Boyd Watterson Asset Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Boyd Watterson Asset Management LLC reported 398 stock positions worth $345.6 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 7.2% of the portfolio, followed by Microsoft (MSFT, 7.0%) and Alphabet Class A (GOOGL, 5.7%). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 71 and reduced 81. The biggest buy was Eli Lilly (LLY, shares +1%) and the biggest sale iShares MBS ETF (MBB, shares −80%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$345.6M (Q4 2025)
SEC Filing
0001121477-26-000002 ↗ filed Feb 4, 2026

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 Q3 2025 Q4 2025: $345.6M $345.6M Q4 2025 Q1 2026: $324.9M Q1 2026 Q2 2026: $370.6M Q2 2026

Holdings 398 stocks · $345.6M
SPY SS SPDR S&P 500 ETF Trust-US 7.17% 36,352 $24.8M No change
MSFT Microsoft Corp. 7.02% 50,156 $24.3M Reduce -0.5%
GOOGL Alphabet Inc. Class A 5.69% 62,789 $19.7M Reduce -0.6%
AVGO Broadcom Inc. 4.85% 48,394 $16.7M Reduce -3.0%
JPM JPMorgan Chase & Co. 3.47% 37,262 $12.0M Add +0.1%
LLY Eli Lilly & Co. 3.36% 10,809 $11.6M Add +0.8%
AXP American Express Co. 2.97% 27,762 $10.3M Add +0.5%
MDY State Street SPDR S&P Midcap 2.43% 13,936 $8.4M No change
ETN Eaton Corp. PLC 2.41% 26,125 $8.3M Reduce -1.6%
AAPL Apple Inc. 2.26% 28,789 $7.8M Reduce -2.3%
AMZN Amazon.com Inc. 2.20% 32,951 $7.6M Add +2.6%
HON Honeywell International Inc. 1.94% 34,450 $6.7M Add +6.1%
CAT Caterpillar Inc. 1.78% 10,766 $6.2M Add +0.2%
XOM Exxon Mobil Corp. 1.65% 47,396 $5.7M Add +0.5%
ABBV Abbvie Inc. 1.60% 24,149 $5.5M Reduce -0.3%
V Visa Inc. Class A 1.52% 15,014 $5.3M Add +3.0%
GOOG Alphabet Inc. Class C 1.52% 16,768 $5.3M Reduce -0.1%
VOO Vanguard S&P 500 ETF 1.47% 8,085 $5.1M No change
PH Parker Hannifin Corp. 1.44% 5,676 $5.0M Add +1.6%
JNJ Johnson & Johnson 1.32% 22,086 $4.6M Add +4.5%
C Citigroup Inc. 1.31% 38,722 $4.5M Add +1.1%
NVDA Nvidia Corp. 1.30% 24,180 $4.5M No change
IOO iShares Global 100 ETF 1.27% 34,698 $4.4M No change
SHOP Shopify Inc. Class A 1.24% 26,686 $4.3M Add +0.7%
CRWD CrowdStrike Holdings Inc. Class A 1.16% 8,533 $4.0M Add +0.3%
EEM iShares MSCI Emerging Market 1.15% 72,639 $4.0M No change
MRK Merck & Co. Inc. 1.07% 35,207 $3.7M Add +2.8%
GS Goldman Sachs Group Inc. 1.01% 3,985 $3.5M No change
EXPE Expedia Group Inc. 0.93% 11,345 $3.2M Add +1.0%
PG The Procter & Gamble Co. 0.91% 21,953 $3.1M Reduce -14.8%
PEP Pepsico Inc. 0.89% 21,417 $3.1M Add +8.6%
IJR iShares Core S&P Small-Cap E 0.83% 23,850 $2.9M No change
QCOM Qualcomm Inc. 0.83% 16,681 $2.9M Add +1.9%
CVX Chevron Corp. 0.82% 18,665 $2.8M Add +0.1%
CRM Salesforce Inc. 0.78% 10,133 $2.7M Add +9.1%
LIN Linde PLC 0.76% 6,172 $2.6M Add +2.5%
SCHD Schwab US DVD Equity ETF 0.72% 90,178 $2.5M No change
EMR Emerson Electric Co. 0.70% 18,334 $2.4M Add +1.9%
EFA iShares MSCI Eafe ETF 0.70% 25,045 $2.4M Reduce -0.2%
ABT Abbott Laboratories 0.69% 19,130 $2.4M Reduce -0.8%
BMY Bristol-Myers Squibb Co. 0.67% 42,766 $2.3M Reduce -0.2%
TMO Thermo Fisher Scientific Inc. 0.63% 3,771 $2.2M Add +0.8%
AMD Advanced Micro Devices 0.62% 10,084 $2.2M Add +2.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.57% 6,709 $2.0M Add +9.9%
ORLY O'reilly Automotive Inc. 0.55% 20,941 $1.9M Add +0.7%
BKNG Booking Holdings Inc. 0.49% 318 $1.7M No change
PAYC Paycom Software Inc. 0.49% 10,662 $1.7M Add +0.8%
KO The Coca-Cola Co. 0.47% 23,336 $1.6M Reduce -0.1%
HD Home Depot Inc. 0.44% 4,440 $1.5M Reduce -2.1%
PSX Phillips 66 0.42% 11,237 $1.5M Reduce -0.9%
TT Trane Technologies PLC 0.40% 3,515 $1.4M Reduce -0.6%
NEE Nextera Energy Inc. 0.39% 16,752 $1.3M No change
CMI Cummins Inc. 0.38% 2,599 $1.3M Add +3.8%
SCHW Schwab (charles) Corp. 0.37% 12,970 $1.3M Add +2.8%
BDX Becton Dickinson and Co. 0.37% 6,677 $1.3M Add +18.3%
MRSH Marsh & McLennan Cos 0.36% 6,791 $1.3M Add +1.2%
NFLX Netflix Inc. 0.35% 12,990 $1.2M No change
WMT Walmart Inc. 0.34% 10,521 $1.2M Reduce -4.1%
TXN Texas Instruments Inc. 0.32% 6,465 $1.1M No change
COIN Coinbase Global Inc. Class A 0.32% 4,948 $1.1M Reduce -0.1%
CI The Cigna Group 0.32% 4,003 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.31% 2,125 $1.1M No change
UNH Unitedhealth Group Inc. 0.30% 3,187 $1.1M Add +1.3%
MBB iShares MBS ETF 0.30% 10,956 $1.0M Reduce -80.0%
TRV The Travelers Cos Inc. 0.30% 3,538 $1.0M No change
RTX RTX Corp. 0.27% 5,039 $924K Add +1.6%
JAAA Janus Henderson Aaa Clo ETF 0.26% 18,000 $910K No change
BA The Boeing Co. 0.26% 4,152 $901K Reduce -0.1%
SYF Synchrony Financial 0.26% 10,568 $882K No change
META Meta Platforms Inc. Class A 0.25% 1,331 $879K Add +4.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.25% 1,769 $863K No change
REGN Regeneron Pharmaceuticals 0.24% 1,072 $827K Add +1.9%
TGT Target Corp. 0.24% 8,332 $814K Reduce -0.1%
DHR Danaher Corp. 0.23% 3,545 $812K Add +42.3%
CSCO Cisco Systems Inc. 0.23% 10,347 $797K Add +1.7%
KMB Kimberly-Clark Corp. 0.23% 7,718 $779K Add +1638.3%
PFF iShares Preferred & Income S 0.22% 24,961 $773K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.22% 5,000 $768K No change
MAS Masco Corp. 0.22% 12,101 $768K Add +4.4%
DNP DNP Select Income Fund Inc. 0.21% 74,166 $741K Add +0.3%
IJH iShares Core S&P Midcap ETF 0.20% 10,697 $706K Reduce -16.8%
GEV GE Vernova Inc. 0.20% 1,061 $693K Add +4.7%
IEF iShares 7-10 Year Treasury B 0.20% 7,168 $689K Add +34.8%
ZBRA Zebra Technologies Corp. Class A 0.19% 2,678 $650K Reduce -44.0%
APD Air Products & Chemicals Inc. 0.19% 2,630 $650K Reduce -3.0%
USB US Bancorp 0.19% 12,085 $645K No change
PYPL PayPal Holdings Inc. 0.19% 10,965 $640K Reduce -35.5%
TSLA Tesla Inc. 0.18% 1,410 $634K Add +3.5%
IGIB iShares 5-10Y Inv Grade Corp. 0.18% 11,722 $632K Reduce -7.9%
SHEL Shell PLC-ADR 0.18% 8,526 $626K No change
MA Mastercard Inc. Class A 0.18% 1,096 $626K No change
DELL Dell Technologies -C 0.18% 4,961 $624K Add +1.9%
PPG PPG Industries Inc. 0.18% 6,024 $617K Add +76.0%
CARR Carrier Global Corp. 0.17% 11,114 $587K Add +27.7%
AGG iShares Core U.S. Aggregate 0.17% 5,845 $584K Add +19383.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.17% 10,599 $583K Add +2.2%
WFC Wells Fargo & Co. 0.17% 6,193 $577K Add +1.8%
MCK McKesson Corp. 0.16% 663 $544K Add +4.7%
SPTI SS SPDR P Int Term TSY ETF 0.16% 18,727 $540K Reduce -40.0%
LOW Lowe's Cos Inc. 0.15% 2,170 $523K No change

Show all 398 holdings

Other holdings (23): bonds, preferreds, convertibles and warrants · $767K (not counted above)
SecurityClassShares / PrincipalValueChange
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,612$228KNo change
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$213KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$178KNo 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$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
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
FIRST HORIZON CORP (FHN 4.7 PERP F) Common Stock 160$3KNo change
GEORGIA POWER CO (SO 5 10/01/77 2017) COM 125$3KNo change
FORD MOTOR COMPANY (F 6.5 08/15/62) PREFERRED DEBT 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
US BANCORP (USB 4 PERP M) PFD 150$2KNo 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

Total filed on the 13F, all lines: $346.4M.

Portfolio Sells Q3 2025 → Q4 2025
MBB iShares MBS ETF Reduce -80.0% 0.30% −1.25
MSFT Microsoft Corp. Reduce -0.5% 7.02% −0.78
ETN Eaton Corp. PLC Reduce -1.6% 2.41% −0.56
PG The Procter & Gamble Co. Reduce -14.8% 0.91% −0.27
ZBRA Zebra Technologies Corp. Class A Reduce -44.0% 0.19% −0.24
MDLZ Mondelez International Inc. Class A Reduce -68.3% 0.08% −0.22
COIN Coinbase Global Inc. Class A Reduce -0.1% 0.32% −0.18
PYPL PayPal Holdings Inc. Reduce -35.5% 0.19% −0.16
SPTI SS SPDR P Int Term TSY ETF Reduce -40.0% 0.16% −0.11
CMG Chipotle Mexican Grill Inc. Reduce -51.8% 0.09% −0.11
HD Home Depot Inc. Reduce -2.1% 0.44% −0.11
ABBV Abbvie Inc. Reduce -0.3% 1.60% −0.08
ABT Abbott Laboratories Reduce -0.8% 0.69% −0.08
AVGO Broadcom Inc. Reduce -3.0% 4.85% −0.07
TT Trane Technologies PLC Reduce -0.6% 0.40% −0.05
IJH iShares Core S&P Midcap ETF Reduce -16.8% 0.20% −0.05
PSX Phillips 66 Reduce -0.9% 0.42% −0.04
APD Air Products & Chemicals Inc. Reduce -3.0% 0.19% −0.03
IGIB iShares 5-10Y Inv Grade Corp. Reduce -7.9% 0.18% −0.02
FAST Fastenal Co. Reduce -1.2% 0.06% −0.02
HPQ HP Inc. Reduce -21.3% 0.03% −0.02
SJNK SS SPDR BB St Hi Yield ETF Reduce -56.4% 0.01% −0.01
USHY iShares Broad Usd High Yield Reduce -5.8% 0.12% −0.01
SOLS Solstice Adv Materials Inc. Reduce -7.0% 0.11% −0.01
VCLT Vanguard Long-Term Corp. Bond Reduce -9.8% 0.07% −0.01
WELL Welltower Inc. Reduce -93.4% 0.00% −0.01
COP Conocophillips Reduce -3.2% 0.09% −0.01
BA The Boeing Co. Reduce -0.1% 0.26% −0.01
IGSB iShares 1-5Y Inv Grade Corp. Reduce -1.6% 0.12% −0.01
CAH Cardinal Health Inc. Reduce -43.5% 0.01% −0.01
CWB SS SPDR BB Conv Sec ETF Reduce -61.7% 0.00% −0.01
TFI SS SPDR N Ice Muni Bond ETF Sold out 0.00% −0.00
VMBS Vanguard Mortgage-Backed Sec Reduce -1.1% 0.10% −0.00
MCD McDonald's Corp. Reduce -15.9% 0.02% −0.00
HPE Hewlett Packard Enterprise Sold out 0.00% −0.00
EFA iShares MSCI Eafe ETF Reduce -0.2% 0.70% −0.00
MO Altria Group Inc. Reduce -0.8% 0.02% −0.00
BAB Invesco Taxable Municipal Bo Reduce -68.9% 0.00% −0.00
PAYX Paychex Inc. Reduce -1.9% 0.02% −0.00
MDT Medtronic PLC Reduce -0.6% 0.10% −0.00
IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.00
SO The Southern Co. Reduce -1.6% 0.02% −0.00
IVOL Quadratic Int Rte Vol Infl H Sold out 0.00% −0.00
DUK Duke Energy Corp. Reduce -1.6% 0.02% −0.00
REZI Resideo Technologies Inc. Reduce -56.2% 0.00% −0.00
WU Western Union Co. Reduce -50.9% 0.00% −0.00
GE General Electric Reduce -0.1% 0.13% −0.00
DD Dupont DE Nemours Inc. Reduce -4.4% 0.00% −0.00
DRI Darden Restaurants Inc. Reduce -9.3% 0.01% −0.00
PM Philip Morris International Reduce -1.9% 0.01% −0.00

Portfolio Buys Q3 2025 → Q4 2025
LLY Eli Lilly & Co. Add +0.8% 3.36% +0.92
CAT Caterpillar Inc. Add +0.2% 1.78% +0.25
AXP American Express Co. Add +0.5% 2.97% +0.23
MRK Merck & Co. Inc. Add +2.8% 1.07% +0.21
EXPE Expedia Group Inc. Add +1.0% 0.93% +0.21
KMB Kimberly-Clark Corp. Add +1638.3% 0.23% +0.21
PH Parker Hannifin Corp. Add +1.6% 1.44% +0.18
AGG iShares Core U.S. Aggregate Add +19383.3% 0.17% +0.17
JNJ Johnson & Johnson Add +4.5% 1.32% +0.15
AMD Advanced Micro Devices Add +2.0% 0.62% +0.15
C Citigroup Inc. Add +1.1% 1.31% +0.15
CRM Salesforce Inc. Add +9.1% 0.78% +0.12
AMZN Amazon.com Inc. Add +2.6% 2.20% +0.09
TMO Thermo Fisher Scientific Inc. Add +0.8% 0.63% +0.09
DHR Danaher Corp. Add +42.3% 0.23% +0.09
PPG PPG Industries Inc. Add +76.0% 0.18% +0.07
CMI Cummins Inc. Add +3.8% 0.38% +0.07
SHOP Shopify Inc. Class A Add +0.7% 1.24% +0.07
REGN Regeneron Pharmaceuticals Add +1.9% 0.24% +0.06
PEP Pepsico Inc. Add +8.6% 0.89% +0.06
XOM Exxon Mobil Corp. Add +0.5% 1.65% +0.06
IBM Intl Business Machines Corp. Add +9.9% 0.57% +0.06
BDX Becton Dickinson and Co. Add +18.3% 0.37% +0.06
IEF iShares 7-10 Year Treasury B Add +34.8% 0.20% +0.05
V Visa Inc. Class A Add +3.0% 1.52% +0.04
VZ Verizon Communications Inc. Add +53.2% 0.13% +0.04
SPTL SS SPDR PF LNG TRM TSY E-Usd Add +57.5% 0.07% +0.02
CSCO Cisco Systems Inc. Add +1.7% 0.23% +0.02
TLT iShares 20+ Year Treasury BD New 0.02% +0.02
RTX RTX Corp. Add +1.6% 0.27% +0.02
FLOT iShares Floating Rate Bond E Add +285.9% 0.02% +0.02
BKLN Invesco Senior Loan ETF Add +23.8% 0.09% +0.02
SCHW Schwab (charles) Corp. Add +2.8% 0.37% +0.01
CNQ Canadian Natural Resources New 0.01% +0.01
CARR Carrier Global Corp. Add +27.7% 0.17% +0.01
WFC Wells Fargo & Co. Add +1.8% 0.17% +0.01
GEV GE Vernova Inc. Add +4.7% 0.20% +0.01
AMGN Amgen Inc. Add +3.3% 0.10% +0.01
MS Morgan Stanley Add +4.2% 0.11% +0.01
QCOM Qualcomm Inc. Add +1.9% 0.83% +0.01
MCK McKesson Corp. Add +4.7% 0.16% +0.01
BAC Bank of America Corp. Add +2.2% 0.17% +0.01
HYD Vaneck High Yield Muni ETF New 0.01% +0.01
FMB First Trust Managed Municipa New 0.01% +0.01
CSX CSX Corp. Add +5.4% 0.10% +0.00
KVUE Kenvue Inc. Add +3.9% 0.06% +0.00
TFC Truist Financial Corp. Add +5.4% 0.04% +0.00
SCCO Southern Copper Corp. Add +0.7% 0.02% +0.00
TSLA Tesla Inc. Add +3.5% 0.18% +0.00
UL Unilever PLC-Sponsored ADR Add +26.7% 0.01% +0.00

Notes & Other Activity Q3 2025 → Q4 2025
BRUNSWICK CORP (BC 6.5 10/15/48) PFD Sold out 9,338 $235Kbefore 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