Fulton Breakefield Broenniman LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 1, 2025), Fulton Breakefield Broenniman LLC reported 184 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.3% of the portfolio, followed by Apple (AAPL, 5.3%) and Microsoft (MSFT, 4.9%). Compared with Q4 2024, it opened 8 new positions, sold out of 15, added to 59 and reduced 94. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +35%) and the biggest sale Microsoft (MSFT, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- Bethesda, MD
- CIK
- 0001119254
- Portfolio Value
- $1.4B (Q1 2025)
- SEC Filing
- 0001705819-25-000028 ↗ filed May 1, 2025
Holdings Value
Holdings 184 stocks · $1.4B
| IVV iShares Core S&P 500 ETF | 7.26% | 179,016 | $100.6M | Add +34.6% |
| AAPL Apple Inc. | 5.33% | 332,423 | $73.8M | Reduce -2.9% |
| MSFT Microsoft Corp. | 4.87% | 179,556 | $67.4M | Reduce -5.6% |
| AMZN Amazon.com Inc. | 3.93% | 285,756 | $54.4M | Add +2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.43% | 89,162 | $47.5M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 2.98% | 266,944 | $41.3M | Reduce -5.0% |
| IJH iShares Core S&P Midcap ETF | 2.79% | 662,361 | $38.6M | Add +6.0% |
| AGG iShares Core U.S. Aggregate | 2.70% | 377,567 | $37.3M | Add +12.2% |
| TSM Taiwan Semiconductor-SP ADR | 2.67% | 223,051 | $37.0M | Reduce -0.3% |
| V Visa Inc. Class A | 2.63% | 104,116 | $36.5M | Reduce -10.8% |
| IJR iShares Core S&P Small-Cap E | 2.59% | 343,425 | $35.9M | Add +1.8% |
| LLY Eli Lilly & Co. | 2.42% | 40,632 | $33.6M | Reduce -4.7% |
| PGR Progressive Corp. | 2.35% | 115,147 | $32.6M | Reduce -14.8% |
| USIG iShares Broad Usd Investment | 2.33% | 632,246 | $32.3M | Add +125.3% |
| UNH Unitedhealth Group Inc. | 2.18% | 57,626 | $30.2M | Reduce -3.1% |
| NEE Nextera Energy Inc. | 1.94% | 378,080 | $26.8M | Add +1.0% |
| LOW Lowe's Cos Inc. | 1.92% | 114,064 | $26.6M | Add +2.4% |
| HWM Howmet Aerospace Inc. | 1.67% | 178,140 | $23.1M | Reduce -16.0% |
| MCD McDonald's Corp. | 1.64% | 72,600 | $22.7M | Add +0.4% |
| LIN Linde PLC | 1.58% | 46,851 | $21.8M | Reduce -0.9% |
| NVDA Nvidia Corp. | 1.57% | 201,171 | $21.8M | Add +5.0% |
| ABBV Abbvie Inc. | 1.31% | 86,662 | $18.2M | Reduce -3.4% |
| ROP Roper Technologies Inc. | 1.28% | 30,163 | $17.8M | Reduce -1.6% |
| APO Apollo Global Management Inc. | 1.26% | 127,541 | $17.5M | Add +1.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.25% | 142,368 | $17.3M | Reduce -0.9% |
| CHD Church & Dwight Co. Inc. | 1.22% | 153,429 | $16.9M | Reduce -0.2% |
| MRSH Marsh & McLennan Cos | 1.17% | 66,178 | $16.1M | Reduce -1.9% |
| CVX Chevron Corp. | 1.16% | 96,265 | $16.1M | Add +2.0% |
| UNP Union Pacific Corp. | 1.15% | 67,347 | $15.9M | Reduce -0.3% |
| CRM Salesforce Inc. | 1.11% | 57,254 | $15.4M | Reduce -2.5% |
| NFLX Netflix Inc. | 1.09% | 16,147 | $15.1M | Add +2.3% |
| DHR Danaher Corp. | 1.08% | 72,900 | $14.9M | Reduce -26.9% |
| PFF iShares Preferred & Income S | 1.05% | 473,800 | $14.6M | Add +4.2% |
| ADP Automatic Data Processing | 0.98% | 44,647 | $13.6M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.97% | 24,072 | $13.5M | Reduce -34.5% |
| SYK Stryker Corp. | 0.97% | 35,956 | $13.4M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 0.95% | 53,636 | $13.2M | Add +210.9% |
| PEP Pepsico Inc. | 0.93% | 85,600 | $12.8M | Reduce -2.2% |
| SPGI S&P Global Inc. | 0.93% | 25,240 | $12.8M | Add +4680.3% |
| WCN Waste Connections Inc. | 0.92% | 65,329 | $12.8M | Reduce -0.1% |
| AXP American Express Co. | 0.91% | 46,620 | $12.5M | Add +2.6% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.86% | 475,066 | $12.0M | Reduce -1.4% |
| GD General Dynamics Corp. | 0.82% | 41,479 | $11.3M | Reduce -1.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.79% | 100,505 | $10.9M | Reduce -2.6% |
| ASML ASML Holding NV-NY Reg SHS | 0.77% | 15,995 | $10.6M | Add +1.6% |
| VIG Vanguard Dividend Apprec ETF | 0.75% | 53,289 | $10.3M | Add +20.2% |
| TIP iShares Tips Bond ETF | 0.70% | 87,007 | $9.7M | Reduce -0.3% |
| ADBE Adobe Inc. | 0.69% | 24,998 | $9.6M | Reduce -3.5% |
| IWM iShares Russell 2000 ETF | 0.63% | 43,442 | $8.7M | Reduce -8.8% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.56% | 7,891 | $7.8M | New |
| CMG Chipotle Mexican Grill Inc. | 0.52% | 144,441 | $7.3M | Add +2149.9% |
| MUB iShares National Muni Bond E | 0.51% | 66,475 | $7.0M | Add +9.9% |
| IBDQ iShares Ibonds Dec 2025 Term | 0.46% | 255,622 | $6.4M | Reduce -5.0% |
| IBDR iShares Ibonds Dec 2026 Term | 0.45% | 258,444 | $6.3M | Add +1.6% |
| OEF iShares S&P 100 ETF | 0.41% | 21,223 | $5.7M | Reduce -1.5% |
| AMD Advanced Micro Devices | 0.41% | 55,901 | $5.7M | Reduce -2.7% |
| VEA Vanguard Ftse Developed ETF | 0.39% | 105,283 | $5.4M | Add +11.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.34% | 9,927 | $4.7M | Add +14.8% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.31% | 102,221 | $4.3M | Add +9.1% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.31% | 51,184 | $4.3M | Reduce -1.3% |
| RSP Invesco S&P 500 Equal Weight | 0.30% | 23,695 | $4.1M | Reduce -7.4% |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 0.28% | 159,083 | $3.8M | Add +8.3% |
| SPIP SS SPDR P Tips ETF | 0.27% | 143,968 | $3.8M | Add +23.5% |
| JNJ Johnson & Johnson | 0.25% | 21,284 | $3.5M | Reduce -31.0% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.24% | 128,972 | $3.3M | Add +11.6% |
| IBDU iShares Ibonds Dec 2029 Term | 0.19% | 112,054 | $2.6M | Add +24.9% |
| ACN Accenture PLC Class A | 0.18% | 8,094 | $2.5M | Reduce -45.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.17% | 8,756 | $2.4M | Reduce -3.0% |
| XOM Exxon Mobil Corp. | 0.16% | 18,768 | $2.2M | Reduce -2.6% |
| COST Costco Wholesale Corp. | 0.15% | 2,226 | $2.1M | Reduce -2.7% |
| GOOG Alphabet Inc. Class C | 0.14% | 12,526 | $2.0M | Add +15.7% |
| MAR Marriott International Class A | 0.14% | 7,862 | $1.9M | Reduce -8.1% |
| TSLA Tesla Inc. | 0.13% | 7,174 | $1.9M | Add +3.2% |
| ITW Illinois Tool Works | 0.13% | 7,488 | $1.9M | Add +0.0% |
| AMGN Amgen Inc. | 0.13% | 5,786 | $1.8M | Add +0.0% |
| SCHP Schwab U.S. Tips ETF | 0.13% | 65,688 | $1.8M | Reduce -0.4% |
| TXN Texas Instruments Inc. | 0.12% | 9,280 | $1.7M | Reduce -81.3% |
| PG The Procter & Gamble Co. | 0.12% | 9,702 | $1.7M | Reduce -0.3% |
| IEF iShares 7-10 Year Treasury B | 0.11% | 15,817 | $1.5M | Reduce -1.4% |
| EXR Extra Space Storage Inc. | 0.11% | 9,942 | $1.5M | Reduce -1.8% |
| XLK SS Technology Select Sector | 0.10% | 6,989 | $1.4M | Add +5.4% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.10% | 65,173 | $1.4M | Add +78.1% |
| SCHM Schwab US Mid Cap ETF | 0.10% | 53,036 | $1.4M | Reduce -2.9% |
| PSK SS SPDR Ice Pref Sec ETF | 0.08% | 35,931 | $1.2M | Add +0.4% |
| NOC Northrop Grumman Corp. | 0.08% | 2,237 | $1.1M | Add +0.3% |
| SCHA Schwab US Small-Cap ETF | 0.08% | 48,730 | $1.1M | Reduce -2.5% |
| HD Home Depot Inc. | 0.07% | 2,668 | $978K | Add +0.8% |
| DVY iShares Select Dividend ETF | 0.07% | 7,078 | $951K | Reduce -53.8% |
| ETN Eaton Corp. PLC | 0.06% | 3,204 | $871K | Reduce -1.2% |
| RTX RTX Corp. | 0.06% | 6,375 | $844K | Reduce -7.9% |
| ABT Abbott Laboratories | 0.06% | 5,860 | $777K | Reduce -21.4% |
| KO The Coca-Cola Co. | 0.06% | 10,689 | $766K | Reduce -3.5% |
| IWR iShares Russell Mid-Cap ETF | 0.05% | 8,589 | $731K | Reduce -62.8% |
| WMT Walmart Inc. | 0.05% | 8,254 | $725K | Add +0.9% |
| IBDW iShares Ibonds Dec 2031 Corp. | 0.05% | 33,479 | $695K | Add +70.3% |
| MRK Merck & Co. Inc. | 0.05% | 7,712 | $692K | Reduce -6.0% |
| GLD SPDR Gold Shares | 0.05% | 2,351 | $677K | Add +3.1% |
| SCHX Schwab US Large-Cap ETF | 0.05% | 30,345 | $670K | Add +0.2% |
| ISRG Intuitive Surgical Inc. | 0.05% | 1,332 | $660K | Reduce -0.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.05% | 2,634 | $655K | Reduce -0.7% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $13K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 18,405 | $13K | New |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Reduce -5.6% | 4.87% | −0.86 |
| GOOGL Alphabet Inc. Class A | Reduce -5.0% | 2.98% | −0.82 |
| AAPL Apple Inc. | Reduce -2.9% | 5.33% | −0.79 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -34.5% | 0.97% | −0.57 |
| DHR Danaher Corp. | Reduce -26.9% | 1.08% | −0.56 |
| TXN Texas Instruments Inc. | Reduce -81.3% | 0.12% | −0.55 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.3% | 2.67% | −0.48 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.45 |
| CRM Salesforce Inc. | Reduce -2.5% | 1.11% | −0.29 |
| NKE Nike Inc. Class B | Reduce -89.2% | 0.03% | −0.29 |
| CWB SS SPDR BB Conv Sec ETF | Reduce -83.7% | 0.05% | −0.24 |
| ACN Accenture PLC Class A | Reduce -45.7% | 0.18% | −0.19 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -89.0% | 0.02% | −0.18 |
| ADBE Adobe Inc. | Reduce -3.5% | 0.69% | −0.13 |
| IWM iShares Russell 2000 ETF | Reduce -8.8% | 0.63% | −0.13 |
| IWR iShares Russell Mid-Cap ETF | Reduce -62.8% | 0.05% | −0.09 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −0.09 |
| AMD Advanced Micro Devices | Reduce -2.7% | 0.41% | −0.08 |
| DVY iShares Select Dividend ETF | Reduce -53.8% | 0.07% | −0.08 |
| JNJ Johnson & Johnson | Reduce -31.0% | 0.25% | −0.06 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −0.05 |
| MAR Marriott International Class A | Reduce -8.1% | 0.14% | −0.04 |
| KXI iShares Global Consumer Stap | Sold out | 0.00% | −0.03 |
| PNC PNC Financial Services Group | Reduce -37.2% | 0.04% | −0.03 |
| OEF iShares S&P 100 ETF | Reduce -1.5% | 0.41% | −0.03 |
| IJK iShares S&P Mid-Cap 400 Grow | Reduce -1.3% | 0.31% | −0.03 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.03 |
| PEP Pepsico Inc. | Reduce -2.2% | 0.93% | −0.02 |
| RSP Invesco S&P 500 Equal Weight | Reduce -7.4% | 0.30% | −0.02 |
| MNST Monster Beverage Corp. | Sold out | 0.00% | −0.02 |
| HON Honeywell International Inc. | Reduce -42.3% | 0.02% | −0.02 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.02 |
| IBDQ iShares Ibonds Dec 2025 Term | Reduce -5.0% | 0.46% | −0.02 |
| IWD iShares Russell 1000 Value E | Sold out | 0.00% | −0.02 |
| D Dominion Energy Inc. | Sold out | 0.00% | −0.02 |
| BSV Vanguard Short-Term Bond ETF | Sold out | 0.00% | −0.02 |
| BA The Boeing Co. | Reduce -29.5% | 0.04% | −0.02 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.02 |
| IWN iShares Russell 2000 Value E | Reduce -25.8% | 0.03% | −0.02 |
| IWB iShares Russell 1000 ETF | Reduce -26.5% | 0.04% | −0.01 |
| PAVE Global X US Infrastructure | Sold out | 0.00% | −0.01 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Sold out | 0.00% | −0.01 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -1.2% | 0.06% | −0.01 |
| VTWO Vanguard Russell 2000 ETF | Reduce -18.4% | 0.04% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.0% | 0.17% | −0.01 |
| MDY State Street SPDR S&P Midcap | Reduce -35.1% | 0.02% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -2.5% | 0.08% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -6.0% | 0.05% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| IVV iShares Core S&P 500 ETF | Add +34.6% | 7.26% | +1.67 |
| USIG iShares Broad Usd Investment | Add +125.3% | 2.33% | +1.32 |
| SPGI S&P Global Inc. | Add +4680.3% | 0.93% | +0.91 |
| JPM JPMorgan Chase & Co. | Add +210.9% | 0.95% | +0.65 |
| GWW WW Grainger Inc. | New | 0.56% | +0.56 |
| CMG Chipotle Mexican Grill Inc. | Add +2149.9% | 0.52% | +0.50 |
| AGG iShares Core U.S. Aggregate | Add +12.2% | 2.70% | +0.37 |
| CVX Chevron Corp. | Add +2.0% | 1.16% | +0.19 |
| MCD McDonald's Corp. | Add +0.4% | 1.64% | +0.14 |
| VIG Vanguard Dividend Apprec ETF | Add +20.2% | 0.75% | +0.13 |
| NFLX Netflix Inc. | Add +2.3% | 1.09% | +0.08 |
| VEA Vanguard Ftse Developed ETF | Add +11.7% | 0.39% | +0.06 |
| SPIP SS SPDR P Tips ETF | Add +23.5% | 0.27% | +0.06 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +78.1% | 0.10% | +0.05 |
| MUB iShares National Muni Bond E | Add +9.9% | 0.51% | +0.05 |
| SYK Stryker Corp. | Add +0.3% | 0.97% | +0.04 |
| SHOP Shopify Inc. Class A | New | 0.04% | +0.04 |
| IBDU iShares Ibonds Dec 2029 Term | Add +24.9% | 0.19% | +0.04 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +11.6% | 0.24% | +0.03 |
| PFF iShares Preferred & Income S | Add +4.2% | 1.05% | +0.03 |
| SHYG iShares 0-5 YR HY Corp. Bond | Add +9.1% | 0.31% | +0.03 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Add +8.3% | 0.28% | +0.03 |
| META Meta Platforms Inc. Class A | New | 0.02% | +0.02 |
| AMGN Amgen Inc. | Add +0.0% | 0.13% | +0.02 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +70.3% | 0.05% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +14.8% | 0.34% | +0.02 |
| NEE Nextera Energy Inc. | Add +1.0% | 1.94% | +0.02 |
| TECH Bio-Techne Corp. | New | 0.02% | +0.02 |
| NTRS Northern Trust Corp. | New | 0.02% | +0.02 |
| CI The Cigna Group | New | 0.02% | +0.02 |
| APD Air Products & Chemicals Inc. | New | 0.01% | +0.01 |
| GLDM SPDR Gold Minishares Trust | New | 0.01% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +92.8% | 0.03% | +0.01 |
| IBDR iShares Ibonds Dec 2026 Term | Add +1.6% | 0.45% | +0.01 |
| IBDX iShares Ibonds Dec 2032 TC | Add +74.3% | 0.03% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +6.0% | 2.79% | +0.01 |
| GLD SPDR Gold Shares | Add +3.1% | 0.05% | +0.01 |
| SHW The Sherwin-Williams Co. | Add +34.0% | 0.03% | +0.01 |
| AEP American Electric Power | Add +6.3% | 0.04% | +0.01 |
| PM Philip Morris International | Add +14.1% | 0.02% | +0.01 |
| NOC Northrop Grumman Corp. | Add +0.3% | 0.08% | +0.01 |
| SCHB Schwab US Broad Market ETF | Add +40.3% | 0.03% | +0.01 |
| IBDY iShares Ibonds Dec 2033 Corp. | Add +17.8% | 0.02% | +0.00 |
| PFE Pfizer Inc. | Add +15.0% | 0.02% | +0.00 |
| SBUX Starbucks Corp. | Add +0.7% | 0.02% | +0.00 |
| ORCL Oracle Corp. | Add +20.9% | 0.03% | +0.00 |
| COF Capital One Financial Corp. | Add +0.6% | 0.03% | +0.00 |
| PSK SS SPDR Ice Pref Sec ETF | Add +0.4% | 0.08% | −0.00 |
| WMT Walmart Inc. | Add +0.9% | 0.05% | −0.00 |
| ITW Illinois Tool Works | Add +0.0% | 0.13% | −0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | New | 18,405 | $13K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 208 | $1.7B | IVV, VEA, AAPL, GOOGL, TSM |
| Q1 2026 | 200 | $1.5B | IVV, VEA, AAPL, MSFT, GOOGL |
| Q4 2025 | 203 | $1.6B | IVV, AAPL, MSFT, GOOGL, VEA |
| Q3 2025 | 203 | $1.5B | IVV, MSFT, AAPL, GOOGL, AMZN |
| Q2 2025 | 194 | $1.5B | IVV, MSFT, AAPL, AMZN, TSM |
| Q1 2025 | 184 | $1.4B | IVV, AAPL, MSFT, AMZN, BRK.B |
| Q4 2024 | 191 | $1.4B | AAPL, MSFT, IVV, AMZN, GOOGL |
| Q3 2024 | 182 | $1.4B | MSFT, AAPL, IVV, AMZN, GOOGL |
| Q2 2024 | 184 | $1.4B | MSFT, AAPL, IVV, AMZN, GOOGL |
| Q1 2024 | 181 | $1.3B | MSFT, IVV, AAPL, AMZN, GOOGL |