Hoese & Co LLP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 16, 2025), Hoese & Co LLP reported 165 stock positions worth $115.2 million. Its top holding was iShares 3-7 Year Treasury Bo (IEI) at 19.1% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 17.3%) and Invesco S&P 500 Quality ETF (SPHQ, 9.3%). Compared with Q3 2024, it opened 36 new positions, sold out of 48, added to 11 and reduced 31. The biggest buy was iShares 3-7 Year Treasury Bo (IEI, shares +824%) and the biggest sale an exit from iShares US Treasury Bond ETF (GOVT).

Most Recent 13F
Q2 2026
Location
GLENCOE, MN
CIK
0001840268
Portfolio Value
$115.2M (Q4 2024)
SEC Filing
0001840268-25-000001 ↗ filed Jan 16, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $109.6M Q1 2024 Q2 2024: $114.6M Q2 2024 Q3 2024: $119.4M Q3 2024 Q4 2024: $115.2M $115.2M Q4 2024 Q1 2025: $115.3M Q1 2025 Q2 2025: $124.0M Q2 2025 Q3 2025: $130.8M Q3 2025 Q4 2025: $140.3M Q4 2025 Q1 2026: $134.7M Q1 2026 Q2 2026: $153.9M Q2 2026

Holdings 165 stocks · $115.2M
IEI iShares 3-7 Year Treasury Bo 19.09% 190,278 $22.0M Add +824.4%
IVV iShares Core S&P 500 ETF 17.32% 33,896 $20.0M Reduce -3.0%
SPHQ Invesco S&P 500 Quality ETF 9.29% 159,615 $10.7M Add +1.3%
QUAL iShares MSCI USA Quality Fac 7.10% 45,954 $8.2M Reduce -0.9%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 5.98% 152,342 $6.9M Reduce -1.1%
DGRO iShares Core Dividend Growth 5.32% 99,875 $6.1M Add +28.0%
VOO Vanguard S&P 500 ETF 5.30% 11,326 $6.1M Reduce -14.4%
VIG Vanguard Dividend Apprec ETF 5.06% 29,763 $5.8M Add +8.6%
USMV iShares MSCI USA Min Vol Fac 3.35% 43,496 $3.9M Reduce -1.6%
VTI VG Morningstar TS MKT ETF-US 3.24% 12,873 $3.7M Reduce -2.3%
IWF iShares Russell 1000 Growth 2.16% 6,192 $2.5M Reduce -3.1%
SPY SS SPDR S&P 500 ETF Trust-US 2.14% 4,211 $2.5M Reduce -41.2%
IGEB iShares Investment Grade SYS 2.09% 54,275 $2.4M Add +42.4%
BRK.A Berkshire Hathaway Inc. Class A 1.77% 3 $2.0M No change
SCHG Schwab US Large-Cap Growth 0.97% 39,906 $1.1M Reduce -9.8%
IWD iShares Russell 1000 Value E 0.84% 5,223 $967K Reduce -0.0%
AAPL Apple Inc. 0.75% 3,472 $869K Add +164.6%
IQLT iShares MSCI International Q 0.53% 16,586 $615K Reduce -28.2%
MSFT Microsoft Corp. 0.44% 1,195 $504K Reduce -19.9%
DVY iShares Select Dividend ETF 0.37% 3,275 $430K No change
JNJ Johnson & Johnson 0.31% 2,502 $362K Add +15.6%
PEP Pepsico Inc. 0.28% 2,105 $320K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.25% 1,110 $293K No change
JPM JPMorgan Chase & Co. 0.24% 1,160 $278K Add +139.2%
MDY State Street SPDR S&P Midcap 0.20% 400 $228K No change
TXN Texas Instruments Inc. 0.19% 1,143 $214K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.17% 4,500 $198K Reduce -4.3%
SPTM SS SPDR P S&P 1500 Comp ETF 0.17% 2,721 $194K New
EMR Emerson Electric Co. 0.16% 1,510 $187K Reduce -13.7%
BRK.B Berkshire Hathaway Inc. Class B 0.16% 400 $181K No change
SYY Sysco Corp. 0.16% 2,349 $180K Reduce -1.4%
RPG Invesco S&P 500 Pure Growth 0.15% 4,310 $178K No change
HWKN Hawkins Inc. 0.15% 1,440 $177K Reduce -50.2%
PG The Procter & Gamble Co. 0.15% 1,035 $174K Reduce -8.8%
XOM Exxon Mobil Corp. 0.14% 1,450 $156K Add +13.6%
MMM 3M Co. 0.12% 1,100 $142K New
ETN Eaton Corp. PLC 0.12% 426 $141K No change
KLAC KLA Corp. 0.11% 200 $126K No change
IJH iShares Core S&P Midcap ETF 0.11% 1,965 $122K Reduce -36.5%
MRK Merck & Co. Inc. 0.11% 1,218 $121K Add +35.0%
USB US Bancorp 0.10% 2,470 $118K Reduce -7.5%
HD Home Depot Inc. 0.10% 292 $114K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.10% 3,211 $110K New
IVW iShares S&P 500 Growth ETF 0.09% 1,032 $105K New
PRF Invesco Rafi US 1000 ETF 0.09% 2,570 $104K No change
MO Altria Group Inc. 0.07% 1,600 $84K No change
AXP American Express Co. 0.07% 280 $83K No change
FISV Fiserv Inc. 0.07% 403 $83K No change
NVS Novartis AG-Sponsored ADR 0.07% 825 $80K No change
MDT Medtronic PLC 0.07% 991 $79K Reduce -2.0%
ABBV Abbvie Inc. 0.07% 444 $79K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 357 $78K New
UNH Unitedhealth Group Inc. 0.07% 150 $76K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.06% 428 $72K New
DE Deere & Co. 0.06% 165 $70K New
MSI Motorola Solutions Inc. 0.06% 144 $67K No change
TSM Taiwan Semiconductor-SP ADR 0.06% 333 $66K No change
ACN Accenture PLC Class A 0.06% 180 $63K No change
ENB Enbridge Inc. 0.05% 1,469 $62K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.05% 800 $61K No change
PM Philip Morris International 0.05% 500 $60K No change
AMGN Amgen Inc. 0.05% 220 $57K No change
CAT Caterpillar Inc. 0.05% 157 $57K New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.05% 200 $57K No change
XEL Xcel Energy Inc. 0.05% 836 $56K Reduce -89.8%
ADI Analog Devices Inc. 0.05% 253 $54K No change
PFF iShares Preferred & Income S 0.05% 1,700 $53K New
SHV iShares 0-1 Year Treasury Bo 0.05% 480 $53K No change
ABT Abbott Laboratories 0.04% 450 $51K No change
WFC Wells Fargo & Co. 0.04% 724 $51K No change
LLY Eli Lilly & Co. 0.04% 65 $50K No change
GOOG Alphabet Inc. Class C 0.04% 260 $50K No change
AMAT Applied Materials Inc. 0.04% 301 $49K No change
SPEM State Street SP PTF Em ETF 0.04% 1,243 $48K New
IUSG iShares Core S&P U.S. Growth 0.04% 333 $46K New
NVO Novo-Nordisk A/S-Spons ADR 0.04% 500 $43K No change
ICSH iShares Ultra Short Duration 0.04% 850 $43K New
COP Conocophillips 0.04% 431 $43K Reduce -13.8%
QQQ Invesco QQQ Trust Series 1 0.04% 82 $42K Add +32.3%
LIN Linde PLC 0.04% 100 $42K No change
IUSV iShares Core S&P U.S. Value 0.04% 441 $41K New
OKE Oneok Inc. 0.03% 400 $40K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 675 $40K No change
BND Vanguard Total Bond Market 0.03% 540 $39K No change
WMT Walmart Inc. 0.03% 405 $37K No change
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.03% 860 $36K Reduce -67.8%
DFS Discover Financial Services 0.03% 201 $35K No change
PSX Phillips 66 0.03% 302 $34K Reduce -24.9%
EFA iShares MSCI Eafe ETF 0.03% 450 $34K No change
IWR iShares Russell Mid-Cap ETF 0.03% 366 $32K New
LNG Cheniere Energy Inc. 0.03% 150 $32K No change
T AT&T Inc. 0.03% 1,350 $31K No change
NEAR iShares SH Dba ETF Usd Inc. 0.03% 600 $30K New
HON Honeywell International Inc. 0.03% 131 $30K New
NVDA Nvidia Corp. 0.03% 220 $30K Reduce -69.4%
SCHD Schwab US DVD Equity ETF 0.02% 966 $26K New
IWS iShares Russell Mid-Cap Valu 0.02% 203 $26K New
IWN iShares Russell 2000 Value E 0.02% 158 $26K New
CL Colgate-Palmolive Co. 0.02% 285 $26K No change
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.02% 1,750 $24K No change
CVX Chevron Corp. 0.02% 168 $24K No change
VZ Verizon Communications Inc. 0.02% 600 $24K No change
ORCL Oracle Corp. 0.02% 120 $20K New
VTIP Vanguard Short-Term Tips 0.02% 411 $20K New
EPD Enterprise Products Partners 0.02% 600 $19K No change
SHEL Shell PLC-ADR 0.02% 300 $19K No change
SOLV Solventum Corp. 0.02% 275 $18K New
CSCO Cisco Systems Inc. 0.02% 299 $18K New
BBY Best Buy Co. Inc. 0.01% 202 $17K New
MCHP Microchip Technology Inc. 0.01% 300 $17K No change
COR Cencora Inc. 0.01% 75 $17K No change
SO The Southern Co. 0.01% 200 $16K No change
RTX RTX Corp. 0.01% 142 $16K No change
AVGO Broadcom Inc. 0.01% 70 $16K No change
NVT Nvent Electric PLC 0.01% 224 $15K No change
HWM Howmet Aerospace Inc. 0.01% 136 $15K Reduce -59.6%
HIG Hartford Insurance Group Inc. 0.01% 133 $15K New
FIS Fidelity National Info Serv 0.01% 180 $15K Reduce -13.9%
PFE Pfizer Inc. 0.01% 534 $14K New
VCIT Vanguard Int-Term Corporate 0.01% 158 $13K No change
CNQ Canadian Natural Resources 0.01% 400 $12K No change
SPSB SS SPDR P St C Corp. ETF 0.01% 408 $12K No change
DCI Donaldson Co. Inc. 0.01% 180 $12K No change
RY Royal Bank of Canada 0.01% 100 $12K No change
VGIT Vanguard Intermediate-Term T 0.01% 204 $12K No change
ET Energy Transfer LP 0.01% 600 $12K No change
SCHW Schwab (charles) Corp. 0.01% 152 $11K No change
IWM iShares Russell 2000 ETF 0.01% 50 $11K New
O Realty Income Corp. 0.01% 200 $11K No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.01% 100 $11K No change
IWO iShares Russell 2000 Growth 0.01% 34 $10K New
FUL H.B. Fuller Co. filed as FULLER H B CO 0.01% 134 $9K No change
SHW The Sherwin-Williams Co. 0.01% 26 $9K No change
WPC WP Carey Inc. 0.01% 160 $9K New
TTC Toro Co. 0.01% 108 $9K No change
HSY The Hershey Co. 0.01% 50 $8K No change
VSS Vanguard Ftse All Wo X-US SC 0.01% 72 $8K New
SAFT Safety Insurance Group Inc. 0.01% 100 $8K No change
PRLB Proto Labs Inc. 0.01% 200 $8K No change
ORI Old Republic Intl Corp. 0.01% 210 $8K No change
LFUS Littelfuse Inc. 0.01% 32 $8K No change
MCD McDonald's Corp. 0.01% 26 $8K No change
PSA Public Storage 0.01% 25 $7K No change
MFC Manulife Financial Corp. 0.01% 226 $7K No change
INTC Intel Corp. 0.01% 336 $7K No change
SCZ iShares MSCI Eafe Small-Cap 0.01% 100 $6K New
CTAS Cintas Corp. 0.01% 32 $6K No change
TTE Totalenergies SE -Spon ADR 0.00% 100 $5K Reduce -37.1%
WM Waste Management Inc. 0.00% 26 $5K No change
BLK BlackRock Inc. 0.00% 5 $5K No change
BKNG Booking Holdings Inc. 0.00% 1 $5K No change
VEA Vanguard Ftse Developed ETF 0.00% 100 $5K Reduce -74.2%
NTR Nutrien Ltd. 0.00% 100 $4K No change
VNQ Vanguard Real Estate ETF 0.00% 50 $4K New
QCOM Qualcomm Inc. 0.00% 24 $4K No change
LRCX Lam Research Corp. 0.00% 50 $4K No change
ZBH Zimmer Biomet Holdings Inc. 0.00% 30 $3K No change
UNP Union Pacific Corp. 0.00% 13 $3K Reduce -96.8%
LNT Alliant Energy Corp. 0.00% 50 $3K No change
EFV iShares MSCI Eafe Value ETF 0.00% 48 $3K No change
KD Kyndryl Holdings Inc. 0.00% 71 $2K New
VNQI Vanguard GLBL Ex-US Real Est 0.00% 50 $2K New
AA Alcoa Corp. 0.00% 44 $2K Reduce -58.5%
PII Polaris Inc. 0.00% 24 $1K No change
NLOP Net Lease Office Property 0.00% 10 $312 New
Other holdings (1): bonds, preferreds, convertibles and warrants · $6K (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 5$6KNo change

Total filed on the 13F, all lines: $115.2M.

Portfolio Sells Q3 2024 → Q4 2024
GOVT iShares US Treasury Bond ETF Sold out 0.00% −17.13
SPY SS SPDR S&P 500 ETF Trust-US Reduce -41.2% 2.14% −1.30
XLK SS Technology Select Sector Sold out 0.00% −1.13
ILCG iShares Morningstar Growth E Sold out 0.00% −0.85
VOO Vanguard S&P 500 ETF Reduce -14.4% 5.30% −0.55
XEL Xcel Energy Inc. Reduce -89.8% 0.05% −0.40
IQLT iShares MSCI International Q Reduce -28.2% 0.53% −0.27
HWKN Hawkins Inc. Reduce -50.2% 0.15% −0.16
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -1.1% 5.98% −0.10
MSFT Microsoft Corp. Reduce -19.9% 0.44% −0.10
FCX Freeport-McMoran Inc. Sold out 0.00% −0.08
UNP Union Pacific Corp. Reduce -96.8% 0.00% −0.08
TSLA Tesla Inc. Sold out 0.00% −0.07
PRFZ Inv Rafi US 1500 SM-Usd Inc. Reduce -67.8% 0.03% −0.06
IJH iShares Core S&P Midcap ETF Reduce -36.5% 0.11% −0.06
META Meta Platforms Inc. Class A Sold out 0.00% −0.05
NVDA Nvidia Corp. Reduce -69.4% 0.03% −0.05
OTTR Otter Tail Corp. Sold out 0.00% −0.03
AMZN Amazon.com Inc. Sold out 0.00% −0.03
USMV iShares MSCI USA Min Vol Fac Reduce -1.6% 3.35% −0.03
NEM Newmont Corp. Sold out 0.00% −0.02
CIEN Ciena Corp. Sold out 0.00% −0.02
HL Hecla Mining Co. Sold out 0.00% −0.02
HWM Howmet Aerospace Inc. Reduce -59.6% 0.01% −0.02
PSX Phillips 66 Reduce -24.9% 0.03% −0.01
PG The Procter & Gamble Co. Reduce -8.8% 0.15% −0.01
VEA Vanguard Ftse Developed ETF Reduce -74.2% 0.00% −0.01
RQI Cohen & Steers Qual Inc. RLTY Sold out 0.00% −0.01
GSIE Goldman Sachs Activebeta Int Sold out 0.00% −0.01
CEF Sprott Physical Gold and Sil Sold out 0.00% −0.01
BCS Barclays PLC-Spons ADR Sold out 0.00% −0.01
C Citigroup Inc. Sold out 0.00% −0.01
MS Morgan Stanley Sold out 0.00% −0.01
MDT Medtronic PLC Reduce -2.0% 0.07% −0.01
COP Conocophillips Reduce -13.8% 0.04% −0.01
KO The Coca-Cola Co. Sold out 0.00% −0.01
CUT Invesco MSCI Global Timber E Sold out 0.00% −0.01
TWLO Twilio Inc. Class A Sold out 0.00% −0.01
UBS UBS Group AG-Reg Sold out 0.00% −0.01
SLV iShares Silver Trust Sold out 0.00% −0.00
SNAP Snap Inc. Class A Sold out 0.00% −0.00
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.00
GE General Electric Sold out 0.00% −0.00
TTE Totalenergies SE -Spon ADR Reduce -37.1% 0.00% −0.00
SU Suncor Energy Inc. Sold out 0.00% −0.00
COHR Coherent Corp. Sold out 0.00% −0.00
CE Celanese Corp. Sold out 0.00% −0.00
MDLZ Mondelez International Inc. Class A Sold out 0.00% −0.00
MUR Murphy Oil Corp. Sold out 0.00% −0.00
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.00

Portfolio Buys Q3 2024 → Q4 2024
IEI iShares 3-7 Year Treasury Bo Add +824.4% 19.09% +17.02
DGRO iShares Core Dividend Growth Add +28.0% 5.32% +1.22
IGEB iShares Investment Grade SYS Add +42.4% 2.09% +0.61
VIG Vanguard Dividend Apprec ETF Add +8.6% 5.06% +0.51
AAPL Apple Inc. Add +164.6% 0.75% +0.50
SPHQ Invesco S&P 500 Quality ETF Add +1.3% 9.29% +0.41
TXN Texas Instruments Inc. New 0.19% +0.19
SPTM SS SPDR P S&P 1500 Comp ETF New 0.17% +0.17
JPM JPMorgan Chase & Co. Add +139.2% 0.24% +0.16
MMM 3M Co. New 0.12% +0.12
SPDW Ste STR SPDR PT DW Eu ETF New 0.10% +0.10
IVW iShares S&P 500 Growth ETF New 0.09% +0.09
IBM Intl Business Machines Corp. New 0.07% +0.07
VTV Vanguard Mrngstr Val ETF-Aui New 0.06% +0.06
DE Deere & Co. New 0.06% +0.06
CAT Caterpillar Inc. New 0.05% +0.05
PFF iShares Preferred & Income S New 0.05% +0.05
SPEM State Street SP PTF Em ETF New 0.04% +0.04
IUSG iShares Core S&P U.S. Growth New 0.04% +0.04
ICSH iShares Ultra Short Duration New 0.04% +0.04
IUSV iShares Core S&P U.S. Value New 0.04% +0.04
IWR iShares Russell Mid-Cap ETF New 0.03% +0.03
NEAR iShares SH Dba ETF Usd Inc. New 0.03% +0.03
HON Honeywell International Inc. New 0.03% +0.03
SCHD Schwab US DVD Equity ETF New 0.02% +0.02
IWS iShares Russell Mid-Cap Valu New 0.02% +0.02
IWN iShares Russell 2000 Value E New 0.02% +0.02
JNJ Johnson & Johnson Add +15.6% 0.31% +0.02
MRK Merck & Co. Inc. Add +35.0% 0.11% +0.02
ORCL Oracle Corp. New 0.02% +0.02
VTIP Vanguard Short-Term Tips New 0.02% +0.02
SOLV Solventum Corp. New 0.02% +0.02
CSCO Cisco Systems Inc. New 0.02% +0.02
BBY Best Buy Co. Inc. New 0.01% +0.01
HIG Hartford Insurance Group Inc. New 0.01% +0.01
PFE Pfizer Inc. New 0.01% +0.01
QQQ Invesco QQQ Trust Series 1 Add +32.3% 0.04% +0.01
XOM Exxon Mobil Corp. Add +13.6% 0.14% +0.01
IWM iShares Russell 2000 ETF New 0.01% +0.01
IWO iShares Russell 2000 Growth New 0.01% +0.01
WPC WP Carey Inc. New 0.01% +0.01
VSS Vanguard Ftse All Wo X-US SC New 0.01% +0.01
SCZ iShares MSCI Eafe Small-Cap New 0.01% +0.01
VNQ Vanguard Real Estate ETF New 0.00% +0.00
KD Kyndryl Holdings Inc. New 0.00% +0.00
VNQI Vanguard GLBL Ex-US Real Est New 0.00% +0.00
NLOP Net Lease Office Property New 0.00% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 183$153.9MIEI, IVV, SPHQ, DYNF, DGRO
Q1 2026 135$134.7MIEI, IVV, SPHQ, DYNF, DGRO
Q4 2025 136$140.3MIEI, IVV, SPHQ, DGRO, VIG
Q3 2025 125$130.8MIEI, IVV, SPHQ, QUAL, VIG
Q2 2025 154$124.0MIEI, IVV, SPHQ, QUAL, DGRO
Q1 2025 152$115.3MIEI, IVV, SPHQ, QUAL, IUSB
Q4 2024 165$115.2MIEI, IVV, SPHQ, QUAL, IUSB
Q3 2024 177$119.4MGOVT, IVV, SPHQ, QUAL, IUSB
Q2 2024 144$114.6MGOVT, IVV, SPHQ, QUAL, VOO
Q1 2024 136$109.6MIVV, GOVT, SPHQ, SPY, VOO