Boyd Watterson Asset Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 1, 2025), Boyd Watterson Asset Management LLC reported 399 stock positions worth $314.8 million. Its top holding was Microsoft (MSFT) at 8.1% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 7.6%) and Broadcom (AVGO, 4.7%). Compared with Q1 2025, it opened 6 new positions, sold out of 11, added to 51 and reduced 94. The biggest buy was Eaton (ETN, shares +5%) and the biggest sale iShares 1-5Y Inv Grade (IGSB, shares −96%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$314.8M (Q2 2025)
SEC Filing
0001121477-25-000009 ↗ filed Aug 1, 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 Q1 2025 Q2 2025: $314.8M $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 399 stocks · $314.8M
MSFT Microsoft Corp. 8.14% 51,488 $25.6M Reduce -0.8%
SPY SS SPDR S&P 500 ETF Trust-US 7.59% 38,695 $23.9M Add +0.3%
AVGO Broadcom Inc. 4.69% 53,593 $14.8M Reduce -0.4%
GOOGL Alphabet Inc. Class A 3.54% 63,252 $11.1M Reduce -0.5%
JPM JPMorgan Chase & Co. 3.50% 37,977 $11.0M Add +1.8%
ETN Eaton Corp. PLC 3.02% 26,675 $9.5M Add +4.8%
AXP American Express Co. 2.82% 27,877 $8.9M Add +3.5%
LLY Eli Lilly & Co. 2.66% 10,723 $8.4M Reduce -0.1%
MDY State Street SPDR S&P Midcap 2.51% 13,936 $7.9M No change
HON Honeywell International Inc. 2.36% 31,956 $7.4M Add +1.4%
AMZN Amazon.com Inc. 2.22% 31,886 $7.0M Add +5.1%
AAPL Apple Inc. 2.18% 33,375 $6.8M Reduce -10.6%
MBB iShares MBS ETF 1.70% 57,057 $5.4M Reduce -1.0%
V Visa Inc. Class A 1.66% 14,762 $5.2M Reduce -0.2%
XOM Exxon Mobil Corp. 1.61% 47,105 $5.1M Reduce -9.0%
VOO Vanguard S&P 500 ETF 1.46% 8,085 $4.6M No change
CRWD CrowdStrike Holdings Inc. Class A 1.44% 8,899 $4.5M Reduce -9.5%
ABBV Abbvie Inc. 1.42% 24,162 $4.5M Reduce -8.2%
NVDA Nvidia Corp. 1.36% 27,180 $4.3M Reduce -9.6%
CAT Caterpillar Inc. 1.33% 10,762 $4.2M Add +0.3%
PG The Procter & Gamble Co. 1.24% 24,506 $3.9M Add +5.0%
PH Parker Hannifin Corp. 1.23% 5,527 $3.9M Reduce -0.4%
IOO iShares Global 100 ETF 1.19% 34,698 $3.7M No change
EEM iShares MSCI Emerging Market 1.11% 72,639 $3.5M No change
JNJ Johnson & Johnson 1.03% 21,293 $3.3M Reduce -0.1%
C Citigroup Inc. 1.02% 37,884 $3.2M Reduce -0.8%
SHOP Shopify Inc. Class A 0.97% 26,595 $3.1M Reduce -0.3%
GOOG Alphabet Inc. Class C 0.95% 16,820 $3.0M Reduce -0.4%
LIN Linde PLC 0.94% 6,310 $3.0M Reduce -0.9%
GS Goldman Sachs Group Inc. 0.89% 3,969 $2.8M No change
ABT Abbott Laboratories 0.85% 19,573 $2.7M Reduce -2.7%
CVX Chevron Corp. 0.83% 18,342 $2.6M Reduce -3.0%
IJR iShares Core S&P Small-Cap E 0.83% 23,850 $2.6M No change
QCOM Qualcomm Inc. 0.81% 16,105 $2.6M Reduce -2.4%
MRK Merck & Co. Inc. 0.77% 30,799 $2.4M Reduce -0.2%
PAYC Paycom Software Inc. 0.77% 10,492 $2.4M Reduce -0.2%
EMR Emerson Electric Co. 0.76% 17,953 $2.4M Add +4.9%
SCHD Schwab US DVD Equity ETF 0.76% 89,993 $2.4M No change
PEP Pepsico Inc. 0.74% 17,733 $2.3M Add +6.5%
EFA iShares MSCI Eafe ETF 0.71% 25,097 $2.2M No change
BKNG Booking Holdings Inc. 0.68% 372 $2.2M Reduce -13.1%
ORLY O'reilly Automotive Inc. 0.68% 23,880 $2.2M Reduce -7.4%
BMY Bristol-Myers Squibb Co. 0.63% 42,865 $2.0M Reduce -2.4%
CRM Salesforce Inc. 0.62% 7,166 $2.0M Add +5.8%
EXPE Expedia Group Inc. 0.60% 11,176 $1.9M Reduce -0.2%
HD Home Depot Inc. 0.59% 5,054 $1.9M Add +0.4%
CMG Chipotle Mexican Grill Inc. 0.55% 30,690 $1.7M Add +2.4%
TMO Thermo Fisher Scientific Inc. 0.54% 4,226 $1.7M Reduce -0.2%
KO The Coca-Cola Co. 0.54% 24,180 $1.7M Reduce -0.7%
TT Trane Technologies PLC 0.54% 3,864 $1.7M Reduce -0.7%
COIN Coinbase Global Inc. Class A 0.50% 4,512 $1.6M Reduce -12.5%
MRSH Marsh & McLennan Cos 0.46% 6,645 $1.5M Reduce -5.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.45% 4,775 $1.4M Add +100.5%
AMD Advanced Micro Devices 0.44% 9,696 $1.4M Add +253.6%
PSX Phillips 66 0.43% 11,307 $1.3M No change
PYPL PayPal Holdings Inc. 0.42% 17,906 $1.3M Reduce -42.9%
CI The Cigna Group 0.42% 4,003 $1.3M Reduce -10.1%
MDLZ Mondelez International Inc. Class A 0.42% 19,548 $1.3M Reduce -2.6%
TGT Target Corp. 0.41% 13,064 $1.3M Add +89.9%
TXN Texas Instruments Inc. 0.39% 5,918 $1.2M Add +20.3%
NEE Nextera Energy Inc. 0.37% 16,848 $1.2M Reduce -1.2%
ZBRA Zebra Technologies Corp. Class A 0.36% 3,685 $1.1M Reduce -10.7%
SCHW Schwab (charles) Corp. 0.36% 12,409 $1.1M Add +5.8%
WMT Walmart Inc. 0.36% 11,471 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.33% 2,125 $1.0M No change
TRV The Travelers Cos Inc. 0.30% 3,538 $947K No change
META Meta Platforms Inc. Class A 0.29% 1,253 $925K Reduce -2.6%
JAAA Janus Henderson Aaa Clo ETF 0.29% 18,000 $914K No change
SPTI SS SPDR P Int Term TSY ETF 0.28% 30,826 $887K Add +15.7%
BA The Boeing Co. 0.28% 4,155 $871K Reduce -0.1%
CMI Cummins Inc. 0.26% 2,509 $822K Add +1.5%
IJH iShares Core S&P Midcap ETF 0.25% 12,862 $798K Reduce -2.4%
VUG Vanguard Mrngstar GR ETF-Sui 0.25% 1,769 $776K Reduce -15.3%
APD Air Products & Chemicals Inc. 0.24% 2,727 $769K Add +1.1%
PFF iShares Preferred & Income S 0.24% 24,961 $766K No change
GEV GE Vernova Inc. 0.24% 1,431 $757K Add +5.8%
RTX RTX Corp. 0.23% 5,007 $731K Reduce -9.5%
CSCO Cisco Systems Inc. 0.23% 10,445 $725K Add +1.5%
DNP DNP Select Income Fund Inc. 0.23% 73,662 $721K Add +0.3%
SYF Synchrony Financial 0.22% 10,568 $705K No change
CARR Carrier Global Corp. 0.21% 9,041 $662K Reduce -0.8%
MAS Masco Corp. 0.21% 10,167 $654K New
IGIB iShares 5-10Y Inv Grade Corp. 0.20% 11,949 $637K Reduce -92.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.20% 5,000 $617K No change
MA Mastercard Inc. Class A 0.20% 1,096 $616K Add +2.4%
SHEL Shell PLC-ADR 0.19% 8,605 $606K No change
EOG EOG Resources Inc. 0.19% 4,963 $594K Reduce -8.3%
ROP Roper Technologies Inc. 0.19% 1,030 $584K Reduce -2.3%
DELL Dell Technologies -C 0.18% 4,655 $571K Reduce -50.4%
USB US Bancorp 0.17% 11,973 $542K No change
REGN Regeneron Pharmaceuticals 0.16% 967 $508K Add +8.7%
IEF iShares 7-10 Year Treasury B 0.16% 5,277 $505K Add +15.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 10,620 $503K Add +3.5%
DHR Danaher Corp. 0.16% 2,524 $499K Add +2.1%
WFC Wells Fargo & Co. 0.16% 6,218 $498K Reduce -0.5%
BLK BlackRock Inc. 0.16% 468 $491K Add +4.5%
MCK McKesson Corp. 0.15% 652 $478K Add +5.2%
IGSB iShares 1-5Y Inv Grade Corp. 0.15% 8,874 $468K Reduce -95.7%
LOW Lowe's Cos Inc. 0.15% 2,100 $466K No change
USHY iShares Broad Usd High Yield 0.14% 11,785 $442K Add +163.6%

Show all 399 holdings

Other holdings (26): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)
SecurityClassShares / PrincipalValueChange
US BANCORP (USB 4 PERP M) PFD 55,099$882KReduce -34.5%
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD 36,750$695KNo change
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD 21,300$374KNo change
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$232KNo 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$198KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$177KNo 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$13KNo change
GOLDMAN SACHS GROUP INC (GS F PERP D) Preferred Stock 500$10KNo change
ENBRIDGE INC (ENBCN V5.85792 PERP L) PFD 177$4KNo change
HUNTINGTON BANCSHARES (HBAN V6.875 PERP J) PFD 150$4KNo change
JPMORGAN CHASE & CO (JPM 6 PERP EE) Common Stock 125$3KNo change
AT&T INC (T 4.75 PERP C) PFD 165$3KNo change
DUKE ENERGY CORP (DUK 5.75 PERP A) Common Stock 125$3KNo change
FIFTH THIRD BANCORP (FITB 4.95 PERP K) Common Stock 150$3KNo change
UNUM GROUP (UNM 6.25 06/15/58) PFD 125$3KNo change
BROOKFIELD OAKTREE HLDGS (OAK 6.625 PERP A) PFD 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
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$62No change

Total filed on the 13F, all lines: $317.7M.

Portfolio Sells Q1 2025 → Q2 2025
IGSB iShares 1-5Y Inv Grade Corp. Reduce -95.7% 0.15% −3.33
IGIB iShares 5-10Y Inv Grade Corp. Reduce -92.9% 0.20% −2.67
VCLT Vanguard Long-Term Corp. Bond Reduce -94.7% 0.08% −1.42
AAPL Apple Inc. Reduce -10.6% 2.18% −0.51
XOM Exxon Mobil Corp. Reduce -9.0% 1.61% −0.38
ABBV Abbvie Inc. Reduce -8.2% 1.42% −0.36
PYPL PayPal Holdings Inc. Reduce -42.9% 0.42% −0.24
BMY Bristol-Myers Squibb Co. Reduce -2.4% 0.63% −0.24
LLY Eli Lilly & Co. Reduce -0.1% 2.66% −0.21
CVX Chevron Corp. Reduce -3.0% 0.83% −0.19
INTC Intel Corp. Reduce -70.8% 0.06% −0.15
TMO Thermo Fisher Scientific Inc. Reduce -0.2% 0.54% −0.14
MRK Merck & Co. Inc. Reduce -0.2% 0.77% −0.12
ORLY O'reilly Automotive Inc. Reduce -7.4% 0.68% −0.11
JNJ Johnson & Johnson Reduce -0.1% 1.03% −0.11
MRSH Marsh & McLennan Cos Reduce -5.9% 0.46% −0.10
DELL Dell Technologies -C Reduce -50.4% 0.18% −0.10
CSX CSX Corp. Reduce -50.0% 0.10% −0.08
SJNK SS SPDR BB St Hi Yield ETF Reduce -87.8% 0.01% −0.08
HPQ HP Inc. Reduce -59.8% 0.04% −0.08
PFE Pfizer Inc. Reduce -35.5% 0.11% −0.07
CI The Cigna Group Reduce -10.1% 0.42% −0.05
MBB iShares MBS ETF Reduce -1.0% 1.70% −0.05
EOG EOG Resources Inc. Reduce -8.3% 0.19% −0.04
VGSH Vanguard Short-Term Treasury Sold out 0.00% −0.03
TIP iShares Tips Bond ETF Sold out 0.00% −0.02
UNH Unitedhealth Group Inc. Reduce -19.9% 0.02% −0.02
KVUE Kenvue Inc. Reduce -6.1% 0.09% −0.02
MDLZ Mondelez International Inc. Class A Reduce -2.6% 0.42% −0.02
KO The Coca-Cola Co. Reduce -0.7% 0.54% −0.02
NEE Nextera Energy Inc. Reduce -1.2% 0.37% −0.02
LIN Linde PLC Reduce -0.9% 0.94% −0.02
VTRS Viatris Inc. Reduce -83.2% 0.00% −0.02
ABT Abbott Laboratories Reduce -2.7% 0.85% −0.02
ZBRA Zebra Technologies Corp. Class A Reduce -10.7% 0.36% −0.02
ROP Roper Technologies Inc. Reduce -2.3% 0.19% −0.02
KLAC KLA Corp. Reduce -49.7% 0.02% −0.01
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -15.6% 0.05% −0.01
V Visa Inc. Class A Reduce -0.2% 1.66% −0.01
EXPE Expedia Group Inc. Reduce -0.2% 0.60% −0.01
DFS Discover Financial Services Sold out 0.00% −0.01
WM Waste Management Inc. Reduce -30.2% 0.02% −0.01
PAYX Paychex Inc. Reduce -17.6% 0.03% −0.01
CMBS iShares CMBS ETF Sold out 0.00% −0.01
MCD McDonald's Corp. Reduce -18.9% 0.03% −0.01
EMB iShares JP Morgan Usd Emergi Reduce -79.2% 0.00% −0.01
OTIS Otis Worldwide Corp. Reduce -1.6% 0.10% −0.01
PGR Progressive Corp. Reduce -21.7% 0.02% −0.01
DRI Darden Restaurants Inc. Reduce -45.3% 0.01% −0.01
YUM Yum! Brands Inc. Reduce -16.4% 0.02% −0.01

Portfolio Buys Q1 2025 → Q2 2025
ETN Eaton Corp. PLC Add +4.8% 3.02% +0.79
SPY SS SPDR S&P 500 ETF Trust-US Add +0.3% 7.59% +0.61
JPM JPMorgan Chase & Co. Add +1.8% 3.50% +0.54
AXP American Express Co. Add +3.5% 2.82% +0.48
AMZN Amazon.com Inc. Add +5.1% 2.22% +0.36
AMD Advanced Micro Devices Add +253.6% 0.44% +0.35
IBM Intl Business Machines Corp. Add +100.5% 0.45% +0.26
MAS Masco Corp. New 0.21% +0.21
HON Honeywell International Inc. Add +1.4% 2.36% +0.21
CAT Caterpillar Inc. Add +0.3% 1.33% +0.18
TGT Target Corp. Add +89.9% 0.41% +0.18
EMR Emerson Electric Co. Add +4.9% 0.76% +0.15
GEV GE Vernova Inc. Add +5.8% 0.24% +0.11
TXN Texas Instruments Inc. Add +20.3% 0.39% +0.10
USHY iShares Broad Usd High Yield Add +163.6% 0.14% +0.09
ETSY Etsy Inc. Add +666.7% 0.09% +0.08
SCHW Schwab (charles) Corp. Add +5.8% 0.36% +0.06
CMG Chipotle Mexican Grill Inc. Add +2.4% 0.55% +0.06
SPTI SS SPDR P Int Term TSY ETF Add +15.7% 0.28% +0.04
CRM Salesforce Inc. Add +5.8% 0.62% +0.03
CSCO Cisco Systems Inc. Add +1.5% 0.23% +0.02
BAC Bank of America Corp. Add +3.5% 0.16% +0.02
IEF iShares 7-10 Year Treasury B Add +15.9% 0.16% +0.02
BLK BlackRock Inc. Add +4.5% 0.16% +0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +33.3% 0.07% +0.02
MS Morgan Stanley Add +4.2% 0.10% +0.02
MCK McKesson Corp. Add +5.2% 0.15% +0.02
IBIT iShares Bitcoin Trust ETF New 0.02% +0.02
COF Capital One Financial Corp. Add +103.5% 0.02% +0.01
CMI Cummins Inc. Add +1.5% 0.26% +0.01
PPG PPG Industries Inc. Add +7.0% 0.12% +0.01
AMP Ameriprise Financial Inc. Add +5.3% 0.08% +0.01
IGOV iShares International Treasu New 0.01% +0.01
CWB SS SPDR BB Conv Sec ETF New 0.01% +0.01
MA Mastercard Inc. Class A Add +2.4% 0.20% +0.01
LQD Ishr Ibx Usd Invgd CB ETF-Ui Add +18.4% 0.04% +0.01
IVOL Quadratic Int Rte Vol Infl H New 0.01% +0.01
IR Ingersoll-Rand Inc. Add +12.0% 0.04% +0.00
KMI Kinder Morgan Inc. Add +4.8% 0.06% +0.00
TFC Truist Financial Corp. Add +5.1% 0.04% +0.00
GSK GSK PLC-Spon ADR Add +90.6% 0.01% +0.00
VMBS Vanguard Mortgage-Backed Sec Add +3.7% 0.11% +0.00
SYY Sysco Corp. Add +3.1% 0.08% +0.00
IHY Vaneck Int High Yield Bond New 0.00% +0.00
SCCO Southern Copper Corp. Add +0.9% 0.01% +0.00
EXC Exelon Corp. Add +4.8% 0.07% −0.00
MDT Medtronic PLC Add +1.6% 0.10% −0.00
DHR Danaher Corp. Add +2.1% 0.16% −0.01
DNP DNP Select Income Fund Inc. Add +0.3% 0.23% −0.01
VZ Verizon Communications Inc. Add +0.9% 0.11% −0.01

Notes & Other Activity Q1 2025 → Q2 2025
US BANCORP (USB 4 PERP M) PFD Reduce -34.5% 55,099 $882K

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