Hilltop National Bank
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 7, 2026), Hilltop National Bank reported 779 stock positions worth $413.6 million. Its top holding was Microsoft (MSFT) at 7.7% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 3.8%) and Vanguard S&P 500 ETF (VOO, 3.2%). Compared with Q3 2025, it opened 49 new positions, sold out of 63, added to 121 and reduced 249. The biggest buy was Microsoft (MSFT, shares +43%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- CASPER, WY
- CIK
- 0002021658
- Portfolio Value
- $413.6M (Q4 2025)
- SEC Filing
- 0002021658-26-000001 ↗ filed Jan 7, 2026
Holdings Value
Holdings 779 stocks · $413.6M
| MSFT Microsoft Corp. | 7.69% | 65,750 | $31.8M | Add +42.6% |
| EFA iShares MSCI Eafe ETF | 3.80% | 163,861 | $15.7M | Add +1.7% |
| VOO Vanguard S&P 500 ETF | 3.18% | 20,940 | $13.1M | Reduce -13.9% |
| NVDA Nvidia Corp. | 3.01% | 66,850 | $12.5M | Reduce -3.5% |
| AAPL Apple Inc. | 2.75% | 41,801 | $11.4M | Reduce -1.2% |
| INFL Horizon Kinetics Infl Benef | 2.68% | 249,174 | $11.1M | Add +18.7% |
| IVV iShares Core S&P 500 ETF | 2.31% | 13,953 | $9.6M | Add +1.0% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 1.72% | 40,060 | $7.1M | Add +4.6% |
| VWO Vanguard Ftse Emerging Marke | 1.49% | 114,266 | $6.1M | Add +0.2% |
| IAU iShares Gold Trust | 1.46% | 74,440 | $6.0M | Add +1.0% |
| IWP iShares Russell Mid-Cap Grow | 1.44% | 43,404 | $5.9M | Add +0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% | 11,534 | $5.8M | Reduce -2.7% |
| LLY Eli Lilly & Co. | 1.38% | 5,315 | $5.7M | Reduce -1.2% |
| IJH iShares Core S&P Midcap ETF | 1.35% | 84,820 | $5.6M | Add +3.3% |
| TSM Taiwan Semiconductor-SP ADR | 1.15% | 15,625 | $4.7M | Reduce -3.4% |
| AVGO Broadcom Inc. | 1.12% | 13,398 | $4.6M | Reduce -6.3% |
| XOM Exxon Mobil Corp. | 1.05% | 36,066 | $4.3M | Add +1.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 1.03% | 20,055 | $4.2M | Add +6.9% |
| RSP Invesco S&P 500 Equal Weight | 0.98% | 21,144 | $4.1M | Reduce -40.2% |
| ANET Arista Networks Inc. | 0.97% | 30,769 | $4.0M | Reduce -3.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.91% | 5 | $3.8M | No change |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.90% | 12,334 | $3.7M | Add +5.5% |
| IVW iShares S&P 500 Growth ETF | 0.90% | 30,131 | $3.7M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 0.87% | 11,167 | $3.6M | Add +8.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.86% | 5,809 | $3.6M | Add +0.4% |
| NFLX Netflix Inc. | 0.86% | 37,808 | $3.5M | Reduce -2.4% |
| COST Costco Wholesale Corp. | 0.77% | 3,687 | $3.2M | Reduce -1.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.74% | 16,108 | $3.1M | Add +1.1% |
| WMT Walmart Inc. | 0.74% | 27,511 | $3.1M | Reduce -1.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.71% | 4,300 | $2.9M | Add +0.4% |
| AXP American Express Co. | 0.71% | 7,902 | $2.9M | Reduce -0.1% |
| PWR Quanta Services Inc. | 0.70% | 6,839 | $2.9M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.69% | 4,324 | $2.9M | Reduce -4.0% |
| JNJ Johnson & Johnson | 0.65% | 13,028 | $2.7M | Add +12.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.64% | 8,883 | $2.6M | Add +3.8% |
| KLAC KLA Corp. | 0.63% | 2,146 | $2.6M | Reduce -4.8% |
| SO The Southern Co. | 0.62% | 29,272 | $2.6M | Add +1.0% |
| AMP Ameriprise Financial Inc. | 0.61% | 5,159 | $2.5M | Reduce -2.0% |
| TT Trane Technologies PLC | 0.60% | 6,327 | $2.5M | Reduce -0.4% |
| STX Seagate Technology Holdings | 0.59% | 8,928 | $2.5M | Reduce -3.8% |
| PEP Pepsico Inc. | 0.58% | 16,833 | $2.4M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 0.57% | 16,409 | $2.4M | Add +1.2% |
| GOOGL Alphabet Inc. Class A | 0.57% | 7,478 | $2.3M | Add +10.9% |
| AMGN Amgen Inc. | 0.54% | 6,877 | $2.3M | Reduce -1.1% |
| BX Blackstone Inc. | 0.54% | 14,356 | $2.2M | Add +0.7% |
| EEMV iShares MSCI Emg MKT Min Vol | 0.53% | 34,530 | $2.2M | Reduce -1.4% |
| IJR iShares Core S&P Small-Cap E | 0.50% | 17,107 | $2.1M | Reduce -3.8% |
| AMZN Amazon.com Inc. | 0.49% | 8,837 | $2.0M | Reduce -2.7% |
| MDT Medtronic PLC | 0.48% | 20,865 | $2.0M | Reduce -6.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.48% | 6,868 | $2.0M | Add +8.9% |
| MA Mastercard Inc. Class A | 0.48% | 3,446 | $2.0M | Reduce -0.8% |
| TMUS T-Mobile US Inc. | 0.46% | 9,362 | $1.9M | Add +1.2% |
| GLW Corning Inc. | 0.45% | 21,269 | $1.9M | Reduce -1.3% |
| ORCL Oracle Corp. | 0.44% | 9,371 | $1.8M | Add +0.3% |
| MRVL Marvell Technology Inc. | 0.43% | 21,061 | $1.8M | Add +1.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.41% | 3,464 | $1.7M | Add +2.5% |
| SHEL Shell PLC-ADR | 0.41% | 22,942 | $1.7M | Add +0.8% |
| UNH Unitedhealth Group Inc. | 0.41% | 5,084 | $1.7M | Add +9.3% |
| CAT Caterpillar Inc. | 0.40% | 2,880 | $1.6M | Reduce -3.1% |
| CSCO Cisco Systems Inc. | 0.39% | 21,195 | $1.6M | Add +15.6% |
| QSR Restaurant Brands Intern | 0.39% | 23,547 | $1.6M | New |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.39% | 5,732 | $1.6M | Add +3.6% |
| GLD SPDR Gold Shares | 0.38% | 3,981 | $1.6M | Add +0.3% |
| WFC Wells Fargo & Co. | 0.38% | 16,795 | $1.6M | No change |
| QCOM Qualcomm Inc. | 0.38% | 9,144 | $1.6M | Reduce -1.7% |
| CSX CSX Corp. | 0.37% | 42,310 | $1.5M | Add +13.0% |
| PSX Phillips 66 | 0.37% | 11,715 | $1.5M | Add +9.0% |
| ONEQ Fidelity Nasdaq Comp Indx | 0.36% | 16,360 | $1.5M | No change |
| DE Deere & Co. | 0.36% | 3,209 | $1.5M | Reduce -6.1% |
| IVE iShares S&P 500 Value ETF | 0.36% | 6,997 | $1.5M | Add +8.7% |
| XLK SS Technology Select Sector | 0.36% | 10,244 | $1.5M | Add +0.9% |
| KIM Kimco Realty Corp. | 0.35% | 70,734 | $1.4M | Add +3.5% |
| LOW Lowe's Cos Inc. | 0.35% | 5,931 | $1.4M | Add +5.1% |
| ABT Abbott Laboratories | 0.34% | 11,333 | $1.4M | Reduce -18.7% |
| COP Conocophillips | 0.33% | 14,391 | $1.3M | Reduce -28.1% |
| IWB iShares Russell 1000 ETF | 0.32% | 3,568 | $1.3M | No change |
| NEM Newmont Corp. | 0.32% | 13,340 | $1.3M | Add +4.7% |
| DGX Quest Diagnostics Inc. | 0.32% | 7,581 | $1.3M | Reduce -1.2% |
| FIS Fidelity National Info Serv | 0.32% | 19,774 | $1.3M | Add +0.2% |
| MCK McKesson Corp. | 0.32% | 1,595 | $1.3M | Reduce -1.9% |
| CVX Chevron Corp. | 0.32% | 8,569 | $1.3M | Add +24.2% |
| DKS Dick's Sporting Goods Inc. | 0.32% | 6,587 | $1.3M | Add +3.0% |
| V Visa Inc. Class A | 0.31% | 3,714 | $1.3M | Reduce -7.3% |
| HON Honeywell International Inc. | 0.31% | 6,590 | $1.3M | Add +7.2% |
| BLK BlackRock Inc. | 0.31% | 1,190 | $1.3M | Reduce -1.2% |
| SLF Sun Life Financial Inc. | 0.31% | 20,239 | $1.3M | No change |
| PRU Prudential Financial Inc. | 0.30% | 11,117 | $1.3M | Reduce -0.4% |
| SCHD Schwab US DVD Equity ETF | 0.30% | 45,150 | $1.2M | No change |
| XLG Invesco S&P 500 Top 50 ETF | 0.30% | 20,650 | $1.2M | No change |
| TXN Texas Instruments Inc. | 0.29% | 7,015 | $1.2M | Reduce -8.4% |
| COF Capital One Financial Corp. | 0.29% | 5,013 | $1.2M | Reduce -14.3% |
| J Jacobs Solutions Inc. | 0.28% | 8,642 | $1.1M | Add +1.8% |
| KR Kroger Co. | 0.27% | 18,155 | $1.1M | Add +5.4% |
| OKE Oneok Inc. | 0.27% | 15,419 | $1.1M | Add +17.1% |
| TOL Toll Brothers Inc. | 0.27% | 8,380 | $1.1M | Add +2.6% |
| RY Royal Bank of Canada | 0.27% | 6,597 | $1.1M | Reduce -1.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.27% | 12,184 | $1.1M | Add +165.0% |
| ABBV Abbvie Inc. | 0.27% | 4,901 | $1.1M | Reduce -0.8% |
| MRK Merck & Co. Inc. | 0.26% | 10,400 | $1.1M | Reduce -2.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.26% | 3,211 | $1.1M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -40.2% | 0.98% | −0.67 |
| VOO Vanguard S&P 500 ETF | Reduce -13.9% | 3.18% | −0.49 |
| CMG Chipotle Mexican Grill Inc. | Reduce -98.4% | 0.01% | −0.43 |
| NFLX Netflix Inc. | Reduce -2.4% | 0.86% | −0.29 |
| ZTS Zoetis Inc. | Reduce -96.6% | 0.01% | −0.21 |
| ANET Arista Networks Inc. | Reduce -3.9% | 0.97% | −0.17 |
| NVDA Nvidia Corp. | Reduce -3.5% | 3.01% | −0.17 |
| COP Conocophillips | Reduce -28.1% | 0.33% | −0.14 |
| META Meta Platforms Inc. Class A | Reduce -4.0% | 0.69% | −0.12 |
| UL Unilever PLC | Sold out | 0.00% | −0.12 |
| ABT Abbott Laboratories | Reduce -18.7% | 0.34% | −0.12 |
| LMT Lockheed Martin Corp. | Reduce -28.3% | 0.20% | −0.09 |
| COST Costco Wholesale Corp. | Reduce -1.6% | 0.77% | −0.09 |
| PEG Public Service Enterprise GP | Reduce -23.3% | 0.20% | −0.08 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.07 |
| CL Colgate-Palmolive Co. | Reduce -71.5% | 0.03% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.7% | 1.40% | −0.07 |
| TT Trane Technologies PLC | Reduce -0.4% | 0.60% | −0.06 |
| HAL Halliburton Co. | Reduce -82.3% | 0.02% | −0.06 |
| AIG American International Group | Reduce -76.8% | 0.02% | −0.06 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Sold out | 0.00% | −0.06 |
| SYY Sysco Corp. | Reduce -96.7% | 0.00% | −0.06 |
| GIS General Mills Inc. | Reduce -43.0% | 0.06% | −0.06 |
| LH Labcorp Holdings Inc. | Reduce -75.9% | 0.01% | −0.06 |
| TXN Texas Instruments Inc. | Reduce -8.4% | 0.29% | −0.05 |
| UNP Union Pacific Corp. | Reduce -25.6% | 0.13% | −0.05 |
| GM General Motors Co. | Sold out | 0.00% | −0.05 |
| WM Waste Management Inc. | Reduce -50.5% | 0.05% | −0.05 |
| HD Home Depot Inc. | Reduce -0.2% | 0.22% | −0.04 |
| MET Metlife Inc. | Reduce -23.7% | 0.11% | −0.04 |
| DGX Quest Diagnostics Inc. | Reduce -1.2% | 0.32% | −0.04 |
| AVGO Broadcom Inc. | Reduce -6.3% | 1.12% | −0.04 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -12.6% | 0.16% | −0.04 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.04 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.04 |
| BLK BlackRock Inc. | Reduce -1.2% | 0.31% | −0.04 |
| MDT Medtronic PLC | Reduce -6.3% | 0.48% | −0.04 |
| PANW Palo Alto Networks Inc. | Reduce -1.7% | 0.26% | −0.04 |
| BSM Black Stone Minerals LP | Reduce -94.1% | 0.00% | −0.04 |
| PAYX Paychex Inc. | Reduce -1.0% | 0.21% | −0.03 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −0.03 |
| RRX Regal Rexnord Corp. | Reduce -58.4% | 0.02% | −0.03 |
| EXR Extra Space Storage Inc. | Sold out | 0.00% | −0.03 |
| ADBE Adobe Inc. | Reduce -86.5% | 0.00% | −0.03 |
| HCA HCA Healthcare Inc. | Reduce -73.9% | 0.01% | −0.03 |
| DELL Dell Technologies -C | Reduce -0.2% | 0.20% | −0.03 |
| NVR NVR Inc. | Sold out | 0.00% | −0.03 |
| NOW ServiceNow Inc. | Reduce -6.0% | 0.10% | −0.03 |
| AZO AutoZone Inc. | Reduce -4.7% | 0.08% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Add +42.6% | 7.69% | +1.81 |
| QSR Restaurant Brands Intern | New | 0.39% | +0.39 |
| INFL Horizon Kinetics Infl Benef | Add +18.7% | 2.68% | +0.37 |
| AZN Astrazeneca PLC-Spons ADR | Add +165.0% | 0.27% | +0.18 |
| B Barrick Mining Corp. | Add +18072.6% | 0.18% | +0.18 |
| GOOGL Alphabet Inc. Class A | Add +10.9% | 0.57% | +0.16 |
| WTBN Wisdomtree Bianco TR Fund | New | 0.14% | +0.14 |
| IAU iShares Gold Trust | Add +1.0% | 1.46% | +0.14 |
| JNJ Johnson & Johnson | Add +12.5% | 0.65% | +0.12 |
| EFA iShares MSCI Eafe ETF | Add +1.7% | 3.80% | +0.10 |
| CSCO Cisco Systems Inc. | Add +15.6% | 0.39% | +0.09 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +4.6% | 1.72% | +0.07 |
| XOM Exxon Mobil Corp. | Add +1.9% | 1.05% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +8.0% | 0.87% | +0.07 |
| VTR Ventas Inc. | Add +1604.1% | 0.07% | +0.07 |
| ETN Eaton Corp. PLC | Add +2840.0% | 0.07% | +0.07 |
| ENB Enbridge Inc. | Add +151.0% | 0.11% | +0.06 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +6.9% | 1.03% | +0.06 |
| NEM Newmont Corp. | Add +4.7% | 0.32% | +0.06 |
| AEE Ameren Corporation | Add +1168.3% | 0.06% | +0.06 |
| AIZ Assurant Inc. | New | 0.06% | +0.06 |
| CVX Chevron Corp. | Add +24.2% | 0.32% | +0.05 |
| AMAT Applied Materials Inc. | Add +102.0% | 0.08% | +0.05 |
| AMD Advanced Micro Devices | Add +15.3% | 0.15% | +0.05 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +5.5% | 0.90% | +0.04 |
| CSX CSX Corp. | Add +13.0% | 0.37% | +0.04 |
| IBM Intl Business Machines Corp. | Add +3.8% | 0.64% | +0.04 |
| OKE Oneok Inc. | Add +17.1% | 0.27% | +0.04 |
| C Citigroup Inc. | Add +141.5% | 0.06% | +0.04 |
| TD Toronto-Dominion Bank | Add +127.4% | 0.06% | +0.04 |
| GLD SPDR Gold Shares | Add +0.3% | 0.38% | +0.03 |
| IJH iShares Core S&P Midcap ETF | Add +3.3% | 1.35% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +1.0% | 2.31% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +38.4% | 0.10% | +0.03 |
| MDU Mdu Resources Group Inc. | Add +255.3% | 0.04% | +0.03 |
| IVE iShares S&P 500 Value ETF | Add +8.7% | 0.36% | +0.03 |
| MS Morgan Stanley | Add +2896.0% | 0.03% | +0.03 |
| MFG Mizuho Financial Group-ADR | New | 0.03% | +0.03 |
| OMC Omnicom Group | Add +43.3% | 0.11% | +0.03 |
| FCX Freeport-McMoran Inc. | Add +218.7% | 0.04% | +0.03 |
| FHN First Horizon Corp. | New | 0.03% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +12.4% | 0.12% | +0.03 |
| CRH CRH PLC | New | 0.03% | +0.03 |
| ATKR Atkore Inc. | New | 0.03% | +0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +8.9% | 0.48% | +0.03 |
| EW Edwards Lifesciences Corp. | Add +7.2% | 0.19% | +0.03 |
| HLN Haleon PLC-ADR | Add +306.4% | 0.03% | +0.02 |
| EL Estee Lauder Companies Class A | New | 0.02% | +0.02 |
| DHR Danaher Corp. | Add +16.7% | 0.10% | +0.02 |
| ELV Elevance Health Inc. | New | 0.02% | +0.02 |
Notes & Other Activity Q3 2025 → Q4 2025
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | Sold out | 194 | $719before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 805 | $468.4M | MSFT, EFA, VOO, INFL, NVDA |
| Q1 2026 | 795 | $420.5M | MSFT, EFA, INFL, VOO, NVDA |
| Q4 2025 | 779 | $413.6M | MSFT, EFA, VOO, NVDA, AAPL |
| Q3 2025 | 793 | $406.1M | MSFT, EFA, VOO, NVDA, AAPL |
| Q2 2025 | 794 | $383.3M | MSFT, EFA, VOO, NVDA, IVV |
| Q4 2024 | 778 | $332.6M | MSFT, EFA, VOO, AAPL, NVDA |
| Q3 2024 | 819 | $329.3M | MSFT, VOO, EFA, AAPL, NVDA |
| Q2 2024 | 828 | $310.9M | MSFT, VOO, EFA, NVDA, AAPL |
| Q1 2024 | 799 | $294.4M | MSFT, VOO, EFA, AAPL, NVDA |