Carnegie Lake Advisors LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), Carnegie Lake Advisors LLC reported 166 stock positions worth $259.9 million. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 4.9%) and Apple (AAPL, 4.9%). Compared with Q2 2025, it opened 8 new positions, sold out of 5, added to 22 and reduced 73. The biggest buy was a new position in Avantor (AVTR) and the biggest sale Willscot (WSC, shares −5%).

Most Recent 13F
Q2 2026
Location
PRINCETON, NJ
CIK
0002043591
Portfolio Value
$259.9M (Q3 2025)
SEC Filing
0002043591-25-000005 ↗ filed Oct 20, 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 Q1 2025 Q2 2025: $252.6M Q2 2025 Q3 2025: $259.9M $259.9M Q3 2025 Q4 2025: $262.6M Q4 2025 Q1 2026: $249.8M Q1 2026 Q2 2026: $268.2M Q2 2026

Holdings 166 stocks · $259.9M
MSFT Microsoft Corp. 5.71% 28,629 $14.8M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 4.91% 25,385 $12.8M Reduce -5.7%
AAPL Apple Inc. 4.88% 49,776 $12.7M Reduce -0.3%
SYK Stryker Corp. 3.88% 27,304 $10.1M No change
UNH Unitedhealth Group Inc. 3.25% 24,466 $8.4M No change
GOOG Alphabet Inc. Class C 2.62% 27,997 $6.8M Reduce -1.6%
WCC Wesco International Inc. 2.54% 31,217 $6.6M Reduce -0.4%
AMGN Amgen Inc. 2.54% 23,345 $6.6M No change
JPM JPMorgan Chase & Co. 2.51% 20,709 $6.5M Reduce -2.2%
PH Parker Hannifin Corp. 2.45% 8,386 $6.4M Reduce -4.0%
HD Home Depot Inc. 2.24% 14,339 $5.8M Reduce -2.7%
COST Costco Wholesale Corp. 2.13% 5,992 $5.5M No change
ISRG Intuitive Surgical Inc. 1.56% 9,075 $4.1M No change
CNX CNX Resources Corp. 1.55% 125,125 $4.0M Reduce -5.8%
CSCO Cisco Systems Inc. 1.45% 55,223 $3.8M No change
INGR Ingredion Inc. 1.38% 29,275 $3.6M Reduce -3.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.34% 30,465 $3.5M Reduce -0.7%
AMZN Amazon.com Inc. 1.23% 14,564 $3.2M Reduce -4.9%
BN Brookfield Corp. 1.22% 46,090 $3.2M Reduce -3.1%
WMT Walmart Inc. 1.19% 30,081 $3.1M No change
GOOGL Alphabet Inc. Class A 1.17% 12,535 $3.0M Reduce -1.6%
CVX Chevron Corp. 1.10% 18,464 $2.9M Reduce -0.3%
NKE Nike Inc. Class B 1.05% 39,235 $2.7M Reduce -1.3%
NOBL Proshares S&P 500 Dividend A 1.04% 26,254 $2.7M Add +1.4%
JNJ Johnson & Johnson 1.04% 14,519 $2.7M Reduce -5.8%
AVGO Broadcom Inc. 0.94% 7,440 $2.5M Reduce -9.4%
WSC Willscot Holdings Corp. 0.93% 115,035 $2.4M Reduce -5.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.93% 47,059 $2.4M Reduce -2.8%
FERG Ferguson Enterprises Inc. 0.88% 10,205 $2.3M Reduce -1.0%
WMB Williams Cos Inc. 0.83% 34,250 $2.2M Reduce -5.7%
KO The Coca-Cola Co. 0.81% 31,580 $2.1M Reduce -4.8%
PFS Provident Financial Services 0.80% 107,457 $2.1M No change
TEVA Teva Pharmaceutical-SP ADR 0.79% 101,600 $2.1M Reduce -2.2%
MCD McDonald's Corp. 0.73% 6,249 $1.9M Reduce -7.4%
AZO AutoZone Inc. 0.71% 428 $1.8M No change
RXST Rxsight Inc. 0.67% 194,345 $1.7M Add +81.6%
PG The Procter & Gamble Co. 0.67% 11,349 $1.7M Reduce -4.2%
OCSL Oaktree Specialty Lending Co. 0.66% 131,924 $1.7M Reduce -1.2%
WBD Warner Bros Discovery Inc. 0.65% 87,098 $1.7M Reduce -2.6%
KMI Kinder Morgan Inc. 0.65% 59,910 $1.7M Reduce -0.3%
BLDR Builders Firstsource Inc. 0.63% 13,544 $1.6M Reduce -6.8%
PEP Pepsico Inc. 0.63% 11,674 $1.6M Reduce -6.0%
PFE Pfizer Inc. 0.61% 62,198 $1.6M Add +1.0%
GE General Electric filed as GE AEROSPACE 0.58% 5,039 $1.5M No change
OEC Orion SA 0.57% 197,056 $1.5M Reduce -0.8%
UHAL.B U-Haul Holding Co.-Non Voting 0.57% 28,880 $1.5M Reduce -7.2%
BX Blackstone Inc. 0.56% 8,555 $1.5M No change
STWD Starwood Property Trust Inc. 0.56% 75,419 $1.5M Reduce -0.3%
ADP Automatic Data Processing 0.55% 4,894 $1.4M No change
ENB Enbridge Inc. 0.55% 28,442 $1.4M Reduce -5.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.54% 12,888 $1.4M Reduce -45.7%
GPK Graphic Packaging Holding Co. 0.54% 71,750 $1.4M Reduce -4.1%
BA The Boeing Co. 0.53% 6,331 $1.4M Reduce -2.1%
ARCC Ares Capital Corp. 0.52% 66,166 $1.4M Add +1.0%
ZTS Zoetis Inc. 0.47% 8,424 $1.2M No change
PBH Prestige Consumer Healthcare 0.46% 19,274 $1.2M Add +37.0%
UTG Reaves Utility Income Fund 0.44% 28,723 $1.1M Add +0.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.43% 4,000 $1.1M No change
C Citigroup Inc. 0.43% 11,103 $1.1M Add +3.0%
NVO Novo-Nordisk A/S-Spons ADR 0.43% 20,150 $1.1M No change
WPC WP Carey Inc. 0.43% 16,526 $1.1M Add +0.0%
META Meta Platforms Inc. Class A 0.43% 1,515 $1.1M Reduce -3.8%
ARMK Aramark 0.42% 28,550 $1.1M Reduce -5.0%
COLD Americold Realty Trust Inc. 0.42% 89,000 $1.1M Add +63.3%
WFC Wells Fargo & Co. 0.42% 12,941 $1.1M Reduce -5.8%
NVDA Nvidia Corp. 0.41% 5,768 $1.1M Reduce -13.7%
MDT Medtronic PLC 0.41% 11,256 $1.1M Reduce -2.6%
RSG Republic Services Inc. 0.41% 4,600 $1.1M No change
SKYY First Trust Cloud Computing 0.40% 7,730 $1.0M Reduce -0.6%
BMY Bristol-Myers Squibb Co. 0.40% 22,867 $1.0M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.40% 10,035 $1.0M No change
INVH Invitation Homes Inc. 0.38% 33,776 $991K Add +1.2%
GDX Vaneck Gold Miners ETF 0.38% 12,900 $986K No change
PSLV Sprott Physical Silver Trust 0.38% 62,750 $985K Add +1.2%
CB Chubb Ltd. 0.37% 3,375 $953K No change
MHK Mohawk Industries Inc. 0.36% 7,350 $948K Reduce -2.6%
SEE Sealed Air Corp. 0.36% 26,496 $937K Reduce -4.1%
UPS United Parcel Service Class B 0.36% 11,115 $928K Reduce -0.2%
EOG EOG Resources Inc. 0.35% 8,198 $919K No change
NOW ServiceNow Inc. 0.34% 964 $887K No change
INTC Intel Corp. 0.34% 26,148 $877K No change
CWH Camping World Holdings Inc. Class A 0.34% 55,378 $874K Reduce -2.3%
FSK FS KKR Capital Corp. 0.33% 58,250 $870K Reduce -3.3%
VTI VG Morningstar TS MKT ETF-US 0.33% 2,639 $866K No change
JEPI JPMorgan Equity Premium Inco 0.33% 15,127 $864K Add +0.9%
LBRDK Liberty Broadband-C 0.33% 13,585 $863K Add +20.4%
CGGR Cap Group Growth Equity 0.30% 17,916 $787K Add +32.0%
GEV GE Vernova Inc. 0.30% 1,264 $777K No change
CRM Salesforce Inc. 0.30% 3,246 $769K Reduce -16.5%
MTG Mgic Investment Corp. 0.30% 27,079 $768K Reduce -8.4%
T AT&T Inc. 0.29% 26,550 $750K Add +0.4%
MRK Merck & Co. Inc. 0.29% 8,832 $741K No change
LILAK Liberty Latin Americ Class C 0.27% 84,627 $714K No change
XLF SS Financial Select Sector 0.27% 13,257 $714K Reduce -1.2%
BAM Brookfield Asset Mgmt-A 0.27% 12,301 $700K No change
LMT Lockheed Martin Corp. 0.26% 1,350 $674K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.25% 1,346 $646K Add +1.0%
XOM Exxon Mobil Corp. 0.24% 5,588 $630K No change
SYY Sysco Corp. 0.24% 7,650 $630K Reduce -2.5%
KIO KKR Income Opportunities 0.23% 47,924 $604K Reduce -0.8%
TD Toronto-Dominion Bank 0.22% 7,299 $584K No change
SOFI Sofi Technologies Inc. 0.22% 21,650 $572K Reduce -0.2%
APA Apa Corp. 0.22% 23,050 $560K No change
FNV Franco-Nevada Corp. 0.21% 2,500 $557K No change
GGN Gamco GLBL Gold NTRL Res Inc. 0.21% 107,981 $557K No change
VYM Vanguard High DVD Yield ETF 0.21% 3,838 $541K Reduce -5.0%
VZ Verizon Communications Inc. 0.21% 12,243 $538K No change
AVTR Avantor Inc. 0.19% 39,700 $495K New
CC The Chemours Co. 0.19% 31,196 $494K Reduce -13.8%
STT State Street Corp. 0.19% 4,185 $486K Reduce -30.1%
UMH Umh Properties Inc. filed as UMH PPTYS INC 0.18% 32,046 $476K Add +7.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.18% 689 $459K Reduce -12.7%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.18% 7,955 $458K Add +3.5%
UHAL U-Haul Holding Co. 0.17% 7,570 $432K Reduce -3.2%
PTLC Pacer Trendpilot US Large Ca 0.17% 7,873 $431K Reduce -9.0%
WPM Wheaton Precious Metals Corp. 0.15% 3,576 $400K Reduce -16.1%
ZBH Zimmer Biomet Holdings Inc. 0.15% 3,972 $391K No change
CALF PCR US SM CP CSH CWS ETF-Usd 0.15% 8,872 $388K Add +20.9%
UNP Union Pacific Corp. 0.15% 1,619 $383K New
MKL Markel Group Inc. 0.15% 200 $382K Reduce -20.0%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.15% 1,825 $381K New
ROK Rockwell Automation Inc. 0.14% 1,048 $366K No change
RITM Rithm Capital Corp. 0.14% 31,775 $362K No change
GLPI Gaming and Leisure Propertie 0.13% 7,511 $350K No change
VMI Valmont Industries 0.13% 900 $349K No change
BAX Baxter International Inc. 0.13% 14,950 $340K Reduce -13.3%
CMCSA Comcast Corp. Class A 0.13% 10,496 $330K Reduce -9.5%
BHP BHP Group Ltd.-Spon ADR 0.12% 5,800 $323K Add +5.5%
TNL Travel + Leisure Co. 0.12% 5,417 $322K No change
WM Waste Management Inc. 0.12% 1,412 $312K No change
AEM Agnico Eagle Mines Ltd. 0.12% 1,814 $306K No change
PHYS Sprott Physical Gold Trust 0.12% 10,200 $302K No change
QQQ Invesco QQQ Trust Series 1 0.12% 500 $300K No change
DEA Easterly Government Properti 0.12% 13,064 $300K No change
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.11% 7,095 $298K Add +0.0%
VTV Vanguard Mrngstr Val ETF-Aui 0.11% 1,593 $297K No change
IVV iShares Core S&P 500 ETF 0.11% 442 $296K Reduce -10.7%
LLY Eli Lilly & Co. 0.11% 371 $283K No change
VLY Valley National Bancorp 0.11% 25,862 $274K No change
GEHC GE Healthcare Technology 0.10% 3,559 $267K No change
BDX Becton Dickinson and Co. 0.10% 1,425 $267K No change
SYF Synchrony Financial 0.10% 3,683 $262K No change
MTB M & T Bank Corp. filed as M & T BK CORP 0.10% 1,313 $259K No change
PEG Public Service Enterprise GP 0.10% 3,086 $258K No change
OKE Oneok Inc. 0.10% 3,488 $255K Add +29.8%
VTRS Viatris Inc. 0.10% 25,646 $254K Reduce -3.6%
NEM Newmont Corp. 0.10% 2,977 $251K New
EPD Enterprise Products Partners 0.10% 8,000 $250K No change
TSLA Tesla Inc. 0.09% 551 $245K New
JPEF JPMorgan Equity Focus ETF 0.09% 3,180 $236K Reduce -15.8%
WH Wyndham Hotels & Resorts Inc. 0.09% 2,926 $234K No change
CG The Carlyle Group Inc. 0.09% 3,665 $230K New
HPQ HP Inc. 0.09% 8,400 $229K No change
PAAS Pan American Silver Corp. 0.09% 5,759 $223K New
STEW SRH Total Return Fund Inc. 0.08% 11,945 $217K Reduce -16.5%
HPE Hewlett Packard Enterprise 0.08% 8,400 $206K New
NGD New Gold Inc. 0.07% 25,250 $181K No change
XAWPX Abrdn Global Premier Propert 0.06% 38,187 $152K No change
FSCO FS Credit Opportunities Corp. 0.06% 21,663 $150K No change
PGX Invesco Preferred ETF 0.06% 12,720 $148K No change
CLF Cleveland-Cliffs Inc. 0.06% 12,000 $146K Reduce -4.8%
MUJ BlackRock Munihold NJ QLTY 0.05% 11,814 $137K No change
GCV Gabelli Convert & Inc. Sec 0.03% 19,500 $81K Reduce -4.9%
MPT Medical Properties Trust Inc. 0.03% 13,500 $68K No change
VSTS Vestis Corp. 0.02% 13,825 $63K Reduce -7.4%
PSEC Prospect Capital Corp. 0.01% 11,000 $30K Reduce -14.1%

Portfolio Sells Q2 2025 → Q3 2025
WSC Willscot Holdings Corp. Reduce -5.1% 0.93% −0.38
BNY Bank of New York Mellon Corp. Reduce -45.7% 0.54% −0.32
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.7% 4.91% −0.27
INGR Ingredion Inc. Reduce -3.9% 1.38% −0.26
OEC Orion SA Reduce -0.8% 0.57% −0.25
CNX CNX Resources Corp. Reduce -5.8% 1.55% −0.23
DIS The Walt Disney Co. Reduce -0.7% 1.34% −0.16
FSK FS KKR Capital Corp. Reduce -3.3% 0.33% −0.16
CRM Salesforce Inc. Reduce -16.5% 0.30% −0.12
KO The Coca-Cola Co. Reduce -4.8% 0.81% −0.12
UHAL.B U-Haul Holding Co.-Non Voting Reduce -7.2% 0.57% −0.10
AMZN Amazon.com Inc. Reduce -4.9% 1.23% −0.10
CHTR Charter Communications Inc. Class A Sold out 0.00% −0.10
KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.09
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.09
UPS United Parcel Service Class B Reduce -0.2% 0.36% −0.09
GPK Graphic Packaging Holding Co. Reduce -4.1% 0.54% −0.08
NFLX Netflix Inc. Sold out 0.00% −0.08
PG The Procter & Gamble Co. Reduce -4.2% 0.67% −0.08
ARMK Aramark Reduce -5.0% 0.42% −0.08
BAX Baxter International Inc. Reduce -13.3% 0.13% −0.08
WMB Williams Cos Inc. Reduce -5.7% 0.83% −0.07
STT State Street Corp. Reduce -30.1% 0.19% −0.07
NKE Nike Inc. Class B Reduce -1.3% 1.05% −0.06
OCSL Oaktree Specialty Lending Co. Reduce -1.2% 0.66% −0.06
MKL Markel Group Inc. Reduce -20.0% 0.15% −0.05
MCD McDonald's Corp. Reduce -7.4% 0.73% −0.05
CWH Camping World Holdings Inc. Class A Reduce -2.3% 0.34% −0.05
KMI Kinder Morgan Inc. Reduce -0.3% 0.65% −0.05
BLDR Builders Firstsource Inc. Reduce -6.8% 0.63% −0.04
STWD Starwood Property Trust Inc. Reduce -0.3% 0.56% −0.04
CMCSA Comcast Corp. Class A Reduce -9.5% 0.13% −0.04
META Meta Platforms Inc. Class A Reduce -3.8% 0.43% −0.03
MTG Mgic Investment Corp. Reduce -8.4% 0.30% −0.03
UHAL U-Haul Holding Co. Reduce -3.2% 0.17% −0.02
WFC Wells Fargo & Co. Reduce -5.8% 0.42% −0.02
PEP Pepsico Inc. Reduce -6.0% 0.63% −0.02
STEW SRH Total Return Fund Inc. Reduce -16.5% 0.08% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Reduce -12.7% 0.18% −0.02
JPEF JPMorgan Equity Focus ETF Reduce -15.8% 0.09% −0.01
BA The Boeing Co. Reduce -2.1% 0.53% −0.01
VSTS Vestis Corp. Reduce -7.4% 0.02% −0.01
KIO KKR Income Opportunities Reduce -0.8% 0.23% −0.01
PTLC Pacer Trendpilot US Large Ca Reduce -9.0% 0.17% −0.01
IVV iShares Core S&P 500 ETF Reduce -10.7% 0.11% −0.01
FERG Ferguson Enterprises Inc. Reduce -1.0% 0.88% −0.01
VYM Vanguard High DVD Yield ETF Reduce -5.0% 0.21% −0.00
PSEC Prospect Capital Corp. Reduce -14.1% 0.01% −0.00
NVDA Nvidia Corp. Reduce -13.7% 0.41% −0.00
XLF SS Financial Select Sector Reduce -1.2% 0.27% −0.00

Portfolio Buys Q2 2025 → Q3 2025
AVTR Avantor Inc. New 0.19% +0.19
UNP Union Pacific Corp. New 0.15% +0.15
VBR Vngrd Mrngst SL-CP Val ETF-U New 0.15% +0.15
RXST Rxsight Inc. Add +81.6% 0.67% +0.12
NEM Newmont Corp. New 0.10% +0.10
TSLA Tesla Inc. New 0.09% +0.09
CG The Carlyle Group Inc. New 0.09% +0.09
PAAS Pan American Silver Corp. New 0.09% +0.09
CGGR Cap Group Growth Equity Add +32.0% 0.30% +0.08
HPE Hewlett Packard Enterprise New 0.08% +0.08
PSLV Sprott Physical Silver Trust Add +1.2% 0.38% +0.08
C Citigroup Inc. Add +3.0% 0.43% +0.07
COLD Americold Realty Trust Inc. Add +63.3% 0.42% +0.06
CALF PCR US SM CP CSH CWS ETF-Usd Add +20.9% 0.15% +0.03
UTG Reaves Utility Income Fund Add +0.4% 0.44% +0.03
WPC WP Carey Inc. Add +0.0% 0.43% +0.02
BHP BHP Group Ltd.-Spon ADR Add +5.5% 0.12% +0.02
PFE Pfizer Inc. Add +1.0% 0.61% +0.02
PBH Prestige Consumer Healthcare Add +37.0% 0.46% +0.02
VUG Vanguard Mrngstar GR ETF-Sui Add +1.0% 0.25% +0.02
OKE Oneok Inc. Add +29.8% 0.10% +0.01
JEPQ JPM Nasdaq Equity Premium Add +3.5% 0.18% +0.01
NOBL Proshares S&P 500 Dividend A Add +1.4% 1.04% +0.01
CGDV Cap Group Dividend Value Add +0.0% 0.11% +0.00
JEPI JPMorgan Equity Premium Inco Add +0.9% 0.33% −0.00
T AT&T Inc. Add +0.4% 0.29% −0.01
UMH Umh Properties Inc. Add +7.0% 0.18% −0.02
ARCC Ares Capital Corp. Add +1.0% 0.52% −0.05
INVH Invitation Homes Inc. Add +1.2% 0.38% −0.05
LBRDK Liberty Broadband-C Add +20.4% 0.33% −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