Curbstone Financial Management Corp
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), Curbstone Financial Management Corp reported 209 stock positions worth $520.1 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, 3.5%). Compared with Q2 2025, it opened 14 new positions, sold out of 5, added to 64 and reduced 76. The biggest buy was a new position in JPMorgan Betabuilders Europe (BBEU) and the biggest sale an exit from Amer FNDS Inc. of Amer-A (AMECX).
- Most Recent 13F
- Q2 2026
- Location
- MANCHESTER, NH
- CIK
- 0001608057
- Portfolio Value
- $520.1M (Q3 2025)
- SEC Filing
- 0001608057-25-000010 ↗ filed Oct 15, 2025
Holdings Value
Holdings 209 stocks · $520.1M
| FLRN SS SPDR BB Ig Float RT ETF | 7.13% | 1,201,976 | $37.1M | Add +7.5% |
| MDY State Street SPDR S&P Midcap | 3.57% | 31,178 | $18.6M | Add +1.2% |
| SCHF Schwab Intl Equity ETF | 3.53% | 788,475 | $18.4M | Add +0.5% |
| VOO Vanguard S&P 500 ETF | 3.34% | 28,370 | $17.4M | Reduce -0.2% |
| SCHG Schwab US Large-Cap Growth | 3.17% | 516,903 | $16.5M | Reduce -1.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 3.14% | 204,016 | $16.3M | Add +1.9% |
| AAPL Apple Inc. | 3.07% | 62,623 | $15.9M | Reduce -0.7% |
| SCHM Schwab US Mid Cap ETF | 2.77% | 486,619 | $14.4M | Reduce -1.4% |
| SCHD Schwab US DVD Equity ETF | 2.38% | 454,206 | $12.4M | Add +2.3% |
| MSFT Microsoft Corp. | 2.24% | 22,510 | $11.7M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 1.78% | 38,035 | $9.3M | Reduce -1.8% |
| SCHA Schwab US Small-Cap ETF | 1.70% | 316,502 | $8.8M | Reduce -0.3% |
| VCIT Vanguard Int-Term Corporate | 1.62% | 100,082 | $8.4M | Add +3.7% |
| SCHB Schwab US Broad Market ETF | 1.52% | 308,184 | $7.9M | Reduce -5.4% |
| AMZN Amazon.com Inc. | 1.50% | 35,642 | $7.8M | Reduce -1.4% |
| RSP Invesco S&P 500 Equal Weight | 1.38% | 37,733 | $7.2M | Reduce -1.3% |
| SCHX Schwab US Large-Cap ETF | 1.37% | 271,480 | $7.2M | Reduce -0.4% |
| JPM JPMorgan Chase & Co. | 1.32% | 21,696 | $6.8M | Reduce -1.9% |
| MCI Barings Corporate Investors | 1.18% | 294,534 | $6.1M | Reduce -1.1% |
| TIP iShares Tips Bond ETF | 1.12% | 52,304 | $5.8M | Reduce -0.4% |
| CSCO Cisco Systems Inc. | 1.00% | 75,660 | $5.2M | Add +0.1% |
| SCHP Schwab U.S. Tips ETF | 0.98% | 189,670 | $5.1M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.95% | 34,104 | $4.9M | Reduce -0.2% |
| JNJ Johnson & Johnson | 0.92% | 25,912 | $4.8M | Add +0.8% |
| XOM Exxon Mobil Corp. | 0.89% | 40,918 | $4.6M | Reduce -0.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.87% | 6,767 | $4.5M | Add +18.7% |
| RTX RTX Corp. | 0.84% | 26,068 | $4.4M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.80% | 8,228 | $4.1M | Add +2.5% |
| MUB iShares National Muni Bond E | 0.79% | 38,792 | $4.1M | Add +2.5% |
| SUB iShares Short-Term National | 0.78% | 37,910 | $4.0M | Add +0.8% |
| PFF iShares Preferred & Income S | 0.73% | 120,763 | $3.8M | Add +0.5% |
| V Visa Inc. Class A | 0.73% | 11,136 | $3.8M | Add +0.7% |
| KKR KKR & Co. Inc. | 0.73% | 29,118 | $3.8M | Reduce -2.0% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.72% | 12,620 | $3.8M | Reduce -0.4% |
| EFA iShares MSCI Eafe ETF | 0.71% | 39,833 | $3.7M | Add +3.4% |
| NVDA Nvidia Corp. | 0.70% | 19,408 | $3.6M | Add +10.2% |
| CHKP Check Point Software Tech | 0.66% | 16,578 | $3.4M | Add +2.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.65% | 63,890 | $3.4M | No change |
| PG The Procter & Gamble Co. | 0.64% | 21,598 | $3.3M | Add +0.6% |
| PEP Pepsico Inc. | 0.62% | 23,076 | $3.2M | Reduce -0.7% |
| SCHZ Schwab US Aggregate Bond ETF | 0.60% | 133,700 | $3.1M | Add +7.7% |
| ABT Abbott Laboratories | 0.60% | 23,224 | $3.1M | Reduce -1.9% |
| ORCL Oracle Corp. | 0.58% | 10,646 | $3.0M | Reduce -3.5% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.56% | 86,850 | $2.9M | No change |
| LLY Eli Lilly & Co. | 0.54% | 3,704 | $2.8M | Reduce -1.6% |
| HY Hyster-Yale Inc. | 0.52% | 73,490 | $2.7M | No change |
| HD Home Depot Inc. | 0.51% | 6,530 | $2.6M | Reduce -1.5% |
| IVV iShares Core S&P 500 ETF | 0.49% | 3,832 | $2.6M | Add +0.5% |
| ABBV Abbvie Inc. | 0.49% | 11,067 | $2.6M | Reduce -1.3% |
| VXF Vanguard Extended Market ETF | 0.48% | 11,870 | $2.5M | No change |
| HACK Amplify Cybersecurity ETF | 0.47% | 28,350 | $2.5M | Add +1.6% |
| ADSK Autodesk Inc. | 0.47% | 7,700 | $2.4M | Reduce -0.3% |
| NC Nacco Industries Class A | 0.47% | 57,542 | $2.4M | No change |
| VRSK Verisk Analytics Inc. | 0.46% | 9,470 | $2.4M | Reduce -1.0% |
| SYY Sysco Corp. | 0.46% | 28,894 | $2.4M | Reduce -0.5% |
| AVAV Aerovironment Inc. | 0.46% | 7,520 | $2.4M | Reduce -3.2% |
| IOO iShares Global 100 ETF | 0.44% | 18,880 | $2.3M | No change |
| GOOGL Alphabet Inc. Class A | 0.43% | 9,288 | $2.3M | Add +2.6% |
| HON Honeywell International Inc. | 0.43% | 10,530 | $2.2M | Add +1.4% |
| CVX Chevron Corp. | 0.41% | 13,570 | $2.1M | Add +0.4% |
| NEE Nextera Energy Inc. | 0.40% | 27,548 | $2.1M | No change |
| BBEU JPMorgan Betabuilders Europe | 0.40% | 29,680 | $2.1M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.39% | 17,558 | $2.0M | Add +0.6% |
| MRK Merck & Co. Inc. | 0.38% | 23,844 | $2.0M | Add +1.0% |
| PSX Phillips 66 | 0.38% | 14,604 | $2.0M | Add +0.3% |
| PLTR Palantir Technologies Inc. Class A | 0.38% | 10,840 | $2.0M | Reduce -8.4% |
| HBB Hamilton Beach Brand-A | 0.38% | 136,898 | $2.0M | No change |
| PHO Invesco Water Resources ETF | 0.37% | 26,700 | $1.9M | No change |
| ULTA Ulta Beauty Inc. | 0.36% | 3,380 | $1.8M | Add +4.0% |
| AVGO Broadcom Inc. | 0.35% | 5,580 | $1.8M | Reduce -1.2% |
| USB US Bancorp | 0.35% | 37,782 | $1.8M | Reduce -5.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.35% | 13,834 | $1.8M | No change |
| ZTS Zoetis Inc. | 0.33% | 11,790 | $1.7M | Add +1.6% |
| KO The Coca-Cola Co. | 0.33% | 25,496 | $1.7M | Add +1.2% |
| MCD McDonald's Corp. | 0.31% | 5,334 | $1.6M | Reduce -0.2% |
| WMT Walmart Inc. | 0.30% | 15,068 | $1.6M | Reduce -0.7% |
| WY Weyerhaeuser Co. | 0.30% | 62,620 | $1.6M | Reduce -1.5% |
| ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU | 0.30% | 23,540 | $1.5M | Add +13.3% |
| HOLX Hologic Inc. | 0.29% | 22,596 | $1.5M | Add +2.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.29% | 29,252 | $1.5M | Add +2.6% |
| INTC Intel Corp. | 0.29% | 44,563 | $1.5M | Reduce -11.7% |
| OEF iShares S&P 100 ETF | 0.28% | 4,410 | $1.5M | Reduce -5.4% |
| VZ Verizon Communications Inc. | 0.28% | 33,150 | $1.5M | Reduce -2.8% |
| ITW Illinois Tool Works | 0.27% | 5,444 | $1.4M | Add +1.9% |
| VEU Vanguard Ftse All-World Ex-U | 0.27% | 19,778 | $1.4M | Add +56.9% |
| ADP Automatic Data Processing | 0.27% | 4,790 | $1.4M | Reduce -2.2% |
| CL Colgate-Palmolive Co. | 0.26% | 16,890 | $1.4M | Add +1.1% |
| TREX Trex Company Inc. | 0.25% | 25,620 | $1.3M | Add +4.1% |
| SFM Sprouts Farmers Market Inc. | 0.25% | 11,830 | $1.3M | Reduce -2.5% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 4,262 | $1.3M | No change |
| FAST Fastenal Co. | 0.25% | 26,114 | $1.3M | Reduce -2.6% |
| PFE Pfizer Inc. | 0.24% | 49,645 | $1.3M | Reduce -6.0% |
| CARR Carrier Global Corp. | 0.24% | 21,098 | $1.3M | Reduce -0.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.24% | 4,498 | $1.3M | Reduce -5.3% |
| CMCSA Comcast Corp. Class A | 0.24% | 39,804 | $1.3M | Reduce -3.4% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.24% | 21,700 | $1.2M | No change |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.23% | 11,178 | $1.2M | Reduce -6.0% |
| AFL Aflac Inc. | 0.23% | 10,850 | $1.2M | Add +1.9% |
| CSGS CSG Systems Intl Inc. | 0.23% | 18,620 | $1.2M | Add +2.9% |
| BX Blackstone Inc. | 0.22% | 6,758 | $1.2M | Reduce -0.7% |
Portfolio Sells Q2 2025 → Q3 2025
| AMECX Amer FNDS Inc. of Amer-A | Sold out | 0.00% | −0.17 |
| SFM Sprouts Farmers Market Inc. | Reduce -2.5% | 0.25% | −0.16 |
| VRSK Verisk Analytics Inc. | Reduce -1.0% | 0.46% | −0.15 |
| MCI Barings Corporate Investors | Reduce -1.1% | 1.18% | −0.15 |
| AMZN Amazon.com Inc. | Reduce -1.4% | 1.50% | −0.12 |
| IBDR iShares Ibonds Dec 2026 Term | Sold out | 0.00% | −0.12 |
| FICO Fair Isaac Corp. | Reduce -36.5% | 0.10% | −0.11 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.09 |
| KKR KKR & Co. Inc. | Reduce -2.0% | 0.73% | −0.08 |
| GGG Graco Inc. | Sold out | 0.00% | −0.08 |
| CARR Carrier Global Corp. | Reduce -0.7% | 0.24% | −0.08 |
| QBTS D-Wave Quantum Inc. | Sold out | 0.00% | −0.07 |
| SCHB Schwab US Broad Market ETF | Reduce -5.4% | 1.52% | −0.07 |
| SCHM Schwab US Mid Cap ETF | Reduce -1.4% | 2.77% | −0.07 |
| TIP iShares Tips Bond ETF | Reduce -0.4% | 1.12% | −0.07 |
| ABT Abbott Laboratories | Reduce -1.9% | 0.60% | −0.06 |
| CMCSA Comcast Corp. Class A | Reduce -3.4% | 0.24% | −0.06 |
| LLY Eli Lilly & Co. | Reduce -1.6% | 0.54% | −0.06 |
| HRL Hormel Foods Corp. | Reduce -16.4% | 0.09% | −0.05 |
| WDFC WD-40 Co. | Reduce -1.9% | 0.20% | −0.05 |
| UPS United Parcel Service Class B | Reduce -1.3% | 0.16% | −0.05 |
| RSP Invesco S&P 500 Equal Weight | Reduce -1.3% | 1.38% | −0.05 |
| ADP Automatic Data Processing | Reduce -2.2% | 0.27% | −0.04 |
| CHWY Chewy Inc. Class A | Reduce -10.2% | 0.15% | −0.04 |
| WY Weyerhaeuser Co. | Reduce -1.5% | 0.30% | −0.04 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -6.6% | 0.21% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -2.8% | 0.28% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.4% | 0.89% | −0.02 |
| ADSK Autodesk Inc. | Reduce -0.3% | 0.47% | −0.02 |
| USB US Bancorp | Reduce -5.5% | 0.35% | −0.02 |
| PFE Pfizer Inc. | Reduce -6.0% | 0.24% | −0.02 |
| UL Unilever PLC | Reduce -0.6% | 0.18% | −0.02 |
| OTIS Otis Worldwide Corp. | Reduce -0.9% | 0.11% | −0.02 |
| SON Sonoco Products Co. | Reduce -0.4% | 0.19% | −0.02 |
| EIRL iShares MSCI Ireland ETF | Reduce -3.4% | 0.15% | −0.01 |
| MPV Barings Participation Invest | Reduce -1.0% | 0.19% | −0.01 |
| T AT&T Inc. | Reduce -1.0% | 0.12% | −0.01 |
| APPF Appfolio Inc. Class A | Reduce -17.5% | 0.14% | −0.01 |
| GIS General Mills Inc. | Reduce -3.0% | 0.08% | −0.01 |
| OEF iShares S&P 100 ETF | Reduce -5.4% | 0.28% | −0.01 |
| MCD McDonald's Corp. | Reduce -0.2% | 0.31% | −0.01 |
| VNQ Vanguard Real Estate ETF | Reduce -1.0% | 0.17% | −0.01 |
| DWX State Street SPDR S&P Intern | Reduce -3.8% | 0.09% | −0.01 |
| SJM The JM Smucker Co. | Reduce -6.0% | 0.23% | −0.01 |
| PEP Pepsico Inc. | Reduce -0.7% | 0.62% | −0.01 |
| WMT Walmart Inc. | Reduce -0.7% | 0.30% | −0.01 |
| CVS CVS Health Corp. | Reduce -4.2% | 0.21% | −0.00 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.3% | 0.11% | −0.00 |
| PPL PPL Corp. | Reduce -2.9% | 0.08% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -1.9% | 1.32% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| BBEU JPMorgan Betabuilders Europe | New | 0.40% | +0.40 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +18.7% | 0.87% | +0.14 |
| NVDA Nvidia Corp. | Add +10.2% | 0.70% | +0.13 |
| JNJ Johnson & Johnson | Add +0.8% | 0.92% | +0.12 |
| IVE iShares S&P 500 Value ETF | New | 0.11% | +0.11 |
| GOOGL Alphabet Inc. Class A | Add +2.6% | 0.43% | +0.11 |
| GLW Corning Inc. | New | 0.11% | +0.11 |
| IBMP iShares Ibonds Dec 2027 Term | New | 0.11% | +0.11 |
| IVW iShares S&P 500 Growth ETF | New | 0.10% | +0.10 |
| VEU Vanguard Ftse All-World Ex-U | Add +56.9% | 0.27% | +0.10 |
| BE Bloom Energy Corp. Class A | New | 0.10% | +0.10 |
| IBMQ iShares Ibonds Dec 2028 Muni | New | 0.09% | +0.09 |
| SUSA iShares ESG Optimized MSCI U | Add +84.3% | 0.20% | +0.09 |
| NEM Newmont Corp. | New | 0.09% | +0.09 |
| POWL Powell Industries Inc. | New | 0.09% | +0.09 |
| TSLA Tesla Inc. | New | 0.08% | +0.08 |
| AGYS Agilysys Inc. | New | 0.08% | +0.08 |
| USLM United States Lime & Mineral | New | 0.08% | +0.08 |
| ORLY O'reilly Automotive Inc. | New | 0.08% | +0.08 |
| IBMO iShares Ibonds Dec 2026 Term | New | 0.08% | +0.08 |
| FLRN SS SPDR BB Ig Float RT ETF | Add +7.5% | 7.13% | +0.06 |
| VTI VG Morningstar TS MKT ETF-US | Add +32.5% | 0.19% | +0.05 |
| ULTA Ulta Beauty Inc. | Add +4.0% | 0.36% | +0.04 |
| ROBO Robo Global Robotics and Aut | Add +13.3% | 0.30% | +0.04 |
| PSX Phillips 66 | Add +0.3% | 0.38% | +0.03 |
| GRMN Garmin Ltd. | Add +3.8% | 0.19% | +0.02 |
| GD General Dynamics Corp. | Add +10.1% | 0.10% | +0.02 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +15.4% | 0.16% | +0.01 |
| BAC Bank of America Corp. | Add +2.6% | 0.29% | +0.01 |
| LAES Sealsq Corp. | Add +62.2% | 0.04% | +0.01 |
| RF Regions Financial Corp. | Add +2.4% | 0.17% | +0.01 |
| SCHZ Schwab US Aggregate Bond ETF | Add +7.7% | 0.60% | +0.01 |
| MDT Medtronic PLC | Add +8.9% | 0.10% | +0.01 |
| EFA iShares MSCI Eafe ETF | Add +3.4% | 0.71% | +0.01 |
| CVX Chevron Corp. | Add +0.4% | 0.41% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.5% | 0.49% | +0.01 |
| AFL Aflac Inc. | Add +1.9% | 0.23% | +0.00 |
| ITW Illinois Tool Works | Add +1.9% | 0.27% | +0.00 |
| IBM Intl Business Machines Corp. | Add +12.5% | 0.20% | +0.00 |
| LIN Linde PLC | Add +6.7% | 0.12% | +0.00 |
| MRK Merck & Co. Inc. | Add +1.0% | 0.38% | +0.00 |
| BA The Boeing Co. | Add +4.7% | 0.10% | +0.00 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +4.2% | 0.10% | −0.00 |
| HOLX Hologic Inc. | Add +2.0% | 0.29% | −0.00 |
| GVI iShares Intermediate Governm | Add +1.7% | 0.10% | −0.00 |
| DHR Danaher Corp. | Add +3.5% | 0.17% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.5% | 0.80% | −0.00 |
| APD Air Products & Chemicals Inc. | Add +4.6% | 0.09% | −0.01 |
| COST Costco Wholesale Corp. | Add +9.1% | 0.15% | −0.01 |
| MDY State Street SPDR S&P Midcap | Add +1.2% | 3.57% | −0.01 |
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 |