Harbor Investment Advisory, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 7, 2026), Harbor Investment Advisory, LLC reported 1,219 stock positions worth $1.3 billion. Its top holding was Marriott International Class A (MAR) at 13.2% of the portfolio, followed by Apple (AAPL, 7.0%) and Alphabet Class A (GOOGL, 4.2%). Compared with Q3 2025, it opened 106 new positions, sold out of 52, added to 421 and reduced 211. The biggest buy was Alphabet Class A (GOOGL, shares +3%) and the biggest sale Equinix (EQIX, shares −58%).

Most Recent 13F
Q2 2026
Location
LUTHERVILLE, MD
CIK
0001468792
Portfolio Value
$1.3B (Q4 2025)
SEC Filing
0001468792-26-000001 ↗ filed Jan 7, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $956.6M Q1 2024 Q2 2024: $957.8M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.3B $1.3B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 1,219 stocks · $1.3B

MAR Marriott International Class A 13.21% 566,369 $175.7M Reduce -1.1%
AAPL Apple Inc. 7.00% 359,837 $93.1M Add +2.3%
GOOGL Alphabet Inc. Class A 4.24% 180,370 $56.5M Add +3.0%
AMZN Amazon.com Inc. 4.22% 309,697 $56.2M Add +2.4%
MSFT Microsoft Corp. 3.58% 152,063 $47.6M Add +3.3%
BRK.B Berkshire Hathaway Inc. Class B 2.52% 236,999 $33.6M Add +0.1%
GOOG Alphabet Inc. Class C 1.66% 78,958 $22.1M Add +4.2%
JPM JPMorgan Chase & Co. 1.34% 69,244 $17.9M Add +0.9%
IVV iShares Core S&P 500 ETF 1.26% 24,503 $16.8M Add +36.9%
NVDA Nvidia Corp. 1.20% 85,546 $16.0M Add +5.9%
MA Mastercard Inc. Class A 1.19% 27,730 $15.8M Add +2.7%
GLDM SPDR Gold Minishares Trust 1.18% 183,346 $15.7M Add +2.3%
VTI VG Morningstar TS MKT ETF-US 1.15% 45,786 $15.4M Add +2.0%
VUG Vanguard Mrngstar GR ETF-Sui 1.15% 31,309 $15.3M Add +9.9%
V Visa Inc. Class A 1.09% 41,178 $14.4M Add +5.1%
VOO Vanguard S&P 500 ETF 1.01% 21,338 $13.4M Add +7.6%
RSP Invesco S&P 500 Equal Weight 0.94% 65,120 $12.5M Add +0.3%
VTV Vanguard Mrngstr Val ETF-Aui 0.86% 60,032 $11.5M Add +5.8%
IWN iShares Russell 2000 Value E 0.82% 60,464 $11.0M Reduce -1.4%
GLD SPDR Gold Shares 0.82% 27,623 $10.9M Add +32.3%
LLY Eli Lilly & Co. 0.81% 10,048 $10.8M Add +1.6%
AVGO Broadcom Inc. 0.75% 28,775 $10.0M Add +4.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.74% 14,439 $9.8M Add +5.1%
META Meta Platforms Inc. Class A 0.73% 14,785 $9.8M Add +1.4%
BIL SS SPDR BB 1-3M T-Bill ETF 0.67% 97,204 $8.9M Reduce -3.6%
JNJ Johnson & Johnson 0.66% 42,212 $8.7M Add +1.5%
IEFA iShares Core MSCI Eafe ETF 0.64% 95,697 $8.6M Add +43.8%
IWY iShares Russell Top 200 Grow 0.61% 29,241 $8.1M Reduce -5.3%
BLK BlackRock Inc. 0.60% 7,401 $7.9M Add +2.3%
AMGN Amgen Inc. 0.58% 23,513 $7.7M Reduce -1.8%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.57% 42,699 $7.6M Add +18.5%
EFA iShares MSCI Eafe ETF 0.56% 78,032 $7.5M Add +5.0%
VNQ Vanguard Real Estate ETF 0.53% 79,959 $7.1M Add +0.1%
JAAA Janus Henderson Aaa Clo ETF 0.53% 139,755 $7.1M Add +10.3%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.52% 24,955 $7.0M Add +10.5%
IWF iShares Russell 1000 Growth 0.51% 14,352 $6.8M Add +8.3%
UNH Unitedhealth Group Inc. 0.51% 20,544 $6.8M Add +0.9%
WMT Walmart Inc. 0.49% 58,130 $6.5M Add +13.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.46% 110,312 $6.1M Add +8.1%
TSLA Tesla Inc. 0.45% 13,445 $6.0M Reduce -6.4%
COST Costco Wholesale Corp. 0.45% 6,963 $6.0M Add +1.2%
IWO iShares Russell 2000 Growth 0.45% 18,495 $6.0M Reduce -3.6%
GDXJ Vaneck Junior Gold Miners 0.44% 51,862 $5.9M Add +69.4%
DGRO iShares Core Dividend Growth 0.41% 79,094 $5.5M Add +13.8%
DFIS Dimensional International SM 0.39% 157,972 $5.2M Add +12.2%
BX Blackstone Inc. 0.39% 33,513 $5.2M Reduce -2.7%
IVW iShares S&P 500 Growth ETF 0.38% 41,369 $5.1M Add +12.1%
ABBV Abbvie Inc. 0.38% 22,092 $5.0M Add +1.0%
CRWD CrowdStrike Holdings Inc. Class A 0.38% 10,721 $5.0M Reduce -3.0%
IJH iShares Core S&P Midcap ETF 0.38% 75,814 $5.0M Add +17.0%
IWB iShares Russell 1000 ETF 0.37% 13,141 $4.9M Reduce -0.0%
QQQ Invesco QQQ Trust Series 1 0.37% 7,968 $4.9M Add +18.9%
HD Home Depot Inc. 0.36% 14,044 $4.8M Add +2.0%
IWP iShares Russell Mid-Cap Grow 0.36% 35,252 $4.8M Add +2.4%
XOM Exxon Mobil Corp. 0.36% 39,647 $4.8M Reduce -0.3%
IWX iShares Russell Top 200 Valu 0.35% 50,283 $4.6M Reduce -0.3%
JSI JH Securitized Income ETF 0.34% 86,504 $4.5M Add +79.6%
IVE iShares S&P 500 Value ETF 0.33% 20,592 $4.4M Add +1.4%
SHY iShares 1-3 Year Treasury Bo 0.32% 51,779 $4.3M Add +14.8%
IWD iShares Russell 1000 Value E 0.31% 19,654 $4.1M Add +0.7%
GS Goldman Sachs Group Inc. 0.30% 4,564 $4.0M Add +10.6%
VICR Vicor Corp. 0.30% 36,261 $4.0M Reduce -12.3%
GEV GE Vernova Inc. 0.30% 6,030 $3.9M Add +173.8%
MKL Markel Group Inc. 0.29% 1,816 $3.9M Add +0.9%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.29% 12,798 $3.9M Add +136.8%
SBUX Starbucks Corp. 0.29% 45,061 $3.8M Reduce -10.0%
PG The Procter & Gamble Co. 0.28% 26,042 $3.7M Add +21.4%
IJR iShares Core S&P Small-Cap E 0.27% 30,188 $3.6M Add +15.9%
RISR Foliobe Altr In&in H ETF-Usd 0.27% 98,325 $3.6M Add +52.7%
VIG Vanguard Dividend Apprec ETF 0.27% 16,104 $3.5M Add +1.1%
MGNR Amer Beac GLG NTRL Rsrcs ETF filed as AMERICAN BEACON SELECT FUNDS 0.26% 79,135 $3.5M Add +10.4%
FVD First Trust Value Line DVD 0.26% 75,481 $3.5M Reduce -6.8%
IWS iShares Russell Mid-Cap Valu 0.25% 23,756 $3.4M Add +0.5%
ABT Abbott Laboratories 0.25% 26,401 $3.3M Add +1.1%
CEG Constellation Energy 0.25% 9,240 $3.3M Add +1.4%
ORCL Oracle Corp. 0.25% 16,725 $3.3M Add +5.5%
GE General Electric filed as GE AEROSPACE 0.24% 10,250 $3.2M Add +321.8%
UBER Uber Technologies Inc. 0.24% 38,351 $3.1M Reduce -0.4%
AEM Agnico Eagle Mines Ltd. 0.23% 17,924 $3.0M Reduce -0.7%
VYM Vanguard High DVD Yield ETF 0.23% 21,029 $3.0M Reduce -0.1%
NFLX Netflix Inc. 0.23% 48,509 $3.0M Reduce -74.9%
RTX RTX Corp. 0.23% 16,360 $3.0M Add +15.3%
HON Honeywell International Inc. 0.22% 15,253 $3.0M Add +4.9%
TCAF T Rowe PRC Cap Appreciation 0.22% 76,117 $2.9M Add +15.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.22% 9,774 $2.9M Add +8.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.22% 18,799 $2.9M Add +1.6%
HELO JPMorgan Hedged Equity ETF 0.21% 43,035 $2.9M Reduce -13.0%
CCJ Cameco Corp. 0.21% 30,428 $2.8M Add +0.8%
CVX Chevron Corp. 0.21% 18,196 $2.8M Reduce -1.9%
JEPI JPMorgan Equity Premium Inco 0.21% 47,720 $2.7M Reduce -26.0%
IBDT iShares Ibonds Dec 2028 ETF 0.20% 103,440 $2.6M Add +14.2%
SYK Stryker Corp. 0.20% 7,459 $2.6M Reduce -6.8%
TXRH Texas Roadhouse Inc. 0.20% 15,660 $2.6M Add +9.6%
AMT American Tower Corp. 0.19% 14,654 $2.6M Reduce -28.9%
AGI Alamos Gold Inc. Class A 0.19% 65,603 $2.5M Add +0.2%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 0.19% 103,426 $2.5M Add +16.1%
HOOD Robinhood Markets Inc. Class A 0.19% 22,031 $2.5M Add +25.6%
LOW Lowe's Cos Inc. 0.19% 10,323 $2.5M Add +9.9%
CSCO Cisco Systems Inc. 0.19% 32,281 $2.5M Add +7.8%
IBDR iShares Ibonds Dec 2026 Term 0.18% 98,236 $2.4M Add +19.4%

Show all 1,219 holdings

Options reported separately and not counted above: SPY calls ($1.0M), GLD calls ($277K), AAPL puts ($245K), QQQ puts ($123K), ONON calls ($70K), NVDA puts ($56K).

Other holdings (3): bonds, preferreds, convertibles and warrants · $6K (not counted above)
SecurityClassShares / PrincipalValueChange
OXBRW Oxbridge Re Holdings-CW24 *W EXP 03/26/202 24,000$5KNo change
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 51$983No change
DNABW Ginkgo Bioworks -CW27 *W EXP 09/16/202 140$1No change
Lines left out (1) · $1 — a value with no share or principal amount
SecurityClassSharesValue
EE Excelerate Energy Inc. Class A CL A COM0$1

Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q3 2025 → Q4 2025

EQIX Equinix Inc. Reduce -58.1% 0.09% −0.16
FISV Fiserv Inc. Reduce -53.9% 0.04% −0.16
TMUS T-Mobile US Inc. Reduce -75.8% 0.04% −0.15
AMT American Tower Corp. Reduce -28.9% 0.19% −0.13
IBDQ iShares Ibonds Dec 2025 Term Sold out 0.00% −0.13
DLR Digital Realty Trust Inc. Reduce -28.6% 0.16% −0.12
IBIT iShares Bitcoin Trust ETF Reduce -44.9% 0.06% −0.10
JEPI JPMorgan Equity Premium Inco Reduce -26.0% 0.21% −0.10
BX Blackstone Inc. Reduce -2.7% 0.39% −0.10
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -3.6% 0.67% −0.10
APO Apollo Global Management Inc. Reduce -54.8% 0.08% −0.10
IWY iShares Russell Top 200 Grow Reduce -5.3% 0.61% −0.09
UBER Uber Technologies Inc. Reduce -0.4% 0.24% −0.08
TSLA Tesla Inc. Reduce -6.4% 0.45% −0.07
IWN iShares Russell 2000 Value E Reduce -1.4% 0.82% −0.07
CRWD CrowdStrike Holdings Inc. Class A Reduce -3.0% 0.38% −0.07
DOX Amdocs Ltd. Sold out 0.00% −0.07
TROW T Rowe Price Group Inc. Reduce -48.6% 0.06% −0.07
SBUX Starbucks Corp. Reduce -10.0% 0.29% −0.07
IWO iShares Russell 2000 Growth Reduce -3.6% 0.45% −0.06
HELO JPMorgan Hedged Equity ETF Reduce -13.0% 0.21% −0.05
FVD First Trust Value Line DVD Reduce -6.8% 0.26% −0.05
SYK Stryker Corp. Reduce -6.8% 0.20% −0.05
NFLX Netflix Inc. Reduce -74.9% 0.23% −0.04
FAST Fastenal Co. Reduce -0.1% 0.13% −0.04
EOG EOG Resources Inc. Reduce -82.8% 0.01% −0.04
NKE Nike Inc. Class B Reduce -10.3% 0.12% −0.04
SPOT Spotify Technology SA Reduce -5.0% 0.10% −0.04
RCL Royal Caribbean Cruises Ltd. Reduce -35.7% 0.04% −0.04
CAI Caris Life Sciences Inc. Sold out 0.00% −0.04
CHWY Chewy Inc. Class A Sold out 0.00% −0.04
SNOW Snowflake Inc. Reduce -32.7% 0.05% −0.03
CVX Chevron Corp. Reduce -1.9% 0.21% −0.03
COIN Coinbase Global Inc. Class A Reduce -34.8% 0.02% −0.03
IWB iShares Russell 1000 ETF Reduce -0.0% 0.37% −0.03
TOST Toast Inc. Class A Reduce -94.8% 0.00% −0.03
IWM iShares Russell 2000 ETF Reduce -8.4% 0.14% −0.02
THQ Abrdn Healthcare Opport Sold out 0.00% −0.02
WDAY Workday Inc. Class A Reduce -52.6% 0.01% −0.02
HGER Harbor Commodity All Weather Reduce -2.7% 0.14% −0.02
AEM Agnico Eagle Mines Ltd. Reduce -0.7% 0.23% −0.02
CMG Chipotle Mexican Grill Inc. Reduce -6.4% 0.09% −0.02
PYPL PayPal Holdings Inc. Reduce -5.8% 0.06% −0.02
PEP Pepsico Inc. Reduce -10.2% 0.10% −0.02
NXPI NXP Semiconductors NV Reduce -5.8% 0.09% −0.02
NTES Netease Inc.-ADR Reduce -0.3% 0.09% −0.02
NICE Nice Ltd. - Spon ADR Reduce -26.5% 0.02% −0.02
IWX iShares Russell Top 200 Valu Reduce -0.3% 0.35% −0.02
GNRC Generac Holdings Inc. Reduce -1.0% 0.05% −0.02
LULU Lululemon Athletica Inc. Reduce -64.8% 0.01% −0.02

Portfolio Buys Q3 2025 → Q4 2025

GOOGL Alphabet Inc. Class A Add +3.0% 4.24% +0.72
GOOG Alphabet Inc. Class C Add +4.2% 1.66% +0.31
IVV iShares Core S&P 500 ETF Add +36.9% 1.26% +0.27
GLD SPDR Gold Shares Add +32.3% 0.82% +0.21
GDXJ Vaneck Junior Gold Miners Add +69.4% 0.44% +0.19
LLY Eli Lilly & Co. Add +1.6% 0.81% +0.19
GEV GE Vernova Inc. Add +173.8% 0.30% +0.18
GE General Electric Add +321.8% 0.24% +0.18
IEFA iShares Core MSCI Eafe ETF Add +43.8% 0.64% +0.16
VBK Van Morst SML-Cap Gro-Usd Inc. Add +136.8% 0.29% +0.16
JSI JH Securitized Income ETF Add +79.6% 0.34% +0.13
XBI SS SPDR S&P Biotech ETF Add +544.0% 0.15% +0.13
KLAC KLA Corp. Add +4023.1% 0.10% +0.10
RISR Foliobe Altr In&in H ETF-Usd Add +52.7% 0.27% +0.08
IBDU iShares Ibonds Dec 2029 Term Add +164.2% 0.11% +0.07
IJK iShares S&P Mid-Cap 400 Grow Add +130.1% 0.12% +0.06
IJJ iShares S&P Mid-Cap 400 Valu Add +102.1% 0.13% +0.06
IJT iShares S&P Small-Cap 600 GR Add +445.1% 0.07% +0.06
COF Capital One Financial Corp. Add +34.1% 0.18% +0.05
VOE Vngrd Mrngstr MD-Cap Val ETF Add +18.5% 0.57% +0.05
WMT Walmart Inc. Add +13.0% 0.49% +0.05
DUK Duke Energy Corp. Add +298.7% 0.07% +0.05
IJS iShares S&P Small-Cap 600 Va Add +311.0% 0.06% +0.05
VBR Vngrd Mrngst SL-CP Val ETF-U Add +71.7% 0.12% +0.04
XBIL F/M US Treasury 6 Month Bill Add +86.0% 0.11% +0.04
GLDM SPDR Gold Minishares Trust Add +2.3% 1.18% +0.04
RRC Range Resources Corp. Add +101.5% 0.10% +0.04
C Citigroup Inc. Add +150.8% 0.06% +0.04
WELL Welltower Inc. Add +87.6% 0.08% +0.04
QQQ Invesco QQQ Trust Series 1 Add +18.9% 0.37% +0.04
WCN Waste Connections Inc. Add +68.2% 0.10% +0.03
IBDV iShares Ibonds Dec 2030 Corp. Add +171.6% 0.06% +0.03
SIL Global X Silver Miners ETF Add +25.7% 0.13% +0.03
ACN Accenture PLC Class A Add +34.0% 0.13% +0.03
EEM iShares MSCI Emerging Market Add +46.2% 0.12% +0.03
WM Waste Management Inc. Add +202.5% 0.05% +0.03
VST Vistra Corp. Add +495.7% 0.04% +0.03
IYR iShares US Real Estate ETF New 0.03% +0.03
GS Goldman Sachs Group Inc. Add +10.6% 0.30% +0.03
RTX RTX Corp. Add +15.3% 0.23% +0.03
SGOV iShares 0-3 Month Treasury B Add +250.5% 0.04% +0.03
AMRZ Amrize Ltd. New 0.03% +0.03
IJH iShares Core S&P Midcap ETF Add +17.0% 0.38% +0.03
VRT Vertiv Holdings Co. Class A Add +33.7% 0.11% +0.03
IEMG iShares Core MSCI Emerging Add +221.9% 0.04% +0.03
CTSH Cognizant Tech Solutions-A Add +9.9% 0.13% +0.02
APP AppLovin Corp. Class A Add +104.4% 0.06% +0.02
BND Vanguard Total Bond Market Add +371.1% 0.03% +0.02
ISRG Intuitive Surgical Inc. Add +0.8% 0.17% +0.02
DFIS Dimensional International SM Add +12.2% 0.39% +0.02

Options Activity Q3 2025 → Q4 2025

SPY SS SPDR S&P 500 ETF Trust-US call Add +15.4% 1,500 $1.0M
GLD SPDR Gold Shares call Reduce -30.0% 700 $277K
AAPL Apple Inc. put Reduce -50.0% 900 $245K
QQQ Invesco QQQ Trust Series 1 put Reduce -60.0% 200 $123K
NVDA Nvidia Corp. put New 300 $56K
ARKK ARK Innovation ETF put Sold out 300 $26Kbefore exit
KWEB Kranesh Csi China Internet call Sold out 500 $21Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025

COHEN & STEERS INFRASTRU RIGHT 10/16/2025 Sold out 2,272 $177before exit
CLEARBRIDGE ENERGY MI-RT RIGHT 10/10/2025 Sold out 2,115 $40before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,306$1.4BMAR, AAPL, GOOGL, AMZN, MSFT
Q1 2026 1,223$1.3BMAR, AAPL, GOOGL, AMZN, MSFT
Q4 2025 1,219$1.3BMAR, AAPL, GOOGL, AMZN, MSFT
Q3 2025 1,165$1.2BMAR, AAPL, AMZN, MSFT, GOOGL
Q2 2025 1,168$1.1BMAR, AAPL, AMZN, MSFT, BRK.B
Q1 2025 1,169$1.0BMAR, AAPL, AMZN, MSFT, BRK.B
Q4 2024 1,131$1.1BMAR, AAPL, AMZN, MSFT, GOOGL
Q3 2024 1,140$1.0BMAR, AAPL, AMZN, MSFT, GOOGL
Q2 2024 1,298$957.8MMAR, AAPL, AMZN, MSFT, GOOGL
Q1 2024 1,323$956.6MMAR, AAPL, AMZN, MSFT, GOOGL