Covenant Asset Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), Covenant Asset Management, LLC reported 136 stock positions worth $450.8 million. Its top holding was Nvidia (NVDA) at 8.5% of the portfolio, followed by Microsoft (MSFT, 6.5%) and Apple (AAPL, 5.2%). Compared with Q3 2024, it opened 8 new positions, sold out of 13, added to 17 and reduced 88. The biggest buy was a new position in Stryker (SYK) and the biggest sale Regeneron Pharmaceuticals (REGN, shares −86%).

Most Recent 13F
Q2 2026
Location
CHESTER, NJ
CIK
0001697717
Portfolio Value
$450.8M (Q4 2024)
SEC Filing
0001697717-25-000002 ↗ filed Jan 30, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $411.7M Q1 2024 Q2 2024: $444.8M Q2 2024 Q3 2024: $451.0M Q3 2024 Q4 2024: $450.8M $450.8M Q4 2024 Q1 2025: $397.7M Q1 2025 Q2 2025: $486.6M Q2 2025 Q3 2025: $529.7M Q3 2025 Q4 2025: $518.9M Q4 2025 Q1 2026: $487.8M Q1 2026 Q2 2026: $562.1M Q2 2026

Holdings 136 stocks · $450.8M
NVDA Nvidia Corp. 8.49% 285,031 $38.3M Reduce -5.1%
MSFT Microsoft Corp. 6.53% 69,878 $29.5M Reduce -3.7%
AAPL Apple Inc. 5.19% 93,427 $23.4M Reduce -8.6%
AMZN Amazon.com Inc. 3.98% 81,738 $17.9M Reduce -0.9%
AVGO Broadcom Inc. 3.64% 70,697 $16.4M Reduce -3.5%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 3.46% 132,654 $15.6M Reduce -2.2%
ANET Arista Networks Inc. 2.47% 100,613 $11.1M Add +8.7%
META Meta Platforms Inc. Class A 2.42% 18,619 $10.9M Reduce -7.6%
GOOGL Alphabet Inc. Class A 2.31% 54,931 $10.4M Reduce -6.6%
SHOP Shopify Inc. Class A 2.26% 95,678 $10.2M Reduce -3.5%
NFLX Netflix Inc. 2.05% 10,386 $9.3M Reduce -0.6%
PANW Palo Alto Networks Inc. 2.05% 50,855 $9.3M Reduce -1.1%
LLY Eli Lilly & Co. 1.98% 11,548 $8.9M Reduce -3.6%
PWR Quanta Services Inc. 1.80% 25,659 $8.1M Reduce -2.3%
NOW ServiceNow Inc. 1.68% 7,159 $7.6M Reduce -1.7%
SPY SS SPDR S&P 500 ETF Trust-US 1.44% 11,089 $6.5M Add +1.9%
JPM JPMorgan Chase & Co. 1.42% 26,614 $6.4M Reduce -8.8%
QCOM Qualcomm Inc. 1.32% 38,613 $5.9M Reduce -4.4%
SNPS Synopsys Inc. 1.31% 12,148 $5.9M Reduce -2.6%
MRK Merck & Co. Inc. 1.28% 57,843 $5.8M Reduce -3.5%
ISRG Intuitive Surgical Inc. 1.26% 10,907 $5.7M Reduce -1.6%
ASML ASML Holding NV-NY Reg SHS 1.26% 8,177 $5.7M Add +1.1%
HWM Howmet Aerospace Inc. 1.18% 48,692 $5.3M Reduce -2.2%
ADP Automatic Data Processing 1.16% 17,915 $5.2M Reduce -3.0%
LNG Cheniere Energy Inc. 1.15% 24,070 $5.2M Reduce -0.7%
CMG Chipotle Mexican Grill Inc. 1.13% 84,836 $5.1M Reduce -1.9%
AMD Advanced Micro Devices 1.13% 42,108 $5.1M Reduce -25.4%
VRTX Vertex Pharmaceuticals Inc. 1.13% 12,627 $5.1M Reduce -1.1%
TDG Transdigm Group Inc. 1.11% 3,931 $5.0M Reduce -4.4%
ARM Arm Holdings PLC-ADR 1.06% 38,866 $4.8M Add +20.3%
KLAC KLA Corp. 1.00% 7,136 $4.5M Reduce -1.3%
JEF Jefferies Financial Group Inc. 0.93% 53,539 $4.2M Reduce -1.3%
ABBV Abbvie Inc. 0.93% 23,494 $4.2M Reduce -5.2%
QQQ Invesco QQQ Trust Series 1 0.92% 8,099 $4.1M Reduce -3.3%
SPOT Spotify Technology SA 0.91% 9,142 $4.1M Add +0.1%
DECK Deckers Outdoor Corp. 0.90% 20,001 $4.1M Reduce -1.7%
COST Costco Wholesale Corp. 0.87% 4,283 $3.9M Reduce -7.5%
UNH Unitedhealth Group Inc. 0.87% 7,733 $3.9M Reduce -3.5%
SYK Stryker Corp. 0.86% 10,757 $3.9M New
TSM Taiwan Semiconductor-SP ADR 0.81% 18,600 $3.7M New
TW Tradeweb Markets Inc. Class A 0.77% 26,381 $3.5M Reduce -1.3%
BSX Boston Scientific Corp. 0.76% 38,120 $3.4M New
UBER Uber Technologies Inc. 0.72% 53,868 $3.2M Add +0.4%
ODFL Old Dominion Freight Line 0.70% 17,850 $3.1M Reduce -0.1%
GOOG Alphabet Inc. Class C 0.68% 16,180 $3.1M No change
BLK BlackRock Inc. 0.62% 2,731 $2.8M Reduce -2.0%
ELF Elf Beauty Inc. 0.59% 21,263 $2.7M Reduce -7.2%
INTU Intuit Inc. 0.59% 4,197 $2.6M Reduce -1.2%
WM Waste Management Inc. 0.58% 12,989 $2.6M Reduce -2.0%
BX Blackstone Inc. 0.56% 14,641 $2.5M Reduce -5.8%
HD Home Depot Inc. 0.54% 6,240 $2.4M Reduce -14.2%
ORCL Oracle Corp. 0.54% 14,535 $2.4M Reduce -21.5%
VUG Vanguard Mrngstar GR ETF-Sui 0.52% 5,706 $2.3M Add +2.2%
JNJ Johnson & Johnson 0.50% 15,476 $2.2M Reduce -7.3%
MS Morgan Stanley 0.49% 17,688 $2.2M Reduce -8.4%
V Visa Inc. Class A 0.47% 6,719 $2.1M Reduce -8.2%
VTV Vanguard Mrngstr Val ETF-Aui 0.43% 11,467 $1.9M Reduce -0.3%
EPD Enterprise Products Partners 0.41% 58,646 $1.8M Reduce -7.8%
VNQ Vanguard Real Estate ETF 0.39% 19,644 $1.7M Add +5.5%
AMLP Alerian MLP ETF 0.37% 34,636 $1.7M Add +121.6%
HYT BlackRock Corp. Hi YLD 0.36% 166,898 $1.6M Add +5.0%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.36% 5,550 $1.6M New
TXN Texas Instruments Inc. 0.35% 8,405 $1.6M Reduce -0.2%
ETN Eaton Corp. PLC 0.35% 4,741 $1.6M Reduce -4.5%
VLO Valero Energy Corp. 0.34% 12,421 $1.5M Reduce -6.2%
APD Air Products & Chemicals Inc. 0.33% 5,130 $1.5M Reduce -0.9%
CVX Chevron Corp. 0.33% 10,248 $1.5M Reduce -7.8%
PTY PIMCO Corporate & Income Opp 0.33% 102,368 $1.5M Add +1.6%
VTI VG Morningstar TS MKT ETF-US 0.32% 5,050 $1.5M Reduce -2.7%
TMO Thermo Fisher Scientific Inc. 0.30% 2,617 $1.4M No change
AMGN Amgen Inc. 0.26% 4,539 $1.2M Reduce -13.6%
COIN Coinbase Global Inc. Class A 0.26% 4,630 $1.1M Reduce -14.7%
FAST Fastenal Co. 0.25% 15,959 $1.1M Reduce -4.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 23,940 $1.1M Reduce -6.3%
AFL Aflac Inc. 0.23% 10,160 $1.1M No change
CAT Caterpillar Inc. 0.23% 2,875 $1.0M Reduce -0.7%
ADBE Adobe Inc. 0.23% 2,338 $1.0M Reduce -0.1%
PAYX Paychex Inc. 0.22% 7,181 $1.0M No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.22% 3,686 $974K Reduce -3.8%
RSP Invesco S&P 500 Equal Weight 0.21% 5,457 $956K Add +1.6%
SBUX Starbucks Corp. 0.21% 10,176 $929K Reduce -10.5%
LHX L3HARRIS Technologies Inc. 0.20% 4,252 $894K Reduce -4.9%
TSLA Tesla Inc. 0.20% 2,206 $891K Add +71.3%
HON Honeywell International Inc. 0.19% 3,845 $869K Reduce -2.4%
DGS Wisdomtree Em Small Cap 0.17% 15,437 $755K No change
RTX RTX Corp. 0.16% 6,380 $738K No change
DHR Danaher Corp. 0.15% 2,992 $687K No change
AXP American Express Co. 0.15% 2,261 $671K No change
IYR iShares US Real Estate ETF 0.15% 7,187 $669K Reduce -0.7%
REGN Regeneron Pharmaceuticals 0.14% 898 $640K Reduce -85.8%
VYM Vanguard High DVD Yield ETF 0.14% 4,981 $636K Reduce -0.1%
PWB Invesco Large Cap Growth ETF 0.14% 6,062 $617K Reduce -0.9%
TSCO Tractor Supply Company 0.14% 11,585 $615K Reduce -9.0%
ET Energy Transfer LP 0.14% 31,360 $614K Reduce -42.9%
ABT Abbott Laboratories 0.13% 4,983 $564K No change
PEP Pepsico Inc. 0.12% 3,543 $539K Reduce -5.3%
VIG Vanguard Dividend Apprec ETF 0.12% 2,717 $532K Add +4.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.12% 4,363 $527K Reduce -8.3%
URI United Rentals Inc. 0.11% 700 $493K New
DGRW Wisdomtree U.S. Quality Divi 0.11% 6,009 $486K Add +1.3%
OKE Oneok Inc. 0.10% 4,645 $466K Add +6.3%
PG The Procter & Gamble Co. 0.10% 2,716 $455K Reduce -15.6%
SEDG Solaredge Technologies Inc. 0.10% 31,800 $432K Reduce -39.2%
MUB iShares National Muni Bond E 0.09% 3,974 $423K Add +51.7%
BTT BlackRock 2030 Muni TRGT TRM 0.09% 20,350 $419K No change
ALAB Astera Labs Inc. 0.09% 3,058 $405K New
LMT Lockheed Martin Corp. 0.09% 799 $388K Reduce -1.2%
CQP Cheniere Energy Partners LP 0.09% 7,295 $388K No change
UNP Union Pacific Corp. 0.08% 1,655 $377K No change
CARR Carrier Global Corp. 0.08% 5,500 $375K No change
NEE Nextera Energy Inc. 0.08% 4,985 $357K Reduce -0.9%
MKC McCormick & Co.-Non VTG SHRS 0.07% 4,430 $338K No change
TD Toronto-Dominion Bank 0.07% 6,342 $338K No change
WELL Welltower Inc. 0.07% 2,659 $335K Reduce -2.0%
VOO Vanguard S&P 500 ETF 0.07% 615 $331K Reduce -46.7%
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 0.07% 10,789 $318K No change
XYZ Block Inc. 0.07% 3,704 $315K Reduce -7.8%
VB Vanguard Most SM-Cap ETF-Usd 0.07% 1,285 $309K Reduce -1.8%
GS Goldman Sachs Group Inc. 0.07% 537 $307K Reduce -27.1%
MPWR Monolithic Power Systems Inc. 0.06% 493 $292K Reduce -33.6%
AZN Astrazeneca PLC-Spons ADR 0.06% 4,346 $285K Reduce -14.1%
SDY SS SPDR S&P Dividend ETF 0.06% 2,123 $280K Reduce -68.0%
WSM Williams-Sonoma Inc. 0.06% 1,510 $280K No change
BMY Bristol-Myers Squibb Co. 0.06% 4,924 $279K New
XBI SS SPDR S&P Biotech ETF 0.06% 2,843 $256K No change
PLD Prologis Inc. 0.06% 2,406 $254K Reduce -0.0%
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,116 $243K No change
HFXI Nylim Ftse Intr Eq CN ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET 0.05% 8,967 $234K No change
GCC Wisdomtree Enhanced Commodit 0.05% 12,325 $232K Reduce -4.7%
IJH iShares Core S&P Midcap ETF 0.05% 3,640 $227K No change
CEF Sprott Physical Gold and Sil 0.05% 9,146 $217K No change
SCHD Schwab US DVD Equity ETF 0.05% 7,749 $212K No change
VZ Verizon Communications Inc. 0.05% 5,272 $211K Reduce -35.0%
HDV iShares Core High Dividend E 0.05% 1,818 $204K Reduce -10.1%
PLTR Palantir Technologies Inc. Class A 0.04% 2,654 $201K New
BYM BlackRock Muni Inc. QLTY 0.03% 11,875 $129K Reduce -51.0%

Options reported separately and not counted above: CMG puts ($54.3M), AVGO puts ($46.4M), NOW puts ($38.2M), TDG puts ($6.3M), ASML puts ($5.2M), BLK puts ($5.1M), KLAC calls ($4.7M), KLAC puts ($4.7M), COST puts ($4.6M), NFLX puts ($4.5M), SNPS puts ($4.4M), LLY puts ($3.9M), and 17 more.

Portfolio Sells Q3 2024 → Q4 2024
REGN Regeneron Pharmaceuticals Reduce -85.8% 0.14% −1.34
AMD Advanced Micro Devices Reduce -25.4% 1.13% −0.93
FANG Diamondback Energy Inc. Sold out 0.00% −0.72
MSFT Microsoft Corp. Reduce -3.7% 6.53% −0.39
LLY Eli Lilly & Co. Reduce -3.6% 1.98% −0.38
KLAC KLA Corp. Reduce -1.3% 1.00% −0.24
MRK Merck & Co. Inc. Reduce -3.5% 1.28% −0.23
QCOM Qualcomm Inc. Reduce -4.4% 1.32% −0.21
TDG Transdigm Group Inc. Reduce -4.4% 1.11% −0.20
GSLC Goldman Activebeta US LC ETF Sold out 0.00% −0.19
VRTX Vertex Pharmaceuticals Inc. Reduce -1.1% 1.13% −0.19
UNH Unitedhealth Group Inc. Reduce -3.5% 0.87% −0.17
SEDG Solaredge Technologies Inc. Reduce -39.2% 0.10% −0.17
ORCL Oracle Corp. Reduce -21.5% 0.54% −0.16
ABBV Abbvie Inc. Reduce -5.2% 0.93% −0.16
SDY SS SPDR S&P Dividend ETF Reduce -68.0% 0.06% −0.15
SPLV Invesco S&P 500 Low Volatili Sold out 0.00% −0.14
META Meta Platforms Inc. Class A Reduce -7.6% 2.42% −0.14
FVD First Trust Value Line DVD Sold out 0.00% −0.14
HD Home Depot Inc. Reduce -14.2% 0.54% −0.12
AMGN Amgen Inc. Reduce -13.6% 0.26% −0.11
NXPI NXP Semiconductors NV Sold out 0.00% −0.11
JNJ Johnson & Johnson Reduce -7.3% 0.50% −0.10
SNPS Synopsys Inc. Reduce -2.6% 1.31% −0.09
AAPL Apple Inc. Reduce -8.6% 5.19% −0.09
ODFL Old Dominion Freight Line Reduce -0.1% 0.70% −0.09
MPWR Monolithic Power Systems Inc. Reduce -33.6% 0.06% −0.09
IWF iShares Russell 1000 Growth Sold out 0.00% −0.08
JHMM John Hancock Multi Fact Mid Sold out 0.00% −0.08
PAA Plains All Amer Pipeline LP Sold out 0.00% −0.08
VOO Vanguard S&P 500 ETF Reduce -46.7% 0.07% −0.06
ET Energy Transfer LP Reduce -42.9% 0.14% −0.06
VLO Valero Energy Corp. Reduce -6.2% 0.34% −0.06
RDVY First Trust Rising Dividend Sold out 0.00% −0.06
VONG Vanguard Russell 1000 Growth Sold out 0.00% −0.05
ARKK ARK Innovation ETF Sold out 0.00% −0.05
KNG FT Vest S&P 500 DVD Arst TRG Sold out 0.00% −0.05
SDVY First Trust Smid Cap Rising Sold out 0.00% −0.05
COST Costco Wholesale Corp. Reduce -7.5% 0.87% −0.04
SBUX Starbucks Corp. Reduce -10.5% 0.21% −0.04
ADBE Adobe Inc. Reduce -0.1% 0.23% −0.04
LHX L3HARRIS Technologies Inc. Reduce -4.9% 0.20% −0.04
BYM BlackRock Muni Inc. QLTY Reduce -51.0% 0.03% −0.04
TXN Texas Instruments Inc. Reduce -0.2% 0.35% −0.04
VZ Verizon Communications Inc. Reduce -35.0% 0.05% −0.03
CVX Chevron Corp. Reduce -7.8% 0.33% −0.03
WM Waste Management Inc. Reduce -2.0% 0.58% −0.03
TSCO Tractor Supply Company Reduce -9.0% 0.14% −0.03
AZN Astrazeneca PLC-Spons ADR Reduce -14.1% 0.06% −0.02
PG The Procter & Gamble Co. Reduce -15.6% 0.10% −0.02

Portfolio Buys Q3 2024 → Q4 2024
SYK Stryker Corp. New 0.86% +0.86
TSM Taiwan Semiconductor-SP ADR New 0.81% +0.81
BSX Boston Scientific Corp. New 0.76% +0.76
ANET Arista Networks Inc. Add +8.7% 2.47% +0.50
MSTR Strategy Inc. New 0.36% +0.36
AMLP Alerian MLP ETF Add +121.6% 0.37% +0.21
SPOT Spotify Technology SA Add +0.1% 0.91% +0.16
TSLA Tesla Inc. Add +71.3% 0.20% +0.12
URI United Rentals Inc. New 0.11% +0.11
ALAB Astera Labs Inc. New 0.09% +0.09
BMY Bristol-Myers Squibb Co. New 0.06% +0.06
SPY SS SPDR S&P 500 ETF Trust-US Add +1.9% 1.44% +0.06
PLTR Palantir Technologies Inc. Class A New 0.04% +0.04
VUG Vanguard Mrngstar GR ETF-Sui Add +2.2% 0.52% +0.04
ARM Arm Holdings PLC-ADR Add +20.3% 1.06% +0.04
MUB iShares National Muni Bond E Add +51.7% 0.09% +0.03
OKE Oneok Inc. Add +6.3% 0.10% +0.02
HYT BlackRock Corp. Hi YLD Add +5.0% 0.36% +0.01
PTY PIMCO Corporate & Income Opp Add +1.6% 0.33% +0.00
VIG Vanguard Dividend Apprec ETF Add +4.8% 0.12% +0.00
RSP Invesco S&P 500 Equal Weight Add +1.6% 0.21% −0.00
DGRW Wisdomtree U.S. Quality Divi Add +1.3% 0.11% −0.00
VNQ Vanguard Real Estate ETF Add +5.5% 0.39% −0.01
UBER Uber Technologies Inc. Add +0.4% 0.72% −0.17
ASML ASML Holding NV-NY Reg SHS Add +1.1% 1.26% −0.24

Options Activity Q3 2024 → Q4 2024
AVGO Broadcom Inc. put Reduce -4.8% 200,000 $46.4M
NOW ServiceNow Inc. put Add +44.0% 36,000 $38.2M
QQQ Invesco QQQ Trust Series 1 put Sold out 25,000 $12.2Mbefore exit
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 12,500 $7.2Mbefore exit
ASML ASML Holding NV-NY Reg SHS put Reduce -25.0% 7,500 $5.2M
BLK BlackRock Inc. put New 5,000 $5.1M
DECK Deckers Outdoor Corp. put Sold out 30,000 $4.8Mbefore exit
KLAC KLA Corp. call New 7,500 $4.7M
KLAC KLA Corp. put New 7,500 $4.7M
NFLX Netflix Inc. put New 5,000 $4.5M
SNPS Synopsys Inc. put New 9,000 $4.4M
REGN Regeneron Pharmaceuticals put Reduce -50.0% 5,000 $3.6M
META Meta Platforms Inc. Class A put New 5,000 $2.9M
NVDA Nvidia Corp. put Sold out 20,000 $2.4Mbefore exit
NVDA Nvidia Corp. call Reduce -63.4% 17,000 $2.3M
AVGO Broadcom Inc. call Sold out 10,000 $1.7Mbefore exit
ARM Arm Holdings PLC-ADR put New 8,700 $1.1M
NOW ServiceNow Inc. call New 1,000 $1.1M
SEDG Solaredge Technologies Inc. call Add +214.0% 31,400 $427K
MSFT Microsoft Corp. put New 1,000 $422K
MSFT Microsoft Corp. call New 1,000 $422K
ARM Arm Holdings PLC-ADR call New 3,000 $370K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 145$562.1MNVDA, MSFT, AAPL, KLAC, AVGO
Q1 2026 141$487.8MNVDA, MSFT, AAPL, AVGO, AMZN
Q4 2025 140$518.9MNVDA, MSFT, AVGO, AAPL, AMZN
Q3 2025 141$529.7MNVDA, MSFT, AVGO, AAPL, AMZN
Q2 2025 140$486.6MNVDA, MSFT, AVGO, AAPL, AMZN
Q1 2025 134$397.7MNVDA, MSFT, AAPL, AMZN, AVGO
Q4 2024 136$450.8MNVDA, MSFT, AAPL, AMZN, AVGO
Q3 2024 141$451.0MNVDA, MSFT, AAPL, AMZN, TTD
Q2 2024 142$444.8MNVDA, MSFT, AAPL, AMZN, TTD
Q1 2024 134$411.7MMSFT, NVDA, AAPL, AMZN, TTD