Fulton Breakefield Broenniman LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 16, 2025), Fulton Breakefield Broenniman LLC reported 203 stock positions worth $1.5 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.8% of the portfolio, followed by Microsoft (MSFT, 6.0%) and Apple (AAPL, 5.8%). Compared with Q2 2025, it opened 17 new positions, sold out of 8, added to 69 and reduced 93. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +11%) and the biggest sale Roper Technologies (ROP, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- Bethesda, MD
- CIK
- 0001119254
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001705819-25-000068 ↗ filed Oct 16, 2025
Holdings Value
Holdings 203 stocks · $1.5B
| IVV iShares Core S&P 500 ETF | 8.75% | 202,441 | $135.5M | Add +11.3% |
| MSFT Microsoft Corp. | 6.02% | 179,856 | $93.2M | Reduce -0.1% |
| AAPL Apple Inc. | 5.79% | 352,083 | $89.7M | Add +2.6% |
| GOOGL Alphabet Inc. Class A | 4.12% | 262,525 | $63.8M | Reduce -1.2% |
| AMZN Amazon.com Inc. | 4.04% | 284,980 | $62.6M | Add +0.1% |
| TSM Taiwan Semiconductor-SP ADR | 3.84% | 213,103 | $59.5M | Reduce -2.5% |
| VEA Vanguard Ftse Developed ETF | 3.12% | 806,377 | $48.3M | Add +5.9% |
| NVDA Nvidia Corp. | 2.98% | 247,539 | $46.2M | Reduce -1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.88% | 88,675 | $44.6M | Reduce -0.0% |
| IJH iShares Core S&P Midcap ETF | 2.78% | 660,190 | $43.1M | Add +0.2% |
| IJR iShares Core S&P Small-Cap E | 2.58% | 335,585 | $39.9M | Add +0.6% |
| AGG iShares Core U.S. Aggregate | 2.49% | 384,827 | $38.6M | Add +1.9% |
| V Visa Inc. Class A | 2.27% | 103,010 | $35.2M | Reduce -0.3% |
| USIG iShares Broad Usd Investment | 2.16% | 639,641 | $33.4M | Add +2.4% |
| LLY Eli Lilly & Co. | 1.95% | 39,588 | $30.2M | Reduce -2.2% |
| LOW Lowe's Cos Inc. | 1.80% | 111,074 | $27.9M | Reduce -0.3% |
| PGR Progressive Corp. | 1.80% | 112,603 | $27.8M | Reduce -1.2% |
| HWM Howmet Aerospace Inc. | 1.65% | 129,807 | $25.5M | Reduce -1.0% |
| LIN Linde PLC | 1.41% | 45,884 | $21.8M | Reduce -1.2% |
| NEE Nextera Energy Inc. | 1.41% | 288,148 | $21.8M | Reduce -22.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.31% | 140,372 | $20.3M | Reduce -0.5% |
| ABBV Abbvie Inc. | 1.29% | 86,399 | $20.0M | Reduce -0.6% |
| NFLX Netflix Inc. | 1.26% | 16,279 | $19.5M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 1.20% | 58,653 | $18.5M | Add +5.9% |
| UNH Unitedhealth Group Inc. | 1.10% | 49,127 | $17.0M | Reduce -10.4% |
| APO Apollo Global Management Inc. | 1.09% | 126,914 | $16.9M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.05% | 24,449 | $16.3M | Add +1.3% |
| MCD McDonald's Corp. | 1.00% | 50,952 | $15.5M | Reduce -30.1% |
| AXP American Express Co. | 1.00% | 46,422 | $15.4M | Reduce -0.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.96% | 15,380 | $14.9M | Reduce -2.2% |
| UNP Union Pacific Corp. | 0.95% | 62,425 | $14.8M | Reduce -4.6% |
| GD General Dynamics Corp. | 0.92% | 41,551 | $14.2M | Add +0.4% |
| DHR Danaher Corp. | 0.86% | 66,948 | $13.3M | Reduce -6.6% |
| PFF iShares Preferred & Income S | 0.85% | 415,315 | $13.1M | Add +0.7% |
| SYK Stryker Corp. | 0.85% | 35,482 | $13.1M | Reduce -0.3% |
| VIG Vanguard Dividend Apprec ETF | 0.84% | 60,024 | $13.0M | Add +8.8% |
| SPGI S&P Global Inc. | 0.78% | 24,721 | $12.0M | Reduce -0.9% |
| EOG EOG Resources Inc. | 0.77% | 106,273 | $11.9M | Add +1.4% |
| WCN Waste Connections Inc. | 0.73% | 64,182 | $11.3M | Reduce -4.2% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.72% | 433,797 | $11.1M | Reduce -3.8% |
| NOW ServiceNow Inc. | 0.72% | 12,046 | $11.1M | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.68% | 94,868 | $10.6M | Reduce -1.5% |
| IWM iShares Russell 2000 ETF | 0.64% | 41,230 | $10.0M | Reduce -2.5% |
| ADP Automatic Data Processing | 0.64% | 33,615 | $9.9M | Reduce -2.9% |
| CHD Church & Dwight Co. Inc. | 0.63% | 111,370 | $9.8M | Reduce -26.6% |
| SAP Sap SE-Sponsored ADR | 0.61% | 35,478 | $9.5M | New |
| TIP iShares Tips Bond ETF | 0.58% | 80,377 | $8.9M | Reduce -3.3% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.49% | 7,889 | $7.5M | Reduce -1.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.45% | 11,607 | $7.0M | Add +14.9% |
| OEF iShares S&P 100 ETF | 0.44% | 20,377 | $6.8M | Reduce -3.4% |
| MUB iShares National Muni Bond E | 0.42% | 60,896 | $6.5M | Add +8.0% |
| IBDR iShares Ibonds Dec 2026 Term | 0.42% | 266,206 | $6.5M | Add +4.3% |
| IBDQ iShares Ibonds Dec 2025 Term | 0.38% | 231,251 | $5.8M | Reduce -1.9% |
| TSLA Tesla Inc. | 0.37% | 12,866 | $5.7M | Add +72.1% |
| CMG Chipotle Mexican Grill Inc. | 0.33% | 130,567 | $5.1M | Reduce -8.9% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.31% | 49,448 | $4.7M | Reduce -2.5% |
| RSP Invesco S&P 500 Equal Weight | 0.28% | 23,022 | $4.4M | Reduce -0.5% |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 0.28% | 177,277 | $4.3M | Add +8.3% |
| CVX Chevron Corp. | 0.27% | 26,669 | $4.1M | Add +15.5% |
| SPIP SS SPDR P Tips ETF | 0.26% | 155,749 | $4.1M | Add +6.8% |
| JNJ Johnson & Johnson | 0.25% | 21,036 | $3.9M | Reduce -3.8% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.24% | 144,428 | $3.7M | Add +8.3% |
| GOOG Alphabet Inc. Class C | 0.23% | 14,493 | $3.5M | Add +16.0% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.22% | 79,851 | $3.5M | Add +3.2% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.21% | 150,256 | $3.3M | Add +7.9% |
| IBDU iShares Ibonds Dec 2029 Term | 0.19% | 126,028 | $3.0M | Add +9.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 8,933 | $2.9M | Add +3.3% |
| COST Costco Wholesale Corp. | 0.17% | 2,826 | $2.6M | Add +14.8% |
| ROP Roper Technologies Inc. | 0.16% | 5,079 | $2.5M | Reduce -82.7% |
| ITW Illinois Tool Works | 0.15% | 8,890 | $2.3M | Add +23.0% |
| AVGO Broadcom Inc. | 0.15% | 6,854 | $2.3M | Add +0.4% |
| IBDW iShares Ibonds Dec 2031 Corp. | 0.14% | 103,268 | $2.2M | Add +7.8% |
| MAR Marriott International Class A | 0.13% | 7,842 | $2.0M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.13% | 18,062 | $2.0M | Reduce -0.2% |
| MRSH Marsh & McLennan Cos | 0.12% | 8,832 | $1.8M | Reduce -86.6% |
| XLK SS Technology Select Sector | 0.11% | 6,275 | $1.8M | Reduce -1.0% |
| CRM Salesforce Inc. | 0.11% | 7,407 | $1.8M | Reduce -86.8% |
| SCHP Schwab U.S. Tips ETF | 0.11% | 63,558 | $1.7M | Reduce -2.9% |
| ACN Accenture PLC Class A | 0.11% | 6,919 | $1.7M | Reduce -6.3% |
| IBDX iShares Ibonds Dec 2032 TC | 0.11% | 65,901 | $1.7M | Add +7.9% |
| AMGN Amgen Inc. | 0.11% | 5,929 | $1.7M | Add +1.5% |
| TXN Texas Instruments Inc. | 0.10% | 8,370 | $1.5M | Reduce -4.3% |
| SCHM Schwab US Mid Cap ETF | 0.10% | 51,339 | $1.5M | Reduce -2.1% |
| PG The Procter & Gamble Co. | 0.10% | 9,880 | $1.5M | Reduce -14.6% |
| PEP Pepsico Inc. | 0.10% | 10,699 | $1.5M | Reduce -5.5% |
| IEF iShares 7-10 Year Treasury B | 0.10% | 15,257 | $1.5M | Reduce -0.7% |
| NOC Northrop Grumman Corp. | 0.09% | 2,216 | $1.4M | Reduce -0.2% |
| SCHA Schwab US Small-Cap ETF | 0.08% | 46,302 | $1.3M | Reduce -3.4% |
| EXR Extra Space Storage Inc. | 0.08% | 9,153 | $1.3M | Reduce -4.5% |
| IBDY iShares Ibonds Dec 2033 Corp. | 0.08% | 47,243 | $1.2M | Add +10.1% |
| ETN Eaton Corp. PLC | 0.08% | 3,298 | $1.2M | Add +0.9% |
| RTX RTX Corp. | 0.07% | 6,894 | $1.2M | Add +6.4% |
| HD Home Depot Inc. | 0.07% | 2,797 | $1.1M | Reduce -9.1% |
| META Meta Platforms Inc. Class A | 0.07% | 1,519 | $1.1M | Add +65.5% |
| DVY iShares Select Dividend ETF | 0.07% | 7,231 | $1.0M | Add +2.7% |
| SHOP Shopify Inc. Class A | 0.07% | 6,906 | $1.0M | Reduce -3.4% |
| PSK SS SPDR Ice Pref Sec ETF | 0.07% | 30,780 | $1.0M | Reduce -11.1% |
| CAT Caterpillar Inc. | 0.06% | 1,961 | $936K | Add +0.7% |
| GLD SPDR Gold Shares | 0.06% | 2,498 | $888K | Add +4.9% |
| VOO Vanguard S&P 500 ETF | 0.06% | 1,435 | $879K | Add +1.4% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $110K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | 18,405 | $110K | No change |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q2 2025 → Q3 2025
| ROP Roper Technologies Inc. | Reduce -82.7% | 0.16% | −0.96 |
| CRM Salesforce Inc. | Reduce -86.8% | 0.11% | −0.92 |
| MRSH Marsh & McLennan Cos | Reduce -86.6% | 0.12% | −0.86 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.61 |
| MCD McDonald's Corp. | Reduce -30.1% | 1.00% | −0.44 |
| CHD Church & Dwight Co. Inc. | Reduce -26.6% | 0.63% | −0.35 |
| NEE Nextera Energy Inc. | Reduce -22.7% | 1.41% | −0.34 |
| PGR Progressive Corp. | Reduce -1.2% | 1.80% | −0.26 |
| NFLX Netflix Inc. | Reduce -0.2% | 1.26% | −0.22 |
| CMG Chipotle Mexican Grill Inc. | Reduce -8.9% | 0.33% | −0.21 |
| V Visa Inc. Class A | Reduce -0.3% | 2.27% | −0.21 |
| LLY Eli Lilly & Co. | Reduce -2.2% | 1.95% | −0.18 |
| APO Apollo Global Management Inc. | Reduce -0.3% | 1.09% | −0.13 |
| WCN Waste Connections Inc. | Reduce -4.2% | 0.73% | −0.12 |
| SPGI S&P Global Inc. | Reduce -0.9% | 0.78% | −0.11 |
| SYK Stryker Corp. | Reduce -0.3% | 0.85% | −0.10 |
| DHR Danaher Corp. | Reduce -6.6% | 0.86% | −0.10 |
| ADP Automatic Data Processing | Reduce -2.9% | 0.64% | −0.08 |
| GWW WW Grainger Inc. | Reduce -1.0% | 0.49% | −0.07 |
| LIN Linde PLC | Reduce -1.2% | 1.41% | −0.06 |
| UNP Union Pacific Corp. | Reduce -4.6% | 0.95% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -10.4% | 1.10% | −0.06 |
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -3.8% | 0.72% | −0.06 |
| ITOT iShares Core S&P Total U.S. | Reduce -49.7% | 0.05% | −0.04 |
| VEU Vanguard Ftse All-World Ex-U | Sold out | 0.00% | −0.04 |
| TIP iShares Tips Bond ETF | Reduce -3.3% | 0.58% | −0.04 |
| ACN Accenture PLC Class A | Reduce -6.3% | 0.11% | −0.04 |
| MSFT Microsoft Corp. | Reduce -0.1% | 6.02% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.0% | 2.88% | −0.03 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -1.5% | 0.68% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -14.6% | 0.10% | −0.03 |
| IBDQ iShares Ibonds Dec 2025 Term | Reduce -1.9% | 0.38% | −0.03 |
| TXN Texas Instruments Inc. | Reduce -4.3% | 0.10% | −0.02 |
| CHTR Charter Communications Inc. Class A | Reduce -9.1% | 0.03% | −0.02 |
| AFL Aflac Inc. | Reduce -37.2% | 0.04% | −0.02 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -48.0% | 0.02% | −0.02 |
| TECH Bio-Techne Corp. | Sold out | 0.00% | −0.02 |
| CI The Cigna Group | Sold out | 0.00% | −0.02 |
| VDC Vanguard Consumer Staple ETF | Sold out | 0.00% | −0.02 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.01 |
| AXP American Express Co. | Reduce -0.9% | 1.00% | −0.01 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.01 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.01 |
| MAR Marriott International Class A | Reduce -0.3% | 0.13% | −0.01 |
| EXR Extra Space Storage Inc. | Reduce -4.5% | 0.08% | −0.01 |
| PSK SS SPDR Ice Pref Sec ETF | Reduce -11.1% | 0.07% | −0.01 |
| SCHP Schwab U.S. Tips ETF | Reduce -2.9% | 0.11% | −0.01 |
| DIS The Walt Disney Co. | Reduce -2.2% | 0.04% | −0.01 |
| KO The Coca-Cola Co. | Reduce -1.6% | 0.05% | −0.01 |
| ODFL Old Dominion Freight Line | Reduce -6.8% | 0.02% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| IVV iShares Core S&P 500 ETF | Add +11.3% | 8.75% | +1.12 |
| AAPL Apple Inc. | Add +2.6% | 5.79% | +1.03 |
| NOW ServiceNow Inc. | New | 0.72% | +0.72 |
| SAP Sap SE-Sponsored ADR | New | 0.61% | +0.61 |
| TSLA Tesla Inc. | Add +72.1% | 0.37% | +0.21 |
| VEA Vanguard Ftse Developed ETF | Add +5.9% | 3.12% | +0.19 |
| IJR iShares Core S&P Small-Cap E | Add +0.6% | 2.58% | +0.11 |
| JPM JPMorgan Chase & Co. | Add +5.9% | 1.20% | +0.11 |
| GD General Dynamics Corp. | Add +0.4% | 0.92% | +0.10 |
| GOOG Alphabet Inc. Class C | Add +16.0% | 0.23% | +0.08 |
| VIG Vanguard Dividend Apprec ETF | Add +8.8% | 0.84% | +0.07 |
| QQQ Invesco QQQ Trust Series 1 | Add +14.9% | 0.45% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.3% | 1.05% | +0.04 |
| CVX Chevron Corp. | Add +15.5% | 0.27% | +0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.03% | +0.03 |
| ITW Illinois Tool Works | Add +23.0% | 0.15% | +0.03 |
| META Meta Platforms Inc. Class A | Add +65.5% | 0.07% | +0.03 |
| BAC Bank of America Corp. | Add +152.3% | 0.04% | +0.02 |
| VYM Vanguard High DVD Yield ETF | New | 0.02% | +0.02 |
| AJG Arthur J Gallagher & Co. | New | 0.02% | +0.02 |
| MUB iShares National Muni Bond E | Add +8.0% | 0.42% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +0.2% | 2.78% | +0.02 |
| AVGO Broadcom Inc. | Add +0.4% | 0.15% | +0.02 |
| ITA iShares U.S. Aerospace & Def | New | 0.02% | +0.02 |
| PLTR Palantir Technologies Inc. Class A | Add +23.7% | 0.05% | +0.02 |
| STX Seagate Technology Holdings | New | 0.02% | +0.02 |
| D Dominion Energy Inc. | New | 0.02% | +0.02 |
| ORCL Oracle Corp. | Add +12.2% | 0.06% | +0.02 |
| GE General Electric | New | 0.01% | +0.01 |
| VZ Verizon Communications Inc. | New | 0.01% | +0.01 |
| NET Cloudflare Inc. Class A | New | 0.01% | +0.01 |
| IYW iShares Ustechnology ETF | New | 0.01% | +0.01 |
| VAW Vanguard Materials ETF | New | 0.01% | +0.01 |
| O Realty Income Corp. | New | 0.01% | +0.01 |
| IWF iShares Russell 1000 Growth | New | 0.01% | +0.01 |
| AFDM FRST TRST Act Fact Em ETF-US | New | 0.01% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.01% | +0.01 |
| IBDZ ISHARESIBONDSDEC2034TMCORP | Add +48.2% | 0.04% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +3.3% | 0.19% | +0.01 |
| RTX RTX Corp. | Add +6.4% | 0.07% | +0.01 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Add +8.3% | 0.28% | +0.01 |
| IVE iShares S&P 500 Value ETF | Add +39.0% | 0.03% | +0.01 |
| CAT Caterpillar Inc. | Add +0.7% | 0.06% | +0.01 |
| IBDU iShares Ibonds Dec 2029 Term | Add +9.1% | 0.19% | +0.01 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +8.3% | 0.24% | +0.01 |
| GLD SPDR Gold Shares | Add +4.9% | 0.06% | +0.01 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +7.9% | 0.21% | +0.01 |
| SPIP SS SPDR P Tips ETF | Add +6.8% | 0.26% | +0.01 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +7.8% | 0.14% | +0.01 |
| IBDY iShares Ibonds Dec 2033 Corp. | Add +10.1% | 0.08% | +0.00 |
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 |