Cladis Investment Advisory, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Cladis Investment Advisory, LLC reported 145 stock positions worth $174.7 million. Its top holding was Apple (AAPL) at 8.2% of the portfolio, followed by Nvidia (NVDA, 5.1%) and Microsoft (MSFT, 3.3%). Compared with Q2 2025, it opened 11 new positions, sold out of 13, added to 32 and reduced 46. The biggest buy was Qxo (QXO, shares +646%) and the biggest sale Snowflake (SNOW, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- BILLINGS, MT
- CIK
- 0001911520
- Portfolio Value
- $174.7M (Q3 2025)
- SEC Filing
- 0001911520-25-000006 ↗ filed Nov 13, 2025
Holdings Value
Holdings 145 stocks · $174.7M
| AAPL Apple Inc. | 8.17% | 56,049 | $14.3M | No change |
| NVDA Nvidia Corp. | 5.13% | 48,055 | $9.0M | Reduce -0.1% |
| MSFT Microsoft Corp. | 3.27% | 11,041 | $5.7M | Add +0.9% |
| GE General Electric filed as GE AEROSPACE | 2.98% | 17,298 | $5.2M | Reduce -2.2% |
| AMZN Amazon.com Inc. | 2.76% | 21,979 | $4.8M | Reduce -1.2% |
| QQQ Invesco QQQ Trust Series 1 | 2.05% | 5,961 | $3.6M | Add +0.6% |
| LLY Eli Lilly & Co. | 2.03% | 4,659 | $3.6M | Add +0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.94% | 12,000 | $3.4M | Reduce -0.4% |
| XLK SS Technology Select Sector | 1.90% | 11,807 | $3.3M | Add +0.9% |
| GEV GE Vernova Inc. | 1.82% | 5,166 | $3.2M | Reduce -0.3% |
| TSM Taiwan Semiconductor-SP ADR | 1.65% | 10,300 | $2.9M | Add +3.0% |
| FIBK First Interstate Bancsys-A | 1.61% | 88,545 | $2.8M | Reduce -1.3% |
| T AT&T Inc. | 1.47% | 91,158 | $2.6M | Reduce -3.3% |
| XOM Exxon Mobil Corp. | 1.39% | 21,534 | $2.4M | Add +0.0% |
| COST Costco Wholesale Corp. | 1.38% | 2,613 | $2.4M | Add +10.5% |
| CAT Caterpillar Inc. | 1.37% | 5,000 | $2.4M | No change |
| UPS United Parcel Service Class B | 1.34% | 27,936 | $2.3M | Add +42.6% |
| VZ Verizon Communications Inc. | 1.33% | 52,930 | $2.3M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 1.32% | 7,303 | $2.3M | No change |
| SNOW Snowflake Inc. | 1.19% | 9,240 | $2.1M | Reduce -33.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.15% | 17,525 | $2.0M | Reduce -2.3% |
| DELL Dell Technologies -C | 1.10% | 13,520 | $1.9M | Reduce -2.9% |
| NEE Nextera Energy Inc. | 1.06% | 24,583 | $1.9M | Reduce -3.9% |
| META Meta Platforms Inc. Class A | 1.06% | 2,524 | $1.9M | Add +0.0% |
| XLF SS Financial Select Sector | 1.05% | 34,146 | $1.8M | Add +1.0% |
| AMD Advanced Micro Devices | 1.05% | 11,365 | $1.8M | Reduce -1.7% |
| GOOG Alphabet Inc. Class C | 1.02% | 7,305 | $1.8M | No change |
| VRT Vertiv Holdings Co. Class A | 1.01% | 11,700 | $1.8M | Reduce -6.4% |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 0.97% | 61,900 | $1.7M | Reduce -13.1% |
| PFE Pfizer Inc. | 0.97% | 66,452 | $1.7M | Reduce -3.2% |
| KNF Knife River Corp. | 0.96% | 21,858 | $1.7M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.92% | 3,198 | $1.6M | Reduce -3.2% |
| XLE SS Energy Select Sector | 0.91% | 17,895 | $1.6M | Add +1.9% |
| CLF Cleveland-Cliffs Inc. | 0.91% | 130,250 | $1.6M | Reduce -21.3% |
| VFH Vanguard Financials ETF | 0.89% | 11,889 | $1.6M | No change |
| UNH Unitedhealth Group Inc. | 0.87% | 4,407 | $1.5M | Add +84.7% |
| F Ford Motor Co. filed as FORD MTR CO | 0.86% | 125,751 | $1.5M | Reduce -3.4% |
| QXO Qxo Inc. | 0.85% | 78,350 | $1.5M | Add +646.2% |
| GBCI Glacier Bancorp Inc. | 0.85% | 30,398 | $1.5M | No change |
| FTAI Ftai Aviation Ltd. | 0.81% | 8,500 | $1.4M | No change |
| XLC SS Comm Select Sector SPDR | 0.80% | 11,875 | $1.4M | No change |
| ECG Everus Construction Group | 0.79% | 16,027 | $1.4M | Reduce -15.0% |
| BMY Bristol-Myers Squibb Co. | 0.75% | 29,107 | $1.3M | Reduce -2.4% |
| MDU Mdu Resources Group Inc. | 0.72% | 70,666 | $1.3M | Reduce -2.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.72% | 14,329 | $1.2M | Add +3.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.71% | 1,854 | $1.2M | No change |
| WMT Walmart Inc. | 0.71% | 11,981 | $1.2M | Reduce -0.4% |
| MRK Merck & Co. Inc. | 0.70% | 14,621 | $1.2M | Add +33.3% |
| BX Blackstone Inc. | 0.68% | 7,000 | $1.2M | No change |
| INTC Intel Corp. | 0.68% | 35,505 | $1.2M | Add +1.1% |
| HD Home Depot Inc. | 0.65% | 2,815 | $1.1M | No change |
| CPK Chesapeake Utilities Corp. | 0.62% | 8,000 | $1.1M | No change |
| WFC Wells Fargo & Co. | 0.61% | 12,726 | $1.1M | Reduce -7.3% |
| GEHC GE Healthcare Technology | 0.61% | 14,110 | $1.1M | Reduce -1.4% |
| NKE Nike Inc. Class B | 0.60% | 15,078 | $1.1M | Reduce -4.4% |
| ARTY iShares Future AI & Tech ETF | 0.55% | 21,145 | $968K | Add +4.4% |
| HON Honeywell International Inc. | 0.54% | 4,488 | $945K | No change |
| PSX Phillips 66 | 0.54% | 6,878 | $936K | Add +0.0% |
| GS Goldman Sachs Group Inc. | 0.53% | 1,155 | $920K | No change |
| XLV SS Health Care Select Sector | 0.51% | 6,465 | $900K | Reduce -12.0% |
| BA The Boeing Co. | 0.50% | 4,035 | $871K | Add +0.3% |
| CVX Chevron Corp. | 0.48% | 5,420 | $842K | Add +26.9% |
| BYRN Byrna Technologies Inc. | 0.48% | 37,900 | $840K | New |
| NEM Newmont Corp. | 0.47% | 9,800 | $826K | Reduce -3.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.47% | 1,663 | $816K | No change |
| NFLX Netflix Inc. | 0.46% | 675 | $809K | No change |
| IBB iShares Biotechnology ETF | 0.45% | 5,425 | $783K | Reduce -5.0% |
| PEP Pepsico Inc. | 0.43% | 5,292 | $743K | No change |
| TXN Texas Instruments Inc. | 0.42% | 4,000 | $735K | No change |
| PANW Palo Alto Networks Inc. | 0.41% | 3,550 | $723K | No change |
| FDX FedEx Corp. | 0.40% | 3,000 | $707K | No change |
| PG The Procter & Gamble Co. | 0.40% | 4,579 | $704K | Reduce -1.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.40% | 13,577 | $700K | Add +0.0% |
| JNJ Johnson & Johnson | 0.39% | 3,649 | $677K | No change |
| MCD McDonald's Corp. | 0.38% | 2,188 | $665K | Reduce -3.3% |
| MO Altria Group Inc. | 0.38% | 10,064 | $665K | Reduce -1.5% |
| DFAS Dimensional US Small Cap ETF | 0.37% | 9,418 | $645K | Add +2.8% |
| KRE SS SPDR S&P Regional Bank | 0.36% | 10,010 | $634K | Add +13.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.36% | 1,295 | $621K | Reduce -1.1% |
| C Citigroup Inc. | 0.34% | 5,911 | $600K | No change |
| VLO Valero Energy Corp. | 0.34% | 3,450 | $587K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.33% | 3,088 | $576K | No change |
| MMM 3M Co. | 0.32% | 3,649 | $566K | Reduce -15.1% |
| KO The Coca-Cola Co. | 0.32% | 8,517 | $565K | Reduce -11.4% |
| WPM Wheaton Precious Metals Corp. | 0.32% | 5,000 | $559K | New |
| COP Conocophillips | 0.30% | 5,517 | $522K | Add +0.0% |
| WTW Willis Towers Watson PLC | 0.30% | 1,510 | $522K | No change |
| MPC Marathon Petroleum Corp. | 0.29% | 2,674 | $515K | No change |
| DFUS Dimensional US Eq MKT ETF | 0.29% | 7,015 | $508K | No change |
| XLI SS Industrial Select Sector | 0.29% | 3,290 | $507K | Add +1.5% |
| VNQ Vanguard Real Estate ETF | 0.28% | 5,390 | $493K | Reduce -2.2% |
| SO The Southern Co. | 0.28% | 5,160 | $489K | No change |
| ISRG Intuitive Surgical Inc. | 0.27% | 1,045 | $467K | New |
| TGT Target Corp. | 0.27% | 5,210 | $467K | Add +0.7% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.27% | 1,590 | $467K | No change |
| NOW ServiceNow Inc. | 0.27% | 505 | $465K | Add +1.0% |
| SBUX Starbucks Corp. | 0.24% | 5,027 | $425K | Add +0.0% |
| ARM Arm Holdings PLC-ADR | 0.24% | 3,000 | $424K | No change |
| CMI Cummins Inc. | 0.24% | 1,000 | $422K | No change |
| DE Deere & Co. | 0.24% | 909 | $415K | Add +0.1% |
Portfolio Sells Q2 2025 → Q3 2025
| SNOW Snowflake Inc. | Reduce -33.2% | 1.19% | −0.75 |
| MP MP Materials Corp. | Reduce -85.5% | 0.21% | −0.58 |
| AMZN Amazon.com Inc. | Reduce -1.2% | 2.76% | −0.30 |
| IBM Intl Business Machines Corp. | Reduce -0.4% | 1.94% | −0.29 |
| DIS The Walt Disney Co. | Reduce -2.3% | 1.15% | −0.25 |
| T AT&T Inc. | Reduce -3.3% | 1.47% | −0.24 |
| TEM Tempus AI Inc. Class A | Reduce -62.8% | 0.13% | −0.18 |
| KNF Knife River Corp. | Reduce -0.1% | 0.96% | −0.16 |
| KHC The Kraft Heinz Co. | Reduce -34.2% | 0.21% | −0.14 |
| CPRX Catalyst Pharmaceuticals Inc. | Sold out | 0.00% | −0.14 |
| VVV Valvoline Inc. | Sold out | 0.00% | −0.13 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.13 |
| UL Unilever PLC | Sold out | 0.00% | −0.13 |
| VZ Verizon Communications Inc. | Reduce -0.8% | 1.33% | −0.12 |
| BMY Bristol-Myers Squibb Co. | Reduce -2.4% | 0.75% | −0.11 |
| GIS General Mills Inc. | Reduce -25.3% | 0.22% | −0.11 |
| XLV SS Health Care Select Sector | Reduce -12.0% | 0.51% | −0.11 |
| KO The Coca-Cola Co. | Reduce -11.4% | 0.32% | −0.10 |
| NKE Nike Inc. Class B | Reduce -4.4% | 0.60% | −0.10 |
| CDE Coeur Mining Inc. | Sold out | 0.00% | −0.09 |
| MMM 3M Co. | Reduce -15.1% | 0.32% | −0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.2% | 0.92% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -7.3% | 0.61% | −0.08 |
| NGD New Gold Inc. | Sold out | 0.00% | −0.08 |
| PFE Pfizer Inc. | Reduce -3.2% | 0.97% | −0.07 |
| PGX Invesco Preferred ETF | Sold out | 0.00% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -1.8% | 0.40% | −0.06 |
| GEHC GE Healthcare Technology | Reduce -1.4% | 0.61% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -3.9% | 1.06% | −0.05 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Sold out | 0.00% | −0.05 |
| UAA Under Armour Inc. Class A | Sold out | 0.00% | −0.04 |
| MDU Mdu Resources Group Inc. | Reduce -2.8% | 0.72% | −0.04 |
| FIP Ftai Infrastructure Inc. | Sold out | 0.00% | −0.04 |
| WIT Wipro Ltd.-ADR | Sold out | 0.00% | −0.04 |
| MCD McDonald's Corp. | Reduce -3.3% | 0.38% | −0.03 |
| WMT Walmart Inc. | Reduce -0.4% | 0.71% | −0.03 |
| VNQ Vanguard Real Estate ETF | Reduce -2.2% | 0.28% | −0.03 |
| F Ford Motor Co. | Reduce -3.4% | 0.86% | −0.02 |
| ASM Avino Silver & Gold Mines | Sold out | 0.00% | −0.02 |
| WOLF Wolfspeed Inc. | Sold out | 0.00% | −0.02 |
| OGN Organon & Co. | Reduce -11.4% | 0.09% | −0.01 |
| ARKK ARK Innovation ETF | Reduce -15.3% | 0.14% | −0.01 |
| CVS CVS Health Corp. | Reduce -2.7% | 0.19% | −0.01 |
| ONT Onterris Inc. | Reduce -13.1% | 0.97% | −0.00 |
| FIBK First Interstate Bancsys-A | Reduce -1.3% | 1.61% | −0.00 |
| IBB iShares Biotechnology ETF | Reduce -5.0% | 0.45% | −0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -1.1% | 0.36% | −0.00 |
| VRT Vertiv Holdings Co. Class A | Reduce -6.4% | 1.01% | +0.00 |
| MO Altria Group Inc. | Reduce -1.5% | 0.38% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Reduce -12.9% | 0.21% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| QXO Qxo Inc. | Add +646.2% | 0.85% | +0.71 |
| BYRN Byrna Technologies Inc. | New | 0.48% | +0.48 |
| UNH Unitedhealth Group Inc. | Add +84.7% | 0.87% | +0.40 |
| WPM Wheaton Precious Metals Corp. | New | 0.32% | +0.32 |
| ISRG Intuitive Surgical Inc. | New | 0.27% | +0.27 |
| COIN Coinbase Global Inc. Class A | New | 0.23% | +0.23 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.0% | 1.65% | +0.23 |
| INTC Intel Corp. | Add +1.1% | 0.68% | +0.19 |
| FNV Franco-Nevada Corp. | New | 0.18% | +0.18 |
| MRK Merck & Co. Inc. | Add +33.3% | 0.70% | +0.16 |
| HAL Halliburton Co. | New | 0.15% | +0.15 |
| LUV Southwest Airlines Co. | New | 0.15% | +0.15 |
| GOOGL Alphabet Inc. Class A | New | 0.14% | +0.14 |
| SPG Simon Property Group Inc. | New | 0.13% | +0.13 |
| DAL Delta Air Lines Inc. | New | 0.13% | +0.13 |
| AVGO Broadcom Inc. | New | 0.13% | +0.13 |
| CVX Chevron Corp. | Add +26.9% | 0.48% | +0.10 |
| UPS United Parcel Service Class B | Add +42.6% | 1.34% | +0.10 |
| XLK SS Technology Select Sector | Add +0.9% | 1.90% | +0.05 |
| KRE SS SPDR S&P Regional Bank | Add +13.4% | 0.36% | +0.03 |
| ARTY iShares Future AI & Tech ETF | Add +4.4% | 0.55% | +0.03 |
| PSX Phillips 66 | Add +0.0% | 0.54% | +0.02 |
| GLD SPDR Gold Shares | Add +1.7% | 0.14% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +3.8% | 0.72% | +0.01 |
| DFAS Dimensional US Small Cap ETF | Add +2.8% | 0.37% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.6% | 2.05% | −0.00 |
| BAC Bank of America Corp. | Add +0.0% | 0.40% | −0.00 |
| XLI SS Industrial Select Sector | Add +1.5% | 0.29% | −0.01 |
| COP Conocophillips | Add +0.0% | 0.30% | −0.01 |
| CRM Salesforce Inc. | Add +9.4% | 0.12% | −0.02 |
| XLE SS Energy Select Sector | Add +1.9% | 0.91% | −0.02 |
| CSCO Cisco Systems Inc. | Add +0.0% | 0.21% | −0.02 |
| BA The Boeing Co. | Add +0.3% | 0.50% | −0.03 |
| SBUX Starbucks Corp. | Add +0.0% | 0.24% | −0.05 |
| DE Deere & Co. | Add +0.1% | 0.24% | −0.05 |
| TGT Target Corp. | Add +0.7% | 0.27% | −0.05 |
| NOW ServiceNow Inc. | Add +1.0% | 0.27% | −0.06 |
| XLF SS Financial Select Sector | Add +1.0% | 1.05% | −0.06 |
| XOM Exxon Mobil Corp. | Add +0.0% | 1.39% | −0.07 |
| COST Costco Wholesale Corp. | Add +10.5% | 1.38% | −0.08 |
| META Meta Platforms Inc. Class A | Add +0.0% | 1.06% | −0.11 |
| MSFT Microsoft Corp. | Add +0.9% | 3.27% | −0.14 |
| LLY Eli Lilly & Co. | Add +0.3% | 2.03% | −0.23 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 173 | $214.0M | AAPL, NVDA, GEV, GE, AMZN |
| Q1 2026 | 159 | $181.7M | AAPL, NVDA, AMZN, GE, MSFT |
| Q4 2025 | 154 | $182.7M | AAPL, NVDA, MSFT, LLY, AMZN |
| Q3 2025 | 145 | $174.7M | AAPL, NVDA, MSFT, GE, AMZN |
| Q2 2025 | 147 | $159.6M | AAPL, NVDA, MSFT, AMZN, GE |
| Q1 2025 | 137 | $138.2M | AAPL, NVDA, AMZN, MSFT, LLY |
| Q4 2024 | 131 | $141.0M | AAPL, NVDA, AMZN, MSFT, LLY |
| Q3 2024 | 135 | $144.3M | AAPL, NVDA, MSFT, LLY, AMZN |
| Q2 2024Amended | 136 | $137.9M | AAPL, NVDA, LLY, MSFT, AMZN |
| Q1 2024Amended | 138 | $136.3M | AAPL, MSFT, LLY, AMZN, NVDA |