Exchange Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 1, 2025), Exchange Capital Management, Inc. reported 207 stock positions worth $616.7 million. Its top holding was Microsoft (MSFT) at 4.4% of the portfolio, followed by Vanguard Info Tech ETF (VGT, 3.3%) and Amazon.com (AMZN, 3.1%). Compared with Q4 2024, it opened 3 new positions, sold out of 7, added to 78 and reduced 109. The biggest buy was State Street MY2029 Corporat (MYCI, shares +361%) and the biggest sale Alphabet Class A (GOOGL, shares −1%).
- Most Recent 13F
- Q2 2025
- Location
- Ann Arbor, MI
- CIK
- 0001317733
- Portfolio Value
- $616.7M (Q1 2025)
- SEC Filing
- 0001104659-25-043090 ↗ filed May 1, 2025
Holdings Value
Holdings 207 stocks · $616.7M
| MSFT Microsoft Corp. | 4.42% | 72,539 | $27.2M | Add +0.9% |
| VGT Vanguard Info Tech ETF | 3.29% | 37,404 | $20.3M | Add +6.2% |
| AMZN Amazon.com Inc. | 3.07% | 99,435 | $18.9M | Reduce -1.2% |
| GOOGL Alphabet Inc. Class A | 2.96% | 118,006 | $18.2M | Reduce -1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.70% | 31,317 | $16.7M | Reduce -0.9% |
| DDWM Wisdomtree DY Inter Eq FD-US | 2.70% | 453,317 | $16.7M | Reduce -0.6% |
| VFH Vanguard Financials ETF | 1.94% | 100,086 | $12.0M | Add +2.2% |
| BLK BlackRock Inc. | 1.91% | 12,444 | $11.8M | Reduce -1.5% |
| HEFA Isha Curr Hedged MSCI Eafe | 1.82% | 309,169 | $11.2M | Add +1.1% |
| CRM Salesforce Inc. | 1.74% | 39,901 | $10.7M | Reduce -1.6% |
| MDY State Street SPDR S&P Midcap | 1.73% | 20,031 | $10.7M | Reduce -1.1% |
| VHT Vanguard Health Care ETF | 1.73% | 40,351 | $10.7M | Add +13.3% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 1.71% | 205,914 | $10.5M | Add +9.3% |
| IJR iShares Core S&P Small-Cap E | 1.55% | 91,442 | $9.6M | Reduce -3.1% |
| NOW ServiceNow Inc. | 1.48% | 11,498 | $9.2M | Reduce -1.3% |
| KLAC KLA Corp. | 1.44% | 13,068 | $8.9M | Reduce -1.3% |
| VIS Vanguard Industrials ETF | 1.39% | 34,595 | $8.6M | Add +8.5% |
| VCR Vanguard Consumer Discre ETF | 1.36% | 25,710 | $8.4M | Add +4.0% |
| JPM JPMorgan Chase & Co. | 1.33% | 33,325 | $8.2M | Reduce -2.3% |
| GWRE Guidewire Software Inc. | 1.25% | 41,211 | $7.7M | Reduce -2.9% |
| VOX Vanguard Communication Servi | 1.24% | 51,528 | $7.6M | Add +1.6% |
| MNST Monster Beverage Corp. | 1.18% | 124,804 | $7.3M | No change |
| EMR Emerson Electric Co. | 1.15% | 64,485 | $7.1M | Reduce -1.0% |
| AAPL Apple Inc. | 1.14% | 31,740 | $7.1M | Reduce -3.9% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.13% | 170,720 | $7.0M | Add +11.3% |
| VEEV Veeva Systems Inc. Class A | 1.11% | 29,613 | $6.9M | Reduce -0.2% |
| AGG iShares Core U.S. Aggregate | 1.06% | 66,240 | $6.6M | Reduce -1.0% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 1.05% | 95,550 | $6.5M | Add +14.6% |
| FTEC Fidelity MSCI Info Tech Indx | 0.96% | 36,813 | $5.9M | Reduce -2.5% |
| RTX RTX Corp. | 0.95% | 44,112 | $5.8M | Reduce -0.1% |
| IJH iShares Core S&P Midcap ETF | 0.89% | 94,408 | $5.5M | Reduce -4.3% |
| VPU Vanguard Utilities ETF | 0.86% | 31,071 | $5.3M | Add +9.6% |
| AMGN Amgen Inc. | 0.85% | 16,742 | $5.2M | Reduce -1.1% |
| HD Home Depot Inc. | 0.84% | 14,191 | $5.2M | Reduce -5.1% |
| GILD Gilead Sciences Inc. | 0.84% | 46,108 | $5.2M | Reduce -0.5% |
| MRK Merck & Co. Inc. | 0.83% | 57,322 | $5.1M | Reduce -0.5% |
| HON Honeywell International Inc. | 0.82% | 23,796 | $5.0M | Add +4.3% |
| PG The Procter & Gamble Co. | 0.80% | 28,857 | $4.9M | Reduce -1.1% |
| V Visa Inc. Class A | 0.78% | 13,791 | $4.8M | Reduce -3.8% |
| CMCSA Comcast Corp. Class A | 0.78% | 130,312 | $4.8M | Add +10.6% |
| VAW Vanguard Materials ETF | 0.77% | 25,147 | $4.7M | Add +3.1% |
| KVUE Kenvue Inc. | 0.75% | 192,852 | $4.6M | Add +0.0% |
| LNG Cheniere Energy Inc. | 0.71% | 18,826 | $4.4M | Add +1.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.69% | 42,860 | $4.2M | Reduce -0.6% |
| VDC Vanguard Consumer Staple ETF | 0.66% | 18,590 | $4.1M | Add +6.5% |
| SBUX Starbucks Corp. | 0.66% | 41,466 | $4.1M | Reduce -2.3% |
| XOM Exxon Mobil Corp. | 0.63% | 32,864 | $3.9M | Reduce -0.8% |
| IEMG iShares Core MSCI Emerging | 0.61% | 69,407 | $3.7M | Add +1.9% |
| SCHX Schwab US Large-Cap ETF | 0.60% | 168,588 | $3.7M | Reduce -14.6% |
| MYCI State Street MY2029 Corporat | 0.60% | 150,332 | $3.7M | Add +360.8% |
| BBBS BBLX BBB 1-5Y Corp. Bond ETF | 0.60% | 72,722 | $3.7M | Add +15.4% |
| CTVA Corteva Inc. | 0.58% | 56,740 | $3.6M | Add +0.7% |
| JNJ Johnson & Johnson | 0.58% | 21,394 | $3.5M | Add +8.6% |
| MDT Medtronic PLC | 0.57% | 39,368 | $3.5M | Add +4.5% |
| MYCH State Street MY2028 Corporat | 0.57% | 141,320 | $3.5M | Add +327.0% |
| FHLC Fidelity MSCI Health Care | 0.57% | 51,094 | $3.5M | Reduce -4.6% |
| BSCX Invesco Bulletshares 2033 CB | 0.56% | 165,950 | $3.5M | Reduce -0.5% |
| MCD McDonald's Corp. | 0.56% | 11,082 | $3.5M | Add +3.1% |
| BMY Bristol-Myers Squibb Co. | 0.54% | 54,673 | $3.3M | Add +0.3% |
| XLK SS Technology Select Sector | 0.52% | 15,457 | $3.2M | Reduce -1.4% |
| USB US Bancorp | 0.52% | 75,556 | $3.2M | Reduce -1.6% |
| BSCV Invesco Bulletshares 2031 CB | 0.51% | 193,980 | $3.2M | Reduce -0.7% |
| ZBH Zimmer Biomet Holdings Inc. | 0.50% | 27,462 | $3.1M | Add +1.0% |
| BSCW Invesco Bulletshares 2032 CB | 0.50% | 151,820 | $3.1M | Reduce -0.6% |
| PEP Pepsico Inc. | 0.50% | 20,431 | $3.1M | Reduce -6.7% |
| XTWO Bondbloxx BBG 2Y US TSY ETF | 0.49% | 61,619 | $3.0M | Add +29.5% |
| GD General Dynamics Corp. | 0.48% | 10,830 | $3.0M | Reduce -0.6% |
| LMT Lockheed Martin Corp. | 0.48% | 6,605 | $3.0M | Reduce -0.8% |
| IHDG Wisdomtree International Hed | 0.48% | 67,733 | $2.9M | Add +9.4% |
| COST Costco Wholesale Corp. | 0.46% | 2,992 | $2.8M | Add +21.4% |
| ADBE Adobe Inc. | 0.46% | 7,366 | $2.8M | Reduce -21.3% |
| BSCQ Invesco Bulletshares 2026 CB | 0.46% | 144,934 | $2.8M | Reduce -2.4% |
| XONE Bondbloxx BBG 1 Dur US Treas | 0.45% | 55,922 | $2.8M | Add +4.3% |
| BSCP Invesco Bulletshares 2025 CB | 0.44% | 130,892 | $2.7M | Reduce -7.2% |
| SCHM Schwab US Mid Cap ETF | 0.43% | 102,079 | $2.7M | Reduce -11.9% |
| BSCU Invesco Bulletshares 2030 CB | 0.43% | 160,250 | $2.7M | Reduce -0.7% |
| BSCR Invesco Bulletshares 2027 CB | 0.41% | 130,174 | $2.6M | Reduce -2.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.41% | 9,182 | $2.5M | Reduce -2.7% |
| LOW Lowe's Cos Inc. | 0.40% | 10,602 | $2.5M | Reduce -2.0% |
| FDIS Fidelity MSCI Cons Discr Ind | 0.40% | 29,078 | $2.5M | Reduce -1.9% |
| DDLS Wisdmtre DY Int Smlcap Ef-US | 0.38% | 65,977 | $2.3M | Add +6.1% |
| MYCN State Street MY2034 Corporat | 0.37% | 94,282 | $2.3M | Add +66.0% |
| FNCL Fidelity MSCI Financial Indx | 0.37% | 32,871 | $2.3M | Reduce -3.3% |
| MCO Moody's Corp. | 0.36% | 4,742 | $2.2M | Reduce -3.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 51,529 | $2.2M | Reduce -4.4% |
| FIDU Fidelity MSCI Indust Indx | 0.34% | 30,925 | $2.1M | Reduce -0.8% |
| LRCX Lam Research Corp. | 0.34% | 28,496 | $2.1M | Reduce -2.0% |
| ACN Accenture PLC Class A | 0.34% | 6,633 | $2.1M | Add +0.1% |
| EFX Equifax Inc. | 0.31% | 7,931 | $1.9M | Add +21.7% |
| VWO Vanguard Ftse Emerging Marke | 0.31% | 42,244 | $1.9M | Reduce -1.1% |
| FCOM Fidelity MSCI Comm Serv Indx | 0.30% | 32,954 | $1.9M | Reduce -3.3% |
| ECL Ecolab Inc. | 0.29% | 7,074 | $1.8M | Add +1.4% |
| MCHP Microchip Technology Inc. | 0.29% | 36,936 | $1.8M | Reduce -1.6% |
| ROP Roper Technologies Inc. | 0.28% | 2,959 | $1.7M | Add +7.8% |
| VLO Valero Energy Corp. | 0.27% | 12,835 | $1.7M | No change |
| IVV iShares Core S&P 500 ETF | 0.27% | 2,992 | $1.7M | Reduce -17.4% |
| SCHA Schwab US Small-Cap ETF | 0.27% | 71,649 | $1.7M | Reduce -12.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 2,986 | $1.7M | Reduce -1.4% |
| GOOG Alphabet Inc. Class C | 0.27% | 10,476 | $1.6M | Reduce -3.1% |
| FTNT Fortinet Inc. | 0.26% | 16,620 | $1.6M | Add +4.6% |
Portfolio Sells Q4 2024 → Q1 2025
| GOOGL Alphabet Inc. Class A | Reduce -1.1% | 2.96% | −0.63 |
| NOW ServiceNow Inc. | Reduce -1.3% | 1.48% | −0.48 |
| AMZN Amazon.com Inc. | Reduce -1.2% | 3.07% | −0.44 |
| CRM Salesforce Inc. | Reduce -1.6% | 1.74% | −0.42 |
| BSCT Invesco Bulletshares 2029 CB | Reduce -74.1% | 0.14% | −0.37 |
| BSCS Invesco Bulletshares 2028 CB | Reduce -76.3% | 0.11% | −0.33 |
| ADBE Adobe Inc. | Reduce -21.3% | 0.46% | −0.20 |
| IJR iShares Core S&P Small-Cap E | Reduce -3.1% | 1.55% | −0.18 |
| AAPL Apple Inc. | Reduce -3.9% | 1.14% | −0.17 |
| BLK BlackRock Inc. | Reduce -1.5% | 1.91% | −0.15 |
| FTEC Fidelity MSCI Info Tech Indx | Reduce -2.5% | 0.96% | −0.15 |
| EMR Emerson Electric Co. | Reduce -1.0% | 1.15% | −0.14 |
| SCHX Schwab US Large-Cap ETF | Reduce -14.6% | 0.60% | −0.12 |
| MDY State Street SPDR S&P Midcap | Reduce -1.1% | 1.73% | −0.10 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.09 |
| IJH iShares Core S&P Midcap ETF | Reduce -4.3% | 0.89% | −0.08 |
| HD Home Depot Inc. | Reduce -5.1% | 0.84% | −0.08 |
| DIS The Walt Disney Co. | Reduce -0.6% | 0.69% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -0.5% | 0.83% | −0.08 |
| SCHM Schwab US Mid Cap ETF | Reduce -11.9% | 0.43% | −0.08 |
| SPMB SS SPDR P Mort Back Bond ETF | Reduce -49.9% | 0.08% | −0.07 |
| USB US Bancorp | Reduce -1.6% | 0.52% | −0.07 |
| IVV iShares Core S&P 500 ETF | Reduce -17.4% | 0.27% | −0.07 |
| SCHA Schwab US Small-Cap ETF | Reduce -12.4% | 0.27% | −0.06 |
| GOOG Alphabet Inc. Class C | Reduce -3.1% | 0.27% | −0.06 |
| XLK SS Technology Select Sector | Reduce -1.4% | 0.52% | −0.06 |
| FDIS Fidelity MSCI Cons Discr Ind | Reduce -1.9% | 0.40% | −0.06 |
| XHLF Bondbloxx BBG 6 MTH US Treas | Reduce -23.8% | 0.20% | −0.05 |
| MCHP Microchip Technology Inc. | Reduce -1.6% | 0.29% | −0.05 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.05 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.05 |
| IBHE iShares Ibonds 2025 H/Y Inc. | Sold out | 0.00% | −0.04 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -54.6% | 0.03% | −0.04 |
| LMT Lockheed Martin Corp. | Reduce -0.8% | 0.48% | −0.04 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.03 |
| XLY SS Consumer Disc Select Sect | Reduce -5.0% | 0.20% | −0.03 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.03 |
| FITB Fifth Third Bancorp | Sold out | 0.00% | −0.03 |
| PEP Pepsico Inc. | Reduce -6.7% | 0.50% | −0.03 |
| BAC Bank of America Corp. | Reduce -4.4% | 0.35% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.7% | 0.41% | −0.03 |
| AMAT Applied Materials Inc. | Reduce -2.4% | 0.20% | −0.02 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -7.2% | 0.44% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -2.0% | 0.40% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -14.0% | 0.14% | −0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -13.6% | 0.14% | −0.02 |
| ORCL Oracle Corp. | Reduce -4.5% | 0.09% | −0.02 |
| FCOM Fidelity MSCI Comm Serv Indx | Reduce -3.3% | 0.30% | −0.02 |
| BAB Invesco Taxable Municipal Bo | Reduce -30.1% | 0.05% | −0.02 |
| VEA Vanguard Ftse Developed ETF | Reduce -32.4% | 0.05% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| MYCI State Street MY2029 Corporat | Add +360.8% | 0.60% | +0.48 |
| MYCH State Street MY2028 Corporat | Add +327.0% | 0.57% | +0.44 |
| VHT Vanguard Health Care ETF | Add +13.3% | 1.73% | +0.30 |
| MYCN State Street MY2034 Corporat | Add +66.0% | 0.37% | +0.16 |
| HEFA Isha Curr Hedged MSCI Eafe | Add +1.1% | 1.82% | +0.13 |
| VPU Vanguard Utilities ETF | Add +9.6% | 0.86% | +0.12 |
| XTWO Bondbloxx BBG 2Y US TSY ETF | Add +29.5% | 0.49% | +0.12 |
| JNJ Johnson & Johnson | Add +8.6% | 0.58% | +0.12 |
| MYCJ State Street MY2030 Corporat | Add +133.6% | 0.19% | +0.11 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Add +14.6% | 1.05% | +0.11 |
| VFH Vanguard Financials ETF | Add +2.2% | 1.94% | +0.10 |
| COST Costco Wholesale Corp. | Add +21.4% | 0.46% | +0.10 |
| VIS Vanguard Industrials ETF | Add +8.5% | 1.39% | +0.10 |
| BBBS BBLX BBB 1-5Y Corp. Bond ETF | Add +15.4% | 0.60% | +0.10 |
| KVUE Kenvue Inc. | Add +0.0% | 0.75% | +0.10 |
| MDT Medtronic PLC | Add +4.5% | 0.57% | +0.10 |
| CMCSA Comcast Corp. Class A | Add +10.6% | 0.78% | +0.08 |
| MYCL State Street MY2032 Corporat | Add +104.3% | 0.14% | +0.08 |
| CLX Clorox Company | Add +58.8% | 0.23% | +0.07 |
| MYCM State Street MY2033 Corporat | Add +73.2% | 0.17% | +0.07 |
| VDC Vanguard Consumer Staple ETF | Add +6.5% | 0.66% | +0.07 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +9.3% | 1.71% | +0.07 |
| LNG Cheniere Energy Inc. | Add +1.3% | 0.71% | +0.07 |
| MYCK State Street MY2031 Corporat | Add +138.3% | 0.12% | +0.07 |
| CTVA Corteva Inc. | Add +0.7% | 0.58% | +0.07 |
| MCD McDonald's Corp. | Add +3.1% | 0.56% | +0.07 |
| ROP Roper Technologies Inc. | Add +7.8% | 0.28% | +0.06 |
| BMY Bristol-Myers Squibb Co. | Add +0.3% | 0.54% | +0.05 |
| VDE Vanguard Energy ETF | Add +67.8% | 0.11% | +0.05 |
| EFX Equifax Inc. | Add +21.7% | 0.31% | +0.05 |
| IHDG Wisdomtree International Hed | Add +9.4% | 0.48% | +0.05 |
| ZBH Zimmer Biomet Holdings Inc. | Add +1.0% | 0.50% | +0.05 |
| MYMI State Street MY2029 Municipa | New | 0.05% | +0.05 |
| VAW Vanguard Materials ETF | Add +3.1% | 0.77% | +0.04 |
| IEMG iShares Core MSCI Emerging | Add +1.9% | 0.61% | +0.04 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +11.3% | 1.13% | +0.03 |
| AEE Ameren Corporation | New | 0.03% | +0.03 |
| DDLS Wisdmtre DY Int Smlcap Ef-US | Add +6.1% | 0.38% | +0.03 |
| JCI Johnson Controls Internation | New | 0.03% | +0.03 |
| ECL Ecolab Inc. | Add +1.4% | 0.29% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +1.3% | 0.18% | +0.03 |
| XONE Bondbloxx BBG 1 Dur US Treas | Add +4.3% | 0.45% | +0.03 |
| CME Cme Group Inc. | Add +3.4% | 0.16% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +34.2% | 0.09% | +0.03 |
| MYCG State Street MY2027 Corporat | Add +22.3% | 0.12% | +0.02 |
| XTRE Bondbloxx BBG 3Y US TSY ETF | Add +13.6% | 0.15% | +0.02 |
| IBDQ iShares Ibonds Dec 2025 Term | Add +7.3% | 0.24% | +0.02 |
| FTNT Fortinet Inc. | Add +4.6% | 0.26% | +0.02 |
| ICLN iShares Global Clean Energy | Add +21.3% | 0.10% | +0.02 |
| MYMJ State Street MY2030 Municipa | Add +23.4% | 0.09% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2025 | 206 | $670.0M | MSFT, VGT, AMZN, GOOGL, DDWM |
| Q1 2025 | 207 | $616.7M | MSFT, VGT, AMZN, GOOGL, BRK.B |
| Q4 2024 | 211 | $629.6M | MSFT, GOOGL, AMZN, VGT, DDWM |
| Q3 2024 | 194 | $628.0M | MSFT, VGT, GOOGL, AMZN, BRK.B |
| Q2 2024 | 193 | $613.9M | MSFT, GOOGL, AMZN, VGT, DDWM |
| Q1 2024 | 188 | $614.6M | MSFT, AMZN, GOOGL, VGT, BRK.B |