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

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 Q2 2025 Q3 2025: $174.7M $174.7M Q3 2025 Q4 2025: $182.7M Q4 2025 Q1 2026: $181.7M Q1 2026 Q2 2026: $214.0M Q2 2026

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%
DUK Duke Energy Corp. 0.23% 3,287 $407K No change
COIN Coinbase Global Inc. Class A 0.23% 1,175 $397K New
BABA Alibaba Group Holding-SP ADR 0.23% 2,200 $393K Reduce -18.5%
GIS General Mills Inc. 0.22% 7,673 $387K Reduce -25.3%
CALM Cal-Maine Foods Inc. 0.22% 4,000 $376K No change
PLTR Palantir Technologies Inc. Class A 0.21% 2,025 $369K Reduce -12.9%
MP MP Materials Corp. 0.21% 5,500 $369K Reduce -85.5%
KHC The Kraft Heinz Co. 0.21% 14,079 $367K Reduce -34.2%
CSCO Cisco Systems Inc. 0.21% 5,287 $362K Add +0.0%
ABBV Abbvie Inc. 0.21% 1,558 $361K No change
PM Philip Morris International 0.20% 2,209 $358K No change
V Visa Inc. Class A 0.20% 1,044 $357K No change
AEP American Electric Power 0.20% 3,158 $355K No change
XOP SS SPDR S&P Og Exp & Prod 0.20% 2,662 $352K No change
CVS CVS Health Corp. 0.19% 4,513 $340K Reduce -2.7%
MDLZ Mondelez International Inc. Class A 0.19% 5,305 $331K No change
HWM Howmet Aerospace Inc. 0.19% 1,666 $327K No change
TRMB Trimble Inc. 0.19% 4,000 $327K No change
PTCT PTC Therapeutics Inc. 0.18% 5,200 $319K No change
FNV Franco-Nevada Corp. 0.18% 1,400 $312K New
MET Metlife Inc. 0.17% 3,500 $288K No change
IWO iShares Russell 2000 Growth 0.16% 900 $288K No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.16% 3,400 $276K No change
MU Micron Technology Inc. 0.16% 1,625 $272K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.15% 865 $266K No change
HAL Halliburton Co. 0.15% 10,600 $261K New
LUV Southwest Airlines Co. 0.15% 8,000 $255K New
WCN Waste Connections Inc. 0.15% 1,444 $254K No change
GLD SPDR Gold Shares 0.14% 712 $253K Add +1.7%
GOOGL Alphabet Inc. Class A 0.14% 1,041 $253K New
SCHG Schwab US Large-Cap Growth 0.14% 7,536 $240K No change
CMCSA Comcast Corp. Class A 0.14% 7,650 $240K No change
ARKK ARK Innovation ETF 0.14% 2,775 $239K Reduce -15.3%
TWLO Twilio Inc. Class A 0.13% 2,350 $235K No change
TEM Tempus AI Inc. Class A 0.13% 2,900 $234K Reduce -62.8%
MA Mastercard Inc. Class A 0.13% 408 $232K No change
IWN iShares Russell 2000 Value E 0.13% 1,300 $230K No change
AIVL Wisdomtree US AI Enhanced Va 0.13% 2,000 $229K No change
SPG Simon Property Group Inc. 0.13% 1,500 $228K New
DAL Delta Air Lines Inc. 0.13% 4,000 $227K New
AVGO Broadcom Inc. 0.13% 680 $224K New
AMGN Amgen Inc. 0.12% 740 $209K No change
CRM Salesforce Inc. 0.12% 875 $207K Add +9.4%
FWONA Liberty Media Corp. Class A 0.12% 2,125 $202K No change
OGN Organon & Co. 0.09% 14,179 $151K Reduce -11.4%

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

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