Citadel Investment Advisory, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Citadel Investment Advisory, Inc. reported 81 stock positions worth $217.7 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 24.5% of the portfolio, followed by Markel (MKL, 13.6%) and Alphabet Class A (GOOGL, 5.4%). Compared with Q2 2025, it sold out of 1, added to 3 and reduced 27. The biggest buy was WR Berkley (WRB, shares +62%) and the biggest sale an exit from Cedar Fair.

Most Recent 13F
Q2 2026
Location
CHESTERLAND, OH
CIK
0001811907
Portfolio Value
$217.7M (Q3 2025)
SEC Filing
0001811907-25-000005 ↗ filed Oct 21, 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 Q1 2025 Q2 2025: $206.1M Q2 2025 Q3 2025: $217.7M $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 · $217.7M
BRK.B Berkshire Hathaway Inc. Class B 24.48% 106,017 $53.3M Add +0.6%
MKL Markel Group Inc. 13.62% 15,519 $29.7M Add +0.5%
GOOGL Alphabet Inc. Class A 5.44% 48,749 $11.9M Reduce -2.0%
MSFT Microsoft Corp. 3.55% 14,927 $7.7M No change
IPMLF Imperial Metals Corp. 3.39% 1,748,340 $7.4M Reduce -1.2%
GOOG Alphabet Inc. Class C 3.15% 28,130 $6.9M Reduce -3.0%
ORCL Oracle Corp. 2.99% 23,150 $6.5M No change
PM Philip Morris International 2.95% 39,580 $6.4M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.23% 17,185 $4.8M No change
RTX RTX Corp. 2.20% 28,571 $4.8M No change
JNJ Johnson & Johnson 2.00% 23,446 $4.3M Reduce -0.1%
ABBV Abbvie Inc. 1.95% 18,291 $4.2M Reduce -0.1%
MCO Moody's Corp. 1.69% 7,702 $3.7M No change
GS Goldman Sachs Group Inc. 1.56% 4,262 $3.4M No change
MCD McDonald's Corp. 1.47% 10,526 $3.2M No change
BKNG Booking Holdings Inc. 1.46% 587 $3.2M Reduce -1.0%
GD General Dynamics Corp. 1.32% 8,411 $2.9M No change
JPM JPMorgan Chase & Co. 1.25% 8,599 $2.7M No change
KO The Coca-Cola Co. 1.23% 40,403 $2.7M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.22% 23,207 $2.7M Reduce -0.1%
IDXX Idexx Laboratories Inc. 1.08% 3,682 $2.3M No change
PEP Pepsico Inc. 1.03% 15,968 $2.2M No change
MTD Mettler-Toledo International 0.96% 1,710 $2.1M No change
Medtronic 0.96% 21,946 $2.1M Reduce -2.2%
AXP American Express Co. 0.92% 6,032 $2.0M No change
WFC Wells Fargo & Co. 0.78% 20,341 $1.7M No change
MHK Mohawk Industries Inc. 0.75% 12,626 $1.6M Reduce -1.9%
AMG Affiliated Managers Group 0.70% 6,432 $1.5M Reduce -0.3%
CSX CSX Corp. 0.67% 40,810 $1.4M Reduce -0.2%
BUD Anheuser-Busch Inbev-SPN ADR 0.58% 21,260 $1.3M Reduce -0.5%
CACC Credit Acceptance Corp. 0.57% 2,650 $1.2M Reduce -1.9%
ABT Abbott Laboratories 0.56% 9,064 $1.2M Reduce -90.0%
ETN Eaton Corp. PLC 0.56% 3,244 $1.2M No change
JEF Jefferies Financial Group Inc. 0.55% 18,420 $1.2M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.52% 21,895 $1.1M No change
LOW Lowe's Cos Inc. 0.51% 4,420 $1.1M No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.51% 14,453 $1.1M Add +61.9%
AMZN Amazon.com Inc. 0.48% 4,732 $1.0M Reduce -0.8%
WBD Warner Bros Discovery Inc. 0.47% 52,612 $1.0M Reduce -0.1%
HHC The Howard Hughes Corp. 0.45% 11,792 $969K No change
DHR Danaher Corp. 0.40% 4,348 $862K No change
SYY Sysco Corp. 0.39% 10,188 $839K Reduce -3.8%
LDOS Leidos Holdings Inc. 0.36% 4,177 $789K Reduce -4.3%
WYNN WYNN Resorts Ltd. 0.35% 5,961 $765K No change
John Marshall Bank 0.35% 38,200 $757K Reduce -0.3%
BA The Boeing Co. 0.35% 3,495 $754K No change
EG Everest Group Ltd. 0.34% 2,127 $745K No change
CNI Canadian Natl Railway Co. 0.33% 7,711 $727K No change
MA Mastercard Inc. Class A 0.30% 1,155 $657K No change
PG The Procter & Gamble Co. 0.28% 4,012 $616K No change
META Meta Platforms Inc. Class A 0.27% 790 $580K Reduce -2.5%
VISTAPRINT N V 0.25% 8,575 $541K No change
CMCSA Comcast Corp. Class A 0.23% 16,230 $510K Reduce -1.2%
FISV Fiserv Inc. 0.21% 3,550 $458K No change
T AT&T Inc. 0.19% 14,531 $410K No change
ESAB Esab Corp. 0.18% 3,528 $394K Reduce -5.3%
AAPL Apple Inc. 0.18% 1,500 $382K Reduce -6.3%
LECO Lincoln Electric Holdings 0.17% 1,571 $370K No change
UPS United Parcel Service Class A 0.17% 4,341 $363K Reduce -2.0%
SEIC Sei Investments Company 0.15% 3,940 $334K No change
MSCI MSCI Inc. 0.15% 580 $329K No change
CI The Cigna Group 0.15% 1,131 $326K No change
MDLZ Mondelez International Inc. Class A 0.15% 4,699 $317K No change
WTW Willis Towers Watson PLC 0.13% 817 $282K No change
FCN Fti Consulting Inc. 0.12% 1,670 $270K No change
INTC Intel Corp. 0.11% 10,710 $240K No change
LBRDK Liberty Broadband-C 0.10% 3,412 $217K No change
COF Capital One Financial Corp. 0.09% 950 $202K No change
KDP Keurig Dr Pepper Inc. 0.09% 7,845 $200K No change
KHC The Kraft Heinz Co. 0.09% 7,298 $190K No change
BF.B Brown-Forman Corp. Class B 0.08% 6,804 $183K No change
PNFP Pinnacle Financial Partners 0.08% 1,909 $179K No change
SIRI Sirius XM Holdings Inc. 0.08% 7,396 $172K Reduce -12.9%
Ascent Industries Corp 0.08% 13,077 $168K Reduce -11.1%
WTM White Mountains Insurance GP 0.08% 100 $167K No change
ECHO Echostar Corp. Class A 0.05% 4,982 $114K No change
CABO Cable One Inc. 0.05% 610 $108K No change
ENOV Enovis Corp. 0.04% 2,889 $91K No change
PARAA Paramount Global Class A 0.04% 6,738 $87K No change
LBYKV Liberty Global PLC-C-Wi 0.04% 7,967 $82K No change
LBYAV Liberty Global PLC-A-Wi 0.03% 5,951 $68K Reduce -2.5%
Other holdings (1): bonds, preferreds, convertibles and warrants · $304K (not counted above)
SecurityClassShares / PrincipalValueChange
CITIGROUP INC (C 6.875 PERP L) Equity 3,797$304KReduce -5.0%

Total filed on the 13F, all lines: $218.0M.

Portfolio Sells Q2 2025 → Q3 2025
CEDAR FAIR LP Sold out 0.00% −0.86
BKNG Booking Holdings Inc. Reduce -1.0% 1.46% −0.21
DIS The Walt Disney Co. Reduce -0.1% 1.22% −0.18
BUD Anheuser-Busch Inbev-SPN ADR Reduce -0.5% 0.58% −0.13
CACC Credit Acceptance Corp. Reduce -1.9% 0.57% −0.10
UPS United Parcel Service Class A Reduce -2.0% 0.17% −0.05
CMCSA Comcast Corp. Class A Reduce -1.2% 0.23% −0.05
ABT Abbott Laboratories Reduce -90.0% 0.56% −0.04
ESAB Esab Corp. Reduce -5.3% 0.18% −0.04
AMZN Amazon.com Inc. Reduce -0.8% 0.48% −0.03
META Meta Platforms Inc. Class A Reduce -2.5% 0.27% −0.02
SIRI Sirius XM Holdings Inc. Reduce -12.9% 0.08% −0.02
Ascent Industries Corp Reduce -11.1% 0.08% −0.01
SYY Sysco Corp. Reduce -3.8% 0.39% −0.00
LBYAV Liberty Global PLC-A-Wi Reduce -2.5% 0.03% +0.00
John Marshall Bank Reduce -0.3% 0.35% +0.00
Medtronic Reduce -2.2% 0.96% +0.01
AAPL Apple Inc. Reduce -6.3% 0.18% +0.02
CSX CSX Corp. Reduce -0.2% 0.67% +0.02
LDOS Leidos Holdings Inc. Reduce -4.3% 0.36% +0.03
AMG Affiliated Managers Group Reduce -0.3% 0.70% +0.09
MHK Mohawk Industries Inc. Reduce -1.9% 0.75% +0.09
WBD Warner Bros Discovery Inc. Reduce -0.1% 0.47% +0.18
JNJ Johnson & Johnson Reduce -0.1% 2.00% +0.26
ABBV Abbvie Inc. Reduce -0.1% 1.95% +0.30
IPMLF Imperial Metals Corp. Reduce -1.2% 3.39% +0.35
GOOG Alphabet Inc. Class C Reduce -3.0% 3.15% +0.65
GOOGL Alphabet Inc. Class A Reduce -2.0% 5.44% +1.19

Portfolio Buys Q2 2025 → Q3 2025
WRB WR Berkley Corp. Add +61.9% 0.51% +0.19
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 24.48% −0.01
MKL Markel Group Inc. Add +0.5% 13.62% −1.34

Notes & Other Activity Q2 2025 → Q3 2025
CITIGROUP INC (C 6.875 PERP L) Equity Reduce -5.0% 3,797 $304K

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