D. Scott Neal, Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 8, 2025), D. Scott Neal, Inc. reported 55 stock positions worth $200.6 million. Its top holding was SPDR Gold Shares (GLD) at 15.6% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 14.2%) and Unum (UNM, 10.7%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 14 and reduced 14. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +1295%) and the biggest sale Unum (UNM, shares −3%).

Most Recent 13F
Q3 2025
Location
LEXINGTON, KY
CIK
0001596920
Portfolio Value
$200.6M (Q2 2025)
SEC Filing
0001596920-25-000006 ↗ filed Jul 8, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $152.9M Q1 2024 Q2 2024: $179.6M Q2 2024 Q3 2024: $189.1M Q3 2024 Q4 2024: $182.3M Q4 2024 Q1 2025: $180.3M Q1 2025 Q2 2025: $200.6M $200.6M Q2 2025 Q3 2025: $216.2M Q3 2025

Holdings 55 stocks · $200.6M
GLD SPDR Gold Shares 15.58% 102,535 $31.3M Add +0.7%
QQQ Invesco QQQ Trust Series 1 14.24% 51,769 $28.6M Reduce -0.1%
UNM Unum Group 10.65% 264,589 $21.4M Reduce -2.6%
XLC SS Comm Select Sector SPDR 10.04% 185,483 $20.1M Add +1.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 9.19% 57,614 $18.4M Add +0.1%
FLEX Flex Ltd. 6.66% 267,751 $13.4M Add +3.6%
KLAC KLA Corp. 4.86% 10,887 $9.8M Add +5.0%
NSA National Storage Affiliates 4.09% 256,235 $8.2M Reduce -0.6%
IAU iShares Gold Trust 2.28% 73,349 $4.6M Reduce -0.6%
SPY SS SPDR S&P 500 ETF Trust-US 2.13% 6,921 $4.3M Add +1295.4%
MSFT Microsoft Corp. 2.03% 8,172 $4.1M Reduce -2.5%
QLD Proshares Ultra QQQ 1.46% 24,928 $2.9M No change
CAT Caterpillar Inc. 1.46% 7,549 $2.9M No change
BRK.B Berkshire Hathaway Inc. Class B 1.38% 5,719 $2.8M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 1.25% 30,601 $2.5M Add +5.8%
SSO Proshares Ultra S&P500 1.11% 22,688 $2.2M No change
REKR Rekor Systems Inc. 0.98% 1,700,650 $2.0M No change
NVDA Nvidia Corp. 0.80% 10,122 $1.6M Reduce -27.6%
RBCAA Republic Bancorp Inc. Class A 0.77% 21,000 $1.5M No change
AAPL Apple Inc. 0.70% 6,872 $1.4M No change
IVV iShares Core S&P 500 ETF 0.66% 2,129 $1.3M Add +0.5%
HEFA Isha Curr Hedged MSCI Eafe 0.58% 30,828 $1.2M Add +0.4%
T AT&T Inc. 0.52% 36,040 $1.0M Reduce -2.3%
V Visa Inc. Class A 0.45% 2,550 $905K No change
HD Home Depot Inc. 0.43% 2,336 $856K No change
MA Mastercard Inc. Class A 0.38% 1,363 $766K Reduce -0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.36% 2,462 $726K Add +0.4%
VOO Vanguard S&P 500 ETF 0.29% 1,026 $583K Add +11.9%
LOW Lowe's Cos Inc. 0.29% 2,600 $577K No change
PG The Procter & Gamble Co. 0.29% 3,607 $575K Add +10.3%
AMZN Amazon.com Inc. 0.26% 2,339 $513K Reduce -7.7%
RF Regions Financial Corp. 0.25% 21,434 $504K No change
JNJ Johnson & Johnson 0.24% 3,100 $474K No change
MDY State Street SPDR S&P Midcap 0.22% 780 $442K No change
MO Altria Group Inc. 0.21% 7,102 $416K Add +1.5%
ESGU iShares ESG Aware MSCI USA 0.20% 3,017 $408K No change
IWM iShares Russell 2000 ETF 0.20% 1,860 $401K No change
TSLA Tesla Inc. 0.20% 1,254 $398K Reduce -19.3%
GOOGL Alphabet Inc. Class A 0.20% 2,220 $391K No change
ABT Abbott Laboratories 0.19% 2,800 $381K Reduce -3.5%
GOOG Alphabet Inc. Class C 0.18% 2,000 $355K No change
IWR iShares Russell Mid-Cap ETF 0.16% 3,560 $327K No change
NKE Nike Inc. Class B 0.16% 4,600 $327K No change
GSK GSK PLC-Spon ADR 0.15% 7,928 $304K No change
HON Honeywell International Inc. 0.15% 1,285 $299K No change
ESGD iShares Trust iShares ESG Aw 0.15% 3,288 $293K Reduce -3.1%
XOM Exxon Mobil Corp. 0.14% 2,634 $284K Reduce -0.2%
AVGO Broadcom Inc. 0.14% 1,022 $282K New
ORCL Oracle Corp. 0.13% 1,200 $262K New
WM Waste Management Inc. 0.12% 1,017 $233K No change
ESGV Vanguard ESG US Stock ETF 0.12% 2,114 $232K Add +2.4%
ESBA Empire State Realty Op LP-Es 0.11% 29,000 $228K No change
NVO Novo-Nordisk A/S-Spons ADR 0.11% 3,210 $222K Reduce -1.2%
GS Goldman Sachs Group Inc. 0.11% 300 $212K New
LIVEPERSON INC 0.01% 25,107 $25K No change

Portfolio Sells Q1 2025 → Q2 2025
UNM Unum Group Reduce -2.6% 10.65% −1.62
NSA National Storage Affiliates Reduce -0.6% 4.09% −1.55
IAU iShares Gold Trust Reduce -0.6% 2.28% −0.13
COST Costco Wholesale Corp. Sold out 0.00% −0.12
MRK Merck & Co. Inc. Sold out 0.00% −0.11
T AT&T Inc. Reduce -2.3% 0.52% −0.06
NVDA Nvidia Corp. Reduce -27.6% 0.80% −0.04
MA Mastercard Inc. Class A Reduce -0.2% 0.38% −0.03
XOM Exxon Mobil Corp. Reduce -0.2% 0.14% −0.03
TSLA Tesla Inc. Reduce -19.3% 0.20% −0.02
ABT Abbott Laboratories Reduce -3.5% 0.19% −0.02
NVO Novo-Nordisk A/S-Spons ADR Reduce -1.2% 0.11% −0.01
AMZN Amazon.com Inc. Reduce -7.7% 0.26% −0.01
ESGD iShares Trust iShares ESG Aw Reduce -3.1% 0.15% −0.01
MSFT Microsoft Corp. Reduce -2.5% 2.03% +0.28
QQQ Invesco QQQ Trust Series 1 Reduce -0.1% 14.24% +0.77

Portfolio Buys Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US Add +1295.4% 2.13% +1.98
FLEX Flex Ltd. Add +3.6% 6.66% +1.92
KLAC KLA Corp. Add +5.0% 4.86% +0.95
XLC SS Comm Select Sector SPDR Add +1.2% 10.04% +0.23
AVGO Broadcom Inc. New 0.14% +0.14
ORCL Oracle Corp. New 0.13% +0.13
GS Goldman Sachs Group Inc. New 0.11% +0.11
VOO Vanguard S&P 500 ETF Add +11.9% 0.29% +0.03
IBM Intl Business Machines Corp. Add +0.4% 0.36% +0.02
ESGV Vanguard ESG US Stock ETF Add +2.4% 0.12% +0.00
IVV iShares Core S&P 500 ETF Add +0.5% 0.66% −0.00
XLU St Sr Utl SL SE SPDR ETF-Usd Add +5.8% 1.25% −0.02
PG The Procter & Gamble Co. Add +10.3% 0.29% −0.02
MO Altria Group Inc. Add +1.5% 0.21% −0.03
HEFA Isha Curr Hedged MSCI Eafe Add +0.4% 0.58% −0.03
GLD SPDR Gold Shares Add +0.7% 15.58% −0.70
AJG Arthur J Gallagher & Co. Add +0.1% 9.19% −1.83

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 58$216.2MGLD, QQQ, XLC, UNM, AJG
Q2 2025 55$200.6MGLD, QQQ, UNM, XLC, AJG
Q1 2025 54$180.3MGLD, QQQ, UNM, AJG, XLC
Q4 2024 55$182.3MQQQ, GLD, UNM, AJG, XLC
Q3 2024 58$189.1MQQQ, GLD, UNM, AJG, XLU
Q2 2024 63$179.6MQQQ, GLD, AJG, UNM, NSA
Q1 2024 61$152.9MGLD, ABBV, UNM, AJG, NSA