Boyd Watterson Asset Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Boyd Watterson Asset Management LLC reported 394 stock positions worth $334.8 million. Its top holding was Microsoft (MSFT) at 7.8% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 7.2%) and Broadcom (AVGO, 4.9%). Compared with Q2 2025, it opened 6 new positions, sold out of 11, added to 51 and reduced 154. The biggest buy was Netflix (NFLX, shares +441%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −6%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$334.8M (Q3 2025)
SEC Filing
0001121477-25-000011 ↗ filed Nov 5, 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 Q2 2025 Q3 2025: $334.8M $334.8M Q3 2025 Q4 2025: $345.6M Q4 2025 Q1 2026: $324.9M Q1 2026 Q2 2026: $370.6M Q2 2026

Holdings 394 stocks · $334.8M
MSFT Microsoft Corp. 7.80% 50,418 $26.1M Reduce -2.1%
SPY SS SPDR S&P 500 ETF Trust-US 7.23% 36,352 $24.2M Reduce -6.1%
AVGO Broadcom Inc. 4.92% 49,888 $16.5M Reduce -6.9%
GOOGL Alphabet Inc. Class A 4.59% 63,170 $15.4M Reduce -0.1%
JPM JPMorgan Chase & Co. 3.51% 37,215 $11.7M Reduce -2.0%
ETN Eaton Corp. PLC 2.97% 26,536 $9.9M Reduce -0.5%
AXP American Express Co. 2.74% 27,615 $9.2M Reduce -0.9%
MDY State Street SPDR S&P Midcap 2.48% 13,936 $8.3M No change
LLY Eli Lilly & Co. 2.44% 10,722 $8.2M Reduce -0.0%
AAPL Apple Inc. 2.24% 29,453 $7.5M Reduce -11.8%
AMZN Amazon.com Inc. 2.11% 32,113 $7.1M Add +0.7%
HON Honeywell International Inc. 2.04% 32,457 $6.8M Add +1.6%
ABBV Abbvie Inc. 1.68% 24,234 $5.6M Add +0.3%
XOM Exxon Mobil Corp. 1.59% 47,178 $5.3M Add +0.1%
MBB iShares MBS ETF 1.55% 54,685 $5.2M Reduce -4.2%
CAT Caterpillar Inc. 1.53% 10,742 $5.1M Reduce -0.2%
V Visa Inc. Class A 1.49% 14,578 $5.0M Reduce -1.3%
VOO Vanguard S&P 500 ETF 1.48% 8,085 $5.0M No change
NVDA Nvidia Corp. 1.35% 24,180 $4.5M Reduce -11.0%
PH Parker Hannifin Corp. 1.26% 5,584 $4.2M Add +1.0%
CRWD CrowdStrike Holdings Inc. Class A 1.25% 8,506 $4.2M Reduce -4.4%
IOO iShares Global 100 ETF 1.24% 34,698 $4.2M No change
GOOG Alphabet Inc. Class C 1.22% 16,790 $4.1M Reduce -0.2%
PG The Procter & Gamble Co. 1.18% 25,776 $4.0M Add +5.2%
SHOP Shopify Inc. Class A 1.18% 26,491 $3.9M Reduce -0.4%
JNJ Johnson & Johnson 1.17% 21,141 $3.9M Reduce -0.7%
C Citigroup Inc. 1.16% 38,292 $3.9M Add +1.1%
EEM iShares MSCI Emerging Market 1.16% 72,639 $3.9M No change
GS Goldman Sachs Group Inc. 0.95% 3,985 $3.2M Add +0.4%
CVX Chevron Corp. 0.86% 18,649 $2.9M Add +1.7%
MRK Merck & Co. Inc. 0.86% 34,235 $2.9M Add +11.2%
LIN Linde PLC 0.85% 6,022 $2.9M Reduce -4.6%
IJR iShares Core S&P Small-Cap E 0.85% 23,850 $2.8M No change
PEP Pepsico Inc. 0.83% 19,719 $2.8M Add +11.2%
QCOM Qualcomm Inc. 0.81% 16,367 $2.7M Add +1.6%
ABT Abbott Laboratories 0.77% 19,294 $2.6M Reduce -1.4%
SCHD Schwab US DVD Equity ETF 0.74% 90,178 $2.5M Add +0.2%
EXPE Expedia Group Inc. 0.72% 11,236 $2.4M Add +0.5%
EMR Emerson Electric Co. 0.70% 17,990 $2.4M Add +0.2%
EFA iShares MSCI Eafe ETF 0.70% 25,097 $2.3M No change
ORLY O'reilly Automotive Inc. 0.67% 20,791 $2.2M Reduce -12.9%
PAYC Paycom Software Inc. 0.66% 10,576 $2.2M Add +0.8%
CRM Salesforce Inc. 0.66% 9,284 $2.2M Add +29.6%
BMY Bristol-Myers Squibb Co. 0.58% 42,865 $1.9M No change
HD Home Depot Inc. 0.55% 4,536 $1.8M Reduce -10.3%
TMO Thermo Fisher Scientific Inc. 0.54% 3,743 $1.8M Reduce -11.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.51% 6,106 $1.7M Add +27.9%
BKNG Booking Holdings Inc. 0.51% 318 $1.7M Reduce -14.5%
COIN Coinbase Global Inc. Class A 0.50% 4,952 $1.7M Add +9.8%
AMD Advanced Micro Devices 0.48% 9,886 $1.6M Add +2.0%
NFLX Netflix Inc. 0.47% 1,299 $1.6M Add +441.3%
KO The Coca-Cola Co. 0.46% 23,351 $1.5M Reduce -3.4%
PSX Phillips 66 0.46% 11,340 $1.5M Add +0.3%
TT Trane Technologies PLC 0.45% 3,535 $1.5M Reduce -8.5%
ZBRA Zebra Technologies Corp. Class A 0.42% 4,786 $1.4M Add +29.9%
MRSH Marsh & McLennan Cos 0.40% 6,711 $1.4M Add +1.0%
NEE Nextera Energy Inc. 0.38% 16,752 $1.3M Reduce -0.6%
SCHW Schwab (charles) Corp. 0.36% 12,623 $1.2M Add +1.7%
TXN Texas Instruments Inc. 0.35% 6,465 $1.2M Add +9.2%
CI The Cigna Group 0.34% 4,003 $1.2M No change
PYPL PayPal Holdings Inc. 0.34% 17,002 $1.1M Reduce -5.0%
WMT Walmart Inc. 0.34% 10,971 $1.1M Reduce -4.4%
UNH Unitedhealth Group Inc. 0.32% 3,145 $1.1M Add +1369.6%
BRK.B Berkshire Hathaway Inc. Class B 0.32% 2,125 $1.1M No change
CMI Cummins Inc. 0.32% 2,503 $1.1M Reduce -0.2%
BDX Becton Dickinson and Co. 0.32% 5,646 $1.1M Add +5226.4%
MDLZ Mondelez International Inc. Class A 0.30% 16,018 $1.0M Reduce -18.1%
TRV The Travelers Cos Inc. 0.30% 3,538 $988K No change
META Meta Platforms Inc. Class A 0.28% 1,279 $939K Add +2.1%
JAAA Janus Henderson Aaa Clo ETF 0.27% 18,000 $914K No change
SPTI SS SPDR P Int Term TSY ETF 0.27% 31,193 $901K Add +1.2%
BA The Boeing Co. 0.27% 4,155 $897K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.25% 1,769 $848K No change
IJH iShares Core S&P Midcap ETF 0.25% 12,862 $839K No change
RTX RTX Corp. 0.25% 4,958 $830K Reduce -1.0%
MAS Masco Corp. 0.24% 11,587 $816K Add +14.0%
PFF iShares Preferred & Income S 0.24% 24,961 $789K No change
SYF Synchrony Financial 0.22% 10,568 $751K No change
TGT Target Corp. 0.22% 8,341 $748K Reduce -36.1%
DNP DNP Select Income Fund Inc. 0.22% 73,914 $740K Add +0.3%
APD Air Products & Chemicals Inc. 0.22% 2,710 $739K Reduce -0.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.22% 5,000 $723K No change
CSCO Cisco Systems Inc. 0.21% 10,178 $696K Reduce -2.6%
DELL Dell Technologies -C 0.21% 4,869 $690K Add +4.6%
IGIB iShares 5-10Y Inv Grade Corp. 0.21% 12,725 $688K Add +6.5%
CMG Chipotle Mexican Grill Inc. 0.20% 16,798 $658K Reduce -45.3%
MA Mastercard Inc. Class A 0.19% 1,096 $623K No change
GEV GE Vernova Inc. 0.19% 1,013 $623K Reduce -29.2%
SHEL Shell PLC-ADR 0.18% 8,526 $610K Reduce -0.9%
TSLA Tesla Inc. 0.18% 1,363 $606K Add +120.9%
REGN Regeneron Pharmaceuticals 0.18% 1,052 $592K Add +8.8%
USB US Bancorp 0.17% 12,085 $584K Add +0.9%
LOW Lowe's Cos Inc. 0.16% 2,170 $545K Add +3.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 10,368 $535K Reduce -2.4%
BLK BlackRock Inc. 0.16% 446 $520K Reduce -4.7%
CARR Carrier Global Corp. 0.16% 8,705 $520K Reduce -3.7%
ROP Roper Technologies Inc. 0.15% 1,037 $517K Add +0.7%
IEF iShares 7-10 Year Treasury B 0.15% 5,317 $513K Add +0.8%
WFC Wells Fargo & Co. 0.15% 6,084 $510K Reduce -2.2%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.15% 1,073 $498K Add +101.3%

Show all 394 holdings

Other holdings (24): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)
SecurityClassShares / PrincipalValueChange
BRUNSWICK CORP (BC 6.5 10/15/48) PFD 9,338$235KNo change
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$233KNo change
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$218KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$187KNo change
REINSURANCE GRP OF AMER (RGA V5.75 06/15/56) PFD 2,366$59KNo 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$10KNo 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
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
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
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
FIRST HORIZON CORP (FHN 4.7 PERP F) Common Stock 160$3KNew
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$3KNo change
US BANCORP (USB 4 PERP M) PFD 150$3KReduce -99.7%
WELLS FARGO & COMPANY (WFC 5.625 PERP Y) PREFERRED STOCK 100$2KNo change

Total filed on the 13F, all lines: $335.8M.

Portfolio Sells Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -6.1% 7.23% −0.36
CMG Chipotle Mexican Grill Inc. Reduce -45.3% 0.20% −0.35
MSFT Microsoft Corp. Reduce -2.1% 7.80% −0.34
LLY Eli Lilly & Co. Reduce -0.0% 2.44% −0.21
CRWD CrowdStrike Holdings Inc. Class A Reduce -4.4% 1.25% −0.19
TGT Target Corp. Reduce -36.1% 0.22% −0.19
V Visa Inc. Class A Reduce -1.3% 1.49% −0.18
BKNG Booking Holdings Inc. Reduce -14.5% 0.51% −0.17
EOG EOG Resources Inc. Reduce -77.8% 0.04% −0.15
MBB iShares MBS ETF Reduce -4.2% 1.55% −0.15
MDLZ Mondelez International Inc. Class A Reduce -18.1% 0.30% −0.12
TT Trane Technologies PLC Reduce -8.5% 0.45% −0.09
LIN Linde PLC Reduce -4.6% 0.85% −0.09
AXP American Express Co. Reduce -0.9% 2.74% −0.08
PYPL PayPal Holdings Inc. Reduce -5.0% 0.34% −0.08
KO The Coca-Cola Co. Reduce -3.4% 0.46% −0.08
ABT Abbott Laboratories Reduce -1.4% 0.77% −0.07
ETN Eaton Corp. PLC Reduce -0.5% 2.97% −0.06
CARR Carrier Global Corp. Reduce -3.7% 0.16% −0.06
GEV GE Vernova Inc. Reduce -29.2% 0.19% −0.05
HD Home Depot Inc. Reduce -10.3% 0.55% −0.04
KVUE Kenvue Inc. Reduce -14.7% 0.06% −0.04
ITW Illinois Tool Works Reduce -34.9% 0.06% −0.04
SPGI S&P Global Inc. Reduce -71.3% 0.01% −0.03
IUSV iShares Core S&P U.S. Value Sold out 0.00% −0.03
APD Air Products & Chemicals Inc. Reduce -0.6% 0.22% −0.02
CSCO Cisco Systems Inc. Reduce -2.6% 0.21% −0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -25.0% 0.05% −0.02
IGSB iShares 1-5Y Inv Grade Corp. Reduce -7.5% 0.13% −0.02
WMT Walmart Inc. Reduce -4.4% 0.34% −0.02
MMM 3M Co. Reduce -27.4% 0.04% −0.02
NVDA Nvidia Corp. Reduce -11.0% 1.35% −0.02
COP Conocophillips Reduce -12.5% 0.10% −0.02
VZ Verizon Communications Inc. Reduce -9.2% 0.09% −0.01
ORLY O'reilly Automotive Inc. Reduce -12.9% 0.67% −0.01
AMP Ameriprise Financial Inc. Reduce -3.0% 0.07% −0.01
DHR Danaher Corp. Reduce -1.3% 0.15% −0.01
SHEL Shell PLC-ADR Reduce -0.9% 0.18% −0.01
TAP Molson Coors Beverage Co. Class B Reduce -28.6% 0.02% −0.01
PINS Pinterest Inc. Class A Reduce -71.4% 0.00% −0.01
IGOV iShares International Treasu Sold out 0.00% −0.01
KMI Kinder Morgan Inc. Reduce -3.1% 0.06% −0.01
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -15.6% 0.03% −0.01
AMGN Amgen Inc. Reduce -2.3% 0.08% −0.01
PFE Pfizer Inc. Reduce -4.8% 0.10% −0.01
HCA HCA Healthcare Inc. Reduce -20.6% 0.03% −0.01
WFC Wells Fargo & Co. Reduce -2.2% 0.15% −0.01
MCK McKesson Corp. Reduce -2.9% 0.15% −0.01
PAYX Paychex Inc. Reduce -0.8% 0.02% −0.01
SLB SLB Ltd. Reduce -26.1% 0.01% −0.01

Portfolio Buys Q2 2025 → Q3 2025
NFLX Netflix Inc. Add +441.3% 0.47% +0.36
BDX Becton Dickinson and Co. Add +5226.4% 0.32% +0.31
UNH Unitedhealth Group Inc. Add +1369.6% 0.32% +0.30
ABBV Abbvie Inc. Add +0.3% 1.68% +0.25
C Citigroup Inc. Add +1.1% 1.16% +0.14
TSLA Tesla Inc. Add +120.9% 0.18% +0.12
EXPE Expedia Group Inc. Add +0.5% 0.72% +0.12
MRK Merck & Co. Inc. Add +11.2% 0.86% +0.08
PEP Pepsico Inc. Add +11.2% 0.83% +0.08
DIA SS SPDR Dow Jones Indus Avg Add +101.3% 0.15% +0.07
IBM Intl Business Machines Corp. Add +27.9% 0.51% +0.07
ZBRA Zebra Technologies Corp. Class A Add +29.9% 0.42% +0.06
GS Goldman Sachs Group Inc. Add +0.4% 0.95% +0.06
AMD Advanced Micro Devices Add +2.0% 0.48% +0.04
PH Parker Hannifin Corp. Add +1.0% 1.26% +0.04
CRM Salesforce Inc. Add +29.6% 0.66% +0.04
MAS Masco Corp. Add +14.0% 0.24% +0.04
PSX Phillips 66 Add +0.3% 0.46% +0.03
SPMO Invesco S&P 500 Momentum ETF New 0.03% +0.03
CVX Chevron Corp. Add +1.7% 0.86% +0.03
DELL Dell Technologies -C Add +4.6% 0.21% +0.02
MKL Markel Group Inc. New 0.02% +0.02
REGN Regeneron Pharmaceuticals Add +8.8% 0.18% +0.02
LOW Lowe's Cos Inc. Add +3.3% 0.16% +0.01
SJNK SS SPDR BB St Hi Yield ETF Add +129.3% 0.02% +0.01
NSRGY Nestle SA-Spons ADR Add +175.1% 0.02% +0.01
BAB Invesco Taxable Municipal Bo New 0.01% +0.01
TFI SS SPDR N Ice Muni Bond ETF New 0.00% +0.00
IGIB iShares 5-10Y Inv Grade Corp. Add +6.5% 0.21% +0.00
USB US Bancorp Add +0.9% 0.17% +0.00
SCCO Southern Copper Corp. Add +0.9% 0.02% +0.00
DVY iShares Select Dividend ETF New 0.00% +0.00
VCLT Vanguard Long-Term Corp. Bond Add +5.9% 0.08% +0.00
PCY Invesco Emerging Markets Sov New 0.00% +0.00
CWB SS SPDR BB Conv Sec ETF Add +8.1% 0.01% +0.00
SCHW Schwab (charles) Corp. Add +1.7% 0.36% +0.00
QCOM Qualcomm Inc. Add +1.6% 0.81% −0.00
SPTL SS SPDR PF LNG TRM TSY E-Usd Add +1.4% 0.05% −0.00
COIN Coinbase Global Inc. Class A Add +9.8% 0.50% −0.00
VMBS Vanguard Mortgage-Backed Sec Add +0.7% 0.11% −0.00
USHY iShares Broad Usd High Yield Add +1.2% 0.13% −0.01
IEF iShares 7-10 Year Treasury B Add +0.8% 0.15% −0.01
DNP DNP Select Income Fund Inc. Add +0.3% 0.22% −0.01
OTIS Otis Worldwide Corp. Add +1.4% 0.08% −0.01
SPTI SS SPDR P Int Term TSY ETF Add +1.2% 0.27% −0.01
META Meta Platforms Inc. Class A Add +2.1% 0.28% −0.01
PPG PPG Industries Inc. Add +0.7% 0.11% −0.02
SCHD Schwab US DVD Equity ETF Add +0.2% 0.74% −0.02
XOM Exxon Mobil Corp. Add +0.1% 1.59% −0.02
ROP Roper Technologies Inc. Add +0.7% 0.15% −0.03

Notes & Other Activity Q2 2025 → Q3 2025
CHARLES SCHWAB CORP (SCHW 4.45 PERP J) PFD Sold out 36,750 $695Kbefore exit
HUNTINGTON BANCSHARES (HBAN 4.5 PERP H) PFD Sold out 21,300 $374Kbefore exit
FIRST HORIZON CORP (FHN 4.7 PERP F) Common Stock New 160 $3K
US BANCORP (USB 4 PERP M) PFD Reduce -99.7% 150 $3K
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Sold out 3 $62before 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