Cladis Investment Advisory, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Cladis Investment Advisory, LLC reported 135 stock positions worth $144.3 million. Its top holding was Apple (AAPL) at 10.0% of the portfolio, followed by Nvidia (NVDA, 3.9%) and Microsoft (MSFT, 3.3%). Compared with Q2 2024, it opened 10 new positions, sold out of 11, added to 30 and reduced 36. The biggest buy was a new position in Dell Technologies -C (DELL) and the biggest sale Eli Lilly (LLY, shares −15%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001911520
Portfolio Value
$144.3M (Q3 2024)
SEC Filing
0001911520-24-000016 ↗ filed Nov 14, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $136.3M Q1 2024 Q2 2024: $137.9M Q2 2024 Q3 2024: $144.3M $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 135 stocks · $144.3M
AAPL Apple Inc. 10.00% 61,959 $14.4M Reduce -5.6%
NVDA Nvidia Corp. 3.90% 46,360 $5.6M Add +1.0%
MSFT Microsoft Corp. 3.28% 11,014 $4.7M Add +1.0%
LLY Eli Lilly & Co. 3.04% 4,944 $4.4M Reduce -15.4%
AMZN Amazon.com Inc. 2.98% 23,045 $4.3M No change
GE General Electric filed as GE AEROSPACE 2.36% 18,084 $3.4M Reduce -10.8%
FIBK First Interstate Bancsys-A 2.09% 98,453 $3.0M Reduce -1.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.92% 12,560 $2.8M Reduce -9.1%
VZ Verizon Communications Inc. 1.89% 60,624 $2.7M Reduce -2.2%
QQQ Invesco QQQ Trust Series 1 1.87% 5,521 $2.7M Reduce -0.2%
XLK SS Technology Select Sector 1.61% 10,266 $2.3M Add +2.5%
XOM Exxon Mobil Corp. 1.59% 19,572 $2.3M Reduce -1.3%
NEE Nextera Energy Inc. 1.48% 25,300 $2.1M No change
CAT Caterpillar Inc. 1.44% 5,300 $2.1M Reduce -0.3%
SNOW Snowflake Inc. 1.43% 18,015 $2.1M Add +64.8%
KNF Knife River Corp. 1.42% 22,975 $2.1M Reduce -9.5%
MDU Mdu Resources Group Inc. 1.42% 74,924 $2.1M Reduce -3.0%
T AT&T Inc. 1.42% 93,218 $2.1M Reduce -6.5%
COST Costco Wholesale Corp. 1.41% 2,294 $2.0M Reduce -0.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.22% 18,234 $1.8M Add +8.0%
TSM Taiwan Semiconductor-SP ADR 1.20% 10,000 $1.7M No change
PFE Pfizer Inc. 1.17% 58,138 $1.7M Add +2.2%
META Meta Platforms Inc. Class A 1.08% 2,715 $1.6M Reduce -28.8%
BRK.B Berkshire Hathaway Inc. Class B 1.07% 3,341 $1.5M Reduce -3.4%
BMY Bristol-Myers Squibb Co. 1.06% 29,507 $1.5M Reduce -0.1%
UPS United Parcel Service Class B 1.05% 11,139 $1.5M Add +57.9%
JPM JPMorgan Chase & Co. 1.05% 7,153 $1.5M Reduce -0.5%
GBCI Glacier Bancorp Inc. 1.04% 32,698 $1.5M Add +1.6%
XLF SS Financial Select Sector 1.01% 32,128 $1.5M Add +1.8%
VFH Vanguard Financials ETF 1.01% 13,239 $1.5M Reduce -0.8%
MP MP Materials Corp. 1.00% 82,090 $1.4M Add +4.5%
GEHC GE Healthcare Technology 0.96% 14,826 $1.4M Add +1.3%
AMD Advanced Micro Devices 0.94% 8,246 $1.4M Add +5.1%
FTAI Ftai Aviation Ltd. 0.92% 10,000 $1.3M No change
KHC The Kraft Heinz Co. 0.91% 37,410 $1.3M Add +3.4%
MRK Merck & Co. Inc. 0.91% 11,527 $1.3M Add +7.0%
GEV GE Vernova Inc. 0.90% 5,109 $1.3M Reduce -4.5%
UNH Unitedhealth Group Inc. 0.89% 2,201 $1.3M Reduce -12.2%
F Ford Motor Co. filed as FORD MTR CO 0.89% 121,308 $1.3M Add +16.2%
XLE SS Energy Select Sector 0.87% 14,270 $1.3M Add +4.8%
HD Home Depot Inc. 0.87% 3,089 $1.3M Add +1.6%
GOOG Alphabet Inc. Class C 0.82% 7,055 $1.2M Add +3.7%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.77% 13,716 $1.1M Add +7.3%
WMT Walmart Inc. 0.75% 13,419 $1.1M Reduce -1.6%
BX Blackstone Inc. 0.74% 7,000 $1.1M No change
DELL Dell Technologies -C 0.74% 9,032 $1.1M New
XLC SS Comm Select Sector SPDR 0.73% 11,715 $1.1M No change
CPK Chesapeake Utilities Corp. 0.69% 8,000 $993K No change
HON Honeywell International Inc. 0.63% 4,420 $914K No change
CLF Cleveland-Cliffs Inc. 0.63% 71,200 $909K Add +16.4%
PSX Phillips 66 0.62% 6,836 $899K No change
CVS CVS Health Corp. 0.61% 14,069 $885K Reduce -24.3%
XLV SS Health Care Select Sector 0.61% 5,710 $879K Add +18.7%
PEP Pepsico Inc. 0.59% 5,000 $850K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.59% 1,474 $846K No change
TXN Texas Instruments Inc. 0.57% 4,000 $826K No change
FDX FedEx Corp. 0.57% 3,000 $821K No change
KO The Coca-Cola Co. 0.55% 11,112 $799K Add +0.0%
PG The Procter & Gamble Co. 0.55% 4,571 $792K No change
NKE Nike Inc. Class B 0.55% 8,927 $789K Add +12.5%
WFC Wells Fargo & Co. 0.54% 13,824 $781K No change
JNJ Johnson & Johnson 0.49% 4,354 $706K Add +3.0%
PANW Palo Alto Networks Inc. 0.48% 2,015 $689K Reduce -4.7%
DFAS Dimensional US Small Cap ETF 0.47% 10,562 $685K No change
BABA Alibaba Group Holding-SP ADR 0.47% 6,375 $677K Reduce -28.6%
DE Deere & Co. 0.46% 1,589 $663K Add +3.3%
GS Goldman Sachs Group Inc. 0.45% 1,305 $646K No change
IBB iShares Biotechnology ETF 0.43% 4,300 $626K Add +41.7%
TGT Target Corp. 0.43% 3,970 $619K Reduce -3.5%
GIS General Mills Inc. 0.42% 8,273 $611K No change
MCD McDonald's Corp. 0.42% 1,990 $606K No change
CVX Chevron Corp. 0.40% 3,965 $584K No change
INTC Intel Corp. 0.39% 24,055 $564K Add +52.2%
DFUS Dimensional US Eq MKT ETF 0.38% 8,875 $552K No change
COP Conocophillips 0.38% 5,199 $547K No change
SMH Vaneck Semiconductor ETF 0.38% 2,214 $543K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.37% 13,623 $541K Reduce -2.9%
NEM Newmont Corp. 0.37% 10,100 $540K No change
ARM Arm Holdings PLC-ADR 0.36% 3,650 $522K No change
MO Altria Group Inc. 0.36% 10,214 $521K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.35% 1,315 $505K No change
NFLX Netflix Inc. 0.33% 675 $479K No change
VLO Valero Energy Corp. 0.32% 3,450 $466K No change
SO The Southern Co. 0.32% 5,160 $465K No change
CRWD CrowdStrike Holdings Inc. Class A 0.32% 1,653 $464K Add +56.2%
NOW ServiceNow Inc. 0.31% 500 $447K Reduce -1.0%
WTW Willis Towers Watson PLC 0.31% 1,510 $445K No change
MPC Marathon Petroleum Corp. 0.30% 2,674 $436K No change
BA The Boeing Co. 0.28% 2,700 $411K No change
C Citigroup Inc. 0.28% 6,511 $408K No change
DD Dupont DE Nemours Inc. 0.27% 4,416 $394K No change
DUK Duke Energy Corp. 0.26% 3,288 $379K No change
CSCO Cisco Systems Inc. 0.25% 6,855 $365K Add +0.0%
ABBV Abbvie Inc. 0.25% 1,835 $362K No change
XOP SS SPDR S&P Og Exp & Prod 0.24% 2,662 $350K Add +2.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.24% 2,000 $349K Reduce -35.8%
DOW Dow Inc. 0.23% 6,032 $330K No change
CMCSA Comcast Corp. Class A 0.23% 7,850 $328K No change
AEP American Electric Power 0.22% 3,158 $324K No change
CMI Cummins Inc. 0.22% 1,000 $324K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.21% 1,150 $303K Reduce -0.7%
STZ Constellation Brands Inc. Class A 0.20% 1,140 $294K Reduce -9.5%
MMM 3M Co. 0.20% 2,149 $294K Reduce -44.9%
MET Metlife Inc. 0.20% 3,500 $289K No change
DADA Dada Nexus Ltd.-ADR 0.20% 150,000 $285K Reduce -5.2%
CALF PCR US SM CP CSH CWS ETF-Usd 0.19% 6,000 $279K New
SPG Simon Property Group Inc. 0.19% 1,600 $270K No change
PM Philip Morris International 0.19% 2,209 $268K No change
WCN Waste Connections Inc. 0.18% 1,444 $258K No change
MDLZ Mondelez International Inc. Class A 0.18% 3,469 $256K Reduce -10.7%
RVTY Revvity Inc. 0.18% 2,000 $256K No change
TRMB Trimble Inc. 0.17% 4,000 $248K No change
GSK GSK PLC-Spon ADR 0.17% 6,026 $246K No change
ARKK ARK Innovation ETF 0.16% 5,001 $238K Reduce -69.0%
IWM iShares Russell 2000 ETF 0.16% 1,067 $236K No change
VVV Valvoline Inc. 0.16% 5,490 $230K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.16% 865 $228K No change
UL Unilever PLC 0.16% 3,500 $227K Reduce -46.1%
DFAT Dimensional US Target Value 0.16% 4,079 $227K No change
MA Mastercard Inc. Class A 0.16% 458 $226K New
EMN Eastman Chemical Co. 0.16% 2,000 $224K New
AIVL Wisdomtree US AI Enhanced Va 0.15% 2,000 $223K New
CRM Salesforce Inc. 0.15% 800 $219K Reduce -16.9%
XLI SS Industrial Select Sector 0.15% 1,600 $217K New
V Visa Inc. Class A 0.14% 744 $205K New
IYH iShares U.S. Healthcare ETF 0.14% 3,100 $202K New
ORCL Oracle Corp. 0.14% 1,178 $201K New
CPRX Catalyst Pharmaceuticals Inc. 0.14% 10,000 $199K No change
PGX Invesco Preferred ETF 0.09% 10,177 $126K No change
FIP Ftai Infrastructure Inc. 0.06% 10,000 $94K New
SILV Silvercrest Metals Inc. 0.06% 10,000 $93K No change
NGD New Gold Inc. 0.05% 25,000 $72K No change
AXDXQ Accelerate Diagnostics Inc. 0.05% 39,700 $68K No change
SBSW Sibanye-Stillwater Ltd.-ADR 0.03% 10,000 $41K No change
ASM Avino Silver & Gold Mines 0.01% 10,000 $11K No change

Portfolio Sells Q2 2024 → Q3 2024
LLY Eli Lilly & Co. Reduce -15.4% 3.04% −0.80
PYPL PayPal Holdings Inc. Sold out 0.00% −0.50
ARKK ARK Innovation ETF Reduce -69.0% 0.16% −0.35
META Meta Platforms Inc. Class A Reduce -28.8% 1.08% −0.32
ONT Onterris Inc. Sold out 0.00% −0.31
GM General Motors Co. Sold out 0.00% −0.25
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.20
SBUX Starbucks Corp. Sold out 0.00% −0.20
CVS CVS Health Corp. Reduce -24.3% 0.61% −0.18
LEVI Levi Strauss & Co. Class A Sold out 0.00% −0.18
AMGN Amgen Inc. Sold out 0.00% −0.18
CALM Cal-Maine Foods Inc. Sold out 0.00% −0.18
MU Micron Technology Inc. Sold out 0.00% −0.15
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.15
SLB SLB Ltd. Sold out 0.00% −0.15
VTV Vanguard Mrngstr Val ETF-Aui Reduce -35.8% 0.24% −0.12
UL Unilever PLC Reduce -46.1% 0.16% −0.10
MMM 3M Co. Reduce -44.9% 0.20% −0.09
XOM Exxon Mobil Corp. Reduce -1.3% 1.59% −0.07
QQQ Invesco QQQ Trust Series 1 Reduce -0.2% 1.87% −0.05
PANW Palo Alto Networks Inc. Reduce -4.7% 0.48% −0.04
UNH Unitedhealth Group Inc. Reduce -12.2% 0.89% −0.03
STZ Constellation Brands Inc. Class A Reduce -9.5% 0.20% −0.03
BAC Bank of America Corp. Reduce -2.9% 0.37% −0.03
CRM Salesforce Inc. Reduce -16.9% 0.15% −0.03
AAPL Apple Inc. Reduce -5.6% 10.00% −0.03
TGT Target Corp. Reduce -3.5% 0.43% −0.01
COST Costco Wholesale Corp. Reduce -0.5% 1.41% −0.01
JPM JPMorgan Chase & Co. Reduce -0.5% 1.05% −0.01
MDLZ Mondelez International Inc. Class A Reduce -10.7% 0.18% −0.01
BABA Alibaba Group Holding-SP ADR Reduce -28.6% 0.47% +0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -0.7% 0.21% +0.01
MDU Mdu Resources Group Inc. Reduce -3.0% 1.42% +0.02
NOW ServiceNow Inc. Reduce -1.0% 0.31% +0.02
GE General Electric Reduce -10.8% 2.36% +0.02
VZ Verizon Communications Inc. Reduce -2.2% 1.89% +0.03
T AT&T Inc. Reduce -6.5% 1.42% +0.04
VFH Vanguard Financials ETF Reduce -0.8% 1.01% +0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.4% 1.07% +0.05
DADA Dada Nexus Ltd.-ADR Reduce -5.2% 0.20% +0.05
FIBK First Interstate Bancsys-A Reduce -1.9% 2.09% +0.07
WMT Walmart Inc. Reduce -1.6% 0.75% +0.08
KNF Knife River Corp. Reduce -9.5% 1.42% +0.13
CAT Caterpillar Inc. Reduce -0.3% 1.44% +0.15
BMY Bristol-Myers Squibb Co. Reduce -0.1% 1.06% +0.17
IBM Intl Business Machines Corp. Reduce -9.1% 1.92% +0.19
GEV GE Vernova Inc. Reduce -4.5% 0.90% +0.24

Portfolio Buys Q2 2024 → Q3 2024
DELL Dell Technologies -C New 0.74% +0.74
SNOW Snowflake Inc. Add +64.8% 1.43% +0.36
UPS United Parcel Service Class B Add +57.9% 1.05% +0.35
MP MP Materials Corp. Add +4.5% 1.00% +0.28
GBCI Glacier Bancorp Inc. Add +1.6% 1.04% +0.24
CALF PCR US SM CP CSH CWS ETF-Usd New 0.19% +0.19
MA Mastercard Inc. Class A New 0.16% +0.16
EMN Eastman Chemical Co. New 0.16% +0.16
AIVL Wisdomtree US AI Enhanced Va New 0.15% +0.15
XLI SS Industrial Select Sector New 0.15% +0.15
V Visa Inc. Class A New 0.14% +0.14
IYH iShares U.S. Healthcare ETF New 0.14% +0.14
ORCL Oracle Corp. New 0.14% +0.14
GEHC GE Healthcare Technology Add +1.3% 0.96% +0.14
XLU St Sr Utl SL SE SPDR ETF-Usd Add +7.3% 0.77% +0.14
IBB iShares Biotechnology ETF Add +41.7% 0.43% +0.13
NKE Nike Inc. Class B Add +12.5% 0.55% +0.11
HD Home Depot Inc. Add +1.6% 0.87% +0.11
XLV SS Health Care Select Sector Add +18.7% 0.61% +0.10
XLF SS Financial Select Sector Add +1.8% 1.01% +0.07
FIP Ftai Infrastructure Inc. New 0.06% +0.06
KHC The Kraft Heinz Co. Add +3.4% 0.91% +0.06
DE Deere & Co. Add +3.3% 0.46% +0.04
JNJ Johnson & Johnson Add +3.0% 0.49% +0.04
KO The Coca-Cola Co. Add +0.0% 0.55% +0.04
INTC Intel Corp. Add +52.2% 0.39% +0.04
CRWD CrowdStrike Holdings Inc. Class A Add +56.2% 0.32% +0.03
CSCO Cisco Systems Inc. Add +0.0% 0.25% +0.02
AMD Advanced Micro Devices Add +5.1% 0.94% +0.01
PFE Pfizer Inc. Add +2.2% 1.17% +0.01
DIS The Walt Disney Co. Add +8.0% 1.22% −0.00
XOP SS SPDR S&P Og Exp & Prod Add +2.9% 0.24% −0.03
XLE SS Energy Select Sector Add +4.8% 0.87% −0.03
XLK SS Technology Select Sector Add +2.5% 1.61% −0.04
CLF Cleveland-Cliffs Inc. Add +16.4% 0.63% −0.05
MRK Merck & Co. Inc. Add +7.0% 0.91% −0.06
GOOG Alphabet Inc. Class C Add +3.7% 0.82% −0.09
NVDA Nvidia Corp. Add +1.0% 3.90% −0.21
F Ford Motor Co. Add +16.2% 0.89% −0.23
MSFT Microsoft Corp. Add +1.0% 3.28% −0.25

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