Fulcrum Capital LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 8, 2025), Fulcrum Capital LLC reported 106 stock positions worth $451.1 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 10.3% of the portfolio, followed by Apple (AAPL, 7.4%) and Microsoft (MSFT, 6.5%). Compared with Q4 2024, it opened 10 new positions, sold out of 17, added to 50 and reduced 24. The biggest buy was Alphabet Class C (GOOG, shares +1185%) and the biggest sale an exit from Alphabet Class A (GOOGL).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001724090
Portfolio Value
$451.1M (Q1 2025)
SEC Filing
0001724090-25-000004 ↗ filed Apr 8, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $421.4M Q1 2024 Q2 2024: $439.2M Q2 2024 Q3 2024: $459.1M Q3 2024 Q4 2024: $477.6M Q4 2024 Q1 2025: $451.1M $451.1M Q1 2025 Q2 2025: $472.8M Q2 2025 Q3 2025: $487.7M Q3 2025 Q4 2025: $498.0M Q4 2025 Q1 2026: $460.6M Q1 2026 Q2 2026: $492.9M Q2 2026

Holdings 106 stocks · $451.1M
VO Vngrd Mrngstr MD-Cap ETF-Usd 10.34% 180,400 $46.7M Add +0.1%
AAPL Apple Inc. 7.36% 149,509 $33.2M Reduce -6.6%
MSFT Microsoft Corp. 6.55% 78,705 $29.5M Add +7.0%
AMZN Amazon.com Inc. 4.33% 102,623 $19.5M Add +1.4%
NVDA Nvidia Corp. 4.20% 174,824 $18.9M Add +1.5%
GOOG Alphabet Inc. Class C 3.88% 113,031 $17.5M Add +1184.6%
MA Mastercard Inc. Class A 3.28% 26,974 $14.8M Reduce -9.0%
TT Trane Technologies PLC 3.14% 42,046 $14.2M Add +0.4%
UNH Unitedhealth Group Inc. 2.79% 24,013 $12.6M Add +6.4%
FTNT Fortinet Inc. 2.74% 128,494 $12.4M Add +2.0%
JPM JPMorgan Chase & Co. 2.64% 48,561 $11.9M Reduce -4.2%
CME Cme Group Inc. 2.55% 43,392 $11.5M Reduce -3.0%
WM Waste Management Inc. 2.45% 47,767 $11.1M Reduce -0.7%
SPGI S&P Global Inc. 2.36% 20,946 $10.6M Reduce -1.3%
NFLX Netflix Inc. 2.35% 11,374 $10.6M Reduce -3.0%
ADBE Adobe Inc. 2.19% 25,782 $9.9M Add +1.4%
EW Edwards Lifesciences Corp. 2.03% 126,267 $9.2M Add +3.5%
ZTS Zoetis Inc. 1.92% 52,546 $8.7M Add +3.4%
PEP Pepsico Inc. 1.68% 50,528 $7.6M Add +0.2%
VRTX Vertex Pharmaceuticals Inc. 1.67% 15,578 $7.6M Add +0.5%
INTU Intuit Inc. 1.66% 12,192 $7.5M Reduce -5.8%
XYL Xylem Inc. 1.53% 57,905 $6.9M Add +2.3%
ULTA Ulta Beauty Inc. 1.48% 18,217 $6.7M Add +0.4%
LIN Linde PLC 1.47% 14,249 $6.6M Add +1.5%
EA Electronic Arts Inc. 1.47% 45,756 $6.6M Add +3.0%
ABT Abbott Laboratories 1.35% 45,748 $6.1M Add +2.4%
IVV iShares Core S&P 500 ETF 1.33% 10,655 $6.0M Reduce -25.8%
EOG EOG Resources Inc. 1.28% 44,895 $5.8M Add +0.3%
DHI D.R. Horton Inc. 1.24% 43,894 $5.6M Add +3.0%
LRCX Lam Research Corp. 1.19% 74,088 $5.4M New
FANG Diamondback Energy Inc. 1.08% 30,402 $4.9M Add +6.5%
FSLR First Solar Inc. 1.02% 36,317 $4.6M Add +4.1%
XBI SS SPDR S&P Biotech ETF 0.93% 51,838 $4.2M Add +4.4%
JQUA JPMorgan US Quality Factor 0.92% 73,721 $4.2M Add +3.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.87% 10,626 $3.9M Add +2.9%
PYPL PayPal Holdings Inc. 0.76% 52,371 $3.4M Reduce -1.8%
AMGN Amgen Inc. 0.70% 10,135 $3.2M Add +1.9%
DXCM Dexcom Inc. 0.52% 34,072 $2.3M New
IWR iShares Russell Mid-Cap ETF 0.40% 21,301 $1.8M Reduce -8.2%
V Visa Inc. Class A 0.37% 4,756 $1.7M Reduce -17.4%
SPYM Ste STR SPDR PT S&P 500 ETF 0.37% 25,338 $1.7M New
ECL Ecolab Inc. 0.36% 6,472 $1.6M Reduce -3.0%
BRK.B Berkshire Hathaway Inc. Class B 0.36% 3,009 $1.6M Add +8.6%
CVLC Calvert US L-C CR Resp Index 0.34% 22,548 $1.6M Add +43.5%
ALGN Align Technology Inc. 0.33% 9,282 $1.5M Add +0.8%
COST Costco Wholesale Corp. 0.32% 1,518 $1.4M Reduce -18.3%
VYM Vanguard High DVD Yield ETF 0.31% 10,765 $1.4M No change
VZ Verizon Communications Inc. 0.30% 30,130 $1.4M Add +0.1%
XLV SS Health Care Select Sector 0.28% 8,700 $1.3M No change
WELL Welltower Inc. 0.20% 5,957 $913K Reduce -2.8%
JNJ Johnson & Johnson 0.18% 4,981 $826K Add +26.0%
AWK American Water Works Co. Inc. 0.15% 4,695 $693K Reduce -2.5%
SCHD Schwab US DVD Equity ETF 0.14% 22,885 $640K Reduce -0.5%
IEFA iShares Core MSCI Eafe ETF 0.14% 8,381 $634K New
ATO Atmos Energy Corp. 0.14% 4,100 $634K No change
SBUX Starbucks Corp. 0.13% 6,022 $591K New
KO The Coca-Cola Co. 0.12% 7,839 $561K Add +20.6%
ABBV Abbvie Inc. 0.12% 2,566 $538K Add +29.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.12% 957 $535K Add +2.9%
PG The Procter & Gamble Co. 0.12% 3,123 $532K Add +16.8%
VDC Vanguard Consumer Staple ETF 0.12% 2,420 $530K No change
MAR Marriott International Class A 0.11% 2,040 $486K Add +2.0%
ESGD iShares Trust iShares ESG Aw 0.11% 5,922 $484K Reduce -8.6%
BCC Boise Cascade Co. 0.11% 4,907 $481K Reduce -46.6%
AVGO Broadcom Inc. 0.10% 2,725 $456K Add +10.6%
LAMR Lamar Advertising Co. Class A 0.10% 3,970 $452K Add +1.9%
SPG Simon Property Group Inc. 0.10% 2,607 $433K Add +16.1%
XOM Exxon Mobil Corp. 0.09% 3,378 $402K Reduce -19.6%
ORI Old Republic Intl Corp. 0.09% 10,228 $401K No change
EPD Enterprise Products Partners 0.09% 11,703 $400K No change
PEG Public Service Enterprise GP 0.09% 4,809 $396K No change
AES AES Corp. 0.08% 30,690 $381K Reduce -1.1%
PAYX Paychex Inc. 0.08% 2,428 $375K No change
UL Unilever PLC 0.08% 6,258 $373K Add +12.1%
DRI Darden Restaurants Inc. 0.08% 1,789 $372K Add +21.3%
DFAC Dimensional US Core Equity 2 0.08% 11,065 $365K No change
COP Conocophillips 0.08% 3,442 $361K Add +14.0%
MS Morgan Stanley 0.08% 3,066 $358K Add +5.0%
VTI VG Morningstar TS MKT ETF-US 0.08% 1,291 $355K No change
VPU Vanguard Utilities ETF 0.08% 2,050 $350K No change
IEMG iShares Core MSCI Emerging 0.08% 6,469 $349K New
ALSN Allison Transmission Holding 0.08% 3,600 $344K No change
WSO Watsco Inc. 0.08% 671 $341K No change
QCOM Qualcomm Inc. 0.08% 2,219 $341K Reduce -35.1%
META Meta Platforms Inc. Class A 0.07% 569 $328K New
CMI Cummins Inc. 0.07% 1,034 $324K Add +3.2%
ARES Ares Management Corp. Class A 0.07% 2,198 $322K No change
HD Home Depot Inc. 0.07% 879 $322K Reduce -55.6%
WSM Williams-Sonoma Inc. 0.07% 2,010 $318K Add +11.7%
TXN Texas Instruments Inc. 0.07% 1,691 $304K No change
SNA Snap-on Inc. 0.07% 893 $301K No change
OKE Oneok Inc. 0.07% 3,000 $298K No change
IWB iShares Russell 1000 ETF 0.07% 957 $294K No change
BDX Becton Dickinson and Co. 0.06% 1,275 $292K No change
GS Goldman Sachs Group Inc. 0.06% 526 $287K Add +5.2%
KDP Keurig Dr Pepper Inc. 0.06% 8,318 $285K Add +11.6%
PCAR Paccar Inc. 0.06% 2,876 $280K Add +4.0%
EXR Extra Space Storage Inc. 0.06% 1,693 $251K Add +2.0%
WTRG Essential Utilities Inc. 0.05% 6,250 $247K No change
WCC Wesco International Inc. 0.05% 1,429 $222K Add +9.9%
SYK Stryker Corp. 0.05% 588 $219K Reduce -69.3%
LLY Eli Lilly & Co. 0.05% 263 $217K New
IWF iShares Russell 1000 Growth 0.05% 597 $216K No change
CSCO Cisco Systems Inc. 0.05% 3,410 $210K New
CHD Church & Dwight Co. Inc. 0.05% 1,905 $210K New
MPT Medical Properties Trust Inc. 0.04% 30,000 $181K No change

Portfolio Sells Q4 2024 → Q1 2025
GOOGL Alphabet Inc. Class A Sold out 0.00% −4.25
HSY The Hershey Co. Sold out 0.00% −1.40
AAPL Apple Inc. Reduce -6.6% 7.36% −1.03
WST West Pharmaceutical Services Sold out 0.00% −0.58
IVV iShares Core S&P 500 ETF Reduce -25.8% 1.33% −0.44
PYPL PayPal Holdings Inc. Reduce -1.8% 0.76% −0.20
TMUS T-Mobile US Inc. Sold out 0.00% −0.15
BCC Boise Cascade Co. Reduce -46.6% 0.11% −0.12
DHR Danaher Corp. Sold out 0.00% −0.11
NOW ServiceNow Inc. Sold out 0.00% −0.10
SYK Stryker Corp. Reduce -69.3% 0.05% −0.10
PH Parker Hannifin Corp. Sold out 0.00% −0.09
AMT American Tower Corp. Sold out 0.00% −0.09
HD Home Depot Inc. Reduce -55.6% 0.07% −0.09
CRM Salesforce Inc. Sold out 0.00% −0.09
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.08
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.08
ROP Roper Technologies Inc. Sold out 0.00% −0.08
IDXX Idexx Laboratories Inc. Sold out 0.00% −0.05
CNI Canadian Natl Railway Co. Sold out 0.00% −0.05
NKE Nike Inc. Class B Sold out 0.00% −0.05
PAYC Paycom Software Inc. Sold out 0.00% −0.05
INTU Intuit Inc. Reduce -5.8% 1.66% −0.04
COST Costco Wholesale Corp. Reduce -18.3% 0.32% −0.04
QCOM Qualcomm Inc. Reduce -35.1% 0.08% −0.03
IWR iShares Russell Mid-Cap ETF Reduce -8.2% 0.40% −0.03
V Visa Inc. Class A Reduce -17.4% 0.37% −0.01
KNOW LABS INC Sold out 0.00% −0.01
XOM Exxon Mobil Corp. Reduce -19.6% 0.09% −0.01
AES AES Corp. Reduce -1.1% 0.08% +0.00
ESGD iShares Trust iShares ESG Aw Reduce -8.6% 0.11% +0.00
SCHD Schwab US DVD Equity ETF Reduce -0.5% 0.14% +0.01
MA Mastercard Inc. Class A Reduce -9.0% 3.28% +0.01
AWK American Water Works Co. Inc. Reduce -2.5% 0.15% +0.03
ECL Ecolab Inc. Reduce -3.0% 0.36% +0.04
WELL Welltower Inc. Reduce -2.8% 0.20% +0.04
JPM JPMorgan Chase & Co. Reduce -4.2% 2.64% +0.10
SPGI S&P Global Inc. Reduce -1.3% 2.36% +0.15
NFLX Netflix Inc. Reduce -3.0% 2.35% +0.16
CME Cme Group Inc. Reduce -3.0% 2.55% +0.38
WM Waste Management Inc. Reduce -0.7% 2.45% +0.42

Portfolio Buys Q4 2024 → Q1 2025
GOOG Alphabet Inc. Class C Add +1184.6% 3.88% +3.53
LRCX Lam Research Corp. New 1.19% +1.19
DXCM Dexcom Inc. New 0.52% +0.52
UNH Unitedhealth Group Inc. Add +6.4% 2.79% +0.40
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +0.1% 10.34% +0.38
SPYM Ste STR SPDR PT S&P 500 ETF New 0.37% +0.37
VRTX Vertex Pharmaceuticals Inc. Add +0.5% 1.67% +0.37
ABT Abbott Laboratories Add +2.4% 1.35% +0.29
FTNT Fortinet Inc. Add +2.0% 2.74% +0.25
LIN Linde PLC Add +1.5% 1.47% +0.24
ZTS Zoetis Inc. Add +3.4% 1.92% +0.18
XYL Xylem Inc. Add +2.3% 1.53% +0.16
AMGN Amgen Inc. Add +1.9% 0.70% +0.16
IEFA iShares Core MSCI Eafe ETF New 0.14% +0.14
EW Edwards Lifesciences Corp. Add +3.5% 2.03% +0.14
SBUX Starbucks Corp. New 0.13% +0.13
EOG EOG Resources Inc. Add +0.3% 1.28% +0.13
EA Electronic Arts Inc. Add +3.0% 1.47% +0.11
CVLC Calvert US L-C CR Resp Index Add +43.5% 0.34% +0.10
FANG Diamondback Energy Inc. Add +6.5% 1.08% +0.10
BRK.B Berkshire Hathaway Inc. Class B Add +8.6% 0.36% +0.09
IEMG iShares Core MSCI Emerging New 0.08% +0.08
PEP Pepsico Inc. Add +0.2% 1.68% +0.07
META Meta Platforms Inc. Class A New 0.07% +0.07
JQUA JPMorgan US Quality Factor Add +3.2% 0.92% +0.07
JNJ Johnson & Johnson Add +26.0% 0.18% +0.06
MSFT Microsoft Corp. Add +7.0% 6.55% +0.06
VZ Verizon Communications Inc. Add +0.1% 0.30% +0.05
LLY Eli Lilly & Co. New 0.05% +0.05
CSCO Cisco Systems Inc. New 0.05% +0.05
CHD Church & Dwight Co. Inc. New 0.05% +0.05
ABBV Abbvie Inc. Add +29.7% 0.12% +0.05
KO The Coca-Cola Co. Add +20.6% 0.12% +0.04
DRI Darden Restaurants Inc. Add +21.3% 0.08% +0.02
PG The Procter & Gamble Co. Add +16.8% 0.12% +0.02
COP Conocophillips Add +14.0% 0.08% +0.02
UL Unilever PLC Add +12.1% 0.08% +0.02
SPG Simon Property Group Inc. Add +16.1% 0.10% +0.01
KDP Keurig Dr Pepper Inc. Add +11.6% 0.06% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +2.9% 0.12% +0.00
EXR Extra Space Storage Inc. Add +2.0% 0.06% +0.00
GS Goldman Sachs Group Inc. Add +5.2% 0.06% +0.00
MS Morgan Stanley Add +5.0% 0.08% +0.00
PCAR Paccar Inc. Add +4.0% 0.06% +0.00
LAMR Lamar Advertising Co. Class A Add +1.9% 0.10% +0.00
WSM Williams-Sonoma Inc. Add +11.7% 0.07% +0.00
WCC Wesco International Inc. Add +9.9% 0.05% −0.00
CMI Cummins Inc. Add +3.2% 0.07% −0.00
XBI SS SPDR S&P Biotech ETF Add +4.4% 0.93% −0.00
MAR Marriott International Class A Add +2.0% 0.11% −0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 103$492.9MVO, LRCX, MSFT, AAPL, GOOGL
Q1 2026 101$460.6MVO, MSFT, AAPL, GOOGL, AMZN
Q4 2025 99$498.0MVO, MSFT, GOOGL, AAPL, AMZN
Q3 2025 100$487.7MMSFT, VO, AAPL, GOOGL, NVDA
Q2 2025 99$472.8MMSFT, VO, AMZN, NVDA, AAPL
Q1 2025 106$451.1MVO, AAPL, MSFT, AMZN, NVDA
Q4 2024 113$477.6MVO, AAPL, MSFT, NVDA, AMZN
Q3 2024 109$459.1MVO, MSFT, AAPL, NVDA, AMZN
Q2 2024 108$439.2MVO, MSFT, AAPL, NVDA, GOOG
Q1 2024 116$421.4MVO, MSFT, AAPL, NVDA, GOOGL