D L Carlson Investment Group Inc.

Name: D L CARLSON INVESTMENT GROUP INC 13F holdings, Q3 2025
Creator: D L CARLSON INVESTMENT GROUP INC
Published: 2025-11-14

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), D L Carlson Investment Group Inc. reported 138 stock positions worth $595.8 million. Its top holding was Schwab US Broad Market ETF (SCHB) at 11.3% of the portfolio, followed by iShares Intermediate Governm (GVI, 8.1%) and Microsoft (MSFT, 4.4%). Compared with Q2 2025, it opened 17 new positions, sold out of 9, added to 58 and reduced 59. The biggest buy was a new position in S&P Global (SPGI) and the biggest sale an exit from Fiserv (FISV).

Most Recent 13F: Q2 2026
Location: CONCORD, NH
CIK: 0001021117
Portfolio Value: $595.8M (Q3 2025)
SEC Filing: 0001021117-25-000005 ↗ filed Nov 14, 2025

Holdings Value

Holdings 138 stocks · $595.8M


SCHB Schwab US Broad Market ETF	11.26%	2,609,510	$67.1M	Reduce -0.3%
GVI iShares Intermediate Governm	8.12%	450,331	$48.4M	Add +12.2%
MSFT Microsoft Corp.	4.44%	51,093	$26.5M	Add +2.6%
AAPL Apple Inc.	3.89%	90,921	$23.2M	Add +0.8%
GOOGL Alphabet Inc. Class A	3.68%	90,123	$21.9M	Reduce -0.5%
NVDA Nvidia Corp.	3.61%	115,431	$21.5M	Reduce -0.2%
IGSB iShares 1-5Y Inv Grade Corp.	3.06%	343,495	$18.2M	Add +9.2%
AVDE Avantis International Equity	2.61%	197,221	$15.6M	Add +11.4%
AMZN Amazon.com Inc.	2.54%	68,876	$15.1M	Reduce -4.7%
JPM JPMorgan Chase & Co.	1.95%	36,891	$11.6M	Add +3.6%
IGIB iShares 5-10Y Inv Grade Corp.	1.83%	202,035	$10.9M	Add +4.8%
META Meta Platforms Inc. Class A	1.73%	14,003	$10.3M	Reduce -0.5%
RTX RTX Corp.	1.61%	57,159	$9.6M	Add +2.8%
KTOS Kratos Defense & Security	1.43%	92,947	$8.5M	Reduce -42.6%
BABA Alibaba Group Holding-SP ADR	1.33%	44,251	$7.9M	Add +0.7%
HPE Hewlett Packard Enterprise	1.31%	318,909	$7.8M	Add +0.3%
GEV GE Vernova Inc.	1.29%	12,513	$7.7M	Reduce -7.4%
AVGO Broadcom Inc.	1.26%	22,824	$7.5M	Add +3.7%
MUB iShares National Muni Bond E	1.24%	69,618	$7.4M	Reduce -19.7%
IAU iShares Gold Trust	1.18%	96,785	$7.0M	Add +10.5%
XLE SS Energy Select Sector	1.16%	77,370	$6.9M	Reduce -10.2%
NFLX Netflix Inc.	1.09%	5,405	$6.5M	Add +34.6%
BRK.B Berkshire Hathaway Inc. Class B	1.08%	12,807	$6.4M	Reduce -1.1%
JNJ Johnson & Johnson	0.99%	31,934	$5.9M	Add +0.0%
AVEM Avantis Emerging Markets Eq	0.95%	75,487	$5.7M	Add +9.7%
WELL Welltower Inc.	0.92%	30,701	$5.5M	Add +0.1%
GE General Electric filed as GE AEROSPACE	0.90%	17,816	$5.4M	Add +7.7%
TXN Texas Instruments Inc.	0.90%	29,034	$5.3M	Reduce -0.5%
PG The Procter & Gamble Co.	0.88%	34,275	$5.3M	Reduce -0.7%
AGG iShares Core U.S. Aggregate	0.87%	52,002	$5.2M	Reduce -5.5%
BX Blackstone Inc.	0.81%	28,296	$4.8M	Add +33.2%
ISRG Intuitive Surgical Inc.	0.80%	10,673	$4.8M	Reduce -23.6%
PWR Quanta Services Inc.	0.80%	11,495	$4.8M	Add +0.6%
HD Home Depot Inc.	0.73%	10,760	$4.4M	Add +3.9%
XOM Exxon Mobil Corp.	0.72%	37,848	$4.3M	Add +5.2%
ORCL Oracle Corp.	0.66%	13,966	$3.9M	Add +3.6%
SPGI S&P Global Inc.	0.64%	7,826	$3.8M	New
ILOW AB Internal Low Volat Eq ETF filed as AB ACTIVE ETFS INC	0.63%	88,652	$3.8M	Add +9.5%
WING Wingstop Inc.	0.63%	14,907	$3.8M	Reduce -0.3%
SYK Stryker Corp.	0.62%	9,965	$3.7M	Add +0.5%
CRM Salesforce Inc.	0.62%	15,540	$3.7M	Reduce -0.6%
BA The Boeing Co.	0.62%	17,059	$3.7M	Add +42.3%
HON Honeywell International Inc.	0.60%	16,872	$3.6M	Add +10.9%
NTRS Northern Trust Corp.	0.58%	25,544	$3.4M	New
ZG Zillow Group Inc. Class A	0.57%	45,898	$3.4M	Add +1.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.56%	30,598	$3.3M	Reduce -24.0%
MS Morgan Stanley	0.53%	20,003	$3.2M	Add +6.2%
QXO Qxo Inc.	0.53%	166,281	$3.2M	Add +1.2%
POST Post Holdings Inc. filed as POST HLDGS INC	0.53%	29,176	$3.1M	Add +0.5%
ICE Intercontinental Exchange Inc.	0.52%	18,425	$3.1M	Add +16.6%
SCHW Schwab (charles) Corp.	0.52%	32,172	$3.1M	Reduce -20.3%
PFF iShares Preferred & Income S	0.51%	96,769	$3.1M	New
CRCL Circle Internet Group Inc.	0.51%	23,061	$3.1M	New
FROG Jfrog Ltd.	0.51%	64,112	$3.0M	New
CTSH Cognizant Tech Solutions-A	0.51%	45,193	$3.0M	Reduce -1.5%
AMGN Amgen Inc.	0.49%	10,368	$2.9M	Reduce -0.2%
ACI Albertsons Cos Inc. Class A	0.48%	163,797	$2.9M	Reduce -1.1%
GS Goldman Sachs Group Inc.	0.48%	3,567	$2.8M	Reduce -0.6%
SPY SS SPDR S&P 500 ETF Trust-US	0.48%	4,255	$2.8M	Reduce -1.6%
JLL Jones Lang Lasalle Inc.	0.47%	9,314	$2.8M	Add +0.2%
BAB Invesco Taxable Municipal Bo	0.46%	101,209	$2.8M	Add +78.9%
MBB iShares MBS ETF	0.45%	28,324	$2.7M	Add +89.1%
VIRT Virtu Financial Inc. Class A	0.42%	70,671	$2.5M	New
XLU St Sr Utl SL SE SPDR ETF-Usd	0.42%	28,627	$2.5M	Reduce -1.2%
CI The Cigna Group	0.40%	8,210	$2.4M	Reduce -1.0%
EQT Eqt Corp.	0.40%	43,346	$2.4M	Reduce -0.1%
IDXX Idexx Laboratories Inc.	0.39%	3,680	$2.4M	Add +15.3%
JPEF JPMorgan Equity Focus ETF	0.39%	31,465	$2.3M	New
SO The Southern Co.	0.38%	23,850	$2.3M	Add +0.8%
LIN Linde PLC	0.38%	4,751	$2.3M	Add +3.1%
FALN iShares Fallen Angels ETF	0.38%	80,595	$2.2M	Add +17.3%
MCK McKesson Corp.	0.37%	2,826	$2.2M	New
SHYG iShares 0-5 YR HY Corp. Bond	0.35%	48,316	$2.1M	Add +21.4%
LLY Eli Lilly & Co.	0.34%	2,668	$2.0M	Add +7.3%
REG Regency Centers Corp.	0.34%	27,623	$2.0M	Add +0.9%
CNP Centerpoint Energy Inc.	0.32%	49,317	$1.9M	Add +1.3%
BMY Bristol-Myers Squibb Co.	0.31%	41,245	$1.9M	Reduce -6.5%
GLD SPDR Gold Shares	0.30%	5,014	$1.8M	Reduce -0.4%
PFE Pfizer Inc.	0.30%	69,588	$1.8M	Add +0.5%
PBF PBF Energy Inc. Class A	0.27%	53,828	$1.6M	Add +1.8%
XLB SS Materials Select Sector	0.26%	17,193	$1.5M	Reduce -1.1%
STIP iShares 0-5 Year Tips Bond E	0.25%	14,272	$1.5M	New
IR Ingersoll-Rand Inc.	0.24%	17,376	$1.4M	Reduce -3.4%
AMD Advanced Micro Devices	0.23%	8,584	$1.4M	Reduce -1.7%
GOOG Alphabet Inc. Class C	0.20%	4,793	$1.2M	Reduce -2.3%
IWM iShares Russell 2000 ETF	0.19%	4,714	$1.1M	Reduce -2.3%
TSLA Tesla Inc.	0.19%	2,502	$1.1M	New
XLF SS Financial Select Sector	0.18%	19,604	$1.1M	Reduce -24.5%
AMAT Applied Materials Inc.	0.15%	4,479	$917K	Reduce -2.7%
IYJ iShares U.S. Industrials ETF	0.15%	6,272	$915K	Reduce -11.1%
XLK SS Technology Select Sector	0.15%	3,188	$899K	Reduce -77.0%
IVV iShares Core S&P 500 ETF	0.15%	1,305	$873K	Reduce -1.6%
XLP SS Consumer Staples Sel Sect	0.14%	10,684	$837K	Reduce -0.5%
VTI VG Morningstar TS MKT ETF-US	0.14%	2,526	$829K	Add +156.2%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F	0.13%	15,502	$791K	New
QQQ Invesco QQQ Trust Series 1	0.13%	1,316	$790K	Add +0.1%
AGGM iShares 1-10 Year U.S. Aggre	0.12%	7,008	$738K	Reduce -62.7%
IGLB iShares 10+ Year Inv GR Corp.	0.12%	14,275	$736K	No change
SCHZ Schwab US Aggregate Bond ETF	0.12%	30,832	$724K	Add +1.1%
RGEN Repligen Corp.	0.11%	4,984	$666K	Reduce -2.8%
MCD McDonald's Corp.	0.11%	2,137	$649K	Add +22.4%
IEF iShares 7-10 Year Treasury B	0.11%	6,658	$642K	No change
CL Colgate-Palmolive Co.	0.10%	7,668	$613K	Reduce -23.3%
ADBE Adobe Inc.	0.10%	1,689	$596K	Reduce -13.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.10%	11,408	$589K	Add +13.8%
JPST JPMorgan Ultra-Short Income	0.10%	11,451	$581K	Add +22.7%
SCHK Schwab 1000 Index ETF	0.10%	17,907	$575K	Add +0.3%
SCHG Schwab US Large-Cap Growth	0.09%	17,344	$553K	Add +3.6%
NEE Nextera Energy Inc.	0.09%	6,854	$517K	Add +5.9%
IYW iShares Ustechnology ETF	0.09%	2,600	$509K	Reduce -5.9%
TLH iShares 10-20 Year Treasury	0.08%	4,835	$498K	Reduce -17.1%
NTB Bank of N.T. Butterfield&son	0.08%	11,455	$492K	Add +32.4%
RSP Invesco S&P 500 Equal Weight	0.08%	2,405	$456K	Reduce -22.1%
CVX Chevron Corp.	0.07%	2,866	$445K	Add +47.4%
UNP Union Pacific Corp.	0.07%	1,853	$438K	Add +14.0%
XLI SS Industrial Select Sector	0.07%	2,761	$426K	Reduce -6.3%
IEI iShares 3-7 Year Treasury Bo	0.07%	3,534	$422K	Reduce -82.2%
NEM Newmont Corp.	0.06%	4,564	$385K	New
ACN Accenture PLC Class A	0.06%	1,535	$379K	Reduce -0.9%
PEP Pepsico Inc.	0.06%	2,494	$350K	Reduce -8.5%
ABT Abbott Laboratories	0.06%	2,539	$340K	Add +13.2%
WEC WEC Energy Group Inc.	0.06%	2,880	$330K	Reduce -0.7%
SCHD Schwab US DVD Equity ETF	0.05%	11,425	$312K	Reduce -4.2%
DE Deere & Co.	0.05%	680	$311K	New
FCX Freeport-McMoran Inc.	0.05%	7,800	$306K	New
ARCC Ares Capital Corp.	0.05%	14,988	$306K	Add +25.7%
LNT Alliant Energy Corp.	0.05%	4,301	$290K	Reduce -0.1%
XOP SS SPDR S&P Og Exp & Prod	0.05%	2,089	$276K	Reduce -8.1%
URI United Rentals Inc.	0.05%	288	$275K	New
FLOT iShares Floating Rate Bond E	0.04%	4,956	$253K	No change
ADI Analog Devices Inc.	0.04%	1,010	$248K	Reduce -3.0%
COST Costco Wholesale Corp.	0.04%	267	$247K	Reduce -2.9%
TRV The Travelers Cos Inc.	0.04%	846	$236K	No change
SBUX Starbucks Corp.	0.04%	2,779	$235K	Reduce -11.7%
IJR iShares Core S&P Small-Cap E	0.04%	1,901	$226K	Reduce -22.5%
VEU Vanguard Ftse All-World Ex-U	0.04%	3,086	$220K	New
GBCI Glacier Bancorp Inc.	0.04%	4,431	$216K	New
SHY iShares 1-3 Year Treasury Bo	0.03%	2,449	$203K	Reduce -90.8%

Portfolio Sells Q2 2025 → Q3 2025


FISV Fiserv Inc.	Sold out	0.00%	−1.06
TW Tradeweb Markets Inc. Class A	Sold out	0.00%	−0.71
WFC Wells Fargo & Co.	Sold out	0.00%	−0.64
ISRG Intuitive Surgical Inc.	Reduce -23.6%	0.80%	−0.58
BRO Brown & Brown Inc.	Sold out	0.00%	−0.50
XLK SS Technology Select Sector	Reduce -77.0%	0.15%	−0.49
MUB iShares National Muni Bond E	Reduce -19.7%	1.24%	−0.41
TSN Tyson Foods Inc. Class A	Sold out	0.00%	−0.39
VFLO Victoryshares Free Cash Flow	Sold out	0.00%	−0.39
SHY iShares 1-3 Year Treasury Bo	Reduce -90.8%	0.03%	−0.37
IEI iShares 3-7 Year Treasury Bo	Reduce -82.2%	0.07%	−0.36
AMZN Amazon.com Inc.	Reduce -4.7%	2.54%	−0.35
WING Wingstop Inc.	Reduce -0.3%	0.63%	−0.29
CF CF Industries Holdings Inc.	Sold out	0.00%	−0.28
AGGM iShares 1-10 Year U.S. Aggre	Reduce -62.7%	0.12%	−0.23
TXN Texas Instruments Inc.	Reduce -0.5%	0.90%	−0.21
XLE SS Energy Select Sector	Reduce -10.2%	1.16%	−0.17
ACI Albertsons Cos Inc. Class A	Reduce -1.1%	0.48%	−0.17
META Meta Platforms Inc. Class A	Reduce -0.5%	1.73%	−0.17
CRM Salesforce Inc.	Reduce -0.6%	0.62%	−0.16
SCHW Schwab (charles) Corp.	Reduce -20.3%	0.52%	−0.16
CTSH Cognizant Tech Solutions-A	Reduce -1.5%	0.51%	−0.14
AGG iShares Core U.S. Aggregate	Reduce -5.5%	0.87%	−0.12
PG The Procter & Gamble Co.	Reduce -0.7%	0.88%	−0.12
BNY Bank of New York Mellon Corp.	Reduce -24.0%	0.56%	−0.11
SCHB Schwab US Broad Market ETF	Reduce -0.3%	11.26%	−0.11
CI The Cigna Group	Reduce -1.0%	0.40%	−0.10
XLF SS Financial Select Sector	Reduce -24.5%	0.18%	−0.07
BRK.B Berkshire Hathaway Inc. Class B	Reduce -1.1%	1.08%	−0.07
EQT Eqt Corp.	Reduce -0.1%	0.40%	−0.07
CL Colgate-Palmolive Co.	Reduce -23.3%	0.10%	−0.06
BMY Bristol-Myers Squibb Co.	Reduce -6.5%	0.31%	−0.06
KVUE Kenvue Inc.	Sold out	0.00%	−0.05
TGT Target Corp.	Sold out	0.00%	−0.04
ADBE Adobe Inc.	Reduce -13.5%	0.10%	−0.04
AMGN Amgen Inc.	Reduce -0.2%	0.49%	−0.04
IR Ingersoll-Rand Inc.	Reduce -3.4%	0.24%	−0.03
IYJ iShares U.S. Industrials ETF	Reduce -11.1%	0.15%	−0.03
RSP Invesco S&P 500 Equal Weight	Reduce -22.1%	0.08%	−0.03
TLH iShares 10-20 Year Treasury	Reduce -17.1%	0.08%	−0.02
ACN Accenture PLC Class A	Reduce -0.9%	0.06%	−0.02
XLB SS Materials Select Sector	Reduce -1.1%	0.26%	−0.02
XLP SS Consumer Staples Sel Sect	Reduce -0.5%	0.14%	−0.02
SBUX Starbucks Corp.	Reduce -11.7%	0.04%	−0.01
XLU St Sr Utl SL SE SPDR ETF-Usd	Reduce -1.2%	0.42%	−0.01
GEV GE Vernova Inc.	Reduce -7.4%	1.29%	−0.01
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -1.6%	0.48%	−0.01
IJR iShares Core S&P Small-Cap E	Reduce -22.5%	0.04%	−0.01
COST Costco Wholesale Corp.	Reduce -2.9%	0.04%	−0.01
XLI SS Industrial Select Sector	Reduce -6.3%	0.07%	−0.01

Portfolio Buys Q2 2025 → Q3 2025


SPGI S&P Global Inc.	New	0.64%	+0.64
NTRS Northern Trust Corp.	New	0.58%	+0.58
PFF iShares Preferred & Income S	New	0.51%	+0.51
CRCL Circle Internet Group Inc.	New	0.51%	+0.51
AAPL Apple Inc.	Add +0.8%	3.89%	+0.51
FROG Jfrog Ltd.	New	0.51%	+0.51
VIRT Virtu Financial Inc. Class A	New	0.42%	+0.42
BABA Alibaba Group Holding-SP ADR	Add +0.7%	1.33%	+0.42
JPEF JPMorgan Equity Focus ETF	New	0.39%	+0.39
MCK McKesson Corp.	New	0.37%	+0.37
GVI iShares Intermediate Governm	Add +12.2%	8.12%	+0.31
STIP iShares 0-5 Year Tips Bond E	New	0.25%	+0.25
BX Blackstone Inc.	Add +33.2%	0.81%	+0.23
AVDE Avantis International Equity	Add +11.4%	2.61%	+0.22
MBB iShares MBS ETF	Add +89.1%	0.45%	+0.20
BAB Invesco Taxable Municipal Bo	Add +78.9%	0.46%	+0.19
TSLA Tesla Inc.	New	0.19%	+0.19
IAU iShares Gold Trust	Add +10.5%	1.18%	+0.19
BA The Boeing Co.	Add +42.3%	0.62%	+0.16
AVGO Broadcom Inc.	Add +3.7%	1.26%	+0.16
JMST JPM Ultra-Short Muni Income	New	0.13%	+0.13
HPE Hewlett Packard Enterprise	Add +0.3%	1.31%	+0.13
RTX RTX Corp.	Add +2.8%	1.61%	+0.13
GE General Electric	Add +7.7%	0.90%	+0.12
ORCL Oracle Corp.	Add +3.6%	0.66%	+0.12
NFLX Netflix Inc.	Add +34.6%	1.09%	+0.11
JNJ Johnson & Johnson	Add +0.0%	0.99%	+0.10
AVEM Avantis Emerging Markets Eq	Add +9.7%	0.95%	+0.09
VTI VG Morningstar TS MKT ETF-US	Add +156.2%	0.14%	+0.08
IDXX Idexx Laboratories Inc.	Add +15.3%	0.39%	+0.08
JPM JPMorgan Chase & Co.	Add +3.6%	1.95%	+0.07
NEM Newmont Corp.	New	0.06%	+0.06
PBF PBF Energy Inc. Class A	Add +1.8%	0.27%	+0.06
WELL Welltower Inc.	Add +0.1%	0.92%	+0.06
DE Deere & Co.	New	0.05%	+0.05
FCX Freeport-McMoran Inc.	New	0.05%	+0.05
MS Morgan Stanley	Add +6.2%	0.53%	+0.05
URI United Rentals Inc.	New	0.05%	+0.05
HD Home Depot Inc.	Add +3.9%	0.73%	+0.04
SHYG iShares 0-5 YR HY Corp. Bond	Add +21.4%	0.35%	+0.04
VEU Vanguard Ftse All-World Ex-U	New	0.04%	+0.04
GBCI Glacier Bancorp Inc.	New	0.04%	+0.04
FALN iShares Fallen Angels ETF	Add +17.3%	0.38%	+0.04
JLL Jones Lang Lasalle Inc.	Add +0.2%	0.47%	+0.03
IGSB iShares 1-5Y Inv Grade Corp.	Add +9.2%	3.06%	+0.03
CVX Chevron Corp.	Add +47.4%	0.07%	+0.02
ILOW AB Internal Low Volat Eq ETF	Add +9.5%	0.63%	+0.02
MCD McDonald's Corp.	Add +22.4%	0.11%	+0.02
NTB Bank of N.T. Butterfield&son	Add +32.4%	0.08%	+0.01
BAC Bank of America Corp.	Add +13.8%	0.10%	+0.01

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	133	$628.1M	SCHB, GVI, GOOGL, AAPL, AVDE
Q1 2026	135	$581.8M	SCHB, GVI, AAPL, AVDE, GOOGL
Q4 2025	135	$592.8M	SCHB, GVI, GOOGL, MSFT, AAPL
Q3 2025	138	$595.8M	SCHB, GVI, MSFT, AAPL, GOOGL
Q2 2025	130	$548.6M	SCHB, GVI, MSFT, AAPL, NVDA
Q1 2025	136	$520.4M	SCHB, GVI, AAPL, MSFT, GOOGL
Q4 2024	147	$561.1M	SCHB, GVI, AAPL, MSFT, GOOGL
Q3 2024	145	$552.5M	SCHB, GVI, AAPL, MSFT, GOOGL
Q2 2024	137	$518.1M	SCHB, GVI, MSFT, AAPL, GOOGL
Q1 2024	139	$512.1M	SCHB, GVI, MSFT, AAPL, GOOGL