Curbstone Financial Management Corp
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Curbstone Financial Management Corp reported 200 stock positions worth $487.4 million. Its top holding was SS SPDR BB Ig Float RT ETF (FLRN) at 7.1% of the portfolio, followed by State Street SPDR S&P Midcap (MDY, 3.6%) and Schwab Intl Equity ETF (SCHF, 3.6%). Compared with Q1 2025, it opened 16 new positions, sold out of 8, added to 36 and reduced 112. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +46%) and the biggest sale Nvidia (NVDA, shares −74%).
- Most Recent 13F
- Q2 2026
- Location
- MANCHESTER, NH
- CIK
- 0001608057
- Portfolio Value
- $487.4M (Q2 2025)
- SEC Filing
- 0001608057-25-000008 ↗ filed Jul 29, 2025
Holdings Value
Holdings 200 stocks · $487.4M
| FLRN SS SPDR BB Ig Float RT ETF | 7.07% | 1,118,146 | $34.5M | Reduce -0.6% |
| MDY State Street SPDR S&P Midcap | 3.58% | 30,806 | $17.5M | Add +3.4% |
| SCHF Schwab Intl Equity ETF | 3.56% | 784,875 | $17.3M | Reduce -1.8% |
| VOO Vanguard S&P 500 ETF | 3.31% | 28,420 | $16.1M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 3.26% | 200,116 | $15.9M | Reduce -3.4% |
| SCHG Schwab US Large-Cap Growth | 3.16% | 526,903 | $15.4M | Reduce -1.1% |
| SCHM Schwab US Mid Cap ETF | 2.84% | 493,789 | $13.9M | Reduce -4.7% |
| AAPL Apple Inc. | 2.66% | 63,079 | $12.9M | Reduce -2.7% |
| SCHD Schwab US DVD Equity ETF | 2.41% | 444,136 | $11.8M | Reduce -0.1% |
| MSFT Microsoft Corp. | 2.30% | 22,490 | $11.2M | Reduce -0.8% |
| SCHA Schwab US Small-Cap ETF | 1.65% | 317,292 | $8.0M | Reduce -8.2% |
| VCIT Vanguard Int-Term Corporate | 1.64% | 96,482 | $8.0M | Reduce -4.9% |
| AMZN Amazon.com Inc. | 1.63% | 36,142 | $7.9M | Reduce -0.1% |
| SCHB Schwab US Broad Market ETF | 1.59% | 325,634 | $7.8M | Reduce -1.0% |
| RSP Invesco S&P 500 Equal Weight | 1.43% | 38,233 | $6.9M | Reduce -1.4% |
| GOOG Alphabet Inc. Class C | 1.41% | 38,725 | $6.9M | Reduce -0.7% |
| SCHX Schwab US Large-Cap ETF | 1.37% | 272,680 | $6.7M | Reduce -1.1% |
| MCI Barings Corporate Investors | 1.32% | 297,728 | $6.4M | Reduce -3.7% |
| JPM JPMorgan Chase & Co. | 1.32% | 22,118 | $6.4M | Add +1.9% |
| TIP iShares Tips Bond ETF | 1.19% | 52,504 | $5.8M | Add +1.1% |
| CSCO Cisco Systems Inc. | 1.08% | 75,560 | $5.2M | Reduce -1.4% |
| SCHP Schwab U.S. Tips ETF | 1.04% | 189,670 | $5.1M | Reduce -4.9% |
| XOM Exxon Mobil Corp. | 0.91% | 41,068 | $4.4M | Add +0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.87% | 34,184 | $4.2M | Reduce -7.5% |
| SUB iShares Short-Term National | 0.82% | 37,600 | $4.0M | Add +3.7% |
| MUB iShares National Muni Bond E | 0.81% | 37,842 | $4.0M | No change |
| KKR KKR & Co. Inc. | 0.81% | 29,718 | $4.0M | Reduce -5.1% |
| JNJ Johnson & Johnson | 0.81% | 25,712 | $3.9M | Reduce -4.5% |
| V Visa Inc. Class A | 0.81% | 11,060 | $3.9M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.80% | 8,028 | $3.9M | Add +1.5% |
| RTX RTX Corp. | 0.78% | 26,168 | $3.8M | Reduce -3.1% |
| PFF iShares Preferred & Income S | 0.76% | 120,163 | $3.7M | Reduce -3.3% |
| CHKP Check Point Software Tech | 0.74% | 16,218 | $3.6M | Reduce -1.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.72% | 5,703 | $3.5M | Add +46.5% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.72% | 12,670 | $3.5M | Reduce -0.4% |
| EFA iShares MSCI Eafe ETF | 0.71% | 38,533 | $3.4M | Add +4.0% |
| PG The Procter & Gamble Co. | 0.70% | 21,468 | $3.4M | Reduce -6.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.69% | 63,890 | $3.4M | Reduce -0.8% |
| ABT Abbott Laboratories | 0.66% | 23,674 | $3.2M | Reduce -3.3% |
| PEP Pepsico Inc. | 0.63% | 23,226 | $3.1M | Add +1.1% |
| VRSK Verisk Analytics Inc. | 0.61% | 9,570 | $3.0M | Add +0.7% |
| LLY Eli Lilly & Co. | 0.60% | 3,764 | $2.9M | Reduce -10.9% |
| HY Hyster-Yale Inc. | 0.60% | 73,490 | $2.9M | No change |
| SCHZ Schwab US Aggregate Bond ETF | 0.59% | 124,100 | $2.9M | Reduce -3.1% |
| NVDA Nvidia Corp. | 0.57% | 17,616 | $2.8M | Reduce -73.9% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.54% | 86,850 | $2.6M | Reduce -2.2% |
| NC Nacco Industries Class A | 0.52% | 57,542 | $2.5M | No change |
| HBB Hamilton Beach Brand-A | 0.50% | 136,898 | $2.4M | No change |
| HD Home Depot Inc. | 0.50% | 6,630 | $2.4M | Reduce -10.8% |
| HON Honeywell International Inc. | 0.50% | 10,380 | $2.4M | Add +5.0% |
| ORCL Oracle Corp. | 0.49% | 11,036 | $2.4M | Add +7.8% |
| HACK Amplify Cybersecurity ETF | 0.49% | 27,900 | $2.4M | Add +1.2% |
| ADSK Autodesk Inc. | 0.49% | 7,720 | $2.4M | Add +1.3% |
| IVV iShares Core S&P 500 ETF | 0.49% | 3,812 | $2.4M | Reduce -14.6% |
| VXF Vanguard Extended Market ETF | 0.47% | 11,870 | $2.3M | No change |
| AVAV Aerovironment Inc. | 0.45% | 7,770 | $2.2M | Reduce -5.4% |
| SYY Sysco Corp. | 0.45% | 29,044 | $2.2M | Reduce -3.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.44% | 17,446 | $2.2M | Reduce -2.9% |
| ABBV Abbvie Inc. | 0.43% | 11,217 | $2.1M | Reduce -13.3% |
| IOO iShares Global 100 ETF | 0.42% | 18,880 | $2.0M | Reduce -4.1% |
| SFM Sprouts Farmers Market Inc. | 0.41% | 12,130 | $2.0M | Reduce -11.7% |
| CVX Chevron Corp. | 0.40% | 13,510 | $1.9M | Reduce -16.1% |
| NEE Nextera Energy Inc. | 0.39% | 27,548 | $1.9M | Add +2.4% |
| MRK Merck & Co. Inc. | 0.38% | 23,612 | $1.9M | Reduce -9.0% |
| PHO Invesco Water Resources ETF | 0.38% | 26,700 | $1.9M | No change |
| ZTS Zoetis Inc. | 0.37% | 11,610 | $1.8M | Reduce -2.0% |
| USB US Bancorp | 0.37% | 39,982 | $1.8M | Add +0.6% |
| KO The Coca-Cola Co. | 0.37% | 25,196 | $1.8M | Reduce -5.8% |
| PSX Phillips 66 | 0.36% | 14,554 | $1.7M | Add +0.3% |
| WY Weyerhaeuser Co. | 0.34% | 63,580 | $1.6M | Reduce -1.8% |
| PLTR Palantir Technologies Inc. Class A | 0.33% | 11,840 | $1.6M | Reduce -2.9% |
| GOOGL Alphabet Inc. Class A | 0.33% | 9,048 | $1.6M | Add +19.2% |
| MCD McDonald's Corp. | 0.32% | 5,344 | $1.6M | Add +4.3% |
| AVGO Broadcom Inc. | 0.32% | 5,650 | $1.6M | Reduce -8.7% |
| CARR Carrier Global Corp. | 0.32% | 21,248 | $1.6M | Reduce -11.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.31% | 13,834 | $1.5M | No change |
| ULTA Ulta Beauty Inc. | 0.31% | 3,250 | $1.5M | Reduce -3.3% |
| CL Colgate-Palmolive Co. | 0.31% | 16,710 | $1.5M | Reduce -0.8% |
| ADP Automatic Data Processing | 0.31% | 4,900 | $1.5M | Reduce -7.9% |
| WMT Walmart Inc. | 0.30% | 15,168 | $1.5M | Add +3.3% |
| VZ Verizon Communications Inc. | 0.30% | 34,108 | $1.5M | Reduce -6.3% |
| CMCSA Comcast Corp. Class A | 0.30% | 41,210 | $1.5M | Reduce -0.1% |
| HOLX Hologic Inc. | 0.30% | 22,146 | $1.4M | Reduce -5.3% |
| OEF iShares S&P 100 ETF | 0.29% | 4,660 | $1.4M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.28% | 28,512 | $1.3M | Add +15.4% |
| TREX Trex Company Inc. | 0.27% | 24,620 | $1.3M | Reduce -1.2% |
| ITW Illinois Tool Works | 0.27% | 5,344 | $1.3M | Reduce -1.8% |
| PFE Pfizer Inc. | 0.26% | 52,795 | $1.3M | Reduce -9.8% |
| ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU | 0.25% | 20,780 | $1.2M | No change |
| WDFC WD-40 Co. | 0.25% | 5,346 | $1.2M | Reduce -5.2% |
| TXN Texas Instruments Inc. | 0.25% | 5,816 | $1.2M | Add +18.3% |
| CSGS CSG Systems Intl Inc. | 0.24% | 18,100 | $1.2M | Reduce -7.2% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.24% | 21,700 | $1.2M | Add +8.5% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.24% | 11,898 | $1.2M | Reduce -5.6% |
| BSCP Invesco Bulletshares 2025 CB | 0.23% | 55,256 | $1.1M | Reduce -9.8% |
| STIP iShares 0-5 Year Tips Bond E | 0.23% | 11,050 | $1.1M | Reduce -13.3% |
| INTC Intel Corp. | 0.23% | 50,449 | $1.1M | Reduce -12.9% |
| FAST Fastenal Co. | 0.23% | 26,814 | $1.1M | Reduce -1.3% |
| AFL Aflac Inc. | 0.23% | 10,650 | $1.1M | Reduce -16.1% |
| GE General Electric filed as GE AEROSPACE | 0.23% | 4,262 | $1.1M | Reduce -1.2% |
Portfolio Sells Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Reduce -73.9% | 0.57% | −0.97 |
| AAPL Apple Inc. | Reduce -2.7% | 2.66% | −0.38 |
| FLRN SS SPDR BB Ig Float RT ETF | Reduce -0.6% | 7.07% | −0.24 |
| SCHD Schwab US DVD Equity ETF | Reduce -0.1% | 2.41% | −0.21 |
| MCI Barings Corporate Investors | Reduce -3.7% | 1.32% | −0.20 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -3.4% | 3.26% | −0.18 |
| CVX Chevron Corp. | Reduce -16.1% | 0.40% | −0.17 |
| ABBV Abbvie Inc. | Reduce -13.3% | 0.43% | −0.14 |
| JNJ Johnson & Johnson | Reduce -4.5% | 0.81% | −0.14 |
| LLY Eli Lilly & Co. | Reduce -10.9% | 0.60% | −0.13 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.13 |
| PG The Procter & Gamble Co. | Reduce -6.8% | 0.70% | −0.13 |
| HALO Halozyme Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| MRK Merck & Co. Inc. | Reduce -9.0% | 0.38% | −0.11 |
| VCIT Vanguard Int-Term Corporate | Reduce -4.9% | 1.64% | −0.11 |
| BMY Bristol-Myers Squibb Co. | Reduce -13.7% | 0.18% | −0.10 |
| ZBH Zimmer Biomet Holdings Inc. | Sold out | 0.00% | −0.10 |
| BSCR Invesco Bulletshares 2027 CB | Sold out | 0.00% | −0.10 |
| BSCQ Invesco Bulletshares 2026 CB | Sold out | 0.00% | −0.10 |
| SCHP Schwab U.S. Tips ETF | Reduce -4.9% | 1.04% | −0.09 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.09 |
| TJX TJX Companies Inc. | Reduce -7.5% | 0.87% | −0.08 |
| HD Home Depot Inc. | Reduce -10.8% | 0.50% | −0.08 |
| SJM The JM Smucker Co. | Reduce -5.6% | 0.24% | −0.07 |
| AFL Aflac Inc. | Reduce -16.1% | 0.23% | −0.07 |
| WY Weyerhaeuser Co. | Reduce -1.8% | 0.34% | −0.06 |
| SCHA Schwab US Small-Cap ETF | Reduce -8.2% | 1.65% | −0.06 |
| CHKP Check Point Software Tech | Reduce -1.2% | 0.74% | −0.05 |
| PGX Invesco Preferred ETF | Sold out | 0.00% | −0.05 |
| PFE Pfizer Inc. | Reduce -9.8% | 0.26% | −0.05 |
| PFF iShares Preferred & Income S | Reduce -3.3% | 0.76% | −0.05 |
| SON Sonoco Products Co. | Reduce -9.4% | 0.21% | −0.05 |
| INTC Intel Corp. | Reduce -12.9% | 0.23% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -6.3% | 0.30% | −0.05 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -13.3% | 0.23% | −0.04 |
| IVV iShares Core S&P 500 ETF | Reduce -14.6% | 0.49% | −0.04 |
| TGT Target Corp. | Reduce -9.8% | 0.21% | −0.04 |
| ZTS Zoetis Inc. | Reduce -2.0% | 0.37% | −0.04 |
| WDFC WD-40 Co. | Reduce -5.2% | 0.25% | −0.04 |
| SBUX Starbucks Corp. | Reduce -6.8% | 0.22% | −0.04 |
| AMGN Amgen Inc. | Reduce -14.1% | 0.11% | −0.04 |
| KO The Coca-Cola Co. | Reduce -5.8% | 0.37% | −0.04 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -3.1% | 0.59% | −0.03 |
| UNP Union Pacific Corp. | Reduce -19.6% | 0.11% | −0.03 |
| ADP Automatic Data Processing | Reduce -7.9% | 0.31% | −0.03 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -9.8% | 0.23% | −0.03 |
| T AT&T Inc. | Reduce -19.4% | 0.13% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -18.8% | 0.10% | −0.03 |
| SFM Sprouts Farmers Market Inc. | Reduce -11.7% | 0.41% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -10.2% | 0.15% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +46.5% | 0.72% | +0.26 |
| MDY State Street SPDR S&P Midcap | Add +3.4% | 3.58% | +0.23 |
| ORCL Oracle Corp. | Add +7.8% | 0.49% | +0.19 |
| JPM JPMorgan Chase & Co. | Add +1.9% | 1.32% | +0.19 |
| VEU Vanguard Ftse All-World Ex-U | New | 0.17% | +0.17 |
| IBMR iShares Ibonds Dec 2029 M BD | New | 0.14% | +0.14 |
| IBDR iShares Ibonds Dec 2026 Term | New | 0.12% | +0.12 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.11% | +0.11 |
| SUSA iShares ESG Optimized MSCI U | New | 0.11% | +0.11 |
| GVI iShares Intermediate Governm | New | 0.11% | +0.11 |
| AMD Advanced Micro Devices | New | 0.10% | +0.10 |
| BA The Boeing Co. | New | 0.10% | +0.10 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +92.1% | 0.18% | +0.09 |
| JMST JPM Ultra-Short Muni Income | New | 0.09% | +0.09 |
| PNC PNC Financial Services Group | New | 0.09% | +0.09 |
| GGG Graco Inc. | New | 0.08% | +0.08 |
| GD General Dynamics Corp. | New | 0.08% | +0.08 |
| EA Electronic Arts Inc. | New | 0.08% | +0.08 |
| SNX TD Synnex Corp. | New | 0.08% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +19.2% | 0.33% | +0.08 |
| HACK Amplify Cybersecurity ETF | Add +1.2% | 0.49% | +0.08 |
| ADSK Autodesk Inc. | Add +1.3% | 0.49% | +0.07 |
| AMECX Amer FNDS Inc. of Amer-A | Add +65.7% | 0.17% | +0.07 |
| EFA iShares MSCI Eafe ETF | Add +4.0% | 0.71% | +0.07 |
| TXN Texas Instruments Inc. | Add +18.3% | 0.25% | +0.06 |
| BAC Bank of America Corp. | Add +15.4% | 0.28% | +0.06 |
| HON Honeywell International Inc. | Add +5.0% | 0.50% | +0.05 |
| QBTS D-Wave Quantum Inc. | Add +19.0% | 0.07% | +0.04 |
| COST Costco Wholesale Corp. | Add +24.9% | 0.16% | +0.03 |
| WMT Walmart Inc. | Add +3.3% | 0.30% | +0.03 |
| LAES Sealsq Corp. | New | 0.03% | +0.03 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +8.5% | 0.24% | +0.03 |
| CRM Salesforce Inc. | Add +9.7% | 0.22% | +0.02 |
| USB US Bancorp | Add +0.6% | 0.37% | +0.02 |
| VRSK Verisk Analytics Inc. | Add +0.7% | 0.61% | +0.02 |
| APPF Appfolio Inc. Class A | Add +8.8% | 0.15% | +0.01 |
| SUB iShares Short-Term National | Add +3.7% | 0.82% | +0.01 |
| LIN Linde PLC | Add +15.5% | 0.11% | +0.01 |
| NVS Novartis AG-Sponsored ADR | Add +4.4% | 0.11% | +0.01 |
| DHR Danaher Corp. | Add +7.6% | 0.17% | +0.00 |
| PRIMARY HYDROGEN CORPORATION | New | 0.00% | +0.00 |
| SPIB SS SPDR P Int C Corp. ETF | Add +2.1% | 0.08% | +0.00 |
| LKQ LKQ Corp. | Add +15.5% | 0.09% | −0.00 |
| GRMN Garmin Ltd. | Add +1.3% | 0.17% | −0.01 |
| NEE Nextera Energy Inc. | Add +2.4% | 0.39% | −0.01 |
| MCD McDonald's Corp. | Add +4.3% | 0.32% | −0.02 |
| PSX Phillips 66 | Add +0.3% | 0.36% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +3.8% | 0.11% | −0.02 |
| TIP iShares Tips Bond ETF | Add +1.1% | 1.19% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.5% | 0.80% | −0.09 |
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 |