Boyd Watterson Asset Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Boyd Watterson Asset Management LLC reported 403 stock positions worth $309.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.3%) and iShares 1-5Y Inv Grade (IGSB, 3.5%). Compared with Q4 2024, it opened 5 new positions, sold out of 9, added to 38 and reduced 98. The biggest buy was Abbvie (ABBV, shares +2%) and the biggest sale iShares 1-5Y Inv Grade (IGSB, shares −59%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$309.3M (Q1 2025)
SEC Filing
0001121477-25-000008 ↗ filed May 6, 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 Q4 2024 Q1 2025: $309.3M $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 403 stocks · $309.3M
SPY SS SPDR S&P 500 ETF Trust-US 6.98% 38,592 $21.6M No change
MSFT Microsoft Corp. 6.30% 51,878 $19.5M Add +0.1%
IGSB iShares 1-5Y Inv Grade Corp. 3.48% 205,399 $10.8M Reduce -59.3%
GOOGL Alphabet Inc. Class A 3.18% 63,558 $9.8M Add +3.3%
JPM JPMorgan Chase & Co. 2.96% 37,293 $9.1M Reduce -4.3%
AVGO Broadcom Inc. 2.91% 53,829 $9.0M Reduce -10.2%
IGIB iShares 5-10Y Inv Grade Corp. 2.87% 169,015 $8.9M Reduce -59.2%
LLY Eli Lilly & Co. 2.87% 10,730 $8.9M Reduce -6.6%
AAPL Apple Inc. 2.68% 37,327 $8.3M Reduce -12.6%
MDY State Street SPDR S&P Midcap 2.40% 13,936 $7.4M No change
AXP American Express Co. 2.34% 26,942 $7.2M Reduce -4.4%
ETN Eaton Corp. PLC 2.24% 25,453 $6.9M Add +7.0%
HON Honeywell International Inc. 2.16% 31,523 $6.7M Add +7.2%
XOM Exxon Mobil Corp. 1.99% 51,769 $6.2M Add +4.0%
AMZN Amazon.com Inc. 1.87% 30,349 $5.8M Add +1.5%
ABBV Abbvie Inc. 1.78% 26,309 $5.5M Add +1.6%
MBB iShares MBS ETF 1.75% 57,629 $5.4M Add +8.4%
V Visa Inc. Class A 1.68% 14,787 $5.2M Add +0.3%
VCLT Vanguard Long-Term Corp. Bond 1.49% 60,861 $4.6M Reduce -59.9%
VOO Vanguard S&P 500 ETF 1.34% 8,085 $4.2M Reduce -0.1%
PG The Procter & Gamble Co. 1.29% 23,328 $4.0M Add +25.2%
CAT Caterpillar Inc. 1.14% 10,729 $3.5M No change
JNJ Johnson & Johnson 1.14% 21,304 $3.5M Add +24.8%
CRWD CrowdStrike Holdings Inc. Class A 1.12% 9,834 $3.5M Reduce -6.0%
PH Parker Hannifin Corp. 1.09% 5,549 $3.4M Reduce -0.0%
IOO iShares Global 100 ETF 1.08% 34,698 $3.3M No change
NVDA Nvidia Corp. 1.05% 30,080 $3.3M No change
EEM iShares MSCI Emerging Market 1.03% 72,639 $3.2M No change
CVX Chevron Corp. 1.02% 18,903 $3.2M Reduce -0.0%
LIN Linde PLC 0.96% 6,369 $3.0M Reduce -2.2%
MRK Merck & Co. Inc. 0.90% 30,859 $2.8M Reduce -0.1%
C Citigroup Inc. 0.88% 38,210 $2.7M Add +23.3%
BMY Bristol-Myers Squibb Co. 0.87% 43,920 $2.7M Add +3.5%
ABT Abbott Laboratories 0.86% 20,113 $2.7M Reduce -1.7%
GOOG Alphabet Inc. Class C 0.85% 16,880 $2.6M No change
SHOP Shopify Inc. Class A 0.82% 26,661 $2.5M Reduce -0.0%
QCOM Qualcomm Inc. 0.82% 16,508 $2.5M Add +1.6%
SCHD Schwab US DVD Equity ETF 0.81% 89,993 $2.5M No change
PEP Pepsico Inc. 0.81% 16,645 $2.5M Add +47.9%
IJR iShares Core S&P Small-Cap E 0.81% 23,850 $2.5M No change
ORLY O'reilly Automotive Inc. 0.80% 1,719 $2.5M Reduce -0.8%
PAYC Paycom Software Inc. 0.74% 10,511 $2.3M Reduce -2.8%
GS Goldman Sachs Group Inc. 0.70% 3,969 $2.2M No change
TMO Thermo Fisher Scientific Inc. 0.68% 4,236 $2.1M Reduce -0.5%
EFA iShares MSCI Eafe ETF 0.66% 25,097 $2.1M No change
PYPL PayPal Holdings Inc. 0.66% 31,367 $2.0M Add +10.2%
BKNG Booking Holdings Inc. 0.64% 428 $2.0M Reduce -5.9%
EXPE Expedia Group Inc. 0.61% 11,196 $1.9M Add +1.6%
EMR Emerson Electric Co. 0.61% 17,117 $1.9M Add +13.8%
HD Home Depot Inc. 0.60% 5,036 $1.8M No change
CRM Salesforce Inc. 0.59% 6,771 $1.8M Reduce -0.1%
KO The Coca-Cola Co. 0.56% 24,357 $1.7M Reduce -0.7%
MRSH Marsh & McLennan Cos 0.56% 7,064 $1.7M Add +7.5%
CMG Chipotle Mexican Grill Inc. 0.49% 29,961 $1.5M Add +4.7%
CI The Cigna Group 0.47% 4,453 $1.5M No change
PSX Phillips 66 0.45% 11,307 $1.4M Reduce -0.5%
MDLZ Mondelez International Inc. Class A 0.44% 20,066 $1.4M Add +41.8%
TT Trane Technologies PLC 0.42% 3,893 $1.3M Reduce -1.1%
NEE Nextera Energy Inc. 0.39% 17,048 $1.2M No change
ZBRA Zebra Technologies Corp. Class A 0.38% 4,125 $1.2M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 0.37% 2,125 $1.1M No change
WMT Walmart Inc. 0.33% 11,471 $1.0M Add +137.9%
TRV The Travelers Cos Inc. 0.30% 3,538 $936K No change
SCHW Schwab (charles) Corp. 0.30% 11,734 $919K Add +3.0%
JAAA Janus Henderson Aaa Clo ETF 0.30% 18,000 $913K No change
COIN Coinbase Global Inc. Class A 0.29% 5,158 $888K New
TXN Texas Instruments Inc. 0.29% 4,918 $884K No change
DELL Dell Technologies -C 0.28% 9,387 $856K Add +141.5%
APD Air Products & Chemicals Inc. 0.26% 2,698 $796K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.25% 2,089 $775K No change
CMI Cummins Inc. 0.25% 2,471 $774K Reduce -0.1%
IJH iShares Core S&P Midcap ETF 0.25% 13,172 $769K No change
PFF iShares Preferred & Income S 0.25% 24,961 $767K Add +10.2%
SPTI SS SPDR P Int Term TSY ETF 0.25% 26,646 $762K Reduce -0.4%
META Meta Platforms Inc. Class A 0.24% 1,286 $741K Reduce -8.5%
RTX RTX Corp. 0.24% 5,533 $733K Reduce -6.4%
DNP DNP Select Income Fund Inc. 0.23% 73,408 $726K Add +1.0%
TGT Target Corp. 0.23% 6,880 $718K Reduce -18.3%
BA The Boeing Co. 0.23% 4,157 $709K Reduce -2.6%
EOG EOG Resources Inc. 0.22% 5,413 $694K Add +19.3%
INTC Intel Corp. 0.21% 28,159 $639K Reduce -5.5%
CSCO Cisco Systems Inc. 0.21% 10,293 $635K Reduce -4.3%
SHEL Shell PLC-ADR 0.20% 8,605 $631K No change
ROP Roper Technologies Inc. 0.20% 1,054 $622K Reduce -2.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.20% 5,000 $609K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.19% 2,382 $592K Reduce -5.0%
MA Mastercard Inc. Class A 0.19% 1,070 $586K No change
CARR Carrier Global Corp. 0.19% 9,110 $578K No change
REGN Regeneron Pharmaceuticals 0.18% 890 $564K Reduce -1.7%
SYF Synchrony Financial 0.18% 10,568 $559K No change
CSX CSX Corp. 0.18% 18,934 $557K Reduce -3.1%
PFE Pfizer Inc. 0.18% 21,502 $545K Reduce -0.1%
DHR Danaher Corp. 0.16% 2,473 $507K Reduce -1.1%
USB US Bancorp 0.16% 11,973 $506K No change
OXY Occidental Petroleum Corp. 0.16% 10,027 $495K No change
LOW Lowe's Cos Inc. 0.16% 2,100 $490K No change
WFC Wells Fargo & Co. 0.15% 6,250 $449K Add +45.6%
IEF iShares 7-10 Year Treasury B 0.14% 4,554 $434K Add +6.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.14% 10,266 $428K Reduce -2.2%
BLK BlackRock Inc. 0.14% 448 $424K No change

Show all 403 holdings

Other holdings (26): bonds, preferreds, convertibles and warrants · $3.5M (not counted above)
SecurityClassShares / PrincipalValueChange
US BANCORP (USB 4 PERP M) PFD 84,165$1.4MNo change
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD 36,750$716KNo change
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD 21,300$370KNo change
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$229KNo change
BRUNSWICK CORP (BC 6.5 10/15/48) PFD 9,338$227KNo change
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$203KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$186KNo change
REINSURANCE GRP OF AMER (RGA V5.75 06/15/56) PFD 2,366$58KNo change
AMERICAN FINANCIAL GROUP (AFG 5.875 03/30/59) Common Stock 876$19KNo 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
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
UNUM GROUP (UNM 6.25 06/15/58) PFD 125$3KNo change
JPMORGAN CHASE & CO (JPM 6 PERP EE) Common Stock 125$3KNo change
DUKE ENERGY CORP (DUK 5.75 PERP A) Common Stock 125$3KNo change
FORD MOTOR COMPANY (F 6.5 08/15/62) PREFERRED DEBT 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
BANK OF AMERICA CORP (BAC 5 PERP LL) PFD 125$3KNo change
JPMORGAN CHASE & CO (JPM 4.75 PERP GG) Common Stock 125$3KNo change
TRUIST FINANCIAL CORP (TFC 4.75 PERP R) COM 125$2KNo 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$83No change

Total filed on the 13F, all lines: $312.8M.

Portfolio Sells Q4 2024 → Q1 2025
IGSB iShares 1-5Y Inv Grade Corp. Reduce -59.3% 3.48% −3.85
IGIB iShares 5-10Y Inv Grade Corp. Reduce -59.2% 2.87% −3.12
VCLT Vanguard Long-Term Corp. Bond Reduce -59.9% 1.49% −1.70
AVGO Broadcom Inc. Reduce -10.2% 2.91% −0.99
AAPL Apple Inc. Reduce -12.6% 2.68% −0.32
ETSY Etsy Inc. Reduce -96.4% 0.01% −0.30
UPS United Parcel Service Class B Reduce -97.2% 0.01% −0.18
TGT Target Corp. Reduce -18.3% 0.23% −0.09
AVB Avalonbay Communities Inc. Sold out 0.00% −0.07
ZBRA Zebra Technologies Corp. Class A Reduce -0.1% 0.38% −0.07
CRM Salesforce Inc. Reduce -0.1% 0.59% −0.05
KLAC KLA Corp. Reduce -40.9% 0.04% −0.01
FLOT iShares Floating Rate Bond E Reduce -69.5% 0.01% −0.01
MUB iShares National Muni Bond E Sold out 0.00% −0.01
MDXG Mimedx Group Inc. Reduce -95.4% 0.00% −0.01
KVUE Kenvue Inc. Reduce -27.9% 0.12% −0.01
CWB SS SPDR BB Conv Sec ETF Sold out 0.00% −0.01
VRP Invesco Variable Rate Prefer Sold out 0.00% −0.01
HPQ HP Inc. Reduce -3.4% 0.12% −0.01
AXP American Express Co. Reduce -4.4% 2.34% −0.01
SJNK SS SPDR BB St Hi Yield ETF Reduce -17.4% 0.09% −0.01
DIS The Walt Disney Co. Reduce -46.9% 0.01% −0.00
RHI Robert Half Inc. Reduce -32.1% 0.01% −0.00
SPLB SS SPDR P Long Term C ETF Sold out 0.00% −0.00
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -21.5% 0.06% −0.00
LMT Lockheed Martin Corp. Reduce -31.9% 0.01% −0.00
FITB Fifth Third Bancorp Reduce -32.3% 0.01% −0.00
UNP Union Pacific Corp. Reduce -32.5% 0.01% −0.00
AMD Advanced Micro Devices Reduce -1.0% 0.09% −0.00
ZTS Zoetis Inc. Sold out 0.00% −0.00
SMG Scotts Miracle-Gro Co. Sold out 0.00% −0.00
BBWI Bath & Body Works Inc. Reduce -32.1% 0.00% −0.00
CINF Cincinnati Financial Corp. Reduce -32.3% 0.01% −0.00
VLO Valero Energy Corp. Reduce -33.8% 0.01% −0.00
AA Alcoa Corp. Reduce -33.9% 0.00% −0.00
NUE Nucor Corp. Reduce -25.0% 0.02% −0.00
DRI Darden Restaurants Inc. Reduce -29.8% 0.02% −0.00
IPG Interpublic Group of Cos Inc. Reduce -32.3% 0.01% −0.00
VSXY Victoria's Secret & Co. Reduce -70.7% 0.00% −0.00
GPC Genuine Parts Co. Reduce -32.6% 0.01% −0.00
ILMN Illumina Inc. Sold out 0.00% −0.00
IP International Paper Co. Reduce -32.2% 0.01% −0.00
PCY Invesco Emerging Markets Sov Reduce -50.5% 0.00% −0.00
PFG Principal Financial Group Reduce -33.9% 0.01% −0.00
GIS General Mills Inc. Reduce -17.5% 0.01% −0.00
F Ford Motor Co. Reduce -28.1% 0.01% −0.00
GEHC GE Healthcare Technology Reduce -37.3% 0.00% −0.00
DOW Dow Inc. Reduce -25.0% 0.00% −0.00
LEG Leggett & Platt Inc. Reduce -19.4% 0.00% −0.00
DD Dupont DE Nemours Inc. Reduce -21.3% 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
ABBV Abbvie Inc. Add +1.6% 1.78% +0.49
XOM Exxon Mobil Corp. Add +4.0% 1.99% +0.49
JNJ Johnson & Johnson Add +24.8% 1.14% +0.45
PG The Procter & Gamble Co. Add +25.2% 1.29% +0.41
MBB iShares MBS ETF Add +8.4% 1.75% +0.38
V Visa Inc. Class A Add +0.3% 1.68% +0.37
PEP Pepsico Inc. Add +47.9% 0.81% +0.33
HON Honeywell International Inc. Add +7.2% 2.16% +0.29
COIN Coinbase Global Inc. Class A New 0.29% +0.29
C Citigroup Inc. Add +23.3% 0.88% +0.26
WMT Walmart Inc. Add +137.9% 0.33% +0.20
MDLZ Mondelez International Inc. Class A Add +41.8% 0.44% +0.20
BMY Bristol-Myers Squibb Co. Add +3.5% 0.87% +0.19
MRSH Marsh & McLennan Cos Add +7.5% 0.56% +0.17
MSFT Microsoft Corp. Add +0.1% 6.30% +0.16
DELL Dell Technologies -C Add +141.5% 0.28% +0.15
QCOM Qualcomm Inc. Add +1.6% 0.82% +0.12
EMR Emerson Electric Co. Add +13.8% 0.61% +0.08
PPG PPG Industries Inc. Add +229.2% 0.11% +0.08
EOG EOG Resources Inc. Add +19.3% 0.22% +0.07
WFC Wells Fargo & Co. Add +45.6% 0.15% +0.06
SCHW Schwab (charles) Corp. Add +3.0% 0.30% +0.06
DNP DNP Select Income Fund Inc. Add +1.0% 0.23% +0.05
PFF iShares Preferred & Income S Add +10.2% 0.25% +0.05
TSLA Tesla Inc. Add +1222.9% 0.05% +0.05
SYY Sysco Corp. Add +106.4% 0.08% +0.04
EXPE Expedia Group Inc. Add +1.6% 0.61% +0.03
IEF iShares 7-10 Year Treasury B Add +6.4% 0.14% +0.03
VMBS Vanguard Mortgage-Backed Sec Add +12.4% 0.11% +0.03
TIP iShares Tips Bond ETF New 0.02% +0.02
AMZN Amazon.com Inc. Add +1.5% 1.87% +0.02
ETN Eaton Corp. PLC Add +7.0% 2.24% +0.02
GEV GE Vernova Inc. Add +7.4% 0.13% +0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +13.3% 0.06% +0.01
EMB iShares JP Morgan Usd Emergi Add +381.3% 0.01% +0.01
CMBS iShares CMBS ETF New 0.01% +0.01
SHYG iShares 0-5 YR HY Corp. Bond New 0.00% +0.00
HYS PIMCO 0-5 Year H/Y Corp. Bond New 0.00% +0.00
SCCO Southern Copper Corp. Add +0.7% 0.01% +0.00
CMG Chipotle Mexican Grill Inc. Add +4.7% 0.49% +0.00
CCL Carnival Corp. Add +45.0% 0.01% +0.00
PYPL PayPal Holdings Inc. Add +10.2% 0.66% −0.02
GOOGL Alphabet Inc. Class A Add +3.3% 3.18% −0.09

Notes & Other Activity Q4 2024 → Q1 2025
BRUNSWICK CORP (BC 6.625 01/15/49) PFD Sold out 871 $22Kbefore 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