Hickory Asset Management, Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 16, 2025), Hickory Asset Management, Inc. reported 89 stock positions worth $112.5 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 8.6% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 5.4%) and First Trust Rising Dividend (RDVY, 5.4%). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 16 and reduced 64. The biggest buy was FT Vest U.S. Equity Deep Buf (DFEB, shares +134%) and the biggest sale an exit from FT Vest U.S. Equity Deep Buf (DAPR).

Most Recent 13F
Q2 2025
Location
Concord, OH
CIK
0002053626
Portfolio Value
$112.5M (Q1 2025)
SEC Filing
0001667731-25-000438 ↗ filed Apr 16, 2025

Holdings Value

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

Holdings 89 stocks · $112.5M
VOO Vanguard S&P 500 ETF 8.59% 18,812 $9.7M Reduce -2.6%
QQQ Invesco QQQ Trust Series 1 5.39% 12,934 $6.1M Reduce -0.9%
RDVY First Trust Rising Dividend 5.37% 103,190 $6.0M Add +0.6%
DJUL FT Vest US Equity Deep Buffe 4.82% 132,717 $5.4M Reduce -1.0%
QQQM Invesco Nasdaq 100 ETF 4.75% 27,685 $5.3M Reduce -1.8%
VYM Vanguard High DVD Yield ETF 4.17% 36,377 $4.7M Reduce -2.6%
VTV Vanguard Mrngstr Val ETF-Aui 3.67% 23,909 $4.1M Reduce -4.0%
DMAR FT Vest US Equity Deep Buffe 3.16% 94,420 $3.6M Add +25.6%
VIG Vanguard Dividend Apprec ETF 2.96% 17,163 $3.3M Reduce -6.0%
DJUN FT Vest US Equity Deep Buffe 2.71% 72,674 $3.1M Reduce -0.7%
SPYG SS SPDR P S&P 500 Growth ETF 2.41% 33,812 $2.7M Reduce -5.9%
FPE FT-Preferred Secur & Inc. ETF 2.25% 143,872 $2.5M Add +0.2%
SPGP Invesco S&P 500 Garp ETF 2.22% 25,034 $2.5M Reduce -4.6%
DFEB FT Vest U.S. Equity Deep Buf 1.73% 46,230 $1.9M Add +134.2%
VUG Vanguard Mrngstar GR ETF-Sui 1.70% 5,147 $1.9M Reduce -1.3%
SDVY First Trust Smid Cap Rising 1.67% 55,978 $1.9M Reduce -6.9%
GOOGL Alphabet Inc. Class A 1.64% 11,909 $1.8M Reduce -4.9%
META Meta Platforms Inc. Class A 1.60% 3,128 $1.8M Reduce -8.3%
MOAT Vaneck Morningstar Wide Moat 1.58% 20,192 $1.8M Reduce -8.3%
DAUG FT Vest U.S. Equity Deep Buf 1.55% 45,045 $1.7M Reduce -0.2%
MSFT Microsoft Corp. 1.48% 4,452 $1.7M Reduce -3.4%
AMZN Amazon.com Inc. 1.30% 7,675 $1.5M Reduce -3.8%
BKNG Booking Holdings Inc. 1.29% 315 $1.5M Reduce -3.7%
COWZ Pacer US Cash Cows 100 ETF 1.22% 25,099 $1.4M Reduce -1.5%
V Visa Inc. Class A 1.22% 3,906 $1.4M Reduce -2.3%
SCHW Schwab (charles) Corp. 1.17% 16,796 $1.3M Reduce -4.5%
VOE Vngrd Mrngstr MD-Cap Val ETF 1.16% 8,111 $1.3M Add +0.4%
PYLD PIMCO Multisector Bond Actv 1.13% 48,092 $1.3M Add +92.1%
RSP Invesco S&P 500 Equal Weight 1.04% 6,725 $1.2M Reduce -1.7%
DMAY FT Vest US Equity Deep Buffe 1.01% 28,841 $1.1M No change
ELV Elevance Health Inc. 0.99% 2,553 $1.1M Reduce -5.9%
VRIG Invesco Variable Rate Invest 0.96% 43,118 $1.1M Add +2.7%
MA Mastercard Inc. Class A 0.94% 1,931 $1.1M Reduce -3.5%
FPEI First Trust Institutional PR 0.81% 48,984 $916K Add +0.8%
DNOV FT Vest US Equity Deep Buffe 0.75% 20,215 $847K No change
CALF PCR US SM CP CSH CWS ETF-Usd 0.73% 21,958 $823K Reduce -11.5%
IQV Iqvia Holdings Inc. 0.72% 4,576 $807K Reduce -4.4%
SPYV SS SPDR P S&P 500 Value ETF 0.69% 15,123 $772K Add +0.8%
AAPL Apple Inc. 0.64% 3,230 $718K Add +0.2%
COR Cencora Inc. 0.61% 2,462 $685K Reduce -3.4%
TSM Taiwan Semiconductor-SP ADR 0.60% 4,059 $674K Reduce -3.9%
PM Philip Morris International 0.59% 4,198 $666K Reduce -1.9%
VCSH Vanguard S/T Corp. Bond ETF 0.59% 8,362 $660K Add +0.2%
PFFD Global X US Preferred ETF 0.58% 34,199 $651K Add +0.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.55% 6,249 $617K Reduce -4.5%
APD Air Products & Chemicals Inc. 0.52% 1,996 $589K Reduce -1.9%
UNH Unitedhealth Group Inc. 0.49% 1,050 $550K Reduce -5.0%
CHKP Check Point Software Tech 0.48% 2,395 $546K Reduce -6.0%
JPM JPMorgan Chase & Co. 0.46% 2,122 $520K Reduce -1.2%
ADSK Autodesk Inc. 0.44% 1,892 $495K Reduce -7.1%
QSPT FT Vest Nasdaq-100 Buffer Et 0.43% 18,100 $480K No change
SNOV FT Vest US Small Cap Moderat 0.42% 21,360 $471K No change
KMX Carmax Inc. 0.40% 5,772 $450K Reduce -7.4%
QCOM Qualcomm Inc. 0.39% 2,856 $439K Reduce -3.8%
UL Unilever PLC 0.39% 7,324 $436K Reduce -0.9%
COP Conocophillips 0.36% 3,837 $403K Add +15.4%
VEEV Veeva Systems Inc. Class A 0.36% 1,735 $402K Reduce -5.6%
PPA Invesco Aerospace & Defense 0.36% 3,443 $401K Reduce -4.8%
NVS Novartis AG-Sponsored ADR 0.34% 3,465 $386K Reduce -3.3%
CRM Salesforce Inc. 0.34% 1,407 $378K Reduce -4.4%
AMAT Applied Materials Inc. 0.33% 2,595 $377K Add +39.7%
GOOG Alphabet Inc. Class C 0.33% 2,342 $366K Add +0.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.32% 4,280 $359K Reduce -0.9%
FTSM First Trust Enh Short Mat FD 0.31% 5,858 $351K Reduce -8.5%
NSC Norfolk Southern Corp. 0.31% 1,453 $344K New
ORCL Oracle Corp. 0.30% 2,402 $336K Reduce -25.3%
ADI Analog Devices Inc. 0.30% 1,660 $335K Reduce -3.7%
DEO Diageo PLC-Sponsored ADR 0.28% 3,043 $319K Reduce -6.6%
DOCT FT Vest U.S. Equity Deep Buf 0.28% 8,290 $318K Reduce -23.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.28% 7,539 $315K Reduce -1.0%
XOM Exxon Mobil Corp. 0.27% 2,566 $305K Reduce -0.7%
EBAY eBay Inc. 0.27% 4,484 $304K Reduce -3.3%
JPST JPMorgan Ultra-Short Income 0.26% 5,885 $298K Reduce -13.8%
ADBE Adobe Inc. 0.25% 746 $286K Reduce -5.2%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 0.25% 3,234 $282K No change
MCK McKesson Corp. 0.25% 417 $281K Reduce -1.4%
ECL Ecolab Inc. 0.24% 1,058 $268K Reduce -5.8%
LOW Lowe's Cos Inc. 0.23% 1,108 $258K Add +0.4%
GD General Dynamics Corp. 0.23% 944 $257K Reduce -1.3%
MCD McDonald's Corp. 0.22% 806 $252K No change
MDT Medtronic PLC 0.22% 2,765 $248K Reduce -4.7%
RDVI FT Vest Rising Dividend Achi 0.22% 10,241 $243K Reduce -2.7%
BDX Becton Dickinson and Co. 0.21% 1,037 $237K Reduce -8.6%
CMCSA Comcast Corp. Class A 0.21% 6,400 $236K Reduce -10.8%
RTX RTX Corp. 0.20% 1,708 $226K Reduce -7.6%
DES Wisdomtree US Smallcap Divid 0.19% 6,776 $217K Reduce -8.2%
XLV SS Health Care Select Sector 0.18% 1,413 $206K New
TSLA Tesla Inc. 0.18% 790 $205K Reduce -28.2%
DNN Denison Mines Corp. 0.01% 10,000 $13K No change

Portfolio Sells Q4 2024 → Q1 2025
DAPR FT Vest U.S. Equity Deep Buf Sold out 0.00% −0.41
GOOGL Alphabet Inc. Class A Reduce -4.9% 1.64% −0.38
SBUX Starbucks Corp. Sold out 0.00% −0.35
QQQM Invesco Nasdaq 100 ETF Reduce -1.8% 4.75% −0.29
QQQ Invesco QQQ Trust Series 1 Reduce -0.9% 5.39% −0.28
SPYG SS SPDR P S&P 500 Growth ETF Reduce -5.9% 2.41% −0.27
VOO Vanguard S&P 500 ETF Reduce -2.6% 8.59% −0.25
CALF PCR US SM CP CSH CWS ETF-Usd Reduce -11.5% 0.73% −0.20
TSLA Tesla Inc. Reduce -28.2% 0.18% −0.20
AMZN Amazon.com Inc. Reduce -3.8% 1.30% −0.19
DDEC FT Vest U.S. Equity Deep Buf Sold out 0.00% −0.17
MSFT Microsoft Corp. Reduce -3.4% 1.48% −0.17
SDVY First Trust Smid Cap Rising Reduce -6.9% 1.67% −0.16
ORCL Oracle Corp. Reduce -25.3% 0.30% −0.16
MOAT Vaneck Morningstar Wide Moat Reduce -8.3% 1.58% −0.16
VUG Vanguard Mrngstar GR ETF-Sui Reduce -1.3% 1.70% −0.12
SPGP Invesco S&P 500 Garp ETF Reduce -4.6% 2.22% −0.12
TSM Taiwan Semiconductor-SP ADR Reduce -3.9% 0.60% −0.11
META Meta Platforms Inc. Class A Reduce -8.3% 1.60% −0.09
BKNG Booking Holdings Inc. Reduce -3.7% 1.29% −0.09
IQV Iqvia Holdings Inc. Reduce -4.4% 0.72% −0.08
CRM Salesforce Inc. Reduce -4.4% 0.34% −0.08
VIG Vanguard Dividend Apprec ETF Reduce -6.0% 2.96% −0.08
DOCT FT Vest U.S. Equity Deep Buf Reduce -23.2% 0.28% −0.08
ADSK Autodesk Inc. Reduce -7.1% 0.44% −0.07
DIS The Walt Disney Co. Reduce -4.5% 0.55% −0.07
DEO Diageo PLC-Sponsored ADR Reduce -6.6% 0.28% −0.07
ADBE Adobe Inc. Reduce -5.2% 0.25% −0.04
KMX Carmax Inc. Reduce -7.4% 0.40% −0.03
JPST JPMorgan Ultra-Short Income Reduce -13.8% 0.26% −0.03
DES Wisdomtree US Smallcap Divid Reduce -8.2% 0.19% −0.02
CMCSA Comcast Corp. Class A Reduce -10.8% 0.21% −0.02
FTSM First Trust Enh Short Mat FD Reduce -8.5% 0.31% −0.01
ADI Analog Devices Inc. Reduce -3.7% 0.30% −0.01
BDX Becton Dickinson and Co. Reduce -8.6% 0.21% −0.01
BAC Bank of America Corp. Reduce -1.0% 0.28% −0.00
COWZ Pacer US Cash Cows 100 ETF Reduce -1.5% 1.22% −0.00
RDVI FT Vest Rising Dividend Achi Reduce -2.7% 0.22% −0.00
QCOM Qualcomm Inc. Reduce -3.8% 0.39% +0.00
PPA Invesco Aerospace & Defense Reduce -4.8% 0.36% +0.00
UNH Unitedhealth Group Inc. Reduce -5.0% 0.49% +0.01
GD General Dynamics Corp. Reduce -1.3% 0.23% +0.01
ECL Ecolab Inc. Reduce -5.8% 0.24% +0.01
RSP Invesco S&P 500 Equal Weight Reduce -1.7% 1.04% +0.02
RTX RTX Corp. Reduce -7.6% 0.20% +0.02
DJUN FT Vest US Equity Deep Buffe Reduce -0.7% 2.71% +0.02
APD Air Products & Chemicals Inc. Reduce -1.9% 0.52% +0.02
MDT Medtronic PLC Reduce -4.7% 0.22% +0.02
JPM JPMorgan Chase & Co. Reduce -1.2% 0.46% +0.02
EBAY eBay Inc. Reduce -3.3% 0.27% +0.03

Portfolio Buys Q4 2024 → Q1 2025
DFEB FT Vest U.S. Equity Deep Buf Add +134.2% 1.73% +1.02
DMAR FT Vest US Equity Deep Buffe Add +25.6% 3.16% +0.72
PYLD PIMCO Multisector Bond Actv Add +92.1% 1.13% +0.57
NSC Norfolk Southern Corp. New 0.31% +0.31
RDVY First Trust Rising Dividend Add +0.6% 5.37% +0.21
XLV SS Health Care Select Sector New 0.18% +0.18
FPE FT-Preferred Secur & Inc. ETF Add +0.2% 2.25% +0.09
AMAT Applied Materials Inc. Add +39.7% 0.33% +0.08
COP Conocophillips Add +15.4% 0.36% +0.08
VRIG Invesco Variable Rate Invest Add +2.7% 0.96% +0.06
VOE Vngrd Mrngstr MD-Cap Val ETF Add +0.4% 1.16% +0.05
FPEI First Trust Institutional PR Add +0.8% 0.81% +0.04
SPYV SS SPDR P S&P 500 Value ETF Add +0.8% 0.69% +0.03
VCSH Vanguard S/T Corp. Bond ETF Add +0.2% 0.59% +0.03
PFFD Global X US Preferred ETF Add +0.7% 0.58% +0.02
LOW Lowe's Cos Inc. Add +0.4% 0.23% −0.00
AAPL Apple Inc. Add +0.2% 0.64% −0.05
GOOG Alphabet Inc. Class C Add +0.0% 0.33% −0.05

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