Capital Management Associates, Inc

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 22, 2025), Capital Management Associates, Inc reported 140 stock positions worth $370.0 million. Its top holding was Schwab US Broad Market ETF (SCHB) at 12.4% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 10.8%) and Vanguard S&P 500 ETF (VOO, 7.6%). Compared with Q2 2025, it opened 28 new positions, sold out of 3, added to 67 and reduced 23. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +50%) and the biggest sale iShares National Muni Bond E (MUB, shares −31%).

Most Recent 13F
Q2 2026
Location
MINNEAPOLIS, MN
CIK
0002008851
Portfolio Value
$370.0M (Q3 2025)
SEC Filing
0002008851-25-000002 ↗ filed Oct 22, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $135.7M Q1 2024 Q2 2024: $165.2M Q2 2024 Q3 2024: $244.8M Q3 2024 Q4 2024: $266.8M Q4 2024 Q1 2025: $441.6M Q1 2025 Q2 2025: $315.7M Q2 2025 Q3 2025: $370.0M $370.0M Q3 2025 Q4 2025: $452.3M Q4 2025 Q1 2026: $442.3M Q1 2026 Q2 2026: $497.5M Q2 2026

Holdings 140 stocks · $370.0M
SCHB Schwab US Broad Market ETF 12.35% 1,777,484 $45.7M Add +0.1%
SPY SS SPDR S&P 500 ETF Trust-US 10.79% 59,940 $39.9M Add +50.1%
VOO Vanguard S&P 500 ETF 7.62% 46,039 $28.2M Add +0.7%
GIS General Mills Inc. 6.41% 470,248 $23.7M Add +4.2%
QQQ Invesco QQQ Trust Series 1 6.14% 37,858 $22.7M Add +2.3%
AAPL Apple Inc. 4.80% 69,703 $17.7M Add +1.3%
SIVR Abrdn Physical Silver Shares 3.70% 307,951 $13.7M Reduce -11.3%
HYS PIMCO 0-5 Year H/Y Corp. Bond 3.61% 139,714 $13.4M Add +5.8%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 3.20% 25,544 $11.8M Add +3.4%
SGOL Abrdn Physical Gold Shares 2.92% 293,618 $10.8M Reduce -13.2%
CGBL Cap Group Core Balanced filed as CAPITAL GROUP CORE BALANCED 2.08% 221,459 $7.7M Add +18.9%
VBK Van Morst SML-Cap Gro-Usd Inc. 2.06% 25,560 $7.6M Add +11.0%
VB Vanguard Most SM-Cap ETF-Usd 1.90% 27,631 $7.0M Reduce -5.1%
MSFT Microsoft Corp. 1.64% 11,679 $6.0M Add +0.2%
AGG iShares Core U.S. Aggregate 1.15% 42,595 $4.3M Add +24.1%
MINT PIMCO Enhanced Short Maturit 1.13% 41,484 $4.2M Add +0.7%
XEL Xcel Energy Inc. 1.06% 48,775 $3.9M Add +613.1%
VUG Vanguard Mrngstar GR ETF-Sui 1.03% 7,911 $3.8M Add +6.4%
RUNN Running Oak Efficient GR ETF 1.00% 107,741 $3.7M Reduce -0.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.92% 11,595 $3.4M Reduce -0.6%
MUB iShares National Muni Bond E 0.69% 24,042 $2.6M Reduce -31.1%
VNQ Vanguard Real Estate ETF 0.65% 26,255 $2.4M Add +0.6%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET 0.63% 59,185 $2.3M Add +0.3%
META Meta Platforms Inc. Class A 0.59% 2,969 $2.2M Add +3.6%
PSA Public Storage 0.54% 6,920 $2.0M Reduce -9.9%
AMZN Amazon.com Inc. 0.53% 8,953 $2.0M Add +3.5%
UNH Unitedhealth Group Inc. 0.52% 5,616 $1.9M Add +4.2%
SCHX Schwab US Large-Cap ETF 0.52% 72,816 $1.9M Reduce -4.1%
MMM 3M Co. 0.52% 12,308 $1.9M Add +107.8%
CAT Caterpillar Inc. 0.50% 3,899 $1.9M Add +0.2%
BRK.B Berkshire Hathaway Inc. Class B 0.50% 3,683 $1.9M Reduce -1.0%
JNJ Johnson & Johnson 0.47% 9,398 $1.7M Reduce -2.9%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.46% 5,581 $1.7M No change
IJH iShares Core S&P Midcap ETF 0.46% 25,877 $1.7M Reduce -0.0%
NVDA Nvidia Corp. 0.44% 8,716 $1.6M Add +38.7%
VGT Vanguard Info Tech ETF 0.43% 2,152 $1.6M Add +3.6%
NNN NNN REIT Inc. 0.43% 37,737 $1.6M Reduce -2.6%
BSX Boston Scientific Corp. 0.41% 15,654 $1.5M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.38% 7,630 $1.4M Add +18.6%
RSPR Invesco S&P 500 Equal Weight 0.38% 40,000 $1.4M Reduce -0.5%
VHT Vanguard Health Care ETF 0.38% 5,409 $1.4M Add +0.7%
SCHZ Schwab US Aggregate Bond ETF 0.38% 59,219 $1.4M Add +4.8%
VTI VG Morningstar TS MKT ETF-US 0.36% 4,079 $1.3M Add +10.3%
JPM JPMorgan Chase & Co. 0.35% 4,121 $1.3M Add +0.0%
VCR Vanguard Consumer Discre ETF 0.33% 3,105 $1.2M Add +0.2%
CGGR Cap Group Growth Equity 0.33% 27,820 $1.2M Add +1.4%
MCD McDonald's Corp. 0.32% 3,884 $1.2M Add +0.1%
GOOG Alphabet Inc. Class C 0.32% 4,827 $1.2M Add +4.9%
PLTR Palantir Technologies Inc. Class A 0.32% 6,398 $1.2M Add +21.8%
DE Deere & Co. 0.31% 2,527 $1.2M No change
GLDM SPDR Gold Minishares Trust 0.30% 14,655 $1.1M Reduce -1.8%
IVV iShares Core S&P 500 ETF 0.30% 1,653 $1.1M Add +19.5%
IJR iShares Core S&P Small-Cap E 0.29% 9,133 $1.1M Add +2.7%
VIS Vanguard Industrials ETF 0.27% 3,421 $1.0M No change
SPMD SS SPDR P S&P 400 Midcap ETF 0.26% 17,001 $972K Add +0.3%
GGG Graco Inc. 0.26% 11,401 $969K No change
VIG Vanguard Dividend Apprec ETF 0.25% 4,224 $911K Add +2.4%
DAL Delta Air Lines Inc. 0.24% 15,621 $886K Add +0.8%
SPYG SS SPDR P S&P 500 Growth ETF 0.22% 7,779 $813K Add +0.1%
ILCB iShares Morningstar U.S. Equ 0.22% 8,620 $797K Add +19.4%
GOOGL Alphabet Inc. Class A 0.21% 3,256 $792K Add +3.2%
VEA Vanguard Ftse Developed ETF 0.20% 12,338 $739K Add +36.9%
USB US Bancorp 0.20% 15,268 $738K Add +52.3%
GLD SPDR Gold Shares 0.20% 2,045 $727K No change
SCHD Schwab US DVD Equity ETF 0.19% 25,810 $705K Add +0.5%
DRI Darden Restaurants Inc. 0.19% 3,645 $694K No change
EFA iShares MSCI Eafe ETF 0.19% 7,334 $685K Add +111.7%
WFC Wells Fargo & Co. 0.17% 7,423 $622K Add +20.4%
ETN Eaton Corp. PLC 0.17% 1,656 $620K New
XLP SS Consumer Staples Sel Sect 0.17% 7,835 $614K Add +4.9%
GE General Electric filed as GE AEROSPACE 0.16% 2,003 $603K Add +2.6%
SCHA Schwab US Small-Cap ETF 0.16% 20,759 $579K Reduce -1.6%
MA Mastercard Inc. Class A 0.16% 1,017 $578K Add +2.7%
VFH Vanguard Financials ETF 0.15% 4,342 $570K No change
MRK Merck & Co. Inc. 0.15% 6,780 $569K Add +9.3%
WM Waste Management Inc. 0.15% 2,552 $564K Add +19.0%
AMAT Applied Materials Inc. 0.15% 2,741 $561K Add +57.2%
PG The Procter & Gamble Co. 0.15% 3,618 $555K Add +22.6%
CGMU Cap Group Municipal Income 0.15% 20,014 $546K New
KLAC KLA Corp. 0.15% 500 $539K No change
DFAS Dimensional US Small Cap ETF 0.14% 7,514 $514K Reduce -5.5%
SPTS SS SPDR P St Term TSY ETF 0.13% 16,880 $495K New
AG First Majestic Silver Corp. 0.13% 40,255 $495K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.13% 4,607 $473K Add +0.1%
FAST Fastenal Co. 0.12% 9,401 $461K Add +30.0%
WMT Walmart Inc. 0.12% 4,423 $456K Add +37.5%
TGT Target Corp. 0.12% 5,010 $449K Reduce -3.6%
FTEC Fidelity MSCI Info Tech Indx 0.12% 2,000 $444K No change
IWF iShares Russell 1000 Growth 0.12% 944 $442K No change
TTC Toro Co. 0.12% 5,681 $433K No change
VWO Vanguard Ftse Emerging Marke 0.12% 7,880 $427K Add +2.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.11% 1,447 $408K New
XLK SS Technology Select Sector 0.10% 1,369 $386K No change
CGCB Cap Group Core Bond 0.10% 14,328 $381K New
MDLZ Mondelez International Inc. Class A 0.10% 6,058 $378K No change
V Visa Inc. Class A 0.10% 1,103 $377K Reduce -11.2%
COST Costco Wholesale Corp. 0.10% 386 $358K Reduce -14.6%
GEV GE Vernova Inc. 0.10% 575 $354K No change
ORCL Oracle Corp. 0.09% 1,247 $351K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.09% 3,910 $341K Add +19.0%
VZ Verizon Communications Inc. 0.09% 7,729 $340K Add +43.4%
SCHW Schwab (charles) Corp. 0.09% 3,521 $336K Reduce -12.9%
XOM Exxon Mobil Corp. 0.09% 2,960 $334K New
LLY Eli Lilly & Co. 0.09% 435 $332K Add +4.6%
PANW Palo Alto Networks Inc. 0.09% 1,570 $320K New
DUK Duke Energy Corp. 0.09% 2,566 $318K New
EMR Emerson Electric Co. 0.09% 2,400 $315K Add +56.0%
ABBV Abbvie Inc. 0.08% 1,315 $305K New
FSK FS KKR Capital Corp. 0.08% 20,142 $301K Reduce -12.1%
NVO Novo-Nordisk A/S-Spons ADR 0.08% 5,410 $300K No change
COF Capital One Financial Corp. 0.08% 1,411 $300K New
ESGD iShares Trust iShares ESG Aw 0.08% 3,205 $298K New
RTX RTX Corp. 0.08% 1,708 $286K New
IVW iShares S&P 500 Growth ETF 0.08% 2,324 $281K Add +0.1%
MDT Medtronic PLC 0.08% 2,916 $278K New
PEP Pepsico Inc. 0.07% 1,918 $269K New
T AT&T Inc. 0.07% 9,232 $261K Add +0.1%
KO The Coca-Cola Co. 0.07% 3,915 $260K Add +4.0%
VYM Vanguard High DVD Yield ETF 0.07% 1,825 $257K New
MINN Mairs & Power MN Muni Bond 0.07% 11,504 $256K No change
NEE Nextera Energy Inc. 0.07% 3,380 $255K New
LOW Lowe's Cos Inc. 0.07% 1,013 $255K New
JBL Jabil Inc. 0.07% 1,127 $244K New
SLV iShares Silver Trust 0.06% 5,650 $239K New
HON Honeywell International Inc. 0.06% 1,091 $230K Add +16.2%
ANET Arista Networks Inc. 0.06% 1,575 $229K New
TSLA Tesla Inc. 0.06% 497 $221K New
TCAF T Rowe PRC Cap Appreciation 0.06% 5,818 $219K No change
SOLV Solventum Corp. 0.06% 2,971 $217K New
HD Home Depot Inc. 0.06% 532 $216K Reduce -6.0%
KMB Kimberly-Clark Corp. 0.06% 1,720 $214K No change
ENB Enbridge Inc. 0.06% 4,235 $214K New
XAR SS SPDR S&P Aerospace Def 0.06% 900 $211K New
FWRG First Watch Restaurant Group 0.06% 13,023 $204K No change
AMD Advanced Micro Devices 0.05% 1,250 $202K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.05% 1,019 $201K New
BMY Bristol-Myers Squibb Co. 0.05% 4,444 $200K New
HL Hecla Mining Co. 0.05% 15,177 $184K Add +0.0%
BMBL Bumble Inc. Class A 0.03% 17,350 $106K No change
TLRY Tilray Brands Inc. 0.01% 23,173 $40K Reduce -8.7%

Portfolio Sells Q2 2025 → Q3 2025
MUB iShares National Muni Bond E Reduce -31.1% 0.69% −0.46
SGOL Abrdn Physical Gold Shares Reduce -13.2% 2.92% −0.46
VB Vanguard Most SM-Cap ETF-Usd Reduce -5.1% 1.90% −0.29
PSA Public Storage Reduce -9.9% 0.54% −0.17
RUNN Running Oak Efficient GR ETF Reduce -0.4% 1.00% −0.16
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -0.6% 0.92% −0.11
NNN NNN REIT Inc. Reduce -2.6% 0.43% −0.10
SIVR Abrdn Physical Silver Shares Reduce -11.3% 3.70% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.0% 0.50% −0.07
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.07
ARCC Ares Capital Corp. Sold out 0.00% −0.07
SCHX Schwab US Large-Cap ETF Reduce -4.1% 0.52% −0.07
FSK FS KKR Capital Corp. Reduce -12.1% 0.08% −0.07
RSPR Invesco S&P 500 Equal Weight Reduce -0.5% 0.38% −0.06
IJH iShares Core S&P Midcap ETF Reduce -0.0% 0.46% −0.05
COST Costco Wholesale Corp. Reduce -14.6% 0.10% −0.04
TGT Target Corp. Reduce -3.6% 0.12% −0.04
V Visa Inc. Class A Reduce -11.2% 0.10% −0.04
SCHW Schwab (charles) Corp. Reduce -12.9% 0.09% −0.03
CL Colgate-Palmolive Co. Sold out 0.00% −0.03
DFAS Dimensional US Small Cap ETF Reduce -5.5% 0.14% −0.02
SCHA Schwab US Small-Cap ETF Reduce -1.6% 0.16% −0.01
HD Home Depot Inc. Reduce -6.0% 0.06% −0.01
GLDM SPDR Gold Minishares Trust Reduce -1.8% 0.30% −0.01
JNJ Johnson & Johnson Reduce -2.9% 0.47% +0.00
TLRY Tilray Brands Inc. Reduce -8.7% 0.01% +0.01

Portfolio Buys Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US Add +50.1% 10.79% +2.98
XEL Xcel Energy Inc. Add +613.1% 1.06% +0.92
AAPL Apple Inc. Add +1.3% 4.80% +0.33
MMM 3M Co. Add +107.8% 0.52% +0.23
ETN Eaton Corp. PLC New 0.17% +0.17
CGMU Cap Group Municipal Income New 0.15% +0.15
SPTS SS SPDR P St Term TSY ETF New 0.13% +0.13
NVDA Nvidia Corp. Add +38.7% 0.44% +0.13
IBM Intl Business Machines Corp. New 0.11% +0.11
CGBL Cap Group Core Balanced Add +18.9% 2.08% +0.11
CGCB Cap Group Core Bond New 0.10% +0.10
ORCL Oracle Corp. New 0.09% +0.09
XOM Exxon Mobil Corp. New 0.09% +0.09
PLTR Palantir Technologies Inc. Class A Add +21.8% 0.32% +0.09
EFA iShares MSCI Eafe ETF Add +111.7% 0.19% +0.09
PANW Palo Alto Networks Inc. New 0.09% +0.09
DUK Duke Energy Corp. New 0.09% +0.09
ABBV Abbvie Inc. New 0.08% +0.08
COF Capital One Financial Corp. New 0.08% +0.08
ESGD iShares Trust iShares ESG Aw New 0.08% +0.08
RTX RTX Corp. New 0.08% +0.08
AGG iShares Core U.S. Aggregate Add +24.1% 1.15% +0.08
MDT Medtronic PLC New 0.08% +0.08
PEP Pepsico Inc. New 0.07% +0.07
VYM Vanguard High DVD Yield ETF New 0.07% +0.07
NEE Nextera Energy Inc. New 0.07% +0.07
LOW Lowe's Cos Inc. New 0.07% +0.07
JBL Jabil Inc. New 0.07% +0.07
SLV iShares Silver Trust New 0.06% +0.06
ANET Arista Networks Inc. New 0.06% +0.06
TSLA Tesla Inc. New 0.06% +0.06
GOOG Alphabet Inc. Class C Add +4.9% 0.32% +0.06
SOLV Solventum Corp. New 0.06% +0.06
ENB Enbridge Inc. New 0.06% +0.06
XAR SS SPDR S&P Aerospace Def New 0.06% +0.06
USB US Bancorp Add +52.3% 0.20% +0.06
AMD Advanced Micro Devices New 0.05% +0.05
MTB M & T Bank Corp. New 0.05% +0.05
BMY Bristol-Myers Squibb Co. New 0.05% +0.05
AMAT Applied Materials Inc. Add +57.2% 0.15% +0.05
GOOGL Alphabet Inc. Class A Add +3.2% 0.21% +0.04
VEA Vanguard Ftse Developed ETF Add +36.9% 0.20% +0.04
VBK Van Morst SML-Cap Gro-Usd Inc. Add +11.0% 2.06% +0.04
FAST Fastenal Co. Add +30.0% 0.12% +0.03
IVV iShares Core S&P 500 ETF Add +19.5% 0.30% +0.03
CAT Caterpillar Inc. Add +0.2% 0.50% +0.02
VTV Vanguard Mrngstr Val ETF-Aui Add +18.6% 0.38% +0.02
WMT Walmart Inc. Add +37.5% 0.12% +0.02
HL Hecla Mining Co. Add +0.0% 0.05% +0.02
EMR Emerson Electric Co. Add +56.0% 0.09% +0.02

Options Activity Q2 2025 → Q3 2025
CL Colgate-Palmolive Co. call Sold out 20,700 $19Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 153$497.5MSPY, SCHB, VOO, QQQ, AAPL
Q1 2026 151$442.3MSPY, SCHB, VOO, QQQ, SIVR
Q4 2025 156$452.3MSPY, SCHB, VOO, QQQ, SIVR
Q3 2025 140$370.0MSCHB, SPY, VOO, GIS, QQQ
Q2 2025 115$315.7MSCHB, VOO, SPY, GIS, QQQ
Q1 2025 129$441.6MSCHB, SPY, VOO, QQQ, HYS
Q4 2024 104$266.8MSCHB, VOO, SPY, GIS, QQQ
Q3 2024 107$244.8MSCHB, VOO, SPY, QQQ, GIS
Q2 2024 77$165.2MSPY, VOO, QQQ, SIVR, HYS
Q1 2024 78$135.7MVOO, QQQ, DIA, GIS, HYS