Capital Management Associates, Inc

Name: Capital Management Associates, Inc 13F holdings, Q4 2025
Creator: Capital Management Associates, Inc
Published: 2026-01-21

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Capital Management Associates, Inc reported 156 stock positions worth $452.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 14.2% of the portfolio, followed by Schwab US Broad Market ETF (SCHB, 10.3%) and Vanguard S&P 500 ETF (VOO, 9.0%). Compared with Q3 2025, it opened 24 new positions, sold out of 8, added to 75 and reduced 32. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +57%) and the biggest sale General Mills (GIS, shares −48%).

Most Recent 13F: Q2 2026
Location: MINNEAPOLIS, MN
CIK: 0002008851
Portfolio Value: $452.3M (Q4 2025)
SEC Filing: 0002008851-26-000001 ↗ filed Jan 21, 2026

Holdings Value

Holdings 156 stocks · $452.3M


SPY SS SPDR S&P 500 ETF Trust-US	14.17%	94,001	$64.1M	Add +56.8%
SCHB Schwab US Broad Market ETF	10.32%	1,779,549	$46.7M	Add +0.1%
VOO Vanguard S&P 500 ETF	8.96%	64,592	$40.5M	Add +40.3%
QQQ Invesco QQQ Trust Series 1	5.38%	39,600	$24.3M	Add +4.6%
SIVR Abrdn Physical Silver Shares	4.57%	305,697	$20.7M	Reduce -0.7%
AAPL Apple Inc.	3.29%	54,798	$14.9M	Reduce -21.4%
HYS PIMCO 0-5 Year H/Y Corp. Bond	3.10%	147,718	$14.0M	Add +5.7%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE	2.79%	26,277	$12.6M	Add +2.9%
SGOL Abrdn Physical Gold Shares	2.58%	284,253	$11.7M	Reduce -3.2%
GIS General Mills Inc.	2.51%	244,142	$11.4M	Reduce -48.1%
VB Vanguard Most SM-Cap ETF-Usd	2.36%	41,414	$10.7M	Add +49.9%
VBK Van Morst SML-Cap Gro-Usd Inc.	2.13%	31,850	$9.6M	Add +24.6%
CGBL Cap Group Core Balanced filed as CAPITAL GROUP CORE BALANCED	2.11%	270,608	$9.6M	Add +22.2%
VUG Vanguard Mrngstar GR ETF-Sui	1.69%	15,627	$7.6M	Add +97.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd	1.36%	21,250	$6.2M	Add +83.3%
AGG iShares Core U.S. Aggregate	1.25%	56,679	$5.7M	Add +33.1%
MSFT Microsoft Corp.	1.06%	9,883	$4.8M	Reduce -15.4%
XEL Xcel Energy Inc.	1.04%	63,601	$4.7M	Add +30.4%
BRK.B Berkshire Hathaway Inc. Class B	0.99%	8,886	$4.5M	Add +141.3%
MINT PIMCO Enhanced Short Maturit	0.94%	42,568	$4.3M	Add +2.6%
CAT Caterpillar Inc.	0.90%	7,098	$4.1M	Add +82.0%
ORCL Oracle Corp.	0.86%	19,932	$3.9M	Add +1498.4%
RUNN Running Oak Efficient GR ETF	0.85%	115,819	$3.9M	Add +7.5%
CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET	0.83%	93,670	$3.8M	Add +58.3%
IVV iShares Core S&P 500 ETF	0.66%	4,344	$3.0M	Add +162.8%
MUB iShares National Muni Bond E	0.60%	25,387	$2.7M	Add +5.6%
VGT Vanguard Info Tech ETF	0.56%	3,388	$2.6M	Add +57.4%
AMZN Amazon.com Inc.	0.52%	10,202	$2.4M	Add +13.9%
JNJ Johnson & Johnson	0.52%	11,306	$2.3M	Add +20.3%
VNQ Vanguard Real Estate ETF	0.50%	25,687	$2.3M	Reduce -2.2%
META Meta Platforms Inc. Class A	0.50%	3,395	$2.2M	Add +14.3%
DE Deere & Co.	0.48%	4,670	$2.2M	Add +84.8%
IJH iShares Core S&P Midcap ETF	0.48%	32,559	$2.1M	Add +25.8%
UNH Unitedhealth Group Inc.	0.47%	6,487	$2.1M	Add +15.5%
MMM 3M Co.	0.47%	13,308	$2.1M	Add +8.1%
PSA Public Storage	0.45%	7,920	$2.1M	Add +14.4%
VCR Vanguard Consumer Discre ETF	0.45%	5,156	$2.0M	Add +66.0%
VHT Vanguard Health Care ETF	0.42%	6,534	$1.9M	Add +20.8%
VIS Vanguard Industrials ETF	0.40%	6,050	$1.8M	Add +76.8%
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.39%	5,581	$1.8M	No change
NVDA Nvidia Corp.	0.38%	9,155	$1.7M	Add +5.0%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE	0.37%	38,324	$1.7M	New
SCHX Schwab US Large-Cap ETF	0.36%	60,088	$1.6M	Reduce -17.5%
GOOG Alphabet Inc. Class C	0.34%	4,831	$1.5M	Add +0.1%
EMR Emerson Electric Co.	0.33%	11,402	$1.5M	Add +375.1%
BSX Boston Scientific Corp.	0.33%	15,654	$1.5M	No change
VTV Vanguard Mrngstr Val ETF-Aui	0.32%	7,650	$1.5M	Add +0.3%
ECL Ecolab Inc.	0.32%	5,561	$1.5M	New
MRK Merck & Co. Inc.	0.32%	13,780	$1.5M	Add +103.2%
GOOGL Alphabet Inc. Class A	0.31%	4,422	$1.4M	Add +35.8%
SCHZ Schwab US Aggregate Bond ETF	0.30%	58,870	$1.4M	Reduce -0.6%
NNN NNN REIT Inc.	0.30%	34,707	$1.4M	Reduce -8.0%
VTI VG Morningstar TS MKT ETF-US	0.30%	4,027	$1.4M	Reduce -1.3%
GLDM SPDR Gold Minishares Trust	0.29%	15,247	$1.3M	Add +4.0%
DRI Darden Restaurants Inc.	0.29%	7,058	$1.3M	Add +93.6%
CGGR Cap Group Growth Equity	0.27%	27,878	$1.2M	Add +0.2%
VFH Vanguard Financials ETF	0.27%	9,241	$1.2M	Add +112.8%
VEA Vanguard Ftse Developed ETF	0.27%	19,616	$1.2M	Add +59.0%
RSPR Invesco S&P 500 Equal Weight	0.27%	36,125	$1.2M	Reduce -9.7%
DAL Delta Air Lines Inc.	0.25%	16,580	$1.2M	Add +6.1%
IJR iShares Core S&P Small-Cap E	0.25%	9,495	$1.1M	Add +4.0%
PLTR Palantir Technologies Inc. Class A	0.24%	6,231	$1.1M	Reduce -2.6%
DGX Quest Diagnostics Inc.	0.23%	5,900	$1.0M	New
SPMD SS SPDR P S&P 400 Midcap ETF	0.22%	17,064	$988K	Add +0.4%
VOT Vngrd Mrngstr MC GRW ETF-Usd	0.22%	3,520	$983K	New
MCD McDonald's Corp.	0.21%	3,175	$970K	Reduce -18.3%
SPYG SS SPDR P S&P 500 Growth ETF	0.21%	9,032	$964K	Add +16.1%
GGG Graco Inc.	0.21%	11,401	$935K	No change
VIG Vanguard Dividend Apprec ETF	0.21%	4,245	$933K	Add +0.5%
JPM JPMorgan Chase & Co.	0.19%	2,695	$869K	Reduce -34.6%
CGCB Cap Group Core Bond	0.19%	32,555	$863K	Add +127.2%
ILCB iShares Morningstar U.S. Equ	0.18%	8,669	$818K	Add +0.6%
SPTS SS SPDR P St Term TSY ETF	0.17%	26,880	$787K	Add +59.2%
KMB Kimberly-Clark Corp.	0.17%	7,455	$752K	Add +333.4%
VWO Vanguard Ftse Emerging Marke	0.16%	13,152	$707K	Add +66.9%
EFA iShares MSCI Eafe ETF	0.16%	7,334	$704K	No change
SCHD Schwab US DVD Equity ETF	0.15%	24,581	$674K	Reduce -4.8%
AG First Majestic Silver Corp.	0.15%	40,255	$671K	No change
AMAT Applied Materials Inc.	0.15%	2,744	$659K	Add +0.1%
PG The Procter & Gamble Co.	0.14%	4,478	$647K	Add +23.8%
USB US Bancorp	0.14%	12,282	$644K	Reduce -19.6%
GE General Electric filed as GE AEROSPACE	0.14%	2,052	$632K	Add +2.5%
XLP SS Consumer Staples Sel Sect	0.14%	7,896	$613K	Add +0.8%
KLAC KLA Corp.	0.13%	500	$608K	No change
MDLZ Mondelez International Inc. Class A	0.13%	10,939	$589K	Add +80.6%
IUSB Ishr CR Unvrse Usd BD ETF-Ui	0.13%	12,495	$582K	New
MA Mastercard Inc. Class A	0.13%	1,017	$581K	No change
MDT Medtronic PLC	0.13%	5,989	$575K	Add +105.4%
WM Waste Management Inc.	0.12%	2,519	$553K	Reduce -1.3%
CGMU Cap Group Municipal Income	0.12%	20,191	$553K	Add +0.9%
SCHA Schwab US Small-Cap ETF	0.12%	18,846	$537K	Reduce -9.2%
DFAS Dimensional US Small Cap ETF	0.11%	7,374	$514K	Reduce -1.9%
FTEC Fidelity MSCI Info Tech Indx	0.11%	2,260	$508K	Add +13.0%
XLK SS Technology Select Sector	0.11%	3,488	$502K	Add +27.4%
DUK Duke Energy Corp.	0.11%	4,215	$494K	Add +64.3%
IEFA iShares Core MSCI Eafe ETF	0.10%	5,309	$475K	New
TGT Target Corp.	0.10%	4,754	$465K	Reduce -5.1%
WMT Walmart Inc.	0.10%	4,138	$461K	Reduce -6.4%
LLY Eli Lilly & Co.	0.10%	417	$448K	Reduce -4.1%
TTC Toro Co.	0.10%	5,681	$447K	No change

Show all 156 holdings

Portfolio Sells Q3 2025 → Q4 2025


GIS General Mills Inc.	Reduce -48.1%	2.51%	−3.90
AAPL Apple Inc.	Reduce -21.4%	3.29%	−1.50
MSFT Microsoft Corp.	Reduce -15.4%	1.06%	−0.58
SGOL Abrdn Physical Gold Shares	Reduce -3.2%	2.58%	−0.34
ETN Eaton Corp. PLC	Sold out	0.00%	−0.17
SCHX Schwab US Large-Cap ETF	Reduce -17.5%	0.36%	−0.16
JPM JPMorgan Chase & Co.	Reduce -34.6%	0.19%	−0.16
VNQ Vanguard Real Estate ETF	Reduce -2.2%	0.50%	−0.15
NNN NNN REIT Inc.	Reduce -8.0%	0.30%	−0.13
RSPR Invesco S&P 500 Equal Weight	Reduce -9.7%	0.27%	−0.11
MCD McDonald's Corp.	Reduce -18.3%	0.21%	−0.10
GLD SPDR Gold Shares	Reduce -48.4%	0.09%	−0.10
WFC Wells Fargo & Co.	Reduce -43.6%	0.09%	−0.08
NVO Novo-Nordisk A/S-Spons ADR	Sold out	0.00%	−0.08
RTX RTX Corp.	Sold out	0.00%	−0.08
PEP Pepsico Inc.	Sold out	0.00%	−0.07
SCHZ Schwab US Aggregate Bond ETF	Reduce -0.6%	0.30%	−0.07
PLTR Palantir Technologies Inc. Class A	Reduce -2.6%	0.24%	−0.07
VTI VG Morningstar TS MKT ETF-US	Reduce -1.3%	0.30%	−0.06
HON Honeywell International Inc.	Sold out	0.00%	−0.06
HD Home Depot Inc.	Sold out	0.00%	−0.06
USB US Bancorp	Reduce -19.6%	0.14%	−0.06
SCHD Schwab US DVD Equity ETF	Reduce -4.8%	0.15%	−0.04
SCHA Schwab US Small-Cap ETF	Reduce -9.2%	0.12%	−0.04
TROW T Rowe Price Group Inc.	Reduce -8.8%	0.10%	−0.03
VZ Verizon Communications Inc.	Reduce -13.4%	0.06%	−0.03
WM Waste Management Inc.	Reduce -1.3%	0.12%	−0.03
BMBL Bumble Inc. Class A	Sold out	0.00%	−0.03
DFAS Dimensional US Small Cap ETF	Reduce -1.9%	0.11%	−0.03
COST Costco Wholesale Corp.	Reduce -0.5%	0.07%	−0.02
V Visa Inc. Class A	Reduce -6.2%	0.08%	−0.02
WMT Walmart Inc.	Reduce -6.4%	0.10%	−0.02
LOW Lowe's Cos Inc.	Reduce -8.6%	0.05%	−0.02
TGT Target Corp.	Reduce -5.1%	0.10%	−0.02
XOM Exxon Mobil Corp.	Reduce -8.4%	0.07%	−0.02
TCAF T Rowe PRC Cap Appreciation	Reduce -2.2%	0.05%	−0.01
TLRY Tilray Brands Inc.	Sold out	0.00%	−0.01
NEE Nextera Energy Inc.	Reduce -0.7%	0.06%	−0.01
LLY Eli Lilly & Co.	Reduce -4.1%	0.10%	+0.01
SIVR Abrdn Physical Silver Shares	Reduce -0.7%	4.57%	+0.87

Portfolio Buys Q3 2025 → Q4 2025


SPY SS SPDR S&P 500 ETF Trust-US	Add +56.8%	14.17%	+3.38
VOO Vanguard S&P 500 ETF	Add +40.3%	8.96%	+1.34
ORCL Oracle Corp.	Add +1498.4%	0.86%	+0.76
VUG Vanguard Mrngstar GR ETF-Sui	Add +97.5%	1.69%	+0.66
BRK.B Berkshire Hathaway Inc. Class B	Add +141.3%	0.99%	+0.49
VB Vanguard Most SM-Cap ETF-Usd	Add +49.9%	2.36%	+0.46
VO Vngrd Mrngstr MD-Cap ETF-Usd	Add +83.3%	1.36%	+0.44
CAT Caterpillar Inc.	Add +82.0%	0.90%	+0.40
CGDV Cap Group Dividend Value	New	0.37%	+0.37
IVV iShares Core S&P 500 ETF	Add +162.8%	0.66%	+0.36
ECL Ecolab Inc.	New	0.32%	+0.32
EMR Emerson Electric Co.	Add +375.1%	0.33%	+0.25
DGX Quest Diagnostics Inc.	New	0.23%	+0.23
VOT Vngrd Mrngstr MC GRW ETF-Usd	New	0.22%	+0.22
CGUS Cap Group Core Equity	Add +58.3%	0.83%	+0.20
DE Deere & Co.	Add +84.8%	0.48%	+0.17
MRK Merck & Co. Inc.	Add +103.2%	0.32%	+0.17
VGT Vanguard Info Tech ETF	Add +57.4%	0.56%	+0.13
IUSB Ishr CR Unvrse Usd BD ETF-Ui	New	0.13%	+0.13
VIS Vanguard Industrials ETF	Add +76.8%	0.40%	+0.13
VFH Vanguard Financials ETF	Add +112.8%	0.27%	+0.12
VCR Vanguard Consumer Discre ETF	Add +66.0%	0.45%	+0.12
KMB Kimberly-Clark Corp.	Add +333.4%	0.17%	+0.11
IEFA iShares Core MSCI Eafe ETF	New	0.10%	+0.10
DRI Darden Restaurants Inc.	Add +93.6%	0.29%	+0.10
AGG iShares Core U.S. Aggregate	Add +33.1%	1.25%	+0.10
CSCO Cisco Systems Inc.	New	0.09%	+0.09
GOOGL Alphabet Inc. Class A	Add +35.8%	0.31%	+0.09
CGCB Cap Group Core Bond	Add +127.2%	0.19%	+0.09
GSLC Goldman Activebeta US LC ETF	New	0.09%	+0.09
XLC SS Comm Select Sector SPDR	New	0.09%	+0.09
NUSC Nuveen ESG Small-Cap ETF	New	0.08%	+0.08
VGK Vanguard Ftse Europe ETF	New	0.07%	+0.07
VBK Van Morst SML-Cap Gro-Usd Inc.	Add +24.6%	2.13%	+0.07
VEA Vanguard Ftse Developed ETF	Add +59.0%	0.27%	+0.07
VCIT Vanguard Int-Term Corporate	New	0.07%	+0.07
BNDX Vanguard Total Intl Bond ETF	New	0.06%	+0.06
CMG Chipotle Mexican Grill Inc.	New	0.06%	+0.06
CVX Chevron Corp.	New	0.06%	+0.06
AMGN Amgen Inc.	New	0.06%	+0.06
USHY iShares Broad Usd High Yield	New	0.06%	+0.06
EMB iShares JP Morgan Usd Emergi	New	0.05%	+0.05
MDT Medtronic PLC	Add +105.4%	0.13%	+0.05
MGV Vngrd Mrgstr MG CP VL ETF-Ui	New	0.05%	+0.05
SCHR Schwab Intermediate-Term US	New	0.05%	+0.05
UAL United Airlines Holdings Inc.	New	0.05%	+0.05
XLV SS Health Care Select Sector	New	0.05%	+0.05
JNJ Johnson & Johnson	Add +20.3%	0.52%	+0.05
VEU Vanguard Ftse All-World Ex-U	New	0.05%	+0.05
VOOG Vanguard S&P 500 Growth ETF	New	0.04%	+0.04

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