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

0$100.0M$200.0M$300.0M Q3 2024: $252.7M Q3 2024 Q4 2024: $247.8M Q4 2024 Q1 2025: $246.4M $246.4M Q1 2025 Q2 2025: $252.6M Q2 2025 Q3 2025: $259.9M Q3 2025 Q4 2025: $262.6M Q4 2025 Q1 2026: $249.8M Q1 2026 Q2 2026: $268.2M Q2 2026

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
JEPI JPMorgan Equity Premium Inco 0.21% 9,220 $527K Reduce -15.8%
UHAL U-Haul Holding Co. 0.21% 8,020 $524K No change
GGN Gamco GLBL Gold NTRL Res Inc. 0.20% 113,926 $498K Add +2.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 889 $497K No change
CC The Chemours Co. 0.20% 36,196 $490K No change
APA Apa Corp. 0.20% 23,050 $485K Add +0.9%
MKL Markel Group Inc. 0.19% 250 $467K No change
CGGR Cap Group Growth Equity 0.18% 12,881 $441K Add +10.7%
CMCSA Comcast Corp. Class A 0.17% 11,596 $428K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.17% 1,131 $419K Add +6.1%
BHP BHP Group Ltd.-Spon ADR 0.17% 8,600 $417K Add +4.9%
DEO Diageo PLC-Sponsored ADR 0.17% 3,900 $409K No change
GEV GE Vernova Inc. 0.16% 1,308 $399K No change
FNV Franco-Nevada Corp. 0.16% 2,500 $394K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.16% 7,515 $389K Add +2.1%
GLPI Gaming and Leisure Propertie 0.15% 7,511 $382K No change
RITM Rithm Capital Corp. 0.15% 31,775 $364K No change
WPM Wheaton Precious Metals Corp. 0.13% 4,265 $331K No change
WM Waste Management Inc. 0.13% 1,412 $327K No change
BDX Becton Dickinson and Co. 0.13% 1,375 $315K No change
LLY Eli Lilly & Co. 0.12% 371 $306K No change
STEW SRH Total Return Fund Inc. 0.11% 16,129 $278K Reduce -3.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.11% 1,593 $275K No change
EPD Enterprise Products Partners 0.11% 8,000 $273K No change
ROK Rockwell Automation Inc. 0.11% 1,048 $271K No change
OKE Oneok Inc. 0.11% 2,688 $267K No change
WH Wyndham Hotels & Resorts Inc. 0.11% 2,926 $265K Reduce -40.6%
VTRS Viatris Inc. 0.10% 29,596 $258K Reduce -10.6%
VMI Valmont Industries 0.10% 900 $257K No change
PEG Public Service Enterprise GP 0.10% 3,086 $254K Reduce -7.5%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.10% 7,092 $253K Add +15.5%
GEHC GE Healthcare Technology 0.10% 3,136 $253K Reduce -3.1%
SOFI Sofi Technologies Inc. 0.10% 21,700 $252K Add +2.8%
TNL Travel + Leisure Co. 0.10% 5,417 $251K No change
CVS CVS Health Corp. 0.10% 3,625 $246K New
PHYS Sprott Physical Gold Trust 0.10% 10,200 $245K No change
JPEF JPMorgan Equity Focus ETF 0.10% 3,775 $240K Add +26.3%
KDP Keurig Dr Pepper Inc. 0.10% 7,000 $240K No change
MTB M & T Bank Corp. filed as M & T BK CORP 0.10% 1,313 $235K No change
QQQ Invesco QQQ Trust Series 1 0.10% 500 $234K No change
GS Goldman Sachs Group Inc. 0.09% 427 $233K Add +12.4%
HPQ HP Inc. 0.09% 8,400 $233K No change
VLY Valley National Bancorp 0.09% 25,862 $230K No change
XLP SS Consumer Staples Sel Sect 0.09% 2,786 $228K No change
CHTR Charter Communications Inc. Class A 0.09% 600 $221K No change
OXY Occidental Petroleum Corp. 0.08% 4,125 $204K No change
V Visa Inc. Class A 0.08% 570 $200K New
DEA Easterly Govt Pptys Inc. 0.08% 17,661 $187K Reduce -18.5%
XAWPX Abrdn Global Premier Propert 0.06% 40,187 $156K Add +1.6%
FSCO FS Credit Opportunities Corp. 0.06% 21,663 $153K No change
VSTS Vestis Corp. 0.06% 14,925 $148K Reduce -1.0%
PGX Invesco Preferred ETF 0.06% 13,052 $146K Reduce -21.1%
MUJ BlackRock Munihold NJ QLTY 0.05% 11,814 $133K Add +9.3%
F Ford Motor Co. filed as FORD MTR CO 0.05% 13,280 $133K No change
PBI Pitney Bowes Inc. 0.05% 13,900 $126K Reduce -1.8%
CLF Cleveland-Cliffs Inc. 0.04% 12,600 $104K New
AGNC AGNC Investment Corp. 0.04% 10,790 $103K New
NGD New Gold Inc. 0.04% 27,750 $103K Reduce -8.3%
MPT Medical Properties Trust Inc. 0.03% 13,500 $81K Add +1.9%
GCV Gabelli Convert & Inc. Sec 0.03% 20,500 $77K Reduce -8.9%
PSEC Prospect Capital Corp. 0.02% 12,800 $52K Reduce -29.3%
VXRT Vaxart Inc. 0.00% 10,000 $4K 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 167$268.2MAAPL, BRK.B, MSFT, UNH, SYK
Q1 2026 165$249.8MAAPL, BRK.B, MSFT, SYK, AMGN
Q4 2025 165$262.6MMSFT, AAPL, BRK.B, SYK, GOOG
Q3 2025 166$259.9MMSFT, BRK.B, AAPL, SYK, UNH
Q2 2025 163$252.6MMSFT, BRK.B, SYK, AAPL, UNH
Q1 2025 162$246.4MBRK.B, UNH, MSFT, AAPL, SYK
Q4 2024 163$247.8MMSFT, BRK.B, UNH, AAPL, SYK
Q3 2024 157$252.7MUNH, MSFT, BRK.B, AAPL, SYK