Covenant Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), Covenant Asset Management, LLC reported 141 stock positions worth $529.7 million. Its top holding was Nvidia (NVDA) at 9.0% of the portfolio, followed by Microsoft (MSFT, 6.6%) and Broadcom (AVGO, 4.5%). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 48 and reduced 47. The biggest buy was RH (RH, shares +231%) and the biggest sale Intuitive Surgical (ISRG, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- CHESTER, NJ
- CIK
- 0001697717
- Portfolio Value
- $529.7M (Q3 2025)
- SEC Filing
- 0001697717-25-000012 ↗ filed Oct 30, 2025
Holdings Value
Holdings 141 stocks · $529.7M
| NVDA Nvidia Corp. | 9.03% | 256,470 | $47.9M | Reduce -0.5% |
| MSFT Microsoft Corp. | 6.63% | 67,843 | $35.1M | Reduce -0.2% |
| AVGO Broadcom Inc. | 4.52% | 72,618 | $24.0M | Reduce -1.2% |
| AAPL Apple Inc. | 3.99% | 83,084 | $21.2M | Reduce -4.4% |
| AMZN Amazon.com Inc. | 3.33% | 80,306 | $17.6M | Reduce -0.0% |
| SHOP Shopify Inc. Class A | 2.72% | 96,987 | $14.4M | Reduce -0.6% |
| META Meta Platforms Inc. Class A | 2.69% | 19,427 | $14.3M | Add +0.0% |
| NFLX Netflix Inc. | 2.47% | 10,913 | $13.1M | Add +0.6% |
| HOOD Robinhood Markets Inc. Class A | 2.42% | 89,672 | $12.8M | Reduce -0.6% |
| ANET Arista Networks Inc. | 2.29% | 83,391 | $12.2M | Reduce -1.4% |
| PWR Quanta Services Inc. | 1.98% | 25,296 | $10.5M | Reduce -0.5% |
| PANW Palo Alto Networks Inc. | 1.95% | 50,818 | $10.3M | Reduce -0.3% |
| GEV GE Vernova Inc. | 1.91% | 16,458 | $10.1M | Add +0.7% |
| HWM Howmet Aerospace Inc. | 1.77% | 47,745 | $9.4M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 1.71% | 37,263 | $9.1M | Add +1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.57% | 12,518 | $8.3M | Add +2.5% |
| JPM JPMorgan Chase & Co. | 1.57% | 26,437 | $8.3M | Add +0.1% |
| ASML ASML Holding NV-NY Reg SHS | 1.52% | 8,318 | $8.1M | Add +0.8% |
| KLAC KLA Corp. | 1.51% | 7,417 | $8.0M | Add +0.8% |
| NOW ServiceNow Inc. | 1.35% | 7,749 | $7.1M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 1.28% | 8,856 | $6.8M | Add +1.2% |
| SPOT Spotify Technology SA | 1.26% | 9,559 | $6.7M | Add +1.0% |
| RH RH | 1.23% | 32,105 | $6.5M | Add +231.0% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 1.21% | 131,285 | $6.4M | Reduce -1.3% |
| ORCL Oracle Corp. | 1.21% | 22,723 | $6.4M | Add +69.2% |
| GE General Electric filed as GE AEROSPACE | 1.19% | 20,880 | $6.3M | Add +34.0% |
| MELI MercadoLibre Inc. | 1.10% | 2,491 | $5.8M | Add +0.7% |
| LNG Cheniere Energy Inc. | 1.09% | 24,650 | $5.8M | Add +1.4% |
| UBER Uber Technologies Inc. | 1.03% | 55,726 | $5.5M | Add +2.0% |
| QQQ Invesco QQQ Trust Series 1 | 1.00% | 8,843 | $5.3M | Add +2.6% |
| SE Sea Ltd.-ADR | 0.99% | 29,403 | $5.3M | Add +108.9% |
| COF Capital One Financial Corp. | 0.99% | 24,695 | $5.2M | Add +0.2% |
| TDG Transdigm Group Inc. | 0.98% | 3,954 | $5.2M | Add +1.0% |
| ADP Automatic Data Processing | 0.97% | 17,539 | $5.1M | Reduce -0.1% |
| AXP American Express Co. | 0.96% | 15,268 | $5.1M | Add +3.1% |
| ABBV Abbvie Inc. | 0.95% | 21,773 | $5.0M | Reduce -0.7% |
| GS Goldman Sachs Group Inc. | 0.95% | 6,307 | $5.0M | Add +2.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.90% | 12,104 | $4.7M | Reduce -0.4% |
| ARM Arm Holdings PLC-ADR | 0.89% | 33,128 | $4.7M | Add +0.9% |
| MRK Merck & Co. Inc. | 0.88% | 55,348 | $4.6M | Reduce -1.0% |
| TSLA Tesla Inc. | 0.84% | 10,048 | $4.5M | Add +44.6% |
| COST Costco Wholesale Corp. | 0.75% | 4,265 | $3.9M | No change |
| BSX Boston Scientific Corp. | 0.74% | 40,250 | $3.9M | Add +1.2% |
| KKR KKR & Co. Inc. | 0.73% | 29,826 | $3.9M | Add +1424.8% |
| GOOG Alphabet Inc. Class C | 0.70% | 15,160 | $3.7M | No change |
| SF Stifel Financial Corp. | 0.67% | 31,392 | $3.6M | Add +3.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.67% | 7,351 | $3.5M | Add +4.2% |
| QCOM Qualcomm Inc. | 0.65% | 20,835 | $3.5M | Reduce -44.5% |
| BLK BlackRock Inc. | 0.60% | 2,712 | $3.2M | No change |
| MS Morgan Stanley | 0.57% | 18,886 | $3.0M | Reduce -0.0% |
| WM Waste Management Inc. | 0.54% | 12,839 | $2.8M | Reduce -0.4% |
| HD Home Depot Inc. | 0.50% | 6,497 | $2.6M | Add +2.2% |
| JNJ Johnson & Johnson | 0.48% | 13,776 | $2.6M | Reduce -1.6% |
| BX Blackstone Inc. | 0.48% | 14,871 | $2.5M | Add +1.0% |
| V Visa Inc. Class A | 0.43% | 6,719 | $2.3M | No change |
| DASH DoorDash Inc. Class A | 0.43% | 8,395 | $2.3M | New |
| PLTR Palantir Technologies Inc. Class A | 0.43% | 12,343 | $2.3M | Reduce -6.2% |
| SOFI Sofi Technologies Inc. | 0.41% | 81,700 | $2.2M | New |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.38% | 10,691 | $2.0M | Reduce -0.7% |
| AMLP Alerian MLP ETF | 0.36% | 40,502 | $1.9M | Add +6.4% |
| ETN Eaton Corp. PLC | 0.34% | 4,876 | $1.8M | Reduce -0.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.34% | 5,531 | $1.8M | Add +3.2% |
| MSTR Strategy Inc. | 0.33% | 5,500 | $1.8M | No change |
| EPD Enterprise Products Partners | 0.32% | 54,624 | $1.7M | Reduce -3.7% |
| VNQ Vanguard Real Estate ETF | 0.32% | 18,644 | $1.7M | Reduce -0.5% |
| HYT BlackRock Corp. Hi YLD | 0.32% | 177,978 | $1.7M | Add +1.7% |
| PTY PIMCO Corporate & Income Opp | 0.32% | 116,813 | $1.7M | Add +4.7% |
| COIN Coinbase Global Inc. Class A | 0.30% | 4,731 | $1.6M | Reduce -0.0% |
| TXN Texas Instruments Inc. | 0.27% | 7,907 | $1.5M | Reduce -6.1% |
| RTX RTX Corp. | 0.27% | 8,536 | $1.4M | Add +1.7% |
| FAST Fastenal Co. | 0.27% | 28,956 | $1.4M | Reduce -3.0% |
| APD Air Products & Chemicals Inc. | 0.25% | 4,794 | $1.3M | Reduce -5.9% |
| RSP Invesco S&P 500 Equal Weight | 0.25% | 6,887 | $1.3M | Add +3.6% |
| CFG Citizens Financial Group | 0.25% | 24,446 | $1.3M | Add +0.2% |
| CAT Caterpillar Inc. | 0.24% | 2,704 | $1.3M | Reduce -1.7% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 2,617 | $1.3M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.23% | 23,672 | $1.2M | Reduce -0.9% |
| CVX Chevron Corp. | 0.23% | 7,822 | $1.2M | Reduce -2.3% |
| LHX L3HARRIS Technologies Inc. | 0.23% | 3,902 | $1.2M | Add +1.4% |
| AFL Aflac Inc. | 0.21% | 9,975 | $1.1M | Reduce -1.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.20% | 3,545 | $1.0M | Add +1.2% |
| SEDG Solaredge Technologies Inc. | 0.18% | 26,000 | $962K | No change |
| AMGN Amgen Inc. | 0.18% | 3,401 | $960K | Reduce -3.9% |
| SBUX Starbucks Corp. | 0.17% | 10,582 | $895K | Reduce -0.4% |
| ISRG Intuitive Surgical Inc. | 0.17% | 1,975 | $883K | Reduce -82.1% |
| DGS Wisdomtree Em Small Cap | 0.16% | 14,787 | $844K | Reduce -1.8% |
| ADBE Adobe Inc. | 0.15% | 2,187 | $771K | Reduce -2.9% |
| HON Honeywell International Inc. | 0.14% | 3,635 | $765K | Reduce -4.0% |
| PWB Invesco Large Cap Growth ETF | 0.14% | 6,076 | $762K | Add +0.7% |
| PAYX Paychex Inc. | 0.14% | 5,973 | $757K | Reduce -12.8% |
| ABT Abbott Laboratories | 0.13% | 5,138 | $688K | Add +3.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.12% | 4,545 | $657K | Add +0.2% |
| IYR iShares US Real Estate ETF | 0.12% | 6,652 | $646K | Reduce -3.1% |
| VYM Vanguard High DVD Yield ETF | 0.12% | 4,461 | $629K | No change |
| TSCO Tractor Supply Company | 0.11% | 10,490 | $597K | No change |
| DHR Danaher Corp. | 0.11% | 2,940 | $583K | No change |
| VIG Vanguard Dividend Apprec ETF | 0.11% | 2,652 | $572K | Reduce -0.6% |
| ET Energy Transfer LP | 0.11% | 32,691 | $561K | Reduce -1.6% |
| DGRW Wisdomtree U.S. Quality Divi | 0.10% | 5,828 | $518K | No change |
| PEP Pepsico Inc. | 0.09% | 3,543 | $498K | No change |
Options reported separately and not counted above: QQQ puts ($150.1M), BKNG puts ($129.6M), MELI puts ($25.7M), NFLX puts ($9.0M), COST puts ($7.4M), SPOT puts ($7.0M), MPWR puts ($6.9M), AVGO calls ($4.3M), NVDA calls ($2.7M), AMZN calls ($2.2M), GOOGL calls ($2.0M), AVGO puts ($1.6M), and 9 more.
Portfolio Sells Q2 2025 → Q3 2025
| ISRG Intuitive Surgical Inc. | Reduce -82.1% | 0.17% | −1.06 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.88 |
| HQY Healthequity Inc. | Sold out | 0.00% | −0.80 |
| TTD Trade Desk Inc./the Class A | Reduce -1.3% | 1.21% | −0.75 |
| QCOM Qualcomm Inc. | Reduce -44.5% | 0.65% | −0.58 |
| MSFT Microsoft Corp. | Reduce -0.2% | 6.63% | −0.31 |
| NOW ServiceNow Inc. | Reduce -0.5% | 1.35% | −0.30 |
| AMZN Amazon.com Inc. | Reduce -0.0% | 3.33% | −0.29 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.4% | 0.90% | −0.22 |
| PANW Palo Alto Networks Inc. | Reduce -0.3% | 1.95% | −0.19 |
| ADP Automatic Data Processing | Reduce -0.1% | 0.97% | −0.14 |
| TXN Texas Instruments Inc. | Reduce -6.1% | 0.27% | −0.09 |
| CRCL Circle Internet Group Inc. | Sold out | 0.00% | −0.07 |
| HWM Howmet Aerospace Inc. | Reduce -0.8% | 1.77% | −0.07 |
| WM Waste Management Inc. | Reduce -0.4% | 0.54% | −0.07 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.06 |
| PAYX Paychex Inc. | Reduce -12.8% | 0.14% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -5.9% | 0.25% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.05 |
| COIN Coinbase Global Inc. Class A | Reduce -0.0% | 0.30% | −0.04 |
| EPD Enterprise Products Partners | Reduce -3.7% | 0.32% | −0.04 |
| HON Honeywell International Inc. | Reduce -4.0% | 0.14% | −0.04 |
| ADBE Adobe Inc. | Reduce -2.9% | 0.15% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -1.0% | 0.88% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.4% | 0.17% | −0.03 |
| CARR Carrier Global Corp. | Reduce -7.3% | 0.06% | −0.03 |
| AMGN Amgen Inc. | Reduce -3.9% | 0.18% | −0.02 |
| VNQ Vanguard Real Estate ETF | Reduce -0.5% | 0.32% | −0.02 |
| ET Energy Transfer LP | Reduce -1.6% | 0.11% | −0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.7% | 0.38% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -0.1% | 0.34% | −0.01 |
| IYR iShares US Real Estate ETF | Reduce -3.1% | 0.12% | −0.01 |
| DGS Wisdomtree Em Small Cap | Reduce -1.8% | 0.16% | −0.01 |
| AFL Aflac Inc. | Reduce -1.8% | 0.21% | −0.01 |
| CVX Chevron Corp. | Reduce -2.3% | 0.23% | −0.01 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.6% | 0.11% | −0.00 |
| BAC Bank of America Corp. | Reduce -0.9% | 0.23% | −0.00 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -2.4% | 0.06% | −0.00 |
| IVW iShares S&P 500 Growth ETF | Reduce -1.7% | 0.04% | −0.00 |
| PWR Quanta Services Inc. | Reduce -0.5% | 1.98% | +0.00 |
| FAST Fastenal Co. | Reduce -3.0% | 0.27% | +0.01 |
| MS Morgan Stanley | Reduce -0.0% | 0.57% | +0.02 |
| CAT Caterpillar Inc. | Reduce -1.7% | 0.24% | +0.02 |
| JNJ Johnson & Johnson | Reduce -1.6% | 0.48% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Reduce -6.2% | 0.43% | +0.06 |
| ABBV Abbvie Inc. | Reduce -0.7% | 0.95% | +0.12 |
| AAPL Apple Inc. | Reduce -4.4% | 3.99% | +0.33 |
| AVGO Broadcom Inc. | Reduce -1.2% | 4.52% | +0.36 |
| SHOP Shopify Inc. Class A | Reduce -0.6% | 2.72% | +0.41 |
| ANET Arista Networks Inc. | Reduce -1.4% | 2.29% | +0.52 |
Portfolio Buys Q2 2025 → Q3 2025
| RH RH | Add +231.0% | 1.23% | +0.85 |
| KKR KKR & Co. Inc. | Add +1424.8% | 0.73% | +0.68 |
| ORCL Oracle Corp. | Add +69.2% | 1.21% | +0.60 |
| SE Sea Ltd.-ADR | Add +108.9% | 0.99% | +0.53 |
| DASH DoorDash Inc. Class A | New | 0.43% | +0.43 |
| SOFI Sofi Technologies Inc. | New | 0.41% | +0.41 |
| TSLA Tesla Inc. | Add +44.6% | 0.84% | +0.39 |
| GOOGL Alphabet Inc. Class A | Add +1.3% | 1.71% | +0.38 |
| GE General Electric | Add +34.0% | 1.19% | +0.36 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.8% | 1.52% | +0.16 |
| KLAC KLA Corp. | Add +0.8% | 1.51% | +0.16 |
| GEV GE Vernova Inc. | Add +0.7% | 1.91% | +0.13 |
| OKLO Oklo Inc. | New | 0.05% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +2.1% | 0.95% | +0.05 |
| XBI SS SPDR S&P Biotech ETF | New | 0.04% | +0.04 |
| AEM Agnico Eagle Mines Ltd. | New | 0.04% | +0.04 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +4.2% | 0.67% | +0.03 |
| BX Blackstone Inc. | Add +1.0% | 0.48% | +0.03 |
| LHX L3HARRIS Technologies Inc. | Add +1.4% | 0.23% | +0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +2.6% | 1.00% | +0.03 |
| BBAI Bigbear.ai Holdings Inc. | New | 0.02% | +0.02 |
| SF Stifel Financial Corp. | Add +3.3% | 0.67% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.5% | 1.57% | +0.02 |
| CFG Citizens Financial Group | Add +0.2% | 0.25% | +0.02 |
| HD Home Depot Inc. | Add +2.2% | 0.50% | +0.02 |
| RTX RTX Corp. | Add +1.7% | 0.27% | +0.02 |
| MPWR Monolithic Power Systems Inc. | Add +0.7% | 0.08% | +0.01 |
| SOUN Soundhound AI Inc. Class A | Add +0.2% | 0.04% | +0.01 |
| TJX TJX Companies Inc. | Add +0.2% | 0.12% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +3.2% | 0.34% | +0.01 |
| NEE Nextera Energy Inc. | Add +7.4% | 0.08% | +0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +7.8% | 0.09% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +4.9% | 0.07% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +0.1% | 1.57% | 0.00 |
| GCC Wisdomtree Enhanced Commodit | Add +0.4% | 0.05% | −0.00 |
| PTY PIMCO Corporate & Income Opp | Add +4.7% | 0.32% | −0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +3.6% | 0.25% | −0.00 |
| PWB Invesco Large Cap Growth ETF | Add +0.7% | 0.14% | −0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +1.2% | 0.20% | −0.00 |
| ABT Abbott Laboratories | Add +3.8% | 0.13% | −0.01 |
| AXP American Express Co. | Add +3.1% | 0.96% | −0.01 |
| UBER Uber Technologies Inc. | Add +2.0% | 1.03% | −0.02 |
| AMLP Alerian MLP ETF | Add +6.4% | 0.36% | −0.02 |
| HYT BlackRock Corp. Hi YLD | Add +1.7% | 0.32% | −0.03 |
| COF Capital One Financial Corp. | Add +0.2% | 0.99% | −0.09 |
| LNG Cheniere Energy Inc. | Add +1.4% | 1.09% | −0.12 |
| LLY Eli Lilly & Co. | Add +1.2% | 1.28% | −0.13 |
| BSX Boston Scientific Corp. | Add +1.2% | 0.74% | −0.14 |
| ARM Arm Holdings PLC-ADR | Add +0.9% | 0.89% | −0.21 |
| MELI MercadoLibre Inc. | Add +0.7% | 1.10% | −0.23 |
Options Activity Q2 2025 → Q3 2025
| QQQ Invesco QQQ Trust Series 1 | put | Add +66.7% | 250,000 | $150.1M |
| BKNG Booking Holdings Inc. | put | Add +140.0% | 24,000 | $129.6M |
| MELI MercadoLibre Inc. | put | Reduce -8.3% | 11,000 | $25.7M |
| NFLX Netflix Inc. | put | New | 7,500 | $9.0M |
| COST Costco Wholesale Corp. | put | New | 8,000 | $7.4M |
| SPOT Spotify Technology SA | put | New | 10,000 | $7.0M |
| MPWR Monolithic Power Systems Inc. | put | New | 7,500 | $6.9M |
| NVDA Nvidia Corp. | call | Reduce -50.0% | 14,500 | $2.7M |
| AMZN Amazon.com Inc. | call | Add +11.1% | 10,000 | $2.2M |
| GOOGL Alphabet Inc. Class A | call | Add +15.7% | 8,100 | $2.0M |
| AVGO Broadcom Inc. | put | Reduce -50.0% | 5,000 | $1.6M |
| SHOP Shopify Inc. Class A | call | Add +20.0% | 9,600 | $1.4M |
| SEDG Solaredge Technologies Inc. | call | Reduce -12.4% | 35,300 | $1.3M |
| META Meta Platforms Inc. Class A | call | New | 1,000 | $734K |
| HOOD Robinhood Markets Inc. Class A | put | New | 3,300 | $472K |
| TSLA Tesla Inc. | call | New | 1,000 | $445K |
| HOOD Robinhood Markets Inc. Class A | call | New | 3,000 | $430K |
| SEDG Solaredge Technologies Inc. | put | Sold out | 10,000 | $204Kbefore exit |
| BBAI Bigbear.ai Holdings Inc. | call | Sold out | 20,000 | $78Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 145 | $562.1M | NVDA, MSFT, AAPL, KLAC, AVGO |
| Q1 2026 | 141 | $487.8M | NVDA, MSFT, AAPL, AVGO, AMZN |
| Q4 2025 | 140 | $518.9M | NVDA, MSFT, AVGO, AAPL, AMZN |
| Q3 2025 | 141 | $529.7M | NVDA, MSFT, AVGO, AAPL, AMZN |
| Q2 2025 | 140 | $486.6M | NVDA, MSFT, AVGO, AAPL, AMZN |
| Q1 2025 | 134 | $397.7M | NVDA, MSFT, AAPL, AMZN, AVGO |
| Q4 2024 | 136 | $450.8M | NVDA, MSFT, AAPL, AMZN, AVGO |
| Q3 2024 | 141 | $451.0M | NVDA, MSFT, AAPL, AMZN, TTD |
| Q2 2024 | 142 | $444.8M | NVDA, MSFT, AAPL, AMZN, TTD |
| Q1 2024 | 134 | $411.7M | MSFT, NVDA, AAPL, AMZN, TTD |