Cladis Investment Advisory, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed October 9, 2024), Cladis Investment Advisory, LLC reported 138 stock positions worth $136.3 million. Its top holding was Apple (AAPL) at 8.3% of the portfolio, followed by Microsoft (MSFT, 3.4%) and Eli Lilly (LLY, 3.3%). Compared with Q4 2023, it opened 10 new positions, sold out of 15, added to 31 and reduced 51. The biggest buy was a new position in Goldman Sachs (GS) and the biggest sale Apple (AAPL, shares −1%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001911520
Portfolio Value
$136.3M (Q1 2024)
SEC Filing
0001911520-24-000014 ↗ filed Oct 9, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $136.3M $136.3M Q1 2024 Q2 2024: $137.9M Q2 2024 Q3 2024: $144.3M Q3 2024 Q4 2024: $141.0M Q4 2024 Q1 2025: $138.2M Q1 2025 Q2 2025: $159.6M Q2 2025 Q3 2025: $174.7M Q3 2025 Q4 2025: $182.7M Q4 2025 Q1 2026: $181.7M Q1 2026 Q2 2026: $214.0M Q2 2026

Holdings 138 stocks · $136.3M
AAPL Apple Inc. 8.29% 65,866 $11.3M Reduce -0.7%
MSFT Microsoft Corp. 3.43% 11,103 $4.7M Reduce -10.6%
LLY Eli Lilly & Co. 3.34% 5,844 $4.5M Reduce -14.8%
AMZN Amazon.com Inc. 3.28% 24,785 $4.5M Reduce -5.0%
NVDA Nvidia Corp. 3.04% 4,578 $4.1M Reduce -11.0%
GE General Electric 2.78% 21,572 $3.8M Reduce -0.2%
FIBK First Interstate Bancsys-A 2.06% 103,078 $2.8M Reduce -4.9%
VZ Verizon Communications Inc. 2.03% 65,944 $2.8M Reduce -10.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.94% 13,855 $2.6M Reduce -2.6%
QQQ Invesco QQQ Trust Series 1 1.79% 5,502 $2.4M Add +12.9%
XLK SS Technology Select Sector 1.53% 10,016 $2.1M Add +3.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.50% 16,664 $2.0M Reduce -32.1%
MDU Mdu Resources Group Inc. 1.46% 79,056 $2.0M Reduce -5.5%
CAT Caterpillar Inc. 1.43% 5,314 $1.9M Add +1.8%
XOM Exxon Mobil Corp. 1.43% 16,733 $1.9M Reduce -6.8%
KNF Knife River Corp. 1.42% 23,859 $1.9M Add +1.3%
META Meta Platforms Inc. Class A 1.36% 3,815 $1.9M Reduce -10.4%
T AT&T Inc. 1.31% 101,627 $1.8M Reduce -11.3%
F Ford Motor Co. filed as FORD MTR CO DEL 1.24% 127,568 $1.7M Reduce -4.1%
COST Costco Wholesale Corp. 1.21% 2,256 $1.7M No change
NEE Nextera Energy Inc. 1.19% 25,300 $1.6M No change
BMY Bristol-Myers Squibb Co. 1.16% 29,153 $1.6M Add +1.2%
CVS CVS Health Corp. 1.14% 19,395 $1.5M Reduce -0.9%
PFE Pfizer Inc. 1.13% 55,608 $1.5M Add +16.1%
BRK.B Berkshire Hathaway Inc. Class B 1.10% 3,558 $1.5M No change
JPM JPMorgan Chase & Co. 1.06% 7,189 $1.4M No change
MRK Merck & Co. Inc. 1.04% 10,776 $1.4M No change
CLF Cleveland-Cliffs Inc. 1.04% 62,450 $1.4M Reduce -2.4%
VFH Vanguard Financials ETF 1.04% 13,839 $1.4M Reduce -1.0%
AMD Advanced Micro Devices 1.01% 7,646 $1.4M Add +2.7%
TSM Taiwan Semiconductor-SP ADR 1.00% 10,000 $1.4M No change
KHC The Kraft Heinz Co. 0.99% 36,429 $1.3M Reduce -0.9%
GBCI Glacier Bancorp Inc. 0.97% 32,975 $1.3M Reduce -14.6%
GEHC GE Healthcare Technology 0.96% 14,414 $1.3M Reduce -1.0%
XLF SS Financial Select Sector 0.96% 30,906 $1.3M Add +3.4%
XLE SS Energy Select Sector 0.94% 13,545 $1.3M Add +12.9%
UNH Unitedhealth Group Inc. 0.91% 2,514 $1.2M Reduce -4.7%
HD Home Depot Inc. 0.83% 2,959 $1.1M Add +0.6%
GOOG Alphabet Inc. Class C 0.83% 7,405 $1.1M Add +32.7%
PSX Phillips 66 0.82% 6,882 $1.1M Reduce -1.3%
SNOW Snowflake Inc. 0.80% 6,751 $1.1M Reduce -9.9%
MP MP Materials Corp. 0.76% 72,740 $1.0M Add +60.8%
UPS United Parcel Service Class B 0.75% 6,892 $1.0M Add +69.5%
XLC SS Comm Select Sector SPDR 0.73% 12,115 $989K No change
BX Blackstone Inc. 0.67% 7,000 $920K No change
HON Honeywell International Inc. 0.67% 4,420 $907K Reduce -18.1%
PEP Pepsico Inc. 0.64% 5,000 $875K No change
FDX FedEx Corp. 0.64% 3,000 $869K No change
CPK Chesapeake Utilities Corp. 0.63% 8,000 $858K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.61% 12,583 $826K Add +10.9%
WMT Walmart Inc. 0.60% 13,642 $821K Reduce -6.0%
ARKK ARK Innovation ETF 0.60% 16,281 $815K Reduce -12.1%
WFC Wells Fargo & Co. 0.59% 13,823 $801K Add +0.0%
PYPL PayPal Holdings Inc. 0.57% 11,675 $782K Add +94.6%
PG The Procter & Gamble Co. 0.57% 4,770 $774K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.57% 1,474 $771K No change
BABA Alibaba Group Holding-SP ADR 0.55% 10,375 $751K Add +8.4%
TGT Target Corp. 0.54% 4,114 $729K No change
TXN Texas Instruments Inc. 0.51% 4,000 $697K No change
XLV SS Health Care Select Sector 0.50% 4,610 $681K Add +15.7%
KO The Coca-Cola Co. 0.50% 11,110 $680K Reduce -1.8%
COP Conocophillips 0.49% 5,289 $673K Reduce -3.3%
FTAI Ftai Aviation Ltd. 0.49% 10,000 $673K No change
DFAS Dimensional US Small Cap ETF 0.49% 10,632 $663K No change
JNJ Johnson & Johnson 0.48% 4,163 $659K Reduce -10.1%
CVX Chevron Corp. 0.47% 4,031 $636K Add +6.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.46% 16,620 $630K Reduce -1.2%
DE Deere & Co. 0.46% 1,520 $625K Add +98.7%
VLO Valero Energy Corp. 0.46% 3,638 $621K Reduce -2.7%
INTC Intel Corp. 0.43% 13,304 $588K Reduce -8.6%
GIS General Mills Inc. 0.42% 8,273 $579K No change
MCD McDonald's Corp. 0.41% 1,965 $554K No change
GS Goldman Sachs Group Inc. 0.40% 1,305 $545K New
MMM 3M Co. 0.40% 5,107 $542K Add +18.1%
MPC Marathon Petroleum Corp. 0.40% 2,674 $539K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.37% 3,128 $509K Reduce -6.7%
DFUS Dimensional US Eq MKT ETF 0.37% 8,875 $506K No change
BA The Boeing Co. 0.37% 2,610 $504K Reduce -67.9%
SMH Vaneck Semiconductor ETF 0.37% 2,214 $498K No change
PANW Palo Alto Networks Inc. 0.36% 1,745 $496K New
NKE Nike Inc. Class B 0.36% 5,167 $486K New
ARM Arm Holdings PLC-ADR 0.33% 3,650 $456K Reduce -46.3%
IP International Paper Co. 0.33% 11,634 $454K Reduce -6.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.33% 1,315 $453K Add +1.5%
MO Altria Group Inc. 0.33% 10,325 $450K No change
WTW Willis Towers Watson PLC 0.30% 1,510 $415K No change
STZ Constellation Brands Inc. Class A 0.30% 1,525 $415K Add +0.7%
C Citigroup Inc. 0.30% 6,511 $412K No change
NFLX Netflix Inc. 0.30% 675 $410K No change
IBB iShares Biotechnology ETF 0.29% 2,920 $401K New
PXD Pioneer Natural Resources Co. 0.28% 1,476 $387K No change
NOW ServiceNow Inc. 0.28% 505 $385K No change
XOP SS SPDR S&P Og Exp & Prod 0.28% 2,474 $383K No change
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.27% 9,500 $372K Add +18.8%
SO The Southern Co. 0.27% 5,160 $370K No change
NEM Newmont Corp. 0.27% 10,100 $362K New
DOW Dow Inc. 0.26% 6,032 $349K Reduce -1.6%
DD Dupont DE Nemours Inc. 0.25% 4,446 $341K Reduce -3.6%
CMCSA Comcast Corp. Class A 0.25% 7,850 $340K No change
GM General Motors Co. 0.25% 7,498 $340K Add +4.2%
CRWD CrowdStrike Holdings Inc. Class A 0.25% 1,058 $339K Reduce -0.7%
ABBV Abbvie Inc. 0.25% 1,835 $334K No change
CSCO Cisco Systems Inc. 0.24% 6,653 $332K Add +0.0%
UL Unilever PLC 0.24% 6,500 $326K Reduce -18.8%
DUK Duke Energy Corp. 0.23% 3,288 $318K No change
SBUX Starbucks Corp. 0.22% 3,329 $304K Add +0.0%
CMI Cummins Inc. 0.22% 1,000 $295K No change
DADA Dada Nexus Ltd.-ADR 0.22% 143,200 $294K Reduce -39.2%
VNQ Vanguard Real Estate ETF 0.21% 3,352 $290K Add +49.0%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.21% 1,158 $289K Add +1.3%
ANSS Ansys Inc. 0.20% 800 $278K No change
CRM Salesforce Inc. 0.20% 913 $275K Add +4.3%
AEP American Electric Power 0.20% 3,158 $272K No change
MDLZ Mondelez International Inc. Class A 0.20% 3,884 $272K No change
MET Metlife Inc. 0.19% 3,500 $259K No change
GSK GSK PLC-Spon ADR 0.19% 6,026 $258K No change
TRMB Trimble Inc. 0.19% 4,000 $257K No change
SPG Simon Property Group Inc. 0.18% 1,600 $250K Reduce -23.8%
WCN Waste Connections Inc. 0.18% 1,444 $248K No change
VVV Valvoline Inc. 0.18% 5,490 $245K No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.18% 4,370 $240K Reduce -1.0%
CALM Cal-Maine Foods Inc. 0.17% 4,000 $235K No change
PARAA Paramount Global Class B 0.17% 20,000 $235K Reduce -9.6%
MU Micron Technology Inc. 0.17% 1,925 $227K Reduce -24.5%
AMGN Amgen Inc. 0.16% 3,400 $225K Add +304.8%
IWM iShares Russell 2000 ETF 0.16% 1,067 $224K No change
DFAT Dimensional US Target Value 0.16% 4,079 $222K No change
SWKS Skyworks Solutions Inc. 0.16% 2,046 $222K Reduce -4.4%
HXL Hexcel Corp. 0.16% 3,000 $219K No change
RVTY Revvity Inc. 0.15% 2,000 $210K Reduce -29.3%
V Visa Inc. Class A 0.15% 744 $208K New
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.15% 865 $207K New
DAL Delta Air Lines Inc. 0.15% 4,300 $206K Reduce -15.7%
OXY Occidental Petroleum Corp. 0.15% 3,134 $204K Reduce -7.8%
AIVL Wisdomtree US AI Enhanced Va 0.15% 2,000 $204K New
PM Philip Morris International 0.15% 2,209 $202K Reduce -0.9%
XLI SS Industrial Select Sector 0.15% 1,600 $202K New
EMN Eastman Chemical Co. 0.15% 2,000 $200K New

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -0.7% 8.29% −1.74
BA The Boeing Co. Reduce -67.9% 0.37% −1.30
FIBK First Interstate Bancsys-A Reduce -4.9% 2.06% −0.56
BGS B&G Foods Inc. Sold out 0.00% −0.50
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.47
DADA Dada Nexus Ltd.-ADR Reduce -39.2% 0.22% −0.40
SNOW Snowflake Inc. Reduce -9.9% 0.80% −0.37
GBCI Glacier Bancorp Inc. Reduce -14.6% 0.97% −0.28
DIS The Walt Disney Co. Reduce -32.1% 1.50% −0.25
HON Honeywell International Inc. Reduce -18.1% 0.67% −0.22
T AT&T Inc. Reduce -11.3% 1.31% −0.20
LCID Lucid Group Inc. Sold out 0.00% −0.19
UNH Unitedhealth Group Inc. Reduce -4.7% 0.91% −0.18
ARKK ARK Innovation ETF Reduce -12.1% 0.60% −0.16
RIVN Rivian Automotive Inc. Class A Sold out 0.00% −0.16
DVN Devon Energy Corp. Sold out 0.00% −0.16
VZ Verizon Communications Inc. Reduce -10.6% 2.03% −0.15
INTC Intel Corp. Reduce -8.6% 0.43% −0.14
CPRX Catalyst Pharmaceuticals Inc. Sold out 0.00% −0.13
AXDXQ Accelerate Diagnostics Inc. Sold out 0.00% −0.10
PGX Invesco Preferred ETF Sold out 0.00% −0.09
RVTY Revvity Inc. Reduce -29.3% 0.15% −0.09
JNJ Johnson & Johnson Reduce -10.1% 0.48% −0.09
PARAA Paramount Global Class B Reduce -9.6% 0.17% −0.08
KHC The Kraft Heinz Co. Reduce -0.9% 0.99% −0.08
HUCK Huckleberry AI Inc. Sold out 0.00% −0.08
CVS CVS Health Corp. Reduce -0.9% 1.14% −0.08
ARM Arm Holdings PLC-ADR Reduce -46.3% 0.33% −0.07
UL Unilever PLC Reduce -18.8% 0.24% −0.07
SPG Simon Property Group Inc. Reduce -23.8% 0.18% −0.05
SILV Silvercrest Metals Inc. Sold out 0.00% −0.05
SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −0.04
F Ford Motor Co. Reduce -4.1% 1.24% −0.03
FIP Ftai Infrastructure Inc. Sold out 0.00% −0.03
DD Dupont DE Nemours Inc. Reduce -3.6% 0.25% −0.03
NGD New Gold Inc. Sold out 0.00% −0.03
SWKS Skyworks Solutions Inc. Reduce -4.4% 0.16% −0.03
KO The Coca-Cola Co. Reduce -1.8% 0.50% −0.03
FNMA Fannie Mae Sold out 0.00% −0.02
VTV Vanguard Mrngstr Val ETF-Aui Reduce -6.7% 0.37% −0.02
IP International Paper Co. Reduce -6.2% 0.33% −0.02
PM Philip Morris International Reduce -0.9% 0.15% −0.02
DAL Delta Air Lines Inc. Reduce -15.7% 0.15% −0.01
OXY Occidental Petroleum Corp. Reduce -7.8% 0.15% −0.01
DOW Dow Inc. Reduce -1.6% 0.26% −0.01
COP Conocophillips Reduce -3.3% 0.49% −0.01
SLB SLB Ltd. Reduce -1.0% 0.18% −0.00
MU Micron Technology Inc. Reduce -24.5% 0.17% −0.00
ASM Avino Silver & Gold Mines Sold out 0.00% −0.00
WMT Walmart Inc. Reduce -6.0% 0.60% +0.00

Portfolio Buys Q4 2023 → Q1 2024
GS Goldman Sachs Group Inc. New 0.40% +0.40
PANW Palo Alto Networks Inc. New 0.36% +0.36
NKE Nike Inc. Class B New 0.36% +0.36
IBB iShares Biotechnology ETF New 0.29% +0.29
PYPL PayPal Holdings Inc. Add +94.6% 0.57% +0.28
NEM Newmont Corp. New 0.27% +0.27
UPS United Parcel Service Class B Add +69.5% 0.75% +0.25
QQQ Invesco QQQ Trust Series 1 Add +12.9% 1.79% +0.22
DE Deere & Co. Add +98.7% 0.46% +0.22
CAT Caterpillar Inc. Add +1.8% 1.43% +0.22
GOOG Alphabet Inc. Class C Add +32.7% 0.83% +0.21
KNF Knife River Corp. Add +1.3% 1.42% +0.19
V Visa Inc. Class A New 0.15% +0.15
VV Vngrd Mrgstr LRG-Cap ETF-Usd New 0.15% +0.15
AMD Advanced Micro Devices Add +2.7% 1.01% +0.15
AIVL Wisdomtree US AI Enhanced Va New 0.15% +0.15
XLI SS Industrial Select Sector New 0.15% +0.15
XLE SS Energy Select Sector Add +12.9% 0.94% +0.15
EMN Eastman Chemical Co. New 0.15% +0.15
XLV SS Health Care Select Sector Add +15.7% 0.50% +0.07
XLF SS Financial Select Sector Add +3.4% 0.96% +0.07
ONT Onterris Inc. Add +18.8% 0.27% +0.07
XLK SS Technology Select Sector Add +3.7% 1.53% +0.07
MP MP Materials Corp. Add +60.8% 0.76% +0.06
VNQ Vanguard Real Estate ETF Add +49.0% 0.21% +0.06
WFC Wells Fargo & Co. Add +0.0% 0.59% +0.05
PFE Pfizer Inc. Add +16.1% 1.13% +0.05
GM General Motors Co. Add +4.2% 0.25% +0.05
XLU St Sr Utl SL SE SPDR ETF-Usd Add +10.9% 0.61% +0.04
HD Home Depot Inc. Add +0.6% 0.83% +0.03
MMM 3M Co. Add +18.1% 0.40% +0.03
CVX Chevron Corp. Add +6.4% 0.47% +0.02
CRM Salesforce Inc. Add +4.3% 0.20% +0.02
STZ Constellation Brands Inc. Class A Add +0.7% 0.30% +0.02
VUG Vanguard Mrngstar GR ETF-Sui Add +1.5% 0.33% +0.02
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +1.3% 0.21% +0.00
BMY Bristol-Myers Squibb Co. Add +1.2% 1.16% −0.00
CSCO Cisco Systems Inc. Add +0.0% 0.24% −0.02
AMGN Amgen Inc. Add +304.8% 0.16% −0.03
SBUX Starbucks Corp. Add +0.0% 0.22% −0.03
BABA Alibaba Group Holding-SP ADR Add +8.4% 0.55% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 173$214.0MAAPL, NVDA, GEV, GE, AMZN
Q1 2026 159$181.7MAAPL, NVDA, AMZN, GE, MSFT
Q4 2025 154$182.7MAAPL, NVDA, MSFT, LLY, AMZN
Q3 2025 145$174.7MAAPL, NVDA, MSFT, GE, AMZN
Q2 2025 147$159.6MAAPL, NVDA, MSFT, AMZN, GE
Q1 2025 137$138.2MAAPL, NVDA, AMZN, MSFT, LLY
Q4 2024 131$141.0MAAPL, NVDA, AMZN, MSFT, LLY
Q3 2024 135$144.3MAAPL, NVDA, MSFT, LLY, AMZN
Q2 2024Amended 136$137.9MAAPL, NVDA, LLY, MSFT, AMZN
Q1 2024Amended 138$136.3MAAPL, MSFT, LLY, AMZN, NVDA