Citadel Investment Advisory, Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 17, 2025), Citadel Investment Advisory, Inc. reported 81 stock positions worth $203.4 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 28.6% of the portfolio, followed by Markel (MKL, 14.7%) and Alphabet Class A (GOOGL, 3.9%). Compared with Q4 2024, it added to 18 and reduced 18. The biggest buy was Imperial Metals (IPMLF, shares +5%) and the biggest sale Alphabet Class C (GOOG, shares −3%).

Most Recent 13F
Q2 2026
Location
CHESTERLAND, OH
CIK
0001811907
Portfolio Value
$203.4M (Q1 2025)
SEC Filing
0001811907-25-000002 ↗ filed Apr 17, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $177.1M Q1 2024 Q2 2024: $175.5M Q2 2024 Q3 2024: $189.8M Q3 2024 Q4 2024: $192.6M Q4 2024 Q1 2025: $203.4M $203.4M Q1 2025 Q2 2025: $206.1M Q2 2025 Q3 2025: $217.7M Q3 2025 Q4 2025: $231.2M Q4 2025 Q1 2026: $209.2M Q1 2026 Q2 2026: $220.0M Q2 2026

Holdings 81 stocks · $203.4M
BRK.B Berkshire Hathaway Inc. Class B 28.61% 109,270 $58.2M Reduce -0.1%
MKL Markel Group Inc. 14.72% 16,014 $29.9M Add +0.5%
GOOGL Alphabet Inc. Class A 3.88% 51,060 $7.9M Add +2.7%
PM Philip Morris International 3.23% 41,391 $6.6M No change
MSFT Microsoft Corp. 2.93% 15,881 $6.0M Add +0.2%
GOOG Alphabet Inc. Class C 2.24% 29,165 $4.6M Reduce -3.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.17% 17,716 $4.4M No change
JNJ Johnson & Johnson 2.00% 24,582 $4.1M Add +0.2%
RTX RTX Corp. 1.96% 30,069 $4.0M No change
ABBV Abbvie Inc. 1.90% 18,456 $3.9M Add +0.4%
MCO Moody's Corp. 1.83% 7,985 $3.7M No change
IPMLF Imperial Metals Corp. 1.77% 1,851,453 $3.6M Add +5.0%
MCD McDonald's Corp. 1.72% 11,200 $3.5M Add +0.0%
ORCL Oracle Corp. 1.65% 23,981 $3.4M Add +5.0%
KO The Coca-Cola Co. 1.52% 43,028 $3.1M Reduce -0.1%
BKNG Booking Holdings Inc. 1.39% 615 $2.8M Add +3.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.23% 25,362 $2.5M Add +0.5%
PEP Pepsico Inc. 1.23% 16,671 $2.5M No change
GD General Dynamics Corp. 1.20% 8,906 $2.4M No change
GS Goldman Sachs Group Inc. 1.18% 4,410 $2.4M No change
MTD Mettler-Toledo International 1.08% 1,870 $2.2M No change
JPM JPMorgan Chase & Co. 1.07% 8,886 $2.2M No change
Medtronic 1.04% 23,585 $2.1M Reduce -0.1%
CEDAR FAIR LP 0.90% 51,172 $1.8M Add +2.5%
AXP American Express Co. 0.89% 6,709 $1.8M Reduce -2.5%
CACC Credit Acceptance Corp. 0.75% 2,959 $1.5M Add +5.6%
IDXX Idexx Laboratories Inc. 0.75% 3,635 $1.5M Reduce -0.7%
WFC Wells Fargo & Co. 0.74% 21,041 $1.5M No change
MHK Mohawk Industries Inc. 0.72% 12,848 $1.5M Add +0.8%
BUD Anheuser-Busch Inbev-SPN ADR 0.67% 22,207 $1.4M Add +883.9%
CSX CSX Corp. 0.65% 44,660 $1.3M No change
ABT Abbott Laboratories 0.63% 9,614 $1.3M No change
LOW Lowe's Cos Inc. 0.57% 4,970 $1.2M No change
AMG Affiliated Managers Group 0.49% 5,939 $998K Add +0.8%
AMZN Amazon.com Inc. 0.47% 5,072 $965K No change
ETN Eaton Corp. PLC 0.46% 3,457 $940K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.45% 21,895 $914K No change
DHR Danaher Corp. 0.44% 4,373 $896K No change
HHC The Howard Hughes Corp. 0.44% 11,992 $888K No change
SYY Sysco Corp. 0.43% 11,526 $865K Reduce -3.0%
JEF Jefferies Financial Group Inc. 0.40% 15,285 $819K Add +3.4%
EG Everest Group Ltd. 0.40% 2,227 $809K No change
FISV Fiserv Inc. 0.39% 3,550 $784K Reduce -2.5%
CNI Canadian Natl Railway Co. 0.38% 7,961 $776K No change
PG The Procter & Gamble Co. 0.35% 4,162 $709K No change
John Marshall Bank 0.33% 40,100 $662K Add +1.8%
CMCSA Comcast Corp. Class A 0.32% 17,880 $660K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.32% 9,096 $647K No change
MA Mastercard Inc. Class A 0.31% 1,155 $633K No change
BA The Boeing Co. 0.30% 3,585 $611K No change
LDOS Leidos Holdings Inc. 0.30% 4,517 $610K No change
WBD Warner Bros Discovery Inc. 0.29% 55,364 $594K No change
WYNN WYNN Resorts Ltd. 0.26% 6,211 $519K Reduce -1.2%
UPS United Parcel Service Class A 0.25% 4,656 $512K Reduce -2.1%
META Meta Platforms Inc. Class A 0.23% 810 $467K No change
T AT&T Inc. 0.22% 16,037 $454K Reduce -3.0%
ESAB Esab Corp. 0.22% 3,860 $450K Reduce -4.1%
LECO Lincoln Electric Holdings 0.22% 2,345 $444K No change
VISTAPRINT N V 0.19% 8,675 $392K No change
CI The Cigna Group 0.18% 1,131 $372K No change
AAPL Apple Inc. 0.17% 1,600 $355K No change
MDLZ Mondelez International Inc. Class A 0.16% 4,870 $330K No change
LBRDK Liberty Broadband-C 0.15% 3,661 $311K No change
SEIC Sei Investments Company 0.15% 3,940 $306K No change
WTW Willis Towers Watson PLC 0.14% 826 $279K No change
FCN Fti Consulting Inc. 0.13% 1,670 $274K No change
INTC Intel Corp. 0.13% 11,285 $256K Reduce -1.7%
BF.B Brown-Forman Corp. Class B 0.11% 6,804 $231K No change
KHC The Kraft Heinz Co. 0.11% 7,547 $230K Reduce -0.9%
KDP Keurig Dr Pepper Inc. 0.11% 6,445 $221K Add +6.6%
SIRI Sirius XM Holdings Inc. 0.10% 9,163 $207K Reduce -1.6%
PNFP Pinnacle Financial Partners 0.10% 1,909 $202K No change
WTM White Mountains Insurance GP 0.09% 100 $193K No change
Ascent Industries Corp 0.09% 14,701 $186K No change
CABO Cable One Inc. 0.09% 675 $179K No change
ENOV Enovis Corp. 0.07% 3,055 $134K No change
ECHO Echostar Corp. Class A 0.06% 4,982 $114K No change
LBYKV Liberty Global PLC-C-Wi 0.05% 8,777 $105K Reduce -9.4%
AAP Advance Auto Parts Inc. 0.04% 2,300 $90K No change
PARAA Paramount Global Class A 0.04% 7,012 $84K Reduce -13.3%
LBYAV Liberty Global PLC-A-Wi 0.04% 6,364 $73K Reduce -11.1%
Other holdings (1): bonds, preferreds, convertibles and warrants · $393K (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP INC (C 6.875 PERP L) Equity 4,197$393KReduce -4.5%

Total filed on the 13F, all lines: $203.8M.

Portfolio Sells Q4 2024 → Q1 2025
GOOG Alphabet Inc. Class C Reduce -3.1% 2.24% −0.74
AXP American Express Co. Reduce -2.5% 0.89% −0.17
UPS United Parcel Service Class A Reduce -2.1% 0.25% −0.06
SYY Sysco Corp. Reduce -3.0% 0.43% −0.05
IDXX Idexx Laboratories Inc. Reduce -0.7% 0.75% −0.03
ESAB Esab Corp. Reduce -4.1% 0.22% −0.03
WYNN WYNN Resorts Ltd. Reduce -1.2% 0.26% −0.03
LBYKV Liberty Global PLC-C-Wi Reduce -9.4% 0.05% −0.01
LBYAV Liberty Global PLC-A-Wi Reduce -11.1% 0.04% −0.01
KHC The Kraft Heinz Co. Reduce -0.9% 0.11% −0.01
SIRI Sirius XM Holdings Inc. Reduce -1.6% 0.10% −0.01
FISV Fiserv Inc. Reduce -2.5% 0.39% −0.00
PARAA Paramount Global Class A Reduce -13.3% 0.04% −0.00
INTC Intel Corp. Reduce -1.7% 0.13% +0.01
T AT&T Inc. Reduce -3.0% 0.22% +0.03
Medtronic Reduce -0.1% 1.04% +0.06
KO The Coca-Cola Co. Reduce -0.1% 1.52% +0.12
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.1% 28.61% +2.87

Portfolio Buys Q4 2024 → Q1 2025
IPMLF Imperial Metals Corp. Add +5.0% 1.77% +0.62
MKL Markel Group Inc. Add +0.5% 14.72% +0.43
ABBV Abbvie Inc. Add +0.4% 1.90% +0.21
JNJ Johnson & Johnson Add +0.2% 2.00% +0.16
BUD Anheuser-Busch Inbev-SPN ADR Add +883.9% 0.67% +0.09
CACC Credit Acceptance Corp. Add +5.6% 0.75% +0.07
MCD McDonald's Corp. Add +0.0% 1.72% +0.03
KDP Keurig Dr Pepper Inc. Add +6.6% 0.11% +0.01
MHK Mohawk Industries Inc. Add +0.8% 0.72% −0.07
AMG Affiliated Managers Group Add +0.8% 0.49% −0.07
John Marshall Bank Add +1.8% 0.33% −0.09
BKNG Booking Holdings Inc. Add +3.0% 1.39% −0.15
JEF Jefferies Financial Group Inc. Add +3.4% 0.40% −0.20
DIS The Walt Disney Co. Add +0.5% 1.23% −0.23
ORCL Oracle Corp. Add +5.0% 1.65% −0.33
CEDAR FAIR LP Add +2.5% 0.90% −0.35
MSFT Microsoft Corp. Add +0.2% 2.93% −0.54
GOOGL Alphabet Inc. Class A Add +2.7% 3.88% −1.00

Notes & Other Activity Q4 2024 → Q1 2025
CITIGROUP INC (C 6.875 PERP L) Equity Reduce -4.5% 4,197 $393K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 75$220.0MBRK.B, MKL, GOOGL, GOOG, IPMLF
Q1 2026 77$209.2MBRK.B, MKL, GOOGL, IPMLF, GOOG
Q4 2025 78$231.2MBRK.B, MKL, GOOGL, IPMLF, GOOG
Q3 2025 81$217.7MBRK.B, MKL, GOOGL, MSFT, IPMLF
Q2 2025 82$206.1MBRK.B, MKL, GOOGL, MSFT, PM
Q1 2025 81$203.4MBRK.B, MKL, GOOGL, PM, MSFT
Q4 2024 81$192.6MBRK.B, MKL, GOOGL, MSFT, GOOG
Q3 2024 80$189.8MBRK.B, MKL, GOOGL, MSFT, GOOG
Q2 2024 81$175.5MBRK.B, MKL, GOOGL, MSFT, GOOG
Q1 2024 81$177.1MBRK.B, MKL, GOOGL, MSFT, GOOG