) PFD 150$4KNew
FIFTH THIRD BANCORP (FITB 4.95 PERP K) Common Stock 150$4KNo change
AT&T INC (T 4.75 PERP C) PFD 165$3KNo change
READY CAPITAL CORP (RC 6.25 PERP C) 6.25 CNV PFD C 170$3KNew
FORD MOTOR COMPANY (F 6.5 08/15/62) PREFERRED DEBT 125$3KNo change
DUKE ENERGY CORP (DUK 5.75 PERP A) Common Stock 125$3KNo change
JPMORGAN CHASE & CO (JPM 6 PERP EE) Common Stock 125$3KNo change
UNUM GROUP (UNM 6.25 06/15/58) PFD 125$3KNo change
GEORGIA POWER CO (SO 5 10/01/77 2017) COM 125$3KNo change
BROOKFIELD OAKTREE HLDGS (OAK 6.625 PERP A) PFD 125$3KNo change
JPMORGAN CHASE & CO (JPM 4.75 PERP GG) Common Stock 125$3KNo change
BANK OF AMERICA CORP (BAC 5 PERP LL) PFD 125$3KNo change
TRUIST FINANCIAL CORP (TFC 4.75 PERP R) COM 125$3KNo change
WELLS FARGO & COMPANY (WFC 5.625 PERP Y) PREFERRED STOCK 100$2KNo change
BROOKFIELD PROP PFD LP (BPY 6.25 07/26/81) Common Stock 26$390New
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 3$129No change

Total filed on the 13F, all lines: $279.0M.

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -0.5% 2.73% −0.67
MBB iShares MBS ETF Reduce -17.9% 1.76% −0.65
AGG iShares Core U.S. Aggregate Reduce -99.6% 0.00% −0.33
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.21
PEP Pepsico Inc. Reduce -12.0% 0.94% −0.20
PFE Pfizer Inc. Reduce -28.7% 0.29% −0.18
BA The Boeing Co. Reduce -1.7% 0.34% −0.17
PYPL PayPal Holdings Inc. Reduce -42.9% 0.13% −0.10
VGSH Vanguard Short-Term Treasury Reduce -63.7% 0.05% −0.10
SGOV iShares 0-3 Month Treasury B Sold out 0.00% −0.09
ABT Abbott Laboratories Reduce -0.5% 1.06% −0.08
BKNG Booking Holdings Inc. Reduce -0.3% 0.75% −0.06
BMY Bristol-Myers Squibb Co. Reduce -1.8% 0.84% −0.05
IEF iShares 7-10 Year Treasury B Reduce -10.0% 0.16% −0.04
IGIB iShares 5-10Y Inv Grade Corp. Reduce -1.7% 0.26% −0.03
IGSB iShares 1-5Y Inv Grade Corp. Reduce -12.4% 0.13% −0.03
TXN Texas Instruments Inc. Reduce -4.1% 0.25% −0.03
SCHW Schwab (charles) Corp. Reduce -7.0% 0.24% −0.03
USB US Bancorp Reduce -7.8% 0.19% −0.03
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -37.2% 0.04% −0.03
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -10.0% 0.11% −0.03
CSCO Cisco Systems Inc. Reduce -1.3% 0.22% −0.03
GOOG Alphabet Inc. Class C Reduce -0.7% 1.00% −0.03
MDLZ Mondelez International Inc. Class A Reduce -3.6% 0.15% −0.03
SJNK SS SPDR BB St Hi Yield ETF Reduce -9.4% 0.13% −0.03
KVUE Kenvue Inc. Reduce -1.4% 0.22% −0.03
SYY Sysco Corp. Reduce -34.7% 0.04% −0.02
CARR Carrier Global Corp. Reduce -2.0% 0.20% −0.02
MA Mastercard Inc. Class A Reduce -12.3% 0.20% −0.02
VCLT Vanguard Long-Term Corp. Bond Reduce -1.5% 0.12% −0.02
FAST Fastenal Co. Reduce -19.4% 0.12% −0.02
USHY iShares Broad Usd High Yield Reduce -10.0% 0.07% −0.02
GVI iShares Intermediate Governm Sold out 0.00% −0.01
CSX CSX Corp. Reduce -0.5% 0.33% −0.01
MDT Medtronic PLC Reduce -3.8% 0.15% −0.01
VLTO Veralto Corp. Reduce -81.8% 0.00% −0.01
SPGI S&P Global Inc. Reduce -7.7% 0.05% −0.01
IHY Vaneck Int High Yield Bond Sold out 0.00% −0.01
MMM 3M Co. Reduce -7.9% 0.04% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -39.6% 0.02% −0.01
ZTS Zoetis Inc. Reduce -33.3% 0.01% −0.01
FMB First Trust Managed Municipa Sold out 0.00% −0.01
ZBRA Zebra Technologies Corp. Class A Reduce -1.2% 0.45% −0.01
FLRN SS SPDR BB Ig Float RT ETF Reduce -11.7% 0.02% −0.00
TJX TJX Companies Inc. Reduce -32.3% 0.01% −0.00
CL Colgate-Palmolive Co. Reduce -10.0% 0.04% −0.00
MPC Marathon Petroleum Corp. Reduce -27.4% 0.03% −0.00
TFC Truist Financial Corp. Reduce -3.8% 0.04% −0.00
BDX Becton Dickinson and Co. Reduce -5.9% 0.02% −0.00
T AT&T Inc. Reduce -6.8% 0.03% −0.00

Portfolio Buys Q4 2023 → Q1 2024
LLY Eli Lilly & Co. Add +6.1% 4.10% +0.91
MRK Merck & Co. Inc. Add +13.7% 1.29% +0.26
AXP American Express Co. Add +1.2% 2.36% +0.24
JPM JPMorgan Chase & Co. Add +0.3% 3.22% +0.21
AMZN Amazon.com Inc. Add +1.8% 1.67% +0.15
C Citigroup Inc. Add +178.2% 0.21% +0.14
AMD Advanced Micro Devices Add +87.8% 0.25% +0.13
MSFT Microsoft Corp. Add +0.3% 7.77% +0.13
XOM Exxon Mobil Corp. Add +1.2% 1.90% +0.12
PH Parker Hannifin Corp. Add +1.7% 1.00% +0.10
REGN Regeneron Pharmaceuticals Add +30.0% 0.42% +0.09
QCOM Qualcomm Inc. Add +2.6% 0.96% +0.08
META Meta Platforms Inc. Class A Add +3.3% 0.32% +0.07
CRM Salesforce Inc. Add +4.8% 0.81% +0.06
GOOGL Alphabet Inc. Class A Add +4.0% 3.51% +0.06
GE General Electric Add +8.8% 0.22% +0.06
VMBS Vanguard Mortgage-Backed Sec Add +110.2% 0.12% +0.06
SCHD Schwab US DVD Equity ETF Add +12.8% 0.75% +0.06
EMR Emerson Electric Co. Add +2.4% 0.62% +0.05
MRSH Marsh & McLennan Cos Add +10.9% 0.50% +0.04
LIN Linde PLC Add +0.6% 1.30% +0.04
GS Goldman Sachs Group Inc. Add +9.6% 0.52% +0.04
SPTI SS SPDR P Int Term TSY ETF Add +26.3% 0.31% +0.04
CMI Cummins Inc. Add +2.4% 0.27% +0.03
LOW Lowe's Cos Inc. Add +4.9% 0.20% +0.02
IBM Intl Business Machines Corp. Add +0.0% 0.18% +0.01
VRP Invesco Variable Rate Prefer New 0.01% +0.01
PM Philip Morris International Add +250.0% 0.01% +0.01
OTIS Otis Worldwide Corp. Add +5.3% 0.12% +0.01
BTI British American Tob-SP ADR New 0.01% +0.01
BAC Bank of America Corp. Add +1.9% 0.15% +0.01
O Realty Income Corp. Add +291.3% 0.01% +0.01
MO Altria Group Inc. Add +30.6% 0.02% +0.01
PAGP Plains GP Holdings LP New 0.00% +0.00
GBTC Grayscale Bitcoin Trust ETF New 0.00% +0.00
TMO Thermo Fisher Scientific Inc. Add +1.2% 0.90% +0.00
OHI Omega Healthcare Investors New 0.00% +0.00
CSQ Calamos Strat TTL RTRN FND New 0.00% +0.00
PFF iShares Preferred & Income S Add +9.5% 0.11% +0.00
MET Metlife Inc. New 0.00% +0.00
NEM Newmont Corp. New 0.00% +0.00
FLOT iShares Floating Rate Bond E Add +38.4% 0.01% +0.00
BXMT Blackstone Mortgage Tru Class A New 0.00% +0.00
ORI Old Republic Intl Corp. New 0.00% +0.00
ADX Adams Diversified Equity New 0.00% +0.00
EPSN Epsilon Energy Ltd. New 0.00% +0.00
MCY Mercury General Corp. New 0.00% +0.00
WPC WP Carey Inc. New 0.00% +0.00
ABR Arbor Realty Trust Inc. New 0.00% +0.00
HR Healthcare Realty Trust Inc. New 0.00% +0.00

Notes & Other Activity Q4 2023 → Q1 2024
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD Reduce -4.7% 40,750 $875K
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD Reduce -7.3% 25,300 $491K
STATE STREET CORP (STT V5.9 PERP D) PFD Sold out 150 $4Kbefore exit
HUNTINGTON BANCSHARES (HBAN V6.875 PERP J) PFD New 150 $4K
READY CAPITAL CORP (RC 6.25 PERP C) 6.25 CNV PFD C New 170 $3K
BROOKFIELD PROP PFD LP (BPY 6.25 07/26/81) Common Stock New 26 $390

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 388$370.6MSPY, GOOGL, MSFT, AVGO, JPM
Q1 2026 383$324.9MSPY, MSFT, GOOGL, AVGO, JPM
Q4 2025 398$345.6MSPY, MSFT, GOOGL, AVGO, JPM
Q3 2025 394$334.8MMSFT, SPY, AVGO, GOOGL, JPM
Q2 2025 399$314.8MMSFT, SPY, AVGO, GOOGL, JPM
Q1 2025 403$309.3MSPY, MSFT, IGSB, GOOGL, JPM
Q4 2024 407$356.1MIGSB, SPY, MSFT, IGIB, AVGO
Q3 2024 409$361.0MIGSB, IGIB, SPY, MSFT, VCLT
Q2 2024 413$346.3MIGSB, IGIB, MSFT, SPY, VCLT
Q1 2024Amended 411$274.9MSPY, MSFT, LLY, AVGO, GOOGL