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
MCK McKesson Corp. 0.13% 620 $417K No change
SHY iShares 1-3 Year Treasury Bo 0.13% 5,000 $414K No change
GEV GE Vernova Inc. 0.13% 1,352 $413K Add +7.4%
COP Conocophillips 0.13% 3,920 $412K Reduce -2.1%
HPQ HP Inc. 0.12% 13,338 $369K Reduce -3.4%
KVUE Kenvue Inc. 0.12% 15,169 $364K Reduce -27.9%
VZ Verizon Communications Inc. 0.12% 7,871 $357K Reduce -1.9%
PPG PPG Industries Inc. 0.11% 3,177 $347K Add +229.2%
VMBS Vanguard Mortgage-Backed Sec 0.11% 7,413 $343K Add +12.4%
OTIS Otis Worldwide Corp. 0.10% 3,101 $320K Reduce -3.3%
MDT Medtronic PLC 0.10% 3,543 $318K Reduce -1.9%
ITW Illinois Tool Works 0.10% 1,260 $312K No change
AMGN Amgen Inc. 0.10% 976 $304K No change
GE General Electric filed as GE AEROSPACE 0.10% 1,473 $295K Reduce -3.3%
SJNK SS SPDR BB St Hi Yield ETF 0.09% 11,274 $284K Reduce -17.4%
AMD Advanced Micro Devices 0.09% 2,742 $282K Reduce -1.0%
BKLN Invesco Senior Loan ETF 0.08% 12,073 $250K No change
MS Morgan Stanley 0.08% 2,080 $243K Reduce -0.1%
FAST Fastenal Co. 0.08% 3,080 $239K Reduce -16.7%
SYY Sysco Corp. 0.08% 3,147 $236K Add +106.4%
NFLX Netflix Inc. 0.07% 240 $224K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.07% 533 $224K No change
EXC Exelon Corp. 0.07% 4,801 $221K Reduce -0.1%
AMP Ameriprise Financial Inc. 0.07% 450 $218K No change
SPTL SS SPDR PF LNG TRM TSY E-Usd 0.06% 6,889 $188K Reduce -21.5%
KMI Kinder Morgan Inc. 0.06% 6,493 $185K Reduce -0.2%
MMM 3M Co. 0.06% 1,167 $171K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.06% 2,158 $170K Add +13.3%
OKE Oneok Inc. 0.05% 1,659 $165K No change
USHY iShares Broad Usd High Yield 0.05% 4,471 $165K Reduce -0.3%
TSLA Tesla Inc. 0.05% 635 $165K Add +1222.9%
JNK SS SPDR BB High Yield Bond 0.05% 1,541 $147K No change
UNH Unitedhealth Group Inc. 0.05% 267 $140K Reduce -16.0%
MPLX MPLX LP 0.04% 2,465 $132K No change
CL Colgate-Palmolive Co. 0.04% 1,350 $126K No change
XLF SS Financial Select Sector 0.04% 2,506 $125K No change
PAYX Paychex Inc. 0.04% 780 $120K Reduce -14.2%
T AT&T Inc. 0.04% 4,173 $118K No change
TFC Truist Financial Corp. 0.04% 2,853 $117K Reduce -0.2%
KLAC KLA Corp. 0.04% 169 $115K Reduce -40.9%
SPGI S&P Global Inc. 0.04% 223 $113K Reduce -4.3%
MCD McDonald's Corp. 0.04% 350 $109K Reduce -15.1%
VPU Vanguard Utilities ETF 0.04% 635 $108K No change
TAP Molson Coors Beverage Co. Class B 0.03% 1,750 $107K No change
IR Ingersoll-Rand Inc. 0.03% 1,314 $105K No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.03% 965 $105K Reduce -6.5%
HCA HCA Healthcare Inc. 0.03% 292 $101K No change
ORCL Oracle Corp. 0.03% 719 $101K No change
YUM Yum! Brands Inc. 0.03% 610 $96K No change
WM Waste Management Inc. 0.03% 384 $89K Reduce -22.1%
PGR Progressive Corp. 0.03% 299 $85K No change
VGSH Vanguard Short-Term Treasury 0.03% 1,429 $84K No change
IUSV iShares Core S&P U.S. Value 0.03% 900 $83K No change
SO The Southern Co. 0.03% 898 $83K Reduce -13.3%
MO Altria Group Inc. 0.03% 1,358 $82K Reduce -7.3%
TIP iShares Tips Bond ETF 0.02% 692 $77K New
ZBH Zimmer Biomet Holdings Inc. 0.02% 675 $76K No change
KMB Kimberly-Clark Corp. 0.02% 533 $76K Reduce -10.3%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.02% 1,760 $74K No change
PSA Public Storage 0.02% 240 $72K No change
DUK Duke Energy Corp. 0.02% 586 $71K Reduce -13.2%
CB Chubb Ltd. 0.02% 226 $68K No change
EPD Enterprise Products Partners 0.02% 1,980 $68K No change
VTRS Viatris Inc. 0.02% 7,455 $65K No change
MPC Marathon Petroleum Corp. 0.02% 406 $59K No change
WAT Waters Corp. 0.02% 160 $59K No change
TSM Taiwan Semiconductor-SP ADR 0.02% 354 $59K No change
CAH Cardinal Health Inc. 0.02% 425 $59K No change
VNQ Vanguard Real Estate ETF 0.02% 634 $57K No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.02% 56 $55K No change
AON Aon PLC Class A 0.02% 138 $55K No change
BAESY Bae Systems PLC -Spon ADR 0.02% 670 $54K No change
DRI Darden Restaurants Inc. 0.02% 254 $53K Reduce -29.8%
PM Philip Morris International 0.02% 322 $51K No change
AEP American Electric Power 0.02% 460 $50K No change
MSI Motorola Solutions Inc. 0.02% 114 $50K No change
NUE Nucor Corp. 0.02% 414 $50K Reduce -25.0%
TEL Te Connectivity PLC 0.02% 350 $49K No change
COR Cencora Inc. 0.02% 177 $49K No change
ALIZY Allianz SE - Unsp ADR 0.02% 1,260 $48K No change
LVMUY LVMH Moet Hennessy-Unsp ADR 0.01% 361 $45K No change
NI Nisource Inc. 0.01% 1,076 $43K No change
MITSY Mitsui & Co. Ltd.-Spons ADR 0.01% 115 $43K No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.01% 600 $43K No change
UL Unilever PLC 0.01% 718 $43K No change
DBSDY DBS Group Holdings-Spon ADR 0.01% 304 $42K No change
CNP Centerpoint Energy Inc. 0.01% 1,132 $41K No change
SCCO Southern Copper Corp. 0.01% 419 $39K Add +0.7%
ABBNY Abb Ltd.-Spon ADR 0.01% 755 $39K No change
VGT Vanguard Info Tech ETF 0.01% 71 $39K No change
AXAHY AXA -Spons ADR 0.01% 897 $38K No change
MUFG Mitsubishi Ufj Finl-Spon ADR 0.01% 2,777 $38K No change
UNP Union Pacific Corp. 0.01% 160 $38K Reduce -32.5%
ED Consolidated Edison Inc. 0.01% 339 $37K No change
FIS Fidelity National Info Serv 0.01% 500 $37K No change
PEG Public Service Enterprise GP 0.01% 448 $37K No change
VEU Vanguard Ftse All-World Ex-U 0.01% 607 $37K No change
ETSY Etsy Inc. 0.01% 750 $35K Reduce -96.4%
WELL Welltower Inc. 0.01% 228 $35K No change
EMB iShares JP Morgan Usd Emergi 0.01% 385 $35K Add +381.3%
SUB iShares Short-Term National 0.01% 329 $35K No change
STIP iShares 0-5 Year Tips Bond E 0.01% 329 $34K No change
CEG Constellation Energy 0.01% 167 $34K No change
FISV Fiserv Inc. 0.01% 149 $33K No change
SIEGY Siemens AG-Spons ADR 0.01% 286 $33K No change
PINS Pinterest Inc. Class A 0.01% 1,050 $33K Reduce -19.2%
IHG Intercontinental Hotels-ADR 0.01% 297 $33K No change
GIS General Mills Inc. 0.01% 538 $32K Reduce -17.5%
VWO Vanguard Ftse Emerging Marke 0.01% 700 $32K No change
CINF Cincinnati Financial Corp. 0.01% 212 $31K Reduce -32.3%
D Dominion Energy Inc. 0.01% 557 $31K No change
VLO Valero Energy Corp. 0.01% 233 $31K Reduce -33.8%
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 0.01% 943 $31K No change
LNC Lincoln National Corp. 0.01% 850 $31K No change
COF Capital One Financial Corp. 0.01% 169 $30K No change
TM Toyota Motor Corp. -Spon ADR 0.01% 170 $30K No change
DFS Discover Financial Services 0.01% 173 $30K No change
CVS CVS Health Corp. 0.01% 435 $29K No change
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.01% 512 $29K No change
JCI Johnson Controls Internation 0.01% 365 $29K No change
GAB Gabelli Equity Trust 0.01% 5,280 $29K No change
PAA Plains All Amer Pipeline LP 0.01% 1,423 $28K No change
CMBS iShares CMBS ETF 0.01% 580 $28K New
IBDRY Iberdrola SA-Sponsored ADR 0.01% 430 $28K No change
LMT Lockheed Martin Corp. 0.01% 62 $28K Reduce -31.9%
NTTYY NTT Inc. - ADR filed as NIPPON TEL & TEL CORP ADR 0.01% 1,140 $28K No change
FITB Fifth Third Bancorp 0.01% 690 $27K Reduce -32.3%
NVS Novartis AG-Sponsored ADR 0.01% 237 $26K No change
ET Energy Transfer LP 0.01% 1,385 $26K No change
VCR Vanguard Consumer Discre ETF 0.01% 79 $26K No change
SPG Simon Property Group Inc. 0.01% 153 $25K No change
ENB Enbridge Inc. 0.01% 564 $25K No change
WEC WEC Energy Group Inc. 0.01% 228 $25K No change
BTI British American Tob-SP ADR 0.01% 600 $25K No change
NSC Norfolk Southern Corp. 0.01% 104 $25K No change
IX Orix - Sponsored ADR filed as ORIX CORP 0.01% 1,170 $24K No change
ELV Elevance Health Inc. 0.01% 56 $24K No change
BDX Becton Dickinson and Co. 0.01% 106 $24K No change
NSRGY Nestle SA-Spons ADR 0.01% 233 $24K No change
KMTUY Komatsu Ltd. -Spons ADR 0.01% 761 $22K No change
FLOT iShares Floating Rate Bond E 0.01% 425 $22K Reduce -69.5%
SNY Sanofi-ADR 0.01% 387 $21K No change
PFG Principal Financial Group 0.01% 253 $21K Reduce -33.9%
TTE Totalenergies SE -Spon ADR 0.01% 329 $21K No change
RHI Robert Half Inc. 0.01% 390 $21K Reduce -32.1%
GBTC Grayscale Bitcoin Trust ETF 0.01% 326 $21K No change
OMC Omnicom Group 0.01% 242 $20K No change
KEYS Keysight Technologies Inc. 0.01% 132 $20K No change
RIO Rio Tinto PLC-Spon ADR 0.01% 324 $19K No change
TD Toronto-Dominion Bank 0.01% 324 $19K No change
GPC Genuine Parts Co. 0.01% 163 $19K Reduce -32.6%
VHT Vanguard Health Care ETF 0.01% 73 $19K No change
SOLV Solventum Corp. 0.01% 253 $19K No change
IPG Interpublic Group of Cos Inc. 0.01% 665 $18K Reduce -32.3%
F Ford Motor Co. filed as FORD MTR CO 0.01% 1,800 $18K Reduce -28.1%
LHX L3HARRIS Technologies Inc. 0.01% 86 $18K No change
IP International Paper Co. 0.01% 330 $18K Reduce -32.2%
BHP BHP Group Ltd.-Spon ADR 0.01% 360 $17K No change
INFY Infosys Ltd.-SP ADR 0.01% 928 $17K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 170 $17K Reduce -46.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.01% 200 $17K No change
BNPQY BNP Paribas-ADR 0.01% 391 $16K No change
FDX FedEx Corp. 0.01% 66 $16K No change
UPS United Parcel Service Class B 0.01% 145 $16K Reduce -97.2%
CCL Carnival Corp. 0.01% 805 $16K Add +45.0%
PAGP Plains GP Holdings LP 0.00% 700 $15K No change
DEO Diageo PLC-Sponsored ADR 0.00% 141 $15K No change
FE Firstenergy Corp. 0.00% 357 $14K No change
WU Western Union Co. 0.00% 1,357 $14K No change
DE Deere & Co. 0.00% 30 $14K No change
LAZ Lazard Inc. 0.00% 317 $14K No change
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 0.00% 1,767 $14K No change
IMCB iShares Morningstar Mid-Cap 0.00% 184 $14K No change
VIS Vanguard Industrials ETF 0.00% 55 $14K No change
IDXX Idexx Laboratories Inc. 0.00% 30 $13K No change
VDC Vanguard Consumer Staple ETF 0.00% 57 $12K No change
BBWI Bath & Body Works Inc. 0.00% 409 $12K Reduce -32.1%
BASFY Basf SE-Spon ADR 0.00% 970 $12K No change
DD Dupont DE Nemours Inc. 0.00% 159 $12K Reduce -21.3%
CAJPY Canon Inc.-Spons ADR 0.00% 382 $12K No change
CAG Conagra Brands Inc. 0.00% 431 $11K No change
EIX Edison International 0.00% 195 $11K No change
MAT Mattel Inc. 0.00% 584 $11K No change
VFH Vanguard Financials ETF 0.00% 87 $10K No change
LYB Lyondellbasell Indu Class A 0.00% 144 $10K No change
CTVA Corteva Inc. 0.00% 159 $10K Reduce -21.3%
AA Alcoa Corp. 0.00% 328 $10K Reduce -33.9%
GSK GSK PLC-Spon ADR 0.00% 245 $9K No change
NTRS Northern Trust Corp. 0.00% 95 $9K No change
SHYG iShares 0-5 YR HY Corp. Bond 0.00% 215 $9K New
IEX Idex Corp. 0.00% 50 $9K No change
HPE Hewlett Packard Enterprise 0.00% 560 $9K No change
SUN Sunoco LP 0.00% 146 $8K No change
MU Micron Technology Inc. 0.00% 97 $8K No change
CSQ Calamos Strat TTL RTRN FND 0.00% 500 $8K No change
MET Metlife Inc. 0.00% 100 $8K No change
IDU iShares US Utilities ETF 0.00% 79 $8K No change
E Eni SPA-Sponsored ADR 0.00% 258 $8K No change
VAW Vanguard Materials ETF 0.00% 42 $8K No change
ORI Old Republic Intl Corp. 0.00% 200 $8K No change
LW Lamb Weston Holdings Inc. 0.00% 143 $8K No change
FBIN Fortune Brands Innovations I 0.00% 123 $7K No change
HYS PIMCO 0-5 Year H/Y Corp. Bond 0.00% 79 $7K New
VLTO Veralto Corp. 0.00% 75 $7K No change
PTY PIMCO Corporate & Income Opp 0.00% 500 $7K No change
EPSN Epsilon Energy Ltd. 0.00% 1,000 $7K No change
WPP WPP PLC-Sponsored ADR 0.00% 185 $7K No change
HMC Honda Motor Co. Ltd.-Spons ADR 0.00% 250 $7K No change
GEHC GE Healthcare Technology 0.00% 84 $7K Reduce -37.3%
WBD Warner Bros Discovery Inc. 0.00% 597 $6K No change
PCY Invesco Emerging Markets Sov 0.00% 297 $6K Reduce -50.5%
O Realty Income Corp. 0.00% 103 $6K No change
ACN Accenture PLC Class A 0.00% 19 $6K No change
FTV Fortive Corp. 0.00% 80 $6K No change
LEG Leggett & Platt Inc. 0.00% 726 $6K Reduce -19.4%
GLW Corning Inc. 0.00% 125 $6K No change
ADX Adams Diversified Equity 0.00% 300 $6K No change
DOW Dow Inc. 0.00% 159 $6K Reduce -25.0%
FCX Freeport-McMoran Inc. 0.00% 144 $5K No change
USAC USA Compression Partners LP 0.00% 200 $5K No change
WEX Wex Inc. 0.00% 33 $5K No change
ROK Rockwell Automation Inc. 0.00% 20 $5K No change
PNR Pentair PLC 0.00% 56 $5K No change
REZI Resideo Technologies Inc. 0.00% 276 $5K No change
CHTR Charter Communications Inc. Class A 0.00% 13 $5K No change
ADP Automatic Data Processing 0.00% 15 $5K No change
VOD Vodafone Group PLC-SP ADR 0.00% 475 $4K No change
AVY Avery Dennison Corp. 0.00% 25 $4K No change
QYLD Global X Nasd 100 Cov Call 0.00% 250 $4K No change
FLR Fluor Corp. 0.00% 116 $4K No change
IYZ iShares US Telecommunication 0.00% 150 $4K No change
IVZ Invesco Ltd. 0.00% 267 $4K No change
VDE Vanguard Energy ETF 0.00% 31 $4K No change
ARDC Ares Dynamic Credit All 0.00% 275 $4K No change
GUT Gabelli Utility Trust 0.00% 720 $4K No change
ALC Alcon Inc. filed as ALCON AG 0.00% 40 $4K No change
ARCC Ares Capital Corp. 0.00% 170 $4K No change
XAWFX Alliancebernstein GL Hi Inc. 0.00% 350 $4K No change
KD Kyndryl Holdings Inc. 0.00% 117 $4K No change
FUN Six Flags Entertainment Corp. 0.00% 100 $4K No change
HOG Harley-Davidson Inc. 0.00% 132 $3K Reduce -14.3%
DFIN Donnelley Financial Solution 0.00% 76 $3K No change
USA Liberty All Star Equity Fund 0.00% 500 $3K No change
JNPR Juniper Networks Inc. 0.00% 90 $3K No change
UTG Reaves Utility Income Fund 0.00% 100 $3K No change
BST BlackRock Science & Tech TR 0.00% 96 $3K No change
AFL Aflac Inc. 0.00% 27 $3K No change
AGG iShares Core U.S. Aggregate 0.00% 30 $3K No change
CMS CMS Energy Corp. 0.00% 39 $3K No change
AMT American Tower Corp. 0.00% 13 $3K No change
CUK Carnival PLC-ADR 0.00% 161 $3K No change
HLN Haleon PLC-ADR 0.00% 271 $3K No change
BXP BXP Inc. 0.00% 41 $3K No change
DVA Davita Inc. 0.00% 18 $3K No change
CDP Copt Defense Properties 0.00% 95 $3K No change
DGX Quest Diagnostics Inc. 0.00% 13 $2K No change
DOV Dover Corp. 0.00% 12 $2K No change
CLF Cleveland-Cliffs Inc. 0.00% 254 $2K No change
WAB Wabtec Corp. 0.00% 11 $2K No change
PRU Prudential Financial Inc. 0.00% 16 $2K No change
AKAM Akamai Technologies Inc. 0.00% 22 $2K No change
NWL Newell Brands Inc. 0.00% 279 $2K No change
SDZNY Sandoz Group AG-ADR 0.00% 40 $2K No change
WDS Woodside Energy Group-ADR 0.00% 111 $2K No change
CTSH Cognizant Tech Solutions-A 0.00% 21 $2K No change
MBC Masterbrand Inc. 0.00% 123 $2K No change
DOC Healthpeak Properties Inc. 0.00% 78 $2K No change
GRX Gabelli Healthcare & Well 0.00% 152 $2K No change
VNO Vornado Realty Trust 0.00% 40 $1K No change
OGN Organon & Co. 0.00% 98 $1K No change
NTR Nutrien Ltd. 0.00% 29 $1K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 12 $1K No change
ACLLY Accelleron Industries AG 0.00% 30 $1K No change
NGL NGL Energy Partners LP 0.00% 300 $1K No change
NTAP Netapp Inc. 0.00% 15 $1K No change
BTC Grayscale Bitcoin Mini ETF 0.00% 36 $1K No change
MDXG Mimedx Group Inc. 0.00% 170 $1K Reduce -95.4%
SONY Sony Group Corp. - SP ADR 0.00% 50 $1K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.00% 15 $1K No change
ASIX Advansix Inc. 0.00% 49 $1K No change
NVT Nvent Electric PLC 0.00% 21 $1K No change
SW Smurfit Westrock PLC 0.00% 23 $1K No change
VSXY Victoria's Secret & Co. 0.00% 55 $1K Reduce -70.7%
GTX Garrett Motion Inc. 0.00% 116 $971 No change
SWK Stanley Black & Decker Inc. 0.00% 12 $923 No change
CHRW C.H. Robinson Worldwide Inc. 0.00% 9 $922 No change
VNT Vontier Corp. 0.00% 26 $854 No change
FRO Frontline PLC 0.00% 55 $817 No change
SAIC Science Applications Inte 0.00% 4 $449 No change
CC The Chemours Co. 0.00% 29 $392 No change
UE Urban Edge Properties 0.00% 20 $380 No change
AIG American International Group 0.00% 4 $348 No change
FCPT Four Corners Property Trust 0.00% 12 $344 No change
TRIP Tripadvisor Inc. 0.00% 24 $340 No change
JBGS JBG Smith Properties 0.00% 20 $322 No change
NGVT Ingevity Corp. 0.00% 7 $277 No change
GRAL Grail Inc. 0.00% 10 $255 Reduce -41.2%
ADNT Adient PLC 0.00% 18 $231 No change
AVNS Avanos Medical Inc. 0.00% 11 $158 No change
RMR RMR Group Inc./the - A 0.00% 7 $117 No change
EMBC Embecta Corp. 0.00% 3 $38 No change
ONL Orion Properties Inc. 0.00% 10 $21 No change
OPITQ Office Properties Income Tru 0.00% 25 $11 No change
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