Fulcrum Capital LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 24, 2025), Fulcrum Capital LLC reported 99 stock positions worth $472.8 million. Its top holding was Microsoft (MSFT) at 8.3% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 8.0%) and Amazon.com (AMZN, 4.8%). Compared with Q1 2025, it opened 4 new positions, sold out of 11, added to 32 and reduced 27. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale Alphabet Class C (GOOG, shares −92%).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001724090
Portfolio Value
$472.8M (Q2 2025)
SEC Filing
0001724090-25-000005 ↗ filed Jul 24, 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 Q1 2025 Q2 2025: $472.8M $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 99 stocks · $472.8M
MSFT Microsoft Corp. 8.27% 78,598 $39.1M Reduce -0.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 7.99% 134,930 $37.8M Reduce -25.2%
AMZN Amazon.com Inc. 4.84% 104,404 $22.9M Add +1.7%
NVDA Nvidia Corp. 4.73% 141,407 $22.3M Reduce -19.1%
AAPL Apple Inc. 4.57% 105,236 $21.6M Reduce -29.6%
GOOGL Alphabet Inc. Class A 3.97% 106,470 $18.8M New
TT Trane Technologies PLC 3.84% 41,516 $18.2M Reduce -1.3%
NFLX Netflix Inc. 3.24% 11,445 $15.3M Add +0.6%
MA Mastercard Inc. Class A 3.19% 26,864 $15.1M Reduce -0.4%
FTNT Fortinet Inc. 2.97% 132,843 $14.0M Add +3.4%
JPM JPMorgan Chase & Co. 2.87% 46,858 $13.6M Reduce -3.5%
ADBE Adobe Inc. 2.84% 34,692 $13.4M Add +34.6%
CME Cme Group Inc. 2.47% 42,428 $11.7M Reduce -2.2%
SPGI S&P Global Inc. 2.34% 20,979 $11.1M Add +0.2%
WM Waste Management Inc. 2.31% 47,684 $10.9M Reduce -0.2%
EW Edwards Lifesciences Corp. 2.17% 131,109 $10.3M Add +3.8%
INTU Intuit Inc. 2.06% 12,387 $9.8M Add +1.6%
ZTS Zoetis Inc. 1.86% 56,393 $8.8M Add +7.3%
ULTA Ulta Beauty Inc. 1.82% 18,380 $8.6M Add +0.9%
UNH Unitedhealth Group Inc. 1.66% 25,219 $7.9M Add +5.0%
XYL Xylem Inc. 1.61% 58,999 $7.6M Add +1.9%
LRCX Lam Research Corp. 1.61% 77,988 $7.6M Add +5.3%
EA Electronic Arts Inc. 1.56% 46,043 $7.4M Add +0.6%
VRTX Vertex Pharmaceuticals Inc. 1.49% 15,798 $7.0M Add +1.4%
LIN Linde PLC 1.43% 14,417 $6.8M Add +1.2%
PEP Pepsico Inc. 1.39% 49,721 $6.6M Reduce -1.6%
FSLR First Solar Inc. 1.38% 39,526 $6.5M Add +8.8%
UBER Uber Technologies Inc. 1.35% 68,305 $6.4M New
ABT Abbott Laboratories 1.34% 46,638 $6.3M Add +1.9%
DHI D.R. Horton Inc. 1.25% 45,702 $5.9M Add +4.1%
EOG EOG Resources Inc. 1.16% 45,778 $5.5M Add +2.0%
VUG Vanguard Mrngstar GR ETF-Sui 1.08% 11,626 $5.1M Add +9.4%
JQUA JPMorgan US Quality Factor 1.03% 80,942 $4.9M Add +9.8%
IVV iShares Core S&P 500 ETF 1.02% 7,773 $4.8M Reduce -27.1%
XBI SS SPDR S&P Biotech ETF 0.96% 54,960 $4.6M Add +6.0%
PYPL PayPal Holdings Inc. 0.83% 52,859 $3.9M Add +0.9%
DXCM Dexcom Inc. 0.70% 37,881 $3.3M Add +11.2%
AMGN Amgen Inc. 0.59% 10,038 $2.8M Reduce -1.0%
ALGN Align Technology Inc. 0.44% 10,966 $2.1M Add +18.1%
CVLC Calvert US L-C CR Resp Index 0.40% 24,792 $1.9M Add +9.9%
SPYM Ste STR SPDR PT S&P 500 ETF 0.39% 25,338 $1.8M No change
IWR iShares Russell Mid-Cap ETF 0.36% 18,489 $1.7M Reduce -13.2%
ECL Ecolab Inc. 0.36% 6,250 $1.7M Reduce -3.4%
V Visa Inc. Class A 0.35% 4,652 $1.7M Reduce -2.2%
GOOG Alphabet Inc. Class C 0.35% 9,259 $1.6M Reduce -91.8%
BRK.B Berkshire Hathaway Inc. Class B 0.31% 3,028 $1.5M Add +0.6%
VYM Vanguard High DVD Yield ETF 0.30% 10,765 $1.4M No change
COST Costco Wholesale Corp. 0.29% 1,406 $1.4M Reduce -7.4%
XLV SS Health Care Select Sector 0.25% 8,700 $1.2M No change
AWK American Water Works Co. Inc. 0.20% 6,784 $944K Add +44.5%
IEFA iShares Core MSCI Eafe ETF 0.19% 11,026 $920K Add +31.6%
WELL Welltower Inc. 0.17% 5,382 $827K Reduce -9.7%
AVGO Broadcom Inc. 0.15% 2,600 $717K Reduce -4.6%
JNJ Johnson & Johnson 0.15% 4,573 $699K Reduce -8.2%
ATO Atmos Energy Corp. 0.13% 4,100 $632K No change
SCHD Schwab US DVD Equity ETF 0.13% 22,885 $606K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.12% 930 $575K Reduce -2.8%
MAR Marriott International Class A 0.12% 2,040 $557K No change
KO The Coca-Cola Co. 0.12% 7,839 $555K No change
SBUX Starbucks Corp. 0.12% 6,022 $552K No change
VDC Vanguard Consumer Staple ETF 0.11% 2,420 $530K No change
ESGD iShares Trust iShares ESG Aw 0.11% 5,579 $498K Reduce -5.8%
PG The Procter & Gamble Co. 0.11% 3,123 $498K No change
IEMG iShares Core MSCI Emerging 0.10% 8,030 $482K Add +24.1%
LAMR Lamar Advertising Co. Class A 0.10% 3,970 $482K No change
ABBV Abbvie Inc. 0.10% 2,566 $476K No change
SPG Simon Property Group Inc. 0.09% 2,692 $433K Add +3.3%
MS Morgan Stanley 0.09% 3,066 $432K No change
PEG Public Service Enterprise GP 0.09% 4,809 $405K No change
TXN Texas Instruments Inc. 0.08% 1,933 $401K Add +14.3%
ORI Old Republic Intl Corp. 0.08% 10,228 $393K No change
VTI VG Morningstar TS MKT ETF-US 0.08% 1,291 $392K No change
DRI Darden Restaurants Inc. 0.08% 1,789 $390K No change
UL Unilever PLC 0.08% 6,258 $383K No change
EPD Enterprise Products Partners 0.08% 11,703 $363K No change
VPU Vanguard Utilities ETF 0.08% 2,050 $362K No change
QCOM Qualcomm Inc. 0.07% 2,219 $353K No change
PAYX Paychex Inc. 0.07% 2,428 $353K No change
ARES Ares Management Corp. Class A 0.07% 2,037 $353K Reduce -7.3%
ALSN Allison Transmission Holding 0.07% 3,600 $342K No change
CMI Cummins Inc. 0.07% 1,034 $339K No change
IWB iShares Russell 1000 ETF 0.07% 957 $325K No change
META Meta Platforms Inc. Class A 0.07% 431 $318K Reduce -24.3%
HD Home Depot Inc. 0.07% 848 $311K Reduce -3.5%
WSO Watsco Inc. 0.06% 671 $296K No change
COP Conocophillips 0.06% 3,097 $278K Reduce -10.0%
SNA Snap-on Inc. 0.06% 893 $278K No change
KDP Keurig Dr Pepper Inc. 0.06% 8,318 $275K No change
PCAR Paccar Inc. 0.06% 2,876 $273K No change
WCC Wesco International Inc. 0.06% 1,429 $265K No change
IWF iShares Russell 1000 Growth 0.05% 597 $253K No change
EXR Extra Space Storage Inc. 0.05% 1,693 $250K No change
OKE Oneok Inc. 0.05% 3,000 $245K No change
WTRG Essential Utilities Inc. 0.05% 6,250 $232K No change
CSCO Cisco Systems Inc. 0.05% 3,200 $222K Reduce -6.2%
BDX Becton Dickinson and Co. 0.05% 1,275 $220K No change
MDLZ Mondelez International Inc. Class A 0.05% 3,204 $216K New
EFA iShares MSCI Eafe ETF 0.04% 2,305 $206K New
MPT Medical Properties Trust Inc. 0.03% 30,000 $129K No change

Portfolio Sells Q1 2025 → Q2 2025
GOOG Alphabet Inc. Class C Reduce -91.8% 0.35% −3.53
AAPL Apple Inc. Reduce -29.6% 4.57% −2.80
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -25.2% 7.99% −2.36
FANG Diamondback Energy Inc. Sold out 0.00% −1.08
IVV iShares Core S&P 500 ETF Reduce -27.1% 1.02% −0.31
VZ Verizon Communications Inc. Sold out 0.00% −0.30
PEP Pepsico Inc. Reduce -1.6% 1.39% −0.29
WM Waste Management Inc. Reduce -0.2% 2.31% −0.14
AMGN Amgen Inc. Reduce -1.0% 0.59% −0.11
BCC Boise Cascade Co. Sold out 0.00% −0.11
XOM Exxon Mobil Corp. Sold out 0.00% −0.09
MA Mastercard Inc. Class A Reduce -0.4% 3.19% −0.08
AES AES Corp. Sold out 0.00% −0.08
DFAC Dimensional US Core Equity 2 Sold out 0.00% −0.08
CME Cme Group Inc. Reduce -2.2% 2.47% −0.08
WSM Williams-Sonoma Inc. Sold out 0.00% −0.07
GS Goldman Sachs Group Inc. Sold out 0.00% −0.06
SYK Stryker Corp. Sold out 0.00% −0.05
LLY Eli Lilly & Co. Sold out 0.00% −0.05
CHD Church & Dwight Co. Inc. Sold out 0.00% −0.05
IWR iShares Russell Mid-Cap ETF Reduce -13.2% 0.36% −0.04
JNJ Johnson & Johnson Reduce -8.2% 0.15% −0.04
WELL Welltower Inc. Reduce -9.7% 0.17% −0.03
COST Costco Wholesale Corp. Reduce -7.4% 0.29% −0.02
COP Conocophillips Reduce -10.0% 0.06% −0.02
V Visa Inc. Class A Reduce -2.2% 0.35% −0.02
ECL Ecolab Inc. Reduce -3.4% 0.36% −0.01
HD Home Depot Inc. Reduce -3.5% 0.07% −0.01
META Meta Platforms Inc. Class A Reduce -24.3% 0.07% −0.01
ESGD iShares Trust iShares ESG Aw Reduce -5.8% 0.11% −0.00
CSCO Cisco Systems Inc. Reduce -6.2% 0.05% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.8% 0.12% +0.00
ARES Ares Management Corp. Class A Reduce -7.3% 0.07% +0.00
AVGO Broadcom Inc. Reduce -4.6% 0.15% +0.05
JPM JPMorgan Chase & Co. Reduce -3.5% 2.87% +0.23
NVDA Nvidia Corp. Reduce -19.1% 4.73% +0.53
TT Trane Technologies PLC Reduce -1.3% 3.84% +0.70
MSFT Microsoft Corp. Reduce -0.1% 8.27% +1.72

Portfolio Buys Q1 2025 → Q2 2025
GOOGL Alphabet Inc. Class A New 3.97% +3.97
UBER Uber Technologies Inc. New 1.35% +1.35
NFLX Netflix Inc. Add +0.6% 3.24% +0.89
ADBE Adobe Inc. Add +34.6% 2.84% +0.65
AMZN Amazon.com Inc. Add +1.7% 4.84% +0.52
LRCX Lam Research Corp. Add +5.3% 1.61% +0.41
INTU Intuit Inc. Add +1.6% 2.06% +0.40
FSLR First Solar Inc. Add +8.8% 1.38% +0.37
ULTA Ulta Beauty Inc. Add +0.9% 1.82% +0.34
FTNT Fortinet Inc. Add +3.4% 2.97% +0.23
VUG Vanguard Mrngstar GR ETF-Sui Add +9.4% 1.08% +0.20
DXCM Dexcom Inc. Add +11.2% 0.70% +0.18
EW Edwards Lifesciences Corp. Add +3.8% 2.17% +0.14
ALGN Align Technology Inc. Add +18.1% 0.44% +0.11
JQUA JPMorgan US Quality Factor Add +9.8% 1.03% +0.11
EA Electronic Arts Inc. Add +0.6% 1.56% +0.09
XYL Xylem Inc. Add +1.9% 1.61% +0.08
PYPL PayPal Holdings Inc. Add +0.9% 0.83% +0.07
CVLC Calvert US L-C CR Resp Index Add +9.9% 0.40% +0.06
IEFA iShares Core MSCI Eafe ETF Add +31.6% 0.19% +0.05
AWK American Water Works Co. Inc. Add +44.5% 0.20% +0.05
MDLZ Mondelez International Inc. Class A New 0.05% +0.05
EFA iShares MSCI Eafe ETF New 0.04% +0.04
XBI SS SPDR S&P Biotech ETF Add +6.0% 0.96% +0.03
IEMG iShares Core MSCI Emerging Add +24.1% 0.10% +0.02
TXN Texas Instruments Inc. Add +14.3% 0.08% +0.02
DHI D.R. Horton Inc. Add +4.1% 1.25% +0.01
ABT Abbott Laboratories Add +1.9% 1.34% −0.00
SPG Simon Property Group Inc. Add +3.3% 0.09% −0.00
SPGI S&P Global Inc. Add +0.2% 2.34% −0.02
LIN Linde PLC Add +1.2% 1.43% −0.04
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 0.31% −0.04
ZTS Zoetis Inc. Add +7.3% 1.86% −0.06
EOG EOG Resources Inc. Add +2.0% 1.16% −0.12
VRTX Vertex Pharmaceuticals Inc. Add +1.4% 1.49% −0.19
UNH Unitedhealth Group Inc. Add +5.0% 1.66% −1.12

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