Covenant Asset Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 17, 2025), Covenant Asset Management, LLC reported 140 stock positions worth $486.6 million. Its top holding was Nvidia (NVDA) at 8.4% of the portfolio, followed by Microsoft (MSFT, 6.9%) and Broadcom (AVGO, 4.2%). Compared with Q1 2025, it opened 13 new positions, sold out of 7, added to 53 and reduced 45. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale Apple (AAPL, shares −6%).

Most Recent 13F
Q2 2026
Location
CHESTER, NJ
CIK
0001697717
Portfolio Value
$486.6M (Q2 2025)
SEC Filing
0001697717-25-000007 ↗ filed Jul 17, 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 Q4 2024 Q1 2025: $397.7M Q1 2025 Q2 2025: $486.6M $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 140 stocks · $486.6M
NVDA Nvidia Corp. 8.37% 257,838 $40.7M Add +3.2%
MSFT Microsoft Corp. 6.95% 67,974 $33.8M Add +0.4%
AVGO Broadcom Inc. 4.16% 73,516 $20.3M Add +3.1%
AAPL Apple Inc. 3.67% 86,941 $17.8M Reduce -6.2%
AMZN Amazon.com Inc. 3.62% 80,335 $17.6M Add +0.1%
NFLX Netflix Inc. 2.99% 10,847 $14.5M Add +3.8%
META Meta Platforms Inc. Class A 2.95% 19,425 $14.3M Add +3.9%
SHOP Shopify Inc. Class A 2.31% 97,556 $11.3M Add +1.2%
PANW Palo Alto Networks Inc. 2.14% 50,965 $10.4M Add +0.4%
PWR Quanta Services Inc. 1.98% 25,426 $9.6M Reduce -1.1%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 1.97% 132,954 $9.6M Reduce -0.6%
HWM Howmet Aerospace Inc. 1.84% 48,137 $9.0M Reduce -0.3%
ANET Arista Networks Inc. 1.78% 84,549 $8.7M Reduce -0.6%
GEV GE Vernova Inc. 1.78% 16,342 $8.6M Add +76.9%
HOOD Robinhood Markets Inc. Class A 1.74% 90,201 $8.4M Add +2.7%
NOW ServiceNow Inc. 1.65% 7,786 $8.0M Add +4.2%
JPM JPMorgan Chase & Co. 1.57% 26,425 $7.7M Add +1.1%
SPY SS SPDR S&P 500 ETF Trust-US 1.55% 12,208 $7.5M Add +3.6%
SPOT Spotify Technology SA 1.49% 9,462 $7.3M Add +1.9%
LLY Eli Lilly & Co. 1.40% 8,753 $6.8M Add +1.4%
ASML ASML Holding NV-NY Reg SHS 1.36% 8,252 $6.6M Reduce -0.6%
KLAC KLA Corp. 1.35% 7,359 $6.6M Add +2.2%
GOOGL Alphabet Inc. Class A 1.33% 36,773 $6.5M Reduce -33.7%
MELI MercadoLibre Inc. 1.33% 2,475 $6.5M New
QCOM Qualcomm Inc. 1.23% 37,575 $6.0M Reduce -1.3%
ISRG Intuitive Surgical Inc. 1.23% 11,010 $6.0M Add +0.7%
TDG Transdigm Group Inc. 1.22% 3,916 $6.0M Add +0.2%
LNG Cheniere Energy Inc. 1.22% 24,297 $5.9M Add +0.7%
ADP Automatic Data Processing 1.11% 17,555 $5.4M Add +0.3%
VRTX Vertex Pharmaceuticals Inc. 1.11% 12,155 $5.4M Reduce -3.1%
ARM Arm Holdings PLC-ADR 1.09% 32,827 $5.3M Reduce -9.6%
COF Capital One Financial Corp. 1.08% 24,653 $5.2M Add +3.5%
UBER Uber Technologies Inc. 1.05% 54,654 $5.1M Add +0.7%
QQQ Invesco QQQ Trust Series 1 0.98% 8,618 $4.8M Add +3.5%
AXP American Express Co. 0.97% 14,806 $4.7M Add +475.4%
MRK Merck & Co. Inc. 0.91% 55,932 $4.4M Reduce -1.0%
GS Goldman Sachs Group Inc. 0.90% 6,178 $4.4M Add +517.2%
BSX Boston Scientific Corp. 0.88% 39,759 $4.3M Add +2.7%
SYK Stryker Corp. 0.88% 10,772 $4.3M Reduce -1.3%
COST Costco Wholesale Corp. 0.87% 4,265 $4.2M Add +2.3%
ABBV Abbvie Inc. 0.84% 21,922 $4.1M Reduce -0.9%
GE General Electric filed as GE AEROSPACE 0.82% 15,583 $4.0M New
HQY Healthequity Inc. 0.80% 37,157 $3.9M Reduce -2.0%
SF Stifel Financial Corp. 0.65% 30,376 $3.2M New
VUG Vanguard Mrngstar GR ETF-Sui 0.64% 7,055 $3.1M Add +5.7%
WM Waste Management Inc. 0.61% 12,895 $3.0M Reduce -0.4%
ORCL Oracle Corp. 0.60% 13,431 $2.9M Reduce -0.2%
BLK BlackRock Inc. 0.58% 2,712 $2.8M Reduce -0.9%
GOOG Alphabet Inc. Class C 0.55% 15,160 $2.7M Reduce -6.3%
MS Morgan Stanley 0.55% 18,890 $2.7M Reduce -54.4%
V Visa Inc. Class A 0.49% 6,719 $2.4M No change
HD Home Depot Inc. 0.48% 6,355 $2.3M Add +1.8%
SE Sea Ltd.-ADR 0.46% 14,077 $2.3M New
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.46% 5,500 $2.2M No change
TSLA Tesla Inc. 0.45% 6,948 $2.2M Add +79.3%
BX Blackstone Inc. 0.45% 14,718 $2.2M Add +2.2%
JNJ Johnson & Johnson 0.44% 13,997 $2.1M Reduce -1.9%
VTV Vanguard Mrngstr Val ETF-Aui 0.39% 10,771 $1.9M Reduce -2.3%
AMLP Alerian MLP ETF 0.38% 38,075 $1.9M Add +1.9%
RH RH 0.38% 9,700 $1.8M New
PLTR Palantir Technologies Inc. Class A 0.37% 13,155 $1.8M Add +228.1%
EPD Enterprise Products Partners 0.36% 56,741 $1.8M Reduce -1.1%
TXN Texas Instruments Inc. 0.36% 8,423 $1.7M Add +0.2%
ETN Eaton Corp. PLC 0.36% 4,879 $1.7M Add +3.5%
HYT BlackRock Corp. Hi YLD 0.35% 175,024 $1.7M Add +1.6%
VNQ Vanguard Real Estate ETF 0.34% 18,729 $1.7M Reduce -3.0%
COIN Coinbase Global Inc. Class A 0.34% 4,732 $1.7M Add +0.4%
VTI VG Morningstar TS MKT ETF-US 0.33% 5,359 $1.6M Reduce -3.0%
PTY PIMCO Corporate & Income Opp 0.32% 111,597 $1.6M Add +1.2%
APD Air Products & Chemicals Inc. 0.30% 5,097 $1.4M Reduce -0.6%
FAST Fastenal Co. 0.26% 29,858 $1.3M Reduce -0.7%
RTX RTX Corp. 0.25% 8,390 $1.2M Add +31.5%
RSP Invesco S&P 500 Equal Weight 0.25% 6,650 $1.2M Add +5.5%
CVX Chevron Corp. 0.24% 8,002 $1.1M Reduce -0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 23,895 $1.1M Reduce -0.2%
CFG Citizens Financial Group 0.22% 24,406 $1.1M Reduce -4.1%
AFL Aflac Inc. 0.22% 10,160 $1.1M No change
CAT Caterpillar Inc. 0.22% 2,750 $1.1M Reduce -3.9%
TMO Thermo Fisher Scientific Inc. 0.22% 2,617 $1.1M No change
PAYX Paychex Inc. 0.20% 6,846 $996K No change
AMGN Amgen Inc. 0.20% 3,539 $988K Reduce -10.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.20% 3,502 $980K Add +0.8%
SBUX Starbucks Corp. 0.20% 10,628 $974K Add +4.4%
LHX L3HARRIS Technologies Inc. 0.20% 3,850 $966K Add +5.1%
HON Honeywell International Inc. 0.18% 3,786 $882K Reduce -0.9%
ADBE Adobe Inc. 0.18% 2,252 $871K Reduce -1.6%
DGS Wisdomtree Em Small Cap 0.17% 15,062 $832K Reduce -2.4%
PWB Invesco Large Cap Growth ETF 0.15% 6,034 $709K Reduce -0.1%
ABT Abbott Laboratories 0.14% 4,951 $673K Add +15.1%
IYR iShares US Real Estate ETF 0.13% 6,862 $650K Reduce -3.0%
ET Energy Transfer LP 0.12% 33,233 $603K Add +4.8%
VYM Vanguard High DVD Yield ETF 0.12% 4,461 $595K Reduce -3.5%
DHR Danaher Corp. 0.12% 2,940 $581K Reduce -0.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.12% 4,534 $560K Add +10.3%
TSCO Tractor Supply Company 0.11% 10,490 $554K No change
VIG Vanguard Dividend Apprec ETF 0.11% 2,667 $546K Reduce -1.8%
SEDG Solaredge Technologies Inc. 0.11% 26,000 $530K Add +18.2%
DGRW Wisdomtree U.S. Quality Divi 0.10% 5,828 $488K Add +0.0%
PEP Pepsico Inc. 0.10% 3,543 $468K No change
MUB iShares National Muni Bond E 0.09% 3,974 $415K No change
CQP Cheniere Energy Partners LP 0.08% 7,295 $409K No change
WELL Welltower Inc. 0.08% 2,659 $409K No change
BTT BlackRock 2030 Muni TRGT TRM 0.08% 18,490 $405K No change
CARR Carrier Global Corp. 0.08% 5,500 $403K No change
VB Vanguard Most SM-Cap ETF-Usd 0.08% 1,644 $390K Add +1.5%
UNP Union Pacific Corp. 0.08% 1,655 $381K No change
TD Toronto-Dominion Bank 0.08% 5,142 $378K Reduce -4.0%
LMT Lockheed Martin Corp. 0.08% 799 $370K No change
CRCL Circle Internet Group Inc. 0.07% 2,000 $363K New
VLO Valero Energy Corp. 0.07% 2,590 $348K No change
NEE Nextera Energy Inc. 0.07% 4,985 $346K No change
MPWR Monolithic Power Systems Inc. 0.07% 462 $338K Reduce -0.7%
MKC McCormick & Co.-Non VTG SHRS 0.07% 4,430 $336K No change
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 0.07% 10,789 $326K No change
VOO Vanguard S&P 500 ETF 0.07% 574 $326K Add +0.9%
CMG Chipotle Mexican Grill Inc. 0.06% 5,500 $309K Reduce -93.6%
OKE Oneok Inc. 0.06% 3,745 $306K No change
AZN Astrazeneca PLC-Spons ADR 0.06% 4,234 $296K No change
INTU Intuit Inc. 0.06% 371 $292K No change
SDY SS SPDR S&P Dividend ETF 0.06% 2,123 $288K No change
PG The Procter & Gamble Co. 0.06% 1,736 $277K Reduce -19.6%
CEF Sprott Physical Gold and Sil 0.06% 9,146 $275K No change
ARKK ARK Innovation ETF 0.06% 3,809 $268K New
HFXI Nylim Ftse Intr Eq CN ETF-Ui filed as NEW YORK LIFE INVESTMENTS ET 0.05% 9,049 $267K Add +0.8%
KKR KKR & Co. Inc. 0.05% 1,956 $260K Reduce -93.8%
AMD Advanced Micro Devices 0.05% 1,762 $250K New
NRG NRG Energy Inc. 0.05% 1,549 $249K New
VCSH Vanguard S/T Corp. Bond ETF 0.05% 3,116 $248K No change
FBTC Fidelity Wise Origin Bitcoin 0.05% 2,628 $247K New
WSM Williams-Sonoma Inc. 0.05% 1,505 $246K Add +0.1%
GCC Wisdomtree Enhanced Commodit 0.05% 12,325 $245K No change
XYZ Block Inc. 0.05% 3,515 $239K New
BMY Bristol-Myers Squibb Co. 0.05% 4,985 $231K Add +0.7%
IJH iShares Core S&P Midcap ETF 0.05% 3,640 $226K No change
IVW iShares S&P 500 Growth ETF 0.04% 1,914 $211K New
PLD Prologis Inc. 0.04% 1,974 $208K Reduce -6.9%
HDV iShares Core High Dividend E 0.04% 1,758 $206K No change
SO The Southern Co. 0.04% 2,200 $202K No change
SOUN Soundhound AI Inc. Class A 0.03% 12,172 $131K New
BYM BlackRock Muni Inc. QLTY 0.03% 11,875 $125K No change

Options reported separately and not counted above: QQQ puts ($82.7M), BKNG puts ($57.9M), MELI puts ($31.4M), NVDA calls ($4.6M), AVGO calls ($3.6M), AVGO puts ($2.8M), AMZN calls ($2.0M), GOOGL calls ($1.2M), SHOP calls ($923K), SBUX calls ($916K), SEDG calls ($822K), JPM calls ($580K), and 3 more.

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -6.2% 3.67% −1.51
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.33
CMG Chipotle Mexican Grill Inc. Reduce -93.6% 0.06% −1.02
KKR KKR & Co. Inc. Reduce -93.8% 0.05% −0.87
GOOGL Alphabet Inc. Class A Reduce -33.7% 1.33% −0.82
JEF Jefferies Financial Group Inc. Sold out 0.00% −0.73
MS Morgan Stanley Reduce -54.4% 0.55% −0.67
DECK Deckers Outdoor Corp. Sold out 0.00% −0.58
VRTX Vertex Pharmaceuticals Inc. Reduce -3.1% 1.11% −0.42
MRK Merck & Co. Inc. Reduce -1.0% 0.91% −0.37
ABBV Abbvie Inc. Reduce -0.9% 0.84% −0.33
QCOM Qualcomm Inc. Reduce -1.3% 1.23% −0.24
JNJ Johnson & Johnson Reduce -1.9% 0.44% −0.16
WM Waste Management Inc. Reduce -0.4% 0.61% −0.15
SYK Stryker Corp. Reduce -1.3% 0.88% −0.15
EPD Enterprise Products Partners Reduce -1.1% 0.36% −0.13
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.13
AMGN Amgen Inc. Reduce -10.6% 0.20% −0.11
CVX Chevron Corp. Reduce -0.1% 0.24% −0.10
VNQ Vanguard Real Estate ETF Reduce -3.0% 0.34% −0.10
VTV Vanguard Mrngstr Val ETF-Aui Reduce -2.3% 0.39% −0.09
APD Air Products & Chemicals Inc. Reduce -0.6% 0.30% −0.08
GOOG Alphabet Inc. Class C Reduce -6.3% 0.55% −0.08
UNH Unitedhealth Group Inc. Sold out 0.00% −0.08
BLK BlackRock Inc. Reduce -0.9% 0.58% −0.07
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.06
XBI SS SPDR S&P Biotech ETF Sold out 0.00% −0.05
VTI VG Morningstar TS MKT ETF-US Reduce -3.0% 0.33% −0.05
HQY Healthequity Inc. Reduce -2.0% 0.80% −0.04
ADBE Adobe Inc. Reduce -1.6% 0.18% −0.04
CFG Citizens Financial Group Reduce -4.1% 0.22% −0.04
IYR iShares US Real Estate ETF Reduce -3.0% 0.13% −0.04
PG The Procter & Gamble Co. Reduce -19.6% 0.06% −0.04
FAST Fastenal Co. Reduce -0.7% 0.26% −0.04
DHR Danaher Corp. Reduce -0.7% 0.12% −0.03
VYM Vanguard High DVD Yield ETF Reduce -3.5% 0.12% −0.03
ASML ASML Holding NV-NY Reg SHS Reduce -0.6% 1.36% −0.02
HON Honeywell International Inc. Reduce -0.9% 0.18% −0.02
VIG Vanguard Dividend Apprec ETF Reduce -1.8% 0.11% −0.02
BAC Bank of America Corp. Reduce -0.2% 0.23% −0.02
CAT Caterpillar Inc. Reduce -3.9% 0.22% −0.02
PLD Prologis Inc. Reduce -6.9% 0.04% −0.02
DGS Wisdomtree Em Small Cap Reduce -2.4% 0.17% −0.02
TD Toronto-Dominion Bank Reduce -4.0% 0.08% −0.00
PWB Invesco Large Cap Growth ETF Reduce -0.1% 0.15% −0.00
MPWR Monolithic Power Systems Inc. Reduce -0.7% 0.07% +0.00
ARM Arm Holdings PLC-ADR Reduce -9.6% 1.09% +0.12
ANET Arista Networks Inc. Reduce -0.6% 1.78% +0.12
TTD Trade Desk Inc./the Class A Reduce -0.6% 1.97% +0.13
ORCL Oracle Corp. Reduce -0.2% 0.60% +0.13

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. Add +3.2% 8.37% +1.56
MELI MercadoLibre Inc. New 1.33% +1.33
AVGO Broadcom Inc. Add +3.1% 4.16% +1.16
GEV GE Vernova Inc. Add +76.9% 1.78% +1.07
GE General Electric New 0.82% +0.82
HOOD Robinhood Markets Inc. Class A Add +2.7% 1.74% +0.82
AXP American Express Co. Add +475.4% 0.97% +0.80
GS Goldman Sachs Group Inc. Add +517.2% 0.90% +0.76
SF Stifel Financial Corp. New 0.65% +0.65
MSFT Microsoft Corp. Add +0.4% 6.95% +0.56
NFLX Netflix Inc. Add +3.8% 2.99% +0.54
SE Sea Ltd.-ADR New 0.46% +0.46
RH RH New 0.38% +0.38
PLTR Palantir Technologies Inc. Class A Add +228.1% 0.37% +0.28
META Meta Platforms Inc. Class A Add +3.9% 2.95% +0.24
SPOT Spotify Technology SA Add +1.9% 1.49% +0.21
TSLA Tesla Inc. Add +79.3% 0.45% +0.20
NOW ServiceNow Inc. Add +4.2% 1.65% +0.15
COIN Coinbase Global Inc. Class A Add +0.4% 0.34% +0.14
KLAC KLA Corp. Add +2.2% 1.35% +0.12
CRCL Circle Internet Group Inc. New 0.07% +0.07
ARKK ARK Innovation ETF New 0.06% +0.06
UBER Uber Technologies Inc. Add +0.7% 1.05% +0.05
AMD Advanced Micro Devices New 0.05% +0.05
NRG NRG Energy Inc. New 0.05% +0.05
FBTC Fidelity Wise Origin Bitcoin New 0.05% +0.05
XYZ Block Inc. New 0.05% +0.05
IVW iShares S&P 500 Growth ETF New 0.04% +0.04
RTX RTX Corp. Add +31.5% 0.25% +0.04
ETN Eaton Corp. PLC Add +3.5% 0.36% +0.04
SOUN Soundhound AI Inc. Class A New 0.03% +0.03
SEDG Solaredge Technologies Inc. Add +18.2% 0.11% +0.02
VUG Vanguard Mrngstar GR ETF-Sui Add +5.7% 0.64% +0.01
LHX L3HARRIS Technologies Inc. Add +5.1% 0.20% +0.01
COF Capital One Financial Corp. Add +3.5% 1.08% +0.00
SHOP Shopify Inc. Class A Add +1.2% 2.31% −0.00
QQQ Invesco QQQ Trust Series 1 Add +3.5% 0.98% −0.00
ABT Abbott Laboratories Add +15.1% 0.14% −0.01
VOO Vanguard S&P 500 ETF Add +0.9% 0.07% −0.01
HFXI Nylim Ftse Intr Eq CN ETF-Ui Add +0.8% 0.05% −0.01
WSM Williams-Sonoma Inc. Add +0.1% 0.05% −0.01
VB Vanguard Most SM-Cap ETF-Usd Add +1.5% 0.08% −0.01
TJX TJX Companies Inc. Add +10.3% 0.12% −0.01
DGRW Wisdomtree U.S. Quality Divi Add +0.0% 0.10% −0.02
TXN Texas Instruments Inc. Add +0.2% 0.36% −0.02
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +0.8% 0.20% −0.02
ET Energy Transfer LP Add +4.8% 0.12% −0.02
RSP Invesco S&P 500 Equal Weight Add +5.5% 0.25% −0.03
BMY Bristol-Myers Squibb Co. Add +0.7% 0.05% −0.03
PANW Palo Alto Networks Inc. Add +0.4% 2.14% −0.03

Options Activity Q1 2025 → Q2 2025
QQQ Invesco QQQ Trust Series 1 put New 150,000 $82.7M
BKNG Booking Holdings Inc. put New 10,000 $57.9M
MELI MercadoLibre Inc. put New 12,000 $31.4M
CMG Chipotle Mexican Grill Inc. put Sold out 200,000 $10.0Mbefore exit
NFLX Netflix Inc. put Sold out 10,000 $9.3Mbefore exit
NOW ServiceNow Inc. put Sold out 10,000 $8.0Mbefore exit
META Meta Platforms Inc. Class A put Sold out 10,000 $5.8Mbefore exit
NVDA Nvidia Corp. call Add +70.6% 29,000 $4.6M
MSFT Microsoft Corp. put Sold out 10,000 $3.8Mbefore exit
AVGO Broadcom Inc. call Add +62.5% 13,000 $3.6M
KLAC KLA Corp. put Sold out 5,000 $3.4Mbefore exit
AVGO Broadcom Inc. put Add +25.0% 10,000 $2.8M
NVDA Nvidia Corp. put Sold out 20,000 $2.2Mbefore exit
REGN Regeneron Pharmaceuticals put Sold out 3,200 $2.0Mbefore exit
SEDG Solaredge Technologies Inc. call Reduce -2.9% 40,300 $822K
GOOG Alphabet Inc. Class C put Sold out 5,000 $781Kbefore exit
GOOGL Alphabet Inc. Class A put Sold out 3,000 $464Kbefore exit
BBAI Bigbear.ai Holdings Inc. call New 20,000 $78K

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