Citadel Investment Advisory, Inc.

Name: Citadel Investment Advisory, Inc. 13F holdings, Q4 2025
Creator: Citadel Investment Advisory, Inc.
Published: 2026-01-21

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Citadel Investment Advisory, Inc. reported 78 stock positions worth $231.2 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 23.0% of the portfolio, followed by Markel (MKL, 14.5%) and Alphabet Class A (GOOGL, 6.4%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 5 and reduced 37. The biggest buy was Markel (MKL, shares +1%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −0%).

Most Recent 13F: Q2 2026
Location: CHESTERLAND, OH
CIK: 0001811907
Portfolio Value: $231.2M (Q4 2025)
SEC Filing: 0001811907-26-000001 ↗ filed Jan 21, 2026

Holdings Value

Holdings 78 stocks · $231.2M


BRK.B Berkshire Hathaway Inc. Class B	23.01%	105,812	$53.2M	Reduce -0.2%
MKL Markel Group Inc.	14.52%	15,619	$33.6M	Add +0.6%
GOOGL Alphabet Inc. Class A	6.44%	47,534	$14.9M	Reduce -2.5%
IPMLF Imperial Metals Corp.	5.52%	1,748,340	$12.8M	No change
GOOG Alphabet Inc. Class C	3.78%	27,845	$8.7M	Reduce -1.0%
MSFT Microsoft Corp.	3.12%	14,917	$7.2M	Reduce -0.1%
PM Philip Morris International	2.75%	39,580	$6.3M	No change
RTX RTX Corp.	2.27%	28,563	$5.2M	Reduce -0.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	2.20%	17,175	$5.1M	Reduce -0.1%
JNJ Johnson & Johnson	2.08%	23,236	$4.8M	Reduce -0.9%
ORCL Oracle Corp.	1.95%	23,150	$4.5M	No change
ABBV Abbvie Inc.	1.81%	18,291	$4.2M	No change
MCO Moody's Corp.	1.70%	7,702	$3.9M	No change
GS Goldman Sachs Group Inc.	1.62%	4,262	$3.7M	No change
MCD McDonald's Corp.	1.39%	10,514	$3.2M	Reduce -0.1%
BKNG Booking Holdings Inc.	1.33%	573	$3.1M	Reduce -2.4%
GD General Dynamics Corp.	1.23%	8,411	$2.8M	No change
JPM JPMorgan Chase & Co.	1.20%	8,599	$2.8M	No change
KO The Coca-Cola Co.	1.20%	39,603	$2.8M	Reduce -2.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO	1.11%	22,636	$2.6M	Reduce -2.5%
MTD Mettler-Toledo International	1.03%	1,700	$2.4M	Reduce -0.6%
IDXX Idexx Laboratories Inc.	1.01%	3,682	$2.3M	No change
PEP Pepsico Inc.	0.98%	15,768	$2.3M	Reduce -1.3%
AXP American Express Co.	0.97%	6,032	$2.2M	No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.90%	29,693	$2.1M	Add +105.5%
Medtronic	0.89%	21,316	$2.0M	Reduce -2.9%
WFC Wells Fargo & Co.	0.81%	20,141	$1.9M	Reduce -1.0%
AMG Affiliated Managers Group	0.80%	6,452	$1.9M	Add +0.3%
WBD Warner Bros Discovery Inc.	0.66%	52,572	$1.5M	Reduce -0.1%
CSX CSX Corp.	0.61%	38,860	$1.4M	Reduce -4.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.52%	21,735	$1.2M	Reduce -0.7%
CACC Credit Acceptance Corp.	0.51%	2,650	$1.2M	No change
MHK Mohawk Industries Inc.	0.50%	10,661	$1.2M	Reduce -15.6%
JEF Jefferies Financial Group Inc.	0.50%	18,480	$1.1M	Add +0.3%
ABT Abbott Laboratories	0.49%	8,964	$1.1M	Reduce -1.1%
AMZN Amazon.com Inc.	0.47%	4,732	$1.1M	No change
BUD Anheuser-Busch Inbev-SPN ADR	0.47%	16,950	$1.1M	Reduce -20.3%
LOW Lowe's Cos Inc.	0.45%	4,335	$1.0M	Reduce -1.9%
ETN Eaton Corp. PLC	0.45%	3,244	$1.0M	No change
DHR Danaher Corp.	0.43%	4,348	$995K	No change
HHC The Howard Hughes Corp.	0.40%	11,692	$933K	Reduce -0.8%
John Marshall Bank	0.33%	38,200	$764K	No change
CNI Canadian Natl Railway Co.	0.33%	7,711	$762K	No change
BA The Boeing Co.	0.33%	3,495	$759K	No change
LDOS Leidos Holdings Inc.	0.33%	4,177	$754K	No change
EG Everest Group Ltd.	0.31%	2,127	$722K	No change
SYY Sysco Corp.	0.31%	9,788	$721K	Reduce -3.9%
WYNN WYNN Resorts Ltd.	0.31%	5,961	$717K	No change
MA Mastercard Inc. Class A	0.29%	1,155	$659K	No change
VISTAPRINT N V	0.25%	8,575	$571K	No change
PG The Procter & Gamble Co.	0.23%	3,675	$527K	Reduce -8.4%
META Meta Platforms Inc. Class A	0.23%	790	$521K	No change
CMCSA Comcast Corp. Class A	0.21%	16,230	$485K	No change
AAPL Apple Inc.	0.18%	1,500	$408K	No change
UPS United Parcel Service Class A	0.17%	3,878	$385K	Reduce -10.7%
ESAB Esab Corp.	0.16%	3,286	$367K	Reduce -6.9%
T AT&T Inc.	0.15%	14,077	$350K	Reduce -3.1%
LECO Lincoln Electric Holdings	0.15%	1,421	$340K	Reduce -9.6%
MSCI MSCI Inc.	0.15%	585	$336K	Add +0.9%
SEIC Sei Investments Company	0.14%	3,940	$323K	No change
CI The Cigna Group	0.13%	1,084	$298K	Reduce -4.2%
FCN Fti Consulting Inc.	0.12%	1,670	$285K	No change
WTW Willis Towers Watson PLC	0.12%	817	$268K	No change
MDLZ Mondelez International Inc. Class A	0.11%	4,595	$247K	Reduce -2.2%
FISV Fiserv Inc.	0.10%	3,550	$238K	No change
COF Capital One Financial Corp.	0.10%	950	$230K	No change
KDP Keurig Dr Pepper Inc.	0.09%	7,795	$218K	Reduce -0.6%
Radiant Logistics	0.09%	33,052	$209K	New
WTM White Mountains Insurance GP	0.09%	100	$208K	No change
PNFP Pinnacle Financial Partners	0.08%	1,909	$182K	No change
BF.B Brown-Forman Corp. Class B	0.08%	6,804	$177K	No change
KHC The Kraft Heinz Co.	0.07%	6,753	$164K	Reduce -7.5%
LBRDK Liberty Broadband-C	0.07%	3,324	$162K	Reduce -2.6%
SIRI Sirius XM Holdings Inc.	0.06%	7,396	$148K	No change
LBYKV Liberty Global PLC-C-Wi	0.04%	7,967	$88K	No change
ENOV Enovis Corp.	0.03%	2,757	$73K	Reduce -4.6%
LBYAV Liberty Global PLC-A-Wi	0.03%	5,651	$63K	Reduce -5.0%
CABO Cable One Inc.	0.01%	215	$24K	Reduce -64.8%

Other holdings (1): bonds, preferreds, convertibles and warrants · $268K (not counted above)

Security	Class	Shares / Principal	Value	Change
CITIGROUP INC (C 6.875 PERP L)	Equity	3,397	$268K	Reduce -10.5%

Total filed on the 13F, all lines: $231.4M.

Portfolio Sells Q3 2025 → Q4 2025


BRK.B Berkshire Hathaway Inc. Class B	Reduce -0.2%	23.01%	−1.47
MSFT Microsoft Corp.	Reduce -0.1%	3.12%	−0.43
MHK Mohawk Industries Inc.	Reduce -15.6%	0.50%	−0.24
BKNG Booking Holdings Inc.	Reduce -2.4%	1.33%	−0.13
BUD Anheuser-Busch Inbev-SPN ADR	Reduce -20.3%	0.47%	−0.11
INTC Intel Corp.	Sold out	0.00%	−0.11
DIS The Walt Disney Co.	Reduce -2.5%	1.11%	−0.11
MCD McDonald's Corp.	Reduce -0.1%	1.39%	−0.08
Ascent Industries Corp	Sold out	0.00%	−0.08
Medtronic	Reduce -2.9%	0.89%	−0.07
SYY Sysco Corp.	Reduce -3.9%	0.31%	−0.07
ABT Abbott Laboratories	Reduce -1.1%	0.49%	−0.07
LOW Lowe's Cos Inc.	Reduce -1.9%	0.45%	−0.06
CSX CSX Corp.	Reduce -4.8%	0.61%	−0.06
PG The Procter & Gamble Co.	Reduce -8.4%	0.23%	−0.06
ECHO Echostar Corp. Class A	Sold out	0.00%	−0.05
PEP Pepsico Inc.	Reduce -1.3%	0.98%	−0.05
HHC The Howard Hughes Corp.	Reduce -0.8%	0.40%	−0.04
PARAA Paramount Global Class A	Sold out	0.00%	−0.04
CABO Cable One Inc.	Reduce -64.8%	0.01%	−0.04
MDLZ Mondelez International Inc. Class A	Reduce -2.2%	0.11%	−0.04
T AT&T Inc.	Reduce -3.1%	0.15%	−0.04
KO The Coca-Cola Co.	Reduce -2.0%	1.20%	−0.03
LBRDK Liberty Broadband-C	Reduce -2.6%	0.07%	−0.03
IBM Intl Business Machines Corp.	Reduce -0.1%	2.20%	−0.03
LECO Lincoln Electric Holdings	Reduce -9.6%	0.15%	−0.02
ESAB Esab Corp.	Reduce -6.9%	0.16%	−0.02
CI The Cigna Group	Reduce -4.2%	0.13%	−0.02
KHC The Kraft Heinz Co.	Reduce -7.5%	0.07%	−0.02
ENOV Enovis Corp.	Reduce -4.6%	0.03%	−0.01
LBYAV Liberty Global PLC-A-Wi	Reduce -5.0%	0.03%	−0.00
BAC Bank of America Corp.	Reduce -0.7%	0.52%	−0.00
UPS United Parcel Service Class A	Reduce -10.7%	0.17%	−0.00
KDP Keurig Dr Pepper Inc.	Reduce -0.6%	0.09%	+0.00
WFC Wells Fargo & Co.	Reduce -1.0%	0.81%	+0.03
MTD Mettler-Toledo International	Reduce -0.6%	1.03%	+0.06
RTX RTX Corp.	Reduce -0.0%	2.27%	+0.07
JNJ Johnson & Johnson	Reduce -0.9%	2.08%	+0.08
WBD Warner Bros Discovery Inc.	Reduce -0.1%	0.66%	+0.18
GOOG Alphabet Inc. Class C	Reduce -1.0%	3.78%	+0.63
GOOGL Alphabet Inc. Class A	Reduce -2.5%	6.44%	+0.99

Portfolio Buys Q3 2025 → Q4 2025


MKL Markel Group Inc.	Add +0.6%	14.52%	+0.90
WRB WR Berkley Corp.	Add +105.5%	0.90%	+0.39
AMG Affiliated Managers Group	Add +0.3%	0.80%	+0.10
Radiant Logistics	New	0.09%	+0.09
MSCI MSCI Inc.	Add +0.9%	0.15%	−0.01
JEF Jefferies Financial Group Inc.	Add +0.3%	0.50%	−0.06

Notes & Other Activity Q3 2025 → Q4 2025


CITIGROUP INC (C 6.875 PERP L)	Equity	Reduce -10.5%	3,397	$268K

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