Capital Management Associates, Inc

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

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 Q3 2025 Q4 2025: $452.3M $452.3M Q4 2025 Q1 2026: $442.3M Q1 2026 Q2 2026: $497.5M Q2 2026

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
IWF iShares Russell 1000 Growth 0.10% 944 $447K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.10% 4,201 $430K Reduce -8.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 1,447 $429K No change
CSCO Cisco Systems Inc. 0.09% 5,480 $422K New
GLD SPDR Gold Shares 0.09% 1,056 $419K Reduce -48.4%
ESGD iShares Trust iShares ESG Aw 0.09% 4,205 $400K Add +31.2%
GSLC Goldman Activebeta US LC ETF 0.09% 2,974 $394K New
WFC Wells Fargo & Co. 0.09% 4,183 $390K Reduce -43.6%
XLC SS Comm Select Sector SPDR 0.09% 3,265 $384K New
FAST Fastenal Co. 0.08% 9,403 $377K Add +0.0%
GEV GE Vernova Inc. 0.08% 575 $376K No change
NUSC Nuveen ESG Small-Cap ETF 0.08% 8,386 $374K New
SLV iShares Silver Trust 0.08% 5,650 $364K No change
V Visa Inc. Class A 0.08% 1,035 $363K Reduce -6.2%
SCHW Schwab (charles) Corp. 0.08% 3,607 $360K Add +2.4%
COF Capital One Financial Corp. 0.08% 1,411 $342K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.07% 7,878 $336K Add +0.7%
VGK Vanguard Ftse Europe ETF 0.07% 4,000 $334K New
COST Costco Wholesale Corp. 0.07% 384 $331K Reduce -0.5%
XOM Exxon Mobil Corp. 0.07% 2,710 $326K Reduce -8.4%
ABBV Abbvie Inc. 0.07% 1,315 $301K No change
VCIT Vanguard Int-Term Corporate 0.07% 3,568 $299K New
FSK FS KKR Capital Corp. 0.07% 20,142 $298K No change
TSLA Tesla Inc. 0.07% 659 $296K Add +32.6%
HL Hecla Mining Co. 0.06% 15,181 $291K Add +0.0%
PANW Palo Alto Networks Inc. 0.06% 1,570 $289K No change
BNDX Vanguard Total Intl Bond ETF 0.06% 5,962 $288K New
IVW iShares S&P 500 Growth ETF 0.06% 2,327 $287K Add +0.1%
CMG Chipotle Mexican Grill Inc. 0.06% 7,670 $284K New
CVX Chevron Corp. 0.06% 1,841 $281K New
KO The Coca-Cola Co. 0.06% 4,012 $281K Add +2.5%
AMGN Amgen Inc. 0.06% 846 $277K New
FWRG First Watch Restaurant Group 0.06% 18,217 $275K Add +39.9%
VZ Verizon Communications Inc. 0.06% 6,692 $273K Reduce -13.4%
NEE Nextera Energy Inc. 0.06% 3,356 $269K Reduce -0.7%
AMD Advanced Micro Devices 0.06% 1,251 $268K Add +0.1%
VYM Vanguard High DVD Yield ETF 0.06% 1,825 $262K No change
MINN Mairs & Power MN Muni Bond 0.06% 11,504 $259K No change
USHY iShares Broad Usd High Yield 0.06% 6,797 $254K New
JBL Jabil Inc. 0.05% 1,127 $246K No change
EMB iShares JP Morgan Usd Emergi 0.05% 2,523 $243K New
BMY Bristol-Myers Squibb Co. 0.05% 4,444 $240K No change
SOLV Solventum Corp. 0.05% 2,971 $235K No change
T AT&T Inc. 0.05% 9,237 $229K Add +0.1%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 0.05% 1,606 $227K New
SCHR Schwab Intermediate-Term US 0.05% 8,967 $225K New
UAL United Airlines Holdings Inc. 0.05% 2,000 $224K New
LOW Lowe's Cos Inc. 0.05% 926 $223K Reduce -8.6%
XLV SS Health Care Select Sector 0.05% 1,440 $223K New
TCAF T Rowe PRC Cap Appreciation 0.05% 5,688 $217K Reduce -2.2%
XAR SS SPDR S&P Aerospace Def 0.05% 900 $217K No change
ANET Arista Networks Inc. 0.05% 1,575 $206K No change
VEU Vanguard Ftse All-World Ex-U 0.05% 2,795 $206K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.05% 1,019 $205K No change
ENB Enbridge Inc. 0.04% 4,235 $203K No change
VOOG Vanguard S&P 500 Growth ETF 0.04% 452 $201K New

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

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