Cladis Investment Advisory, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Cladis Investment Advisory, LLC reported 147 stock positions worth $159.6 million. Its top holding was Apple (AAPL) at 7.2% of the portfolio, followed by Nvidia (NVDA, 4.8%) and Microsoft (MSFT, 3.4%). Compared with Q1 2025, it opened 15 new positions, sold out of 5, added to 56 and reduced 28. The biggest buy was Nvidia (NVDA, shares +0%) and the biggest sale Verizon Communications (VZ, shares −10%).

Most Recent 13F
Q2 2026
Location
BILLINGS, MT
CIK
0001911520
Portfolio Value
$159.6M (Q2 2025)
SEC Filing
0001911520-25-000005 ↗ filed Aug 11, 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 Q4 2024 Q1 2025: $138.2M Q1 2025 Q2 2025: $159.6M $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 147 stocks · $159.6M
AAPL Apple Inc. 7.21% 56,049 $11.5M Add +0.3%
NVDA Nvidia Corp. 4.76% 48,080 $7.6M Add +0.1%
MSFT Microsoft Corp. 3.41% 10,940 $5.4M Add +0.5%
AMZN Amazon.com Inc. 3.06% 22,245 $4.9M Add +1.1%
GE General Electric filed as GE AEROSPACE 2.85% 17,693 $4.6M Add +1.1%
LLY Eli Lilly & Co. 2.27% 4,644 $3.6M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.23% 12,050 $3.6M Reduce -1.7%
QQQ Invesco QQQ Trust Series 1 2.05% 5,926 $3.3M Add +6.6%
SNOW Snowflake Inc. 1.94% 13,835 $3.1M Reduce -12.9%
XLK SS Technology Select Sector 1.86% 11,697 $3.0M Add +2.7%
GEV GE Vernova Inc. 1.72% 5,183 $2.7M Add +2.3%
T AT&T Inc. 1.71% 94,289 $2.7M Add +12.5%
FIBK First Interstate Bancsys-A 1.62% 89,666 $2.6M Add +0.5%
COST Costco Wholesale Corp. 1.47% 2,364 $2.3M Reduce -2.1%
XOM Exxon Mobil Corp. 1.45% 21,531 $2.3M Add +11.6%
VZ Verizon Communications Inc. 1.45% 53,347 $2.3M Reduce -10.2%
TSM Taiwan Semiconductor-SP ADR 1.42% 10,000 $2.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.39% 17,935 $2.2M Reduce -0.1%
JPM JPMorgan Chase & Co. 1.33% 7,303 $2.1M Add +2.1%
UPS United Parcel Service Class B 1.24% 19,592 $2.0M Add +24.7%
CAT Caterpillar Inc. 1.22% 5,000 $1.9M No change
META Meta Platforms Inc. Class A 1.17% 2,523 $1.9M No change
KNF Knife River Corp. 1.12% 21,883 $1.8M Add +0.3%
NEE Nextera Energy Inc. 1.11% 25,583 $1.8M No change
XLF SS Financial Select Sector 1.11% 33,811 $1.8M Reduce -0.6%
DELL Dell Technologies -C 1.07% 13,920 $1.7M Reduce -1.4%
PFE Pfizer Inc. 1.04% 68,680 $1.7M Add +15.2%
AMD Advanced Micro Devices 1.03% 11,565 $1.6M Add +5.5%
VRT Vertiv Holdings Co. Class A 1.01% 12,500 $1.6M Add +1.0%
BRK.B Berkshire Hathaway Inc. Class B 1.01% 3,303 $1.6M Reduce -2.0%
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.98% 71,250 $1.6M Add +5.2%
VFH Vanguard Financials ETF 0.95% 11,889 $1.5M No change
XLE SS Energy Select Sector 0.93% 17,570 $1.5M Add +0.0%
F Ford Motor Co. filed as FORD MTR CO 0.88% 130,132 $1.4M Reduce -0.8%
BMY Bristol-Myers Squibb Co. 0.86% 29,807 $1.4M Add +7.2%
GBCI Glacier Bancorp Inc. 0.82% 30,398 $1.3M No change
GOOG Alphabet Inc. Class C 0.81% 7,305 $1.3M Add +192.2%
XLC SS Comm Select Sector SPDR 0.81% 11,875 $1.3M No change
MP MP Materials Corp. 0.79% 38,040 $1.3M Reduce -36.5%
CLF Cleveland-Cliffs Inc. 0.79% 165,550 $1.3M Add +60.7%
MDU Mdu Resources Group Inc. 0.76% 72,665 $1.2M Reduce -0.9%
ECG Everus Construction Group 0.75% 18,852 $1.2M Add +2.7%
WMT Walmart Inc. 0.74% 12,030 $1.2M Reduce -0.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.72% 1,854 $1.1M Add +25.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.71% 13,803 $1.1M Add +1.4%
NKE Nike Inc. Class B 0.70% 15,778 $1.1M Add +29.4%
WFC Wells Fargo & Co. 0.69% 13,726 $1.1M Add +0.0%
GEHC GE Healthcare Technology 0.66% 14,309 $1.1M Reduce -0.1%
BX Blackstone Inc. 0.66% 7,000 $1.0M Add +250.0%
HON Honeywell International Inc. 0.66% 4,488 $1.0M Reduce -0.4%
HD Home Depot Inc. 0.65% 2,815 $1.0M No change
XLV SS Health Care Select Sector 0.62% 7,345 $990K Reduce -1.3%
FTAI Ftai Aviation Ltd. 0.61% 8,500 $978K Reduce -15.0%
CPK Chesapeake Utilities Corp. 0.60% 8,000 $962K No change
NFLX Netflix Inc. 0.57% 675 $904K No change
MRK Merck & Co. Inc. 0.54% 10,971 $868K Add +3.4%
CRWD CrowdStrike Holdings Inc. Class A 0.53% 1,663 $847K Reduce -1.2%
BA The Boeing Co. 0.53% 4,025 $843K Reduce -0.4%
TXN Texas Instruments Inc. 0.52% 4,000 $830K No change
ARTY iShares Future AI & Tech ETF 0.52% 20,255 $830K Add +23.9%
PSX Phillips 66 0.51% 6,877 $820K No change
GS Goldman Sachs Group Inc. 0.51% 1,155 $817K No change
INTC Intel Corp. 0.49% 35,105 $786K Add +22.9%
UNH Unitedhealth Group Inc. 0.47% 2,386 $744K Add +13.6%
PG The Procter & Gamble Co. 0.47% 4,663 $743K Reduce -1.1%
PANW Palo Alto Networks Inc. 0.46% 3,550 $726K Reduce -5.3%
IBB iShares Biotechnology ETF 0.45% 5,710 $722K No change
PEP Pepsico Inc. 0.44% 5,292 $699K No change
FDX FedEx Corp. 0.43% 3,000 $682K No change
KO The Coca-Cola Co. 0.43% 9,615 $680K Add +0.0%
MCD McDonald's Corp. 0.41% 2,263 $661K No change
MMM 3M Co. 0.41% 4,299 $655K Add +87.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.40% 13,576 $642K Add +0.0%
CVX Chevron Corp. 0.38% 4,270 $611K Add +13.1%
MO Altria Group Inc. 0.38% 10,214 $599K No change
NEM Newmont Corp. 0.37% 10,100 $588K No change
DFAS Dimensional US Small Cap ETF 0.37% 9,159 $584K Add +0.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.36% 1,310 $574K No change
JNJ Johnson & Johnson 0.35% 3,649 $557K No change
KHC The Kraft Heinz Co. 0.35% 21,396 $552K Reduce -15.3%
VTV Vanguard Mrngstr Val ETF-Aui 0.34% 3,088 $546K Add +54.4%
GIS General Mills Inc. 0.33% 10,273 $532K Add +24.2%
KRE SS SPDR S&P Regional Bank 0.33% 8,830 $524K Add +53.6%
NOW ServiceNow Inc. 0.32% 500 $514K No change
TGT Target Corp. 0.32% 5,175 $511K Add +16.5%
C Citigroup Inc. 0.32% 5,911 $503K Reduce -1.7%
TEM Tempus AI Inc. Class A 0.31% 7,800 $496K Add +66.0%
COP Conocophillips 0.31% 5,516 $495K Add +0.0%
VNQ Vanguard Real Estate ETF 0.31% 5,513 $491K Add +0.0%
ARM Arm Holdings PLC-ADR 0.30% 3,000 $485K Add +50.0%
XLI SS Industrial Select Sector 0.30% 3,240 $478K Add +6.0%
SO The Southern Co. 0.30% 5,160 $474K No change
DFUS Dimensional US Eq MKT ETF 0.29% 7,015 $470K No change
VLO Valero Energy Corp. 0.29% 3,450 $464K Add +1.5%
WTW Willis Towers Watson PLC 0.29% 1,510 $463K No change
DE Deere & Co. 0.29% 908 $462K Add +81.6%
SBUX Starbucks Corp. 0.29% 5,026 $461K New
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.28% 1,590 $445K Add +30.3%
MPC Marathon Petroleum Corp. 0.28% 2,674 $444K No change
PM Philip Morris International 0.25% 2,209 $402K Reduce -69.4%
CALM Cal-Maine Foods Inc. 0.25% 4,000 $399K New
DUK Duke Energy Corp. 0.24% 3,287 $388K No change
V Visa Inc. Class A 0.23% 1,044 $371K Add +62.1%
CSCO Cisco Systems Inc. 0.23% 5,286 $367K Add +0.0%
MDLZ Mondelez International Inc. Class A 0.22% 5,305 $358K Add +50.6%
XOP SS SPDR S&P Og Exp & Prod 0.21% 2,662 $335K No change
AEP American Electric Power 0.21% 3,158 $328K No change
CMI Cummins Inc. 0.21% 1,000 $328K No change
CVS CVS Health Corp. 0.20% 4,637 $320K Reduce -1.2%
PLTR Palantir Technologies Inc. Class A 0.20% 2,325 $317K New
HWM Howmet Aerospace Inc. 0.19% 1,666 $310K No change
BABA Alibaba Group Holding-SP ADR 0.19% 2,700 $306K Add +8.0%
TRMB Trimble Inc. 0.19% 4,000 $304K No change
TWLO Twilio Inc. Class A 0.18% 2,350 $292K Reduce -17.5%
ABBV Abbvie Inc. 0.18% 1,558 $289K No change
MET Metlife Inc. 0.18% 3,500 $281K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.17% 3,400 $274K No change
CMCSA Comcast Corp. Class A 0.17% 7,650 $273K Reduce -2.5%
WCN Waste Connections Inc. 0.17% 1,444 $270K No change
IWO iShares Russell 2000 Growth 0.16% 900 $257K Add +12.5%
PTCT PTC Therapeutics Inc. 0.16% 5,200 $254K Add +30.0%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.15% 865 $247K No change
ARKK ARK Innovation ETF 0.14% 3,275 $230K New
MA Mastercard Inc. Class A 0.14% 408 $229K Reduce -2.4%
QXO Qxo Inc. 0.14% 10,500 $226K New
AIVL Wisdomtree US AI Enhanced Va 0.14% 2,000 $226K No change
SCHG Schwab US Large-Cap Growth 0.14% 7,536 $220K New
CRM Salesforce Inc. 0.14% 800 $218K No change
CPRX Catalyst Pharmaceuticals Inc. 0.14% 10,000 $217K No change
GLD SPDR Gold Shares 0.13% 700 $213K No change
VVV Valvoline Inc. 0.13% 5,490 $208K New
AMGN Amgen Inc. 0.13% 740 $207K New
CHTR Charter Communications Inc. Class A 0.13% 503 $206K New
IWN iShares Russell 2000 Value E 0.13% 1,300 $205K New
UL Unilever PLC 0.13% 3,300 $202K New
FWONA Liberty Media Corp. Class A 0.13% 2,125 $202K New
MU Micron Technology Inc. 0.13% 1,625 $200K New
OGN Organon & Co. 0.10% 16,001 $155K New
CDE Coeur Mining Inc. 0.09% 15,507 $137K Reduce -3.2%
NGD New Gold Inc. 0.08% 25,000 $124K No change
PGX Invesco Preferred ETF 0.07% 10,177 $113K No change
SBSW Sibanye-Stillwater Ltd.-ADR 0.05% 10,000 $72K No change
UAA Under Armour Inc. Class A 0.04% 10,000 $66K New
FIP Ftai Infrastructure Inc. 0.04% 10,000 $62K No change
WIT Wipro Ltd.-ADR 0.04% 19,680 $59K No change
ASM Avino Silver & Gold Mines 0.02% 10,000 $36K No change
WOLF Wolfspeed Inc. 0.02% 67,000 $27K Add +318.8%

Portfolio Sells Q1 2025 → Q2 2025
VZ Verizon Communications Inc. Reduce -10.2% 1.45% −0.50
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.0% 1.01% −0.29
MP MP Materials Corp. Reduce -36.5% 0.79% −0.27
KHC The Kraft Heinz Co. Reduce -15.3% 0.35% −0.21
FTAI Ftai Aviation Ltd. Reduce -15.0% 0.61% −0.19
COST Costco Wholesale Corp. Reduce -2.1% 1.47% −0.19
GEHC GE Healthcare Technology Reduce -0.1% 0.66% −0.17
XLV SS Health Care Select Sector Reduce -1.3% 0.62% −0.17
IWM iShares Russell 2000 ETF Sold out 0.00% −0.15
CALF PCR US SM CP CSH CWS ETF-Usd Sold out 0.00% −0.15
IYH iShares U.S. Healthcare ETF Sold out 0.00% −0.15
DADA Dada Nexus Ltd.-ADR Sold out 0.00% −0.14
MDU Mdu Resources Group Inc. Reduce -0.9% 0.76% −0.14
XLF SS Financial Select Sector Reduce -0.6% 1.11% −0.12
PG The Procter & Gamble Co. Reduce -1.1% 0.47% −0.12
PM Philip Morris International Reduce -69.4% 0.25% −0.09
F Ford Motor Co. Reduce -0.8% 0.88% −0.07
CMCSA Comcast Corp. Class A Reduce -2.5% 0.17% −0.04
HON Honeywell International Inc. Reduce -0.4% 0.66% −0.04
CVS CVS Health Corp. Reduce -1.2% 0.20% −0.03
WMT Walmart Inc. Reduce -0.1% 0.74% −0.03
MA Mastercard Inc. Class A Reduce -2.4% 0.14% −0.02
AXDXQ Accelerate Diagnostics Inc. Sold out 0.00% −0.02
TWLO Twilio Inc. Class A Reduce -17.5% 0.18% −0.02
PANW Palo Alto Networks Inc. Reduce -5.3% 0.46% −0.01
C Citigroup Inc. Reduce -1.7% 0.32% +0.01
CDE Coeur Mining Inc. Reduce -3.2% 0.09% +0.02
IBM Intl Business Machines Corp. Reduce -1.7% 2.23% +0.02
BA The Boeing Co. Reduce -0.4% 0.53% +0.03
CRWD CrowdStrike Holdings Inc. Class A Reduce -1.2% 0.53% +0.10
DIS The Walt Disney Co. Reduce -0.1% 1.39% +0.11
DELL Dell Technologies -C Reduce -1.4% 1.07% +0.14
SNOW Snowflake Inc. Reduce -12.9% 1.94% +0.26

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. Add +0.1% 4.76% +0.99
GEV GE Vernova Inc. Add +2.3% 1.72% +0.60
GOOG Alphabet Inc. Class C Add +192.2% 0.81% +0.53
BX Blackstone Inc. Add +250.0% 0.66% +0.45
MSFT Microsoft Corp. Add +0.5% 3.41% +0.45
VRT Vertiv Holdings Co. Class A Add +1.0% 1.01% +0.36
GE General Electric Add +1.1% 2.85% +0.32
SBUX Starbucks Corp. New 0.29% +0.29
ONT Onterris Inc. Add +5.2% 0.98% +0.28
ECG Everus Construction Group Add +2.7% 0.75% +0.26
CALM Cal-Maine Foods Inc. New 0.25% +0.25
AMD Advanced Micro Devices Add +5.5% 1.03% +0.21
PLTR Palantir Technologies Inc. Class A New 0.20% +0.20
CLF Cleveland-Cliffs Inc. Add +60.7% 0.79% +0.18
MMM 3M Co. Add +87.0% 0.41% +0.17
QQQ Invesco QQQ Trust Series 1 Add +6.6% 2.05% +0.16
XLK SS Technology Select Sector Add +2.7% 1.86% +0.15
ARM Arm Holdings PLC-ADR Add +50.0% 0.30% +0.15
ARTY iShares Future AI & Tech ETF Add +23.9% 0.52% +0.15
TEM Tempus AI Inc. Class A Add +66.0% 0.31% +0.15
ARKK ARK Innovation ETF New 0.14% +0.14
NKE Nike Inc. Class B Add +29.4% 0.70% +0.14
QXO Qxo Inc. New 0.14% +0.14
SCHG Schwab US Large-Cap Growth New 0.14% +0.14
VVV Valvoline Inc. New 0.13% +0.13
AMGN Amgen Inc. New 0.13% +0.13
CHTR Charter Communications Inc. Class A New 0.13% +0.13
IWN iShares Russell 2000 Value E New 0.13% +0.13
FWONA Liberty Media Corp. Class A New 0.13% +0.13
UL Unilever PLC New 0.13% +0.13
MU Micron Technology Inc. New 0.13% +0.13
SPY SS SPDR S&P 500 ETF Trust-US Add +25.8% 0.72% +0.12
DE Deere & Co. Add +81.6% 0.29% +0.12
OGN Organon & Co. New 0.10% +0.10
KRE SS SPDR S&P Regional Bank Add +53.6% 0.33% +0.09
VTV Vanguard Mrngstr Val ETF-Aui Add +54.4% 0.34% +0.09
V Visa Inc. Class A Add +62.1% 0.23% +0.07
JPM JPMorgan Chase & Co. Add +2.1% 1.33% +0.06
MDLZ Mondelez International Inc. Class A Add +50.6% 0.22% +0.05
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +30.3% 0.28% +0.05
UAA Under Armour Inc. Class A New 0.04% +0.04
AMZN Amazon.com Inc. Add +1.1% 3.06% +0.03
INTC Intel Corp. Add +22.9% 0.49% +0.02
IWO iShares Russell 2000 Growth Add +12.5% 0.16% +0.01
PTCT PTC Therapeutics Inc. Add +30.0% 0.16% +0.01
XLI SS Industrial Select Sector Add +6.0% 0.30% +0.01
T AT&T Inc. Add +12.5% 1.71% −0.00
CSCO Cisco Systems Inc. Add +0.0% 0.23% −0.01
BAC Bank of America Corp. Add +0.0% 0.40% −0.01
UPS United Parcel Service Class B Add +24.7% 1.24% −0.01

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