Hilltop National Bank

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 8, 2025), Hilltop National Bank reported 793 stock positions worth $406.1 million. Its top holding was Microsoft (MSFT) at 5.9% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 3.7%) and Vanguard S&P 500 ETF (VOO, 3.7%). Compared with Q2 2025, it opened 21 new positions, sold out of 22, added to 111 and reduced 145. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale GE Healthcare Technology (GEHC, shares −99%).

Most Recent 13F
Q2 2026
Location
CASPER, WY
CIK
0002021658
Portfolio Value
$406.1M (Q3 2025)
SEC Filing
0002021658-25-000004 ↗ filed Oct 8, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $294.4M Q1 2024 Q2 2024: $310.9M Q2 2024 Q3 2024: $329.3M Q3 2024 Q4 2024: $332.6M Q4 2024 Q2 2025: $383.3M Q2 2025 Q3 2025: $406.1M $406.1M Q3 2025 Q4 2025: $413.6M Q4 2025 Q1 2026: $420.5M Q1 2026 Q2 2026: $468.4M Q2 2026

Holdings 793 stocks · $406.1M

MSFT Microsoft Corp. 5.88% 46,096 $23.9M Add +0.1%
EFA iShares MSCI Eafe ETF 3.70% 161,112 $15.0M Add +0.7%
VOO Vanguard S&P 500 ETF 3.67% 24,335 $14.9M No change
NVDA Nvidia Corp. 3.18% 69,309 $12.9M Reduce -3.7%
AAPL Apple Inc. 2.65% 42,302 $10.8M Add +1.3%
INFL Horizon Kinetics Infl Benef 2.31% 209,978 $9.4M Add +11.4%
IVV iShares Core S&P 500 ETF 2.28% 13,819 $9.2M Reduce -0.1%
RSP Invesco S&P 500 Equal Weight 1.65% 35,374 $6.7M No change
VOE Vngrd Mrngstr MD-Cap Val ETF 1.65% 38,292 $6.7M Reduce -0.6%
VWO Vanguard Ftse Emerging Marke 1.52% 114,070 $6.2M Reduce -2.0%
IWP iShares Russell Mid-Cap Grow 1.51% 43,128 $6.1M Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B 1.47% 11,858 $6.0M Add +1.1%
IAU iShares Gold Trust 1.32% 73,690 $5.4M Reduce -3.0%
IJH iShares Core S&P Midcap ETF 1.32% 82,144 $5.4M Add +1.6%
AVGO Broadcom Inc. 1.16% 14,307 $4.7M Reduce -5.3%
ANET Arista Networks Inc. 1.15% 32,011 $4.7M Reduce -1.3%
NFLX Netflix Inc. 1.14% 3,874 $4.6M Reduce -2.6%
TSM Taiwan Semiconductor-SP ADR 1.11% 16,167 $4.5M Reduce -1.6%
LLY Eli Lilly & Co. 1.01% 5,380 $4.1M Reduce -5.8%
XOM Exxon Mobil Corp. 0.98% 35,375 $4.0M Add +2.3%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.96% 18,768 $3.9M Add +4.6%
BRK.A Berkshire Hathaway Inc. Class A 0.93% 5 $3.8M No change
IVW iShares S&P 500 Growth ETF 0.90% 30,161 $3.6M Reduce -1.4%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.86% 11,690 $3.5M Add +4.2%
QQQ Invesco QQQ Trust Series 1 0.86% 5,784 $3.5M No change
COST Costco Wholesale Corp. 0.85% 3,747 $3.5M Reduce -0.3%
META Meta Platforms Inc. Class A 0.81% 4,504 $3.3M Add +2.0%
JPM JPMorgan Chase & Co. 0.80% 10,345 $3.3M Reduce -0.7%
VTV Vanguard Mrngstr Val ETF-Aui 0.73% 15,939 $3.0M Reduce -0.1%
WMT Walmart Inc. 0.71% 27,999 $2.9M Add +1.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.70% 4,283 $2.9M Reduce -0.4%
PWR Quanta Services Inc. 0.70% 6,854 $2.8M Reduce -0.6%
SO The Southern Co. 0.68% 28,987 $2.7M Add +0.5%
TT Trane Technologies PLC 0.66% 6,351 $2.7M Reduce -1.0%
ORCL Oracle Corp. 0.65% 9,346 $2.6M Add +4.1%
AXP American Express Co. 0.65% 7,906 $2.6M Add +0.3%
AMP Ameriprise Financial Inc. 0.64% 5,262 $2.6M Reduce -0.8%
PG The Procter & Gamble Co. 0.61% 16,208 $2.5M Add +0.8%
BX Blackstone Inc. 0.60% 14,256 $2.4M Reduce -0.3%
KLAC KLA Corp. 0.60% 2,255 $2.4M Reduce -8.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.59% 8,556 $2.4M Reduce -1.4%
PEP Pepsico Inc. 0.58% 16,897 $2.4M Reduce -0.7%
EEMV iShares MSCI Emg MKT Min Vol 0.55% 35,024 $2.2M Add +1.0%
TMUS T-Mobile US Inc. 0.55% 9,254 $2.2M Reduce -0.3%
STX Seagate Technology Holdings 0.54% 9,277 $2.2M Reduce -8.9%
JNJ Johnson & Johnson 0.53% 11,582 $2.1M Reduce -2.6%
MDT Medtronic PLC 0.52% 22,271 $2.1M Reduce -1.8%
IJR iShares Core S&P Small-Cap E 0.52% 17,786 $2.1M Reduce -3.6%
AMZN Amazon.com Inc. 0.49% 9,079 $2.0M Reduce -5.9%
MA Mastercard Inc. Class A 0.49% 3,473 $2.0M Add +5.3%
AMGN Amgen Inc. 0.48% 6,956 $2.0M Reduce -1.1%
COP Conocophillips 0.47% 20,030 $1.9M Add +3.9%
ABT Abbott Laboratories 0.46% 13,939 $1.9M Reduce -5.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.46% 6,305 $1.9M Reduce -3.4%
CMG Chipotle Mexican Grill Inc. 0.44% 45,368 $1.8M Reduce -1.2%
GLW Corning Inc. 0.44% 21,550 $1.8M Reduce -2.4%
MRVL Marvell Technology Inc. 0.43% 20,705 $1.7M Add +3239.5%
GOOGL Alphabet Inc. Class A 0.40% 6,744 $1.6M Add +16.0%
SHEL Shell PLC-ADR 0.40% 22,767 $1.6M Reduce -0.8%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.40% 5,531 $1.6M Add +0.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.40% 3,378 $1.6M Reduce -6.0%
UNH Unitedhealth Group Inc. 0.40% 4,651 $1.6M Add +2.2%
DE Deere & Co. 0.38% 3,417 $1.6M Reduce -4.8%
QCOM Qualcomm Inc. 0.38% 9,301 $1.5M Reduce -5.0%
KIM Kimco Realty Corp. 0.37% 68,367 $1.5M Add +3.5%
DD Dupont DE Nemours Inc. 0.36% 18,878 $1.5M Add +2.3%
PSX Phillips 66 0.36% 10,751 $1.5M Add +8.6%
DGX Quest Diagnostics Inc. 0.36% 7,672 $1.5M Reduce -0.9%
ONEQ Fidelity Nasdaq Comp Indx 0.36% 16,360 $1.5M Reduce -1.1%
XLK SS Technology Select Sector 0.35% 5,077 $1.4M No change
DKS Dick's Sporting Goods Inc. 0.35% 6,397 $1.4M Add +0.5%
CAT Caterpillar Inc. 0.35% 2,973 $1.4M Reduce -5.3%
LOW Lowe's Cos Inc. 0.35% 5,644 $1.4M Reduce -4.7%
GLD SPDR Gold Shares 0.35% 3,968 $1.4M No change
WFC Wells Fargo & Co. 0.35% 16,795 $1.4M No change
TXN Texas Instruments Inc. 0.35% 7,657 $1.4M Reduce -1.1%
BLK BlackRock Inc. 0.35% 1,205 $1.4M Reduce -4.6%
V Visa Inc. Class A 0.34% 4,007 $1.4M Reduce -3.6%
CSX CSX Corp. 0.33% 37,451 $1.3M Add +0.4%
IVE iShares S&P 500 Value ETF 0.33% 6,438 $1.3M Reduce -2.8%
IWB iShares Russell 1000 ETF 0.32% 3,568 $1.3M No change
FIS Fidelity National Info Serv 0.32% 19,734 $1.3M Reduce -0.6%
HON Honeywell International Inc. 0.32% 6,149 $1.3M No change
J Jacobs Solutions Inc. 0.31% 8,490 $1.3M Reduce -0.5%
MCK McKesson Corp. 0.31% 1,625 $1.3M Reduce -3.5%
CSCO Cisco Systems Inc. 0.31% 18,337 $1.3M Reduce -2.9%
COF Capital One Financial Corp. 0.31% 5,847 $1.2M Reduce -4.9%
SCHD Schwab US DVD Equity ETF 0.30% 45,150 $1.2M No change
SLF Sun Life Financial Inc. 0.30% 20,239 $1.2M No change
PANW Palo Alto Networks Inc. 0.29% 5,873 $1.2M Reduce -0.3%
XLG Invesco S&P 500 Top 50 ETF 0.29% 20,650 $1.2M No change
LMT Lockheed Martin Corp. 0.29% 2,356 $1.2M Reduce -5.8%
KR Kroger Co. 0.29% 17,232 $1.2M Add +0.3%
PRU Prudential Financial Inc. 0.29% 11,162 $1.2M No change
ABBV Abbvie Inc. 0.28% 4,940 $1.1M Reduce -2.6%
TOL Toll Brothers Inc. 0.28% 8,168 $1.1M Reduce -0.0%
PEG Public Service Enterprise GP 0.27% 13,374 $1.1M Reduce -4.5%
HD Home Depot Inc. 0.27% 2,661 $1.1M Add +4.2%
NEM Newmont Corp. 0.26% 12,738 $1.1M Reduce -49.6%
CVX Chevron Corp. 0.26% 6,900 $1.1M Add +14.6%

Show all 793 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $719 (not counted above)
SecurityClassShares / PrincipalValueChange
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 194$719No change

Total filed on the 13F, all lines: $406.1M.

Portfolio Sells Q2 2025 → Q3 2025

GEHC GE Healthcare Technology Reduce -98.8% 0.00% −0.37
NFLX Netflix Inc. Reduce -2.6% 1.14% −0.25
CMG Chipotle Mexican Grill Inc. Reduce -1.2% 0.44% −0.23
LULU Lululemon Athletica Inc. Reduce -98.9% 0.00% −0.23
LLY Eli Lilly & Co. Reduce -5.8% 1.01% −0.15
NEM Newmont Corp. Reduce -49.6% 0.26% −0.12
COST Costco Wholesale Corp. Reduce -0.3% 0.85% −0.12
AMP Ameriprise Financial Inc. Reduce -0.8% 0.64% −0.10
FIS Fidelity National Info Serv Reduce -0.6% 0.32% −0.10
DE Deere & Co. Reduce -4.8% 0.38% −0.09
UTHR United Therapeutics Corp. Sold out 0.00% −0.09
TXN Texas Instruments Inc. Reduce -1.1% 0.35% −0.07
IBM Intl Business Machines Corp. Reduce -1.4% 0.59% −0.07
TT Trane Technologies PLC Reduce -1.0% 0.66% −0.07
PAYX Paychex Inc. Reduce -5.0% 0.25% −0.07
ABT Abbott Laboratories Reduce -5.4% 0.46% −0.06
AMZN Amazon.com Inc. Reduce -5.9% 0.49% −0.06
CRM Salesforce Inc. Reduce -12.4% 0.15% −0.06
AXON Axon Enterprise Inc. Reduce -55.4% 0.03% −0.06
ISRG Intuitive Surgical Inc. Reduce -89.5% 0.00% −0.05
BDX Becton Dickinson and Co. Reduce -80.8% 0.01% −0.05
RCL Royal Caribbean Cruises Ltd. Sold out 0.00% −0.05
V Visa Inc. Class A Reduce -3.6% 0.34% −0.05
SLB SLB Ltd. Reduce -53.7% 0.04% −0.05
XLF SS Financial Select Sector Reduce -19.3% 0.16% −0.04
TGT Target Corp. Reduce -19.9% 0.09% −0.04
PM Philip Morris International Reduce -11.0% 0.11% −0.04
NOW ServiceNow Inc. Reduce -7.4% 0.13% −0.04
COF Capital One Financial Corp. Reduce -4.9% 0.31% −0.04
CSCO Cisco Systems Inc. Reduce -2.9% 0.31% −0.03
PEG Public Service Enterprise GP Reduce -4.5% 0.27% −0.03
TMUS T-Mobile US Inc. Reduce -0.3% 0.55% −0.03
BKNG Booking Holdings Inc. Reduce -2.1% 0.18% −0.03
AMGN Amgen Inc. Reduce -1.1% 0.48% −0.03
DEO Diageo PLC-Sponsored ADR Reduce -84.3% 0.00% −0.03
QCOM Qualcomm Inc. Reduce -5.0% 0.38% −0.03
KO The Coca-Cola Co. Reduce -10.0% 0.09% −0.02
SNY Sanofi-ADR Reduce -5.4% 0.15% −0.02
KMX Carmax Inc. Reduce -19.3% 0.02% −0.02
SPOT Spotify Technology SA Sold out 0.00% −0.02
IWS iShares Russell Mid-Cap Valu Reduce -80.6% 0.01% −0.02
SHEL Shell PLC-ADR Reduce -0.8% 0.40% −0.02
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -3.4% 0.46% −0.02
PANW Palo Alto Networks Inc. Reduce -0.3% 0.29% −0.02
UL Unilever PLC Reduce -5.9% 0.12% −0.02
T AT&T Inc. Reduce -4.7% 0.14% −0.02
NDAQ Nasdaq Inc. Reduce -64.1% 0.01% −0.02
SYK Stryker Corp. Reduce -0.7% 0.13% −0.02
JHX James Hardie Ord Sold out 0.00% −0.02
EW Edwards Lifesciences Corp. Reduce -3.1% 0.16% −0.02

Portfolio Buys Q2 2025 → Q3 2025

AAPL Apple Inc. Add +1.3% 2.65% +0.42
MRVL Marvell Technology Inc. Add +3239.5% 0.43% +0.42
INFL Horizon Kinetics Infl Benef Add +11.4% 2.31% +0.24
ORLY O'reilly Automotive Inc. New 0.15% +0.15
GOOGL Alphabet Inc. Class A Add +16.0% 0.40% +0.14
ORCL Oracle Corp. Add +4.1% 0.65% +0.14
MU Micron Technology Inc. Add +996.4% 0.14% +0.13
HPE Hewlett Packard Enterprise Add +579.1% 0.07% +0.06
PSX Phillips 66 Add +8.6% 0.36% +0.05
VBR Vngrd Mrngst SL-CP Val ETF-U Add +4.6% 0.96% +0.05
VBK Van Morst SML-Cap Gro-Usd Inc. Add +4.2% 0.86% +0.05
RDDT Reddit Inc. Class A New 0.04% +0.04
HOOD Robinhood Markets Inc. Class A Add +91.9% 0.06% +0.04
TMO Thermo Fisher Scientific Inc. Add +28.4% 0.13% +0.04
CVX Chevron Corp. Add +14.6% 0.26% +0.04
PLTR Palantir Technologies Inc. Class A Add +41.7% 0.08% +0.04
DD Dupont DE Nemours Inc. Add +2.3% 0.36% +0.03
GEV GE Vernova Inc. Add +59.9% 0.07% +0.03
GE General Electric Add +24.9% 0.11% +0.03
UBER Uber Technologies Inc. Add +118.2% 0.05% +0.03
DASH DoorDash Inc. Class A Add +79.8% 0.06% +0.03
TSLA Tesla Inc. Add +2.5% 0.10% +0.03
NKE Nike Inc. Class B Add +697.2% 0.03% +0.03
UNH Unitedhealth Group Inc. Add +2.2% 0.40% +0.03
CL Colgate-Palmolive Co. Add +62.4% 0.09% +0.02
DKS Dick's Sporting Goods Inc. Add +0.5% 0.35% +0.02
INTC Intel Corp. Add +6.8% 0.06% +0.02
HD Home Depot Inc. Add +4.2% 0.27% +0.02
MRCY Mercury Systems Inc. Add +27.2% 0.05% +0.02
RBLX Roblox Corp. Class A New 0.02% +0.02
ZTS Zoetis Inc. Add +23.8% 0.22% +0.02
BA The Boeing Co. Add +119.3% 0.03% +0.02
FDX FedEx Corp. Add +20.1% 0.11% +0.02
COP Conocophillips Add +3.9% 0.47% +0.02
RRX Regal Rexnord Corp. Add +49.4% 0.05% +0.01
INSM Insmed Inc. Add +122.2% 0.02% +0.01
SHOP Shopify Inc. Class A Add +21.3% 0.04% +0.01
APP AppLovin Corp. Class A Add +56.8% 0.02% +0.01
WST West Pharmaceutical Services Add +61.4% 0.03% +0.01
TRV The Travelers Cos Inc. Add +48.5% 0.04% +0.01
IJH iShares Core S&P Midcap ETF Add +1.6% 1.32% +0.01
UBS UBS Group AG-Reg Add +21.1% 0.04% +0.01
SOFI Sofi Technologies Inc. Add +888.0% 0.01% +0.01
BKH Black Hills Corp. Add +83.2% 0.03% +0.01
WM Waste Management Inc. Add +24.6% 0.09% +0.01
PCOR Procore Technologies Inc. Add +65.6% 0.03% +0.01
ALNY Alnylam Pharmaceuticals Inc. New 0.01% +0.01
CVNA Carvana Co. Add +141.3% 0.02% +0.01
XOM Exxon Mobil Corp. Add +2.3% 0.98% +0.01
AON Aon PLC Class A Add +23.7% 0.07% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 805$468.4MMSFT, EFA, VOO, INFL, NVDA
Q1 2026 795$420.5MMSFT, EFA, INFL, VOO, NVDA
Q4 2025 779$413.6MMSFT, EFA, VOO, NVDA, AAPL
Q3 2025 793$406.1MMSFT, EFA, VOO, NVDA, AAPL
Q2 2025 794$383.3MMSFT, EFA, VOO, NVDA, IVV
Q4 2024 778$332.6MMSFT, EFA, VOO, AAPL, NVDA
Q3 2024 819$329.3MMSFT, VOO, EFA, AAPL, NVDA
Q2 2024 828$310.9MMSFT, VOO, EFA, NVDA, AAPL
Q1 2024 799$294.4MMSFT, VOO, EFA, AAPL, NVDA