Donaldson Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Donaldson Capital Management, LLC reported 231 stock positions worth $3.1 billion. Its top holding was Karman (KRMN) at 8.1% of the portfolio, followed by Broadcom (AVGO, 5.2%) and Apple (AAPL, 4.9%). Compared with Q3 2025, it opened 12 new positions, sold out of 13, added to 77 and reduced 116. The biggest buy was Eli Lilly (LLY, shares +168%) and the biggest sale Texas Instruments (TXN, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- EVANSVILLE, IN
- CIK
- 0001487438
- Portfolio Value
- $3.1B (Q4 2025)
- SEC Filing
- 0001487438-26-000001 ↗ filed Jan 14, 2026
Holdings Value
Holdings 231 stocks · $3.1B
| KRMN Karman Holdings Inc. | 8.15% | 3,501,433 | $256.2M | No change |
| AVGO Broadcom Inc. | 5.25% | 476,954 | $165.1M | Reduce -6.0% |
| AAPL Apple Inc. | 4.89% | 565,368 | $153.7M | Reduce -0.6% |
| XLC SS Comm Select Sector SPDR | 4.27% | 1,140,302 | $134.2M | Reduce -1.1% |
| MSFT Microsoft Corp. | 4.23% | 274,842 | $132.9M | Reduce -0.9% |
| JPM JPMorgan Chase & Co. | 3.54% | 345,590 | $111.4M | Add +0.6% |
| ABBV Abbvie Inc. | 3.48% | 478,637 | $109.4M | Reduce -0.8% |
| ICSH iShares Ultra Short Duration | 3.46% | 2,150,661 | $108.8M | Add +3.0% |
| SOXX iShares Semiconductor ETF | 2.86% | 298,148 | $89.8M | Reduce -0.6% |
| MS Morgan Stanley | 2.61% | 462,510 | $82.1M | Reduce -1.0% |
| MRK Merck & Co. Inc. | 2.60% | 777,961 | $81.9M | Reduce -1.1% |
| LLY Eli Lilly & Co. | 2.32% | 67,908 | $73.0M | Add +167.6% |
| COST Costco Wholesale Corp. | 2.30% | 83,927 | $72.4M | Reduce -3.5% |
| RTX RTX Corp. | 2.21% | 379,513 | $69.6M | Reduce -0.5% |
| XOM Exxon Mobil Corp. | 2.21% | 577,725 | $69.5M | Reduce -0.3% |
| C Citigroup Inc. | 2.15% | 580,100 | $67.7M | Reduce -0.2% |
| HD Home Depot Inc. | 2.11% | 192,691 | $66.3M | Reduce -2.2% |
| MCD McDonald's Corp. | 2.05% | 211,078 | $64.5M | Reduce -1.7% |
| GS Goldman Sachs Group Inc. | 2.05% | 73,383 | $64.5M | Add +4.5% |
| FAST Fastenal Co. | 1.78% | 1,393,083 | $55.9M | Reduce -5.9% |
| SO The Southern Co. | 1.58% | 570,252 | $49.7M | Add +1.3% |
| GD General Dynamics Corp. | 1.53% | 143,327 | $48.3M | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.52% | 161,495 | $47.8M | Add +0.4% |
| COR Cencora Inc. | 1.47% | 137,099 | $46.3M | Add +1955.8% |
| WEC WEC Energy Group Inc. | 1.47% | 437,434 | $46.1M | Reduce -2.3% |
| PAYX Paychex Inc. | 1.45% | 407,131 | $45.7M | Reduce -3.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.30% | 399,985 | $41.0M | Reduce -1.0% |
| WSO Watsco Inc. | 1.18% | 109,931 | $37.0M | Reduce -11.9% |
| XEL Xcel Energy Inc. | 1.08% | 460,226 | $34.0M | New |
| CVX Chevron Corp. | 0.94% | 194,127 | $29.6M | Reduce -2.3% |
| PCAR Paccar Inc. | 0.81% | 231,670 | $25.4M | New |
| ETN Eaton Corp. PLC | 0.72% | 71,473 | $22.8M | Reduce -53.0% |
| SCHG Schwab US Large-Cap Growth | 0.72% | 695,380 | $22.7M | Add +18.0% |
| JPST JPMorgan Ultra-Short Income | 0.70% | 436,286 | $22.1M | Add +12.5% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.69% | 426,381 | $21.8M | Reduce -5.0% |
| GOOGL Alphabet Inc. Class A | 0.65% | 65,524 | $20.5M | Reduce -11.5% |
| AMZN Amazon.com Inc. | 0.60% | 81,070 | $18.7M | Add +2.6% |
| NVDA Nvidia Corp. | 0.53% | 89,756 | $16.7M | Add +5.5% |
| V Visa Inc. Class A | 0.50% | 44,935 | $15.8M | Add +6.7% |
| MCO Moody's Corp. | 0.47% | 29,006 | $14.8M | Add +7.8% |
| AGG iShares Core U.S. Aggregate | 0.46% | 146,381 | $14.6M | Add +16.8% |
| MA Mastercard Inc. Class A | 0.43% | 23,632 | $13.5M | Add +6.1% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.42% | 119,821 | $13.2M | Add +8.4% |
| ACN Accenture PLC Class A | 0.38% | 44,402 | $11.9M | Reduce -15.8% |
| VOO Vanguard S&P 500 ETF | 0.36% | 18,098 | $11.3M | Reduce -1.8% |
| VIG Vanguard Dividend Apprec ETF | 0.33% | 46,521 | $10.2M | Add +5.7% |
| XLK SS Technology Select Sector | 0.32% | 70,659 | $10.2M | Reduce -15.3% |
| APP AppLovin Corp. Class A | 0.31% | 14,693 | $9.9M | Add +4.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.30% | 31,477 | $9.6M | Add +8.7% |
| ADP Automatic Data Processing | 0.30% | 37,108 | $9.5M | Reduce -13.7% |
| GE General Electric filed as GE AEROSPACE | 0.30% | 30,254 | $9.3M | Add +19.5% |
| META Meta Platforms Inc. Class A | 0.29% | 13,767 | $9.1M | Add +40.9% |
| PGR Progressive Corp. | 0.28% | 38,741 | $8.8M | Add +30.9% |
| LMT Lockheed Martin Corp. | 0.27% | 17,617 | $8.5M | Reduce -3.0% |
| HDB HDFC Bank Ltd.-ADR | 0.27% | 231,267 | $8.5M | Add +29.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.27% | 503,548 | $8.4M | New |
| BKNG Booking Holdings Inc. | 0.27% | 1,565 | $8.4M | Add +39.9% |
| SGI Somnigroup International Inc. | 0.27% | 93,392 | $8.3M | Add +16.8% |
| BLK BlackRock Inc. | 0.26% | 7,737 | $8.3M | Reduce -4.5% |
| UBER Uber Technologies Inc. | 0.26% | 99,364 | $8.1M | Add +43.8% |
| MELI MercadoLibre Inc. | 0.25% | 3,907 | $7.9M | Add +45.9% |
| IJH iShares Core S&P Midcap ETF | 0.25% | 117,832 | $7.8M | Add +9.8% |
| ALL Allstate Corp. | 0.24% | 36,266 | $7.5M | Reduce -9.8% |
| NEE Nextera Energy Inc. | 0.24% | 93,997 | $7.5M | Reduce -2.4% |
| JNJ Johnson & Johnson | 0.23% | 35,699 | $7.4M | Reduce -2.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.23% | 14,614 | $7.3M | Reduce -11.4% |
| SCHD Schwab US DVD Equity ETF | 0.22% | 250,116 | $6.9M | Add +0.1% |
| ORLY O'reilly Automotive Inc. | 0.21% | 72,171 | $6.6M | Reduce -14.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.20% | 13,037 | $6.4M | Reduce -2.9% |
| AFL Aflac Inc. | 0.20% | 56,976 | $6.3M | Reduce -3.6% |
| CMI Cummins Inc. | 0.19% | 11,848 | $6.0M | Reduce -3.0% |
| CSCO Cisco Systems Inc. | 0.19% | 75,888 | $5.8M | Reduce -1.2% |
| CME Cme Group Inc. | 0.19% | 21,363 | $5.8M | Reduce -18.6% |
| ECL Ecolab Inc. | 0.17% | 20,868 | $5.5M | Reduce -15.0% |
| SCHB Schwab US Broad Market ETF | 0.16% | 192,702 | $5.1M | Add +14.3% |
| INTU Intuit Inc. | 0.16% | 7,413 | $4.9M | Reduce -13.8% |
| UNH Unitedhealth Group Inc. | 0.15% | 13,964 | $4.6M | Reduce -90.9% |
| IJR iShares Core S&P Small-Cap E | 0.13% | 34,811 | $4.2M | Add +0.2% |
| VYM Vanguard High DVD Yield ETF | 0.13% | 29,118 | $4.2M | Reduce -2.6% |
| APH Amphenol Corp. Class A | 0.13% | 30,234 | $4.1M | Reduce -21.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.12% | 5,578 | $3.8M | Reduce -2.8% |
| MEAR Ishrs Short Mat Muni Act ETF | 0.12% | 73,776 | $3.7M | Reduce -0.1% |
| NOC Northrop Grumman Corp. | 0.12% | 6,498 | $3.7M | Reduce -1.6% |
| IVV iShares Core S&P 500 ETF | 0.12% | 5,398 | $3.7M | Add +6.4% |
| TXN Texas Instruments Inc. | 0.12% | 21,166 | $3.7M | Reduce -93.7% |
| CINF Cincinnati Financial Corp. | 0.11% | 21,895 | $3.6M | Reduce -0.3% |
| BMY Bristol-Myers Squibb Co. | 0.10% | 61,122 | $3.3M | Add +3.2% |
| BAB Invesco Taxable Municipal Bo | 0.10% | 119,312 | $3.2M | Add +15.9% |
| GOOG Alphabet Inc. Class C | 0.10% | 10,322 | $3.2M | Reduce -8.8% |
| CTAS Cintas Corp. | 0.10% | 16,430 | $3.1M | Reduce -25.2% |
| MSI Motorola Solutions Inc. | 0.10% | 7,937 | $3.0M | Reduce -24.3% |
| PEP Pepsico Inc. | 0.09% | 20,311 | $2.9M | Reduce -90.0% |
| CDNS Cadence Design SYS Inc. | 0.09% | 9,323 | $2.9M | Reduce -23.8% |
| VLO Valero Energy Corp. | 0.09% | 17,067 | $2.8M | Add +0.0% |
| APD Air Products & Chemicals Inc. | 0.09% | 11,183 | $2.8M | Reduce -3.6% |
| AMGN Amgen Inc. | 0.09% | 8,438 | $2.8M | Reduce -0.2% |
| KO The Coca-Cola Co. | 0.08% | 35,906 | $2.5M | Add +0.9% |
| ABT Abbott Laboratories | 0.08% | 19,933 | $2.5M | Reduce -5.1% |
| MUB iShares National Muni Bond E | 0.08% | 23,125 | $2.5M | Reduce -0.2% |
| CAT Caterpillar Inc. | 0.08% | 4,136 | $2.4M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| TXN Texas Instruments Inc. | Reduce -93.7% | 0.12% | −1.85 |
| WM Waste Management Inc. | Reduce -97.2% | 0.05% | −1.69 |
| UNH Unitedhealth Group Inc. | Reduce -90.9% | 0.15% | −1.53 |
| ETN Eaton Corp. PLC | Reduce -53.0% | 0.72% | −1.08 |
| PEP Pepsico Inc. | Reduce -90.0% | 0.09% | −0.81 |
| FAST Fastenal Co. | Reduce -5.9% | 1.78% | −0.52 |
| WSO Watsco Inc. | Reduce -11.9% | 1.18% | −0.42 |
| HD Home Depot Inc. | Reduce -2.2% | 2.11% | −0.42 |
| MSFT Microsoft Corp. | Reduce -0.9% | 4.23% | −0.32 |
| COST Costco Wholesale Corp. | Reduce -3.5% | 2.30% | −0.25 |
| PAYX Paychex Inc. | Reduce -3.8% | 1.45% | −0.25 |
| NFLX Netflix Inc. | Reduce -92.1% | 0.01% | −0.20 |
| WEC WEC Energy Group Inc. | Reduce -2.3% | 1.47% | −0.16 |
| KNSL Kinsale Capital Group Inc. | Sold out | 0.00% | −0.12 |
| ADP Automatic Data Processing | Reduce -13.7% | 0.30% | −0.10 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.09 |
| ORLY O'reilly Automotive Inc. | Reduce -14.7% | 0.21% | −0.08 |
| ABBV Abbvie Inc. | Reduce -0.8% | 3.48% | −0.06 |
| MSI Motorola Solutions Inc. | Reduce -24.3% | 0.10% | −0.06 |
| AVGO Broadcom Inc. | Reduce -6.0% | 5.25% | −0.05 |
| XLC SS Comm Select Sector SPDR | Reduce -1.1% | 4.27% | −0.05 |
| AZO AutoZone Inc. | Reduce -30.5% | 0.06% | −0.05 |
| XLK SS Technology Select Sector | Reduce -15.3% | 0.32% | −0.05 |
| CTAS Cintas Corp. | Reduce -25.2% | 0.10% | −0.04 |
| CDNS Cadence Design SYS Inc. | Reduce -23.8% | 0.09% | −0.04 |
| CME Cme Group Inc. | Reduce -18.6% | 0.19% | −0.04 |
| ECL Ecolab Inc. | Reduce -15.0% | 0.17% | −0.04 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -5.0% | 0.69% | −0.04 |
| CVX Chevron Corp. | Reduce -2.3% | 0.94% | −0.04 |
| BLK BlackRock Inc. | Reduce -4.5% | 0.26% | −0.04 |
| ALL Allstate Corp. | Reduce -9.8% | 0.24% | −0.03 |
| ACN Accenture PLC Class A | Reduce -15.8% | 0.38% | −0.03 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.03 |
| INTU Intuit Inc. | Reduce -13.8% | 0.16% | −0.03 |
| MRSH Marsh & McLennan Cos | Reduce -40.0% | 0.04% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -11.4% | 0.23% | −0.03 |
| XLE SS Energy Select Sector | Reduce -60.2% | 0.02% | −0.03 |
| APH Amphenol Corp. Class A | Reduce -21.9% | 0.13% | −0.02 |
| EXR Extra Space Storage Inc. | Reduce -24.7% | 0.04% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -3.0% | 0.27% | −0.02 |
| MCD McDonald's Corp. | Reduce -1.7% | 2.05% | −0.01 |
| VXUS Vanguard Total Intl Stock | Sold out | 0.00% | −0.01 |
| APD Air Products & Chemicals Inc. | Reduce -3.6% | 0.09% | −0.01 |
| TSLA Tesla Inc. | Reduce -27.8% | 0.03% | −0.01 |
| PYLD PIMCO Multisector Bond Actv | Sold out | 0.00% | −0.01 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.01 |
| TROW T Rowe Price Group Inc. | Reduce -1.0% | 1.30% | −0.01 |
| CPRT Copart Inc. | Reduce -39.8% | 0.01% | −0.01 |
| ABT Abbott Laboratories | Reduce -5.1% | 0.08% | −0.01 |
| NOC Northrop Grumman Corp. | Reduce -1.6% | 0.12% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Add +167.6% | 2.32% | +1.71 |
| GD General Dynamics Corp. | New | 1.53% | +1.53 |
| COR Cencora Inc. | Add +1955.8% | 1.47% | +1.41 |
| XEL Xcel Energy Inc. | New | 1.08% | +1.08 |
| PCAR Paccar Inc. | New | 0.81% | +0.81 |
| GS Goldman Sachs Group Inc. | Add +4.5% | 2.05% | +0.28 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.27% | +0.27 |
| SCHG Schwab US Large-Cap Growth | Add +18.0% | 0.72% | +0.13 |
| JPM JPMorgan Chase & Co. | Add +0.6% | 3.54% | +0.11 |
| ICSH iShares Ultra Short Duration | Add +3.0% | 3.46% | +0.10 |
| IBM Intl Business Machines Corp. | Add +0.4% | 1.52% | +0.08 |
| JPST JPMorgan Ultra-Short Income | Add +12.5% | 0.70% | +0.08 |
| HDB HDFC Bank Ltd.-ADR | Add +29.4% | 0.27% | +0.08 |
| BKNG Booking Holdings Inc. | Add +39.9% | 0.27% | +0.08 |
| AGG iShares Core U.S. Aggregate | Add +16.8% | 0.46% | +0.07 |
| ROL Rollins Inc. | New | 0.07% | +0.07 |
| MCO Moody's Corp. | Add +7.8% | 0.47% | +0.07 |
| META Meta Platforms Inc. Class A | Add +40.9% | 0.29% | +0.06 |
| GE General Electric | Add +19.5% | 0.30% | +0.06 |
| MELI MercadoLibre Inc. | Add +45.9% | 0.25% | +0.05 |
| SGI Somnigroup International Inc. | Add +16.8% | 0.27% | +0.05 |
| PGR Progressive Corp. | Add +30.9% | 0.28% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.7% | 0.30% | +0.05 |
| V Visa Inc. Class A | Add +6.7% | 0.50% | +0.05 |
| AMZN Amazon.com Inc. | Add +2.6% | 0.60% | +0.05 |
| UBER Uber Technologies Inc. | Add +43.8% | 0.26% | +0.04 |
| OMC Omnicom Group | New | 0.03% | +0.03 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +8.4% | 0.42% | +0.03 |
| NVDA Nvidia Corp. | Add +5.5% | 0.53% | +0.03 |
| MA Mastercard Inc. Class A | Add +6.1% | 0.43% | +0.03 |
| IJH iShares Core S&P Midcap ETF | Add +9.8% | 0.25% | +0.03 |
| VIG Vanguard Dividend Apprec ETF | Add +5.7% | 0.33% | +0.02 |
| SCHB Schwab US Broad Market ETF | Add +14.3% | 0.16% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +3.2% | 0.10% | +0.02 |
| BAB Invesco Taxable Municipal Bo | Add +15.9% | 0.10% | +0.01 |
| GLD SPDR Gold Shares | New | 0.01% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +6.4% | 0.12% | +0.01 |
| XLI SS Industrial Select Sector | Add +46.3% | 0.03% | +0.01 |
| UPS United Parcel Service Class B | Add +2.4% | 0.05% | +0.01 |
| TD Toronto-Dominion Bank | Add +3.1% | 0.05% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Add +122.5% | 0.02% | +0.01 |
| ROST Ross Stores Inc. | New | 0.01% | +0.01 |
| RY Royal Bank of Canada | Add +3.3% | 0.05% | +0.01 |
| FDX FedEx Corp. | New | 0.01% | +0.01 |
| GILD Gilead Sciences Inc. | Add +3.3% | 0.06% | +0.01 |
| XLF SS Financial Select Sector | Add +22.8% | 0.04% | +0.01 |
| WFC Wells Fargo & Co. | Add +78.1% | 0.01% | +0.01 |
| TM Toyota Motor Corp. -Spon ADR | New | 0.01% | +0.01 |
| XLY SS Consumer Disc Select Sect | New | 0.01% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | 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 |