Harfst & Associates, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 23, 2025), Harfst & Associates, Inc. reported 112 stock positions worth $542.2 million. Its top holding was Raymond James Financial (RJF) at 32.8% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 13.1%) and Invesco QQQ Trust Series 1 (QQQ, 5.9%). Compared with Q2 2025, it opened 14 new positions, added to 64 and reduced 13. The biggest buy was a new position in Invesco Variable Rate Invest (VRIG) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −1%).

Most Recent 13F
Q2 2026
Location
Sheridan, WY
CIK
0001649147
Portfolio Value
$542.2M (Q3 2025)
SEC Filing
0001172661-25-004390 ↗ filed Oct 23, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $421.2M Q1 2024 Q2 2024: $429.0M Q2 2024 Q3 2024: $445.2M Q3 2024 Q4 2024: $480.0M Q4 2024 Q1 2025: $432.7M Q1 2025 Q2 2025: $484.9M Q2 2025 Q3 2025: $542.2M $542.2M Q3 2025 Q4 2025: $554.6M Q4 2025 Q1 2026: $560.2M Q1 2026 Q2 2026: $643.4M Q2 2026

Holdings 112 stocks · $542.2M
RJF Raymond James Financial Inc. 32.82% 1,030,937 $177.9M Reduce -0.6%
IVV iShares Core S&P 500 ETF 13.07% 105,901 $70.9M Reduce -0.7%
QQQ Invesco QQQ Trust Series 1 5.87% 52,984 $31.8M Add +0.4%
VIS Vanguard Industrials ETF 3.78% 69,136 $20.5M Add +3.4%
PG The Procter & Gamble Co. 2.58% 90,936 $14.0M Add +0.1%
TCAF T Rowe PRC Cap Appreciation 2.23% 320,804 $12.1M Add +3.4%
VTI VG Morningstar TS MKT ETF-US 1.76% 29,096 $9.5M Reduce -0.5%
AAPL Apple Inc. 1.67% 35,663 $9.1M Reduce -1.4%
LAD Lithia Motors Inc. 1.63% 27,963 $8.8M No change
NVDA Nvidia Corp. 1.37% 39,748 $7.4M Add +2.2%
MSFT Microsoft Corp. 1.18% 12,404 $6.4M Add +0.9%
VXF Vanguard Extended Market ETF 0.98% 25,393 $5.3M Add +10.9%
GOOGL Alphabet Inc. Class A 0.87% 19,487 $4.7M Add +1.7%
BRK.B Berkshire Hathaway Inc. Class B 0.84% 9,064 $4.6M Add +5.2%
AMD Advanced Micro Devices 0.73% 24,452 $4.0M Add +0.9%
AMZN Amazon.com Inc. 0.70% 17,400 $3.8M Add +3.3%
COST Costco Wholesale Corp. 0.70% 4,123 $3.8M Add +11.8%
VRIG Invesco Variable Rate Invest 0.66% 143,251 $3.6M New
PGX Invesco Preferred ETF 0.66% 306,267 $3.6M New
LRCX Lam Research Corp. 0.65% 26,497 $3.5M Reduce -0.6%
AMAT Applied Materials Inc. 0.60% 15,856 $3.2M Add +1.7%
SCHW Schwab (charles) Corp. 0.59% 33,724 $3.2M Add +0.3%
NTRS Northern Trust Corp. 0.59% 23,805 $3.2M Add +0.0%
CMI Cummins Inc. 0.59% 7,560 $3.2M Reduce -0.3%
MPWR Monolithic Power Systems Inc. 0.58% 3,439 $3.2M Add +0.1%
FAST Fastenal Co. 0.58% 63,720 $3.1M Add +0.4%
V Visa Inc. Class A 0.56% 8,897 $3.0M Add +0.0%
BLK BlackRock Inc. 0.55% 2,548 $3.0M Add +0.4%
TBUX T Rowe Price Ultra Short-Ter 0.54% 58,474 $2.9M New
ADBE Adobe Inc. 0.54% 8,238 $2.9M Add +4.5%
APH Amphenol Corp. Class A 0.52% 22,774 $2.8M Reduce -0.9%
META Meta Platforms Inc. Class A 0.49% 3,636 $2.7M Add +4.8%
AIT Applied Industrial Tech Inc. 0.49% 10,167 $2.7M Add +0.6%
INTU Intuit Inc. 0.48% 3,796 $2.6M Add +0.8%
VOO Vanguard S&P 500 ETF 0.46% 4,094 $2.5M No change
KLAC KLA Corp. 0.46% 2,319 $2.5M Add +2.1%
XOM Exxon Mobil Corp. 0.46% 22,122 $2.5M Add +0.3%
NOW ServiceNow Inc. 0.45% 2,662 $2.4M Add +0.8%
TXN Texas Instruments Inc. 0.43% 12,805 $2.4M Add +0.8%
IBKR Interactive Brokers Gro Class A 0.42% 33,489 $2.3M Add +0.0%
GE General Electric filed as GE AEROSPACE 0.41% 7,444 $2.2M Add +0.5%
TSLA Tesla Inc. 0.40% 4,934 $2.2M Add +1.8%
AMP Ameriprise Financial Inc. 0.40% 4,440 $2.2M Add +1.4%
MS Morgan Stanley 0.39% 13,152 $2.1M Add +0.8%
JNJ Johnson & Johnson 0.38% 10,975 $2.0M Reduce -1.2%
EBAY eBay Inc. 0.37% 22,330 $2.0M Add +0.2%
GGG Graco Inc. 0.37% 23,901 $2.0M Add +0.4%
NFLX Netflix Inc. 0.37% 1,652 $2.0M Add +1.2%
MLM Martin Marietta Materials 0.36% 3,133 $2.0M Add +1.2%
VMC Vulcan Materials Co. 0.36% 6,416 $2.0M Add +0.6%
NTAP Netapp Inc. 0.36% 16,533 $2.0M Add +0.5%
WMT Walmart Inc. 0.35% 18,565 $1.9M Add +0.8%
PGR Progressive Corp. 0.35% 7,662 $1.9M Add +1.3%
J Jacobs Solutions Inc. 0.35% 12,616 $1.9M Add +0.5%
CRM Salesforce Inc. 0.34% 7,855 $1.9M Add +1.4%
HUBB Hubbell Inc. 0.34% 4,322 $1.9M Add +0.8%
AFL Aflac Inc. 0.34% 16,568 $1.9M Add +1.3%
AME Ametek Inc. 0.33% 9,614 $1.8M Add +0.9%
ODFL Old Dominion Freight Line 0.32% 12,253 $1.7M Add +1.1%
CVX Chevron Corp. 0.32% 11,009 $1.7M Add +0.9%
TT Trane Technologies PLC 0.31% 4,008 $1.7M Add +1.1%
TMO Thermo Fisher Scientific Inc. 0.31% 3,483 $1.7M Add +1.6%
CTAS Cintas Corp. 0.30% 7,903 $1.6M Add +1.3%
DHR Danaher Corp. 0.30% 8,151 $1.6M Add +1.8%
PCAR Paccar Inc. 0.30% 16,299 $1.6M Add +1.5%
MSTR Strategy Inc. 0.29% 4,903 $1.6M Add +2.1%
DPZ Domino's Pizza Inc. 0.29% 3,626 $1.6M Add +1.7%
EOG EOG Resources Inc. 0.28% 13,784 $1.5M Add +0.5%
APO Apollo Global Management Inc. 0.28% 11,426 $1.5M Add +1.9%
BRK.A Berkshire Hathaway Inc. Class A 0.28% 2 $1.5M No change
CPRT Copart Inc. 0.28% 33,262 $1.5M Add +1.6%
DOV Dover Corp. 0.28% 8,952 $1.5M Add +1.6%
WM Waste Management Inc. 0.27% 6,641 $1.5M Add +1.4%
SPGI S&P Global Inc. 0.27% 2,996 $1.5M Add +1.8%
CAT Caterpillar Inc. 0.26% 2,941 $1.4M No change
ISRG Intuitive Surgical Inc. 0.26% 3,111 $1.4M Add +3.0%
PSX Phillips 66 0.25% 9,812 $1.3M Add +1.5%
SPLV Invesco S&P 500 Low Volatili 0.24% 17,383 $1.3M Reduce -0.7%
MCD McDonald's Corp. 0.22% 3,989 $1.2M Add +1.4%
IBIT iShares Bitcoin Trust ETF 0.18% 15,342 $997K New
IWF iShares Russell 1000 Growth 0.18% 2,119 $993K No change
DSI iShares ESG MSCI KLD 400 ETF 0.17% 7,395 $931K No change
NB Niocorp Developments Ltd. 0.13% 104,810 $700K New
SCHM Schwab US Mid Cap ETF 0.12% 21,854 $648K Reduce -12.5%
ABBV Abbvie Inc. 0.11% 2,621 $607K Reduce -0.4%
COIN Coinbase Global Inc. Class A 0.08% 1,347 $455K New
GLD SPDR Gold Shares 0.08% 1,262 $449K New
ABT Abbott Laboratories 0.08% 3,217 $431K No change
SLV iShares Silver Trust 0.07% 9,540 $404K New
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 588 $392K No change
SDY SS SPDR S&P Dividend ETF 0.07% 2,695 $377K No change
GOOG Alphabet Inc. Class C 0.07% 1,455 $354K Add +15.9%
MELI MercadoLibre Inc. 0.06% 150 $351K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.06% 1,770 $330K No change
LOW Lowe's Cos Inc. 0.06% 1,251 $314K No change
TSM Taiwan Semiconductor-SP ADR 0.06% 1,125 $314K No change
PM Philip Morris International 0.05% 1,771 $287K No change
IGRO iShares Intl Div Growth ETF 0.05% 3,546 $283K New
ORCL Oracle Corp. 0.05% 985 $277K No change
ICE Intercontinental Exchange Inc. 0.05% 1,545 $260K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 5,002 $258K No change
PEP Pepsico Inc. 0.05% 1,785 $251K No change
SUSA iShares ESG Optimized MSCI U 0.05% 1,811 $246K Reduce -4.2%
IDEV iShares Core MSCI Dev MKTS 0.04% 2,975 $239K No change
EXPD Expeditors Intl Wash Inc. 0.04% 1,941 $238K Reduce -0.3%
IWV iShares Russell 3000 ETF 0.04% 561 $213K New
IWP iShares Russell Mid-Cap Grow 0.04% 1,475 $210K No change
ONEQ Fidelity Nasdaq Comp Indx 0.04% 2,328 $207K New
MP MP Materials Corp. 0.04% 3,070 $206K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 443 $205K New
PPG PPG Industries Inc. 0.04% 1,949 $205K No change
SSD Simpson Manufacturing Co. Inc. 0.04% 1,198 $201K New

Portfolio Sells Q2 2025 → Q3 2025
IVV iShares Core S&P 500 ETF Reduce -0.7% 13.07% −0.58
VTI VG Morningstar TS MKT ETF-US Reduce -0.5% 1.76% −0.07
SPLV Invesco S&P 500 Low Volatili Reduce -0.7% 0.24% −0.03
SCHM Schwab US Mid Cap ETF Reduce -12.5% 0.12% −0.03
SUSA iShares ESG Optimized MSCI U Reduce -4.2% 0.05% −0.00
EXPD Expeditors Intl Wash Inc. Reduce -0.3% 0.04% −0.00
RJF Raymond James Financial Inc. Reduce -0.6% 32.82% +0.01
ABBV Abbvie Inc. Reduce -0.4% 0.11% +0.01
JNJ Johnson & Johnson Reduce -1.2% 0.38% +0.03
APH Amphenol Corp. Class A Reduce -0.9% 0.52% +0.05
CMI Cummins Inc. Reduce -0.3% 0.59% +0.08
LRCX Lam Research Corp. Reduce -0.6% 0.65% +0.12
AAPL Apple Inc. Reduce -1.4% 1.67% +0.14

Portfolio Buys Q2 2025 → Q3 2025
VRIG Invesco Variable Rate Invest New 0.66% +0.66
PGX Invesco Preferred ETF New 0.66% +0.66
TBUX T Rowe Price Ultra Short-Ter New 0.54% +0.54
IBIT iShares Bitcoin Trust ETF New 0.18% +0.18
GOOGL Alphabet Inc. Class A Add +1.7% 0.87% +0.18
NB Niocorp Developments Ltd. New 0.13% +0.13
NVDA Nvidia Corp. Add +2.2% 1.37% +0.10
TSLA Tesla Inc. Add +1.8% 0.40% +0.09
COIN Coinbase Global Inc. Class A New 0.08% +0.08
GLD SPDR Gold Shares New 0.08% +0.08
SLV iShares Silver Trust New 0.07% +0.07
VXF Vanguard Extended Market ETF Add +10.9% 0.98% +0.07
MPWR Monolithic Power Systems Inc. Add +0.1% 0.58% +0.07
IGRO iShares Intl Div Growth ETF New 0.05% +0.05
IBKR Interactive Brokers Gro Class A Add +0.0% 0.42% +0.04
KLAC KLA Corp. Add +2.1% 0.46% +0.04
IWV iShares Russell 3000 ETF New 0.04% +0.04
ONEQ Fidelity Nasdaq Comp Indx New 0.04% +0.04
MP MP Materials Corp. New 0.04% +0.04
DIA SS SPDR Dow Jones Indus Avg New 0.04% +0.04
SSD Simpson Manufacturing Co. Inc. New 0.04% +0.04
EBAY eBay Inc. Add +0.2% 0.37% +0.03
FAST Fastenal Co. Add +0.4% 0.58% +0.03
TMO Thermo Fisher Scientific Inc. Add +1.6% 0.31% +0.02
VMC Vulcan Materials Co. Add +0.6% 0.36% +0.02
AMD Advanced Micro Devices Add +0.9% 0.73% +0.02
GE General Electric Add +0.5% 0.41% +0.02
GOOG Alphabet Inc. Class C Add +15.9% 0.07% +0.02
MLM Martin Marietta Materials Add +1.2% 0.36% +0.01
AMAT Applied Materials Inc. Add +1.7% 0.60% +0.01
J Jacobs Solutions Inc. Add +0.5% 0.35% +0.01
PSX Phillips 66 Add +1.5% 0.25% +0.01
MS Morgan Stanley Add +0.8% 0.39% +0.01
AIT Applied Industrial Tech Inc. Add +0.6% 0.49% +0.00
NTAP Netapp Inc. Add +0.5% 0.36% −0.00
BLK BlackRock Inc. Add +0.4% 0.55% −0.00
CVX Chevron Corp. Add +0.9% 0.32% −0.01
MCD McDonald's Corp. Add +1.4% 0.22% −0.01
AFL Aflac Inc. Add +1.3% 0.34% −0.01
HUBB Hubbell Inc. Add +0.8% 0.34% −0.02
WMT Walmart Inc. Add +0.8% 0.35% −0.02
PCAR Paccar Inc. Add +1.5% 0.30% −0.02
AME Ametek Inc. Add +0.9% 0.33% −0.02
BRK.B Berkshire Hathaway Inc. Class B Add +5.2% 0.84% −0.02
TCAF T Rowe PRC Cap Appreciation Add +3.4% 2.23% −0.03
DHR Danaher Corp. Add +1.8% 0.30% −0.03
XOM Exxon Mobil Corp. Add +0.3% 0.46% −0.03
NTRS Northern Trust Corp. Add +0.0% 0.59% −0.03
META Meta Platforms Inc. Class A Add +4.8% 0.49% −0.04
WM Waste Management Inc. Add +1.4% 0.27% −0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 124$643.4MRJF, IVV, QQQ, VIS, TBUX
Q1 2026 121$560.2MRJF, IVV, QQQ, VIS, TBUX
Q4 2025 111$554.6MRJF, IVV, QQQ, VIS, TCAF
Q3 2025 112$542.2MRJF, IVV, QQQ, VIS, PG
Q2 2025 98$484.9MRJF, IVV, QQQ, VIS, PG
Q1 2025 116$432.7MRJF, IVV, QQQ, VIS, PG
Q4 2024 93$480.0MRJF, IVV, QQQ, VIS, PG
Q3 2024 95$445.2MRJF, IVV, QQQ, PG, VIS
Q2 2024 104$429.0MRJF, IVV, QQQ, PG, VIS
Q1 2024Amended 105$421.2MRJF, IVV, QQQ, PG, VTI