Donaldson Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Donaldson Capital Management, LLC reported 221 stock positions worth $2.6 billion. Its top holding was Apple (AAPL) at 4.7% of the portfolio, followed by iShares Ultra Short Duration (ICSH, 4.7%) and Microsoft (MSFT, 4.0%). Compared with Q4 2024, it opened 20 new positions, sold out of 12, added to 103 and reduced 81. The biggest buy was Waste Management (WM, shares +708%) and the biggest sale Union Pacific (UNP, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- EVANSVILLE, IN
- CIK
- 0001487438
- Portfolio Value
- $2.6B (Q1 2025)
- SEC Filing
- 0001487438-25-000001 ↗ filed Apr 15, 2025
Holdings Value
Holdings 221 stocks · $2.6B
| AAPL Apple Inc. | 4.72% | 562,224 | $124.9M | Add +1.0% |
| ICSH iShares Ultra Short Duration | 4.69% | 2,449,581 | $124.2M | Add +9.4% |
| MSFT Microsoft Corp. | 3.97% | 279,631 | $105.0M | Add +1.3% |
| ABBV Abbvie Inc. | 3.80% | 480,632 | $100.7M | Add +2.3% |
| XLC SS Comm Select Sector SPDR | 3.65% | 1,002,317 | $96.7M | Add +20.3% |
| AVGO Broadcom Inc. | 3.52% | 556,764 | $93.2M | Reduce -4.5% |
| JPM JPMorgan Chase & Co. | 3.19% | 344,604 | $84.5M | Add +0.8% |
| COST Costco Wholesale Corp. | 3.14% | 87,990 | $83.2M | Add +0.9% |
| ACN Accenture PLC Class A | 2.98% | 252,929 | $78.9M | Add +1.2% |
| XOM Exxon Mobil Corp. | 2.84% | 632,384 | $75.2M | Add +1.9% |
| HD Home Depot Inc. | 2.72% | 196,243 | $71.9M | Add +0.3% |
| PAYX Paychex Inc. | 2.49% | 427,866 | $66.0M | Add +1.2% |
| MCD McDonald's Corp. | 2.49% | 211,177 | $66.0M | Add +3.3% |
| ALL Allstate Corp. | 2.49% | 317,985 | $65.8M | Add +1.5% |
| MRSH Marsh & McLennan Cos | 2.33% | 252,203 | $61.5M | Add +2.6% |
| CME Cme Group Inc. | 2.31% | 230,075 | $61.0M | Add +2.8% |
| SOXX iShares Semiconductor ETF | 2.27% | 319,441 | $60.1M | Add +2.2% |
| TXN Texas Instruments Inc. | 2.22% | 327,412 | $58.8M | Add +0.8% |
| UNH Unitedhealth Group Inc. | 2.18% | 109,960 | $57.6M | Add +1.1% |
| LMT Lockheed Martin Corp. | 2.17% | 128,595 | $57.4M | Add +1.1% |
| WM Waste Management Inc. | 2.13% | 243,136 | $56.3M | Add +707.9% |
| MS Morgan Stanley | 2.04% | 462,038 | $53.9M | Add +10.8% |
| FAST Fastenal Co. | 1.97% | 671,237 | $52.1M | Add +7.7% |
| BLK BlackRock Inc. | 1.87% | 52,336 | $49.5M | Add +1.0% |
| WEC WEC Energy Group Inc. | 1.77% | 429,443 | $46.8M | Add +10.9% |
| EXR Extra Space Storage Inc. | 1.67% | 297,180 | $44.1M | Add +3.2% |
| RTX RTX Corp. | 1.65% | 329,210 | $43.6M | Add +3.2% |
| MRK Merck & Co. Inc. | 1.61% | 475,778 | $42.7M | Add +1.3% |
| CVX Chevron Corp. | 1.61% | 255,045 | $42.7M | Add +1.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.39% | 401,675 | $36.9M | Add +1.0% |
| UPS United Parcel Service Class B | 1.17% | 282,715 | $31.1M | Add +3.6% |
| NEAR iShares SH Dba ETF Usd Inc. | 1.10% | 572,960 | $29.1M | Reduce -5.5% |
| PEP Pepsico Inc. | 1.07% | 188,070 | $28.2M | Add +7.5% |
| JPST JPMorgan Ultra-Short Income | 0.88% | 461,493 | $23.4M | Add +32.2% |
| LLY Eli Lilly & Co. | 0.74% | 23,608 | $19.5M | Add +1.4% |
| ADP Automatic Data Processing | 0.56% | 48,726 | $14.9M | Reduce -2.1% |
| AMZN Amazon.com Inc. | 0.53% | 73,215 | $13.9M | Add +2.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 25,383 | $13.5M | Add +10.5% |
| V Visa Inc. Class A | 0.51% | 38,541 | $13.5M | Add +1.6% |
| SCHG Schwab US Large-Cap Growth | 0.46% | 484,522 | $12.1M | Add +4.3% |
| MCO Moody's Corp. | 0.43% | 24,323 | $11.3M | Add +5.6% |
| MA Mastercard Inc. Class A | 0.42% | 20,521 | $11.2M | Add +4.3% |
| GOOGL Alphabet Inc. Class A | 0.42% | 72,482 | $11.2M | Add +2.9% |
| ORLY O'reilly Automotive Inc. | 0.37% | 6,858 | $9.8M | Add +2.1% |
| VIG Vanguard Dividend Apprec ETF | 0.36% | 49,206 | $9.5M | Add +2.8% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.34% | 83,307 | $9.1M | Add +0.5% |
| NEE Nextera Energy Inc. | 0.31% | 115,259 | $8.2M | Reduce -27.5% |
| NVDA Nvidia Corp. | 0.30% | 74,065 | $8.0M | Add +7.7% |
| AFL Aflac Inc. | 0.29% | 69,982 | $7.8M | Reduce -36.3% |
| ECL Ecolab Inc. | 0.28% | 29,116 | $7.4M | Add +2.6% |
| JNJ Johnson & Johnson | 0.26% | 41,818 | $6.9M | Reduce -30.9% |
| SCHD Schwab US DVD Equity ETF | 0.25% | 241,251 | $6.7M | Reduce -6.4% |
| INTU Intuit Inc. | 0.25% | 10,705 | $6.6M | Reduce -0.7% |
| AGG iShares Core U.S. Aggregate | 0.23% | 61,221 | $6.1M | Add +16.9% |
| XLE SS Energy Select Sector | 0.23% | 64,127 | $6.0M | Reduce -1.0% |
| MSI Motorola Solutions Inc. | 0.22% | 13,189 | $5.8M | Add +4.3% |
| MSCI MSCI Inc. | 0.21% | 9,988 | $5.6M | Add +2.3% |
| KNSL Kinsale Capital Group Inc. | 0.21% | 11,552 | $5.6M | Add +3.0% |
| IJH iShares Core S&P Midcap ETF | 0.21% | 95,376 | $5.6M | Add +176.0% |
| CTAS Cintas Corp. | 0.20% | 25,990 | $5.3M | Add +4.3% |
| CSCO Cisco Systems Inc. | 0.19% | 82,928 | $5.1M | Add +1.7% |
| CPRT Copart Inc. | 0.19% | 88,784 | $5.0M | Reduce -1.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.19% | 13,385 | $5.0M | Add +1.0% |
| PGR Progressive Corp. | 0.17% | 16,047 | $4.5M | Add +7.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 8,046 | $4.5M | Reduce -18.3% |
| CMI Cummins Inc. | 0.17% | 14,318 | $4.5M | Add +14.4% |
| NOC Northrop Grumman Corp. | 0.16% | 8,381 | $4.3M | Reduce -43.1% |
| IJR iShares Core S&P Small-Cap E | 0.16% | 40,648 | $4.3M | Add +160.8% |
| RLI Rli Corp. | 0.16% | 52,202 | $4.2M | Add +7.1% |
| ADBE Adobe Inc. | 0.15% | 10,454 | $4.0M | Add +2.0% |
| VYM Vanguard High DVD Yield ETF | 0.15% | 30,617 | $3.9M | Reduce -2.3% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.15% | 3,985 | $3.9M | Add +5.8% |
| APD Air Products & Chemicals Inc. | 0.14% | 12,854 | $3.8M | Reduce -9.1% |
| CDNS Cadence Design SYS Inc. | 0.14% | 14,863 | $3.8M | Add +5.4% |
| BMY Bristol-Myers Squibb Co. | 0.14% | 61,445 | $3.7M | Add +3.5% |
| MEAR Ishrs Short Mat Muni Act ETF | 0.14% | 73,255 | $3.7M | Add +17.2% |
| GE General Electric filed as GE AEROSPACE | 0.14% | 18,377 | $3.7M | Add +909.2% |
| NFLX Netflix Inc. | 0.14% | 3,897 | $3.6M | Add +1.3% |
| CINF Cincinnati Financial Corp. | 0.14% | 24,307 | $3.6M | Reduce -7.0% |
| META Meta Platforms Inc. Class A | 0.13% | 6,151 | $3.5M | Add +3.1% |
| KO The Coca-Cola Co. | 0.13% | 48,800 | $3.5M | Add +0.3% |
| SGI Somnigroup International Inc. | 0.13% | 55,921 | $3.3M | Add +8.1% |
| UNP Union Pacific Corp. | 0.12% | 13,927 | $3.3M | Reduce -93.5% |
| SCHB Schwab US Broad Market ETF | 0.12% | 149,532 | $3.2M | Add +8.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 19,382 | $3.2M | Add +11.2% |
| MELI MercadoLibre Inc. | 0.12% | 1,606 | $3.1M | Add +8.7% |
| UBER Uber Technologies Inc. | 0.12% | 42,910 | $3.1M | New |
| BMI Badger Meter Inc. | 0.12% | 16,359 | $3.1M | Add +12.6% |
| ABT Abbott Laboratories | 0.12% | 23,257 | $3.1M | Reduce -6.3% |
| LII Lennox International Inc. | 0.11% | 5,357 | $3.0M | Reduce -0.6% |
| COR Cencora Inc. | 0.11% | 10,688 | $3.0M | Add +2.9% |
| BKNG Booking Holdings Inc. | 0.10% | 602 | $2.8M | New |
| AMGN Amgen Inc. | 0.10% | 8,712 | $2.7M | Reduce -7.2% |
| NOBL Proshares S&P 500 Dividend A | 0.10% | 24,786 | $2.5M | Reduce -21.3% |
| VLO Valero Energy Corp. | 0.09% | 18,501 | $2.4M | Reduce -10.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.09% | 9,767 | $2.4M | Add +3.6% |
| RSG Republic Services Inc. | 0.09% | 9,971 | $2.4M | Reduce -2.7% |
| XLK SS Technology Select Sector | 0.09% | 11,694 | $2.4M | Reduce -3.2% |
| MTUM iShares MSCI USA Momentum Fa | 0.09% | 11,605 | $2.3M | Add +7.0% |
| ERIE Erie Indemnity Company Class A | 0.09% | 5,470 | $2.3M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| UNP Union Pacific Corp. | Reduce -93.5% | 0.12% | −1.73 |
| AVGO Broadcom Inc. | Reduce -4.5% | 3.52% | −1.63 |
| AFL Aflac Inc. | Reduce -36.3% | 0.29% | −0.14 |
| TSLA Tesla Inc. | Reduce -77.6% | 0.02% | −0.13 |
| NEE Nextera Energy Inc. | Reduce -27.5% | 0.31% | −0.13 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.12 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -76.6% | 0.03% | −0.11 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.10 |
| NOC Northrop Grumman Corp. | Reduce -43.1% | 0.16% | −0.10 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −0.09 |
| JNJ Johnson & Johnson | Reduce -30.9% | 0.26% | −0.07 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Sold out | 0.00% | −0.07 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -5.5% | 1.10% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -18.3% | 0.17% | −0.05 |
| BAB Invesco Taxable Municipal Bo | Reduce -52.4% | 0.04% | −0.05 |
| EVER Everquote Inc. Class A | Sold out | 0.00% | −0.04 |
| NOBL Proshares S&P 500 Dividend A | Reduce -21.3% | 0.10% | −0.02 |
| SCHV Schwab US Large-Cap Value | Sold out | 0.00% | −0.02 |
| IWF iShares Russell 1000 Growth | Reduce -18.2% | 0.05% | −0.02 |
| SCHM Schwab US Mid Cap ETF | Reduce -65.6% | 0.01% | −0.02 |
| MTD Mettler-Toledo International | Reduce -44.7% | 0.02% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -0.0% | 0.07% | −0.02 |
| XLK SS Technology Select Sector | Reduce -3.2% | 0.09% | −0.02 |
| NKE Nike Inc. Class B | Reduce -9.1% | 0.05% | −0.02 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -0.7% | 0.06% | −0.01 |
| SCHD Schwab US DVD Equity ETF | Reduce -6.4% | 0.25% | −0.01 |
| APD Air Products & Chemicals Inc. | Reduce -9.1% | 0.14% | −0.01 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -9.5% | 0.07% | −0.01 |
| LII Lennox International Inc. | Reduce -0.6% | 0.11% | −0.01 |
| FLOT iShares Floating Rate Bond E | Reduce -14.1% | 0.06% | −0.01 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.01 |
| INTU Intuit Inc. | Reduce -0.7% | 0.25% | −0.01 |
| DIS The Walt Disney Co. | Reduce -6.5% | 0.04% | −0.01 |
| SGOV iShares 0-3 Month Treasury B | Reduce -39.2% | 0.01% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -44.7% | 0.01% | −0.01 |
| PNC PNC Financial Services Group | Reduce -5.3% | 0.05% | −0.01 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.01 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.01 |
| RY Royal Bank of Canada | Reduce -9.9% | 0.04% | −0.01 |
| CINF Cincinnati Financial Corp. | Reduce -7.0% | 0.14% | −0.01 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.01 |
| CSX CSX Corp. | Reduce -1.6% | 0.06% | −0.01 |
| MUB iShares National Muni Bond E | Reduce -18.7% | 0.03% | −0.01 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -28.3% | 0.01% | −0.01 |
| CPRT Copart Inc. | Reduce -1.0% | 0.19% | −0.01 |
| CAT Caterpillar Inc. | Reduce -0.1% | 0.06% | −0.01 |
| ORCL Oracle Corp. | Reduce -29.2% | 0.01% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -38.0% | 0.01% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| WM Waste Management Inc. | Add +707.9% | 2.13% | +1.89 |
| ABBV Abbvie Inc. | Add +2.3% | 3.80% | +0.62 |
| XLC SS Comm Select Sector SPDR | Add +20.3% | 3.65% | +0.57 |
| ICSH iShares Ultra Short Duration | Add +9.4% | 4.69% | +0.38 |
| WEC WEC Energy Group Inc. | Add +10.9% | 1.77% | +0.38 |
| MRSH Marsh & McLennan Cos | Add +2.6% | 2.33% | +0.33 |
| CME Cme Group Inc. | Add +2.8% | 2.31% | +0.32 |
| XOM Exxon Mobil Corp. | Add +1.9% | 2.84% | +0.29 |
| FAST Fastenal Co. | Add +7.7% | 1.97% | +0.26 |
| RTX RTX Corp. | Add +3.2% | 1.65% | +0.24 |
| PAYX Paychex Inc. | Add +1.2% | 2.49% | +0.23 |
| MCD McDonald's Corp. | Add +3.3% | 2.49% | +0.23 |
| CVX Chevron Corp. | Add +1.7% | 1.61% | +0.23 |
| JPST JPMorgan Ultra-Short Income | Add +32.2% | 0.88% | +0.21 |
| ALL Allstate Corp. | Add +1.5% | 2.49% | +0.18 |
| IJH iShares Core S&P Midcap ETF | Add +176.0% | 0.21% | +0.13 |
| GE General Electric | Add +909.2% | 0.14% | +0.13 |
| UBER Uber Technologies Inc. | New | 0.12% | +0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +10.5% | 0.51% | +0.11 |
| BKNG Booking Holdings Inc. | New | 0.10% | +0.10 |
| COST Costco Wholesale Corp. | Add +0.9% | 3.14% | +0.10 |
| IJR iShares Core S&P Small-Cap E | Add +160.8% | 0.16% | +0.09 |
| APP AppLovin Corp. Class A | New | 0.08% | +0.08 |
| UNH Unitedhealth Group Inc. | Add +1.1% | 2.18% | +0.07 |
| ORLY O'reilly Automotive Inc. | Add +2.1% | 0.37% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +0.8% | 3.19% | +0.06 |
| V Visa Inc. Class A | Add +1.6% | 0.51% | +0.05 |
| LLY Eli Lilly & Co. | Add +1.4% | 0.74% | +0.05 |
| PEP Pepsico Inc. | Add +7.5% | 1.07% | +0.05 |
| MS Morgan Stanley | Add +10.8% | 2.04% | +0.04 |
| PGR Progressive Corp. | Add +7.7% | 0.17% | +0.04 |
| AGG iShares Core U.S. Aggregate | Add +16.9% | 0.23% | +0.04 |
| VEA Vanguard Ftse Developed ETF | New | 0.03% | +0.03 |
| MA Mastercard Inc. Class A | Add +4.3% | 0.42% | +0.03 |
| CTAS Cintas Corp. | Add +4.3% | 0.20% | +0.03 |
| DUK Duke Energy Corp. | Add +31.1% | 0.08% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +88.6% | 0.06% | +0.03 |
| ECL Ecolab Inc. | Add +2.6% | 0.28% | +0.03 |
| FLTR Vaneck Ig Floating Rate ETF | New | 0.02% | +0.02 |
| COR Cencora Inc. | Add +2.9% | 0.11% | +0.02 |
| EXR Extra Space Storage Inc. | Add +3.2% | 1.67% | +0.02 |
| MELI MercadoLibre Inc. | Add +8.7% | 0.12% | +0.02 |
| IVE iShares S&P 500 Value ETF | New | 0.02% | +0.02 |
| VZ Verizon Communications Inc. | Add +45.4% | 0.05% | +0.02 |
| MEAR Ishrs Short Mat Muni Act ETF | Add +17.2% | 0.14% | +0.02 |
| QUAL iShares MSCI USA Quality Fac | New | 0.02% | +0.02 |
| T AT&T Inc. | Add +94.1% | 0.03% | +0.02 |
| KO The Coca-Cola Co. | Add +0.3% | 0.13% | +0.02 |
| CNP Centerpoint Energy Inc. | New | 0.01% | +0.01 |
| SGI Somnigroup International Inc. | Add +8.1% | 0.13% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 309 | $3.5B | SOXX, KRMN, AAPL, AVGO, ABBV |
| Q1 2026 | 233 | $3.1B | KRMN, AVGO, AAPL, XLC, ABBV |
| Q4 2025 | 231 | $3.1B | KRMN, AVGO, AAPL, XLC, MSFT |
| Q3 2025 | 232 | $3.2B | KRMN, AVGO, AAPL, MSFT, XLC |
| Q2 2025 | 212 | $2.7B | AVGO, MSFT, AAPL, XLC, ICSH |
| Q1 2025 | 221 | $2.6B | AAPL, ICSH, MSFT, ABBV, XLC |
| Q4 2024 | 213 | $2.6B | AAPL, AVGO, MSFT, ICSH, ACN |
| Q3 2024 | 214 | $2.6B | AAPL, AVGO, MSFT, ICSH, ABBV |
| Q2 2024 | 209 | $2.4B | MSFT, AAPL, AVGO, ICSH, COST |
| Q1 2024 | 205 | $2.4B | ICSH, MSFT, AAPL, AVGO, ABBV |