Capital Management Associates

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Capital Management Associates reported 40 stock positions worth $51.2 million. Its top holding was Linde (LIN) at 4.5% of the portfolio, followed by Nvidia (NVDA, 4.2%) and Amazon.com (AMZN, 4.1%). Compared with Q4 2024, it opened 2 new positions, sold out of 30 and reduced 11. The biggest buy was a new position in GE Vernova (GEV) and the biggest sale an exit from Vaneck Semiconductor ETF (SMH).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0000825293
Portfolio Value
$51.2M (Q1 2025)
SEC Filing
0000825293-25-000003 ↗ filed May 8, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M$100.0M Q1 2024: $83.9M Q1 2024 Q2 2024: $84.4M Q2 2024 Q3 2024: $89.8M Q3 2024 Q4 2024: $84.9M Q4 2024 Q1 2025: $51.2M $51.2M Q1 2025 Q2 2025: $61.3M Q2 2025 Q3 2025: $67.0M Q3 2025 Q4 2025: $68.2M Q4 2025 Q1 2026: $60.2M Q1 2026 Q2 2026: $77.7M Q2 2026

Holdings 40 stocks · $51.2M
LIN Linde PLC 4.54% 5,000 $2.3M No change
NVDA Nvidia Corp. 4.23% 20,000 $2.2M Reduce -24.0%
AMZN Amazon.com Inc. 4.08% 11,000 $2.1M Reduce -31.0%
JPM JPMorgan Chase & Co. 4.07% 8,500 $2.1M Reduce -30.3%
MSFT Microsoft Corp. 4.03% 5,500 $2.1M Reduce -50.0%
META Meta Platforms Inc. Class A 3.94% 3,500 $2.0M No change
WMT Walmart Inc. 3.80% 22,200 $1.9M No change
GOOGL Alphabet Inc. Class A 3.62% 12,000 $1.9M No change
BLK BlackRock Inc. 3.51% 1,900 $1.8M No change
AAPL Apple Inc. 3.42% 7,900 $1.8M Reduce -47.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 3.40% 7,000 $1.7M No change
PANW Palo Alto Networks Inc. 3.33% 10,000 $1.7M No change
APO Apollo Global Management Inc. 3.21% 12,000 $1.6M Reduce -35.6%
BRK.B Berkshire Hathaway Inc. Class B 3.12% 3,000 $1.6M No change
LNG Cheniere Energy Inc. 2.94% 6,500 $1.5M No change
PWR Quanta Services Inc. 2.78% 5,600 $1.4M No change
MCK McKesson Corp. 2.69% 2,050 $1.4M No change
FLUT Flutter Entertainment PLC-Di 2.59% 6,000 $1.3M No change
LLY Eli Lilly & Co. 2.58% 1,600 $1.3M No change
XLV SS Health Care Select Sector 2.56% 9,000 $1.3M Reduce -1.1%
RSP Invesco S&P 500 Equal Weight 2.54% 7,500 $1.3M No change
BX Blackstone Inc. 2.18% 8,000 $1.1M Reduce -61.4%
CEG Constellation Energy 2.16% 5,500 $1.1M No change
ISRG Intuitive Surgical Inc. 2.13% 2,200 $1.1M No change
TSLA Tesla Inc. 2.02% 4,000 $1.0M No change
ROP Roper Technologies Inc. 1.96% 1,700 $1.0M No change
CW Curtiss-Wright Corp. 1.86% 3,000 $952K No change
UNH Unitedhealth Group Inc. 1.84% 1,800 $943K Reduce -47.9%
IBIT iShares Bitcoin Trust ETF 1.83% 20,000 $936K No change
ACN Accenture PLC Class A 1.67% 2,750 $858K No change
CRM Salesforce Inc. 1.65% 3,150 $845K No change
NEE Nextera Energy Inc. 1.52% 11,000 $780K No change
TMO Thermo Fisher Scientific Inc. 1.26% 1,300 $647K No change
AMAT Applied Materials Inc. 1.24% 4,375 $635K No change
ASML ASML Holding NV-NY Reg SHS 1.13% 875 $580K No change
GEV GE Vernova Inc. 1.07% 1,800 $550K New
PYPL PayPal Holdings Inc. 0.95% 7,500 $489K Reduce -50.0%
FIX Comfort Systems USA Inc. 0.94% 1,500 $483K No change
RRC Range Resources Corp. 0.94% 12,000 $479K New
XOM Exxon Mobil Corp. 0.66% 2,852 $339K Reduce -49.5%

Portfolio Sells Q4 2024 → Q1 2025
SMH Vaneck Semiconductor ETF Sold out 0.00% −3.71
GOOG Alphabet Inc. Class C Sold out 0.00% −2.96
BX Blackstone Inc. Reduce -61.4% 2.18% −2.02
MSFT Microsoft Corp. Reduce -50.0% 4.03% −1.43
VOO Vanguard S&P 500 ETF Sold out 0.00% −1.42
BA The Boeing Co. Sold out 0.00% −1.33
AXP American Express Co. Sold out 0.00% −1.16
COF Capital One Financial Corp. Sold out 0.00% −1.09
AAPL Apple Inc. Reduce -47.2% 3.42% −0.99
HON Honeywell International Inc. Sold out 0.00% −0.93
TFC Truist Financial Corp. Sold out 0.00% −0.90
EMR Emerson Electric Co. Sold out 0.00% −0.88
ARCC Ares Capital Corp. Sold out 0.00% −0.85
CG The Carlyle Group Inc. Sold out 0.00% −0.81
SPG Simon Property Group Inc. Sold out 0.00% −0.81
XME SS SPDR S&P Metals Mining Sold out 0.00% −0.78
FANG Diamondback Energy Inc. Sold out 0.00% −0.77
URA Global X Uranium ETF Sold out 0.00% −0.76
RTX RTX Corp. Sold out 0.00% −0.71
XLC SS Comm Select Sector SPDR Sold out 0.00% −0.66
LHX L3HARRIS Technologies Inc. Sold out 0.00% −0.61
PYPL PayPal Holdings Inc. Reduce -50.0% 0.95% −0.55
QXO Qxo Inc. Sold out 0.00% −0.47
APO Apollo Global Management Inc. Reduce -35.6% 3.21% −0.42
SOXX iShares Semiconductor ETF Sold out 0.00% −0.31
VMRK Vivmark Residential Sold out 0.00% −0.25
UNH Unitedhealth Group Inc. Reduce -47.9% 1.84% −0.22
PFF iShares Preferred & Income S Sold out 0.00% −0.08
C Citigroup Inc. Sold out 0.00% −0.07
XOM Exxon Mobil Corp. Reduce -49.5% 0.66% −0.05
BAC Bank of America Corp. Sold out 0.00% −0.05
T AT&T Inc. Sold out 0.00% −0.04
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.04
AMZN Amazon.com Inc. Reduce -31.0% 4.08% −0.04
FHN First Horizon Corp. Sold out 0.00% −0.02
PFE Pfizer Inc. Sold out 0.00% −0.01
DIS The Walt Disney Co. Sold out 0.00% −0.01
VGK Vanguard Ftse Europe ETF Sold out 0.00% −0.00
NVDA Nvidia Corp. Reduce -24.0% 4.23% +0.07
JPM JPMorgan Chase & Co. Reduce -30.3% 4.07% +0.62
XLV SS Health Care Select Sector Reduce -1.1% 2.56% +1.09

Portfolio Buys Q4 2024 → Q1 2025
GEV GE Vernova Inc. New 1.07% +1.07
RRC Range Resources Corp. New 0.94% +0.94

Notes & Other Activity Q4 2024 → Q1 2025
SLB SLB Ltd. COM STK Sold out 0 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 44$77.7MBE, GOOGL, PWR, NVDA, PANW
Q1 2026 36$60.2MGOOGL, NVDA, PWR, BE, WMT
Q4 2025 39$68.2MGOOGL, NVDA, LLY, JPM, MSFT
Q3 2025 42$67.0MNVDA, GOOGL, MSFT, JPM, META
Q2 2025 43$61.3MNVDA, MSFT, META, JPM, AMZN
Q1 2025 40$51.2MLIN, NVDA, AMZN, JPM, MSFT
Q4 2024 68$84.9MMSFT, AAPL, BX, NVDA, AMZN
Q3 2024 78$89.8MMSFT, AAPL, BX, NVDA, SMH
Q2 2024 73$84.4MMSFT, AAPL, SMH, AMZN, GOOG
Q1 2024 75$83.9MMSFT, AMZN, SMH, BX, AAPL