Citadel Investment Advisory, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Citadel Investment Advisory, Inc. reported 82 stock positions worth $206.1 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 24.5% of the portfolio, followed by Markel (MKL, 15.0%) and Alphabet Class A (GOOGL, 4.3%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 7 and reduced 60. The biggest buy was Idexx Laboratories (IDXX, shares +1%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- CHESTERLAND, OH
- CIK
- 0001811907
- Portfolio Value
- $206.1M (Q2 2025)
- SEC Filing
- 0001811907-25-000003 ↗ filed Aug 5, 2025
Holdings Value
Holdings 82 stocks · $206.1M
| BRK.B Berkshire Hathaway Inc. Class B | 24.49% | 105,415 | $50.5M | Reduce -3.5% |
| MKL Markel Group Inc. | 14.96% | 15,437 | $30.8M | Reduce -3.6% |
| GOOGL Alphabet Inc. Class A | 4.25% | 49,730 | $8.8M | Reduce -2.6% |
| MSFT Microsoft Corp. | 3.60% | 14,927 | $7.4M | Reduce -6.0% |
| PM Philip Morris International | 3.50% | 39,580 | $7.2M | Reduce -4.4% |
| IPMLF Imperial Metals Corp. | 3.04% | 1,769,437 | $6.3M | Reduce -4.4% |
| GOOG Alphabet Inc. Class C | 2.50% | 29,015 | $5.1M | Reduce -0.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.46% | 17,185 | $5.1M | Reduce -3.0% |
| ORCL Oracle Corp. | 2.46% | 23,150 | $5.1M | Reduce -3.5% |
| RTX RTX Corp. | 2.02% | 28,571 | $4.2M | Reduce -5.0% |
| MCO Moody's Corp. | 1.87% | 7,702 | $3.9M | Reduce -3.5% |
| JNJ Johnson & Johnson | 1.74% | 23,471 | $3.6M | Reduce -4.5% |
| BKNG Booking Holdings Inc. | 1.67% | 593 | $3.4M | Reduce -3.6% |
| ABBV Abbvie Inc. | 1.65% | 18,316 | $3.4M | Reduce -0.8% |
| MCD McDonald's Corp. | 1.49% | 10,526 | $3.1M | Reduce -6.0% |
| GS Goldman Sachs Group Inc. | 1.46% | 4,262 | $3.0M | Reduce -3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.40% | 23,224 | $2.9M | Reduce -8.4% |
| KO The Coca-Cola Co. | 1.39% | 40,403 | $2.9M | Reduce -6.1% |
| JPM JPMorgan Chase & Co. | 1.21% | 8,599 | $2.5M | Reduce -3.2% |
| GD General Dynamics Corp. | 1.19% | 8,411 | $2.5M | Reduce -5.6% |
| PEP Pepsico Inc. | 1.02% | 15,968 | $2.1M | Reduce -4.2% |
| MTD Mettler-Toledo International | 0.97% | 1,710 | $2.0M | Reduce -8.6% |
| IDXX Idexx Laboratories Inc. | 0.96% | 3,682 | $2.0M | Add +1.3% |
| Medtronic | 0.95% | 22,436 | $2.0M | Reduce -4.9% |
| AXP American Express Co. | 0.93% | 6,032 | $1.9M | Reduce -10.1% |
| CEDAR FAIR LP | 0.86% | 58,487 | $1.8M | Add +14.3% |
| WFC Wells Fargo & Co. | 0.79% | 20,341 | $1.6M | Reduce -3.3% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.71% | 21,369 | $1.5M | Reduce -3.8% |
| CACC Credit Acceptance Corp. | 0.67% | 2,702 | $1.4M | Reduce -8.7% |
| MHK Mohawk Industries Inc. | 0.65% | 12,871 | $1.3M | Add +0.2% |
| CSX CSX Corp. | 0.65% | 40,910 | $1.3M | Reduce -8.4% |
| AMG Affiliated Managers Group | 0.62% | 6,449 | $1.3M | Add +8.6% |
| ABT Abbott Laboratories | 0.60% | 90,164 | $1.2M | Add +837.8% |
| ETN Eaton Corp. PLC | 0.56% | 3,244 | $1.2M | Reduce -6.2% |
| AMZN Amazon.com Inc. | 0.51% | 4,772 | $1.0M | Reduce -5.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 21,895 | $1.0M | No change |
| JEF Jefferies Financial Group Inc. | 0.49% | 18,420 | $1.0M | Add +20.5% |
| LOW Lowe's Cos Inc. | 0.48% | 4,420 | $981K | Reduce -11.1% |
| DHR Danaher Corp. | 0.42% | 4,348 | $859K | Reduce -0.6% |
| CNI Canadian Natl Railway Co. | 0.39% | 7,711 | $802K | Reduce -3.1% |
| SYY Sysco Corp. | 0.39% | 10,588 | $802K | Reduce -8.1% |
| HHC The Howard Hughes Corp. | 0.39% | 11,792 | $796K | Reduce -1.7% |
| BA The Boeing Co. | 0.36% | 3,495 | $732K | Reduce -2.5% |
| EG Everest Group Ltd. | 0.35% | 2,127 | $723K | Reduce -4.5% |
| John Marshall Bank | 0.34% | 38,300 | $710K | Reduce -4.5% |
| LDOS Leidos Holdings Inc. | 0.33% | 4,367 | $689K | Reduce -3.3% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.32% | 8,928 | $656K | Reduce -1.9% |
| MA Mastercard Inc. Class A | 0.31% | 1,155 | $649K | No change |
| PG The Procter & Gamble Co. | 0.31% | 4,012 | $639K | Reduce -3.6% |
| FISV Fiserv Inc. | 0.30% | 3,550 | $612K | No change |
| WBD Warner Bros Discovery Inc. | 0.29% | 52,679 | $604K | Reduce -4.8% |
| META Meta Platforms Inc. Class A | 0.29% | 810 | $598K | No change |
| CMCSA Comcast Corp. Class A | 0.28% | 16,430 | $586K | Reduce -8.1% |
| WYNN WYNN Resorts Ltd. | 0.27% | 5,961 | $558K | Reduce -4.0% |
| ESAB Esab Corp. | 0.22% | 3,727 | $449K | Reduce -3.5% |
| UPS United Parcel Service Class A | 0.22% | 4,431 | $447K | Reduce -4.8% |
| T AT&T Inc. | 0.20% | 14,531 | $421K | Reduce -9.4% |
| VISTAPRINT N V | 0.20% | 8,575 | $403K | Reduce -1.1% |
| CI The Cigna Group | 0.18% | 1,131 | $374K | No change |
| SEIC Sei Investments Company | 0.17% | 3,940 | $354K | No change |
| LBRDK Liberty Broadband-C | 0.16% | 3,412 | $336K | Reduce -6.8% |
| MSCI MSCI Inc. | 0.16% | 580 | $335K | New |
| AAPL Apple Inc. | 0.16% | 1,600 | $328K | No change |
| LECO Lincoln Electric Holdings | 0.16% | 1,571 | $326K | Reduce -33.0% |
| MDLZ Mondelez International Inc. Class A | 0.15% | 4,699 | $317K | Reduce -3.5% |
| FCN Fti Consulting Inc. | 0.13% | 1,670 | $270K | No change |
| KDP Keurig Dr Pepper Inc. | 0.13% | 7,845 | $259K | Add +21.7% |
| WTW Willis Towers Watson PLC | 0.12% | 817 | $250K | Reduce -1.1% |
| INTC Intel Corp. | 0.12% | 10,710 | $240K | Reduce -5.1% |
| PNFP Pinnacle Financial Partners | 0.10% | 1,909 | $211K | No change |
| COF Capital One Financial Corp. | 0.10% | 950 | $202K | New |
| SIRI Sirius XM Holdings Inc. | 0.09% | 8,491 | $195K | Reduce -7.3% |
| KHC The Kraft Heinz Co. | 0.09% | 7,298 | $188K | Reduce -3.3% |
| Ascent Industries Corp | 0.09% | 14,701 | $185K | No change |
| BF.B Brown-Forman Corp. Class B | 0.09% | 6,804 | $183K | No change |
| WTM White Mountains Insurance GP | 0.09% | 100 | $180K | No change |
| ECHO Echostar Corp. Class A | 0.06% | 4,982 | $114K | No change |
| ENOV Enovis Corp. | 0.04% | 2,889 | $91K | Reduce -5.4% |
| PARAA Paramount Global Class A | 0.04% | 6,738 | $87K | Reduce -3.9% |
| CABO Cable One Inc. | 0.04% | 610 | $83K | Reduce -9.6% |
| LBYKV Liberty Global PLC-C-Wi | 0.04% | 7,967 | $82K | Reduce -9.2% |
| LBYAV Liberty Global PLC-A-Wi | 0.03% | 6,107 | $61K | Reduce -4.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $363K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CITIGROUP INC (C 6.875 PERP L) | Equity | 3,997 | $363K | Reduce -4.8% |
Total filed on the 13F, all lines: $206.5M.
Portfolio Sells Q1 2025 → Q2 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.5% | 24.49% | −4.12 |
| JNJ Johnson & Johnson | Reduce -4.5% | 1.74% | −0.27 |
| ABBV Abbvie Inc. | Reduce -0.8% | 1.65% | −0.25 |
| MCD McDonald's Corp. | Reduce -6.0% | 1.49% | −0.23 |
| PEP Pepsico Inc. | Reduce -4.2% | 1.02% | −0.21 |
| KO The Coca-Cola Co. | Reduce -6.1% | 1.39% | −0.13 |
| MTD Mettler-Toledo International | Reduce -8.6% | 0.97% | −0.10 |
| LOW Lowe's Cos Inc. | Reduce -11.1% | 0.48% | −0.09 |
| Medtronic | Reduce -4.9% | 0.95% | −0.09 |
| CACC Credit Acceptance Corp. | Reduce -8.7% | 0.67% | −0.08 |
| LECO Lincoln Electric Holdings | Reduce -33.0% | 0.16% | −0.06 |
| HHC The Howard Hughes Corp. | Reduce -1.7% | 0.39% | −0.05 |
| CABO Cable One Inc. | Reduce -9.6% | 0.04% | −0.05 |
| EG Everest Group Ltd. | Reduce -4.5% | 0.35% | −0.05 |
| AAP Advance Auto Parts Inc. | Sold out | 0.00% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -8.1% | 0.28% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -3.6% | 0.31% | −0.04 |
| SYY Sysco Corp. | Reduce -8.1% | 0.39% | −0.04 |
| UPS United Parcel Service Class A | Reduce -4.8% | 0.22% | −0.03 |
| DHR Danaher Corp. | Reduce -0.6% | 0.42% | −0.02 |
| KHC The Kraft Heinz Co. | Reduce -3.3% | 0.09% | −0.02 |
| ENOV Enovis Corp. | Reduce -5.4% | 0.04% | −0.02 |
| T AT&T Inc. | Reduce -9.4% | 0.20% | −0.02 |
| WTW Willis Towers Watson PLC | Reduce -1.1% | 0.12% | −0.02 |
| LBYKV Liberty Global PLC-C-Wi | Reduce -9.2% | 0.04% | −0.01 |
| INTC Intel Corp. | Reduce -5.1% | 0.12% | −0.01 |
| GD General Dynamics Corp. | Reduce -5.6% | 1.19% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Reduce -3.5% | 0.15% | −0.01 |
| SIRI Sirius XM Holdings Inc. | Reduce -7.3% | 0.09% | −0.01 |
| LBYAV Liberty Global PLC-A-Wi | Reduce -4.0% | 0.03% | −0.01 |
| ESAB Esab Corp. | Reduce -3.5% | 0.22% | −0.00 |
| WRB WR Berkley Corp. | Reduce -1.9% | 0.32% | +0.00 |
| PARAA Paramount Global Class A | Reduce -3.9% | 0.04% | +0.00 |
| WBD Warner Bros Discovery Inc. | Reduce -4.8% | 0.29% | +0.00 |
| CSX CSX Corp. | Reduce -8.4% | 0.65% | +0.00 |
| VISTAPRINT N V | Reduce -1.1% | 0.20% | +0.00 |
| CNI Canadian Natl Railway Co. | Reduce -3.1% | 0.39% | +0.01 |
| LBRDK Liberty Broadband-C | Reduce -6.8% | 0.16% | +0.01 |
| WYNN WYNN Resorts Ltd. | Reduce -4.0% | 0.27% | +0.02 |
| John Marshall Bank | Reduce -4.5% | 0.34% | +0.02 |
| AMZN Amazon.com Inc. | Reduce -5.9% | 0.51% | +0.03 |
| LDOS Leidos Holdings Inc. | Reduce -3.3% | 0.33% | +0.03 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -3.8% | 0.71% | +0.04 |
| MCO Moody's Corp. | Reduce -3.5% | 1.87% | +0.05 |
| AXP American Express Co. | Reduce -10.1% | 0.93% | +0.05 |
| WFC Wells Fargo & Co. | Reduce -3.3% | 0.79% | +0.05 |
| BA The Boeing Co. | Reduce -2.5% | 0.36% | +0.05 |
| RTX RTX Corp. | Reduce -5.0% | 2.02% | +0.07 |
| ETN Eaton Corp. PLC | Reduce -6.2% | 0.56% | +0.10 |
| JPM JPMorgan Chase & Co. | Reduce -3.2% | 1.21% | +0.14 |
Portfolio Buys Q1 2025 → Q2 2025
| IDXX Idexx Laboratories Inc. | Add +1.3% | 0.96% | +0.21 |
| MSCI MSCI Inc. | New | 0.16% | +0.16 |
| AMG Affiliated Managers Group | Add +8.6% | 0.62% | +0.13 |
| COF Capital One Financial Corp. | New | 0.10% | +0.10 |
| JEF Jefferies Financial Group Inc. | Add +20.5% | 0.49% | +0.09 |
| KDP Keurig Dr Pepper Inc. | Add +21.7% | 0.13% | +0.02 |
| ABT Abbott Laboratories | Add +837.8% | 0.60% | −0.03 |
| CEDAR FAIR LP | Add +14.3% | 0.86% | −0.03 |
| MHK Mohawk Industries Inc. | Add +0.2% | 0.65% | −0.07 |
Notes & Other Activity Q1 2025 → Q2 2025
| CITIGROUP INC (C 6.875 PERP L) | Equity | Reduce -4.8% | 3,997 | $363K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 75 | $220.0M | BRK.B, MKL, GOOGL, GOOG, IPMLF |
| Q1 2026 | 77 | $209.2M | BRK.B, MKL, GOOGL, IPMLF, GOOG |
| Q4 2025 | 78 | $231.2M | BRK.B, MKL, GOOGL, IPMLF, GOOG |
| Q3 2025 | 81 | $217.7M | BRK.B, MKL, GOOGL, MSFT, IPMLF |
| Q2 2025 | 82 | $206.1M | BRK.B, MKL, GOOGL, MSFT, PM |
| Q1 2025 | 81 | $203.4M | BRK.B, MKL, GOOGL, PM, MSFT |
| Q4 2024 | 81 | $192.6M | BRK.B, MKL, GOOGL, MSFT, GOOG |
| Q3 2024 | 80 | $189.8M | BRK.B, MKL, GOOGL, MSFT, GOOG |
| Q2 2024 | 81 | $175.5M | BRK.B, MKL, GOOGL, MSFT, GOOG |
| Q1 2024 | 81 | $177.1M | BRK.B, MKL, GOOGL, MSFT, GOOG |