Capital Management Associates, Inc

Name: Capital Management Associates, Inc 13F holdings, Q2 2025
Creator: Capital Management Associates, Inc
Published: 2025-07-23

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Capital Management Associates, Inc reported 115 stock positions worth $315.7 million. Its top holding was Schwab US Broad Market ETF (SCHB) at 13.4% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 8.2%) and SS SPDR S&P 500 ETF Trust-US (SPY, 7.8%). Compared with Q1 2025, it opened 18 new positions, sold out of 32, added to 13 and reduced 83. The biggest buy was a new position in General Mills (GIS) and the biggest sale Schwab US Broad Market ETF (SCHB, shares −50%).

Most Recent 13F: Q2 2026
Location: MINNEAPOLIS, MN
CIK: 0002008851
Portfolio Value: $315.7M (Q2 2025)
SEC Filing: 0001085146-25-004085 ↗ filed Jul 23, 2025

Holdings Value

Holdings 115 stocks · $315.7M


SCHB Schwab US Broad Market ETF	13.40%	1,775,141	$42.3M	Reduce -49.7%
VOO Vanguard S&P 500 ETF	8.23%	45,729	$26.0M	Reduce -39.3%
SPY SS SPDR S&P 500 ETF Trust-US	7.81%	39,926	$24.7M	Reduce -50.6%
GIS General Mills Inc.	7.40%	451,154	$23.4M	New
QQQ Invesco QQQ Trust Series 1	6.47%	37,016	$20.4M	Reduce -49.3%
AAPL Apple Inc.	4.47%	68,796	$14.1M	Add +13.6%
HYS PIMCO 0-5 Year H/Y Corp. Bond	3.98%	132,121	$12.6M	Reduce -48.8%
SIVR Abrdn Physical Silver Shares	3.78%	347,063	$11.9M	Reduce -1.4%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE	3.45%	24,707	$10.9M	Reduce -49.5%
SGOL Abrdn Physical Gold Shares	3.38%	338,375	$10.7M	Reduce -1.6%
VB Vanguard Most SM-Cap ETF-Usd	2.18%	29,107	$6.9M	Reduce -49.3%
VBK Van Morst SML-Cap Gro-Usd Inc.	2.02%	23,027	$6.4M	Reduce -0.6%
CGBL Cap Group Core Balanced filed as CAPITAL GROUP CORE BALANCED	1.97%	186,189	$6.2M	Reduce -40.5%
MSFT Microsoft Corp.	1.84%	11,657	$5.8M	Add +38.0%
MINT PIMCO Enhanced Short Maturit	1.31%	41,184	$4.1M	Reduce -50.6%
RUNN Running Oak Efficient GR ETF	1.16%	108,136	$3.7M	Reduce -48.4%
MUB iShares National Muni Bond E	1.16%	34,917	$3.6M	Reduce -50.0%
AGG iShares Core U.S. Aggregate	1.08%	34,308	$3.4M	Reduce -42.7%
VO Vngrd Mrngstr MD-Cap ETF-Usd	1.03%	11,659	$3.3M	Reduce -31.7%
VUG Vanguard Mrngstar GR ETF-Sui	1.03%	7,437	$3.3M	Add +100.0%
VNQ Vanguard Real Estate ETF	0.74%	26,109	$2.3M	Reduce -40.1%
PSA Public Storage	0.71%	7,679	$2.3M	Add +29.8%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET	0.69%	59,030	$2.2M	Reduce -50.1%
META Meta Platforms Inc. Class A	0.67%	2,865	$2.1M	Reduce -6.6%
AMZN Amazon.com Inc.	0.60%	8,650	$1.9M	Reduce -29.2%
SCHX Schwab US Large-Cap ETF	0.59%	75,937	$1.9M	Reduce -49.9%
BRK.B Berkshire Hathaway Inc. Class B	0.57%	3,719	$1.8M	Reduce -42.4%
UNH Unitedhealth Group Inc.	0.53%	5,390	$1.7M	New
BSX Boston Scientific Corp.	0.53%	15,654	$1.7M	Reduce -50.0%
NNN NNN REIT Inc.	0.53%	38,734	$1.7M	Reduce -5.5%
IJH iShares Core S&P Midcap ETF	0.51%	25,886	$1.6M	Reduce -46.0%
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.50%	5,581	$1.6M	Reduce -50.0%
CAT Caterpillar Inc.	0.48%	3,890	$1.5M	Add +5.9%
JNJ Johnson & Johnson	0.47%	9,678	$1.5M	Add +15.7%
RSPR Invesco S&P 500 Equal Weight	0.45%	40,200	$1.4M	Reduce -32.9%
VGT Vanguard Info Tech ETF	0.44%	2,078	$1.4M	New
VHT Vanguard Health Care ETF	0.42%	5,370	$1.3M	Add +109.8%
SCHZ Schwab US Aggregate Bond ETF	0.42%	56,481	$1.3M	Reduce -49.5%
DE Deere & Co.	0.41%	2,527	$1.3M	Reduce -33.5%
JPM JPMorgan Chase & Co.	0.38%	4,120	$1.2M	Add +4.4%
VTV Vanguard Mrngstr Val ETF-Aui	0.36%	6,434	$1.1M	Reduce -50.1%
MCD McDonald's Corp.	0.36%	3,881	$1.1M	Reduce -28.9%
VTI VG Morningstar TS MKT ETF-US	0.36%	3,699	$1.1M	Reduce -48.7%
VCR Vanguard Consumer Discre ETF	0.36%	3,099	$1.1M	New
CGGR Cap Group Growth Equity	0.35%	27,430	$1.1M	Reduce -50.0%
NVDA Nvidia Corp.	0.31%	6,283	$993K	Reduce -51.3%
GGG Graco Inc.	0.31%	11,401	$980K	Reduce -50.0%
GLDM SPDR Gold Minishares Trust	0.31%	14,924	$978K	Reduce -49.3%
IJR iShares Core S&P Small-Cap E	0.31%	8,891	$972K	Reduce -47.1%
VIS Vanguard Industrials ETF	0.30%	3,421	$958K	New
SPMD SS SPDR P S&P 400 Midcap ETF	0.29%	16,943	$921K	Reduce -49.8%
MMM 3M Co.	0.29%	5,924	$902K	Reduce -10.1%
IVV iShares Core S&P 500 ETF	0.27%	1,383	$859K	Add +13.7%
VIG Vanguard Dividend Apprec ETF	0.27%	4,125	$844K	Reduce -50.4%
GOOG Alphabet Inc. Class C	0.26%	4,601	$816K	Reduce -52.9%
DRI Darden Restaurants Inc.	0.25%	3,645	$795K	New
DAL Delta Air Lines Inc.	0.24%	15,497	$762K	Reduce -22.0%
SPYG SS SPDR P S&P 500 Growth ETF	0.23%	7,769	$741K	Reduce -49.9%
PLTR Palantir Technologies Inc. Class A	0.23%	5,253	$716K	Reduce -49.6%
SCHD Schwab US DVD Equity ETF	0.22%	25,695	$681K	Reduce -50.5%
GLD SPDR Gold Shares	0.20%	2,045	$623K	Reduce -8.5%
ILCB iShares Morningstar U.S. Equ	0.20%	7,219	$619K	Reduce -49.9%
XLP SS Consumer Staples Sel Sect	0.19%	7,466	$604K	Reduce -39.5%
MA Mastercard Inc. Class A	0.18%	990	$556K	Reduce -51.4%
GOOGL Alphabet Inc. Class A	0.18%	3,156	$556K	Add +1.2%
VFH Vanguard Financials ETF	0.18%	4,342	$553K	New
SCHA Schwab US Small-Cap ETF	0.17%	21,108	$534K	Reduce -49.8%
VEA Vanguard Ftse Developed ETF	0.16%	9,010	$514K	Reduce -54.7%
TGT Target Corp.	0.16%	5,196	$513K	Add +137.9%
DFAS Dimensional US Small Cap ETF	0.16%	7,954	$507K	Reduce -50.0%
GE General Electric filed as GE AEROSPACE	0.16%	1,953	$503K	Reduce -50.0%
WFC Wells Fargo & Co.	0.16%	6,168	$494K	Add +66.5%
MRK Merck & Co. Inc.	0.16%	6,200	$491K	New
WM Waste Management Inc.	0.16%	2,144	$491K	Reduce -50.1%
FSK FS KKR Capital Corp.	0.15%	22,913	$475K	No change
PG The Procter & Gamble Co.	0.15%	2,952	$470K	Add +80.1%
XEL Xcel Energy Inc.	0.15%	6,840	$466K	Reduce -49.7%
USB US Bancorp	0.14%	10,022	$453K	Reduce -51.3%
KLAC KLA Corp.	0.14%	500	$448K	New
COST Costco Wholesale Corp.	0.14%	452	$447K	Reduce -48.0%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.14%	4,604	$444K	New
V Visa Inc. Class A	0.14%	1,242	$441K	Reduce -48.6%
MDLZ Mondelez International Inc. Class A	0.13%	6,058	$409K	New
TTC Toro Co.	0.13%	5,681	$402K	Reduce -50.0%
IWF iShares Russell 1000 Growth	0.13%	944	$401K	Reduce -50.0%
FTEC Fidelity MSCI Info Tech Indx	0.12%	2,000	$394K	Reduce -50.0%
VWO Vanguard Ftse Emerging Marke	0.12%	7,655	$379K	Reduce -46.5%
NVO Novo-Nordisk A/S-Spons ADR	0.12%	5,410	$373K	New
SCHW Schwab (charles) Corp.	0.12%	4,045	$369K	Reduce -50.4%
XLK SS Technology Select Sector	0.11%	1,369	$347K	Reduce -50.0%
AG First Majestic Silver Corp.	0.11%	40,255	$333K	New
LLY Eli Lilly & Co.	0.10%	416	$324K	Reduce -49.9%
AMAT Applied Materials Inc.	0.10%	1,744	$319K	Reduce -49.9%
WMT Walmart Inc.	0.10%	3,218	$315K	Reduce -47.6%
EFA iShares MSCI Eafe ETF	0.10%	3,464	$310K	Reduce -55.2%
GEV GE Vernova Inc.	0.10%	575	$304K	Reduce -50.0%
FAST Fastenal Co.	0.10%	7,233	$304K	Reduce -50.0%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.09%	3,285	$268K	Reduce -49.0%
T AT&T Inc.	0.08%	9,218	$267K	Reduce -47.7%
KO The Coca-Cola Co.	0.08%	3,765	$266K	New
IVW iShares S&P 500 Growth ETF	0.08%	2,322	$256K	Reduce -49.9%
MINN Mairs & Power MN Muni Bond	0.08%	11,504	$250K	Reduce -50.0%
VZ Verizon Communications Inc.	0.07%	5,390	$233K	Reduce -40.5%
KMB Kimberly-Clark Corp.	0.07%	1,720	$222K	New
CMG Chipotle Mexican Grill Inc.	0.07%	3,944	$221K	Reduce -46.4%
ARCC Ares Capital Corp.	0.07%	10,069	$221K	Reduce -19.1%
HON Honeywell International Inc.	0.07%	939	$219K	Reduce -47.0%
FWRG First Watch Restaurant Group	0.07%	13,023	$209K	New
HD Home Depot Inc.	0.07%	566	$208K	Reduce -45.7%
TCAF T Rowe PRC Cap Appreciation	0.07%	5,818	$205K	New
EMR Emerson Electric Co.	0.07%	1,538	$205K	Reduce -49.9%
BMBL Bumble Inc. Class A	0.04%	17,350	$114K	New
HL Hecla Mining Co.	0.03%	15,171	$91K	Reduce -49.5%
CL Colgate-Palmolive Co.	0.03%	882	$80K	Reduce -59.3%
TLRY Tilray Brands Inc.	0.00%	25,380	$11K	Reduce -50.0%

Options reported separately and not counted above: CL calls ($19K).

Portfolio Sells Q1 2025 → Q2 2025


SCHB Schwab US Broad Market ETF	Reduce -49.7%	13.40%	−3.80
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -50.6%	7.81%	−2.43
HYS PIMCO 0-5 Year H/Y Corp. Bond	Reduce -48.8%	3.98%	−1.50
QQQ Invesco QQQ Trust Series 1	Reduce -49.3%	6.47%	−1.28
DIA SS SPDR Dow Jones Indus Avg	Reduce -49.5%	3.45%	−1.21
VB Vanguard Most SM-Cap ETF-Usd	Reduce -49.3%	2.18%	−0.70
MINT PIMCO Enhanced Short Maturit	Reduce -50.6%	1.31%	−0.59
VOO Vanguard S&P 500 ETF	Reduce -39.3%	8.23%	−0.54
MUB iShares National Muni Bond E	Reduce -50.0%	1.16%	−0.51
RUNN Running Oak Efficient GR ETF	Reduce -48.4%	1.16%	−0.38
AGG iShares Core U.S. Aggregate	Reduce -42.7%	1.08%	−0.26
CGBL Cap Group Core Balanced	Reduce -40.5%	1.97%	−0.22
BRK.B Berkshire Hathaway Inc. Class B	Reduce -42.4%	0.57%	−0.21
CGUS Cap Group Core Equity	Reduce -50.1%	0.69%	−0.20
BSX Boston Scientific Corp.	Reduce -50.0%	0.53%	−0.18
SCHZ Schwab US Aggregate Bond ETF	Reduce -49.5%	0.42%	−0.17
SCHX Schwab US Large-Cap ETF	Reduce -49.9%	0.59%	−0.17
VNQ Vanguard Real Estate ETF	Reduce -40.1%	0.74%	−0.16
VV Vngrd Mrgstr LRG-Cap ETF-Usd	Reduce -50.0%	0.50%	−0.15
VTV Vanguard Mrngstr Val ETF-Aui	Reduce -50.1%	0.36%	−0.14
IJH iShares Core S&P Midcap ETF	Reduce -46.0%	0.51%	−0.12
GGG Graco Inc.	Reduce -50.0%	0.31%	−0.12
SCHD Schwab US DVD Equity ETF	Reduce -50.5%	0.22%	−0.11
GLDM SPDR Gold Minishares Trust	Reduce -49.3%	0.31%	−0.10
SPMD SS SPDR P S&P 400 Midcap ETF	Reduce -49.8%	0.29%	−0.10
VIG Vanguard Dividend Apprec ETF	Reduce -50.4%	0.27%	−0.10
VTI VG Morningstar TS MKT ETF-US	Reduce -48.7%	0.36%	−0.09
IJR iShares Core S&P Small-Cap E	Reduce -47.1%	0.31%	−0.09
AJG Arthur J Gallagher & Co.	Sold out	0.00%	−0.09
PEP Pepsico Inc.	Sold out	0.00%	−0.09
XLV SS Health Care Select Sector	Sold out	0.00%	−0.09
XLE SS Energy Select Sector	Sold out	0.00%	−0.09
GOOG Alphabet Inc. Class C	Reduce -52.9%	0.26%	−0.09
TRP TC Energy Corp.	Sold out	0.00%	−0.09
NEE Nextera Energy Inc.	Sold out	0.00%	−0.08
MTB M & T Bank Corp.	Sold out	0.00%	−0.08
XOM Exxon Mobil Corp.	Sold out	0.00%	−0.08
MA Mastercard Inc. Class A	Reduce -51.4%	0.18%	−0.08
ABBV Abbvie Inc.	Sold out	0.00%	−0.07
CGGR Cap Group Growth Equity	Reduce -50.0%	0.35%	−0.07
RSG Republic Services Inc.	Sold out	0.00%	−0.07
XEL Xcel Energy Inc.	Reduce -49.7%	0.15%	−0.07
WM Waste Management Inc.	Reduce -50.1%	0.16%	−0.07
TSLA Tesla Inc.	Sold out	0.00%	−0.07
ECL Ecolab Inc.	Sold out	0.00%	−0.07
XLC SS Comm Select Sector SPDR	Sold out	0.00%	−0.07
VEA Vanguard Ftse Developed ETF	Reduce -54.7%	0.16%	−0.07
ED Consolidated Edison Inc.	Sold out	0.00%	−0.06
VOOG Vanguard S&P 500 Growth ETF	Sold out	0.00%	−0.06
TTC Toro Co.	Reduce -50.0%	0.13%	−0.06

Portfolio Buys Q1 2025 → Q2 2025


GIS General Mills Inc.	New	7.40%	+7.40
AAPL Apple Inc.	Add +13.6%	4.47%	+1.43
MSFT Microsoft Corp.	Add +38.0%	1.84%	+1.12
VUG Vanguard Mrngstar GR ETF-Sui	Add +100.0%	1.03%	+0.72
UNH Unitedhealth Group Inc.	New	0.53%	+0.53
VGT Vanguard Info Tech ETF	New	0.44%	+0.44
VCR Vanguard Consumer Discre ETF	New	0.36%	+0.36
PSA Public Storage	Add +29.8%	0.71%	+0.31
VIS Vanguard Industrials ETF	New	0.30%	+0.30
VHT Vanguard Health Care ETF	Add +109.8%	0.42%	+0.27
DRI Darden Restaurants Inc.	New	0.25%	+0.25
CAT Caterpillar Inc.	Add +5.9%	0.48%	+0.20
VFH Vanguard Financials ETF	New	0.18%	+0.18
JPM JPMorgan Chase & Co.	Add +4.4%	0.38%	+0.16
MRK Merck & Co. Inc.	New	0.16%	+0.16
JNJ Johnson & Johnson	Add +15.7%	0.47%	+0.15
KLAC KLA Corp.	New	0.14%	+0.14
TROW T Rowe Price Group Inc.	New	0.14%	+0.14
MDLZ Mondelez International Inc. Class A	New	0.13%	+0.13
NVO Novo-Nordisk A/S-Spons ADR	New	0.12%	+0.12
IVV iShares Core S&P 500 ETF	Add +13.7%	0.27%	+0.12
TGT Target Corp.	Add +137.9%	0.16%	+0.11
AG First Majestic Silver Corp.	New	0.11%	+0.11
WFC Wells Fargo & Co.	Add +66.5%	0.16%	+0.10
PG The Procter & Gamble Co.	Add +80.1%	0.15%	+0.09
KO The Coca-Cola Co.	New	0.08%	+0.08
KMB Kimberly-Clark Corp.	New	0.07%	+0.07
GOOGL Alphabet Inc. Class A	Add +1.2%	0.18%	+0.07
FWRG First Watch Restaurant Group	New	0.07%	+0.07
TCAF T Rowe PRC Cap Appreciation	New	0.07%	+0.07
BMBL Bumble Inc. Class A	New	0.04%	+0.04

Options Activity Q1 2025 → Q2 2025


CL Colgate-Palmolive Co.	call	New	20,700	$19K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	153	$497.5M	SPY, SCHB, VOO, QQQ, AAPL
Q1 2026	151	$442.3M	SPY, SCHB, VOO, QQQ, SIVR
Q4 2025	156	$452.3M	SPY, SCHB, VOO, QQQ, SIVR
Q3 2025	140	$370.0M	SCHB, SPY, VOO, GIS, QQQ
Q2 2025	115	$315.7M	SCHB, VOO, SPY, GIS, QQQ
Q1 2025	129	$441.6M	SCHB, SPY, VOO, QQQ, HYS
Q4 2024	104	$266.8M	SCHB, VOO, SPY, GIS, QQQ
Q3 2024	107	$244.8M	SCHB, VOO, SPY, QQQ, GIS
Q2 2024	77	$165.2M	SPY, VOO, QQQ, SIVR, HYS
Q1 2024	78	$135.7M	VOO, QQQ, DIA, GIS, HYS