Cladis Investment Advisory, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Cladis Investment Advisory, LLC reported 131 stock positions worth $141.0 million. Its top holding was Apple (AAPL) at 10.0% of the portfolio, followed by Nvidia (NVDA, 4.4%) and Amazon.com (AMZN, 3.4%). Compared with Q3 2024, it opened 6 new positions, sold out of 11, added to 34 and reduced 47. The biggest buy was a new position in Onterris (ONT) and the biggest sale Eli Lilly (LLY, shares −6%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001911520
Portfolio Value
$141.0M (Q4 2024)
SEC Filing
0001911520-25-000001 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $141.0M $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 131 stocks · $141.0M
AAPL Apple Inc. 9.99% 56,259 $14.1M Reduce -9.2%
NVDA Nvidia Corp. 4.42% 46,435 $6.2M Add +0.2%
AMZN Amazon.com Inc. 3.42% 22,015 $4.8M Reduce -4.5%
MSFT Microsoft Corp. 3.05% 10,215 $4.3M Reduce -7.3%
LLY Eli Lilly & Co. 2.54% 4,644 $3.6M Reduce -6.1%
GE General Electric filed as GE AEROSPACE 2.13% 17,985 $3.0M Reduce -0.6%
FIBK First Interstate Bancsys-A 2.07% 89,757 $2.9M Reduce -8.8%
QQQ Invesco QQQ Trust Series 1 2.04% 5,622 $2.9M Add +1.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.91% 12,260 $2.7M Reduce -2.4%
XLK SS Technology Select Sector 1.84% 11,156 $2.6M Add +8.7%
SNOW Snowflake Inc. 1.83% 16,735 $2.6M Reduce -7.1%
VZ Verizon Communications Inc. 1.69% 59,477 $2.4M Reduce -1.9%
KNF Knife River Corp. 1.61% 22,388 $2.3M Reduce -2.5%
COST Costco Wholesale Corp. 1.52% 2,341 $2.1M Add +2.0%
T AT&T Inc. 1.48% 91,421 $2.1M Reduce -1.9%
XOM Exxon Mobil Corp. 1.47% 19,224 $2.1M Reduce -1.8%
TSM Taiwan Semiconductor-SP ADR 1.40% 10,000 $2.0M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.39% 17,614 $2.0M Reduce -3.4%
NEE Nextera Energy Inc. 1.29% 25,300 $1.8M No change
CAT Caterpillar Inc. 1.29% 5,000 $1.8M Reduce -5.7%
GEV GE Vernova Inc. 1.25% 5,338 $1.8M Add +4.5%
JPM JPMorgan Chase & Co. 1.22% 7,153 $1.7M No change
PFE Pfizer Inc. 1.19% 63,174 $1.7M Add +8.7%
XLF SS Financial Select Sector 1.14% 33,129 $1.6M Add +3.1%
BMY Bristol-Myers Squibb Co. 1.12% 27,807 $1.6M Reduce -5.8%
GBCI Glacier Bancorp Inc. 1.09% 30,498 $1.5M Reduce -6.7%
BRK.B Berkshire Hathaway Inc. Class B 1.08% 3,351 $1.5M Add +0.3%
UPS United Parcel Service Class B 1.07% 12,015 $1.5M Add +7.9%
XLE SS Energy Select Sector 1.07% 17,590 $1.5M Add +23.3%
META Meta Platforms Inc. Class A 1.04% 2,513 $1.5M Reduce -7.4%
FTAI Ftai Aviation Ltd. 1.02% 10,000 $1.4M No change
VFH Vanguard Financials ETF 1.01% 12,014 $1.4M Reduce -9.3%
MDU Mdu Resources Group Inc. 0.96% 74,925 $1.4M Add +0.0%
GOOG Alphabet Inc. Class C 0.94% 6,955 $1.3M Reduce -1.4%
DELL Dell Technologies -C 0.88% 10,780 $1.2M Add +19.4%
ECG Everus Construction Group 0.87% 18,727 $1.2M No change
F Ford Motor Co. filed as FORD MTR CO 0.86% 122,013 $1.2M Add +0.6%
BX Blackstone Inc. 0.86% 7,000 $1.2M No change
HD Home Depot Inc. 0.82% 2,989 $1.2M Reduce -3.2%
MP MP Materials Corp. 0.82% 74,540 $1.2M Reduce -9.2%
XLC SS Comm Select Sector SPDR 0.80% 11,715 $1.1M No change
GEHC GE Healthcare Technology 0.80% 14,406 $1.1M Reduce -2.8%
WMT Walmart Inc. 0.78% 12,119 $1.1M Reduce -9.7%
UNH Unitedhealth Group Inc. 0.75% 2,101 $1.1M Reduce -4.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.75% 13,917 $1.1M Add +1.5%
HON Honeywell International Inc. 0.72% 4,508 $1.0M Add +2.0%
MRK Merck & Co. Inc. 0.71% 10,110 $1.0M Reduce -12.3%
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.71% 54,150 $1.0M New
XLV SS Health Care Select Sector 0.70% 7,195 $990K Add +26.0%
CPK Chesapeake Utilities Corp. 0.69% 8,000 $971K No change
WFC Wells Fargo & Co. 0.68% 13,725 $964K Reduce -0.7%
AMD Advanced Micro Devices 0.62% 7,260 $877K Reduce -12.0%
KHC The Kraft Heinz Co. 0.62% 28,370 $871K Reduce -24.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.61% 1,474 $864K No change
NKE Nike Inc. Class B 0.60% 11,192 $847K Add +25.4%
FDX FedEx Corp. 0.60% 3,000 $844K No change
PG The Procter & Gamble Co. 0.57% 4,807 $806K Add +5.2%
PEP Pepsico Inc. 0.57% 5,280 $803K Add +5.6%
PSX Phillips 66 0.55% 6,837 $779K Add +0.0%
TXN Texas Instruments Inc. 0.53% 4,000 $750K No change
CLF Cleveland-Cliffs Inc. 0.53% 79,700 $749K Add +11.9%
BA The Boeing Co. 0.51% 4,040 $715K Add +49.6%
PANW Palo Alto Networks Inc. 0.49% 3,760 $684K Reduce -6.7%
IBB iShares Biotechnology ETF 0.48% 5,140 $680K Add +19.5%
GS Goldman Sachs Group Inc. 0.47% 1,155 $661K Reduce -11.5%
MCD McDonald's Corp. 0.47% 2,263 $656K Add +13.7%
DFAS Dimensional US Small Cap ETF 0.43% 9,358 $609K Reduce -11.4%
KO The Coca-Cola Co. 0.43% 9,714 $605K Reduce -12.6%
NFLX Netflix Inc. 0.43% 675 $602K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.42% 13,574 $597K Reduce -0.4%
CRWD CrowdStrike Holdings Inc. Class A 0.40% 1,658 $567K Add +0.3%
JNJ Johnson & Johnson 0.39% 3,798 $549K Reduce -12.8%
CVX Chevron Corp. 0.38% 3,725 $540K Reduce -6.0%
COP Conocophillips 0.38% 5,435 $539K Add +4.5%
VUG Vanguard Mrngstar GR ETF-Sui 0.38% 1,310 $538K Reduce -0.4%
MO Altria Group Inc. 0.38% 10,214 $534K No change
NOW ServiceNow Inc. 0.38% 500 $530K No change
GIS General Mills Inc. 0.37% 8,273 $528K No change
INTC Intel Corp. 0.37% 25,955 $520K Add +7.9%
TGT Target Corp. 0.36% 3,743 $506K Reduce -5.7%
VNQ Vanguard Real Estate ETF 0.35% 5,509 $491K New
DFUS Dimensional US Eq MKT ETF 0.34% 7,440 $474K Reduce -16.2%
WTW Willis Towers Watson PLC 0.34% 1,510 $473K No change
SO The Southern Co. 0.30% 5,160 $425K No change
C Citigroup Inc. 0.30% 6,011 $423K Reduce -7.7%
VLO Valero Energy Corp. 0.30% 3,450 $423K No change
CALM Cal-Maine Foods Inc. 0.29% 4,000 $412K New
XLI SS Industrial Select Sector 0.28% 3,011 $397K Add +88.2%
NEM Newmont Corp. 0.27% 10,100 $376K No change
MPC Marathon Petroleum Corp. 0.26% 2,674 $373K No change
DUK Duke Energy Corp. 0.25% 3,288 $354K No change
XOP SS SPDR S&P Og Exp & Prod 0.25% 2,662 $352K No change
CMI Cummins Inc. 0.25% 1,000 $349K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.24% 2,000 $339K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.23% 1,220 $322K Add +6.1%
CSCO Cisco Systems Inc. 0.22% 5,226 $309K Reduce -23.8%
TWLO Twilio Inc. Class A 0.22% 2,850 $308K New
MMM 3M Co. 0.21% 2,299 $297K Add +7.0%
CMCSA Comcast Corp. Class A 0.21% 7,850 $295K No change
AEP American Electric Power 0.21% 3,158 $291K No change
MET Metlife Inc. 0.20% 3,500 $287K No change
TRMB Trimble Inc. 0.20% 4,000 $283K No change
ABBV Abbvie Inc. 0.20% 1,558 $277K Reduce -15.1%
CRM Salesforce Inc. 0.19% 800 $267K No change
PM Philip Morris International 0.19% 2,209 $266K No change
STZ Constellation Brands Inc. Class A 0.18% 1,151 $254K Add +1.0%
WCN Waste Connections Inc. 0.18% 1,444 $248K No change
ARM Arm Holdings PLC-ADR 0.17% 2,000 $247K Reduce -45.2%
CALF PCR US SM CP CSH CWS ETF-Usd 0.17% 5,500 $242K Reduce -8.3%
MA Mastercard Inc. Class A 0.17% 458 $241K No change
IWM iShares Russell 2000 ETF 0.17% 1,067 $236K No change
V Visa Inc. Class A 0.17% 744 $235K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.17% 865 $233K No change
RVTY Revvity Inc. 0.16% 2,000 $223K No change
ARKK ARK Innovation ETF 0.15% 3,775 $214K Reduce -24.5%
AIVL Wisdomtree US AI Enhanced Va 0.15% 2,000 $213K No change
BABA Alibaba Group Holding-SP ADR 0.15% 2,500 $212K Reduce -60.8%
DE Deere & Co. 0.15% 500 $212K Reduce -68.5%
MDLZ Mondelez International Inc. Class A 0.15% 3,523 $210K Add +1.6%
SCHG Schwab US Large-Cap Growth 0.15% 7,536 $210K New
CPRX Catalyst Pharmaceuticals Inc. 0.15% 10,000 $209K No change
CVS CVS Health Corp. 0.15% 4,592 $206K Reduce -67.4%
DADA Dada Nexus Ltd.-ADR 0.14% 167,500 $203K Add +11.7%
PGX Invesco Preferred ETF 0.08% 10,177 $117K No change
SILV Silvercrest Metals Inc. 0.06% 10,000 $91K No change
FIP Ftai Infrastructure Inc. 0.05% 10,000 $73K No change
WIT Wipro Ltd.-ADR 0.05% 19,680 $70K New
NGD New Gold Inc. 0.04% 25,000 $62K No change
AXDXQ Accelerate Diagnostics Inc. 0.04% 42,700 $51K Add +7.6%
SBSW Sibanye-Stillwater Ltd.-ADR 0.02% 10,000 $33K No change
ASM Avino Silver & Gold Mines 0.01% 10,000 $9K No change

Portfolio Sells Q3 2024 → Q4 2024
LLY Eli Lilly & Co. Reduce -6.1% 2.54% −0.49
CVS CVS Health Corp. Reduce -67.4% 0.15% −0.47
SMH Vaneck Semiconductor ETF Sold out 0.00% −0.38
BABA Alibaba Group Holding-SP ADR Reduce -60.8% 0.15% −0.32
AMD Advanced Micro Devices Reduce -12.0% 0.62% −0.32
DE Deere & Co. Reduce -68.5% 0.15% −0.31
KHC The Kraft Heinz Co. Reduce -24.2% 0.62% −0.29
DD Dupont DE Nemours Inc. Sold out 0.00% −0.27
GE General Electric Reduce -0.6% 2.13% −0.24
MSFT Microsoft Corp. Reduce -7.3% 3.05% −0.23
DOW Dow Inc. Sold out 0.00% −0.23
VZ Verizon Communications Inc. Reduce -1.9% 1.69% −0.20
MRK Merck & Co. Inc. Reduce -12.3% 0.71% −0.19
SPG Simon Property Group Inc. Sold out 0.00% −0.19
ARM Arm Holdings PLC-ADR Reduce -45.2% 0.17% −0.19
MP MP Materials Corp. Reduce -9.2% 0.82% −0.18
GSK GSK PLC-Spon ADR Sold out 0.00% −0.17
GEHC GE Healthcare Technology Reduce -2.8% 0.80% −0.17
VVV Valvoline Inc. Sold out 0.00% −0.16
UL Unilever PLC Sold out 0.00% −0.16
DFAT Dimensional US Target Value Sold out 0.00% −0.16
EMN Eastman Chemical Co. Sold out 0.00% −0.16
CAT Caterpillar Inc. Reduce -5.7% 1.29% −0.15
IYH iShares U.S. Healthcare ETF Sold out 0.00% −0.14
ORCL Oracle Corp. Sold out 0.00% −0.14
UNH Unitedhealth Group Inc. Reduce -4.5% 0.75% −0.14
KO The Coca-Cola Co. Reduce -12.6% 0.43% −0.12
XOM Exxon Mobil Corp. Reduce -1.8% 1.47% −0.12
JNJ Johnson & Johnson Reduce -12.8% 0.39% −0.10
TGT Target Corp. Reduce -5.7% 0.36% −0.07
ABBV Abbvie Inc. Reduce -15.1% 0.20% −0.05
DFUS Dimensional US Eq MKT ETF Reduce -16.2% 0.34% −0.05
DFAS Dimensional US Small Cap ETF Reduce -11.4% 0.43% −0.04
HD Home Depot Inc. Reduce -3.2% 0.82% −0.04
META Meta Platforms Inc. Class A Reduce -7.4% 1.04% −0.03
CSCO Cisco Systems Inc. Reduce -23.8% 0.22% −0.03
FIBK First Interstate Bancsys-A Reduce -8.8% 2.07% −0.03
CVX Chevron Corp. Reduce -6.0% 0.38% −0.02
CALF PCR US SM CP CSH CWS ETF-Usd Reduce -8.3% 0.17% −0.02
AAPL Apple Inc. Reduce -9.2% 9.99% −0.01
IBM Intl Business Machines Corp. Reduce -2.4% 1.91% −0.01
ARKK ARK Innovation ETF Reduce -24.5% 0.15% −0.01
VFH Vanguard Financials ETF Reduce -9.3% 1.01% −0.00
PANW Palo Alto Networks Inc. Reduce -6.7% 0.49% +0.01
C Citigroup Inc. Reduce -7.7% 0.30% +0.02
GS Goldman Sachs Group Inc. Reduce -11.5% 0.47% +0.02
WMT Walmart Inc. Reduce -9.7% 0.78% +0.03
VUG Vanguard Mrngstar GR ETF-Sui Reduce -0.4% 0.38% +0.03
BAC Bank of America Corp. Reduce -0.4% 0.42% +0.05
GBCI Glacier Bancorp Inc. Reduce -6.7% 1.09% +0.05

Portfolio Buys Q3 2024 → Q4 2024
ONT Onterris Inc. New 0.71% +0.71
NVDA Nvidia Corp. Add +0.2% 4.42% +0.52
VNQ Vanguard Real Estate ETF New 0.35% +0.35
GEV GE Vernova Inc. Add +4.5% 1.25% +0.34
CALM Cal-Maine Foods Inc. New 0.29% +0.29
XLK SS Technology Select Sector Add +8.7% 1.84% +0.23
BA The Boeing Co. Add +49.6% 0.51% +0.22
TWLO Twilio Inc. Class A New 0.22% +0.22
XLE SS Energy Select Sector Add +23.3% 1.07% +0.20
QQQ Invesco QQQ Trust Series 1 Add +1.8% 2.04% +0.17
SCHG Schwab US Large-Cap Growth New 0.15% +0.15
DELL Dell Technologies -C Add +19.4% 0.88% +0.14
XLI SS Industrial Select Sector Add +88.2% 0.28% +0.13
XLF SS Financial Select Sector Add +3.1% 1.14% +0.13
COST Costco Wholesale Corp. Add +2.0% 1.52% +0.11
XLV SS Health Care Select Sector Add +26.0% 0.70% +0.09
HON Honeywell International Inc. Add +2.0% 0.72% +0.09
CRWD CrowdStrike Holdings Inc. Class A Add +0.3% 0.40% +0.08
NKE Nike Inc. Class B Add +25.4% 0.60% +0.05
WIT Wipro Ltd.-ADR New 0.05% +0.05
IBB iShares Biotechnology ETF Add +19.5% 0.48% +0.05
MCD McDonald's Corp. Add +13.7% 0.47% +0.05
PG The Procter & Gamble Co. Add +5.2% 0.57% +0.02
PFE Pfizer Inc. Add +8.7% 1.19% +0.02
UPS United Parcel Service Class B Add +7.9% 1.07% +0.02
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +6.1% 0.23% +0.02
BRK.B Berkshire Hathaway Inc. Class B Add +0.3% 1.08% +0.01
MMM 3M Co. Add +7.0% 0.21% +0.01
COP Conocophillips Add +4.5% 0.38% +0.00
AXDXQ Accelerate Diagnostics Inc. Add +7.6% 0.04% −0.01
PEP Pepsico Inc. Add +5.6% 0.57% −0.02
XLU St Sr Utl SL SE SPDR ETF-Usd Add +1.5% 0.75% −0.02
INTC Intel Corp. Add +7.9% 0.37% −0.02
STZ Constellation Brands Inc. Class A Add +1.0% 0.18% −0.02
MDLZ Mondelez International Inc. Class A Add +1.6% 0.15% −0.03
F Ford Motor Co. Add +0.6% 0.86% −0.03
DADA Dada Nexus Ltd.-ADR Add +11.7% 0.14% −0.05
PSX Phillips 66 Add +0.0% 0.55% −0.07
CLF Cleveland-Cliffs Inc. Add +11.9% 0.53% −0.10
MDU Mdu Resources Group Inc. Add +0.0% 0.96% −0.47

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