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
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.15% 1,073 $516K No change
BLK BlackRock Inc. 0.14% 464 $497K Add +4.0%
ROP Roper Technologies Inc. 0.14% 1,071 $477K Add +3.3%
VZ Verizon Communications Inc. 0.13% 11,047 $450K Add +53.2%
GE General Electric filed as GE AEROSPACE 0.13% 1,414 $436K Reduce -0.1%
IGSB iShares 1-5Y Inv Grade Corp. 0.12% 8,074 $427K Reduce -1.6%
USHY iShares Broad Usd High Yield 0.12% 11,234 $420K Reduce -5.8%
SHY iShares 1-3 Year Treasury Bo 0.12% 5,000 $414K No change
OXY Occidental Petroleum Corp. 0.12% 10,000 $411K No change
MS Morgan Stanley 0.11% 2,203 $391K Add +4.2%
SOLS Solstice Adv Materials Inc. 0.11% 7,542 $366K Reduce -7.0%
VMBS Vanguard Mortgage-Backed Sec 0.10% 7,652 $360K Reduce -1.1%
CSX CSX Corp. 0.10% 9,656 $350K Add +5.4%
PFE Pfizer Inc. 0.10% 13,575 $338K Add +2.8%
AMGN Amgen Inc. 0.10% 1,029 $337K Add +3.3%
MDT Medtronic PLC 0.10% 3,428 $329K Reduce -0.6%
COP Conocophillips 0.09% 3,399 $318K Reduce -3.2%
BKLN Invesco Senior Loan ETF 0.09% 14,948 $314K Add +23.8%
CMG Chipotle Mexican Grill Inc. 0.09% 8,098 $300K Reduce -51.8%
ETSY Etsy Inc. 0.08% 5,197 $288K No change
INTC Intel Corp. 0.08% 7,634 $282K Reduce -0.0%
OTIS Otis Worldwide Corp. 0.08% 3,217 $281K Add +4.0%
MDLZ Mondelez International Inc. Class A 0.08% 5,075 $273K Reduce -68.3%
SPTL SS SPDR PF LNG TRM TSY E-Usd 0.07% 9,284 $246K Add +57.5%
SYY Sysco Corp. 0.07% 3,275 $241K Add +2.8%
AMP Ameriprise Financial Inc. 0.07% 484 $237K Add +5.2%
VCLT Vanguard Long-Term Corp. Bond 0.07% 3,090 $234K Reduce -9.8%
EXC Exelon Corp. 0.06% 5,066 $221K Add +4.7%
KVUE Kenvue Inc. 0.06% 12,616 $218K Add +3.9%
FAST Fastenal Co. 0.06% 5,292 $212K Reduce -1.2%
ITW Illinois Tool Works 0.06% 820 $202K No change
KMI Kinder Morgan Inc. 0.06% 6,924 $190K Add +5.0%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.05% 2,158 $174K No change
TFC Truist Financial Corp. 0.04% 3,063 $151K Add +5.4%
JNK SS SPDR BB High Yield Bond 0.04% 1,541 $150K No change
ORCL Oracle Corp. 0.04% 719 $140K No change
XLF SS Financial Select Sector 0.04% 2,506 $137K No change
MMM 3M Co. 0.04% 847 $136K No change
MPLX MPLX LP 0.04% 2,465 $132K No change
OKE Oneok Inc. 0.04% 1,659 $122K No change
IR Ingersoll-Rand Inc. 0.03% 1,472 $117K No change
EOG EOG Resources Inc. 0.03% 1,103 $116K No change
HCA HCA Healthcare Inc. 0.03% 232 $108K No change
CL Colgate-Palmolive Co. 0.03% 1,350 $107K No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.03% 965 $106K No change
SPMO Invesco S&P 500 Momentum ETF 0.03% 870 $104K No change
KLAC KLA Corp. 0.03% 84 $102K No change
VPU Vanguard Utilities ETF 0.03% 550 $102K No change
T AT&T Inc. 0.03% 4,025 $100K No change
HPQ HP Inc. 0.03% 4,116 $92K Reduce -21.3%
TSM Taiwan Semiconductor-SP ADR 0.03% 287 $87K No change
FLOT iShares Floating Rate Bond E 0.02% 1,640 $83K Add +285.9%
COF Capital One Financial Corp. 0.02% 344 $83K No change
YUM Yum! Brands Inc. 0.02% 510 $77K No change
MO Altria Group Inc. 0.02% 1,234 $71K Reduce -0.8%
TLT iShares 20+ Year Treasury BD 0.02% 814 $71K New
PAYX Paychex Inc. 0.02% 626 $70K Reduce -1.9%
MCD McDonald's Corp. 0.02% 216 $66K Reduce -15.9%
SO The Southern Co. 0.02% 734 $64K Reduce -1.6%
NSRGY Nestle SA-Spons ADR 0.02% 641 $64K No change
EPD Enterprise Products Partners 0.02% 1,980 $63K No change
CB Chubb Ltd. 0.02% 200 $62K No change
PSA Public Storage 0.02% 240 $62K No change
SCCO Southern Copper Corp. 0.02% 430 $62K Add +0.7%
WAT Waters Corp. 0.02% 160 $61K No change
ZBH Zimmer Biomet Holdings Inc. 0.02% 675 $61K No change
MKL Markel Group Inc. 0.02% 28 $60K No change
COR Cencora Inc. 0.02% 177 $60K No change
TEL Te Connectivity PLC 0.02% 260 $59K No change
TAP Molson Coors Beverage Co. Class B 0.02% 1,250 $58K No change
WM Waste Management Inc. 0.02% 264 $58K No change
MPC Marathon Petroleum Corp. 0.02% 356 $58K No change
GWW WW Grainger Inc. 0.02% 56 $57K No change
DUK Duke Energy Corp. 0.02% 479 $56K Reduce -1.6%
MITSY Mitsui & Co. Ltd.-Spons ADR 0.02% 93 $55K No change
VGT Vanguard Info Tech ETF 0.02% 71 $54K No change
PGR Progressive Corp. 0.02% 234 $53K No change
AEP American Electric Power 0.02% 460 $53K No change
CEG Constellation Energy 0.02% 150 $53K No change
BAESY Bae Systems PLC -Spon ADR 0.01% 556 $51K No change
CNQ Canadian Natural Resources 0.01% 1,500 $51K New
PM Philip Morris International 0.01% 312 $50K Reduce -1.9%
SLB SLB Ltd. filed as SLB LIMITED 0.01% 1,300 $50K No change
CAH Cardinal Health Inc. 0.01% 240 $49K Reduce -43.5%
AON Aon PLC Class A 0.01% 138 $49K No change
UL Unilever PLC-Sponsored ADR 0.01% 726 $47K Add +26.7%
ALIZY Allianz SE - Unsp ADR 0.01% 1,025 $47K No change
ABBNY Abb Ltd.-Spon ADR 0.01% 622 $46K No change
LVMUY LVMH Moet Hennessy-Unsp ADR 0.01% 298 $45K No change
NI Nisource Inc. 0.01% 1,076 $45K No change
VEU Vanguard Ftse All-World Ex-U 0.01% 607 $45K No change
MSI Motorola Solutions Inc. 0.01% 114 $44K No change
CNP Centerpoint Energy Inc. 0.01% 1,132 $43K No change
DBSDY DBS Group Holdings-Spon ADR 0.01% 246 $43K No change
IBIT iShares Bitcoin Trust ETF 0.01% 830 $41K No change
VNQ Vanguard Real Estate ETF 0.01% 462 $41K No change
NUE Nucor Corp. 0.01% 249 $41K Reduce -4.6%
LNC Lincoln National Corp. 0.01% 850 $38K No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.01% 600 $38K No change
VWO Vanguard Ftse Emerging Marke 0.01% 700 $38K No change
PEG Public Service Enterprise GP 0.01% 448 $36K No change
AXAHY AXA -Spons ADR filed as AXA SA 0.01% 740 $36K No change
MUFG Mitsubishi Ufj Finl-Spon ADR 0.01% 2,238 $35K No change
SUB iShares Short-Term National 0.01% 329 $35K No change
SJNK SS SPDR BB St Hi Yield ETF 0.01% 1,379 $35K Reduce -56.4%
CVS CVS Health Corp. 0.01% 435 $35K No change
BTI British American Tob-SP ADR 0.01% 600 $34K No change
STIP iShares 0-5 Year Tips Bond E 0.01% 329 $34K No change
ED Consolidated Edison Inc. 0.01% 339 $34K No change
IHG Intercontinental Hotels-ADR 0.01% 239 $34K No change
IBDRY Iberdrola SA-Sponsored ADR 0.01% 387 $34K No change
JCI Johnson Controls Internation 0.01% 280 $34K No change
SPGI S&P Global Inc. 0.01% 64 $33K No change
FIS Fidelity National Info Serv 0.01% 500 $33K No change
SIEGY Siemens AG-Spons ADR 0.01% 234 $33K No change
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.01% 416 $33K No change
D Dominion Energy Inc. 0.01% 557 $33K No change
GAB Gabelli Equity Trust 0.01% 5,280 $33K No change
VCR Vanguard Consumer Discre ETF 0.01% 79 $31K No change
TM Toyota Motor Corp. -Spon ADR 0.01% 141 $30K No change
NSC Norfolk Southern Corp. 0.01% 104 $30K No change
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 0.01% 943 $28K No change
IX Orix - Sponsored ADR filed as ORIX CORP 0.01% 965 $28K No change
SPG Simon Property Group Inc. 0.01% 150 $28K Reduce -2.0%
MU Micron Technology Inc. 0.01% 97 $28K No change
ENB Enbridge Inc. 0.01% 564 $27K No change
KEYS Keysight Technologies Inc. 0.01% 132 $27K No change
OMC Omnicom Group 0.01% 331 $27K Add +36.8%
NVS Novartis AG-Sponsored ADR 0.01% 193 $27K No change
PAA Plains All Amer Pipeline LP 0.01% 1,423 $26K No change
LHX L3HARRIS Technologies Inc. 0.01% 86 $25K No change
TD Toronto-Dominion Bank 0.01% 264 $25K No change
CCL Carnival Corp. 0.01% 805 $25K No change
HYD Vaneck High Yield Muni ETF 0.01% 480 $25K New
FMB First Trust Managed Municipa 0.01% 474 $24K New
WEC WEC Energy Group Inc. 0.01% 228 $24K No change
NTTYY NTT Inc. - ADR 0.01% 928 $23K No change
ET Energy Transfer LP 0.01% 1,385 $23K No change
GBTC Grayscale Bitcoin Trust ETF 0.01% 326 $22K No change
RIO Rio Tinto PLC-Spon ADR 0.01% 267 $21K No change
VHT Vanguard Health Care ETF 0.01% 73 $21K No change
GSK GSK PLC-Spon ADR 0.01% 419 $21K No change
IDXX Idexx Laboratories Inc. 0.01% 30 $20K No change
KMTUY Komatsu Ltd. -Spons ADR 0.01% 629 $20K No change
ELV Elevance Health Inc. 0.01% 56 $20K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 170 $19K No change
FDX FedEx Corp. 0.01% 66 $19K No change
BHP BHP Group Ltd.-Spon ADR 0.01% 297 $18K No change
DRI Darden Restaurants Inc. 0.01% 97 $18K Reduce -9.3%
TTE Totalenergies SE 0.01% 266 $17K No change
VIS Vanguard Industrials ETF 0.00% 55 $16K No change
WBD Warner Bros Discovery Inc. 0.00% 562 $16K No change
GIS General Mills Inc. 0.00% 345 $16K Reduce -2.8%
FE Firstenergy Corp. 0.00% 357 $16K No change
UNP Union Pacific Corp. 0.00% 68 $16K Reduce -9.3%
SNY Sanofi-ADR 0.00% 320 $16K No change
VLO Valero Energy Corp. 0.00% 95 $15K Reduce -10.4%
LAZ Lazard Inc. 0.00% 317 $15K No change
IMCB iShares Morningstar Mid-Cap 0.00% 184 $15K No change
BNPQY BNP Paribas-ADR 0.00% 315 $15K No change
CINF Cincinnati Financial Corp. 0.00% 91 $15K Reduce -9.0%
VTRS Viatris Inc. 0.00% 1,149 $14K Reduce -4.1%
F Ford Motor Co. filed as FORD MTR CO 0.00% 1,083 $14K Reduce -4.9%
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 0.00% 1,456 $14K No change
FITB Fifth Third Bancorp 0.00% 296 $14K Reduce -9.2%
SOLV Solventum Corp. 0.00% 173 $14K No change
INFY Infosys Ltd.-SP ADR 0.00% 754 $13K No change
PAGP Plains GP Holdings LP 0.00% 700 $13K No change
NTRS Northern Trust Corp. 0.00% 95 $13K No change
LMT Lockheed Martin Corp. 0.00% 26 $13K Reduce -10.3%
VDC Vanguard Consumer Staple ETF 0.00% 57 $12K No change
EIX Edison International 0.00% 195 $12K No change
VFH Vanguard Financials ETF 0.00% 87 $12K No change
CWB SS SPDR BB Conv Sec ETF 0.00% 128 $11K Reduce -61.7%
CAJPY Canon Inc.-Spons ADR 0.00% 382 $11K No change
GLW Corning Inc. 0.00% 125 $11K No change
BASFY Basf SE-Spon ADR 0.00% 806 $11K No change
FISV Fiserv Inc. 0.00% 149 $10K No change
DEO Diageo PLC-Sponsored ADR 0.00% 114 $10K No change
E Eni SPA-Sponsored ADR 0.00% 258 $10K No change
CSQ Calamos Strat TTL RTRN FND 0.00% 500 $10K No change
PCY Invesco Emerging Markets Sov 0.00% 428 $9K Add +147.4%
MAT Mattel Inc. 0.00% 464 $9K Reduce -9.2%
ORI Old Republic Intl Corp. 0.00% 200 $9K No change
PFG Principal Financial Group 0.00% 103 $9K Reduce -10.4%
VAW Vanguard Materials ETF 0.00% 42 $9K No change
GPC Genuine Parts Co. 0.00% 70 $9K Reduce -9.1%
IDU iShares US Utilities ETF 0.00% 79 $9K No change
MET Metlife Inc. 0.00% 100 $8K No change
ROK Rockwell Automation Inc. 0.00% 20 $8K No change
PINS Pinterest Inc. Class A 0.00% 300 $8K No change
EMB iShares JP Morgan Usd Emergi 0.00% 80 $8K No change
SUN Sunoco LP 0.00% 146 $8K No change
VLTO Veralto Corp. 0.00% 75 $7K No change
CAG Conagra Brands Inc. 0.00% 431 $7K No change
HMC Honda Motor Co. Ltd.-Spons ADR 0.00% 250 $7K No change
FCX Freeport-McMoran Inc. 0.00% 144 $7K No change
AA Alcoa Corp. 0.00% 134 $7K Reduce -10.1%
ADX Adams Diversified Equity 0.00% 300 $7K No change
PTY PIMCO Corporate & Income Opp 0.00% 500 $6K No change
IVZ Invesco Ltd. 0.00% 244 $6K Reduce -8.6%
VOD Vodafone Group PLC-SP ADR 0.00% 475 $6K No change
FBIN Fortune Brands Innovations I 0.00% 123 $6K No change
LW Lamb Weston Holdings Inc. 0.00% 143 $6K No change
CTVA Corteva Inc. 0.00% 87 $6K Reduce -4.4%
O Realty Income Corp. 0.00% 103 $6K No change
BAB Invesco Taxable Municipal Bo 0.00% 206 $6K Reduce -68.9%
IP International Paper Co. 0.00% 142 $6K Reduce -9.0%
WU Western Union Co. 0.00% 597 $6K Reduce -50.9%
GEHC GE Healthcare Technology 0.00% 65 $5K No change
IYZ iShares US Telecommunication 0.00% 150 $5K No change
LYB Lyondellbasell Indu Class A 0.00% 117 $5K No change
UPS United Parcel Service Class B 0.00% 51 $5K Reduce -10.5%
DVY iShares Select Dividend ETF 0.00% 35 $5K No change
CUK Carnival PLC-ADR 0.00% 161 $5K No change
RHI Robert Half Inc. 0.00% 175 $5K Reduce -8.8%
EPSN Epsilon Energy Ltd. 0.00% 1,000 $5K No change
USAC USA Compression Partners LP 0.00% 200 $5K No change
FLR Fluor Corp. 0.00% 116 $5K No change
AVY Avery Dennison Corp. 0.00% 25 $5K No change
QYLD Global X Nasd 100 Cov Call 0.00% 250 $4K No change
FTV Fortive Corp. 0.00% 80 $4K No change
GUT Gabelli Utility Trust 0.00% 720 $4K No change
VDE Vanguard Energy ETF 0.00% 31 $4K No change
BST BlackRock Science & Tech TR 0.00% 96 $4K No change
ADP Automatic Data Processing 0.00% 15 $4K No change
XAWFX Alliancebernstein GL Hi Inc. 0.00% 350 $4K No change
ARDC Ares Dynamic Credit All 0.00% 275 $4K No change
UTG Reaves Utility Income Fund 0.00% 100 $4K No change
PNR Pentair PLC 0.00% 35 $4K No change
BBWI Bath & Body Works Inc. 0.00% 178 $4K Reduce -8.7%
DFIN Donnelley Financial Solution 0.00% 76 $4K No change
Q Qnity Electronics Inc. 0.00% 43 $4K Reduce -5.5%
DD Dupont DE Nemours Inc. 0.00% 87 $3K Reduce -4.4%
CLF Cleveland-Cliffs Inc. 0.00% 254 $3K No change
WPP WPP PLC-Sponsored ADR 0.00% 150 $3K No change
USA Liberty All Star Equity Fund 0.00% 500 $3K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.00% 34 $3K New
NGL NGL Energy Partners LP 0.00% 300 $3K No change
AFL Aflac Inc. 0.00% 27 $3K No change
WELL Welltower Inc. 0.00% 15 $3K Reduce -93.4%
BXP BXP Inc. 0.00% 41 $3K No change
REZI Resideo Technologies Inc. 0.00% 78 $3K Reduce -56.2%
CMS CMS Energy Corp. 0.00% 39 $3K No change
CHTR Charter Communications Inc. Class A 0.00% 13 $3K No change
VSXY Victoria's Secret & Co. 0.00% 50 $3K Reduce -9.1%
CDP Copt Defense Properties 0.00% 95 $3K No change
MICC The Magnum Ice Cream Co. NV 0.00% 163 $3K Add +26.4%
ALC Alcon Inc. filed as ALCON AG 0.00% 32 $3K No change
HOG Harley-Davidson Inc. 0.00% 121 $2K Reduce -8.3%
DOV Dover Corp. 0.00% 12 $2K No change
SDZNY Sandoz Group AG-ADR 0.00% 32 $2K No change
AMT American Tower Corp. 0.00% 13 $2K No change
DGX Quest Diagnostics Inc. 0.00% 13 $2K No change
HLN Haleon PLC-ADR 0.00% 211 $2K No change
DVA Davita Inc. 0.00% 18 $2K No change
DOW Dow Inc. 0.00% 87 $2K Reduce -4.4%
WAB Wabtec Corp. 0.00% 9 $2K No change
AKAM Akamai Technologies Inc. 0.00% 22 $2K No change
ACLLY Accelleron Industries AG 0.00% 24 $2K No change
GTX Garrett Motion Inc. 0.00% 107 $2K Reduce -7.8%
PRU Prudential Financial Inc. 0.00% 16 $2K No change
CTSH Cognizant Tech Solutions-A 0.00% 21 $2K No change
NTAP Netapp Inc. 0.00% 15 $2K No change
FUN Six Flags Entertainment Corp. 0.00% 100 $2K No change
KD Kyndryl Holdings Inc. 0.00% 57 $2K Reduce -51.3%
GRX Gabelli Healthcare & Well 0.00% 152 $1K No change
CHRW C.H. Robinson Worldwide Inc. 0.00% 9 $1K No change
BTC Grayscale Bitcoin Mini ETF 0.00% 36 $1K No change
WDS Woodside Energy Group-ADR 0.00% 89 $1K No change
MBC Masterbrand Inc. 0.00% 123 $1K No change
VNO Vornado Realty Trust 0.00% 40 $1K No change
RAL Ralliant Corp. 0.00% 26 $1K No change
SONY Sony Group Corp. - SP ADR 0.00% 50 $1K No change
DOC Healthpeak Properties Inc. 0.00% 78 $1K No change
FRO Frontline PLC 0.00% 55 $1K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 12 $1K No change
MDXG Mimedx Group Inc. 0.00% 170 $1K No change
NWL Newell Brands Inc. 0.00% 279 $1K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.00% 15 $1K No change
VNT Vontier Corp. 0.00% 26 $967 No change
SWK Stanley Black & Decker Inc. 0.00% 12 $891 No change
SW Smurfit Westrock PLC 0.00% 23 $889 No change
GRAL Grail Inc. 0.00% 10 $856 No change
OGN Organon & Co. 0.00% 93 $667 No change
ASIX Advansix Inc. 0.00% 25 $432 Reduce -49.0%
NGVT Ingevity Corp. 0.00% 7 $414 No change
SAIC Science Applications Inte 0.00% 4 $403 No change
UE Urban Edge Properties 0.00% 20 $384 No change
TRIP Tripadvisor Inc. 0.00% 24 $349 No change
AIG American International Group 0.00% 4 $342 No change
JBGS JBG Smith Properties 0.00% 20 $340 No change
CC The Chemours Co. 0.00% 19 $224 No change
ADNT Adient PLC 0.00% 10 $192 No change
AVNS Avanos Medical Inc. 0.00% 8 $90 No change
RMR RMR Group Inc./the - A 0.00% 6 $89 No change
SFGYY Sony Financial Group Inc.-ADR 0.00% 10 $52 New
ONL Orion Properties Inc. 0.00% 10 $23 No change
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