Excalibur Management Corp.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Excalibur Management Corp. reported 160 stock positions worth $277.1 million. Its top holding was Carlisle Cos (CSL) at 8.3% of the portfolio, followed by Apple (AAPL, 5.9%) and Microsoft (MSFT, 4.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 8, added to 41 and reduced 102. The biggest buy was Merck (MRK, shares +2%) and the biggest sale Carlisle Cos (CSL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- WALTHAM, MA
- CIK
- 0001009003
- Portfolio Value
- $277.1M (Q4 2025)
- SEC Filing
- 0001009003-26-000002 ↗ filed Feb 10, 2026
Holdings Value
Holdings 160 stocks · $277.1M
| CSL Carlisle Cos Inc. | 8.31% | 71,990 | $23.0M | Reduce -2.2% |
| AAPL Apple Inc. | 5.87% | 59,822 | $16.3M | Reduce -3.9% |
| MSFT Microsoft Corp. | 4.45% | 25,496 | $12.3M | Reduce -2.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.24% | 23,373 | $11.7M | Add +6.9% |
| JPM JPMorgan Chase & Co. | 3.97% | 34,131 | $11.0M | Reduce -1.9% |
| JNJ Johnson & Johnson | 2.83% | 37,944 | $7.9M | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 2.16% | 19,095 | $6.0M | Reduce -1.9% |
| MRK Merck & Co. Inc. | 2.02% | 53,074 | $5.6M | Add +2.1% |
| META Meta Platforms Inc. Class A | 1.89% | 7,939 | $5.2M | Add +0.3% |
| RSP Invesco S&P 500 Equal Weight | 1.71% | 24,700 | $4.7M | Add +14.2% |
| V Visa Inc. Class A | 1.60% | 12,669 | $4.4M | Reduce -0.8% |
| VZ Verizon Communications Inc. | 1.55% | 105,503 | $4.3M | Add +5.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.45% | 13,539 | $4.0M | Reduce -0.5% |
| T AT&T Inc. | 1.38% | 153,939 | $3.8M | Add +2.6% |
| PFE Pfizer Inc. | 1.36% | 150,880 | $3.8M | Add +3.6% |
| GS Goldman Sachs Group Inc. | 1.36% | 4,273 | $3.8M | Reduce -0.6% |
| PG The Procter & Gamble Co. | 1.29% | 24,953 | $3.6M | Reduce -0.1% |
| NVDA Nvidia Corp. | 1.23% | 18,276 | $3.4M | Add +2.0% |
| XOM Exxon Mobil Corp. | 1.20% | 27,604 | $3.3M | Add +2.1% |
| CSCO Cisco Systems Inc. | 1.17% | 42,053 | $3.2M | Reduce -0.7% |
| CVS CVS Health Corp. | 1.12% | 39,249 | $3.1M | Reduce -2.3% |
| AMZN Amazon.com Inc. | 1.12% | 13,405 | $3.1M | Reduce -4.1% |
| ABBV Abbvie Inc. | 1.11% | 13,449 | $3.1M | Reduce -2.0% |
| NFLX Netflix Inc. | 1.09% | 32,138 | $3.0M | Reduce -0.6% |
| CVX Chevron Corp. | 1.05% | 19,108 | $2.9M | Add +4.2% |
| PEP Pepsico Inc. | 1.02% | 19,772 | $2.8M | Add +8.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.98% | 49,284 | $2.7M | Add +2.4% |
| GILD Gilead Sciences Inc. | 0.96% | 21,572 | $2.6M | Reduce -1.9% |
| GLD SPDR Gold Shares | 0.95% | 6,660 | $2.6M | Reduce -2.7% |
| RTX RTX Corp. | 0.89% | 13,473 | $2.5M | Reduce -2.3% |
| AXP American Express Co. | 0.85% | 6,331 | $2.3M | Reduce -5.9% |
| AVGO Broadcom Inc. | 0.82% | 6,557 | $2.3M | Reduce -4.3% |
| MS Morgan Stanley | 0.78% | 12,191 | $2.2M | Reduce -1.3% |
| KO The Coca-Cola Co. | 0.78% | 30,857 | $2.2M | Add +0.1% |
| SPGI S&P Global Inc. | 0.77% | 4,081 | $2.1M | No change |
| FDX FedEx Corp. | 0.77% | 7,367 | $2.1M | Reduce -0.9% |
| AMGN Amgen Inc. | 0.76% | 6,411 | $2.1M | Add +0.1% |
| KMI Kinder Morgan Inc. | 0.72% | 72,888 | $2.0M | Reduce -0.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.68% | 2,752 | $1.9M | Add +9.9% |
| INTC Intel Corp. | 0.66% | 49,349 | $1.8M | Reduce -3.3% |
| IVV iShares Core S&P 500 ETF | 0.64% | 2,596 | $1.8M | Reduce -0.9% |
| BMY Bristol-Myers Squibb Co. | 0.64% | 32,896 | $1.8M | Add +6.6% |
| ABT Abbott Laboratories | 0.63% | 13,843 | $1.7M | No change |
| C Citigroup Inc. | 0.62% | 14,697 | $1.7M | Add +0.2% |
| HD Home Depot Inc. | 0.61% | 4,929 | $1.7M | Reduce -0.2% |
| WPC WP Carey Inc. | 0.60% | 25,873 | $1.7M | Reduce -2.5% |
| WFC Wells Fargo & Co. | 0.60% | 17,856 | $1.7M | Reduce -1.5% |
| SHEL Shell PLC-ADR | 0.59% | 22,231 | $1.6M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.58% | 8,234 | $1.6M | Reduce -3.5% |
| INDB Independent Bank Corp. | 0.58% | 21,850 | $1.6M | Reduce -4.4% |
| LMT Lockheed Martin Corp. | 0.56% | 3,229 | $1.6M | Add +5.5% |
| MA Mastercard Inc. Class A | 0.56% | 2,725 | $1.6M | Add +0.2% |
| MMM 3M Co. | 0.54% | 9,310 | $1.5M | Reduce -2.5% |
| PM Philip Morris International | 0.53% | 9,183 | $1.5M | Reduce -1.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.53% | 9,535 | $1.5M | Reduce -1.5% |
| LLY Eli Lilly & Co. | 0.52% | 1,342 | $1.4M | Reduce -3.9% |
| DUK Duke Energy Corp. | 0.51% | 12,014 | $1.4M | Add +0.2% |
| ETN Eaton Corp. PLC | 0.50% | 4,342 | $1.4M | Reduce -3.1% |
| COST Costco Wholesale Corp. | 0.48% | 1,546 | $1.3M | Add +0.4% |
| ED Consolidated Edison Inc. | 0.47% | 13,145 | $1.3M | Reduce -0.1% |
| WMT Walmart Inc. | 0.46% | 11,476 | $1.3M | Reduce -2.1% |
| GOOG Alphabet Inc. Class C | 0.46% | 4,068 | $1.3M | Reduce -0.5% |
| QCOM Qualcomm Inc. | 0.46% | 7,377 | $1.3M | Reduce -0.5% |
| PNW Pinnacle West Capital | 0.45% | 13,936 | $1.2M | Reduce -0.3% |
| VIG Vanguard Dividend Apprec ETF | 0.44% | 5,565 | $1.2M | Add +39.4% |
| IWM iShares Russell 2000 ETF | 0.42% | 4,717 | $1.2M | Reduce -7.3% |
| NEM Newmont Corp. | 0.40% | 11,100 | $1.1M | Reduce -0.4% |
| UNP Union Pacific Corp. | 0.39% | 4,677 | $1.1M | Reduce -0.3% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 3,501 | $1.1M | Reduce -3.7% |
| CAT Caterpillar Inc. | 0.39% | 1,871 | $1.1M | Reduce -1.8% |
| SYK Stryker Corp. | 0.39% | 3,044 | $1.1M | Add +0.0% |
| UPS United Parcel Service Class B | 0.38% | 10,588 | $1.1M | Reduce -8.6% |
| MCK McKesson Corp. | 0.38% | 1,273 | $1.0M | Reduce -5.6% |
| MO Altria Group Inc. | 0.37% | 17,987 | $1.0M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.36% | 8,889 | $1.0M | Add +0.5% |
| PULS Pgim Ultra Short Bond ETF | 0.36% | 20,272 | $1.0M | Add +14.8% |
| DE Deere & Co. | 0.35% | 2,094 | $975K | Reduce -5.4% |
| HON Honeywell International Inc. | 0.33% | 4,719 | $921K | Reduce -0.3% |
| D Dominion Energy Inc. | 0.32% | 15,352 | $900K | Add +6.8% |
| GIS General Mills Inc. | 0.31% | 18,611 | $865K | Add +16.9% |
| SO The Southern Co. | 0.31% | 9,735 | $849K | Reduce -0.7% |
| SBUX Starbucks Corp. | 0.31% | 10,073 | $848K | Reduce -0.6% |
| TT Trane Technologies PLC | 0.31% | 2,173 | $846K | Reduce -1.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.30% | 1,365 | $838K | Reduce -0.1% |
| NSC Norfolk Southern Corp. | 0.30% | 2,871 | $829K | Reduce -1.4% |
| UL Unilever PLC-Sponsored ADR | 0.28% | 11,789 | $771K | Reduce -1.1% |
| NEE Nextera Energy Inc. | 0.27% | 9,337 | $750K | Reduce -3.2% |
| TGT Target Corp. | 0.26% | 7,248 | $708K | Add +2.5% |
| PNC PNC Financial Services Group | 0.25% | 3,307 | $690K | Reduce -1.7% |
| CARR Carrier Global Corp. | 0.24% | 12,636 | $668K | Reduce -1.2% |
| EMR Emerson Electric Co. | 0.23% | 4,831 | $641K | Reduce -4.9% |
| B Barrick Mining Corp. | 0.23% | 14,631 | $637K | Reduce -0.7% |
| AVB Avalonbay Communities Inc. | 0.23% | 3,505 | $635K | Reduce -6.2% |
| NKE Nike Inc. Class B | 0.23% | 9,867 | $629K | Reduce -4.4% |
| CMI Cummins Inc. | 0.22% | 1,188 | $606K | Reduce -4.5% |
| KMB Kimberly-Clark Corp. | 0.22% | 5,933 | $599K | Reduce -8.7% |
| BX Blackstone Inc. | 0.21% | 3,864 | $596K | Reduce -4.2% |
| GSK GSK PLC-Spon ADR | 0.21% | 12,088 | $593K | Reduce -0.3% |
| GEV GE Vernova Inc. | 0.21% | 883 | $577K | Reduce -2.9% |
| USB US Bancorp | 0.20% | 10,354 | $552K | Reduce -2.8% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $242K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 193 | $242K | Reduce -4.9% |
Total filed on the 13F, all lines: $277.4M.
Portfolio Sells Q3 2025 → Q4 2025
| CSL Carlisle Cos Inc. | Reduce -2.2% | 8.31% | −0.49 |
| MSFT Microsoft Corp. | Reduce -2.2% | 4.45% | −0.46 |
| GLDM SPDR Gold Minishares Trust | Sold out | 0.00% | −0.40 |
| NFLX Netflix Inc. | Reduce -0.6% | 1.09% | −0.32 |
| ORCL Oracle Corp. | Reduce -3.5% | 0.58% | −0.29 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.27 |
| K Kellanova | Sold out | 0.00% | −0.12 |
| HD Home Depot Inc. | Reduce -0.2% | 0.61% | −0.11 |
| ETN Eaton Corp. PLC | Reduce -3.1% | 0.50% | −0.11 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 1.29% | −0.10 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.10 |
| DD Dupont DE Nemours Inc. | Reduce -6.7% | 0.09% | −0.09 |
| PSA Public Storage | Sold out | 0.00% | −0.08 |
| INGR Ingredion Inc. | Sold out | 0.00% | −0.08 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.08 |
| KMB Kimberly-Clark Corp. | Reduce -8.7% | 0.22% | −0.08 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.07 |
| WPC WP Carey Inc. | Reduce -2.5% | 0.60% | −0.05 |
| PYPL PayPal Holdings Inc. | Reduce -14.6% | 0.14% | −0.05 |
| ABBV Abbvie Inc. | Reduce -2.0% | 1.11% | −0.05 |
| CARR Carrier Global Corp. | Reduce -1.2% | 0.24% | −0.04 |
| BX Blackstone Inc. | Reduce -4.2% | 0.21% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -10.3% | 0.12% | −0.03 |
| NKE Nike Inc. Class B | Reduce -4.4% | 0.23% | −0.03 |
| IXN iShares Global Tech ETF | Reduce -19.5% | 0.15% | −0.03 |
| AVB Avalonbay Communities Inc. | Reduce -6.2% | 0.23% | −0.03 |
| TT Trane Technologies PLC | Reduce -1.5% | 0.31% | −0.03 |
| KMI Kinder Morgan Inc. | Reduce -0.8% | 0.72% | −0.03 |
| SO The Southern Co. | Reduce -0.7% | 0.31% | −0.03 |
| HON Honeywell International Inc. | Reduce -0.3% | 0.33% | −0.03 |
| CLX Clorox Company | Reduce -9.9% | 0.08% | −0.03 |
| IWM iShares Russell 2000 ETF | Reduce -7.3% | 0.42% | −0.03 |
| OGN Organon & Co. | Reduce -18.5% | 0.03% | −0.03 |
| BLK BlackRock Inc. | Reduce -3.0% | 0.17% | −0.02 |
| ZM Zoom Communications Inc. | Reduce -25.5% | 0.07% | −0.02 |
| DOW Dow Inc. | Reduce -18.3% | 0.09% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -1.9% | 3.97% | −0.02 |
| NSC Norfolk Southern Corp. | Reduce -1.4% | 0.30% | −0.02 |
| DE Deere & Co. | Reduce -5.4% | 0.35% | −0.02 |
| O Realty Income Corp. | Reduce -3.5% | 0.12% | −0.02 |
| PM Philip Morris International | Reduce -1.0% | 0.53% | −0.01 |
| PSX Phillips 66 | Reduce -1.4% | 0.18% | −0.01 |
| UNP Union Pacific Corp. | Reduce -0.3% | 0.39% | −0.01 |
| JBLU Jetblue Airways Corp. | Reduce -18.4% | 0.03% | −0.01 |
| EMR Emerson Electric Co. | Reduce -4.9% | 0.23% | −0.01 |
| UL Unilever PLC-Sponsored ADR | Reduce -1.1% | 0.28% | −0.01 |
| ED Consolidated Edison Inc. | Reduce -0.1% | 0.47% | −0.01 |
| PNW Pinnacle West Capital | Reduce -0.3% | 0.45% | −0.01 |
| TROW T Rowe Price Group Inc. | Reduce -6.2% | 0.11% | −0.01 |
| GE General Electric | Reduce -3.7% | 0.39% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| MRK Merck & Co. Inc. | Add +2.1% | 2.02% | +0.43 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.9% | 4.24% | +0.25 |
| RSP Invesco S&P 500 Equal Weight | Add +14.2% | 1.71% | +0.22 |
| BMY Bristol-Myers Squibb Co. | Add +6.6% | 0.64% | +0.13 |
| VIG Vanguard Dividend Apprec ETF | Add +39.4% | 0.44% | +0.13 |
| IAU iShares Gold Trust | New | 0.12% | +0.12 |
| AMGN Amgen Inc. | Add +0.1% | 0.76% | +0.10 |
| XOM Exxon Mobil Corp. | Add +2.1% | 1.20% | +0.09 |
| PEP Pepsico Inc. | Add +8.0% | 1.02% | +0.09 |
| SHV iShares 0-1 Year Treasury Bo | New | 0.09% | +0.09 |
| C Citigroup Inc. | Add +0.2% | 0.62% | +0.08 |
| BAC Bank of America Corp. | Add +2.4% | 0.98% | +0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +9.9% | 0.68% | +0.07 |
| PULS Pgim Ultra Short Bond ETF | Add +14.8% | 0.36% | +0.04 |
| KO The Coca-Cola Co. | Add +0.1% | 0.78% | +0.04 |
| CAG Conagra Brands Inc. | Add +40.8% | 0.12% | +0.03 |
| TGT Target Corp. | Add +2.5% | 0.26% | +0.03 |
| GIS General Mills Inc. | Add +16.9% | 0.31% | +0.02 |
| VTI VG Morningstar TS MKT ETF-US | Add +19.1% | 0.10% | +0.02 |
| CVX Chevron Corp. | Add +4.2% | 1.05% | +0.02 |
| NVDA Nvidia Corp. | Add +2.0% | 1.23% | +0.02 |
| CB Chubb Ltd. | Add +2.4% | 0.10% | +0.01 |
| LMT Lockheed Martin Corp. | Add +5.5% | 0.56% | +0.01 |
| PFE Pfizer Inc. | Add +3.6% | 1.36% | +0.01 |
| AEP American Electric Power | Add +1.9% | 0.16% | +0.01 |
| D Dominion Energy Inc. | Add +6.8% | 0.32% | +0.01 |
| COP Conocophillips | Add +2.6% | 0.14% | +0.00 |
| MCD McDonald's Corp. | Add +0.6% | 0.20% | +0.00 |
| BP BP PLC-Spons ADR | Add +0.5% | 0.08% | +0.00 |
| ADBE Adobe Inc. | Add +1.4% | 0.07% | 0.00 |
| WM Waste Management Inc. | Add +0.8% | 0.09% | −0.00 |
| MA Mastercard Inc. Class A | Add +0.2% | 0.56% | −0.00 |
| DIS The Walt Disney Co. | Add +0.5% | 0.36% | −0.00 |
| HSY The Hershey Co. | Add +1.1% | 0.13% | −0.00 |
| NOC Northrop Grumman Corp. | Add +0.4% | 0.10% | −0.01 |
| TXN Texas Instruments Inc. | Add +0.3% | 0.13% | −0.01 |
| ITW Illinois Tool Works | Add +0.1% | 0.17% | −0.01 |
| SYK Stryker Corp. | Add +0.0% | 0.39% | −0.02 |
| DUK Duke Energy Corp. | Add +0.2% | 0.51% | −0.03 |
| COST Costco Wholesale Corp. | Add +0.4% | 0.48% | −0.04 |
| VZ Verizon Communications Inc. | Add +5.0% | 1.55% | −0.05 |
| T AT&T Inc. | Add +2.6% | 1.38% | −0.16 |
| META Meta Platforms Inc. Class A | Add +0.3% | 1.89% | −0.22 |
Notes & Other Activity Q3 2025 → Q4 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -4.9% | 193 | $242K |
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 | 174 | $303.3M | CSL, AAPL, BRK.B, JPM, MSFT |
| Q1 2026 | 159 | $278.3M | CSL, AAPL, BRK.B, JPM, MSFT |
| Q4 2025 | 160 | $277.1M | CSL, AAPL, MSFT, BRK.B, JPM |
| Q3 2025 | 165 | $275.3M | CSL, AAPL, MSFT, BRK.B, JPM |
| Q2 2025 | 164 | $266.3M | CSL, MSFT, AAPL, BRK.B, JPM |
| Q1 2025 | 166 | $254.1M | CSL, AAPL, BRK.B, MSFT, JPM |
| Q4 2024 | 165 | $251.5M | CSL, AAPL, MSFT, BRK.B, JPM |
| Q3 2024 | 166 | $262.0M | CSL, AAPL, MSFT, BRK.B, JPM |
| Q2 2024 | 162 | $244.9M | CSL, MSFT, AAPL, BRK.B, JPM |
| Q1 2024 | 160 | $236.0M | CSL, MSFT, AAPL, BRK.B, JPM |