Fulcrum Capital LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Fulcrum Capital LLC reported 100 stock positions worth $487.7 million. Its top holding was Microsoft (MSFT) at 8.1% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 8.1%) and Apple (AAPL, 5.4%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 26 and reduced 39. The biggest buy was First Solar (FSLR, shares +1%) and the biggest sale Trane Technologies (TT, shares −13%).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001724090
Portfolio Value
$487.7M (Q3 2025)
SEC Filing
0001724090-25-000009 ↗ filed Oct 28, 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 Q2 2025 Q3 2025: $487.7M $487.7M Q3 2025 Q4 2025: $498.0M Q4 2025 Q1 2026: $460.6M Q1 2026 Q2 2026: $492.9M Q2 2026

Holdings 100 stocks · $487.7M
MSFT Microsoft Corp. 8.08% 76,130 $39.4M Reduce -3.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 8.05% 133,710 $39.3M Reduce -0.9%
AAPL Apple Inc. 5.36% 102,658 $26.1M Reduce -2.5%
GOOGL Alphabet Inc. Class A 5.23% 104,985 $25.5M Reduce -1.4%
NVDA Nvidia Corp. 4.94% 129,076 $24.1M Reduce -8.7%
AMZN Amazon.com Inc. 4.80% 106,546 $23.4M Add +2.0%
MA Mastercard Inc. Class A 3.15% 27,000 $15.4M Add +0.5%
TT Trane Technologies PLC 3.12% 36,021 $15.2M Reduce -13.2%
JPM JPMorgan Chase & Co. 2.94% 45,400 $14.3M Reduce -3.1%
NFLX Netflix Inc. 2.80% 11,371 $13.6M Reduce -0.7%
ADBE Adobe Inc. 2.63% 36,296 $12.8M Add +4.6%
FTNT Fortinet Inc. 2.37% 137,582 $11.6M Add +3.6%
CME Cme Group Inc. 2.37% 42,789 $11.6M Add +0.8%
WM Waste Management Inc. 2.15% 47,419 $10.5M Reduce -0.6%
LRCX Lam Research Corp. 2.14% 77,851 $10.4M Reduce -0.2%
EW Edwards Lifesciences Corp. 2.13% 133,868 $10.4M Add +2.1%
SPGI S&P Global Inc. 2.07% 20,727 $10.1M Reduce -1.2%
INTU Intuit Inc. 2.01% 14,362 $9.8M Add +15.9%
ULTA Ulta Beauty Inc. 1.97% 17,588 $9.6M Reduce -4.3%
EA Electronic Arts Inc. 1.85% 44,637 $9.0M Reduce -3.0%
FSLR First Solar Inc. 1.80% 39,740 $8.8M Add +0.5%
ZTS Zoetis Inc. 1.80% 59,847 $8.8M Add +6.1%
UNH Unitedhealth Group Inc. 1.78% 25,078 $8.7M Reduce -0.6%
XYL Xylem Inc. 1.75% 57,909 $8.5M Reduce -1.9%
DHI D.R. Horton Inc. 1.57% 45,251 $7.7M Reduce -1.0%
UBER Uber Technologies Inc. 1.47% 73,241 $7.2M Add +7.2%
LIN Linde PLC 1.35% 13,867 $6.6M Reduce -3.8%
PEP Pepsico Inc. 1.35% 46,899 $6.6M Reduce -5.7%
VRTX Vertex Pharmaceuticals Inc. 1.31% 16,256 $6.4M Add +2.9%
ABT Abbott Laboratories 1.30% 47,174 $6.3M Add +1.1%
XBI SS SPDR S&P Biotech ETF 1.16% 56,433 $5.7M Add +2.7%
EOG EOG Resources Inc. 1.07% 46,417 $5.2M Add +1.4%
VUG Vanguard Mrngstar GR ETF-Sui 1.05% 10,666 $5.1M Reduce -8.3%
IVV iShares Core S&P 500 ETF 0.97% 7,046 $4.7M Reduce -9.3%
JQUA JPMorgan US Quality Factor 0.96% 74,445 $4.7M Reduce -8.0%
PYPL PayPal Holdings Inc. 0.71% 51,861 $3.5M Reduce -1.9%
AMGN Amgen Inc. 0.59% 10,147 $2.9M Add +1.1%
DXCM Dexcom Inc. 0.55% 39,819 $2.7M Add +5.1%
CVLC Calvert US L-C CR Resp Index 0.42% 25,099 $2.1M Add +1.2%
SPYM Ste STR SPDR PT S&P 500 ETF 0.41% 25,338 $2.0M No change
IWR iShares Russell Mid-Cap ETF 0.34% 17,170 $1.7M Reduce -7.1%
VYM Vanguard High DVD Yield ETF 0.31% 10,765 $1.5M No change
ALGN Align Technology Inc. 0.30% 11,881 $1.5M Add +8.3%
ECL Ecolab Inc. 0.30% 5,407 $1.5M Reduce -13.5%
COST Costco Wholesale Corp. 0.26% 1,353 $1.3M Reduce -3.8%
GOOG Alphabet Inc. Class C 0.22% 4,460 $1.1M Reduce -51.8%
AWK American Water Works Co. Inc. 0.21% 7,346 $1.0M Add +8.3%
WELL Welltower Inc. 0.19% 5,272 $939K Reduce -2.0%
JNJ Johnson & Johnson 0.17% 4,573 $848K No change
AVGO Broadcom Inc. 0.16% 2,377 $784K Reduce -8.6%
IEFA iShares Core MSCI Eafe ETF 0.15% 8,551 $747K Reduce -22.4%
ATO Atmos Energy Corp. 0.14% 4,100 $700K No change
V Visa Inc. Class A 0.13% 1,879 $641K Reduce -59.6%
SCHD Schwab US DVD Equity ETF 0.13% 22,885 $625K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.13% 930 $620K No change
ABBV Abbvie Inc. 0.12% 2,566 $594K No change
SPG Simon Property Group Inc. 0.11% 2,929 $550K Add +8.8%
MAR Marriott International Class A 0.11% 2,040 $531K No change
KO The Coca-Cola Co. 0.11% 7,839 $520K No change
VDC Vanguard Consumer Staple ETF 0.11% 2,420 $517K No change
LAMR Lamar Advertising Co. Class A 0.11% 4,188 $513K Add +5.5%
ESGD iShares Trust iShares ESG Aw 0.10% 5,467 $508K Reduce -2.0%
SBUX Starbucks Corp. 0.10% 5,948 $503K Reduce -1.2%
MS Morgan Stanley 0.10% 3,066 $487K No change
PG The Procter & Gamble Co. 0.09% 2,952 $454K Reduce -5.5%
CMI Cummins Inc. 0.09% 1,034 $437K No change
ORI Old Republic Intl Corp. 0.09% 10,228 $434K No change
VTI VG Morningstar TS MKT ETF-US 0.09% 1,291 $424K No change
XLV SS Health Care Select Sector 0.09% 3,000 $418K Reduce -65.5%
IEMG iShares Core MSCI Emerging 0.09% 6,300 $415K Reduce -21.5%
PM Philip Morris International 0.08% 2,518 $408K New
PEG Public Service Enterprise GP 0.08% 4,809 $401K No change
VPU Vanguard Utilities ETF 0.08% 2,050 $388K No change
QCOM Qualcomm Inc. 0.08% 2,219 $369K No change
EPD Enterprise Products Partners 0.07% 11,703 $366K No change
IWB iShares Russell 1000 ETF 0.07% 957 $350K No change
DRI Darden Restaurants Inc. 0.07% 1,796 $342K Add +0.4%
ARES Ares Management Corp. Class A 0.07% 2,037 $326K No change
HD Home Depot Inc. 0.07% 798 $323K Reduce -5.9%
META Meta Platforms Inc. Class A 0.06% 431 $317K No change
EFA iShares MSCI Eafe ETF 0.06% 3,325 $310K Add +44.3%
WSO Watsco Inc. 0.06% 766 $310K Add +14.2%
SNA Snap-on Inc. 0.06% 893 $309K No change
PAYX Paychex Inc. 0.06% 2,428 $308K No change
TXN Texas Instruments Inc. 0.06% 1,673 $307K Reduce -13.4%
ALSN Allison Transmission Holding 0.06% 3,600 $306K No change
DKS Dick's Sporting Goods Inc. 0.06% 1,366 $304K New
WCC Wesco International Inc. 0.06% 1,429 $302K No change
COP Conocophillips 0.06% 3,097 $293K No change
UL Unilever PLC 0.06% 4,920 $292K Reduce -21.4%
PFE Pfizer Inc. 0.06% 11,298 $288K New
PCAR Paccar Inc. 0.06% 2,876 $283K No change
IWF iShares Russell 1000 Growth 0.06% 597 $280K No change
WTRG Essential Utilities Inc. 0.05% 6,250 $249K No change
BRK.B Berkshire Hathaway Inc. Class B 0.05% 478 $240K Reduce -84.2%
BDX Becton Dickinson and Co. 0.05% 1,275 $239K No change
MDLZ Mondelez International Inc. Class A 0.04% 3,510 $219K Add +9.6%
CSCO Cisco Systems Inc. 0.04% 3,200 $219K No change
OKE Oneok Inc. 0.04% 3,000 $219K No change
MPT Medical Properties Trust Inc. 0.04% 34,500 $175K Add +15.0%

Portfolio Sells Q2 2025 → Q3 2025
TT Trane Technologies PLC Reduce -13.2% 3.12% −0.72
NFLX Netflix Inc. Reduce -0.7% 2.80% −0.45
SPGI S&P Global Inc. Reduce -1.2% 2.07% −0.27
BRK.B Berkshire Hathaway Inc. Class B Reduce -84.2% 0.05% −0.26
V Visa Inc. Class A Reduce -59.6% 0.13% −0.22
MSFT Microsoft Corp. Reduce -3.1% 8.08% −0.18
XLV SS Health Care Select Sector Reduce -65.5% 0.09% −0.16
WM Waste Management Inc. Reduce -0.6% 2.15% −0.16
GOOG Alphabet Inc. Class C Reduce -51.8% 0.22% −0.12
PYPL PayPal Holdings Inc. Reduce -1.9% 0.71% −0.12
LIN Linde PLC Reduce -3.8% 1.35% −0.08
JQUA JPMorgan US Quality Factor Reduce -8.0% 0.96% −0.07
KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.06
IVV iShares Core S&P 500 ETF Reduce -9.3% 0.97% −0.05
EXR Extra Space Storage Inc. Sold out 0.00% −0.05
ECL Ecolab Inc. Reduce -13.5% 0.30% −0.05
IEFA iShares Core MSCI Eafe ETF Reduce -22.4% 0.15% −0.04
PEP Pepsico Inc. Reduce -5.7% 1.35% −0.04
COST Costco Wholesale Corp. Reduce -3.8% 0.26% −0.04
VUG Vanguard Mrngstar GR ETF-Sui Reduce -8.3% 1.05% −0.03
TXN Texas Instruments Inc. Reduce -13.4% 0.06% −0.02
UL Unilever PLC Reduce -21.4% 0.06% −0.02
IWR iShares Russell Mid-Cap ETF Reduce -7.1% 0.34% −0.02
IEMG iShares Core MSCI Emerging Reduce -21.5% 0.09% −0.02
SBUX Starbucks Corp. Reduce -1.2% 0.10% −0.01
PG The Procter & Gamble Co. Reduce -5.5% 0.09% −0.01
ESGD iShares Trust iShares ESG Aw Reduce -2.0% 0.10% −0.00
HD Home Depot Inc. Reduce -5.9% 0.07% +0.00
AVGO Broadcom Inc. Reduce -8.6% 0.16% +0.01
WELL Welltower Inc. Reduce -2.0% 0.19% +0.02
JPM JPMorgan Chase & Co. Reduce -3.1% 2.94% +0.06
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -0.9% 8.05% +0.07
UNH Unitedhealth Group Inc. Reduce -0.6% 1.78% +0.11
XYL Xylem Inc. Reduce -1.9% 1.75% +0.14
ULTA Ulta Beauty Inc. Reduce -4.3% 1.97% +0.15
NVDA Nvidia Corp. Reduce -8.7% 4.94% +0.21
EA Electronic Arts Inc. Reduce -3.0% 1.85% +0.29
DHI D.R. Horton Inc. Reduce -1.0% 1.57% +0.33
LRCX Lam Research Corp. Reduce -0.2% 2.14% +0.53
AAPL Apple Inc. Reduce -2.5% 5.36% +0.79
GOOGL Alphabet Inc. Class A Reduce -1.4% 5.23% +1.26

Portfolio Buys Q2 2025 → Q3 2025
FSLR First Solar Inc. Add +0.5% 1.80% +0.41
XBI SS SPDR S&P Biotech ETF Add +2.7% 1.16% +0.20
UBER Uber Technologies Inc. Add +7.2% 1.47% +0.12
PM Philip Morris International New 0.08% +0.08
DKS Dick's Sporting Goods Inc. New 0.06% +0.06
PFE Pfizer Inc. New 0.06% +0.06
SPG Simon Property Group Inc. Add +8.8% 0.11% +0.02
EFA iShares MSCI Eafe ETF Add +44.3% 0.06% +0.02
CVLC Calvert US L-C CR Resp Index Add +1.2% 0.42% +0.02
AWK American Water Works Co. Inc. Add +8.3% 0.21% +0.01
MPT Medical Properties Trust Inc. Add +15.0% 0.04% +0.01
LAMR Lamar Advertising Co. Class A Add +5.5% 0.11% +0.00
WSO Watsco Inc. Add +14.2% 0.06% +0.00
MDLZ Mondelez International Inc. Class A Add +9.6% 0.04% −0.00
AMGN Amgen Inc. Add +1.1% 0.59% −0.01
DRI Darden Restaurants Inc. Add +0.4% 0.07% −0.01
EW Edwards Lifesciences Corp. Add +2.1% 2.13% −0.03
MA Mastercard Inc. Class A Add +0.5% 3.15% −0.04
ABT Abbott Laboratories Add +1.1% 1.30% −0.05
AMZN Amazon.com Inc. Add +2.0% 4.80% −0.05
INTU Intuit Inc. Add +15.9% 2.01% −0.05
ZTS Zoetis Inc. Add +6.1% 1.80% −0.06
EOG EOG Resources Inc. Add +1.4% 1.07% −0.09
CME Cme Group Inc. Add +0.8% 2.37% −0.10
ALGN Align Technology Inc. Add +8.3% 0.30% −0.13
DXCM Dexcom Inc. Add +5.1% 0.55% −0.15
VRTX Vertex Pharmaceuticals Inc. Add +2.9% 1.31% −0.18
ADBE Adobe Inc. Add +4.6% 2.63% −0.21
FTNT Fortinet Inc. Add +3.6% 2.37% −0.60

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