Fulton Breakefield Broenniman LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Fulton Breakefield Broenniman LLC reported 203 stock positions worth $1.6 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 9.2% of the portfolio, followed by Apple (AAPL, 5.8%) and Microsoft (MSFT, 5.4%). Compared with Q3 2025, it opened 13 new positions, sold out of 13, added to 57 and reduced 106. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +35%) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Bethesda, MD
- CIK
- 0001119254
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0001705819-26-000010 ↗ filed Jan 21, 2026
Holdings Value
Holdings 203 stocks · $1.6B
| IVV iShares Core S&P 500 ETF | 9.15% | 211,774 | $145.1M | Add +4.6% |
| AAPL Apple Inc. | 5.82% | 339,272 | $92.2M | Reduce -3.6% |
| MSFT Microsoft Corp. | 5.44% | 178,111 | $86.1M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 5.00% | 252,967 | $79.2M | Reduce -3.6% |
| VEA Vanguard Ftse Developed ETF | 4.30% | 1,089,937 | $68.1M | Add +35.2% |
| AMZN Amazon.com Inc. | 4.16% | 285,236 | $65.8M | Add +0.1% |
| TSM Taiwan Semiconductor-SP ADR | 4.01% | 208,871 | $63.5M | Reduce -2.0% |
| NVDA Nvidia Corp. | 2.90% | 246,596 | $46.0M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.78% | 87,759 | $44.1M | Reduce -1.0% |
| IJH iShares Core S&P Midcap ETF | 2.74% | 658,261 | $43.4M | Reduce -0.3% |
| IJR iShares Core S&P Small-Cap E | 2.56% | 338,007 | $40.6M | Add +0.7% |
| AGG iShares Core U.S. Aggregate | 2.45% | 388,807 | $38.8M | Add +1.0% |
| V Visa Inc. Class A | 2.27% | 102,380 | $35.9M | Reduce -0.6% |
| USIG iShares Broad Usd Investment | 2.11% | 645,598 | $33.4M | Add +0.9% |
| LLY Eli Lilly & Co. | 2.07% | 30,587 | $32.9M | Reduce -22.7% |
| LOW Lowe's Cos Inc. | 1.66% | 109,286 | $26.4M | Reduce -1.6% |
| HWM Howmet Aerospace Inc. | 1.66% | 128,146 | $26.3M | Reduce -1.3% |
| PGR Progressive Corp. | 1.58% | 109,863 | $25.0M | Reduce -2.4% |
| NEE Nextera Energy Inc. | 1.42% | 280,717 | $22.5M | Reduce -2.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.36% | 140,415 | $21.6M | Add +0.0% |
| LIN Linde PLC | 1.22% | 45,454 | $19.4M | Reduce -0.9% |
| ABBV Abbvie Inc. | 1.22% | 84,696 | $19.4M | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.19% | 58,722 | $18.9M | Add +0.1% |
| APO Apollo Global Management Inc. | 1.14% | 125,054 | $18.1M | Reduce -1.5% |
| SYK Stryker Corp. | 1.11% | 50,123 | $17.6M | Add +41.3% |
| AXP American Express Co. | 1.08% | 46,237 | $17.1M | Reduce -0.4% |
| ASML ASML Holding NV-NY Reg SHS | 1.02% | 15,153 | $16.2M | Reduce -1.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.00% | 23,225 | $15.8M | Reduce -5.0% |
| NFLX Netflix Inc. | 0.97% | 163,916 | $15.4M | Add +0.7% |
| MCD McDonald's Corp. | 0.96% | 49,960 | $15.3M | Reduce -1.9% |
| UNH Unitedhealth Group Inc. | 0.94% | 45,041 | $14.9M | Reduce -8.3% |
| UNP Union Pacific Corp. | 0.89% | 61,178 | $14.2M | Reduce -2.0% |
| GD General Dynamics Corp. | 0.88% | 41,527 | $14.0M | Reduce -0.1% |
| VIG Vanguard Dividend Apprec ETF | 0.88% | 63,584 | $14.0M | Add +5.9% |
| PFF iShares Preferred & Income S | 0.80% | 408,342 | $12.6M | Reduce -1.7% |
| SPGI S&P Global Inc. | 0.74% | 22,489 | $11.8M | Reduce -9.0% |
| DHR Danaher Corp. | 0.70% | 48,301 | $11.1M | Reduce -27.9% |
| GLDM SPDR Gold Minishares Trust | 0.68% | 126,126 | $10.8M | Add +3362.2% |
| WCN Waste Connections Inc. | 0.66% | 59,329 | $10.4M | Reduce -7.6% |
| SJNK SS SPDR BB St Hi Yield ETF | 0.65% | 408,145 | $10.3M | Reduce -5.9% |
| EOG EOG Resources Inc. | 0.64% | 96,649 | $10.1M | Reduce -9.1% |
| IWM iShares Russell 2000 ETF | 0.64% | 40,871 | $10.1M | Reduce -0.9% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.63% | 90,129 | $9.9M | Reduce -5.0% |
| TIP iShares Tips Bond ETF | 0.54% | 77,417 | $8.5M | Reduce -3.7% |
| SAP Sap SE-Sponsored ADR | 0.53% | 34,391 | $8.4M | Reduce -3.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.50% | 12,919 | $7.9M | Add +11.3% |
| GWW WW Grainger Inc. | 0.47% | 7,418 | $7.5M | Reduce -6.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.44% | 24,480 | $7.0M | New |
| SPOT Spotify Technology SA | 0.43% | 11,816 | $6.9M | New |
| MUB iShares National Muni Bond E | 0.42% | 62,844 | $6.7M | Add +3.2% |
| IBDR iShares Ibonds Dec 2026 Term | 0.40% | 258,676 | $6.3M | Reduce -2.8% |
| NOW ServiceNow Inc. | 0.37% | 38,770 | $5.9M | Reduce -35.6% |
| OEF iShares S&P 100 ETF | 0.36% | 16,479 | $5.7M | Reduce -19.1% |
| TSLA Tesla Inc. | 0.35% | 12,414 | $5.6M | Reduce -3.5% |
| VRT Vertiv Holdings Co. Class A | 0.35% | 34,045 | $5.5M | New |
| RSP Invesco S&P 500 Equal Weight | 0.30% | 24,980 | $4.8M | Add +8.5% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.30% | 49,170 | $4.8M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 0.28% | 14,032 | $4.4M | Reduce -3.2% |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 0.27% | 177,946 | $4.3M | Add +0.4% |
| JNJ Johnson & Johnson | 0.27% | 20,700 | $4.3M | Reduce -1.6% |
| SPIP SS SPDR P Tips ETF | 0.27% | 161,800 | $4.2M | Add +3.9% |
| CVX Chevron Corp. | 0.25% | 25,909 | $3.9M | Reduce -2.9% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.24% | 148,280 | $3.8M | Add +2.7% |
| SHYG iShares 0-5 YR HY Corp. Bond | 0.22% | 82,537 | $3.5M | Add +3.4% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.22% | 154,401 | $3.4M | Add +2.8% |
| IBMR iShares Ibonds Dec 2029 M BD | 0.19% | 130,223 | $3.0M | New |
| VTI VG Morningstar TS MKT ETF-US | 0.19% | 9,043 | $3.0M | Add +1.2% |
| AVGO Broadcom Inc. | 0.18% | 8,057 | $2.8M | Add +17.6% |
| COST Costco Wholesale Corp. | 0.16% | 2,870 | $2.5M | Add +1.6% |
| MAR Marriott International Class A | 0.15% | 7,720 | $2.4M | Reduce -1.6% |
| IBDW iShares Ibonds Dec 2031 Corp. | 0.14% | 108,629 | $2.3M | Add +5.2% |
| CHD Church & Dwight Co. Inc. | 0.14% | 27,358 | $2.3M | Reduce -75.4% |
| XOM Exxon Mobil Corp. | 0.14% | 18,086 | $2.2M | Add +0.1% |
| ETN Eaton Corp. PLC | 0.13% | 6,435 | $2.0M | Add +95.1% |
| AMGN Amgen Inc. | 0.12% | 5,882 | $1.9M | Reduce -0.8% |
| ITW Illinois Tool Works | 0.12% | 7,784 | $1.9M | Reduce -12.4% |
| IBDX iShares Ibonds Dec 2032 TC | 0.11% | 69,654 | $1.8M | Add +5.7% |
| XLK SS Technology Select Sector | 0.10% | 11,548 | $1.7M | Reduce -8.0% |
| SCHP Schwab U.S. Tips ETF | 0.10% | 59,494 | $1.6M | Reduce -6.4% |
| ROP Roper Technologies Inc. | 0.10% | 3,484 | $1.6M | Reduce -31.4% |
| SCHM Schwab US Mid Cap ETF | 0.10% | 51,008 | $1.5M | Reduce -0.6% |
| ACN Accenture PLC Class A | 0.10% | 5,698 | $1.5M | Reduce -17.6% |
| TXN Texas Instruments Inc. | 0.09% | 8,491 | $1.5M | Add +1.4% |
| IEF iShares 7-10 Year Treasury B | 0.09% | 14,555 | $1.4M | Reduce -4.6% |
| IBDY iShares Ibonds Dec 2033 Corp. | 0.08% | 50,650 | $1.3M | Add +7.2% |
| SCHA Schwab US Small-Cap ETF | 0.08% | 45,949 | $1.3M | Reduce -0.8% |
| ADP Automatic Data Processing | 0.08% | 4,891 | $1.3M | Reduce -85.5% |
| DVY iShares Select Dividend ETF | 0.08% | 8,748 | $1.2M | Add +21.0% |
| RTX RTX Corp. | 0.08% | 6,647 | $1.2M | Reduce -3.6% |
| PEP Pepsico Inc. | 0.08% | 8,395 | $1.2M | Reduce -21.5% |
| PG The Procter & Gamble Co. | 0.08% | 8,305 | $1.2M | Reduce -15.9% |
| CRM Salesforce Inc. | 0.07% | 4,426 | $1.2M | Reduce -40.3% |
| CAT Caterpillar Inc. | 0.07% | 1,936 | $1.1M | Reduce -1.3% |
| SHOP Shopify Inc. Class A | 0.07% | 6,761 | $1.1M | Reduce -2.1% |
| GLD SPDR Gold Shares | 0.06% | 2,498 | $990K | No change |
| META Meta Platforms Inc. Class A | 0.06% | 1,470 | $970K | Reduce -3.2% |
| NOC Northrop Grumman Corp. | 0.06% | 1,700 | $969K | Reduce -23.3% |
| EXR Extra Space Storage Inc. | 0.06% | 7,188 | $936K | Reduce -21.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.06% | 3,116 | $923K | Add +1.3% |
| WMT Walmart Inc. | 0.06% | 8,228 | $917K | Reduce -3.1% |
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -1.0% | 5.44% | −0.58 |
| ADP Automatic Data Processing | Reduce -85.5% | 0.08% | −0.56 |
| CHD Church & Dwight Co. Inc. | Reduce -75.4% | 0.14% | −0.49 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.38 |
| NOW ServiceNow Inc. | Reduce -35.6% | 0.37% | −0.34 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.33 |
| PGR Progressive Corp. | Reduce -2.4% | 1.58% | −0.22 |
| IBDU iShares Ibonds Dec 2029 Term | Sold out | 0.00% | −0.19 |
| LIN Linde PLC | Reduce -0.9% | 1.22% | −0.18 |
| DHR Danaher Corp. | Reduce -27.9% | 0.70% | −0.16 |
| UNH Unitedhealth Group Inc. | Reduce -8.3% | 0.94% | −0.16 |
| LOW Lowe's Cos Inc. | Reduce -1.6% | 1.66% | −0.14 |
| EOG EOG Resources Inc. | Reduce -9.1% | 0.64% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 2.78% | −0.10 |
| SAP Sap SE-Sponsored ADR | Reduce -3.1% | 0.53% | −0.09 |
| MRSH Marsh & McLennan Cos | Reduce -69.3% | 0.03% | −0.08 |
| OEF iShares S&P 100 ETF | Reduce -19.1% | 0.36% | −0.08 |
| NVDA Nvidia Corp. | Reduce -0.4% | 2.90% | −0.08 |
| WCN Waste Connections Inc. | Reduce -7.6% | 0.66% | −0.07 |
| ABBV Abbvie Inc. | Reduce -2.0% | 1.22% | −0.07 |
| ROP Roper Technologies Inc. | Reduce -31.4% | 0.10% | −0.07 |
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -5.9% | 0.65% | −0.07 |
| UNP Union Pacific Corp. | Reduce -2.0% | 0.89% | −0.06 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -5.0% | 0.63% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.0% | 1.00% | −0.05 |
| PFF iShares Preferred & Income S | Reduce -1.7% | 0.80% | −0.05 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.3% | 2.74% | −0.04 |
| TIP iShares Tips Bond ETF | Reduce -3.7% | 0.54% | −0.04 |
| CRM Salesforce Inc. | Reduce -40.3% | 0.07% | −0.04 |
| MCD McDonald's Corp. | Reduce -1.9% | 0.96% | −0.04 |
| SPGI S&P Global Inc. | Reduce -9.0% | 0.74% | −0.04 |
| GD General Dynamics Corp. | Reduce -0.1% | 0.88% | −0.03 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.03 |
| ITW Illinois Tool Works | Reduce -12.4% | 0.12% | −0.03 |
| NOC Northrop Grumman Corp. | Reduce -23.3% | 0.06% | −0.03 |
| EXR Extra Space Storage Inc. | Reduce -21.5% | 0.06% | −0.02 |
| ORCL Oracle Corp. | Reduce -14.7% | 0.03% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -15.9% | 0.08% | −0.02 |
| ITOT iShares Core S&P Total U.S. | Reduce -47.0% | 0.03% | −0.02 |
| AFL Aflac Inc. | Reduce -57.3% | 0.02% | −0.02 |
| IBDR iShares Ibonds Dec 2026 Term | Reduce -2.8% | 0.40% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Sold out | 0.00% | −0.02 |
| PEP Pepsico Inc. | Reduce -21.5% | 0.08% | −0.02 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.02 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.02 |
| CVX Chevron Corp. | Reduce -2.9% | 0.25% | −0.02 |
| TSLA Tesla Inc. | Reduce -3.5% | 0.35% | −0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -55.4% | 0.01% | −0.02 |
| T AT&T Inc. | Sold out | 0.00% | −0.02 |
| HD Home Depot Inc. | Reduce -5.9% | 0.06% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| VEA Vanguard Ftse Developed ETF | Add +35.2% | 4.30% | +1.18 |
| GLDM SPDR Gold Minishares Trust | Add +3362.2% | 0.68% | +0.66 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.44% | +0.44 |
| SPOT Spotify Technology SA | New | 0.43% | +0.43 |
| IVV iShares Core S&P 500 ETF | Add +4.6% | 9.15% | +0.40 |
| VRT Vertiv Holdings Co. Class A | New | 0.35% | +0.35 |
| SYK Stryker Corp. | Add +41.3% | 1.11% | +0.26 |
| IBMR iShares Ibonds Dec 2029 M BD | New | 0.19% | +0.19 |
| AMZN Amazon.com Inc. | Add +0.1% | 4.16% | +0.11 |
| QQQ Invesco QQQ Trust Series 1 | Add +11.3% | 0.50% | +0.05 |
| TJX TJX Companies Inc. | Add +0.0% | 1.36% | +0.05 |
| ETN Eaton Corp. PLC | Add +95.1% | 0.13% | +0.05 |
| VIG Vanguard Dividend Apprec ETF | Add +5.9% | 0.88% | +0.05 |
| AVGO Broadcom Inc. | Add +17.6% | 0.18% | +0.03 |
| IWD iShares Russell 1000 Value E | Add +180.9% | 0.04% | +0.03 |
| VBIL Vanguard 0-3M T-Bill ETF | New | 0.02% | +0.02 |
| IWF iShares Russell 1000 Growth | Add +157.4% | 0.03% | +0.02 |
| RSP Invesco S&P 500 Equal Weight | Add +8.5% | 0.30% | +0.02 |
| MU Micron Technology Inc. | New | 0.02% | +0.02 |
| SPYV SS SPDR P S&P 500 Value ETF | New | 0.02% | +0.02 |
| SCHD Schwab US DVD Equity ETF | New | 0.02% | +0.02 |
| CDNS Cadence Design SYS Inc. | New | 0.02% | +0.02 |
| ATRO Astronics Corp. | New | 0.02% | +0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.01% | +0.01 |
| SCHF Schwab Intl Equity ETF | New | 0.01% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | New | 0.01% | +0.01 |
| ISRG Intuitive Surgical Inc. | Add +4.6% | 0.05% | +0.01 |
| DVY iShares Select Dividend ETF | Add +21.0% | 0.08% | +0.01 |
| MRK Merck & Co. Inc. | Add +4.9% | 0.05% | +0.01 |
| AMAT Applied Materials Inc. | Add +0.7% | 0.03% | +0.01 |
| MUB iShares National Muni Bond E | Add +3.2% | 0.42% | +0.01 |
| XOM Exxon Mobil Corp. | Add +0.1% | 0.14% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +9.9% | 0.06% | +0.01 |
| GE General Electric | Add +29.5% | 0.02% | +0.00 |
| KO The Coca-Cola Co. | Add +4.9% | 0.05% | +0.00 |
| IBDZ ISHARESIBONDSDEC2034TMCORP | Add +11.7% | 0.04% | +0.00 |
| GS Goldman Sachs Group Inc. | Add +1.1% | 0.04% | +0.00 |
| IBDY iShares Ibonds Dec 2033 Corp. | Add +7.2% | 0.08% | +0.00 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +5.2% | 0.14% | +0.00 |
| IBDX iShares Ibonds Dec 2032 TC | Add +5.7% | 0.11% | +0.00 |
| BAC Bank of America Corp. | Add +2.2% | 0.04% | +0.00 |
| IWB iShares Russell 1000 ETF | Add +6.4% | 0.04% | +0.00 |
| IBM Intl Business Machines Corp. | Add +1.3% | 0.06% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +1.2% | 0.19% | +0.00 |
| ELV Elevance Health Inc. | Add +3.6% | 0.02% | +0.00 |
| IVE iShares S&P 500 Value ETF | Add +3.6% | 0.04% | +0.00 |
| ITA iShares U.S. Aerospace & Def | Add +1.8% | 0.02% | +0.00 |
| SPIP SS SPDR P Tips ETF | Add +3.9% | 0.27% | +0.00 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +2.7% | 0.24% | +0.00 |
| QCOM Qualcomm Inc. | Add +0.8% | 0.02% | +0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| IMSRW HCM II Acquisition Corp. - 29 | *W EXP 99/99/999 | Sold out | 18,405 | $110Kbefore exit |
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 |