Donaldson Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Donaldson Capital Management, LLC reported 232 stock positions worth $3.2 billion. Its top holding was Karman (KRMN) at 8.0% of the portfolio, followed by Broadcom (AVGO, 5.3%) and Apple (AAPL, 4.6%). Compared with Q2 2025, it opened 25 new positions, sold out of 5, added to 102 and reduced 82. The biggest buy was a new position in Karman (KRMN) and the biggest sale Accenture Class A (ACN, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- EVANSVILLE, IN
- CIK
- 0001487438
- Portfolio Value
- $3.2B (Q3 2025)
- SEC Filing
- 0001487438-25-000005 ↗ filed Nov 4, 2025
Holdings Value
Holdings 232 stocks · $3.2B
| KRMN Karman Holdings Inc. | 8.00% | 3,501,433 | $252.8M | New |
| AVGO Broadcom Inc. | 5.30% | 507,659 | $167.5M | Reduce -9.3% |
| AAPL Apple Inc. | 4.58% | 568,554 | $144.8M | Add +1.2% |
| MSFT Microsoft Corp. | 4.55% | 277,263 | $143.6M | Add +0.8% |
| XLC SS Comm Select Sector SPDR | 4.32% | 1,152,645 | $136.4M | Add +9.8% |
| ABBV Abbvie Inc. | 3.54% | 482,231 | $111.7M | Add +1.0% |
| JPM JPMorgan Chase & Co. | 3.43% | 343,510 | $108.4M | Reduce -0.6% |
| ICSH iShares Ultra Short Duration | 3.35% | 2,087,886 | $106.0M | Reduce -4.5% |
| SOXX iShares Semiconductor ETF | 2.57% | 299,953 | $81.3M | Add +1.9% |
| COST Costco Wholesale Corp. | 2.55% | 86,942 | $80.5M | Reduce -0.7% |
| HD Home Depot Inc. | 2.53% | 196,998 | $79.8M | Add +0.3% |
| MS Morgan Stanley | 2.35% | 467,246 | $74.3M | Add +2.0% |
| FAST Fastenal Co. | 2.30% | 1,480,205 | $72.6M | Add +6.5% |
| MRK Merck & Co. Inc. | 2.09% | 786,883 | $66.0M | Add +66.3% |
| XOM Exxon Mobil Corp. | 2.07% | 579,388 | $65.3M | Reduce -0.4% |
| MCD McDonald's Corp. | 2.07% | 214,641 | $65.2M | Add +0.5% |
| RTX RTX Corp. | 2.02% | 381,273 | $63.8M | Add +12.3% |
| TXN Texas Instruments Inc. | 1.96% | 337,569 | $62.0M | Add +1.6% |
| C Citigroup Inc. | 1.87% | 581,226 | $59.0M | New |
| ETN Eaton Corp. PLC | 1.80% | 152,225 | $57.0M | New |
| GS Goldman Sachs Group Inc. | 1.77% | 70,200 | $55.9M | Add +3306.1% |
| WM Waste Management Inc. | 1.74% | 248,908 | $55.0M | Reduce -0.7% |
| PAYX Paychex Inc. | 1.70% | 423,197 | $53.6M | Reduce -1.5% |
| SO The Southern Co. | 1.69% | 563,027 | $53.4M | Add +2785.8% |
| UNH Unitedhealth Group Inc. | 1.68% | 153,730 | $53.1M | Add +5.2% |
| WEC WEC Energy Group Inc. | 1.62% | 447,504 | $51.3M | Reduce -0.1% |
| WSO Watsco Inc. | 1.60% | 124,789 | $50.5M | Add +47.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.44% | 160,818 | $45.4M | Add +1510.3% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.31% | 404,125 | $41.5M | Add +2.1% |
| CVX Chevron Corp. | 0.98% | 198,653 | $30.8M | Reduce -2.1% |
| PEP Pepsico Inc. | 0.90% | 202,258 | $28.4M | Add +1.9% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.73% | 449,080 | $23.0M | Reduce -11.0% |
| JPST JPMorgan Ultra-Short Income | 0.62% | 387,873 | $19.7M | Reduce -1.7% |
| LLY Eli Lilly & Co. | 0.61% | 25,374 | $19.4M | Add +11.4% |
| SCHG Schwab US Large-Cap Growth | 0.60% | 589,459 | $18.8M | Add +2.1% |
| GOOGL Alphabet Inc. Class A | 0.57% | 74,032 | $18.0M | Add +6.4% |
| AMZN Amazon.com Inc. | 0.55% | 79,032 | $17.4M | Add +8.4% |
| NVDA Nvidia Corp. | 0.50% | 85,093 | $15.9M | Add +7.0% |
| V Visa Inc. Class A | 0.46% | 42,133 | $14.4M | Add +15.0% |
| ACN Accenture PLC Class A | 0.41% | 52,708 | $13.0M | Reduce -79.2% |
| MCO Moody's Corp. | 0.41% | 26,904 | $12.8M | Add +12.1% |
| MA Mastercard Inc. Class A | 0.40% | 22,271 | $12.7M | Add +13.0% |
| ADP Automatic Data Processing | 0.40% | 43,016 | $12.6M | Reduce -7.6% |
| AGG iShares Core U.S. Aggregate | 0.40% | 125,283 | $12.6M | Add +82.3% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.39% | 110,510 | $12.3M | Add +31.3% |
| XLK SS Technology Select Sector | 0.37% | 41,719 | $11.8M | Add +197.1% |
| VOO Vanguard S&P 500 ETF | 0.36% | 18,425 | $11.3M | Add +436.9% |
| APP AppLovin Corp. Class A | 0.32% | 14,084 | $10.1M | Add +30.7% |
| VIG Vanguard Dividend Apprec ETF | 0.30% | 44,008 | $9.5M | Reduce -0.3% |
| BLK BlackRock Inc. | 0.30% | 8,098 | $9.4M | Reduce -9.9% |
| ORLY O'reilly Automotive Inc. | 0.29% | 84,582 | $9.1M | Reduce -8.8% |
| LMT Lockheed Martin Corp. | 0.29% | 18,169 | $9.1M | Reduce -85.8% |
| ALL Allstate Corp. | 0.27% | 40,200 | $8.6M | Reduce -87.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.26% | 16,488 | $8.3M | Reduce -35.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.26% | 28,967 | $8.1M | Add +35.3% |
| GE General Electric filed as GE AEROSPACE | 0.24% | 25,315 | $7.6M | Add +37.5% |
| PGR Progressive Corp. | 0.23% | 29,587 | $7.3M | Add +68.9% |
| NEE Nextera Energy Inc. | 0.23% | 96,342 | $7.3M | Reduce -9.0% |
| META Meta Platforms Inc. Class A | 0.23% | 9,771 | $7.2M | Add +43.2% |
| CME Cme Group Inc. | 0.22% | 26,258 | $7.1M | Reduce -88.7% |
| IJH iShares Core S&P Midcap ETF | 0.22% | 107,361 | $7.0M | Add +5.4% |
| NFLX Netflix Inc. | 0.22% | 5,739 | $6.9M | Add +53.0% |
| SCHD Schwab US DVD Equity ETF | 0.22% | 249,820 | $6.8M | Reduce -0.3% |
| UBER Uber Technologies Inc. | 0.21% | 69,108 | $6.8M | Add +51.4% |
| JNJ Johnson & Johnson | 0.21% | 36,446 | $6.8M | Reduce -2.8% |
| SGI Somnigroup International Inc. | 0.21% | 79,971 | $6.7M | Add +28.8% |
| ECL Ecolab Inc. | 0.21% | 24,556 | $6.7M | Reduce -9.7% |
| AFL Aflac Inc. | 0.21% | 59,123 | $6.6M | Reduce -8.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.20% | 13,423 | $6.4M | Reduce -3.9% |
| MELI MercadoLibre Inc. | 0.20% | 2,678 | $6.3M | Add +65.0% |
| HDB HDFC Bank Ltd.-ADR | 0.19% | 178,679 | $6.1M | New |
| BKNG Booking Holdings Inc. | 0.19% | 1,119 | $6.0M | Add +59.6% |
| INTU Intuit Inc. | 0.19% | 8,604 | $5.9M | Reduce -10.0% |
| CSCO Cisco Systems Inc. | 0.17% | 76,801 | $5.3M | Add +0.9% |
| CMI Cummins Inc. | 0.16% | 12,215 | $5.2M | Reduce -5.1% |
| MSI Motorola Solutions Inc. | 0.15% | 10,484 | $4.8M | Reduce -16.9% |
| APH Amphenol Corp. Class A | 0.15% | 38,720 | $4.8M | New |
| CTAS Cintas Corp. | 0.14% | 21,977 | $4.5M | Reduce -14.6% |
| SCHB Schwab US Broad Market ETF | 0.14% | 168,588 | $4.3M | Add +3.9% |
| CDNS Cadence Design SYS Inc. | 0.14% | 12,230 | $4.3M | Reduce -16.3% |
| VYM Vanguard High DVD Yield ETF | 0.13% | 29,887 | $4.2M | Reduce -0.9% |
| IJR iShares Core S&P Small-Cap E | 0.13% | 34,732 | $4.1M | Add +0.4% |
| NOC Northrop Grumman Corp. | 0.13% | 6,603 | $4.0M | Reduce -5.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.12% | 5,741 | $3.8M | Add +2.6% |
| KNSL Kinsale Capital Group Inc. | 0.12% | 8,981 | $3.8M | Reduce -17.4% |
| MEAR Ishrs Short Mat Muni Act ETF | 0.12% | 73,844 | $3.7M | Reduce -22.3% |
| AZO AutoZone Inc. | 0.11% | 811 | $3.5M | Reduce -5.2% |
| CINF Cincinnati Financial Corp. | 0.11% | 21,952 | $3.5M | Reduce -1.6% |
| IVV iShares Core S&P 500 ETF | 0.11% | 5,073 | $3.4M | Add +83.5% |
| APD Air Products & Chemicals Inc. | 0.10% | 11,604 | $3.2M | Reduce -4.8% |
| VLO Valero Energy Corp. | 0.09% | 17,061 | $2.9M | Reduce -3.3% |
| ABT Abbott Laboratories | 0.09% | 21,007 | $2.8M | Reduce -3.5% |
| BAB Invesco Taxable Municipal Bo | 0.09% | 102,967 | $2.8M | Add +134.6% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.09% | 2,929 | $2.8M | Reduce -20.7% |
| GOOG Alphabet Inc. Class C | 0.09% | 11,314 | $2.8M | Add +11.2% |
| BMY Bristol-Myers Squibb Co. | 0.08% | 59,222 | $2.7M | Add +1.0% |
| MUB iShares National Muni Bond E | 0.08% | 23,173 | $2.5M | Add +224.7% |
| AMGN Amgen Inc. | 0.08% | 8,452 | $2.4M | Reduce -0.7% |
| KO The Coca-Cola Co. | 0.07% | 35,577 | $2.4M | Reduce -2.7% |
| RSG Republic Services Inc. | 0.07% | 9,972 | $2.3M | Add +0.0% |
Portfolio Sells Q2 2025 → Q3 2025
| ACN Accenture PLC Class A | Reduce -79.2% | 0.41% | −2.37 |
| CME Cme Group Inc. | Reduce -88.7% | 0.22% | −2.12 |
| ALL Allstate Corp. | Reduce -87.4% | 0.27% | −2.08 |
| MRSH Marsh & McLennan Cos | Reduce -95.9% | 0.07% | −1.97 |
| LMT Lockheed Martin Corp. | Reduce -85.8% | 0.29% | −1.90 |
| EXR Extra Space Storage Inc. | Reduce -95.6% | 0.06% | −1.58 |
| UPS United Parcel Service Class B | Reduce -94.5% | 0.04% | −1.02 |
| ICSH iShares Ultra Short Duration | Reduce -4.5% | 3.35% | −0.72 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 2.55% | −0.63 |
| PAYX Paychex Inc. | Reduce -1.5% | 1.70% | −0.60 |
| WM Waste Management Inc. | Reduce -0.7% | 1.74% | −0.36 |
| AVGO Broadcom Inc. | Reduce -9.3% | 5.30% | −0.36 |
| JPM JPMorgan Chase & Co. | Reduce -0.6% | 3.43% | −0.25 |
| XOM Exxon Mobil Corp. | Reduce -0.4% | 2.07% | −0.23 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -11.0% | 0.73% | −0.22 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -35.3% | 0.26% | −0.19 |
| MSCI MSCI Inc. | Reduce -77.0% | 0.04% | −0.16 |
| RLI Rli Corp. | Sold out | 0.00% | −0.15 |
| BMI Badger Meter Inc. | Sold out | 0.00% | −0.15 |
| ADP Automatic Data Processing | Reduce -7.6% | 0.40% | −0.13 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.13 |
| CPRT Copart Inc. | Reduce -80.3% | 0.02% | −0.12 |
| JPST JPMorgan Ultra-Short Income | Reduce -1.7% | 0.62% | −0.11 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.10 |
| INTU Intuit Inc. | Reduce -10.0% | 0.19% | −0.09 |
| CVX Chevron Corp. | Reduce -2.1% | 0.98% | −0.09 |
| WEC WEC Energy Group Inc. | Reduce -0.1% | 1.62% | −0.09 |
| KNSL Kinsale Capital Group Inc. | Reduce -17.4% | 0.12% | −0.07 |
| CTAS Cintas Corp. | Reduce -14.6% | 0.14% | −0.07 |
| MEAR Ishrs Short Mat Muni Act ETF | Reduce -22.3% | 0.12% | −0.06 |
| ECL Ecolab Inc. | Reduce -9.7% | 0.21% | −0.06 |
| GWW WW Grainger Inc. | Reduce -20.7% | 0.09% | −0.05 |
| BLK BlackRock Inc. | Reduce -9.9% | 0.30% | −0.05 |
| MSI Motorola Solutions Inc. | Reduce -16.9% | 0.15% | −0.04 |
| AFL Aflac Inc. | Reduce -8.8% | 0.21% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -9.0% | 0.23% | −0.04 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.3% | 0.30% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -16.3% | 0.14% | −0.03 |
| SCHD Schwab US DVD Equity ETF | Reduce -0.3% | 0.22% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -4.8% | 0.10% | −0.03 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -3.9% | 0.20% | −0.02 |
| SBUX Starbucks Corp. | Reduce -20.6% | 0.04% | −0.02 |
| KO The Coca-Cola Co. | Reduce -2.7% | 0.07% | −0.02 |
| ABT Abbott Laboratories | Reduce -3.5% | 0.09% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -8.8% | 0.29% | −0.02 |
| FLTR Vaneck Ig Floating Rate ETF | Sold out | 0.00% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -15.1% | 0.04% | −0.02 |
| VEA Vanguard Ftse Developed ETF | Reduce -42.0% | 0.02% | −0.01 |
| RSP Invesco S&P 500 Equal Weight | Reduce -58.2% | 0.01% | −0.01 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.9% | 0.13% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| KRMN Karman Holdings Inc. | New | 8.00% | +8.00 |
| C Citigroup Inc. | New | 1.87% | +1.87 |
| ETN Eaton Corp. PLC | New | 1.80% | +1.80 |
| GS Goldman Sachs Group Inc. | Add +3306.1% | 1.77% | +1.72 |
| SO The Southern Co. | Add +2785.8% | 1.69% | +1.62 |
| IBM Intl Business Machines Corp. | Add +1510.3% | 1.44% | +1.33 |
| MRK Merck & Co. Inc. | Add +66.3% | 2.09% | +0.72 |
| AAPL Apple Inc. | Add +1.2% | 4.58% | +0.35 |
| VOO Vanguard S&P 500 ETF | Add +436.9% | 0.36% | +0.29 |
| ABBV Abbvie Inc. | Add +1.0% | 3.54% | +0.28 |
| XLK SS Technology Select Sector | Add +197.1% | 0.37% | +0.24 |
| WSO Watsco Inc. | Add +47.7% | 1.60% | +0.23 |
| RTX RTX Corp. | Add +12.3% | 2.02% | +0.20 |
| HDB HDFC Bank Ltd.-ADR | New | 0.19% | +0.19 |
| APP AppLovin Corp. Class A | Add +30.7% | 0.32% | +0.18 |
| FAST Fastenal Co. | Add +6.5% | 2.30% | +0.15 |
| APH Amphenol Corp. Class A | New | 0.15% | +0.15 |
| AGG iShares Core U.S. Aggregate | Add +82.3% | 0.40% | +0.15 |
| XLC SS Comm Select Sector SPDR | Add +9.8% | 4.32% | +0.14 |
| GOOGL Alphabet Inc. Class A | Add +6.4% | 0.57% | +0.12 |
| TSM Taiwan Semiconductor-SP ADR | Add +35.3% | 0.26% | +0.08 |
| GE General Electric | Add +37.5% | 0.24% | +0.07 |
| PGR Progressive Corp. | Add +68.9% | 0.23% | +0.06 |
| SGI Somnigroup International Inc. | Add +28.8% | 0.21% | +0.06 |
| UBER Uber Technologies Inc. | Add +51.4% | 0.21% | +0.06 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +31.3% | 0.39% | +0.05 |
| MUB iShares National Muni Bond E | Add +224.7% | 0.08% | +0.05 |
| BAB Invesco Taxable Municipal Bo | Add +134.6% | 0.09% | +0.05 |
| IVV iShares Core S&P 500 ETF | Add +83.5% | 0.11% | +0.04 |
| MELI MercadoLibre Inc. | Add +65.0% | 0.20% | +0.04 |
| BKNG Booking Holdings Inc. | Add +59.6% | 0.19% | +0.04 |
| META Meta Platforms Inc. Class A | Add +43.2% | 0.23% | +0.04 |
| NVDA Nvidia Corp. | Add +7.0% | 0.50% | +0.04 |
| NFLX Netflix Inc. | Add +53.0% | 0.22% | +0.03 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.03% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.03% | +0.03 |
| DFAC Dimensional US Core Equity 2 | New | 0.03% | +0.03 |
| GSLC Goldman Activebeta US LC ETF | New | 0.02% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +11.2% | 0.09% | +0.02 |
| SCMB Schwab Municipal Bond ETF | Add +71.4% | 0.06% | +0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +163.1% | 0.03% | +0.02 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | Add +23.6% | 0.05% | +0.01 |
| VXUS Vanguard Total Intl Stock | New | 0.01% | +0.01 |
| PYLD PIMCO Multisector Bond Actv | New | 0.01% | +0.01 |
| EMB iShares JP Morgan Usd Emergi | New | 0.01% | +0.01 |
| HYD Vaneck High Yield Muni ETF | New | 0.01% | +0.01 |
| PMBS PIMCO MBS Active ETF | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | New | 0.01% | +0.01 |
| BND Vanguard Total Bond Market | New | 0.01% | +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 |