Curbstone Financial Management Corp
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Curbstone Financial Management Corp reported 201 stock positions worth $522.7 million. Its top holding was SS SPDR BB Ig Float RT ETF (FLRN) at 7.4% of the portfolio, followed by Schwab Intl Equity ETF (SCHF, 3.7%) and State Street SPDR S&P Midcap (MDY, 3.6%). Compared with Q3 2025, it opened 13 new positions, sold out of 21, added to 56 and reduced 91. The biggest buy was JPMorgan Betabuilders Europe (BBEU, shares +112%) and the biggest sale an exit from Palantir Technologies Class A (PLTR).
- Most Recent 13F
- Q2 2026
- Location
- MANCHESTER, NH
- CIK
- 0001608057
- Portfolio Value
- $522.7M (Q4 2025)
- SEC Filing
- 0001608057-26-000002 ↗ filed Jan 23, 2026
Holdings Value
Holdings 201 stocks · $522.7M
| FLRN SS SPDR BB Ig Float RT ETF | 7.39% | 1,257,076 | $38.6M | Add +4.6% |
| SCHF Schwab Intl Equity ETF | 3.75% | 814,205 | $19.6M | Add +3.3% |
| MDY State Street SPDR S&P Midcap | 3.61% | 31,318 | $18.9M | Add +0.5% |
| AAPL Apple Inc. | 3.23% | 62,087 | $16.9M | Reduce -0.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 3.22% | 210,916 | $16.8M | Add +3.4% |
| VOO Vanguard S&P 500 ETF | 3.17% | 26,452 | $16.6M | Reduce -6.8% |
| SCHG Schwab US Large-Cap Growth | 3.16% | 506,263 | $16.5M | Reduce -2.1% |
| SCHM Schwab US Mid Cap ETF | 2.86% | 497,949 | $15.0M | Add +2.3% |
| SCHD Schwab US DVD Equity ETF | 2.57% | 490,186 | $13.4M | Add +7.9% |
| GOOG Alphabet Inc. Class C | 2.13% | 35,547 | $11.2M | Reduce -6.5% |
| MSFT Microsoft Corp. | 2.02% | 21,874 | $10.6M | Reduce -2.8% |
| VCIT Vanguard Int-Term Corporate | 2.02% | 125,952 | $10.5M | Add +25.9% |
| SCHA Schwab US Small-Cap ETF | 1.76% | 322,202 | $9.2M | Add +1.8% |
| AMZN Amazon.com Inc. | 1.54% | 34,972 | $8.1M | Reduce -1.9% |
| SCHB Schwab US Broad Market ETF | 1.52% | 303,352 | $8.0M | Reduce -1.6% |
| SCHX Schwab US Large-Cap ETF | 1.44% | 279,240 | $7.5M | Add +2.9% |
| RSP Invesco S&P 500 Equal Weight | 1.41% | 38,357 | $7.3M | Add +1.6% |
| JPM JPMorgan Chase & Co. | 1.37% | 22,184 | $7.1M | Add +2.3% |
| TIP iShares Tips Bond ETF | 1.13% | 53,604 | $5.9M | Add +2.5% |
| CSCO Cisco Systems Inc. | 1.10% | 74,862 | $5.8M | Reduce -1.1% |
| JNJ Johnson & Johnson | 1.02% | 25,870 | $5.4M | Reduce -0.2% |
| MCI Barings Corporate Investors | 1.02% | 294,084 | $5.3M | Reduce -0.1% |
| SCHP Schwab U.S. Tips ETF | 1.00% | 197,270 | $5.2M | Add +4.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.98% | 33,424 | $5.1M | Reduce -2.0% |
| XOM Exxon Mobil Corp. | 0.92% | 40,064 | $4.8M | Reduce -2.1% |
| RTX RTX Corp. | 0.89% | 25,338 | $4.6M | Reduce -2.8% |
| BBEU JPMorgan Betabuilders Europe | 0.88% | 62,830 | $4.6M | Add +111.7% |
| MUB iShares National Muni Bond E | 0.86% | 41,842 | $4.5M | Add +7.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.85% | 6,499 | $4.4M | Reduce -4.0% |
| SUB iShares Short-Term National | 0.82% | 40,260 | $4.3M | Add +6.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.81% | 8,388 | $4.2M | Add +1.9% |
| V Visa Inc. Class A | 0.75% | 11,132 | $3.9M | Reduce -0.0% |
| EFA iShares MSCI Eafe ETF | 0.73% | 39,833 | $3.8M | No change |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.72% | 12,540 | $3.8M | Reduce -0.6% |
| PFF iShares Preferred & Income S | 0.71% | 119,393 | $3.7M | Reduce -1.1% |
| LLY Eli Lilly & Co. | 0.70% | 3,392 | $3.6M | Reduce -8.4% |
| NVDA Nvidia Corp. | 0.69% | 19,408 | $3.6M | No change |
| SCHZ Schwab US Aggregate Bond ETF | 0.69% | 154,450 | $3.6M | Add +15.5% |
| KKR KKR & Co. Inc. | 0.69% | 28,088 | $3.6M | Reduce -3.5% |
| PEP Pepsico Inc. | 0.64% | 23,228 | $3.3M | Add +0.7% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.63% | 62,190 | $3.3M | Reduce -2.7% |
| PG The Procter & Gamble Co. | 0.59% | 21,440 | $3.1M | Reduce -0.7% |
| GOOGL Alphabet Inc. Class A | 0.57% | 9,584 | $3.0M | Add +3.2% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.57% | 91,500 | $3.0M | Add +5.3% |
| ABT Abbott Laboratories | 0.56% | 23,174 | $2.9M | Reduce -0.2% |
| NC Nacco Industries Class A | 0.54% | 57,542 | $2.8M | No change |
| IVV iShares Core S&P 500 ETF | 0.50% | 3,834 | $2.6M | Add +0.1% |
| CHKP Check Point Software Tech | 0.49% | 13,798 | $2.6M | Reduce -16.8% |
| MRK Merck & Co. Inc. | 0.48% | 23,864 | $2.5M | Add +0.1% |
| ABBV Abbvie Inc. | 0.47% | 10,767 | $2.5M | Reduce -2.7% |
| IOO iShares Global 100 ETF | 0.46% | 19,150 | $2.4M | Add +1.4% |
| HBB Hamilton Beach Brand-A | 0.43% | 136,898 | $2.3M | No change |
| HD Home Depot Inc. | 0.43% | 6,520 | $2.2M | Reduce -0.1% |
| ADSK Autodesk Inc. | 0.43% | 7,550 | $2.2M | Reduce -1.9% |
| HY Hyster-Yale Inc. | 0.42% | 73,490 | $2.2M | No change |
| NEE Nextera Energy Inc. | 0.41% | 26,898 | $2.2M | Reduce -2.4% |
| PEGA Pegasystems Inc. | 0.41% | 35,904 | $2.1M | New |
| SYY Sysco Corp. | 0.40% | 28,274 | $2.1M | Reduce -2.1% |
| CVX Chevron Corp. | 0.39% | 13,504 | $2.1M | Reduce -0.5% |
| HON Honeywell International Inc. | 0.39% | 10,530 | $2.1M | No change |
| ULTA Ulta Beauty Inc. | 0.39% | 3,380 | $2.0M | No change |
| USB US Bancorp | 0.38% | 37,332 | $2.0M | Reduce -1.2% |
| ORCL Oracle Corp. | 0.38% | 10,156 | $2.0M | Reduce -4.6% |
| HACK Amplify Cybersecurity ETF | 0.37% | 24,230 | $1.9M | Reduce -14.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.37% | 16,850 | $1.9M | Reduce -4.0% |
| AVGO Broadcom Inc. | 0.36% | 5,450 | $1.9M | Reduce -2.3% |
| PHO Invesco Water Resources ETF | 0.36% | 26,700 | $1.9M | No change |
| PSX Phillips 66 | 0.36% | 14,554 | $1.9M | Reduce -0.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.34% | 13,684 | $1.8M | Reduce -1.1% |
| KO The Coca-Cola Co. | 0.33% | 24,996 | $1.7M | Reduce -2.0% |
| VRSK Verisk Analytics Inc. | 0.33% | 7,810 | $1.7M | Reduce -17.5% |
| ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU | 0.32% | 24,480 | $1.7M | Add +4.0% |
| INTC Intel Corp. | 0.31% | 44,363 | $1.6M | Reduce -0.5% |
| WMT Walmart Inc. | 0.31% | 14,668 | $1.6M | Reduce -2.6% |
| MCD McDonald's Corp. | 0.31% | 5,254 | $1.6M | Reduce -1.5% |
| IBMR iShares Ibonds Dec 2029 M BD | 0.29% | 60,270 | $1.5M | Add +86.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.29% | 27,538 | $1.5M | Reduce -5.9% |
| OEF iShares S&P 100 ETF | 0.29% | 4,410 | $1.5M | No change |
| VEU Vanguard Ftse All-World Ex-U | 0.28% | 20,028 | $1.5M | Add +1.3% |
| ZTS Zoetis Inc. | 0.27% | 11,260 | $1.4M | Reduce -4.5% |
| ITW Illinois Tool Works | 0.27% | 5,636 | $1.4M | Add +3.5% |
| GSAT Globalstar Inc. | 0.26% | 22,000 | $1.3M | Reduce -12.7% |
| CL Colgate-Palmolive Co. | 0.26% | 16,990 | $1.3M | Add +0.6% |
| VZ Verizon Communications Inc. | 0.25% | 32,118 | $1.3M | Reduce -3.1% |
| HOLX Hologic Inc. | 0.25% | 17,546 | $1.3M | Reduce -22.4% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 4,212 | $1.3M | Reduce -1.2% |
| TXN Texas Instruments Inc. | 0.24% | 7,212 | $1.3M | Add +20.3% |
| CVS CVS Health Corp. | 0.24% | 15,732 | $1.2M | Add +6.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.24% | 4,066 | $1.2M | Reduce -9.6% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.24% | 21,250 | $1.2M | Reduce -2.1% |
| GM General Motors Co. | 0.23% | 14,914 | $1.2M | Reduce -5.4% |
| ADP Automatic Data Processing | 0.23% | 4,640 | $1.2M | Reduce -3.1% |
| WY Weyerhaeuser Co. | 0.23% | 49,870 | $1.2M | Reduce -20.4% |
| AFL Aflac Inc. | 0.22% | 10,650 | $1.2M | Reduce -1.8% |
| AVAV Aerovironment Inc. | 0.22% | 4,820 | $1.2M | Reduce -35.9% |
| PFE Pfizer Inc. | 0.21% | 44,797 | $1.1M | Reduce -9.8% |
| CARR Carrier Global Corp. | 0.21% | 21,098 | $1.1M | No change |
| STT State Street Corp. | 0.21% | 8,550 | $1.1M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.21% | 3,678 | $1.1M | Add +1.9% |
| CRM Salesforce Inc. | 0.21% | 4,046 | $1.1M | Add +1.8% |
Portfolio Sells Q3 2025 → Q4 2025
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.38 |
| VXF Vanguard Extended Market ETF | Reduce -66.1% | 0.16% | −0.32 |
| AVAV Aerovironment Inc. | Reduce -35.9% | 0.22% | −0.23 |
| CORT Corcept Therapeutics Inc. | Sold out | 0.00% | −0.22 |
| MSFT Microsoft Corp. | Reduce -2.8% | 2.02% | −0.22 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.21 |
| ORCL Oracle Corp. | Reduce -4.6% | 0.38% | −0.20 |
| GRMN Garmin Ltd. | Sold out | 0.00% | −0.19 |
| CHKP Check Point Software Tech | Reduce -16.8% | 0.49% | −0.17 |
| VOO Vanguard S&P 500 ETF | Reduce -6.8% | 3.17% | −0.17 |
| SFM Sprouts Farmers Market Inc. | Reduce -54.2% | 0.08% | −0.16 |
| MCI Barings Corporate Investors | Reduce -0.1% | 1.02% | −0.15 |
| APPF Appfolio Inc. Class A | Sold out | 0.00% | −0.14 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.13 |
| VRSK Verisk Analytics Inc. | Reduce -17.5% | 0.33% | −0.12 |
| TYL Tyler Technologies Inc. | Sold out | 0.00% | −0.12 |
| LSTR Landstar System Inc. | Sold out | 0.00% | −0.11 |
| TREX Trex Company Inc. | Reduce -16.4% | 0.14% | −0.11 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.10 |
| WDFC WD-40 Co. | Reduce -51.3% | 0.10% | −0.10 |
| HACK Amplify Cybersecurity ETF | Reduce -14.5% | 0.37% | −0.10 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.10 |
| HRL Hormel Foods Corp. | Sold out | 0.00% | −0.09 |
| INGR Ingredion Inc. | Sold out | 0.00% | −0.09 |
| VCEL Vericel Corp. | Sold out | 0.00% | −0.09 |
| POWL Powell Industries Inc. | Sold out | 0.00% | −0.09 |
| PPL PPL Corp. | Sold out | 0.00% | −0.08 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.08 |
| IPAR Interparfums Inc. | Sold out | 0.00% | −0.08 |
| AGYS Agilysys Inc. | Sold out | 0.00% | −0.08 |
| HD Home Depot Inc. | Reduce -0.1% | 0.43% | −0.08 |
| USLM United States Lime & Mineral | Sold out | 0.00% | −0.08 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.08 |
| OLED Universal Display Corp. | Sold out | 0.00% | −0.08 |
| CHWY Chewy Inc. Class A | Reduce -36.3% | 0.08% | −0.07 |
| WY Weyerhaeuser Co. | Reduce -20.4% | 0.23% | −0.07 |
| ZTS Zoetis Inc. | Reduce -4.5% | 0.27% | −0.06 |
| SYY Sysco Corp. | Reduce -2.1% | 0.40% | −0.06 |
| CMCSA Comcast Corp. Class A | Reduce -17.7% | 0.19% | −0.05 |
| FAST Fastenal Co. | Reduce -3.6% | 0.19% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 0.59% | −0.05 |
| CSGS CSG Systems Intl Inc. | Reduce -32.3% | 0.18% | −0.05 |
| HOLX Hologic Inc. | Reduce -22.4% | 0.25% | −0.04 |
| ADSK Autodesk Inc. | Reduce -1.9% | 0.43% | −0.04 |
| ABT Abbott Laboratories | Reduce -0.2% | 0.56% | −0.04 |
| KKR KKR & Co. Inc. | Reduce -3.5% | 0.69% | −0.04 |
| SJM The JM Smucker Co. | Reduce -8.5% | 0.19% | −0.04 |
| ADP Automatic Data Processing | Reduce -3.1% | 0.23% | −0.04 |
| UPS United Parcel Service Class B | Reduce -35.8% | 0.12% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -7.7% | 0.11% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| BBEU JPMorgan Betabuilders Europe | Add +111.7% | 0.88% | +0.48 |
| PEGA Pegasystems Inc. | New | 0.41% | +0.41 |
| VCIT Vanguard Int-Term Corporate | Add +25.9% | 2.02% | +0.40 |
| FLRN SS SPDR BB Ig Float RT ETF | Add +4.6% | 7.39% | +0.26 |
| SCHF Schwab Intl Equity ETF | Add +3.3% | 3.75% | +0.22 |
| SCHD Schwab US DVD Equity ETF | Add +7.9% | 2.57% | +0.19 |
| GOOGL Alphabet Inc. Class A | Add +3.2% | 0.57% | +0.14 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +86.8% | 0.29% | +0.13 |
| IBDU iShares Ibonds Dec 2029 Term | New | 0.12% | +0.12 |
| ITM Vaneck Intermediate Muni ETF | New | 0.11% | +0.11 |
| SMTH Alps SMTH Cor BD Plus ETF | New | 0.11% | +0.11 |
| IBDR iShares Ibonds Dec 2026 Term | New | 0.10% | +0.10 |
| MRK Merck & Co. Inc. | Add +0.1% | 0.48% | +0.10 |
| BSCQ Invesco Bulletshares 2026 CB | New | 0.09% | +0.09 |
| SCHM Schwab US Mid Cap ETF | Add +2.3% | 2.86% | +0.09 |
| TFC Truist Financial Corp. | New | 0.09% | +0.09 |
| VICR Vicor Corp. | New | 0.09% | +0.09 |
| SCHZ Schwab US Aggregate Bond ETF | Add +15.5% | 0.69% | +0.09 |
| AIPO Defiance AI & Power Infr ETF | New | 0.08% | +0.08 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +3.4% | 3.22% | +0.08 |
| IBDT iShares Ibonds Dec 2028 ETF | New | 0.08% | +0.08 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.08% | +0.08 |
| IBMQ iShares Ibonds Dec 2028 Muni | Add +86.4% | 0.17% | +0.08 |
| IBMS ISHARESIBONDDEC2030MUNIBDETF | New | 0.08% | +0.08 |
| MUB iShares National Muni Bond E | Add +7.9% | 0.86% | +0.06 |
| SCHX Schwab US Large-Cap ETF | Add +2.9% | 1.44% | +0.06 |
| SCHA Schwab US Small-Cap ETF | Add +1.8% | 1.76% | +0.06 |
| TMO Thermo Fisher Scientific Inc. | Add +24.7% | 0.17% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 1.37% | +0.05 |
| GLW Corning Inc. | Add +35.0% | 0.15% | +0.05 |
| SUB iShares Short-Term National | Add +6.2% | 0.82% | +0.04 |
| MDY State Street SPDR S&P Midcap | Add +0.5% | 3.61% | +0.04 |
| IBMP iShares Ibonds Dec 2027 Term | Add +38.8% | 0.15% | +0.04 |
| MS Morgan Stanley | Add +6.5% | 0.20% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | Add +1.6% | 1.41% | +0.03 |
| DHR Danaher Corp. | Add +2.3% | 0.20% | +0.03 |
| IBMO iShares Ibonds Dec 2026 Term | Add +38.4% | 0.11% | +0.03 |
| IOO iShares Global 100 ETF | Add +1.4% | 0.46% | +0.03 |
| ROBO Robo Global Robotics and Aut | Add +4.0% | 0.32% | +0.03 |
| TXN Texas Instruments Inc. | Add +20.3% | 0.24% | +0.03 |
| QCOM Qualcomm Inc. | Add +26.2% | 0.11% | +0.02 |
| CVS CVS Health Corp. | Add +6.1% | 0.24% | +0.02 |
| CRM Salesforce Inc. | Add +1.8% | 0.21% | +0.02 |
| ADI Analog Devices Inc. | Add +7.9% | 0.12% | +0.02 |
| SCHP Schwab U.S. Tips ETF | Add +4.0% | 1.00% | +0.02 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +5.3% | 0.57% | +0.02 |
| TGT Target Corp. | Add +0.5% | 0.19% | +0.02 |
| PEP Pepsico Inc. | Add +0.7% | 0.64% | +0.01 |
| IVW iShares S&P 500 Growth ETF | Add +12.0% | 0.12% | +0.01 |
| IBM Intl Business Machines Corp. | Add +1.9% | 0.21% | +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 |