Garland Capital Management Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 30, 2024), Garland Capital Management Inc. reported 33 stock positions worth $150.9 million. Its top holding was JPMorgan Chase (JPM) at 6.0% of the portfolio, followed by Merck (MRK, 5.5%) and Abbvie (ABBV, 5.4%). Compared with Q4 2023, it added to 9 and reduced 20. The biggest buy was Intl Flavors & Fragrances (IFF, shares +0%) and the biggest sale Intel (INTC, shares −1%).
- Most Recent 13F
- Q3 2025
- Location
- BELLEVUE, WA
- CIK
- 0001181544
- Portfolio Value
- $150.9M (Q1 2024)
- SEC Filing
- 0001398344-24-008290 ↗ filed Apr 30, 2024
Holdings Value
Holdings 33 stocks · $150.9M
| JPM JPMorgan Chase & Co. | 6.04% | 45,500 | $9.1M | Reduce -1.1% |
| MRK Merck & Co. Inc. | 5.46% | 62,490 | $8.2M | Reduce -0.7% |
| ABBV Abbvie Inc. | 5.39% | 44,658 | $8.1M | Reduce -1.0% |
| TRV The Travelers Cos Inc. | 4.64% | 30,465 | $7.0M | Reduce -1.3% |
| PG The Procter & Gamble Co. | 4.53% | 42,109 | $6.8M | Reduce -0.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 3.89% | 30,718 | $5.9M | Reduce -1.4% |
| UPS United Parcel Service Class B | 3.88% | 39,442 | $5.9M | Add +2.6% |
| PRU Prudential Financial Inc. | 3.77% | 48,439 | $5.7M | Reduce -1.1% |
| PEP Pepsico Inc. | 3.77% | 32,470 | $5.7M | Add +0.9% |
| CSCO Cisco Systems Inc. | 3.76% | 113,669 | $5.7M | Add +0.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 3.66% | 96,002 | $5.5M | Reduce -0.0% |
| CVX Chevron Corp. | 3.48% | 33,309 | $5.3M | Add +0.3% |
| JNJ Johnson & Johnson | 3.46% | 33,052 | $5.2M | Reduce -0.5% |
| NVS Novartis AG-Sponsored ADR | 3.25% | 50,745 | $4.9M | Reduce -1.1% |
| WELL Welltower Inc. | 3.21% | 51,841 | $4.8M | Reduce -0.7% |
| CVS CVS Health Corp. | 3.20% | 60,650 | $4.8M | Reduce -0.4% |
| INTC Intel Corp. | 3.14% | 107,366 | $4.7M | Reduce -1.0% |
| DLR Digital Realty Trust Inc. | 2.87% | 30,098 | $4.3M | Reduce -0.4% |
| CMCSA Comcast Corp. Class A | 2.81% | 97,902 | $4.2M | Reduce -0.7% |
| ROK Rockwell Automation Inc. | 2.80% | 14,487 | $4.2M | Reduce -0.7% |
| RTX RTX Corp. | 2.73% | 42,315 | $4.1M | Reduce -0.7% |
| NTRS Northern Trust Corp. | 2.70% | 45,857 | $4.1M | Reduce -0.7% |
| TTE Totalenergies SE -Spon ADR | 2.68% | 58,802 | $4.0M | Add +2.9% |
| ARE Alexandria Real Estate Equit | 2.63% | 30,805 | $4.0M | Add +2.8% |
| MDT Medtronic PLC | 2.58% | 44,675 | $3.9M | Reduce -0.7% |
| PFE Pfizer Inc. | 2.50% | 135,846 | $3.8M | Add +6.6% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 2.46% | 43,113 | $3.7M | Add +0.3% |
| AEP American Electric Power | 2.34% | 40,955 | $3.5M | Reduce -0.4% |
| CCI Crown Castle Inc. | 1.83% | 26,070 | $2.8M | Add +2.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.42% | 3,934 | $641K | No change |
| VNQ Vanguard Real Estate ETF | 0.06% | 1,049 | $91K | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.03% | 254 | $49K | No change |
| VOO Vanguard S&P 500 ETF | 0.02% | 72 | $35K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| INTC Intel Corp. | Reduce -1.0% | 3.14% | −0.69 |
| NVS Novartis AG-Sponsored ADR | Reduce -1.1% | 3.25% | −0.39 |
| ROK Rockwell Automation Inc. | Reduce -0.7% | 2.80% | −0.38 |
| CMCSA Comcast Corp. Class A | Reduce -0.7% | 2.81% | −0.22 |
| JNJ Johnson & Johnson | Reduce -0.5% | 3.46% | −0.19 |
| CVS CVS Health Corp. | Reduce -0.4% | 3.20% | −0.17 |
| WELL Welltower Inc. | Reduce -0.7% | 3.21% | −0.10 |
| NTRS Northern Trust Corp. | Reduce -0.7% | 2.70% | −0.03 |
| MDT Medtronic PLC | Reduce -0.7% | 2.58% | −0.02 |
| AEP American Electric Power | Reduce -0.4% | 2.34% | −0.01 |
| DLR Digital Realty Trust Inc. | Reduce -0.4% | 2.87% | +0.02 |
| BNY Bank of New York Mellon Corp. | Reduce -0.0% | 3.66% | +0.15 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 4.53% | +0.16 |
| PRU Prudential Financial Inc. | Reduce -1.1% | 3.77% | +0.20 |
| RTX RTX Corp. | Reduce -0.7% | 2.73% | +0.22 |
| IBM Intl Business Machines Corp. | Reduce -1.4% | 3.89% | +0.31 |
| ABBV Abbvie Inc. | Reduce -1.0% | 5.39% | +0.48 |
| TRV The Travelers Cos Inc. | Reduce -1.3% | 4.64% | +0.52 |
| JPM JPMorgan Chase & Co. | Reduce -1.1% | 6.04% | +0.54 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 5.46% | +0.65 |
Portfolio Buys Q4 2023 → Q1 2024
| IFF Intl Flavors & Fragrances | Add +0.3% | 2.46% | +0.01 |
| CVX Chevron Corp. | Add +0.3% | 3.48% | +0.00 |
| TTE Totalenergies SE -Spon ADR | Add +2.9% | 2.68% | −0.02 |
| ARE Alexandria Real Estate Equit | Add +2.8% | 2.63% | −0.04 |
| PEP Pepsico Inc. | Add +0.9% | 3.77% | −0.07 |
| PFE Pfizer Inc. | Add +6.6% | 2.50% | −0.08 |
| CCI Crown Castle Inc. | Add +2.6% | 1.83% | −0.23 |
| CSCO Cisco Systems Inc. | Add +0.6% | 3.76% | −0.25 |
| UPS United Parcel Service Class B | Add +2.6% | 3.88% | −0.36 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 21 | $7.3M | JPM, BNY, ABBV, RTX, IBM |
| Q2 2025 | 29 | $31.5M | JPM, BNY, ABBV, IBM, CSCO |
| Q1 2025 | 28 | $106.8M | ABBV, JPM, BNY, TRV, WELL |
| Q4 2024 | 33 | $122.0M | JPM, ABBV, BNY, TRV, CSCO |
| Q3 2024 | 30 | $130.0M | JPM, ABBV, PG, TRV, MRK |
| Q2 2024 | 32 | $141.5M | JPM, ABBV, MRK, PG, TRV |
| Q1 2024 | 33 | $150.9M | JPM, MRK, ABBV, TRV, PG |