Boyd Watterson Asset Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 22, 2024), Boyd Watterson Asset Management LLC reported 409 stock positions worth $361.0 million. Its top holding was iShares 1-5Y Inv Grade (IGSB) at 8.7% of the portfolio, followed by iShares 5-10Y Inv Grade (IGIB, 7.3%) and SS SPDR S&P 500 ETF Trust-US (SPY, 6.2%). Compared with Q2 2024, it opened 6 new positions, sold out of 11, added to 42 and reduced 158. The biggest buy was Paycom Software (PAYC, shares +648%) and the biggest sale Broadcom (AVGO, shares −18%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$361.0M (Q3 2024)
SEC Filing
0001121477-24-000035 ↗ filed Oct 22, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $274.9M Q1 2024 Q2 2024: $346.3M Q2 2024 Q3 2024: $361.0M $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 409 stocks · $361.0M
IGSB iShares 1-5Y Inv Grade Corp. 8.70% 596,664 $31.4M Add +0.2%
IGIB iShares 5-10Y Inv Grade Corp. 7.34% 493,062 $26.5M Add +0.0%
SPY SS SPDR S&P 500 ETF Trust-US 6.19% 38,927 $22.3M Add +0.2%
MSFT Microsoft Corp. 6.18% 51,863 $22.3M Reduce -0.2%
VCLT Vanguard Long-Term Corp. Bond 4.08% 181,529 $14.7M Add +0.1%
AVGO Broadcom Inc. 2.97% 62,085 $10.7M Reduce -18.3%
LLY Eli Lilly & Co. 2.88% 11,746 $10.4M Reduce -9.3%
GOOGL Alphabet Inc. Class A 2.83% 61,656 $10.2M Reduce -2.6%
AAPL Apple Inc. 2.78% 43,067 $10.0M Reduce -0.5%
JPM JPMorgan Chase & Co. 2.28% 39,023 $8.2M Reduce -9.2%
MDY State Street SPDR S&P Midcap 2.16% 13,680 $7.8M No change
ETN Eaton Corp. PLC 2.15% 23,466 $7.8M Reduce -0.3%
AXP American Express Co. 2.13% 28,350 $7.7M Reduce -0.3%
XOM Exxon Mobil Corp. 1.62% 49,786 $5.8M Add +10.6%
HON Honeywell International Inc. 1.55% 27,107 $5.6M Reduce -0.0%
MBB iShares MBS ETF 1.48% 55,679 $5.3M Add +7.8%
AMZN Amazon.com Inc. 1.43% 27,710 $5.2M Add +2.2%
ABBV Abbvie Inc. 1.38% 25,298 $5.0M Add +6.0%
VOO Vanguard S&P 500 ETF 1.18% 8,097 $4.3M No change
CAT Caterpillar Inc. 1.16% 10,732 $4.2M Reduce -0.1%
JNJ Johnson & Johnson 1.12% 25,047 $4.1M Add +5.3%
IOO iShares Global 100 ETF 1.08% 39,360 $3.9M Reduce -0.3%
V Visa Inc. Class A 1.04% 13,658 $3.8M Add +8.2%
NVDA Nvidia Corp. 1.01% 30,080 $3.7M Add +0.3%
PH Parker Hannifin Corp. 0.98% 5,621 $3.6M Add +14.4%
EEM iShares MSCI Emerging Market 0.92% 72,704 $3.3M Reduce -0.1%
MRK Merck & Co. Inc. 0.92% 29,360 $3.3M Add +9.0%
PG The Procter & Gamble Co. 0.89% 18,639 $3.2M Add +0.1%
LIN Linde PLC 0.86% 6,526 $3.1M Reduce -15.4%
QCOM Qualcomm Inc. 0.84% 17,802 $3.0M Add +13.4%
CRWD CrowdStrike Holdings Inc. Class A 0.80% 10,272 $2.9M Add +8.9%
GOOG Alphabet Inc. Class C 0.78% 16,880 $2.8M Reduce -6.3%
CVX Chevron Corp. 0.77% 18,973 $2.8M Add +1.5%
IJR iShares Core S&P Small-Cap E 0.77% 23,850 $2.8M No change
TMO Thermo Fisher Scientific Inc. 0.73% 4,262 $2.6M Reduce -0.1%
PEP Pepsico Inc. 0.69% 14,604 $2.5M Add +19.9%
ABT Abbott Laboratories 0.65% 20,461 $2.3M Reduce -19.5%
SCHD Schwab US DVD Equity ETF 0.63% 26,914 $2.3M Add +5.9%
BMY Bristol-Myers Squibb Co. 0.61% 42,420 $2.2M Reduce -0.3%
SHOP Shopify Inc. Class A 0.59% 26,764 $2.1M Add +0.6%
EFA iShares MSCI Eafe ETF 0.58% 25,097 $2.1M Reduce -0.3%
BKNG Booking Holdings Inc. 0.57% 485 $2.0M Reduce -1.2%
HD Home Depot Inc. 0.57% 5,039 $2.0M Reduce -0.1%
ORLY O'reilly Automotive Inc. 0.56% 1,757 $2.0M Reduce -7.3%
GS Goldman Sachs Group Inc. 0.54% 3,969 $2.0M Add +15.9%
CRM Salesforce Inc. 0.53% 6,985 $1.9M Reduce -0.1%
PAYC Paycom Software Inc. 0.50% 10,815 $1.8M Add +647.9%
KO The Coca-Cola Co. 0.49% 24,522 $1.8M Reduce -0.2%
C Citigroup Inc. 0.48% 27,571 $1.7M Add +79.5%
EMR Emerson Electric Co. 0.46% 15,111 $1.7M Reduce -0.1%
PYPL PayPal Holdings Inc. 0.45% 21,035 $1.6M Add +292.1%
CMG Chipotle Mexican Grill Inc. 0.44% 27,683 $1.6M Add +342.9%
CI The Cigna Group 0.43% 4,453 $1.5M No change
ZBRA Zebra Technologies Corp. Class A 0.42% 4,136 $1.5M Reduce -1.2%
TT Trane Technologies PLC 0.42% 3,938 $1.5M Reduce -27.4%
MRSH Marsh & McLennan Cos 0.42% 6,730 $1.5M Add +0.5%
PSX Phillips 66 0.40% 11,109 $1.5M No change
NEE Nextera Energy Inc. 0.40% 17,098 $1.4M No change
EXPE Expedia Group Inc. 0.38% 9,183 $1.4M Add +2.3%
TGT Target Corp. 0.36% 8,429 $1.3M Reduce -5.1%
REGN Regeneron Pharmaceuticals 0.35% 1,191 $1.3M Reduce -0.3%
SCHW Schwab (charles) Corp. 0.33% 18,462 $1.2M Add +32.5%
JAAA Janus Henderson Aaa Clo ETF 0.24% 17,000 $865K No change
TRV The Travelers Cos Inc. 0.23% 3,538 $828K No change
SPTI SS SPDR P Int Term TSY ETF 0.23% 28,501 $828K Add +2.9%
IJH iShares Core S&P Midcap ETF 0.23% 13,172 $821K Reduce -1.2%
META Meta Platforms Inc. Class A 0.23% 1,419 $812K Reduce -3.4%
RTX RTX Corp. 0.22% 6,702 $812K Reduce -4.0%
TXN Texas Instruments Inc. 0.22% 3,918 $809K No change
CMI Cummins Inc. 0.22% 2,493 $807K Reduce -0.8%
APD Air Products & Chemicals Inc. 0.22% 2,703 $805K Reduce -0.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.22% 2,089 $802K No change
PFF iShares Preferred & Income S 0.21% 22,696 $754K Add +0.2%
CARR Carrier Global Corp. 0.20% 9,126 $735K Reduce -5.0%
UPS United Parcel Service Class B 0.20% 5,210 $710K Reduce -0.3%
INTC Intel Corp. 0.19% 29,816 $699K Reduce -36.8%
DHR Danaher Corp. 0.19% 2,504 $696K Reduce -33.5%
CSX CSX Corp. 0.19% 19,597 $677K Reduce -0.4%
GE General Electric filed as GE AEROSPACE 0.18% 3,462 $653K Add +1.1%
BA The Boeing Co. 0.18% 4,266 $649K Reduce -8.7%
DNP DNP Select Income Fund Inc. 0.17% 62,285 $625K Add +0.4%
PFE Pfizer Inc. 0.17% 21,545 $624K Reduce -0.2%
ROP Roper Technologies Inc. 0.17% 1,084 $603K Reduce -2.1%
CSCO Cisco Systems Inc. 0.16% 10,767 $573K Reduce -12.0%
LOW Lowe's Cos Inc. 0.16% 2,100 $569K Reduce -1.4%
SHEL Shell PLC-ADR 0.16% 8,605 $568K Reduce -0.1%
MA Mastercard Inc. Class A 0.16% 1,134 $560K No change
EOG EOG Resources Inc. 0.15% 4,538 $558K Add +10.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.15% 2,512 $555K Reduce -1.6%
USB US Bancorp 0.15% 11,973 $548K No change
SYF Synchrony Financial 0.15% 10,568 $527K No change
AMD Advanced Micro Devices 0.14% 3,071 $504K Reduce -47.4%
HPQ HP Inc. 0.14% 13,829 $496K Reduce -1.0%
KVUE Kenvue Inc. 0.14% 21,121 $489K Add +4.5%
BLK BlackRock Finance Inc. 0.12% 449 $427K Reduce -0.7%
COP Conocophillips 0.12% 4,010 $422K Reduce -0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.12% 10,523 $418K Reduce -5.0%
SHY iShares 1-3 Year Treasury Bo 0.12% 5,000 $416K No change
WMT Walmart Inc. 0.11% 5,121 $414K No change
IEF iShares 7-10 Year Treasury B 0.11% 4,029 $395K Reduce -7.0%

Show all 409 holdings

Other holdings (29): bonds, preferreds, convertibles and warrants · $4.0M (not counted above)
SecurityClassShares / PrincipalValueChange
US BANCORP (USB 4 PERP M) PFD 84,165$1.7MNo change
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD 36,750$821KReduce -9.8%
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD 21,300$435KReduce -15.8%
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$239KNo change
BRUNSWICK CORP (BC 6.5 10/15/48) PFD 9,338$232KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$224KNo change
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$222KNo change
REINSURANCE GRP OF AMER (RGA V5.75 06/15/56) PFD 2,366$60KNo change
BRUNSWICK CORP (BC 6.625 01/15/49) PFD 871$22KNo change
AMERICAN FINANCIAL GROUP (AFG 5.875 03/30/59) Common Stock 876$22KNo change
KIMCO REALTY CORP (KIM 5.25 PERP M) PFD 655$16KNo change
ZIONS BANCORP NA (ZION V0 PERP G) COM 500$13KNo change
GOLDMAN SACHS GROUP INC (GS F PERP D) Preferred Stock 500$11KNo change
ENBRIDGE INC (ENBCN V5.85792 PERP L) PFD 177$4KNo change
HUNTINGTON BANCSHARES (HBAN V6.875 PERP J) PFD 150$4KNo change
FIFTH THIRD BANCORP (FITB 4.95 PERP K) Common Stock 150$3KNo change
AT&T INC (T 4.75 PERP C) PFD 165$3KNo change
JPMORGAN CHASE & CO (JPM 6 PERP EE) Common Stock 125$3KNo change
FORD MOTOR COMPANY (F 6.5 08/15/62) PREFERRED DEBT 125$3KNo change
UNUM GROUP (UNM 6.25 06/15/58) PFD 125$3KNo change
DUKE ENERGY CORP (DUK 5.75 PERP A) Common Stock 125$3KNo change
BROOKFIELD OAKTREE HLDGS (OAK 6.625 PERP A) PFD 125$3KNo change
GEORGIA POWER CO (SO 5 10/01/77 2017) COM 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
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 3$89No change
GABELLI UTILITY TRUST/THE RIGHT 10/21/2024 720$20No change

Total filed on the 13F, all lines: $365.0M.

Portfolio Sells Q2 2024 → Q3 2024
AVGO Broadcom Inc. Reduce -18.3% 2.97% −0.56
MSFT Microsoft Corp. Reduce -0.2% 6.18% −0.53
LLY Eli Lilly & Co. Reduce -9.3% 2.88% −0.50
GOOGL Alphabet Inc. Class A Reduce -2.6% 2.83% −0.50
JPM JPMorgan Chase & Co. Reduce -9.2% 2.28% −0.23
INTC Intel Corp. Reduce -36.8% 0.19% −0.23
GOOG Alphabet Inc. Class C Reduce -6.3% 0.78% −0.17
AMD Advanced Micro Devices Reduce -47.4% 0.14% −0.13
HON Honeywell International Inc. Reduce -0.0% 1.55% −0.12
ABT Abbott Laboratories Reduce -19.5% 0.65% −0.12
LIN Linde PLC Reduce -15.4% 0.86% −0.12
TT Trane Technologies PLC Reduce -27.4% 0.42% −0.09
DHR Danaher Corp. Reduce -33.5% 0.19% −0.08
BA The Boeing Co. Reduce -8.7% 0.18% −0.07
EMR Emerson Electric Co. Reduce -0.1% 0.46% −0.02
SHEL Shell PLC-ADR Reduce -0.1% 0.16% −0.02
EBAY eBay Inc. Sold out 0.00% −0.02
MDLZ Mondelez International Inc. Class A Reduce -25.3% 0.09% −0.02
MCK McKesson Corp. Reduce -0.8% 0.09% −0.02
IOO iShares Global 100 ETF Reduce -0.3% 1.08% −0.02
ORLY O'reilly Automotive Inc. Reduce -7.3% 0.56% −0.02
COP Conocophillips Reduce -0.4% 0.12% −0.02
TGT Target Corp. Reduce -5.1% 0.36% −0.02
REGN Regeneron Pharmaceuticals Reduce -0.3% 0.35% −0.02
PINS Pinterest Inc. Class A Reduce -38.1% 0.01% −0.02
TIP iShares Tips Bond ETF Sold out 0.00% −0.01
FLRN SS SPDR BB Ig Float RT ETF Reduce -98.4% 0.00% −0.01
ROP Roper Technologies Inc. Reduce -2.1% 0.17% −0.01
KLAC KLA Corp. Reduce -7.4% 0.06% −0.01
BAC Bank of America Corp. Reduce -5.0% 0.12% −0.01
VMBS Vanguard Mortgage-Backed Sec Reduce -10.8% 0.09% −0.01
BDX Becton Dickinson and Co. Reduce -58.6% 0.01% −0.01
MDT Medtronic PLC Reduce -18.0% 0.09% −0.01
UPS United Parcel Service Class B Reduce -0.3% 0.20% −0.01
CSCO Cisco Systems Inc. Reduce -12.0% 0.16% −0.01
BKLN Invesco Senior Loan ETF Reduce -7.8% 0.06% −0.01
VRP Invesco Variable Rate Prefer Sold out 0.00% −0.01
IEF iShares 7-10 Year Treasury B Reduce -7.0% 0.11% −0.01
SJNK SS SPDR BB St Hi Yield ETF Reduce -6.1% 0.09% −0.01
BAB Invesco Taxable Municipal Bo Sold out 0.00% −0.01
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -9.1% 0.07% −0.01
TEL Te Connectivity PLC Reduce -21.4% 0.01% −0.00
ILMN Illumina Inc. Reduce -77.5% 0.00% −0.00
TJX TJX Companies Inc. Sold out 0.00% −0.00
USHY iShares Broad Usd High Yield Reduce -7.2% 0.05% −0.00
VLO Valero Energy Corp. Reduce -7.8% 0.01% −0.00
HPQ HP Inc. Reduce -1.0% 0.14% −0.00
NUE Nucor Corp. Reduce -6.0% 0.02% −0.00
UL Unilever PLC Reduce -31.8% 0.01% −0.00
WM Waste Management Inc. Reduce -5.2% 0.03% −0.00

Portfolio Buys Q2 2024 → Q3 2024
PAYC Paycom Software Inc. Add +647.9% 0.50% +0.44
PYPL PayPal Holdings Inc. Add +292.1% 0.45% +0.36
CMG Chipotle Mexican Grill Inc. Add +342.9% 0.44% +0.33
PH Parker Hannifin Corp. Add +14.4% 0.98% +0.27
ABBV Abbvie Inc. Add +6.0% 1.38% +0.20
C Citigroup Inc. Add +79.5% 0.48% +0.20
JNJ Johnson & Johnson Add +5.3% 1.12% +0.12
XOM Exxon Mobil Corp. Add +10.6% 1.62% +0.12
VCLT Vanguard Long-Term Corp. Bond Add +0.1% 4.08% +0.11
DELL Dell Technologies -C New 0.11% +0.11
MBB iShares MBS ETF Add +7.8% 1.48% +0.11
PEP Pepsico Inc. Add +19.9% 0.69% +0.11
GS Goldman Sachs Group Inc. Add +15.9% 0.54% +0.10
SHOP Shopify Inc. Class A Add +0.6% 0.59% +0.09
SPY SS SPDR S&P 500 ETF Trust-US Add +0.2% 6.19% +0.08
V Visa Inc. Class A Add +8.2% 1.04% +0.08
SCHD Schwab US DVD Equity ETF Add +5.9% 0.63% +0.06
EXPE Expedia Group Inc. Add +2.3% 0.38% +0.05
IGIB iShares 5-10Y Inv Grade Corp. Add +0.0% 7.34% +0.04
JIREF JPM Usd Ultshrt Inc. Act ETF New 0.04% +0.04
SCHW Schwab (charles) Corp. Add +32.5% 0.33% +0.04
KVUE Kenvue Inc. Add +4.5% 0.14% +0.03
DNP DNP Select Income Fund Inc. Add +0.4% 0.17% +0.03
GE General Electric Add +1.1% 0.18% +0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +30.5% 0.06% +0.01
MRSH Marsh & McLennan Cos Add +0.5% 0.42% +0.01
IGOV iShares International Treasu New 0.01% +0.01
PG The Procter & Gamble Co. Add +0.1% 0.89% +0.01
WFC Wells Fargo & Co. Add +23.2% 0.07% +0.01
IHY Vaneck Int High Yield Bond New 0.01% +0.01
SPTI SS SPDR P Int Term TSY ETF Add +2.9% 0.23% +0.01
EOG EOG Resources Inc. Add +10.5% 0.15% +0.01
PCY Invesco Emerging Markets Sov Add +79.4% 0.01% +0.00
AVB Avalonbay Communities Inc. Add +0.7% 0.07% +0.00
PFF iShares Preferred & Income S Add +0.2% 0.21% +0.00
CCL Carnival Corp. Add +258.1% 0.00% +0.00
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +3.6% 0.03% +0.00
FUN Six Flags Entertainment Corp. New 0.00% +0.00
SCCO Southern Copper Corp. Add +0.5% 0.01% +0.00
SW Smurfit Westrock PLC New 0.00% +0.00
MITSY Mitsui & Co. Ltd.-Spons ADR Add +94.9% 0.01% −0.00
MRK Merck & Co. Inc. Add +9.0% 0.92% −0.04
NVDA Nvidia Corp. Add +0.3% 1.01% −0.06
QCOM Qualcomm Inc. Add +13.4% 0.84% −0.06
CVX Chevron Corp. Add +1.5% 0.77% −0.07
AMZN Amazon.com Inc. Add +2.2% 1.43% −0.08
IGSB iShares 1-5Y Inv Grade Corp. Add +0.2% 8.70% −0.11
CRWD CrowdStrike Holdings Inc. Class A Add +8.9% 0.80% −0.25

Notes & Other Activity Q2 2024 → Q3 2024
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD Reduce -9.8% 36,750 $821K
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD Reduce -15.8% 21,300 $435K

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