Carnegie Lake Advisors LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Carnegie Lake Advisors LLC reported 165 stock positions worth $262.6 million. Its top holding was Microsoft (MSFT) at 5.3% of the portfolio, followed by Apple (AAPL, 5.1%) and Berkshire Hathaway Class B (BRK.B, 4.7%). Compared with Q3 2025, it opened 5 new positions, sold out of 6, added to 25 and reduced 62. The biggest buy was a new position in Boise Cascade (BCC) and the biggest sale an exit from U-Haul Holding Co.-Non Voting (UHAL.B).

Most Recent 13F
Q2 2026
Location
PRINCETON, NJ
CIK
0002043591
Portfolio Value
$262.6M (Q4 2025)
SEC Filing
0002043591-26-000001 ↗ filed Feb 10, 2026

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 Q3 2025 Q4 2025: $262.6M $262.6M Q4 2025 Q1 2026: $249.8M Q1 2026 Q2 2026: $268.2M Q2 2026

Holdings 165 stocks · $262.6M
MSFT Microsoft Corp. 5.25% 28,529 $13.8M Reduce -0.3%
AAPL Apple Inc. 5.11% 49,376 $13.4M Reduce -0.8%
BRK.B Berkshire Hathaway Inc. Class B 4.66% 24,345 $12.2M Reduce -4.1%
SYK Stryker Corp. 3.64% 27,169 $9.5M Reduce -0.5%
GOOG Alphabet Inc. Class C 3.33% 27,897 $8.8M Reduce -0.4%
UNH Unitedhealth Group Inc. 3.08% 24,466 $8.1M No change
AMGN Amgen Inc. 2.91% 23,345 $7.6M No change
WCC Wesco International Inc. 2.91% 31,217 $7.6M No change
PH Parker Hannifin Corp. 2.80% 8,376 $7.4M Reduce -0.1%
JPM JPMorgan Chase & Co. 2.54% 20,670 $6.7M Reduce -0.2%
COST Costco Wholesale Corp. 1.97% 5,992 $5.2M No change
ISRG Intuitive Surgical Inc. 1.96% 9,075 $5.1M No change
HD Home Depot Inc. 1.88% 14,340 $4.9M Add +0.0%
CNX CNX Resources Corp. 1.73% 123,875 $4.6M Reduce -1.0%
CSCO Cisco Systems Inc. 1.61% 54,873 $4.2M Reduce -0.6%
GOOGL Alphabet Inc. Class A 1.49% 12,485 $3.9M Reduce -0.4%
BN Brookfield Corp. 1.31% 75,209 $3.5M Add +8.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.31% 30,153 $3.4M Reduce -1.0%
AMZN Amazon.com Inc. 1.28% 14,604 $3.4M Add +0.3%
WMT Walmart Inc. 1.28% 30,081 $3.4M No change
INGR Ingredion Inc. 1.23% 29,275 $3.2M No change
TEVA Teva Pharmaceutical-SP ADR 1.19% 100,400 $3.1M Reduce -1.2%
JNJ Johnson & Johnson 1.14% 14,519 $3.0M No change
CVX Chevron Corp. 1.07% 18,464 $2.8M No change
NOBL Proshares S&P 500 Dividend A 1.04% 26,292 $2.7M Add +0.1%
AVGO Broadcom Inc. 0.98% 7,440 $2.6M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.95% 45,171 $2.5M Reduce -4.0%
NKE Nike Inc. Class B 0.93% 38,525 $2.5M Reduce -1.8%
WSC Willscot Holdings Corp. 0.91% 127,405 $2.4M Add +10.8%
FERG Ferguson Enterprises Inc. 0.87% 10,205 $2.3M No change
KO The Coca-Cola Co. 0.83% 31,080 $2.2M Reduce -1.6%
PFS Provident Financial Services 0.80% 106,958 $2.1M Reduce -0.5%
WMB Williams Cos Inc. 0.77% 33,750 $2.0M Reduce -1.5%
MCD McDonald's Corp. 0.73% 6,249 $1.9M No change
COLD Americold Realty Trust Inc. 0.70% 143,625 $1.8M Add +61.4%
RXST Rxsight Inc. 0.64% 161,845 $1.7M Reduce -16.7%
OCSL Oaktree Specialty Lending Co. 0.64% 131,538 $1.7M Reduce -0.3%
PEP Pepsico Inc. 0.64% 11,674 $1.7M No change
KMI Kinder Morgan Inc. 0.63% 59,710 $1.6M Reduce -0.3%
PG The Procter & Gamble Co. 0.62% 11,349 $1.6M No change
AZO AutoZone Inc. 0.60% 461 $1.6M Add +7.7%
GE General Electric filed as GE AEROSPACE 0.59% 5,039 $1.6M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.57% 12,888 $1.5M No change
PSLV Sprott Physical Silver Trust 0.57% 62,750 $1.5M No change
BLDR Builders Firstsource Inc. 0.53% 13,544 $1.4M No change
BA The Boeing Co. 0.51% 6,206 $1.3M Reduce -2.0%
ARCC Ares Capital Corp. 0.51% 66,113 $1.3M Reduce -0.1%
ENB Enbridge Inc. 0.51% 27,892 $1.3M Reduce -1.9%
PFE Pfizer Inc. 0.51% 53,285 $1.3M Reduce -14.3%
BX Blackstone Inc. 0.50% 8,555 $1.3M No change
STWD Starwood Property Trust Inc. 0.50% 72,899 $1.3M Reduce -3.3%
ADP Automatic Data Processing 0.48% 4,894 $1.3M No change
BMY Bristol-Myers Squibb Co. 0.48% 23,292 $1.3M Add +1.9%
BCC Boise Cascade Co. 0.46% 16,500 $1.2M New
WFC Wells Fargo & Co. 0.46% 12,941 $1.2M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.45% 3,950 $1.2M Reduce -1.3%
GDX Vaneck Gold Miners ETF 0.42% 12,900 $1.1M No change
GPK Graphic Packaging Holding Co. 0.42% 73,050 $1.1M Add +1.8%
PBH Prestige Consumer Healthcare 0.42% 17,774 $1.1M Reduce -7.8%
NVDA Nvidia Corp. 0.42% 5,853 $1.1M Add +1.5%
MDT Medtronic PLC 0.41% 11,256 $1.1M No change
NVO Novo-Nordisk A/S-Spons ADR 0.41% 21,175 $1.1M Add +5.1%
WPC WP Carey Inc. 0.40% 16,386 $1.1M Reduce -0.8%
UTG Reaves Utility Income Fund 0.40% 28,772 $1.1M Add +0.2%
ARMK Aramark 0.40% 28,550 $1.1M No change
UPS United Parcel Service Class B 0.40% 10,535 $1.0M Reduce -5.2%
CB Chubb Ltd. 0.40% 3,325 $1.0M Reduce -1.5%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.39% 10,000 $1.0M Reduce -0.3%
SKYY First Trust Cloud Computing 0.38% 7,727 $1.0M Reduce -0.0%
META Meta Platforms Inc. Class A 0.38% 1,515 $1.0M No change
C Citigroup Inc. 0.37% 8,388 $979K Reduce -24.4%
RSG Republic Services Inc. 0.37% 4,600 $975K No change
INTC Intel Corp. 0.37% 26,148 $965K No change
SEE Sealed Air Corp. 0.37% 23,196 $961K Reduce -12.4%
INVH Invitation Homes Inc. 0.36% 34,426 $957K Add +1.9%
MRK Merck & Co. Inc. 0.36% 9,064 $954K Add +2.6%
ZTS Zoetis Inc. 0.36% 7,424 $934K Reduce -11.9%
VTI VG Morningstar TS MKT ETF-US 0.34% 2,641 $886K Add +0.1%
JEPI JPMorgan Equity Premium Inco 0.33% 15,027 $860K Reduce -0.7%
GEV GE Vernova Inc. 0.31% 1,258 $822K Reduce -0.5%
MHK Mohawk Industries Inc. 0.31% 7,350 $803K No change
CGGR Cap Group Growth Equity 0.30% 17,919 $797K Add +0.0%
MTG Mgic Investment Corp. 0.30% 27,079 $791K No change
FSK FS KKR Capital Corp. 0.30% 52,668 $780K Reduce -9.6%
BAM Brookfield Asset Mgmt-A 0.29% 14,301 $749K Add +16.3%
NOW ServiceNow Inc. 0.28% 4,820 $738K No change
AVTR Avantor Inc. 0.28% 63,600 $729K Add +60.2%
OEC Orion SA 0.28% 137,456 $726K Reduce -30.3%
VUSB Vanguard Ultra Short Bond Et 0.27% 14,000 $698K New
XLF SS Financial Select Sector 0.27% 12,703 $696K Reduce -4.2%
TD Toronto-Dominion Bank 0.26% 7,299 $688K No change
XOM Exxon Mobil Corp. 0.26% 5,588 $672K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.25% 1,347 $657K Add +0.1%
LMT Lockheed Martin Corp. 0.25% 1,350 $653K No change
WBD Warner Bros Discovery Inc. 0.25% 22,623 $652K Reduce -74.0%
LBRDK Liberty Broadband-C 0.24% 12,921 $628K Reduce -4.9%
GGN Gamco GLBL Gold NTRL Res Inc. 0.22% 111,481 $575K Add +3.2%
SOFI Sofi Technologies Inc. 0.22% 21,650 $567K No change
EOG EOG Resources Inc. 0.21% 5,298 $556K Reduce -35.4%
T AT&T Inc. 0.21% 22,350 $555K Reduce -15.8%
VYM Vanguard High DVD Yield ETF 0.21% 3,838 $551K No change
SYY Sysco Corp. 0.21% 7,450 $549K Reduce -2.6%
APA Apa Corp. 0.21% 22,400 $548K Reduce -2.8%
STT State Street Corp. 0.20% 4,049 $522K Reduce -3.3%
FNV Franco-Nevada Corp. 0.20% 2,500 $518K No change
UMH Umh Properties Inc. filed as UMH PPTYS INC 0.19% 32,046 $510K No change
KIO KKR Income Opportunities 0.19% 43,624 $506K Reduce -9.0%
VZ Verizon Communications Inc. 0.18% 11,743 $478K Reduce -4.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.18% 690 $471K Add +0.1%
CWH Camping World Holdings Inc. Class A 0.18% 47,978 $467K Reduce -13.4%
LILAK Liberty Latin Americ Class C 0.18% 61,927 $462K Reduce -26.8%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.18% 7,945 $462K Reduce -0.1%
PTLC Pacer Trendpilot US Large Ca 0.17% 7,873 $438K No change
MKL Markel Group Inc. 0.16% 200 $430K No change
WPM Wheaton Precious Metals Corp. 0.16% 3,576 $420K No change
ROK Rockwell Automation Inc. 0.16% 1,048 $408K No change
LLY Eli Lilly & Co. 0.15% 371 $399K No change
CALF PCR US SM CP CSH CWS ETF-Usd 0.15% 8,872 $394K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.15% 1,825 $387K No change
TNL Travel + Leisure Co. 0.15% 5,417 $382K No change
UHAL U-Haul Holding Co. 0.14% 7,545 $380K Reduce -0.3%
CC The Chemours Co. 0.14% 31,196 $368K No change
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.14% 8,349 $364K Add +17.7%
VMI Valmont Industries 0.14% 900 $362K No change
ZBH Zimmer Biomet Holdings Inc. 0.14% 3,972 $357K No change
BHP BHP Group Ltd.-Spon ADR 0.13% 5,800 $350K No change
RITM Rithm Capital Corp. 0.13% 31,775 $346K No change
PHYS Sprott Physical Gold Trust 0.13% 10,200 $337K No change
GLPI Gaming and Leisure Propertie 0.13% 7,511 $336K No change
VTRS Viatris Inc. 0.12% 25,619 $319K Reduce -0.1%
CMCSA Comcast Corp. Class A 0.12% 10,496 $314K No change
WM Waste Management Inc. 0.12% 1,412 $310K No change
AEM Agnico Eagle Mines Ltd. 0.12% 1,814 $308K No change
SYF Synchrony Financial 0.12% 3,683 $307K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.12% 1,593 $304K No change
IVV iShares Core S&P 500 ETF 0.12% 442 $303K No change
VLY Valley National Bancorp 0.12% 25,862 $302K No change
PAAS Pan American Silver Corp. 0.11% 5,759 $298K No change
NEM Newmont Corp. 0.11% 2,977 $297K No change
GEHC GE Healthcare Technology 0.11% 3,559 $292K No change
QQQ Invesco QQQ Trust Series 1 0.11% 475 $292K Reduce -5.0%
DEA Easterly Government Properti 0.11% 13,187 $279K Add +0.9%
BDX Becton Dickinson and Co. 0.11% 1,425 $277K No change
FISV Fiserv Inc. 0.10% 4,050 $272K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.10% 1,313 $265K No change
OKE Oneok Inc. 0.10% 3,538 $260K Add +1.4%
BAX Baxter International Inc. 0.10% 13,550 $259K Reduce -9.4%
EPD Enterprise Products Partners 0.10% 8,000 $256K No change
TSLA Tesla Inc. 0.09% 551 $248K No change
UNP Union Pacific Corp. 0.09% 1,019 $236K Reduce -37.1%
WH Wyndham Hotels & Resorts Inc. 0.08% 2,926 $221K No change
NGD New Gold Inc. 0.08% 25,300 $220K Add +0.2%
CG The Carlyle Group Inc. 0.08% 3,665 $217K No change
JPEF JPMorgan Equity Focus ETF 0.08% 2,850 $213K Reduce -10.4%
PEG Public Service Enterprise GP 0.08% 2,586 $208K Reduce -16.2%
VXUS Vanguard Total Intl Stock 0.08% 2,705 $204K New
HPE Hewlett Packard Enterprise 0.08% 8,400 $202K No change
STEW SRH Total Return Fund Inc. 0.08% 10,745 $199K Reduce -10.1%
CLF Cleveland-Cliffs Inc. 0.06% 12,000 $159K No change
XAWPX Abrdn Global Premier Propert 0.06% 38,187 $147K No change
FSCO FS Credit Opportunities Corp. 0.05% 21,663 $136K No change
PGX Invesco Preferred ETF 0.05% 11,220 $126K Reduce -11.8%
PCT Purecycle Technologies Inc. 0.04% 10,950 $94K New
VSTS Vestis Corp. 0.03% 12,475 $83K Reduce -9.8%
GCV Gabelli Convert & Inc. Sec 0.03% 19,500 $81K No change

Portfolio Sells Q3 2025 → Q4 2025
UHAL.B U-Haul Holding Co.-Non Voting Sold out 0.00% −0.57
MSFT Microsoft Corp. Reduce -0.3% 5.25% −0.45
WBD Warner Bros Discovery Inc. Reduce -74.0% 0.25% −0.41
OEC Orion SA Reduce -30.3% 0.28% −0.30
CRM Salesforce Inc. Sold out 0.00% −0.30
BRK.B Berkshire Hathaway Inc. Class B Reduce -4.1% 4.66% −0.25
SYK Stryker Corp. Reduce -0.5% 3.64% −0.25
CWH Camping World Holdings Inc. Class A Reduce -13.4% 0.18% −0.16
EOG EOG Resources Inc. Reduce -35.4% 0.21% −0.14
ZTS Zoetis Inc. Reduce -11.9% 0.36% −0.12
NKE Nike Inc. Class B Reduce -1.8% 0.93% −0.12
PFE Pfizer Inc. Reduce -14.3% 0.51% −0.10
LILAK Liberty Latin Americ Class C Reduce -26.8% 0.18% −0.10
LBRDK Liberty Broadband-C Reduce -4.9% 0.24% −0.09
HPQ HP Inc. Sold out 0.00% −0.09
T AT&T Inc. Reduce -15.8% 0.21% −0.08
WMB Williams Cos Inc. Reduce -1.5% 0.77% −0.06
STWD Starwood Property Trust Inc. Reduce -3.3% 0.50% −0.06
C Citigroup Inc. Reduce -24.4% 0.37% −0.06
UNP Union Pacific Corp. Reduce -37.1% 0.09% −0.06
MUJ BlackRock Munihold NJ QLTY Sold out 0.00% −0.05
PBH Prestige Consumer Healthcare Reduce -7.8% 0.42% −0.05
ENB Enbridge Inc. Reduce -1.9% 0.51% −0.04
KIO KKR Income Opportunities Reduce -9.0% 0.19% −0.04
FSK FS KKR Capital Corp. Reduce -9.6% 0.30% −0.04
DIS The Walt Disney Co. Reduce -1.0% 1.31% −0.04
SYY Sysco Corp. Reduce -2.6% 0.21% −0.03
BAX Baxter International Inc. Reduce -9.4% 0.10% −0.03
RXST Rxsight Inc. Reduce -16.7% 0.64% −0.03
WPC WP Carey Inc. Reduce -0.8% 0.40% −0.03
KMI Kinder Morgan Inc. Reduce -0.3% 0.63% −0.03
MPT Medical Properties Trust Inc. Sold out 0.00% −0.03
VZ Verizon Communications Inc. Reduce -4.1% 0.18% −0.02
OCSL Oaktree Specialty Lending Co. Reduce -0.3% 0.64% −0.02
UHAL U-Haul Holding Co. Reduce -0.3% 0.14% −0.02
PEG Public Service Enterprise GP Reduce -16.2% 0.08% −0.02
SKYY First Trust Cloud Computing Reduce -0.0% 0.38% −0.02
BA The Boeing Co. Reduce -2.0% 0.51% −0.01
PSEC Prospect Capital Corp. Sold out 0.00% −0.01
ARCC Ares Capital Corp. Reduce -0.1% 0.51% −0.01
XLF SS Financial Select Sector Reduce -4.2% 0.27% −0.01
JPEF JPMorgan Equity Focus ETF Reduce -10.4% 0.08% −0.01
PGX Invesco Preferred ETF Reduce -11.8% 0.05% −0.01
STEW SRH Total Return Fund Inc. Reduce -10.1% 0.08% −0.01
APA Apa Corp. Reduce -2.8% 0.21% −0.01
TROW T Rowe Price Group Inc. Reduce -0.3% 0.39% −0.01
JEPI JPMorgan Equity Premium Inco Reduce -0.7% 0.33% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -5.0% 0.11% −0.00
JEPQ JPM Nasdaq Equity Premium Reduce -0.1% 0.18% −0.00
SEE Sealed Air Corp. Reduce -12.4% 0.37% +0.01

Portfolio Buys Q3 2025 → Q4 2025
BCC Boise Cascade Co. New 0.46% +0.46
COLD Americold Realty Trust Inc. Add +61.4% 0.70% +0.28
VUSB Vanguard Ultra Short Bond Et New 0.27% +0.27
FISV Fiserv Inc. New 0.10% +0.10
BN Brookfield Corp. Add +8.8% 1.31% +0.10
AVTR Avantor Inc. Add +60.2% 0.28% +0.09
BMY Bristol-Myers Squibb Co. Add +1.9% 0.48% +0.08
MRK Merck & Co. Inc. Add +2.6% 0.36% +0.08
VXUS Vanguard Total Intl Stock New 0.08% +0.08
AMZN Amazon.com Inc. Add +0.3% 1.28% +0.05
PCT Purecycle Technologies Inc. New 0.04% +0.04
CGDV Cap Group Dividend Value Add +17.7% 0.14% +0.02
BAM Brookfield Asset Mgmt-A Add +16.3% 0.29% +0.02
NGD New Gold Inc. Add +0.2% 0.08% +0.01
GGN Gamco GLBL Gold NTRL Res Inc. Add +3.2% 0.22% +0.00
VTI VG Morningstar TS MKT ETF-US Add +0.1% 0.34% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.1% 0.18% +0.00
VUG Vanguard Mrngstar GR ETF-Sui Add +0.1% 0.25% +0.00
NVDA Nvidia Corp. Add +1.5% 0.42% +0.00
OKE Oneok Inc. Add +1.4% 0.10% +0.00
NOBL Proshares S&P 500 Dividend A Add +0.1% 1.04% +0.00
CGGR Cap Group Growth Equity Add +0.0% 0.30% +0.00
DEA Easterly Government Properti Add +0.9% 0.11% −0.01
INVH Invitation Homes Inc. Add +1.9% 0.36% −0.02
NVO Novo-Nordisk A/S-Spons ADR Add +5.1% 0.41% −0.02
WSC Willscot Holdings Corp. Add +10.8% 0.91% −0.02
UTG Reaves Utility Income Fund Add +0.2% 0.40% −0.04
AZO AutoZone Inc. Add +7.7% 0.60% −0.11
GPK Graphic Packaging Holding Co. Add +1.8% 0.42% −0.12
HD Home Depot Inc. Add +0.0% 1.88% −0.36

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