Fulcrum Capital LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), Fulcrum Capital LLC reported 99 stock positions worth $498.0 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 7.9% of the portfolio, followed by Microsoft (MSFT, 7.5%) and Alphabet Class A (GOOGL, 6.3%). Compared with Q3 2025, it opened 4 new positions, sold out of 5, added to 33 and reduced 26. The biggest buy was a new position in Eli Lilly (LLY) and the biggest sale an exit from Electronic Arts (EA).

Most Recent 13F
Q2 2026
Location
SEATTLE, WA
CIK
0001724090
Portfolio Value
$498.0M (Q4 2025)
SEC Filing
0001724090-26-000001 ↗ filed Jan 15, 2026

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 Q3 2025 Q4 2025: $498.0M $498.0M Q4 2025 Q1 2026: $460.6M Q1 2026 Q2 2026: $492.9M Q2 2026

Holdings 99 stocks · $498.0M
VO Vngrd Mrngstr MD-Cap ETF-Usd 7.91% 135,733 $39.4M Add +1.5%
MSFT Microsoft Corp. 7.48% 77,012 $37.2M Add +1.2%
GOOGL Alphabet Inc. Class A 6.32% 100,546 $31.5M Reduce -4.2%
AAPL Apple Inc. 5.52% 101,083 $27.5M Reduce -1.5%
AMZN Amazon.com Inc. 5.00% 107,962 $24.9M Add +1.3%
NVDA Nvidia Corp. 4.83% 128,971 $24.1M Reduce -0.1%
MA Mastercard Inc. Class A 3.21% 27,982 $16.0M Add +3.6%
JPM JPMorgan Chase & Co. 2.93% 45,214 $14.6M Reduce -0.4%
TT Trane Technologies PLC 2.90% 37,043 $14.4M Add +2.8%
LRCX Lam Research Corp. 2.68% 78,023 $13.4M Add +0.2%
ADBE Adobe Inc. 2.55% 36,296 $12.7M No change
CME Cme Group Inc. 2.40% 43,835 $12.0M Add +2.4%
EW Edwards Lifesciences Corp. 2.35% 137,220 $11.7M Add +2.5%
FTNT Fortinet Inc. 2.30% 144,106 $11.4M Add +4.7%
SPGI S&P Global Inc. 2.28% 21,726 $11.4M Add +4.8%
NFLX Netflix Inc. 2.25% 119,761 $11.2M Add +5.3%
WM Waste Management Inc. 2.17% 49,149 $10.8M Add +3.6%
ULTA Ulta Beauty Inc. 2.09% 17,234 $10.4M Reduce -2.0%
FSLR First Solar Inc. 2.03% 38,752 $10.1M Reduce -2.5%
INTU Intuit Inc. 2.00% 15,002 $9.9M Add +4.5%
UNH Unitedhealth Group Inc. 1.69% 25,427 $8.4M Add +1.4%
XYL Xylem Inc. 1.61% 58,777 $8.0M Add +1.5%
ZTS Zoetis Inc. 1.59% 63,113 $7.9M Add +5.5%
VRTX Vertex Pharmaceuticals Inc. 1.51% 16,616 $7.5M Add +2.2%
XBI SS SPDR S&P Biotech ETF 1.40% 56,979 $6.9M Add +1.0%
PEP Pepsico Inc. 1.38% 47,866 $6.9M Add +2.1%
DHI D.R. Horton Inc. 1.34% 46,305 $6.7M Add +2.3%
UBER Uber Technologies Inc. 1.27% 77,334 $6.3M Add +5.6%
LIN Linde PLC 1.23% 14,412 $6.1M Add +3.9%
ABT Abbott Laboratories 1.22% 48,618 $6.1M Add +3.1%
VUG Vanguard Mrngstar GR ETF-Sui 1.03% 10,536 $5.1M Reduce -1.2%
EOG EOG Resources Inc. 0.95% 45,187 $4.7M Reduce -2.6%
JQUA JPMorgan US Quality Factor 0.95% 74,876 $4.7M Add +0.6%
IVV iShares Core S&P 500 ETF 0.87% 6,298 $4.3M Reduce -10.6%
LLY Eli Lilly & Co. 0.82% 3,818 $4.1M New
PINS Pinterest Inc. Class A 0.71% 136,123 $3.5M New
AMGN Amgen Inc. 0.66% 10,049 $3.3M Reduce -1.0%
PYPL PayPal Holdings Inc. 0.61% 52,422 $3.1M Add +1.1%
DXCM Dexcom Inc. 0.55% 41,086 $2.7M Add +3.2%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.52% 68,591 $2.6M New
CVLC Calvert US L-C CR Resp Index 0.43% 25,193 $2.1M Add +0.4%
SPYM Ste STR SPDR PT S&P 500 ETF 0.41% 25,338 $2.0M No change
IWR iShares Russell Mid-Cap ETF 0.33% 16,863 $1.6M Reduce -1.8%
VYM Vanguard High DVD Yield ETF 0.31% 10,765 $1.5M No change
ECL Ecolab Inc. 0.29% 5,440 $1.4M Add +0.6%
GOOG Alphabet Inc. Class C 0.28% 4,377 $1.4M Reduce -1.9%
COST Costco Wholesale Corp. 0.23% 1,353 $1.2M No change
AWK American Water Works Co. Inc. 0.20% 7,656 $999K Add +4.2%
JNJ Johnson & Johnson 0.19% 4,573 $946K No change
WELL Welltower Inc. 0.17% 4,534 $842K Reduce -14.0%
IEFA iShares Core MSCI Eafe ETF 0.15% 8,551 $765K No change
AVGO Broadcom Inc. 0.15% 2,124 $735K Reduce -10.6%
ATO Atmos Energy Corp. 0.14% 4,100 $687K No change
V Visa Inc. Class A 0.13% 1,879 $659K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.13% 930 $634K No change
MAR Marriott International Class A 0.13% 2,040 $633K No change
SCHD Schwab US DVD Equity ETF 0.13% 22,885 $628K No change
ABBV Abbvie Inc. 0.12% 2,566 $586K No change
KO The Coca-Cola Co. 0.11% 7,839 $548K No change
LAMR Lamar Advertising Co. Class A 0.11% 4,313 $546K Add +3.0%
MS Morgan Stanley 0.11% 3,066 $544K No change
SPG Simon Property Group Inc. 0.11% 2,929 $542K No change
CMI Cummins Inc. 0.11% 1,034 $528K No change
VDC Vanguard Consumer Staple ETF 0.10% 2,420 $511K No change
ESGD iShares Trust iShares ESG Aw 0.10% 5,337 $507K Reduce -2.4%
XLV SS Health Care Select Sector 0.10% 3,093 $479K Add +3.1%
ORI Old Republic Intl Corp. 0.09% 10,228 $467K No change
SBUX Starbucks Corp. 0.09% 5,148 $434K Reduce -13.4%
VTI VG Morningstar TS MKT ETF-US 0.09% 1,291 $433K No change
PM Philip Morris International 0.08% 2,518 $404K No change
PG The Procter & Gamble Co. 0.08% 2,755 $395K Reduce -6.7%
PEG Public Service Enterprise GP 0.08% 4,809 $386K No change
CVS CVS Health Corp. 0.08% 4,792 $380K New
VPU Vanguard Utilities ETF 0.08% 2,050 $379K No change
QCOM Qualcomm Inc. 0.08% 2,216 $379K Reduce -0.1%
EPD Enterprise Products Partners 0.08% 11,703 $375K No change
IEMG iShares Core MSCI Emerging 0.07% 5,480 $368K Reduce -13.0%
IWB iShares Russell 1000 ETF 0.07% 957 $357K No change
ALSN Allison Transmission Holding 0.07% 3,600 $352K No change
WCC Wesco International Inc. 0.07% 1,429 $350K No change
DRI Darden Restaurants Inc. 0.07% 1,796 $331K No change
ARES Ares Management Corp. Class A 0.07% 2,037 $329K No change
PCAR Paccar Inc. 0.06% 2,876 $315K No change
EFA iShares MSCI Eafe ETF 0.06% 3,223 $310K Reduce -3.1%
PAYX Paychex Inc. 0.06% 2,745 $308K Add +13.1%
SNA Snap-on Inc. 0.06% 893 $308K No change
UL Unilever PLC 0.06% 4,686 $306K Reduce -4.8%
DKS Dick's Sporting Goods Inc. 0.06% 1,535 $304K Add +12.4%
COP Conocophillips 0.06% 3,097 $290K No change
HD Home Depot Inc. 0.06% 798 $275K No change
PFE Pfizer Inc. 0.06% 11,000 $274K Reduce -2.6%
META Meta Platforms Inc. Class A 0.05% 396 $261K Reduce -8.1%
CSCO Cisco Systems Inc. 0.05% 3,200 $246K No change
WTRG Essential Utilities Inc. 0.05% 6,250 $240K No change
BRK.B Berkshire Hathaway Inc. Class B 0.05% 476 $239K Reduce -0.4%
WSO Watsco Inc. 0.05% 691 $233K Reduce -9.8%
OKE Oneok Inc. 0.04% 3,000 $221K No change
IWF iShares Russell 1000 Growth 0.04% 442 $209K Reduce -26.0%
MPT Medical Properties Trust Inc. 0.03% 34,500 $173K No change

Portfolio Sells Q3 2025 → Q4 2025
EA Electronic Arts Inc. Sold out 0.00% −1.85
ALGN Align Technology Inc. Sold out 0.00% −0.30
EOG EOG Resources Inc. Reduce -2.6% 0.95% −0.11
NVDA Nvidia Corp. Reduce -0.1% 4.83% −0.11
IVV iShares Core S&P 500 ETF Reduce -10.6% 0.87% −0.10
TXN Texas Instruments Inc. Sold out 0.00% −0.06
BDX Becton Dickinson and Co. Sold out 0.00% −0.05
MDLZ Mondelez International Inc. Class A Sold out 0.00% −0.04
WELL Welltower Inc. Reduce -14.0% 0.17% −0.02
WSO Watsco Inc. Reduce -9.8% 0.05% −0.02
VUG Vanguard Mrngstar GR ETF-Sui Reduce -1.2% 1.03% −0.02
SBUX Starbucks Corp. Reduce -13.4% 0.09% −0.02
IWF iShares Russell 1000 Growth Reduce -26.0% 0.04% −0.02
IWR iShares Russell Mid-Cap ETF Reduce -1.8% 0.33% −0.01
PG The Procter & Gamble Co. Reduce -6.7% 0.08% −0.01
AVGO Broadcom Inc. Reduce -10.6% 0.15% −0.01
META Meta Platforms Inc. Class A Reduce -8.1% 0.05% −0.01
IEMG iShares Core MSCI Emerging Reduce -13.0% 0.07% −0.01
JPM JPMorgan Chase & Co. Reduce -0.4% 2.93% −0.01
PFE Pfizer Inc. Reduce -2.6% 0.06% −0.00
ESGD iShares Trust iShares ESG Aw Reduce -2.4% 0.10% −0.00
EFA iShares MSCI Eafe ETF Reduce -3.1% 0.06% −0.00
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.4% 0.05% −0.00
QCOM Qualcomm Inc. Reduce -0.1% 0.08% +0.00
UL Unilever PLC Reduce -4.8% 0.06% +0.00
GOOG Alphabet Inc. Class C Reduce -1.9% 0.28% +0.05
AMGN Amgen Inc. Reduce -1.0% 0.66% +0.07
ULTA Ulta Beauty Inc. Reduce -2.0% 2.09% +0.12
AAPL Apple Inc. Reduce -1.5% 5.52% +0.16
FSLR First Solar Inc. Reduce -2.5% 2.03% +0.24
GOOGL Alphabet Inc. Class A Reduce -4.2% 6.32% +1.09

Portfolio Buys Q3 2025 → Q4 2025
LLY Eli Lilly & Co. New 0.82% +0.82
PINS Pinterest Inc. Class A New 0.71% +0.71
LRCX Lam Research Corp. Add +0.2% 2.68% +0.54
TTD Trade Desk Inc./the Class A New 0.52% +0.52
XBI SS SPDR S&P Biotech ETF Add +1.0% 1.40% +0.24
EW Edwards Lifesciences Corp. Add +2.5% 2.35% +0.21
SPGI S&P Global Inc. Add +4.8% 2.28% +0.21
AMZN Amazon.com Inc. Add +1.3% 5.00% +0.21
VRTX Vertex Pharmaceuticals Inc. Add +2.2% 1.51% +0.21
CVS CVS Health Corp. New 0.08% +0.08
MA Mastercard Inc. Class A Add +3.6% 3.21% +0.06
CME Cme Group Inc. Add +2.4% 2.40% +0.03
PEP Pepsico Inc. Add +2.1% 1.38% +0.03
WM Waste Management Inc. Add +3.6% 2.17% +0.02
XLV SS Health Care Select Sector Add +3.1% 0.10% +0.01
CVLC Calvert US L-C CR Resp Index Add +0.4% 0.43% +0.00
LAMR Lamar Advertising Co. Class A Add +3.0% 0.11% +0.00
DKS Dick's Sporting Goods Inc. Add +12.4% 0.06% −0.00
PAYX Paychex Inc. Add +13.1% 0.06% −0.00
DXCM Dexcom Inc. Add +3.2% 0.55% −0.00
AWK American Water Works Co. Inc. Add +4.2% 0.20% −0.01
JQUA JPMorgan US Quality Factor Add +0.6% 0.95% −0.01
INTU Intuit Inc. Add +4.5% 2.00% −0.02
ECL Ecolab Inc. Add +0.6% 0.29% −0.02
ABT Abbott Laboratories Add +3.1% 1.22% −0.07
FTNT Fortinet Inc. Add +4.7% 2.30% −0.07
UNH Unitedhealth Group Inc. Add +1.4% 1.69% −0.09
PYPL PayPal Holdings Inc. Add +1.1% 0.61% −0.10
LIN Linde PLC Add +3.9% 1.23% −0.12
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +1.5% 7.91% −0.14
XYL Xylem Inc. Add +1.5% 1.61% −0.14
ZTS Zoetis Inc. Add +5.5% 1.59% −0.20
UBER Uber Technologies Inc. Add +5.6% 1.27% −0.20
TT Trane Technologies PLC Add +2.8% 2.90% −0.22
DHI D.R. Horton Inc. Add +2.3% 1.34% −0.23
NFLX Netflix Inc. Add +5.3% 2.25% −0.54
MSFT Microsoft Corp. Add +1.2% 7.48% −0.61

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