Ellenbecker Investment Group
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), Ellenbecker Investment Group reported 118 stock positions worth $618.2 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 30.3% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 9.6%) and iShares Russell 1000 Growth (IWF, 9.3%). Compared with Q1 2025, it opened 10 new positions, sold out of 3, added to 56 and reduced 43. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +86%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- WAUKESHA, WI
- CIK
- 0001731497
- Portfolio Value
- $618.2M (Q2 2025)
- SEC Filing
- 0001731497-25-000004 ↗ filed Jul 22, 2025
Holdings Value
Holdings 118 stocks · $618.2M
| IVV iShares Core S&P 500 ETF | 30.28% | 301,512 | $187.2M | Reduce -9.9% |
| AGG iShares Core U.S. Aggregate | 9.60% | 598,277 | $59.3M | Add +16.8% |
| IWF iShares Russell 1000 Growth | 9.29% | 135,310 | $57.5M | Add +7.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 7.68% | 200,427 | $47.5M | Reduce -2.0% |
| VEA Vanguard Ftse Developed ETF | 6.10% | 661,191 | $37.7M | Add +86.4% |
| PYLD PIMCO Multisector Bond Actv | 5.78% | 1,345,126 | $35.7M | Add +10.5% |
| IWD iShares Russell 1000 Value E | 3.72% | 118,409 | $23.0M | Add +15.7% |
| VWO Vanguard Ftse Emerging Marke | 3.58% | 447,742 | $22.1M | Add +10.6% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 2.59% | 294,863 | $16.0M | Add +23.7% |
| AOA iShares Core 80/20 Aggressiv | 1.85% | 136,981 | $11.4M | Add +6.6% |
| IJR iShares Core S&P Small-Cap E | 1.32% | 74,590 | $8.2M | Reduce -4.6% |
| AAPL Apple Inc. | 1.24% | 37,312 | $7.7M | Add +1.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.04% | 10,419 | $6.4M | Reduce -11.2% |
| AOR iShares Core 60/40 Balanced | 0.98% | 98,383 | $6.1M | Reduce -1.3% |
| MSFT Microsoft Corp. | 0.94% | 11,706 | $5.8M | Add +11.7% |
| PM Philip Morris International | 0.68% | 22,960 | $4.2M | Add +0.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.64% | 14,154 | $4.0M | Reduce -4.6% |
| PHYL Pgim Active High Yield Bond | 0.54% | 94,744 | $3.4M | Add +24.0% |
| NVDA Nvidia Corp. | 0.54% | 21,221 | $3.4M | Add +5.5% |
| SCHD Schwab US DVD Equity ETF | 0.53% | 123,380 | $3.3M | Reduce -5.3% |
| FISV Fiserv Inc. | 0.50% | 17,784 | $3.1M | Reduce -0.1% |
| AOM iShares Core 40/60 Moderate | 0.37% | 49,991 | $2.3M | Add +1.2% |
| IWR iShares Russell Mid-Cap ETF | 0.34% | 22,851 | $2.1M | Reduce -3.7% |
| WEC WEC Energy Group Inc. | 0.34% | 20,022 | $2.1M | Add +6.6% |
| MO Altria Group Inc. | 0.33% | 34,780 | $2.0M | Reduce -1.9% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.33% | 7,131 | $2.0M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 0.31% | 8,668 | $1.9M | Add +2.0% |
| SDY SS SPDR S&P Dividend ETF | 0.30% | 13,858 | $1.9M | Reduce -0.7% |
| USRT iShares Core US REIT ETF | 0.29% | 31,210 | $1.8M | Reduce -25.7% |
| BND Vanguard Total Bond Market | 0.26% | 22,101 | $1.6M | Reduce -29.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.26% | 3,282 | $1.6M | Add +27.9% |
| PULS Pgim Ultra Short Bond ETF | 0.26% | 31,861 | $1.6M | Reduce -6.7% |
| WMT Walmart Inc. | 0.23% | 14,514 | $1.4M | Add +2.5% |
| HON Honeywell International Inc. | 0.22% | 5,800 | $1.4M | Add +0.0% |
| IWM iShares Russell 2000 ETF | 0.21% | 5,972 | $1.3M | Add +0.2% |
| UNH Unitedhealth Group Inc. | 0.19% | 3,724 | $1.2M | Reduce -13.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.18% | 16,991 | $1.1M | Reduce -13.5% |
| ETN Eaton Corp. PLC | 0.17% | 2,984 | $1.1M | Reduce -4.1% |
| TSLA Tesla Inc. | 0.16% | 3,157 | $1.0M | Add +23.7% |
| ABBV Abbvie Inc. | 0.16% | 5,290 | $982K | Add +0.1% |
| XOM Exxon Mobil Corp. | 0.16% | 8,972 | $967K | Add +2.9% |
| IEFA iShares Core MSCI Eafe ETF | 0.15% | 11,275 | $941K | Add +0.1% |
| META Meta Platforms Inc. Class A | 0.14% | 1,198 | $885K | No change |
| SYY Sysco Corp. | 0.14% | 11,612 | $880K | No change |
| PEP Pepsico Inc. | 0.14% | 6,361 | $840K | Reduce -6.7% |
| DFIV Dimensional International Va | 0.13% | 19,399 | $831K | Add +1.1% |
| VONG Vanguard Russell 1000 Growth | 0.13% | 7,287 | $796K | Add +77.9% |
| GOOG Alphabet Inc. Class C | 0.13% | 4,434 | $787K | Add +1.4% |
| HD Home Depot Inc. | 0.13% | 2,139 | $784K | Reduce -0.7% |
| EPD Enterprise Products Partners | 0.13% | 25,208 | $782K | Add +0.2% |
| DGRO iShares Core Dividend Growth | 0.12% | 11,913 | $762K | Reduce -29.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.12% | 1 | $729K | No change |
| ABT Abbott Laboratories | 0.11% | 5,071 | $690K | Add +1.7% |
| ROK Rockwell Automation Inc. | 0.11% | 2,017 | $670K | Add +0.3% |
| V Visa Inc. Class A | 0.11% | 1,882 | $668K | Add +0.3% |
| BMI Badger Meter Inc. | 0.11% | 2,723 | $667K | Add +0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.11% | 2,259 | $666K | Add +7.0% |
| JNJ Johnson & Johnson | 0.11% | 4,282 | $654K | Reduce -3.0% |
| NFLX Netflix Inc. | 0.10% | 481 | $644K | No change |
| MRK Merck & Co. Inc. | 0.09% | 6,975 | $552K | Reduce -0.1% |
| UCON First Trust Smith Unconstrai | 0.09% | 22,056 | $549K | Reduce -39.6% |
| COST Costco Wholesale Corp. | 0.09% | 552 | $547K | Add +0.2% |
| MTG Mgic Investment Corp. | 0.09% | 19,597 | $546K | Reduce -41.4% |
| GOOGL Alphabet Inc. Class A | 0.09% | 3,092 | $545K | Add +37.7% |
| MAR Marriott International Class A | 0.09% | 1,983 | $542K | Add +0.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.09% | 6,630 | $535K | Reduce -5.5% |
| LNT Alliant Energy Corp. | 0.09% | 8,749 | $529K | Reduce -1.2% |
| AXON Axon Enterprise Inc. | 0.08% | 617 | $511K | Reduce -30.4% |
| CVX Chevron Corp. | 0.08% | 3,498 | $501K | Reduce -0.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.08% | 4,505 | $498K | No change |
| AVGO Broadcom Inc. | 0.08% | 1,800 | $496K | Add +0.4% |
| MCD McDonald's Corp. | 0.08% | 1,686 | $493K | Reduce -10.0% |
| KO The Coca-Cola Co. | 0.08% | 6,862 | $486K | Add +5.9% |
| SCHP Schwab U.S. Tips ETF | 0.08% | 17,408 | $464K | Reduce -18.7% |
| KMI Kinder Morgan Inc. | 0.07% | 15,387 | $452K | No change |
| T AT&T Inc. | 0.07% | 15,214 | $440K | Reduce -2.3% |
| JCI Johnson Controls Internation | 0.06% | 3,697 | $391K | Add +0.4% |
| GLD SPDR Gold Shares | 0.06% | 1,241 | $378K | Add +10.3% |
| FIS Fidelity National Info Serv | 0.06% | 4,598 | $374K | Add +0.2% |
| MUB iShares National Muni Bond E | 0.06% | 3,552 | $371K | Add +0.7% |
| MDLZ Mondelez International Inc. Class A | 0.06% | 5,333 | $360K | Add +0.0% |
| ORCL Oracle Corp. | 0.06% | 1,631 | $357K | Add +2.8% |
| XVV iShares ESG Select Screened | 0.06% | 7,291 | $348K | Add +1.0% |
| SCHX Schwab US Large-Cap ETF | 0.05% | 13,850 | $339K | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.05% | 2,097 | $334K | Add +0.4% |
| UNP Union Pacific Corp. | 0.05% | 1,449 | $333K | Reduce -5.5% |
| VONV Vanguard Russell 1000 Value | 0.05% | 3,895 | $332K | New |
| WFC Wells Fargo & Co. | 0.05% | 3,964 | $318K | Add +0.5% |
| RTX RTX Corp. | 0.05% | 2,173 | $317K | Add +1.0% |
| SRE Sempra | 0.05% | 4,173 | $316K | New |
| CAT Caterpillar Inc. | 0.05% | 791 | $307K | Reduce -6.1% |
| LIN Linde PLC | 0.05% | 629 | $295K | No change |
| USB US Bancorp | 0.05% | 6,413 | $290K | Reduce -9.8% |
| AXP American Express Co. | 0.05% | 884 | $282K | Add +0.1% |
| APG Api Group Corp. | 0.04% | 5,192 | $265K | New |
| SNV Synovus Financial Corp. | 0.04% | 5,082 | $263K | Add +0.8% |
| ET Energy Transfer LP | 0.04% | 14,486 | $263K | New |
| MMM 3M Co. | 0.04% | 1,706 | $260K | New |
| IVW iShares S&P 500 Growth ETF | 0.04% | 2,347 | $258K | Reduce -36.8% |
| PFE Pfizer Inc. | 0.04% | 10,371 | $251K | Add +1.4% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $870K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| JPMORGAN CHASE & CO (JPM 5.45 PERP P) | PFD | 2,999 | $870K | Add +10.2% |
Total filed on the 13F, all lines: $619.0M.
Portfolio Sells Q1 2025 → Q2 2025
| IVV iShares Core S&P 500 ETF | Reduce -9.9% | 30.28% | −3.57 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -2.0% | 7.68% | −0.48 |
| UNH Unitedhealth Group Inc. | Reduce -13.0% | 0.19% | −0.22 |
| FISV Fiserv Inc. | Reduce -0.1% | 0.50% | −0.21 |
| IJR iShares Core S&P Small-Cap E | Reduce -4.6% | 1.32% | −0.15 |
| BND Vanguard Total Bond Market | Reduce -29.6% | 0.26% | −0.15 |
| USRT iShares Core US REIT ETF | Reduce -25.7% | 0.29% | −0.15 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.2% | 1.04% | −0.14 |
| SCHD Schwab US DVD Equity ETF | Reduce -5.3% | 0.53% | −0.13 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.10 |
| UCON First Trust Smith Unconstrai | Reduce -39.6% | 0.09% | −0.07 |
| DGRO iShares Core Dividend Growth | Reduce -29.1% | 0.12% | −0.06 |
| VOOG Vanguard S&P 500 Growth ETF | Sold out | 0.00% | −0.06 |
| MTG Mgic Investment Corp. | Reduce -41.4% | 0.09% | −0.06 |
| MO Altria Group Inc. | Reduce -1.9% | 0.33% | −0.05 |
| AOR iShares Core 60/40 Balanced | Reduce -1.3% | 0.98% | −0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -4.6% | 0.64% | −0.05 |
| PULS Pgim Ultra Short Bond ETF | Reduce -6.7% | 0.26% | −0.05 |
| PEP Pepsico Inc. | Reduce -6.7% | 0.14% | −0.05 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.04 |
| SDY SS SPDR S&P Dividend ETF | Reduce -0.7% | 0.30% | −0.04 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -13.5% | 0.18% | −0.03 |
| SCHP Schwab U.S. Tips ETF | Reduce -18.7% | 0.08% | −0.03 |
| JNJ Johnson & Johnson | Reduce -3.0% | 0.11% | −0.03 |
| MCD McDonald's Corp. | Reduce -10.0% | 0.08% | −0.03 |
| CVX Chevron Corp. | Reduce -0.6% | 0.08% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -0.1% | 0.09% | −0.02 |
| IWR iShares Russell Mid-Cap ETF | Reduce -3.7% | 0.34% | −0.02 |
| IVW iShares S&P 500 Growth ETF | Reduce -36.8% | 0.04% | −0.02 |
| LNT Alliant Energy Corp. | Reduce -1.2% | 0.09% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -6.5% | 0.04% | −0.02 |
| HD Home Depot Inc. | Reduce -0.7% | 0.13% | −0.02 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -5.5% | 0.09% | −0.01 |
| UNP Union Pacific Corp. | Reduce -5.5% | 0.05% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -7.2% | 0.03% | −0.01 |
| TIP iShares Tips Bond ETF | Reduce -9.7% | 0.03% | −0.01 |
| T AT&T Inc. | Reduce -2.3% | 0.07% | −0.01 |
| USB US Bancorp | Reduce -9.8% | 0.05% | −0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -1.5% | 0.33% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -11.5% | 0.04% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -4.0% | 0.04% | −0.00 |
| AXON Axon Enterprise Inc. | Reduce -30.4% | 0.08% | −0.00 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.4% | 0.05% | −0.00 |
| CAT Caterpillar Inc. | Reduce -6.1% | 0.05% | −0.00 |
| ADI Analog Devices Inc. | Reduce -3.1% | 0.04% | +0.00 |
| ETN Eaton Corp. PLC | Reduce -4.1% | 0.17% | +0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| VEA Vanguard Ftse Developed ETF | Add +86.4% | 6.10% | +2.85 |
| IWF iShares Russell 1000 Growth | Add +7.6% | 9.29% | +1.13 |
| AGG iShares Core U.S. Aggregate | Add +16.8% | 9.60% | +0.49 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +23.7% | 2.59% | +0.40 |
| VWO Vanguard Ftse Emerging Marke | Add +10.6% | 3.58% | +0.29 |
| IWD iShares Russell 1000 Value E | Add +15.7% | 3.72% | +0.26 |
| MSFT Microsoft Corp. | Add +11.7% | 0.94% | +0.23 |
| NVDA Nvidia Corp. | Add +5.5% | 0.54% | +0.15 |
| AOA iShares Core 80/20 Aggressiv | Add +6.6% | 1.85% | +0.08 |
| PHYL Pgim Active High Yield Bond | Add +24.0% | 0.54% | +0.07 |
| VONG Vanguard Russell 1000 Growth | Add +77.9% | 0.13% | +0.06 |
| VONV Vanguard Russell 1000 Value | New | 0.05% | +0.05 |
| SRE Sempra | New | 0.05% | +0.05 |
| TSLA Tesla Inc. | Add +23.7% | 0.16% | +0.04 |
| APG Api Group Corp. | New | 0.04% | +0.04 |
| ET Energy Transfer LP | New | 0.04% | +0.04 |
| MMM 3M Co. | New | 0.04% | +0.04 |
| SPMO Invesco S&P 500 Momentum ETF | New | 0.04% | +0.04 |
| DE Deere & Co. | New | 0.04% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | New | 0.03% | +0.03 |
| MA Mastercard Inc. Class A | New | 0.03% | +0.03 |
| KLAC KLA Corp. | New | 0.03% | +0.03 |
| AVGO Broadcom Inc. | Add +0.4% | 0.08% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +37.7% | 0.09% | +0.03 |
| PM Philip Morris International | Add +0.5% | 0.68% | +0.02 |
| ORCL Oracle Corp. | Add +2.8% | 0.06% | +0.02 |
| AMZN Amazon.com Inc. | Add +2.0% | 0.31% | +0.02 |
| ROK Rockwell Automation Inc. | Add +0.3% | 0.11% | +0.01 |
| BMI Badger Meter Inc. | Add +0.1% | 0.11% | +0.01 |
| IBM Intl Business Machines Corp. | Add +7.0% | 0.11% | +0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +27.9% | 0.26% | +0.01 |
| JCI Johnson Controls Internation | Add +0.4% | 0.06% | +0.01 |
| PYLD PIMCO Multisector Bond Actv | Add +10.5% | 5.78% | +0.01 |
| WMT Walmart Inc. | Add +2.5% | 0.23% | +0.01 |
| GOOG Alphabet Inc. Class C | Add +1.4% | 0.13% | +0.00 |
| AXP American Express Co. | Add +0.1% | 0.05% | +0.00 |
| GLD SPDR Gold Shares | Add +10.3% | 0.06% | +0.00 |
| MAR Marriott International Class A | Add +0.1% | 0.09% | +0.00 |
| EFIV SS SPDR S&P 500 ESG ETF | Add +3.8% | 0.04% | +0.00 |
| XVV iShares ESG Select Screened | Add +1.0% | 0.06% | +0.00 |
| WFC Wells Fargo & Co. | Add +0.5% | 0.05% | +0.00 |
| SNV Synovus Financial Corp. | Add +0.8% | 0.04% | +0.00 |
| RTX RTX Corp. | Add +1.0% | 0.05% | +0.00 |
| FIS Fidelity National Info Serv | Add +0.2% | 0.06% | −0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.1% | 0.15% | −0.00 |
| DFIV Dimensional International Va | Add +1.1% | 0.13% | −0.00 |
| DFAS Dimensional US Small Cap ETF | Add +0.1% | 0.04% | −0.00 |
| DFAT Dimensional US Target Value | Add +0.2% | 0.04% | −0.00 |
| HON Honeywell International Inc. | Add +0.0% | 0.22% | −0.00 |
| LLY Eli Lilly & Co. | Add +10.4% | 0.04% | −0.00 |
Notes & Other Activity Q1 2025 → Q2 2025
| JPMORGAN CHASE & CO (JPM 5.45 PERP P) | PFD | Add +10.2% | 2,999 | $870K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 147 | $858.9M | IVV, AGG, VEA, IWF, VB |
| Q1 2026 | 132 | $741.7M | IVV, AGG, VEA, IWF, VB |
| Q4 2025 | 131 | $713.5M | IVV, AGG, IWF, VEA, VB |
| Q3 2025 | 127 | $676.8M | IVV, IWF, AGG, VB, VEA |
| Q2 2025 | 118 | $618.2M | IVV, AGG, IWF, VB, VEA |
| Q1 2025 | 111 | $555.8M | IVV, AGG, IWF, VB, PYLD |
| Q4 2024 | 111 | $558.6M | IVV, VB, IWF, AGG, VEA |
| Q3 2024 | 108 | $528.7M | IVV, VB, AGG, IWF, VEA |
| Q2 2024 | 116 | $496.5M | IVV, VB, AGG, IWF, VEA |
| Q1 2024 | 104 | $475.8M | IVV, VB, AGG, IWF, VEA |