Hickory Asset Management, Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), Hickory Asset Management, Inc. reported 91 stock positions worth $120.9 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 8.7% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 5.8%) and First Trust Rising Dividend (RDVY, 5.5%). Compared with Q1 2025, it opened 5 new positions, sold out of 3, added to 37 and reduced 38. The biggest buy was PIMCO Multisector Bond Actv (PYLD, shares +91%) and the biggest sale Vaneck Morningstar Wide Moat (MOAT, shares −32%).

Most Recent 13F
Q2 2025
Location
Concord, OH
CIK
0002053626
Portfolio Value
$120.9M (Q2 2025)
SEC Filing
0001667731-25-000904 ↗ filed Jul 22, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q4 2024: $117.7M Q4 2024 Q1 2025: $112.5M Q1 2025 Q2 2025: $120.9M $120.9M Q2 2025

Holdings 91 stocks · $120.9M
VOO Vanguard S&P 500 ETF 8.75% 18,625 $10.6M Reduce -1.0%
QQQ Invesco QQQ Trust Series 1 5.80% 12,719 $7.0M Reduce -1.7%
RDVY First Trust Rising Dividend 5.55% 106,899 $6.7M Add +3.6%
QQQM Invesco Nasdaq 100 ETF 5.12% 27,283 $6.2M Reduce -1.4%
DJUL FT Vest US Equity Deep Buffe 4.79% 130,397 $5.8M Reduce -1.8%
VYM Vanguard High DVD Yield ETF 3.89% 35,256 $4.7M Reduce -3.1%
VTV Vanguard Mrngstr Val ETF-Aui 3.49% 23,854 $4.2M Reduce -0.2%
DMAR FT Vest US Equity Deep Buffe 3.09% 94,420 $3.7M No change
VIG Vanguard Dividend Apprec ETF 2.84% 16,783 $3.4M Reduce -2.2%
DJUN FT Vest US Equity Deep Buffe 2.79% 75,004 $3.4M Add +3.2%
SPYG SS SPDR P S&P 500 Growth ETF 2.63% 33,333 $3.2M Reduce -1.4%
FPE FT-Preferred Secur & Inc. ETF 2.12% 143,971 $2.6M Add +0.1%
PYLD PIMCO Multisector Bond Actv 2.02% 91,905 $2.4M Add +91.1%
META Meta Platforms Inc. Class A 1.94% 3,181 $2.3M Add +1.7%
VUG Vanguard Mrngstar GR ETF-Sui 1.87% 5,147 $2.3M No change
MSFT Microsoft Corp. 1.83% 4,451 $2.2M Reduce -0.0%
SPGP Invesco S&P 500 Garp ETF 1.79% 20,150 $2.2M Reduce -19.5%
GOOGL Alphabet Inc. Class A 1.73% 11,880 $2.1M Reduce -0.2%
DFEB FT Vest U.S. Equity Deep Buf 1.69% 45,805 $2.0M Reduce -0.9%
DAUG FT Vest U.S. Equity Deep Buf 1.55% 45,005 $1.9M Reduce -0.1%
BKNG Booking Holdings Inc. 1.52% 318 $1.8M Add +0.9%
AMZN Amazon.com Inc. 1.40% 7,725 $1.7M Add +0.7%
SDVY First Trust Smid Cap Rising 1.28% 43,808 $1.5M Reduce -21.7%
SCHW Schwab (charles) Corp. 1.28% 16,933 $1.5M Add +0.8%
V Visa Inc. Class A 1.15% 3,931 $1.4M Add +0.6%
DMAY FT Vest US Equity Deep Buffe 1.08% 30,561 $1.3M Add +6.0%
MOAT Vaneck Morningstar Wide Moat 1.06% 13,683 $1.3M Reduce -32.2%
VOE Vngrd Mrngstr MD-Cap Val ETF 1.05% 7,715 $1.3M Reduce -4.9%
RSP Invesco S&P 500 Equal Weight 1.00% 6,685 $1.2M Reduce -0.6%
COWZ Pacer US Cash Cows 100 ETF 1.00% 21,967 $1.2M Reduce -12.5%
MA Mastercard Inc. Class A 0.90% 1,932 $1.1M Add +0.1%
ELV Elevance Health Inc. 0.84% 2,603 $1.0M Add +2.0%
FPEI First Trust Institutional PR 0.78% 49,664 $943K Add +1.4%
TSM Taiwan Semiconductor-SP ADR 0.76% 4,059 $919K No change
DNOV FT Vest US Equity Deep Buffe 0.75% 20,215 $903K No change
PM Philip Morris International 0.64% 4,234 $771K Add +0.9%
SPYV SS SPDR P S&P 500 Value ETF 0.64% 14,727 $771K Reduce -2.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.63% 6,158 $764K Reduce -1.5%
CALF PCR US SM CP CSH CWS ETF-Usd 0.59% 17,918 $713K Reduce -18.4%
IQV Iqvia Holdings Inc. 0.57% 4,351 $686K Reduce -4.9%
VCSH Vanguard S/T Corp. Bond ETF 0.56% 8,450 $672K Add +1.1%
AMAT Applied Materials Inc. 0.55% 3,631 $665K Add +39.9%
VRIG Invesco Variable Rate Invest 0.53% 25,625 $642K Reduce -40.6%
PFFD Global X US Preferred ETF 0.53% 33,958 $639K Reduce -0.7%
JPM JPMorgan Chase & Co. 0.52% 2,174 $630K Add +2.5%
ADSK Autodesk Inc. 0.48% 1,867 $578K Reduce -1.3%
AAPL Apple Inc. 0.48% 2,815 $578K Reduce -12.8%
APD Air Products & Chemicals Inc. 0.47% 2,031 $573K Add +1.8%
COR Cencora Inc. 0.46% 1,838 $551K Reduce -25.4%
ORCL Oracle Corp. 0.44% 2,460 $538K Add +2.4%
QSPT FT Vest Nasdaq-100 Buffer Et 0.44% 18,100 $535K No change
VEEV Veeva Systems Inc. Class A 0.41% 1,735 $500K No change
SNOV FT Vest US Small Cap Moderat 0.41% 21,360 $493K No change
UL Unilever PLC 0.37% 7,382 $452K Add +0.8%
QCOM Qualcomm Inc. 0.37% 2,799 $446K Reduce -2.0%
NVS Novartis AG-Sponsored ADR 0.35% 3,465 $419K No change
GOOG Alphabet Inc. Class C 0.34% 2,344 $416K Add +0.1%
ADI Analog Devices Inc. 0.34% 1,712 $408K Add +3.1%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.32% 4,303 $392K Add +0.5%
CRM Salesforce Inc. 0.32% 1,435 $391K Add +2.0%
DAPR FT Vest U.S. Equity Deep Buf 0.31% 10,000 $377K New
NSC Norfolk Southern Corp. 0.31% 1,461 $374K Add +0.6%
KMX Carmax Inc. 0.30% 5,438 $365K Reduce -5.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.30% 7,578 $359K Add +0.5%
FTSM First Trust Enh Short Mat FD 0.29% 5,923 $355K Add +1.1%
CHKP Check Point Software Tech 0.29% 1,583 $350K Reduce -33.9%
COP Conocophillips 0.29% 3,863 $347K Add +0.7%
EBAY eBay Inc. 0.28% 4,500 $335K Add +0.4%
UNH Unitedhealth Group Inc. 0.27% 1,056 $329K Add +0.6%
DOCT FT Vest U.S. Equity Deep Buf 0.26% 7,790 $320K Reduce -6.0%
DEO Diageo PLC-Sponsored ADR 0.26% 3,096 $312K Add +1.7%
PPA Invesco Aerospace & Defense 0.25% 2,171 $308K Reduce -36.9%
MCK McKesson Corp. 0.25% 417 $306K No change
ADBE Adobe Inc. 0.24% 750 $290K Add +0.5%
ECL Ecolab Inc. 0.24% 1,061 $286K Add +0.3%
GD General Dynamics Corp. 0.23% 948 $277K Add +0.4%
XOM Exxon Mobil Corp. 0.23% 2,545 $274K Reduce -0.8%
TSLA Tesla Inc. 0.21% 790 $251K No change
RTX RTX Corp. 0.21% 1,715 $250K Add +0.4%
LOW Lowe's Cos Inc. 0.20% 1,113 $247K Add +0.5%
RWL Invesco S&P 500 Revenue ETF 0.20% 2,349 $245K New
RDVI FT Vest Rising Dividend Achi 0.20% 9,769 $241K Reduce -4.6%
MDT Medtronic PLC 0.20% 2,712 $236K Reduce -1.9%
MCD McDonald's Corp. 0.20% 807 $236K Add +0.1%
JPST JPMorgan Ultra-Short Income 0.19% 4,585 $232K Reduce -22.1%
CMCSA Comcast Corp. Class A 0.19% 6,384 $228K Reduce -0.3%
BA The Boeing Co. 0.18% 1,025 $215K New
DES Wisdomtree US Smallcap Divid 0.18% 6,750 $214K Reduce -0.4%
DDEC FT Vest U.S. Equity Deep Buf 0.18% 5,100 $213K New
VHT Vanguard Health Care ETF 0.17% 819 $203K New
DNN Denison Mines Corp. 0.02% 10,000 $18K No change

Portfolio Sells Q1 2025 → Q2 2025
MOAT Vaneck Morningstar Wide Moat Reduce -32.2% 1.06% −0.52
VRIG Invesco Variable Rate Invest Reduce -40.6% 0.53% −0.43
SPGP Invesco S&P 500 Garp ETF Reduce -19.5% 1.79% −0.43
SDVY First Trust Smid Cap Rising Reduce -21.7% 1.28% −0.39
VYM Vanguard High DVD Yield ETF Reduce -3.1% 3.89% −0.28
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd Sold out 0.00% −0.25
COWZ Pacer US Cash Cows 100 ETF Reduce -12.5% 1.00% −0.22
BDX Becton Dickinson and Co. Sold out 0.00% −0.21
CHKP Check Point Software Tech Reduce -33.9% 0.29% −0.20
XLV SS Health Care Select Sector Sold out 0.00% −0.18
VTV Vanguard Mrngstr Val ETF-Aui Reduce -0.2% 3.49% −0.18
AAPL Apple Inc. Reduce -12.8% 0.48% −0.16
COR Cencora Inc. Reduce -25.4% 0.46% −0.15
IQV Iqvia Holdings Inc. Reduce -4.9% 0.57% −0.15
CALF PCR US SM CP CSH CWS ETF-Usd Reduce -18.4% 0.59% −0.14
VIG Vanguard Dividend Apprec ETF Reduce -2.2% 2.84% −0.12
VOE Vngrd Mrngstr MD-Cap Val ETF Reduce -4.9% 1.05% −0.11
PPA Invesco Aerospace & Defense Reduce -36.9% 0.25% −0.10
KMX Carmax Inc. Reduce -5.8% 0.30% −0.10
JPST JPMorgan Ultra-Short Income Reduce -22.1% 0.19% −0.07
PFFD Global X US Preferred ETF Reduce -0.7% 0.53% −0.05
SPYV SS SPDR P S&P 500 Value ETF Reduce -2.6% 0.64% −0.05
XOM Exxon Mobil Corp. Reduce -0.8% 0.23% −0.04
DFEB FT Vest U.S. Equity Deep Buf Reduce -0.9% 1.69% −0.04
DJUL FT Vest US Equity Deep Buffe Reduce -1.8% 4.79% −0.03
RSP Invesco S&P 500 Equal Weight Reduce -0.6% 1.00% −0.03
MDT Medtronic PLC Reduce -1.9% 0.20% −0.03
CMCSA Comcast Corp. Class A Reduce -0.3% 0.19% −0.02
QCOM Qualcomm Inc. Reduce -2.0% 0.37% −0.02
DOCT FT Vest U.S. Equity Deep Buf Reduce -6.0% 0.26% −0.02
RDVI FT Vest Rising Dividend Achi Reduce -4.6% 0.20% −0.02
DES Wisdomtree US Smallcap Divid Reduce -0.4% 0.18% −0.02
DAUG FT Vest U.S. Equity Deep Buf Reduce -0.1% 1.55% −0.00
ADSK Autodesk Inc. Reduce -1.3% 0.48% +0.04
DIS The Walt Disney Co. Reduce -1.5% 0.63% +0.08
GOOGL Alphabet Inc. Class A Reduce -0.2% 1.73% +0.10
VOO Vanguard S&P 500 ETF Reduce -1.0% 8.75% +0.16
SPYG SS SPDR P S&P 500 Growth ETF Reduce -1.4% 2.63% +0.21
MSFT Microsoft Corp. Reduce -0.0% 1.83% +0.35
QQQM Invesco Nasdaq 100 ETF Reduce -1.4% 5.12% +0.38
QQQ Invesco QQQ Trust Series 1 Reduce -1.7% 5.80% +0.41

Portfolio Buys Q1 2025 → Q2 2025
PYLD PIMCO Multisector Bond Actv Add +91.1% 2.02% +0.89
META Meta Platforms Inc. Class A Add +1.7% 1.94% +0.34
DAPR FT Vest U.S. Equity Deep Buf New 0.31% +0.31
BKNG Booking Holdings Inc. Add +0.9% 1.52% +0.23
AMAT Applied Materials Inc. Add +39.9% 0.55% +0.21
RWL Invesco S&P 500 Revenue ETF New 0.20% +0.20
RDVY First Trust Rising Dividend Add +3.6% 5.55% +0.18
BA The Boeing Co. New 0.18% +0.18
DDEC FT Vest U.S. Equity Deep Buf New 0.18% +0.18
VHT Vanguard Health Care ETF New 0.17% +0.17
ORCL Oracle Corp. Add +2.4% 0.44% +0.15
SCHW Schwab (charles) Corp. Add +0.8% 1.28% +0.11
AMZN Amazon.com Inc. Add +0.7% 1.40% +0.10
DJUN FT Vest US Equity Deep Buffe Add +3.2% 2.79% +0.08
DMAY FT Vest US Equity Deep Buffe Add +6.0% 1.08% +0.07
JPM JPMorgan Chase & Co. Add +2.5% 0.52% +0.06
PM Philip Morris International Add +0.9% 0.64% +0.05
ADI Analog Devices Inc. Add +3.1% 0.34% +0.04
GOOG Alphabet Inc. Class C Add +0.1% 0.34% +0.02
BAC Bank of America Corp. Add +0.5% 0.30% +0.02
EBAY eBay Inc. Add +0.4% 0.28% +0.01
RTX RTX Corp. Add +0.4% 0.21% +0.01
BNY Bank of New York Mellon Corp. Add +0.5% 0.32% +0.01
NSC Norfolk Southern Corp. Add +0.6% 0.31% +0.00
GD General Dynamics Corp. Add +0.4% 0.23% +0.00
ECL Ecolab Inc. Add +0.3% 0.24% −0.00
CRM Salesforce Inc. Add +2.0% 0.32% −0.01
UL Unilever PLC Add +0.8% 0.37% −0.01
ADBE Adobe Inc. Add +0.5% 0.24% −0.01
FTSM First Trust Enh Short Mat FD Add +1.1% 0.29% −0.02
DEO Diageo PLC-Sponsored ADR Add +1.7% 0.26% −0.03
LOW Lowe's Cos Inc. Add +0.5% 0.20% −0.03
MCD McDonald's Corp. Add +0.1% 0.20% −0.03
VCSH Vanguard S/T Corp. Bond ETF Add +1.1% 0.56% −0.03
FPEI First Trust Institutional PR Add +1.4% 0.78% −0.03
MA Mastercard Inc. Class A Add +0.1% 0.90% −0.04
APD Air Products & Chemicals Inc. Add +1.8% 0.47% −0.05
V Visa Inc. Class A Add +0.6% 1.15% −0.06
COP Conocophillips Add +0.7% 0.29% −0.07
FPE FT-Preferred Secur & Inc. ETF Add +0.1% 2.12% −0.13
ELV Elevance Health Inc. Add +2.0% 0.84% −0.15
UNH Unitedhealth Group Inc. Add +0.6% 0.27% −0.22

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2025 91$120.9MVOO, QQQ, RDVY, QQQM, DJUL
Q1 2025 89$112.5MVOO, QQQ, RDVY, DJUL, QQQM
Q4 2024 90$117.7MVOO, QQQ, RDVY, QQQM, DJUL