Boyd Watterson Asset Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 3, 2025), Boyd Watterson Asset Management LLC reported 407 stock positions worth $356.1 million. Its top holding was iShares 1-5Y Inv Grade (IGSB) at 7.3% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 6.4%) and Microsoft (MSFT, 6.1%). Compared with Q3 2024, it opened 5 new positions, sold out of 7, added to 34 and reduced 89. The biggest buy was Amazon.com (AMZN, shares +8%) and the biggest sale iShares 1-5Y Inv Grade (IGSB, shares −15%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$356.1M (Q4 2024)
SEC Filing
0001121477-25-000002 ↗ filed Feb 3, 2025

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 Q3 2024 Q4 2024: $356.1M $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 407 stocks · $356.1M
IGSB iShares 1-5Y Inv Grade Corp. 7.33% 504,683 $26.1M Reduce -15.4%
SPY SS SPDR S&P 500 ETF Trust-US 6.35% 38,592 $22.6M Reduce -0.9%
MSFT Microsoft Corp. 6.13% 51,829 $21.8M Reduce -0.1%
IGIB iShares 5-10Y Inv Grade Corp. 5.99% 414,062 $21.3M Reduce -16.0%
AVGO Broadcom Inc. 3.90% 59,914 $13.9M Reduce -3.5%
GOOGL Alphabet Inc. Class A 3.27% 61,516 $11.6M Reduce -0.2%
VCLT Vanguard Long-Term Corp. Bond 3.19% 151,842 $11.4M Reduce -16.4%
AAPL Apple Inc. 3.00% 42,730 $10.7M Reduce -0.8%
JPM JPMorgan Chase & Co. 2.62% 38,991 $9.3M Reduce -0.1%
LLY Eli Lilly & Co. 2.49% 11,488 $8.9M Reduce -2.2%
AXP American Express Co. 2.35% 28,188 $8.4M Reduce -0.6%
MDY State Street SPDR S&P Midcap 2.23% 13,936 $7.9M Add +1.9%
ETN Eaton Corp. PLC 2.22% 23,779 $7.9M Add +1.3%
HON Honeywell International Inc. 1.87% 29,411 $6.6M Add +8.5%
AMZN Amazon.com Inc. 1.84% 29,903 $6.6M Add +7.9%
XOM Exxon Mobil Corp. 1.50% 49,776 $5.4M Reduce -0.0%
MBB iShares MBS ETF 1.37% 53,170 $4.9M Reduce -4.5%
V Visa Inc. Class A 1.31% 14,750 $4.7M Add +8.0%
ABBV Abbvie Inc. 1.29% 25,884 $4.6M Add +2.3%
VOO Vanguard S&P 500 ETF 1.23% 8,097 $4.4M No change
NVDA Nvidia Corp. 1.13% 30,080 $4.0M No change
CAT Caterpillar Inc. 1.09% 10,729 $3.9M Reduce -0.0%
CRWD CrowdStrike Holdings Inc. Class A 1.00% 10,458 $3.6M Add +1.8%
PH Parker Hannifin Corp. 0.99% 5,551 $3.5M Reduce -1.3%
IOO iShares Global 100 ETF 0.98% 34,698 $3.5M Reduce -11.8%
GOOG Alphabet Inc. Class C 0.90% 16,880 $3.2M No change
PG The Procter & Gamble Co. 0.88% 18,639 $3.1M No change
MRK Merck & Co. Inc. 0.86% 30,881 $3.1M Add +5.2%
EEM iShares MSCI Emerging Market 0.85% 72,639 $3.0M Reduce -0.1%
SHOP Shopify Inc. Class A 0.80% 26,664 $2.8M Reduce -0.4%
IJR iShares Core S&P Small-Cap E 0.77% 23,850 $2.7M No change
CVX Chevron Corp. 0.77% 18,910 $2.7M Reduce -0.3%
LIN Linde PLC 0.77% 6,511 $2.7M Reduce -0.2%
QCOM Qualcomm Inc. 0.70% 16,248 $2.5M Reduce -8.7%
JNJ Johnson & Johnson 0.69% 17,077 $2.5M Reduce -31.8%
SCHD Schwab US DVD Equity ETF 0.69% 89,993 $2.5M Add +11.5%
PYPL PayPal Holdings Inc. 0.68% 28,465 $2.4M Add +35.3%
BMY Bristol-Myers Squibb Co. 0.67% 42,420 $2.4M No change
ABT Abbott Laboratories 0.65% 20,461 $2.3M No change
GS Goldman Sachs Group Inc. 0.64% 3,969 $2.3M No change
CRM Salesforce Inc. 0.64% 6,781 $2.3M Reduce -2.9%
BKNG Booking Holdings Inc. 0.63% 455 $2.3M Reduce -6.2%
PAYC Paycom Software Inc. 0.62% 10,816 $2.2M Add +0.0%
TMO Thermo Fisher Scientific Inc. 0.62% 4,256 $2.2M Reduce -0.1%
C Citigroup Inc. 0.61% 30,992 $2.2M Add +12.4%
ORLY O'reilly Automotive Inc. 0.58% 1,732 $2.1M Reduce -1.4%
EXPE Expedia Group Inc. 0.58% 11,022 $2.1M Add +20.0%
HD Home Depot Inc. 0.55% 5,036 $2.0M Reduce -0.1%
EFA iShares MSCI Eafe ETF 0.53% 25,097 $1.9M No change
EMR Emerson Electric Co. 0.52% 15,046 $1.9M Reduce -0.4%
CMG Chipotle Mexican Grill Inc. 0.48% 28,619 $1.7M Add +3.4%
PEP Pepsico Inc. 0.48% 11,258 $1.7M Reduce -22.9%
ZBRA Zebra Technologies Corp. Class A 0.45% 4,127 $1.6M Reduce -0.2%
KO The Coca-Cola Co. 0.43% 24,522 $1.5M No change
TT Trane Technologies PLC 0.41% 3,938 $1.5M No change
MRSH Marsh & McLennan Cos 0.39% 6,574 $1.4M Reduce -2.3%
PSX Phillips 66 0.36% 11,359 $1.3M Add +2.3%
CI The Cigna Group 0.35% 4,453 $1.2M No change
NEE Nextera Energy Inc. 0.34% 17,048 $1.2M Reduce -0.3%
TGT Target Corp. 0.32% 8,422 $1.1M Reduce -0.1%
ETSY Etsy Inc. 0.31% 20,716 $1.1M New
BRK.B Berkshire Hathaway Inc. Class B 0.27% 2,125 $963K Add +1600.0%
TXN Texas Instruments Inc. 0.26% 4,918 $922K Add +25.5%
JAAA Janus Henderson Aaa Clo ETF 0.26% 18,000 $913K Add +5.9%
CMI Cummins Inc. 0.24% 2,474 $862K Reduce -0.8%
VUG Vanguard Mrngstar GR ETF-Sui 0.24% 2,089 $857K No change
TRV The Travelers Cos Inc. 0.24% 3,538 $852K No change
MDLZ Mondelez International Inc. Class A 0.24% 14,147 $845K Add +222.6%
SCHW Schwab (charles) Corp. 0.24% 11,390 $843K Reduce -38.3%
META Meta Platforms Inc. Class A 0.23% 1,405 $823K Reduce -1.0%
IJH iShares Core S&P Midcap ETF 0.23% 13,172 $821K No change
APD Air Products & Chemicals Inc. 0.22% 2,698 $783K Reduce -0.2%
BA The Boeing Co. 0.21% 4,266 $755K No change
SPTI SS SPDR P Int Term TSY ETF 0.21% 26,742 $746K Reduce -6.2%
PFF iShares Preferred & Income S 0.20% 22,656 $712K Reduce -0.2%
SYF Synchrony Financial 0.19% 10,568 $687K No change
RTX RTX Corp. 0.19% 5,913 $684K Reduce -11.8%
UPS United Parcel Service Class B 0.18% 5,210 $657K No change
REGN Regeneron Pharmaceuticals 0.18% 905 $645K Reduce -24.0%
DNP DNP Select Income Fund Inc. 0.18% 72,654 $641K Add +16.6%
CSCO Cisco Systems Inc. 0.18% 10,750 $636K Reduce -0.2%
CSX CSX Corp. 0.18% 19,549 $631K Reduce -0.2%
CARR Carrier Global Corp. 0.17% 9,110 $622K Reduce -0.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.17% 5,000 $604K New
INTC Intel Corp. 0.17% 29,794 $597K Reduce -0.1%
DHR Danaher Corp. 0.16% 2,500 $574K Reduce -0.2%
USB US Bancorp 0.16% 11,973 $573K No change
PFE Pfizer Inc. 0.16% 21,514 $571K Reduce -0.1%
MA Mastercard Inc. Class A 0.16% 1,070 $563K Reduce -5.6%
ROP Roper Technologies Inc. 0.16% 1,076 $559K Reduce -0.7%
EOG EOG Resources Inc. 0.16% 4,538 $556K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.15% 2,507 $551K Reduce -0.2%
SHEL Shell PLC-ADR 0.15% 8,605 $539K No change
LOW Lowe's Cos Inc. 0.15% 2,100 $518K No change
OXY Occidental Petroleum Corp. 0.14% 10,027 $495K Add +37037.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.13% 10,500 $461K Reduce -0.2%
BLK BlackRock Inc. 0.13% 448 $460K Reduce -0.2%
HPQ HP Inc. 0.13% 13,813 $451K Reduce -0.1%
KVUE Kenvue Inc. 0.13% 21,026 $449K Reduce -0.5%
DELL Dell Technologies -C 0.13% 3,887 $448K Add +17.5%

Show all 407 holdings

Other holdings (27): bonds, preferreds, convertibles and warrants · $3.6M (not counted above)
SecurityClassShares / PrincipalValueChange
US BANCORP (USB 4 PERP M) PFD 84,165$1.5MNo change
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD 36,750$706KNo change
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD 21,300$377KNo change
BRUNSWICK CORP (BC 6.5 10/15/48) PFD 9,338$228KNo change
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$218KNo change
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$208KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$189KNo change
REINSURANCE GRP OF AMER (RGA V5.75 06/15/56) PFD 2,366$58KNo 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$20KNo change
KIMCO REALTY CORP (KIM 5.25 PERP M) PFD 655$14KNo 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
AT&T INC (T 4.75 PERP C) PFD 165$3KNo change
FIFTH THIRD BANCORP (FITB 4.95 PERP K) Common Stock 150$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
DUKE ENERGY CORP (DUK 5.75 PERP A) Common Stock 125$3KNo change
UNUM GROUP (UNM 6.25 06/15/58) PFD 125$3KNo change
BANK OF AMERICA CORP (BAC 5 PERP LL) 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
WELLS FARGO & COMPANY (WFC 5.625 PERP Y) PREFERRED STOCK 100$2KNo change
TRUIST FINANCIAL CORP (TFC 4.75 PERP R) COM 125$2KNo change
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 3$83No change

Total filed on the 13F, all lines: $359.7M.

Portfolio Sells Q3 2024 → Q4 2024
IGSB iShares 1-5Y Inv Grade Corp. Reduce -15.4% 7.33% −1.38
IGIB iShares 5-10Y Inv Grade Corp. Reduce -16.0% 5.99% −1.35
VCLT Vanguard Long-Term Corp. Bond Reduce -16.4% 3.19% −0.90
JNJ Johnson & Johnson Reduce -31.8% 0.69% −0.43
LLY Eli Lilly & Co. Reduce -2.2% 2.49% −0.39
PEP Pepsico Inc. Reduce -22.9% 0.48% −0.21
REGN Regeneron Pharmaceuticals Reduce -24.0% 0.18% −0.17
QCOM Qualcomm Inc. Reduce -8.7% 0.70% −0.14
XOM Exxon Mobil Corp. Reduce -0.0% 1.50% −0.11
GE General Electric Reduce -56.0% 0.07% −0.11
MBB iShares MBS ETF Reduce -4.5% 1.37% −0.11
TMO Thermo Fisher Scientific Inc. Reduce -0.1% 0.62% −0.11
IOO iShares Global 100 ETF Reduce -11.8% 0.98% −0.10
LIN Linde PLC Reduce -0.2% 0.77% −0.10
SCHW Schwab (charles) Corp. Reduce -38.3% 0.24% −0.09
EEM iShares MSCI Emerging Market Reduce -0.1% 0.85% −0.07
CAT Caterpillar Inc. Reduce -0.0% 1.09% −0.07
NEE Nextera Energy Inc. Reduce -0.3% 0.34% −0.06
MSFT Microsoft Corp. Reduce -0.1% 6.13% −0.05
AMD Advanced Micro Devices Reduce -9.8% 0.09% −0.05
TGT Target Corp. Reduce -0.1% 0.32% −0.04
JIREF JPM Usd Ultshrt Inc. Act ETF Sold out 0.00% −0.04
RTX RTX Corp. Reduce -11.8% 0.19% −0.03
DHR Danaher Corp. Reduce -0.2% 0.16% −0.03
CARR Carrier Global Corp. Reduce -0.2% 0.17% −0.03
INTC Intel Corp. Reduce -0.1% 0.17% −0.03
MRSH Marsh & McLennan Cos Reduce -2.3% 0.39% −0.02
SPTI SS SPDR P Int Term TSY ETF Reduce -6.2% 0.21% −0.02
SGOV iShares 0-3 Month Treasury B Sold out 0.00% −0.02
AMGN Amgen Inc. Reduce -0.7% 0.07% −0.02
HD Home Depot Inc. Reduce -0.1% 0.55% −0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -23.4% 0.04% −0.01
PFE Pfizer Inc. Reduce -0.1% 0.16% −0.01
HPQ HP Inc. Reduce -0.1% 0.13% −0.01
CSX CSX Corp. Reduce -0.2% 0.18% −0.01
ROP Roper Technologies Inc. Reduce -0.7% 0.16% −0.01
MDT Medtronic PLC Reduce -1.0% 0.08% −0.01
VZ Verizon Communications Inc. Reduce -0.2% 0.09% −0.01
OTIS Otis Worldwide Corp. Reduce -0.6% 0.08% −0.01
KVUE Kenvue Inc. Reduce -0.5% 0.13% −0.01
PFF iShares Preferred & Income S Reduce -0.2% 0.20% −0.01
VMBS Vanguard Mortgage-Backed Sec Reduce -6.2% 0.08% −0.01
IGOV iShares International Treasu Sold out 0.00% −0.01
IHY Vaneck Int High Yield Bond Sold out 0.00% −0.01
COP Conocophillips Reduce -0.2% 0.11% −0.01
PCY Invesco Emerging Markets Sov Reduce -58.2% 0.00% −0.01
CVX Chevron Corp. Reduce -0.3% 0.77% −0.00
PETQ Petiq Inc. Sold out 0.00% −0.00
EXC Exelon Corp. Reduce -0.8% 0.05% −0.00
USHY iShares Broad Usd High Yield Reduce -6.2% 0.05% −0.00

Portfolio Buys Q3 2024 → Q4 2024
AMZN Amazon.com Inc. Add +7.9% 1.84% +0.41
HON Honeywell International Inc. Add +8.5% 1.87% +0.31
ETSY Etsy Inc. New 0.31% +0.31
V Visa Inc. Class A Add +8.0% 1.31% +0.27
BRK.B Berkshire Hathaway Inc. Class B Add +1600.0% 0.27% +0.25
PYPL PayPal Holdings Inc. Add +35.3% 0.68% +0.23
CRWD CrowdStrike Holdings Inc. Class A Add +1.8% 1.00% +0.21
EXPE Expedia Group Inc. Add +20.0% 0.58% +0.20
TJX TJX Companies Inc. New 0.17% +0.17
MDLZ Mondelez International Inc. Class A Add +222.6% 0.24% +0.15
OXY Occidental Petroleum Corp. Add +37037.0% 0.14% +0.14
C Citigroup Inc. Add +12.4% 0.61% +0.13
PAYC Paycom Software Inc. Add +0.0% 0.62% +0.12
MDY State Street SPDR S&P Midcap Add +1.9% 2.23% +0.07
ETN Eaton Corp. PLC Add +1.3% 2.22% +0.06
GEV GE Vernova Inc. Add +60.0% 0.12% +0.06
SCHD Schwab US DVD Equity ETF Add +11.5% 0.69% +0.06
CMG Chipotle Mexican Grill Inc. Add +3.4% 0.48% +0.04
JNK SS SPDR BB High Yield Bond Add +3658.5% 0.04% +0.04
TXN Texas Instruments Inc. Add +25.5% 0.26% +0.03
XLF SS Financial Select Sector Add +401.2% 0.03% +0.03
DELL Dell Technologies -C Add +17.5% 0.13% +0.02
JAAA Janus Henderson Aaa Clo ETF Add +5.9% 0.26% +0.02
FLOT iShares Floating Rate Bond E Add +227.5% 0.02% +0.01
SJNK SS SPDR BB St Hi Yield ETF Add +12.3% 0.10% +0.01
BKLN Invesco Senior Loan ETF Add +14.2% 0.07% +0.01
CWB SS SPDR BB Conv Sec ETF New 0.01% +0.01
VRP Invesco Variable Rate Prefer New 0.01% +0.01
DNP DNP Select Income Fund Inc. Add +16.6% 0.18% +0.01
SLB SLB Ltd. Add +66.0% 0.02% +0.01
GBTC Grayscale Bitcoin Trust ETF Add +79.1% 0.01% +0.00
SPLB SS SPDR P Long Term C ETF New 0.00% +0.00
IEF iShares 7-10 Year Treasury B Add +6.3% 0.11% +0.00
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +3.2% 0.03% −0.00
SCCO Southern Copper Corp. Add +0.5% 0.01% −0.00
SPTL SS SPDR PF LNG TRM TSY E-Usd Add +3.9% 0.06% −0.00
PSX Phillips 66 Add +2.3% 0.36% −0.04
MRK Merck & Co. Inc. Add +5.2% 0.86% −0.06
ABBV Abbvie Inc. Add +2.3% 1.29% −0.09

Notes & Other Activity Q3 2024 → Q4 2024
ZIONS BANCORP NA (ZION V0 PERP G) COM Sold out 500 $13Kbefore exit
GABELLI UTILITY TRUST/THE RIGHT 10/21/2024 Sold out 720 $20before exit

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