Curbstone Financial Management Corp
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Curbstone Financial Management Corp reported 192 stock positions worth $474.5 million. Its top holding was SS SPDR BB Ig Float RT ETF (FLRN) at 7.3% of the portfolio, followed by Vanguard S/T Corp. Bond ETF (VCSH, 3.4%) and State Street SPDR S&P Midcap (MDY, 3.4%). Compared with Q4 2024, it opened 16 new positions, sold out of 14, added to 76 and reduced 66. The biggest buy was Nvidia (NVDA, shares +372%) and the biggest sale Apple (AAPL, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- MANCHESTER, NH
- CIK
- 0001608057
- Portfolio Value
- $474.5M (Q1 2025)
- SEC Filing
- 0001608057-25-000005 ↗ filed Apr 15, 2025
Holdings Value
Holdings 192 stocks · $474.5M
| FLRN SS SPDR BB Ig Float RT ETF | 7.31% | 1,125,116 | $34.7M | Add +5.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 3.45% | 207,116 | $16.3M | Add +0.3% |
| MDY State Street SPDR S&P Midcap | 3.35% | 29,806 | $15.9M | Reduce -1.8% |
| SCHF Schwab Intl Equity ETF | 3.33% | 799,175 | $15.8M | Add +2.3% |
| VOO Vanguard S&P 500 ETF | 3.08% | 28,420 | $14.6M | Reduce -1.1% |
| AAPL Apple Inc. | 3.04% | 64,845 | $14.4M | Reduce -6.0% |
| SCHM Schwab US Mid Cap ETF | 2.86% | 517,989 | $13.6M | Reduce -0.8% |
| SCHG Schwab US Large-Cap Growth | 2.81% | 532,483 | $13.3M | Reduce -1.3% |
| SCHD Schwab US DVD Equity ETF | 2.62% | 444,626 | $12.4M | Add +9.3% |
| MSFT Microsoft Corp. | 1.79% | 22,661 | $8.5M | Add +1.8% |
| VCIT Vanguard Int-Term Corporate | 1.75% | 101,442 | $8.3M | Add +0.9% |
| SCHA Schwab US Small-Cap ETF | 1.71% | 345,442 | $8.1M | Reduce -2.1% |
| NVDA Nvidia Corp. | 1.54% | 67,474 | $7.3M | Add +371.6% |
| MCI Barings Corporate Investors | 1.53% | 309,028 | $7.2M | Add +0.0% |
| SCHB Schwab US Broad Market ETF | 1.49% | 328,884 | $7.1M | Add +0.5% |
| AMZN Amazon.com Inc. | 1.45% | 36,172 | $6.9M | Reduce -0.2% |
| RSP Invesco S&P 500 Equal Weight | 1.42% | 38,755 | $6.7M | Reduce -2.1% |
| GOOG Alphabet Inc. Class C | 1.28% | 38,993 | $6.1M | Reduce -0.6% |
| SCHX Schwab US Large-Cap ETF | 1.28% | 275,850 | $6.1M | Reduce -0.7% |
| TIP iShares Tips Bond ETF | 1.22% | 51,954 | $5.8M | Add +1.4% |
| SCHP Schwab U.S. Tips ETF | 1.13% | 199,520 | $5.4M | Add +4.7% |
| JPM JPMorgan Chase & Co. | 1.12% | 21,717 | $5.3M | Reduce -3.9% |
| XOM Exxon Mobil Corp. | 1.02% | 40,838 | $4.9M | Reduce -0.3% |
| CSCO Cisco Systems Inc. | 1.00% | 76,600 | $4.7M | Add +3.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.95% | 36,944 | $4.5M | Reduce -2.1% |
| JNJ Johnson & Johnson | 0.94% | 26,921 | $4.5M | Add +0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.89% | 7,908 | $4.2M | Reduce -1.0% |
| MUB iShares National Muni Bond E | 0.84% | 37,842 | $4.0M | Reduce -0.1% |
| PG The Procter & Gamble Co. | 0.83% | 23,038 | $3.9M | Add +5.7% |
| V Visa Inc. Class A | 0.82% | 11,074 | $3.9M | Add +0.4% |
| SUB iShares Short-Term National | 0.81% | 36,250 | $3.8M | No change |
| PFF iShares Preferred & Income S | 0.80% | 124,263 | $3.8M | Add +5.8% |
| CHKP Check Point Software Tech | 0.79% | 16,418 | $3.7M | Reduce -0.9% |
| KKR KKR & Co. Inc. | 0.76% | 31,308 | $3.6M | Reduce -7.9% |
| RTX RTX Corp. | 0.75% | 27,018 | $3.6M | Reduce -0.6% |
| LLY Eli Lilly & Co. | 0.74% | 4,224 | $3.5M | Reduce -0.9% |
| PEP Pepsico Inc. | 0.73% | 22,982 | $3.4M | Add +2.9% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.71% | 64,440 | $3.4M | Reduce -10.1% |
| ABT Abbott Laboratories | 0.68% | 24,482 | $3.2M | Reduce -2.5% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.68% | 12,726 | $3.2M | Reduce -4.8% |
| HY Hyster-Yale Inc. | 0.64% | 73,490 | $3.1M | No change |
| EFA iShares MSCI Eafe ETF | 0.64% | 37,043 | $3.0M | Add +2.8% |
| SCHZ Schwab US Aggregate Bond ETF | 0.63% | 128,100 | $3.0M | Add +3.2% |
| VRSK Verisk Analytics Inc. | 0.60% | 9,500 | $2.8M | Reduce -1.3% |
| HD Home Depot Inc. | 0.57% | 7,430 | $2.7M | Add +6.5% |
| ABBV Abbvie Inc. | 0.57% | 12,932 | $2.7M | Add +20.9% |
| CVX Chevron Corp. | 0.57% | 16,112 | $2.7M | Add +15.6% |
| HBB Hamilton Beach Brand-A | 0.56% | 136,898 | $2.7M | No change |
| IVV iShares Core S&P 500 ETF | 0.53% | 4,462 | $2.5M | Reduce -16.8% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.52% | 88,800 | $2.4M | Reduce -0.1% |
| MRK Merck & Co. Inc. | 0.49% | 25,951 | $2.3M | New |
| SYY Sysco Corp. | 0.48% | 30,194 | $2.3M | Add +1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.46% | 3,893 | $2.2M | Add +20.0% |
| SFM Sprouts Farmers Market Inc. | 0.44% | 13,740 | $2.1M | No change |
| HON Honeywell International Inc. | 0.44% | 9,890 | $2.1M | Reduce -0.3% |
| VXF Vanguard Extended Market ETF | 0.43% | 11,870 | $2.0M | Reduce -1.7% |
| ADSK Autodesk Inc. | 0.42% | 7,620 | $2.0M | Reduce -1.9% |
| HACK Amplify Cybersecurity ETF | 0.42% | 27,560 | $2.0M | Reduce -0.7% |
| ZTS Zoetis Inc. | 0.41% | 11,850 | $2.0M | Add +3.2% |
| NC Nacco Industries Class A | 0.41% | 57,542 | $1.9M | No change |
| KO The Coca-Cola Co. | 0.40% | 26,747 | $1.9M | Add +0.9% |
| NEE Nextera Energy Inc. | 0.40% | 26,892 | $1.9M | Add +7.0% |
| WY Weyerhaeuser Co. | 0.40% | 64,770 | $1.9M | Reduce -0.7% |
| IOO iShares Global 100 ETF | 0.40% | 19,680 | $1.9M | Reduce -2.5% |
| PSX Phillips 66 | 0.38% | 14,504 | $1.8M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.37% | 17,966 | $1.8M | Reduce -1.6% |
| PHO Invesco Water Resources ETF | 0.36% | 26,700 | $1.7M | No change |
| USB US Bancorp | 0.35% | 39,760 | $1.7M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.35% | 36,384 | $1.7M | Add +4.6% |
| ADP Automatic Data Processing | 0.34% | 5,321 | $1.6M | Add +10.8% |
| MCD McDonald's Corp. | 0.34% | 5,126 | $1.6M | Add +3.1% |
| CORT Corcept Therapeutics Inc. | 0.33% | 13,880 | $1.6M | No change |
| CL Colgate-Palmolive Co. | 0.33% | 16,846 | $1.6M | Reduce -0.8% |
| CMCSA Comcast Corp. Class A | 0.32% | 41,260 | $1.5M | Reduce -0.9% |
| CARR Carrier Global Corp. | 0.32% | 23,898 | $1.5M | Add +2.6% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.31% | 12,608 | $1.5M | Reduce -1.2% |
| PFE Pfizer Inc. | 0.31% | 58,543 | $1.5M | Add +3.5% |
| TREX Trex Company Inc. | 0.31% | 24,920 | $1.4M | Reduce -14.7% |
| HOLX Hologic Inc. | 0.30% | 23,396 | $1.4M | Add +0.7% |
| ORCL Oracle Corp. | 0.30% | 10,236 | $1.4M | Reduce -5.1% |
| AFL Aflac Inc. | 0.30% | 12,700 | $1.4M | Reduce -7.0% |
| WDFC WD-40 Co. | 0.29% | 5,636 | $1.4M | Reduce -1.1% |
| ITW Illinois Tool Works | 0.28% | 5,444 | $1.4M | Add +7.9% |
| BMY Bristol-Myers Squibb Co. | 0.28% | 21,946 | $1.3M | Add +13.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.28% | 13,834 | $1.3M | No change |
| STIP iShares 0-5 Year Tips Bond E | 0.28% | 12,750 | $1.3M | No change |
| INTC Intel Corp. | 0.28% | 57,909 | $1.3M | Add +5.2% |
| WMT Walmart Inc. | 0.27% | 14,678 | $1.3M | Add +2.1% |
| BSCP Invesco Bulletshares 2025 CB | 0.27% | 61,226 | $1.3M | Add +14.4% |
| OEF iShares S&P 100 ETF | 0.27% | 4,660 | $1.3M | No change |
| ULTA Ulta Beauty Inc. | 0.26% | 3,360 | $1.2M | New |
| SON Sonoco Products Co. | 0.26% | 26,060 | $1.2M | Reduce -2.3% |
| SBUX Starbucks Corp. | 0.26% | 12,526 | $1.2M | Reduce -1.6% |
| CSGS CSG Systems Intl Inc. | 0.25% | 19,500 | $1.2M | Reduce -6.7% |
| TGT Target Corp. | 0.25% | 11,274 | $1.2M | Add +0.0% |
| GOOGL Alphabet Inc. Class A | 0.25% | 7,592 | $1.2M | Add +1.3% |
| UPS United Parcel Service Class B | 0.24% | 10,332 | $1.1M | Add +6.8% |
| CVS CVS Health Corp. | 0.24% | 16,728 | $1.1M | Reduce -9.3% |
| SCHH Schwab US REIT ETF | 0.23% | 49,832 | $1.1M | Reduce -3.5% |
| ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU | 0.23% | 20,780 | $1.1M | Reduce -0.2% |
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -6.0% | 3.04% | −0.62 |
| MRK Merck & Co Inc | Sold out | 0.00% | −0.51 |
| SCHG Schwab US Large-Cap Growth | Reduce -1.3% | 2.81% | −0.37 |
| MDY State Street SPDR S&P Midcap | Reduce -1.8% | 3.35% | −0.31 |
| Ulta Beauty (ULTA) | Sold out | 0.00% | −0.31 |
| KKR KKR & Co. Inc. | Reduce -7.9% | 0.76% | −0.30 |
| GOOG Alphabet Inc. Class C | Reduce -0.6% | 1.28% | −0.30 |
| AMZN Amazon.com Inc. | Reduce -0.2% | 1.45% | −0.23 |
| SCHA Schwab US Small-Cap ETF | Reduce -2.1% | 1.71% | −0.23 |
| SCHM Schwab US Mid Cap ETF | Reduce -0.8% | 2.86% | −0.20 |
| VOO Vanguard S&P 500 ETF | Reduce -1.1% | 3.08% | −0.20 |
| GE General Electric Company | Sold out | 0.00% | −0.15 |
| IVV iShares Core S&P 500 ETF | Reduce -16.8% | 0.53% | −0.14 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.13 |
| Amcor PLC ADR (AMCR) | Sold out | 0.00% | −0.13 |
| TREX Trex Company Inc. | Reduce -14.7% | 0.31% | −0.12 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -4.8% | 0.68% | −0.12 |
| CE Celanese Corp. | Sold out | 0.00% | −0.12 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.10 |
| GGG Graco Inc. | Sold out | 0.00% | −0.09 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.09 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.09 |
| SNX TD Synnex Corp. | Sold out | 0.00% | −0.09 |
| SCHX Schwab US Large-Cap ETF | Reduce -0.7% | 1.28% | −0.08 |
| ORCL Oracle Corp. | Reduce -5.1% | 0.30% | −0.08 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -10.1% | 0.71% | −0.07 |
| ADSK Autodesk Inc. | Reduce -1.9% | 0.42% | −0.07 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -8.3% | 0.20% | −0.06 |
| DIS The Walt Disney Co. | Reduce -1.6% | 0.37% | −0.06 |
| BX Blackstone Inc. | Reduce -3.1% | 0.20% | −0.06 |
| VXF Vanguard Extended Market ETF | Reduce -1.7% | 0.43% | −0.05 |
| RSP Invesco S&P 500 Equal Weight | Reduce -2.1% | 1.42% | −0.05 |
| USB US Bancorp | Reduce -0.3% | 0.35% | −0.05 |
| ETN Eaton Corp. PLC | Reduce -6.5% | 0.12% | −0.04 |
| HON Honeywell International Inc. | Reduce -0.3% | 0.44% | −0.03 |
| IOO iShares Global 100 ETF | Reduce -2.5% | 0.40% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -3.9% | 1.12% | −0.02 |
| ROBO Robo Global Robotics and Aut | Reduce -0.2% | 0.23% | −0.02 |
| DE Deere & Co. | Reduce -24.5% | 0.10% | −0.02 |
| LMAT Lemaitre Vascular Inc. | Reduce -5.3% | 0.13% | −0.02 |
| HACK Amplify Cybersecurity ETF | Reduce -0.7% | 0.42% | −0.02 |
| ACN Accenture PLC Class A | Reduce -2.7% | 0.12% | −0.02 |
| BWXT BWX Technologies Inc. | Reduce -3.8% | 0.10% | −0.02 |
| TJX TJX Companies Inc. | Reduce -2.1% | 0.95% | −0.02 |
| SON Sonoco Products Co. | Reduce -2.3% | 0.26% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -0.1% | 0.84% | −0.01 |
| GIS General Mills Inc. | Reduce -2.3% | 0.11% | −0.01 |
| VYM Vanguard High DVD Yield ETF | Reduce -9.6% | 0.10% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -0.9% | 0.32% | −0.01 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -7.7% | 0.10% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Add +371.6% | 1.54% | +1.13 |
| MRK Merck & Co. Inc. | New | 0.49% | +0.49 |
| FLRN SS SPDR BB Ig Float RT ETF | Add +5.4% | 7.31% | +0.36 |
| SCHF Schwab Intl Equity ETF | Add +2.3% | 3.33% | +0.27 |
| SCHD Schwab US DVD Equity ETF | Add +9.3% | 2.62% | +0.27 |
| ULTA Ulta Beauty Inc. | New | 0.26% | +0.26 |
| MCI Barings Corporate Investors | Add +0.0% | 1.53% | +0.19 |
| GE General Electric | New | 0.18% | +0.18 |
| ABBV Abbvie Inc. | Add +20.9% | 0.57% | +0.17 |
| CVX Chevron Corp. | Add +15.6% | 0.57% | +0.14 |
| AMCR Amcor PLC | New | 0.13% | +0.13 |
| JNJ Johnson & Johnson | Add +0.7% | 0.94% | +0.12 |
| HALO Halozyme Therapeutics Inc. | New | 0.11% | +0.11 |
| BSCR Invesco Bulletshares 2027 CB | New | 0.10% | +0.10 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.10% | +0.10 |
| BSCQ Invesco Bulletshares 2026 CB | New | 0.10% | +0.10 |
| PPL PPL Corp. | New | 0.09% | +0.09 |
| LKQ LKQ Corp. | New | 0.09% | +0.09 |
| DWX State Street SPDR S&P Intern | New | 0.09% | +0.09 |
| SCHP Schwab U.S. Tips ETF | Add +4.7% | 1.13% | +0.09 |
| MDLZ Mondelez International Inc. Class A | New | 0.09% | +0.09 |
| SPIB SS SPDR P Int C Corp. ETF | New | 0.08% | +0.08 |
| V Visa Inc. Class A | Add +0.4% | 0.82% | +0.08 |
| CSCO Cisco Systems Inc. | Add +3.5% | 1.00% | +0.07 |
| EFA iShares MSCI Eafe ETF | Add +2.8% | 0.64% | +0.06 |
| TIP iShares Tips Bond ETF | Add +1.4% | 1.22% | +0.06 |
| T AT&T Inc. | Add +26.8% | 0.16% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +20.0% | 0.46% | +0.06 |
| KO The Coca-Cola Co. | Add +0.9% | 0.40% | +0.05 |
| PG The Procter & Gamble Co. | Add +5.7% | 0.83% | +0.05 |
| VZ Verizon Communications Inc. | Add +4.6% | 0.35% | +0.05 |
| PGX Invesco Preferred ETF | New | 0.05% | +0.05 |
| BMY Bristol-Myers Squibb Co. | Add +13.5% | 0.28% | +0.05 |
| AMGN Amgen Inc. | Add +22.1% | 0.15% | +0.05 |
| ADP Automatic Data Processing | Add +10.8% | 0.34% | +0.05 |
| INTC Intel Corp. | Add +5.2% | 0.28% | +0.04 |
| IBM Intl Business Machines Corp. | Add +11.0% | 0.20% | +0.04 |
| VCIT Vanguard Int-Term Corporate | Add +0.9% | 1.75% | +0.04 |
| COST Costco Wholesale Corp. | Add +41.1% | 0.12% | +0.04 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +0.3% | 3.45% | +0.03 |
| BSCP Invesco Bulletshares 2025 CB | Add +14.4% | 0.27% | +0.03 |
| MCD McDonald's Corp. | Add +3.1% | 0.34% | +0.03 |
| QBTS D-Wave Quantum Inc. | New | 0.03% | +0.03 |
| IDV iShares International Select | Add +9.3% | 0.16% | +0.03 |
| SCHZ Schwab US Aggregate Bond ETF | Add +3.2% | 0.63% | +0.03 |
| MMM 3M Co. | Add +4.7% | 0.18% | +0.03 |
| APD Air Products & Chemicals Inc. | Add +23.1% | 0.13% | +0.03 |
| UNP Union Pacific Corp. | Add +18.4% | 0.14% | +0.03 |
| PFF iShares Preferred & Income S | Add +5.8% | 0.80% | +0.02 |
| OTIS Otis Worldwide Corp. | Add +5.9% | 0.16% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 215 | $587.0M | FLRN, SCHF, MDY, AAPL, SCHM |
| Q1 2026 | 202 | $522.6M | FLRN, SCHF, MDY, VCSH, SCHM |
| Q4 2025 | 201 | $522.7M | FLRN, SCHF, MDY, AAPL, VCSH |
| Q3 2025 | 209 | $520.1M | FLRN, MDY, SCHF, VOO, SCHG |
| Q2 2025 | 200 | $487.4M | FLRN, MDY, SCHF, VOO, VCSH |
| Q1 2025 | 192 | $474.5M | FLRN, VCSH, MDY, SCHF, VOO |
| Q4 2024 | 190 | $472.2M | FLRN, MDY, AAPL, VCSH, VOO |
| Q3 2024 | 196 | $467.5M | FLRN, MDY, VCSH, AAPL, VOO |
| Q2 2024 | 198 | $460.4M | FLRN, VCSH, MDY, AAPL, VOO |
| Q1 2024 | 188 | $462.9M | FLRN, VCSH, MDY, SCHF, SCHM |