Boyd Watterson Asset Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 27, 2026), Boyd Watterson Asset Management LLC reported 383 stock positions worth $324.9 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 7.2% of the portfolio, followed by Microsoft (MSFT, 5.6%) and Alphabet Class A (GOOGL, 5.0%). Compared with Q4 2025, it opened 4 new positions, sold out of 19, added to 40 and reduced 86. The biggest buy was Honeywell International (HON, shares +7%) and the biggest sale Microsoft (MSFT, shares −2%).

Most Recent 13F
Q2 2026
Location
CLEVELAND, OH
CIK
0001121477
Portfolio Value
$324.9M (Q1 2026)
SEC Filing
0001121477-26-000004 ↗ filed Apr 27, 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 Q4 2025 Q1 2026: $324.9M $324.9M Q1 2026 Q2 2026: $370.6M Q2 2026

Holdings 383 stocks · $324.9M
SPY SS SPDR S&P 500 ETF Trust-US 7.21% 35,997 $23.4M Reduce -1.0%
MSFT Microsoft Corp. 5.62% 49,287 $18.2M Reduce -1.7%
GOOGL Alphabet Inc. Class A 4.95% 55,948 $16.1M Reduce -10.9%
AVGO Broadcom Inc. 4.31% 45,271 $14.0M Reduce -6.5%
JPM JPMorgan Chase & Co. 3.35% 37,014 $10.9M Reduce -0.7%
ETN Eaton Corp. PLC 2.74% 24,880 $8.9M Reduce -4.8%
LLY Eli Lilly & Co. 2.70% 9,536 $8.8M Reduce -11.8%
MDY State Street SPDR S&P Midcap 2.65% 13,936 $8.6M No change
HON Honeywell International Inc. 2.55% 36,712 $8.3M Add +6.6%
AXP American Express Co. 2.44% 26,234 $7.9M Reduce -5.5%
XOM Exxon Mobil Corp. 2.43% 46,596 $7.9M Reduce -1.7%
CAT Caterpillar Inc. 2.25% 10,305 $7.3M Reduce -4.3%
AMZN Amazon.com Inc. 2.22% 34,655 $7.2M Add +5.2%
AAPL Apple Inc. 1.99% 25,529 $6.5M Reduce -11.3%
JNJ Johnson & Johnson 1.61% 21,440 $5.2M Reduce -2.9%
ABBV Abbvie Inc. 1.58% 23,612 $5.1M Reduce -2.2%
C Citigroup Inc. 1.48% 42,384 $4.8M Add +9.5%
VOO Vanguard S&P 500 ETF 1.46% 7,945 $4.7M Reduce -1.7%
GOOG Alphabet Inc. Class C 1.45% 16,380 $4.7M Reduce -2.3%
PH Parker Hannifin Corp. 1.43% 5,197 $4.7M Reduce -8.4%
V Visa Inc. Class A 1.40% 15,077 $4.6M Add +0.4%
MRK Merck & Co. Inc. 1.32% 35,559 $4.3M Add +1.0%
NVDA Nvidia Corp. 1.30% 24,180 $4.2M No change
IOO iShares Global 100 ETF 1.29% 34,698 $4.2M No change
EEM iShares MSCI Emerging Market 1.27% 72,639 $4.1M No change
CVX Chevron Corp. 1.12% 17,528 $3.6M Reduce -6.1%
PEP Pepsico Inc. 1.08% 22,542 $3.5M Add +5.3%
CRWD CrowdStrike Holdings Inc. Class A 1.05% 8,778 $3.4M Add +2.9%
GS Goldman Sachs Group Inc. 1.03% 3,970 $3.4M Reduce -0.4%
SHOP Shopify Inc. Class A 1.02% 27,842 $3.3M Add +4.3%
PG The Procter & Gamble Co. 0.97% 21,866 $3.2M Reduce -0.4%
LIN Linde PLC 0.94% 6,160 $3.1M Reduce -0.2%
IJR iShares Core S&P Small-Cap E 0.91% 23,850 $3.0M No change
EXPE Expedia Group Inc. 0.81% 11,444 $2.6M Add +0.9%
BMY Bristol-Myers Squibb Co. 0.80% 42,665 $2.6M Reduce -0.2%
EFA iShares MSCI Eafe ETF 0.75% 25,045 $2.4M No change
EMR Emerson Electric Co. 0.73% 18,101 $2.4M Reduce -1.3%
CRM Salesforce Inc. 0.70% 12,163 $2.3M Add +20.0%
SCHD Schwab US DVD Equity ETF 0.69% 72,963 $2.2M Reduce -19.1%
AMD Advanced Micro Devices 0.66% 10,555 $2.1M Add +4.7%
QCOM Qualcomm Inc. 0.65% 16,517 $2.1M Reduce -1.0%
PSX Phillips 66 0.63% 11,237 $2.0M No change
ABT Abbott Laboratories 0.60% 19,114 $2.0M Reduce -0.1%
ORLY O'reilly Automotive Inc. 0.60% 21,143 $2.0M Add +1.0%
TMO Thermo Fisher Scientific Inc. 0.57% 3,790 $1.9M Add +0.5%
TXN Texas Instruments Inc. 0.57% 9,465 $1.8M Add +46.4%
ZBRA Zebra Technologies Corp. Class A 0.55% 8,574 $1.8M Add +220.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.55% 7,391 $1.8M Add +10.2%
KO The Coca-Cola Co. 0.51% 21,856 $1.7M Reduce -6.3%
NEE Nextera Energy Inc. 0.48% 16,752 $1.6M No change
BDX Becton Dickinson and Co. 0.45% 9,369 $1.5M Add +40.3%
HD Home Depot Inc. 0.44% 4,342 $1.4M Reduce -2.2%
SCHW Schwab (charles) Corp. 0.43% 15,028 $1.4M Add +15.9%
MRSH Marsh & McLennan Cos 0.41% 7,736 $1.3M Add +13.9%
BKNG Booking Holdings Inc. 0.41% 318 $1.3M No change
TT Trane Technologies PLC 0.41% 3,175 $1.3M Reduce -9.7%
CMI Cummins Inc. 0.39% 2,346 $1.3M Reduce -9.7%
NFLX Netflix Inc. 0.38% 12,990 $1.2M No change
KMB Kimberly-Clark Corp. 0.38% 12,784 $1.2M Add +65.6%
TGT Target Corp. 0.36% 9,731 $1.2M Add +16.8%
WMT Walmart Inc. 0.36% 9,401 $1.2M Reduce -10.7%
PPG PPG Industries Inc. 0.34% 10,328 $1.1M Add +71.5%
MBB iShares MBS ETF 0.34% 11,616 $1.1M Add +6.0%
CI The Cigna Group 0.33% 4,003 $1.1M No change
TRV The Travelers Cos Inc. 0.32% 3,538 $1.0M No change
BRK.B Berkshire Hathaway Inc. Class B 0.31% 2,125 $1.0M No change
UNH Unitedhealth Group Inc. 0.29% 3,466 $938K Add +8.8%
MAS Masco Corp. 0.28% 15,043 $908K Add +24.3%
JAAA Janus Henderson Aaa Clo ETF 0.28% 18,000 $907K No change
IEF iShares 7-10 Year Treasury B 0.27% 9,309 $888K Add +29.9%
RTX RTX Corp. 0.27% 4,515 $871K Reduce -10.4%
REGN Regeneron Pharmaceuticals 0.26% 1,087 $840K Add +1.4%
BA The Boeing Co. 0.25% 4,152 $826K No change
TSLA Tesla Inc. 0.25% 2,195 $816K Add +55.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.25% 5,000 $799K No change
GEV GE Vernova Inc. 0.24% 898 $784K Reduce -15.4%
META Meta Platforms Inc. Class A 0.24% 1,353 $774K Add +1.6%
VUG Vanguard Mrngstar GR ETF-Sui 0.24% 1,769 $773K No change
DNP DNP Select Income Fund Inc. 0.24% 74,420 $767K Add +0.3%
PFF iShares Preferred & Income S 0.23% 24,846 $753K Reduce -0.5%
APD Air Products & Chemicals Inc. 0.23% 2,561 $744K Reduce -2.6%
SYF Synchrony Financial 0.22% 10,400 $707K Reduce -1.6%
WAT Waters Corp. 0.22% 2,371 $706K Add +1381.9%
CSCO Cisco Systems Inc. 0.21% 8,918 $692K Reduce -13.8%
IJH iShares Core S&P Midcap ETF 0.20% 9,797 $662K Reduce -8.4%
OXY Occidental Petroleum Corp. 0.20% 10,000 $650K No change
USB US Bancorp 0.19% 12,085 $629K No change
IGIB iShares 5-10Y Inv Grade Corp. 0.19% 11,607 $618K Reduce -1.0%
DHR Danaher Corp. 0.19% 3,214 $609K Reduce -9.3%
SHEL Shell PLC-ADR 0.19% 6,526 $607K Reduce -23.5%
MA Mastercard Inc. Class A 0.18% 1,176 $588K Add +7.3%
SOLS Solstice Adv Materials Inc. 0.18% 7,504 $572K Reduce -0.5%
CARR Carrier Global Corp. 0.17% 9,909 $558K Reduce -10.8%
PCTY Paylocity Holding Corp. 0.17% 5,150 $556K New
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.15% 1,073 $497K No change
LOW Lowe's Cos Inc. 0.15% 2,070 $489K Reduce -4.6%
DELL Dell Technologies -C 0.15% 2,914 $478K Reduce -41.3%
WFC Wells Fargo & Co. 0.13% 5,502 $438K Reduce -11.2%
USHY iShares Broad Usd High Yield 0.13% 11,627 $428K Add +3.5%
SPTI SS SPDR P Int Term TSY ETF 0.13% 14,729 $422K Reduce -21.4%

Show all 383 holdings

Other holdings (7): bonds, preferreds, convertibles and warrants · $692K (not counted above)
SecurityClassShares / PrincipalValueChange
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD 9,487$218KReduce -1.3%
NEXTERA ENERGY CAPITAL (NEE 5.65 03/01/79 N) PFD 8,948$206KNo change
SOUTHERN CO (SO 4.2 10/15/60 C) PFD 10,100$171KNo 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 751$15KReduce -14.3%
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

Total filed on the 13F, all lines: $325.6M.

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -1.7% 5.62% −1.40
GOOGL Alphabet Inc. Class A Reduce -10.9% 4.95% −0.73
LLY Eli Lilly & Co. Reduce -11.8% 2.70% −0.66
AVGO Broadcom Inc. Reduce -6.5% 4.31% −0.53
AXP American Express Co. Reduce -5.5% 2.44% −0.53
PAYC Paycom Software Inc. Reduce -69.3% 0.12% −0.37
COIN Coinbase Global Inc. Class A Reduce -91.3% 0.02% −0.30
AAPL Apple Inc. Reduce -11.3% 1.99% −0.27
QCOM Qualcomm Inc. Reduce -1.0% 0.65% −0.17
AGG iShares Core U.S. Aggregate Reduce -99.5% 0.00% −0.17
PYPL PayPal Holdings Inc. Reduce -83.5% 0.03% −0.16
JPM JPMorgan Chase & Co. Reduce -0.7% 3.35% −0.12
ABT Abbott Laboratories Reduce -0.1% 0.60% −0.09
GOOG Alphabet Inc. Class C Reduce -2.3% 1.45% −0.08
INTC Intel Corp. Reduce -72.3% 0.03% −0.05
BLK BlackRock Inc. Reduce -30.0% 0.10% −0.05
DHR Danaher Corp. Reduce -9.3% 0.19% −0.05
BAC Bank of America Corp. Reduce -19.2% 0.13% −0.04
SYF Synchrony Financial Reduce -1.6% 0.22% −0.04
MCK McKesson Corp. Reduce -31.7% 0.12% −0.04
DELL Dell Technologies -C Reduce -41.3% 0.15% −0.03
SYY Sysco Corp. Reduce -49.0% 0.04% −0.03
WFC Wells Fargo & Co. Reduce -11.2% 0.13% −0.03
MS Morgan Stanley Reduce -25.9% 0.08% −0.03
SPMO Invesco S&P 500 Momentum ETF Sold out 0.00% −0.03
SCHD Schwab US DVD Equity ETF Reduce -19.1% 0.69% −0.03
SPTI SS SPDR P Int Term TSY ETF Reduce -21.4% 0.13% −0.03
MDT Medtronic PLC Reduce -22.3% 0.07% −0.02
ITW Illinois Tool Works Reduce -47.6% 0.03% −0.02
ROP Roper Technologies Inc. Reduce -1.5% 0.11% −0.02
SPTL SS SPDR PF LNG TRM TSY E-Usd Reduce -34.8% 0.05% −0.02
AMP Ameriprise Financial Inc. Reduce -28.5% 0.05% −0.02
GE General Electric Reduce -13.4% 0.11% −0.02
SCCO Southern Copper Corp. Sold out 0.00% −0.02
CSCO Cisco Systems Inc. Reduce -13.8% 0.21% −0.02
CSX CSX Corp. Reduce -31.1% 0.08% −0.02
AMGN Amgen Inc. Reduce -27.1% 0.08% −0.02
ABBV Abbvie Inc. Reduce -2.2% 1.58% −0.02
BKLN Invesco Senior Loan ETF Reduce -19.2% 0.08% −0.01
PFE Pfizer Inc. Reduce -28.8% 0.08% −0.01
TFC Truist Financial Corp. Reduce -31.8% 0.03% −0.01
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.01
VZ Verizon Communications Inc. Reduce -30.6% 0.12% −0.01
PH Parker Hannifin Corp. Reduce -8.4% 1.43% −0.01
TEL Te Connectivity PLC Reduce -57.7% 0.01% −0.01
TAP Molson Coors Beverage Co. Class B Reduce -56.0% 0.01% −0.01
GAB Gabelli Equity Trust Sold out 0.00% −0.01
EXC Exelon Corp. Reduce -27.2% 0.06% −0.01
CL Colgate-Palmolive Co. Reduce -35.2% 0.02% −0.01
HYD Vaneck High Yield Muni ETF Sold out 0.00% −0.01

Portfolio Buys Q4 2025 → Q1 2026
HON Honeywell International Inc. Add +6.6% 2.55% +0.61
ZBRA Zebra Technologies Corp. Class A Add +220.2% 0.55% +0.36
MRK Merck & Co. Inc. Add +1.0% 1.32% +0.24
TXN Texas Instruments Inc. Add +46.4% 0.57% +0.24
WAT Waters Corp. Add +1381.9% 0.22% +0.20
PEP Pepsico Inc. Add +5.3% 1.08% +0.19
C Citigroup Inc. Add +9.5% 1.48% +0.17
PCTY Paylocity Holding Corp. New 0.17% +0.17
PPG PPG Industries Inc. Add +71.5% 0.34% +0.16
KMB Kimberly-Clark Corp. Add +65.6% 0.38% +0.15
TGT Target Corp. Add +16.8% 0.36% +0.13
BDX Becton Dickinson and Co. Add +40.3% 0.45% +0.08
IEF iShares 7-10 Year Treasury B Add +29.9% 0.27% +0.07
TSLA Tesla Inc. Add +55.7% 0.25% +0.07
SCHW Schwab (charles) Corp. Add +15.9% 0.43% +0.06
MAS Masco Corp. Add +24.3% 0.28% +0.06
MRSH Marsh & McLennan Cos Add +13.9% 0.41% +0.05
ORLY O'reilly Automotive Inc. Add +1.0% 0.60% +0.05
MBB iShares MBS ETF Add +6.0% 0.34% +0.04
AMD Advanced Micro Devices Add +4.7% 0.66% +0.04
BIL SS SPDR BB 1-3M T-Bill ETF Add +2458.8% 0.02% +0.02
DNP DNP Select Income Fund Inc. Add +0.3% 0.24% +0.02
AMZN Amazon.com Inc. Add +5.2% 2.22% +0.02
HPQ HP Inc. Add +91.1% 0.05% +0.02
REGN Regeneron Pharmaceuticals Add +1.4% 0.26% +0.02
USHY iShares Broad Usd High Yield Add +3.5% 0.13% +0.01
USFR Wisdomtree Floating Rate Tre New 0.01% +0.01
BNDD Quadratic Deflation ETF New 0.01% +0.01
VCLT Vanguard Long-Term Corp. Bond Add +3.3% 0.07% +0.01
VTIP Vanguard Short-Term Tips New 0.01% +0.01
TLT iShares 20+ Year Treasury BD Add +1.5% 0.02% +0.00
FISV Fiserv Inc. Add +47.6% 0.00% +0.00
MA Mastercard Inc. Class A Add +7.3% 0.18% −0.00
OTIS Otis Worldwide Corp. Add +2.0% 0.08% −0.00
CMG Chipotle Mexican Grill Inc. Add +3.4% 0.08% −0.00
UNH Unitedhealth Group Inc. Add +8.8% 0.29% −0.02
META Meta Platforms Inc. Class A Add +1.6% 0.24% −0.02
IBM Intl Business Machines Corp. Add +10.2% 0.55% −0.02
TMO Thermo Fisher Scientific Inc. Add +0.5% 0.57% −0.06
CRM Salesforce Inc. Add +20.0% 0.70% −0.08
CRWD CrowdStrike Holdings Inc. Class A Add +2.9% 1.05% −0.10
EXPE Expedia Group Inc. Add +0.9% 0.81% −0.12
V Visa Inc. Class A Add +0.4% 1.40% −0.12
SHOP Shopify Inc. Class A Add +4.3% 1.02% −0.23

Notes & Other Activity Q4 2025 → Q1 2026
NATIONAL RURAL UTIL COOP (NRUC 5.5 05/15/64 US) PFD Reduce -1.3% 9,487 $218K
AMERICAN FINANCIAL GROUP (AFG 5.875 03/30/59) Common Stock Reduce -14.3% 751 $15K
ENBRIDGE INC (ENBCN V5.85792 PERP L) PFD Sold out 177 $4Kbefore exit
HUNTINGTON BANCSHARES (HBAN V6.875 PERP J) PFD Sold out 150 $4Kbefore exit
AT&T INC (T 4.75 PERP C) PFD Sold out 165 $3Kbefore exit
JPMORGAN CHASE & CO (JPM 6 PERP EE) Common Stock Sold out 125 $3Kbefore exit
DUKE ENERGY CORP (DUK 5.75 PERP A) Common Stock Sold out 125 $3Kbefore exit
FIFTH THIRD BANCORP (FITB 4.95 PERP K) Common Stock Sold out 150 $3Kbefore exit
UNUM GROUP (UNM 6.25 06/15/58) PFD Sold out 125 $3Kbefore exit
FIRST HORIZON CORP (FHN 4.7 PERP F) Common Stock Sold out 160 $3Kbefore exit
GEORGIA POWER CO (SO 5 10/01/77 2017) COM Sold out 125 $3Kbefore exit
FORD MOTOR COMPANY (F 6.5 08/15/62) PREFERRED DEBT Sold out 125 $3Kbefore exit
BROOKFIELD OAKTREE HLDGS (OAK 6.625 PERP A) PFD Sold out 125 $3Kbefore exit
BANK OF AMERICA CORP (BAC 5 PERP LL) PFD Sold out 125 $3Kbefore exit
JPMORGAN CHASE & CO (JPM 4.75 PERP GG) Common Stock Sold out 125 $3Kbefore exit
US BANCORP (USB 4 PERP M) PFD Sold out 150 $2Kbefore exit
WELLS FARGO & COMPANY (WFC 5.625 PERP Y) PREFERRED STOCK Sold out 100 $2Kbefore exit
TRUIST FINANCIAL CORP (TFC 4.75 PERP R) COM Sold out 125 $2Kbefore 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