Carnegie Lake Advisors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Carnegie Lake Advisors LLC reported 162 stock positions worth $246.4 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 6.1% of the portfolio, followed by Unitedhealth (UNH, 5.2%) and Microsoft (MSFT, 5.0%). Compared with Q4 2024, it opened 5 new positions, sold out of 6, added to 41 and reduced 48. The biggest buy was a new position in Ferguson Enterprises (FERG) and the biggest sale Microsoft (MSFT, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- PRINCETON, NJ
- CIK
- 0002043591
- Portfolio Value
- $246.4M (Q1 2025)
- SEC Filing
- 0002043591-25-000003 ↗ filed May 5, 2025
Holdings Value
Holdings 162 stocks · $246.4M
| BRK.B Berkshire Hathaway Inc. Class B | 6.12% | 28,300 | $15.1M | Reduce -6.8% |
| UNH Unitedhealth Group Inc. | 5.24% | 24,645 | $12.9M | Reduce -4.7% |
| MSFT Microsoft Corp. | 4.97% | 32,614 | $12.2M | Reduce -1.5% |
| AAPL Apple Inc. | 4.52% | 50,192 | $11.1M | Reduce -1.1% |
| SYK Stryker Corp. | 4.13% | 27,304 | $10.2M | No change |
| AMGN Amgen Inc. | 2.95% | 23,345 | $7.3M | No change |
| COST Costco Wholesale Corp. | 2.31% | 6,021 | $5.7M | Reduce -1.6% |
| HD Home Depot Inc. | 2.18% | 14,678 | $5.4M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 2.14% | 21,455 | $5.3M | Add +0.6% |
| PH Parker Hannifin Corp. | 2.14% | 8,656 | $5.3M | Add +0.4% |
| GOOG Alphabet Inc. Class C | 1.83% | 28,847 | $4.5M | Reduce -5.0% |
| ISRG Intuitive Surgical Inc. | 1.82% | 9,075 | $4.5M | No change |
| CNX CNX Resources Corp. | 1.72% | 134,675 | $4.2M | Reduce -1.2% |
| INGR Ingredion Inc. | 1.69% | 30,725 | $4.2M | No change |
| WCC Wesco International Inc. | 1.59% | 25,182 | $3.9M | Add +41.1% |
| CSCO Cisco Systems Inc. | 1.39% | 55,473 | $3.4M | Reduce -2.2% |
| CVX Chevron Corp. | 1.26% | 18,600 | $3.1M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.26% | 31,513 | $3.1M | Add +5.1% |
| AMZN Amazon.com Inc. | 1.20% | 15,514 | $3.0M | Reduce -6.3% |
| JNJ Johnson & Johnson | 1.09% | 16,169 | $2.7M | No change |
| WMT Walmart Inc. | 1.07% | 30,081 | $2.6M | No change |
| NKE Nike Inc. Class B | 1.02% | 39,485 | $2.5M | Add +6.8% |
| BN Brookfield Corp. | 1.01% | 47,590 | $2.5M | No change |
| OEC Orion SA | 0.98% | 186,821 | $2.4M | Add +169.0% |
| NOBL Proshares S&P 500 Dividend A | 0.97% | 23,497 | $2.4M | Add +0.2% |
| KO The Coca-Cola Co. | 0.96% | 33,180 | $2.4M | Add +1.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.95% | 28,017 | $2.4M | Reduce -6.6% |
| WSC Willscot Holdings Corp. | 0.93% | 82,001 | $2.3M | Add +50.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.90% | 52,914 | $2.2M | Add +0.3% |
| WMB Williams Cos Inc. | 0.88% | 36,300 | $2.2M | Reduce -4.5% |
| PG The Procter & Gamble Co. | 0.86% | 12,415 | $2.1M | No change |
| MCD McDonald's Corp. | 0.86% | 6,749 | $2.1M | No change |
| OCSL Oaktree Specialty Lending Co. | 0.83% | 133,542 | $2.1M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 0.80% | 12,735 | $2.0M | No change |
| GPK Graphic Packaging Holding Co. | 0.77% | 73,050 | $1.9M | Reduce -0.7% |
| PEP Pepsico Inc. | 0.76% | 12,424 | $1.9M | No change |
| PFS Provident Financial Services | 0.76% | 108,457 | $1.9M | No change |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.75% | 31,030 | $1.8M | Add +2.0% |
| BLDR Builders Firstsource Inc. | 0.74% | 14,528 | $1.8M | No change |
| KMI Kinder Morgan Inc. | 0.73% | 62,702 | $1.8M | Reduce -1.2% |
| FERG Ferguson Enterprises Inc. | 0.67% | 10,305 | $1.7M | New |
| PFE Pfizer Inc. | 0.66% | 63,959 | $1.6M | Add +2.6% |
| AZO AutoZone Inc. | 0.63% | 408 | $1.6M | Reduce -18.4% |
| STWD Starwood Property Trust Inc. | 0.61% | 75,869 | $1.5M | Add +0.8% |
| ADP Automatic Data Processing | 0.61% | 4,894 | $1.5M | No change |
| BMY Bristol-Myers Squibb Co. | 0.59% | 23,809 | $1.5M | Reduce -1.0% |
| MDT Medtronic PLC | 0.59% | 16,156 | $1.5M | No change |
| ARCC Ares Capital Corp. | 0.58% | 64,997 | $1.4M | Add +0.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.57% | 20,250 | $1.4M | No change |
| ZTS Zoetis Inc. | 0.56% | 8,424 | $1.4M | Add +84.2% |
| AVGO Broadcom Inc. | 0.56% | 8,231 | $1.4M | Reduce -2.4% |
| BX Blackstone Inc. | 0.55% | 9,655 | $1.4M | No change |
| ENB Enbridge Inc. | 0.54% | 30,016 | $1.3M | Reduce -1.3% |
| TEVA Teva Pharmaceutical-SP ADR | 0.53% | 85,350 | $1.3M | Add +23.8% |
| FSK FS KKR Capital Corp. | 0.51% | 60,250 | $1.3M | No change |
| RSG Republic Services Inc. | 0.50% | 5,100 | $1.2M | Reduce -3.8% |
| BA The Boeing Co. | 0.50% | 7,164 | $1.2M | Add +3.3% |
| PBH Prestige Consumer Healthcare | 0.49% | 14,164 | $1.2M | Reduce -1.6% |
| INVH Invitation Homes Inc. | 0.48% | 34,207 | $1.2M | Reduce -2.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.46% | 4,600 | $1.1M | No change |
| UPS United Parcel Service Class B | 0.45% | 10,072 | $1.1M | Add +43.8% |
| GE General Electric filed as GE AEROSPACE | 0.43% | 5,239 | $1.0M | No change |
| WFC Wells Fargo & Co. | 0.42% | 14,588 | $1.0M | Add +4.1% |
| CRM Salesforce Inc. | 0.42% | 3,886 | $1.0M | Reduce -3.3% |
| WPC WP Carey Inc. | 0.42% | 16,525 | $1.0M | Reduce -0.2% |
| ARMK Aramark | 0.42% | 30,050 | $1.0M | Reduce -1.0% |
| CB Chubb Ltd. | 0.42% | 3,425 | $1.0M | No change |
| UTG Reaves Utility Income Fund | 0.41% | 30,960 | $1.0M | Reduce -11.5% |
| WBD Warner Bros Discovery Inc. | 0.40% | 91,688 | $984K | Reduce -11.2% |
| EOG EOG Resources Inc. | 0.40% | 7,598 | $974K | Reduce -5.0% |
| LBRDK Liberty Broadband-C | 0.39% | 11,285 | $960K | No change |
| VZ Verizon Communications Inc. | 0.39% | 21,003 | $953K | Reduce -2.1% |
| T AT&T Inc. | 0.38% | 33,318 | $942K | Reduce -38.9% |
| META Meta Platforms Inc. Class A | 0.38% | 1,635 | $942K | Reduce -19.1% |
| CWH Camping World Holdings Inc. Class A | 0.38% | 57,178 | $924K | Reduce -0.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.37% | 10,035 | $922K | No change |
| MHK Mohawk Industries Inc. | 0.35% | 7,550 | $862K | No change |
| MRK Merck & Co. Inc. | 0.35% | 9,582 | $860K | Reduce -4.0% |
| SEE Sealed Air Corp. | 0.32% | 27,616 | $798K | Reduce -0.6% |
| SKYY First Trust Cloud Computing | 0.32% | 7,780 | $795K | Add +0.7% |
| C Citigroup Inc. | 0.32% | 11,173 | $793K | Add +14.3% |
| PSLV Sprott Physical Silver Trust | 0.30% | 63,300 | $734K | Add +1.9% |
| NVDA Nvidia Corp. | 0.29% | 6,710 | $727K | Add +33.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.29% | 2,637 | $725K | No change |
| MTG Mgic Investment Corp. | 0.29% | 28,829 | $714K | No change |
| XOM Exxon Mobil Corp. | 0.27% | 5,588 | $665K | No change |
| ZBH Zimmer Biomet Holdings Inc. | 0.27% | 5,796 | $656K | No change |
| INTC Intel Corp. | 0.26% | 28,548 | $648K | Add +2.0% |
| KIO KKR Income Opportunities | 0.25% | 50,023 | $615K | No change |
| LMT Lockheed Martin Corp. | 0.24% | 1,350 | $603K | No change |
| BAM Brookfield Asset Mgmt-A | 0.24% | 12,301 | $596K | No change |
| GDX Vaneck Gold Miners ETF | 0.24% | 12,960 | $596K | Add +0.4% |
| BAX Baxter International Inc. | 0.23% | 16,875 | $578K | Add +18.2% |
| SYY Sysco Corp. | 0.23% | 7,650 | $574K | Add +118.6% |
| UMH Umh Properties Inc. filed as UMH PPTYS INC | 0.23% | 29,946 | $560K | No change |
| TD Toronto-Dominion Bank | 0.22% | 9,081 | $544K | No change |
| STT State Street Corp. | 0.22% | 5,985 | $536K | No change |
| LILAK Liberty Latin Americ Class C | 0.22% | 86,127 | $535K | Reduce -3.5% |
| XLF SS Financial Select Sector | 0.22% | 10,696 | $533K | Add +8.9% |
| VYM Vanguard High DVD Yield ETF | 0.22% | 4,129 | $532K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Reduce -1.5% | 4.97% | −0.67 |
| AAPL Apple Inc. | Reduce -1.1% | 4.52% | −0.60 |
| GOOG Alphabet Inc. Class C | Reduce -5.0% | 1.83% | −0.50 |
| CNX CNX Resources Corp. | Reduce -1.2% | 1.72% | −0.30 |
| AMZN Amazon.com Inc. | Reduce -6.3% | 1.20% | −0.27 |
| AVGO Broadcom Inc. | Reduce -2.4% | 0.56% | −0.23 |
| HD Home Depot Inc. | Reduce -0.2% | 2.18% | −0.13 |
| CRM Salesforce Inc. | Reduce -3.3% | 0.42% | −0.12 |
| T AT&T Inc. | Reduce -38.9% | 0.38% | −0.12 |
| CWH Camping World Holdings Inc. Class A | Reduce -0.5% | 0.38% | −0.11 |
| CG The Carlyle Group Inc. | Sold out | 0.00% | −0.10 |
| SYF Synchrony Financial | Sold out | 0.00% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -19.1% | 0.38% | −0.10 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -40.6% | 0.11% | −0.09 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.09 |
| VTRS Viatris Inc. | Reduce -10.6% | 0.10% | −0.06 |
| SEE Sealed Air Corp. | Reduce -0.6% | 0.32% | −0.06 |
| XEFRX Eaton Vance Sr FLTG Rate TR | Sold out | 0.00% | −0.05 |
| MRK Merck & Co. Inc. | Reduce -4.0% | 0.35% | −0.05 |
| WBD Warner Bros Discovery Inc. | Reduce -11.2% | 0.40% | −0.04 |
| JEPI JPMorgan Equity Premium Inco | Reduce -15.8% | 0.21% | −0.04 |
| UTG Reaves Utility Income Fund | Reduce -11.5% | 0.41% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -4.7% | 5.24% | −0.04 |
| GPK Graphic Packaging Holding Co. | Reduce -0.7% | 0.77% | −0.04 |
| ARMK Aramark | Reduce -1.0% | 0.42% | −0.04 |
| VSTS Vestis Corp. | Reduce -1.0% | 0.06% | −0.03 |
| DEA Easterly Govt Pptys Inc. | Reduce -18.5% | 0.08% | −0.02 |
| PHK PIMCO High Income Fund | Sold out | 0.00% | −0.02 |
| PGX Invesco Preferred ETF | Reduce -21.1% | 0.06% | −0.02 |
| AZO AutoZone Inc. | Reduce -18.4% | 0.63% | −0.01 |
| LILAK Liberty Latin Americ Class C | Reduce -3.5% | 0.22% | −0.01 |
| PEG Public Service Enterprise GP | Reduce -7.5% | 0.10% | −0.01 |
| PSEC Prospect Capital Corp. | Reduce -29.3% | 0.02% | −0.01 |
| GSAT Globalstar Inc. | Sold out | 0.00% | −0.01 |
| GCV Gabelli Convert & Inc. Sec | Reduce -8.9% | 0.03% | −0.00 |
| EOG EOG Resources Inc. | Reduce -5.0% | 0.40% | −0.00 |
| GEHC GE Healthcare Technology | Reduce -3.1% | 0.10% | +0.00 |
| STEW SRH Total Return Fund Inc. | Reduce -3.1% | 0.11% | +0.01 |
| OCSL Oaktree Specialty Lending Co. | Reduce -0.4% | 0.83% | +0.01 |
| PBI Pitney Bowes Inc. | Reduce -1.8% | 0.05% | +0.01 |
| NGD New Gold Inc. | Reduce -8.3% | 0.04% | +0.01 |
| ENB Enbridge Inc. | Reduce -1.3% | 0.54% | +0.02 |
| BNY Bank of New York Mellon Corp. | Reduce -6.6% | 0.95% | +0.02 |
| KMI Kinder Morgan Inc. | Reduce -1.2% | 0.73% | +0.02 |
| INVH Invitation Homes Inc. | Reduce -2.1% | 0.48% | +0.03 |
| CSCO Cisco Systems Inc. | Reduce -2.2% | 1.39% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.0% | 0.59% | +0.04 |
| VZ Verizon Communications Inc. | Reduce -2.1% | 0.39% | +0.04 |
| PBH Prestige Consumer Healthcare | Reduce -1.6% | 0.49% | +0.04 |
| COST Costco Wholesale Corp. | Reduce -1.6% | 2.31% | +0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| FERG Ferguson Enterprises Inc. | New | 0.67% | +0.67 |
| OEC Orion SA | Add +169.0% | 0.98% | +0.54 |
| WCC Wesco International Inc. | Add +41.1% | 1.59% | +0.28 |
| ZTS Zoetis Inc. | Add +84.2% | 0.56% | +0.26 |
| WSC Willscot Holdings Corp. | Add +50.2% | 0.93% | +0.19 |
| KO The Coca-Cola Co. | Add +1.5% | 0.96% | +0.14 |
| SYY Sysco Corp. | Add +118.6% | 0.23% | +0.12 |
| CVS CVS Health Corp. | New | 0.10% | +0.10 |
| UPS United Parcel Service Class B | Add +43.8% | 0.45% | +0.09 |
| V Visa Inc. Class A | New | 0.08% | +0.08 |
| JPM JPMorgan Chase & Co. | Add +0.6% | 2.14% | +0.07 |
| BAX Baxter International Inc. | Add +18.2% | 0.23% | +0.07 |
| GDX Vaneck Gold Miners ETF | Add +0.4% | 0.24% | +0.07 |
| PSLV Sprott Physical Silver Trust | Add +1.9% | 0.30% | +0.06 |
| C Citigroup Inc. | Add +14.3% | 0.32% | +0.04 |
| CLF Cleveland-Cliffs Inc. | New | 0.04% | +0.04 |
| AGNC AGNC Investment Corp. | New | 0.04% | +0.04 |
| INTC Intel Corp. | Add +2.0% | 0.26% | +0.04 |
| STWD Starwood Property Trust Inc. | Add +0.8% | 0.61% | +0.03 |
| GGN Gamco GLBL Gold NTRL Res Inc. | Add +2.5% | 0.20% | +0.03 |
| NOBL Proshares S&P 500 Dividend A | Add +0.2% | 0.97% | +0.03 |
| WFC Wells Fargo & Co. | Add +4.1% | 0.42% | +0.03 |
| XLF SS Financial Select Sector | Add +8.9% | 0.22% | +0.02 |
| NVDA Nvidia Corp. | Add +33.3% | 0.29% | +0.02 |
| JPEF JPMorgan Equity Focus ETF | Add +26.3% | 0.10% | +0.02 |
| CGDV Cap Group Dividend Value | Add +15.5% | 0.10% | +0.02 |
| ARCC Ares Capital Corp. | Add +0.6% | 0.58% | +0.01 |
| MPT Medical Properties Trust Inc. | Add +1.9% | 0.03% | +0.01 |
| BHP BHP Group Ltd.-Spon ADR | Add +4.9% | 0.17% | +0.01 |
| GS Goldman Sachs Group Inc. | Add +12.4% | 0.09% | +0.01 |
| MUJ BlackRock Munihold NJ QLTY | Add +9.3% | 0.05% | +0.01 |
| CGGR Cap Group Growth Equity | Add +10.7% | 0.18% | +0.00 |
| XAWPX Abrdn Global Premier Propert | Add +1.6% | 0.06% | +0.00 |
| BA The Boeing Co. | Add +3.3% | 0.50% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +6.1% | 0.17% | −0.01 |
| JEPQ JPM Nasdaq Equity Premium | Add +2.1% | 0.16% | −0.01 |
| PFE Pfizer Inc. | Add +2.6% | 0.66% | −0.01 |
| APA Apa Corp. | Add +0.9% | 0.20% | −0.02 |
| SOFI Sofi Technologies Inc. | Add +2.8% | 0.10% | −0.03 |
| BAC Bank of America Corp. | Add +0.3% | 0.90% | −0.04 |
| UHAL.B U-Haul Holding Co.-Non Voting | Add +2.0% | 0.75% | −0.04 |
| SKYY First Trust Cloud Computing | Add +0.7% | 0.32% | −0.05 |
| PH Parker Hannifin Corp. | Add +0.4% | 2.14% | −0.08 |
| TEVA Teva Pharmaceutical-SP ADR | Add +23.8% | 0.53% | −0.08 |
| DIS The Walt Disney Co. | Add +5.1% | 1.26% | −0.09 |
| NKE Nike Inc. Class B | Add +6.8% | 1.02% | −0.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 167 | $268.2M | AAPL, BRK.B, MSFT, UNH, SYK |
| Q1 2026 | 165 | $249.8M | AAPL, BRK.B, MSFT, SYK, AMGN |
| Q4 2025 | 165 | $262.6M | MSFT, AAPL, BRK.B, SYK, GOOG |
| Q3 2025 | 166 | $259.9M | MSFT, BRK.B, AAPL, SYK, UNH |
| Q2 2025 | 163 | $252.6M | MSFT, BRK.B, SYK, AAPL, UNH |
| Q1 2025 | 162 | $246.4M | BRK.B, UNH, MSFT, AAPL, SYK |
| Q4 2024 | 163 | $247.8M | MSFT, BRK.B, UNH, AAPL, SYK |
| Q3 2024 | 157 | $252.7M | UNH, MSFT, BRK.B, AAPL, SYK |