Hoese & Co LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), Hoese & Co LLP reported 152 stock positions worth $115.3 million. Its top holding was iShares 3-7 Year Treasury Bo (IEI) at 19.4% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 16.5%) and Invesco S&P 500 Quality ETF (SPHQ, 10.9%). Compared with Q4 2024, it sold out of 13, added to 5 and reduced 14. The biggest buy was Invesco S&P 500 Quality ETF (SPHQ, shares +19%) and the biggest sale iShares MSCI USA Quality Fac (QUAL, shares −1%).

Most Recent 13F
Q2 2026
Location
GLENCOE, MN
CIK
0001840268
Portfolio Value
$115.3M (Q1 2025)
SEC Filing
0001840268-25-000006 ↗ filed Apr 11, 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 Q4 2024 Q1 2025: $115.3M $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 152 stocks · $115.3M
IEI iShares 3-7 Year Treasury Bo 19.35% 188,909 $22.3M Reduce -0.7%
IVV iShares Core S&P 500 ETF 16.55% 33,961 $19.1M Add +0.2%
SPHQ Invesco S&P 500 Quality ETF 10.89% 189,324 $12.6M Add +18.6%
QUAL iShares MSCI USA Quality Fac 6.77% 45,713 $7.8M Reduce -0.5%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 5.92% 148,261 $6.8M Reduce -2.7%
DGRO iShares Core Dividend Growth 5.49% 102,515 $6.3M Add +2.6%
VIG Vanguard Dividend Apprec ETF 5.21% 30,980 $6.0M Add +4.1%
VOO Vanguard S&P 500 ETF 4.98% 11,186 $5.7M Reduce -1.2%
USMV iShares MSCI USA Min Vol Fac 3.52% 43,371 $4.1M Reduce -0.3%
VTI VG Morningstar TS MKT ETF-US 3.07% 12,873 $3.5M No change
IGEB iShares Investment Grade SYS 2.17% 55,679 $2.5M Add +2.6%
BRK.A Berkshire Hathaway Inc. Class A 2.08% 3 $2.4M No change
SPY SS SPDR S&P 500 ETF Trust-US 2.04% 4,211 $2.4M No change
IWF iShares Russell 1000 Growth 1.94% 6,192 $2.2M No change
SCHG Schwab US Large-Cap Growth 0.87% 39,906 $999K No change
IWD iShares Russell 1000 Value E 0.85% 5,223 $983K No change
IQLT iShares MSCI International Q 0.54% 15,657 $621K Reduce -5.6%
AAPL Apple Inc. 0.50% 2,602 $578K Reduce -25.1%
DVY iShares Select Dividend ETF 0.38% 3,275 $440K No change
JNJ Johnson & Johnson 0.31% 2,164 $359K Reduce -13.5%
MSFT Microsoft Corp. 0.28% 867 $325K Reduce -27.4%
PEP Pepsico Inc. 0.27% 2,105 $316K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.25% 1,110 $287K No change
JPM JPMorgan Chase & Co. 0.25% 1,160 $285K No change
MDY State Street SPDR S&P Midcap 0.18% 400 $213K No change
BRK.B Berkshire Hathaway Inc. Class B 0.18% 400 $213K No change
TXN Texas Instruments Inc. 0.18% 1,143 $205K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 4,500 $188K No change
SPTM SS SPDR P S&P 1500 Comp ETF 0.16% 2,721 $185K No change
PG The Procter & Gamble Co. 0.15% 1,035 $176K No change
SYY Sysco Corp. 0.15% 2,349 $176K No change
EMR Emerson Electric Co. 0.14% 1,510 $166K No change
RPG Invesco S&P 500 Pure Growth 0.14% 4,310 $165K No change
MMM 3M Co. 0.14% 1,100 $162K No change
HWKN Hawkins Inc. 0.13% 1,440 $153K No change
XOM Exxon Mobil Corp. 0.13% 1,277 $152K Reduce -11.9%
KLAC KLA Corp. 0.12% 200 $136K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.10% 3,211 $117K No change
ETN Eaton Corp. PLC 0.10% 426 $116K No change
IJH iShares Core S&P Midcap ETF 0.10% 1,965 $115K No change
HD Home Depot Inc. 0.09% 292 $107K No change
USB US Bancorp 0.09% 2,470 $104K No change
PRF Invesco Rafi US 1000 ETF 0.09% 2,570 $104K No change
MO Altria Group Inc. 0.08% 1,600 $96K No change
IVW iShares S&P 500 Growth ETF 0.08% 1,032 $96K No change
ABBV Abbvie Inc. 0.08% 444 $93K No change
NVS Novartis AG-Sponsored ADR 0.08% 825 $92K No change
MDT Medtronic PLC 0.08% 991 $89K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 357 $89K No change
FISV Fiserv Inc. 0.07% 368 $81K Reduce -8.7%
MRK Merck & Co. Inc. 0.07% 902 $81K Reduce -25.9%
PM Philip Morris International 0.07% 500 $79K No change
UNH Unitedhealth Group Inc. 0.07% 150 $79K No change
DE Deere & Co. 0.07% 165 $77K No change
AXP American Express Co. 0.07% 280 $75K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.06% 428 $74K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.06% 200 $69K No change
AMGN Amgen Inc. 0.06% 220 $69K No change
ENB Enbridge Inc. 0.06% 1,469 $65K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.05% 800 $63K No change
MSI Motorola Solutions Inc. 0.05% 144 $63K No change
ABT Abbott Laboratories 0.05% 450 $60K No change
ACN Accenture PLC Class A 0.05% 180 $56K No change
TSM Taiwan Semiconductor-SP ADR 0.05% 333 $55K No change
LLY Eli Lilly & Co. 0.05% 65 $54K No change
SHV iShares 0-1 Year Treasury Bo 0.05% 480 $53K No change
PFF iShares Preferred & Income S 0.05% 1,700 $52K No change
WFC Wells Fargo & Co. 0.05% 724 $52K No change
ADI Analog Devices Inc. 0.04% 253 $51K No change
SPEM State Street SP PTF Em ETF 0.04% 1,243 $49K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.04% 675 $48K No change
LIN Linde PLC 0.04% 100 $47K No change
AMAT Applied Materials Inc. 0.04% 301 $44K No change
ICSH iShares Ultra Short Duration 0.04% 850 $43K No change
IUSG iShares Core S&P U.S. Growth 0.04% 333 $42K No change
IUSV iShares Core S&P U.S. Value 0.04% 441 $41K No change
GOOG Alphabet Inc. Class C 0.04% 260 $41K No change
OKE Oneok Inc. 0.03% 400 $40K No change
BND Vanguard Total Bond Market 0.03% 540 $40K No change
QQQ Invesco QQQ Trust Series 1 0.03% 82 $38K No change
T AT&T Inc. 0.03% 1,350 $38K No change
PSX Phillips 66 0.03% 302 $37K No change
EFA iShares MSCI Eafe ETF 0.03% 450 $37K No change
WMT Walmart Inc. 0.03% 405 $36K No change
NVO Novo-Nordisk A/S-Spons ADR 0.03% 500 $35K No change
LNG Cheniere Energy Inc. 0.03% 150 $35K No change
DFS Discover Financial Services 0.03% 201 $34K No change
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.03% 860 $33K No change
IWR iShares Russell Mid-Cap ETF 0.03% 366 $31K No change
NEAR iShares SH Dba ETF Usd Inc. 0.03% 600 $31K No change
CVX Chevron Corp. 0.02% 168 $28K No change
VZ Verizon Communications Inc. 0.02% 600 $27K No change
SCHD Schwab US DVD Equity ETF 0.02% 966 $27K No change
CL Colgate-Palmolive Co. 0.02% 285 $27K No change
IWS iShares Russell Mid-Cap Valu 0.02% 203 $26K No change
IWN iShares Russell 2000 Value E 0.02% 158 $24K No change
NVDA Nvidia Corp. 0.02% 220 $24K No change
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.02% 1,750 $23K No change
SHEL Shell PLC-ADR 0.02% 300 $22K No change
COR Cencora Inc. 0.02% 75 $21K No change

Show all 152 holdings

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: $115.3M.

Portfolio Sells Q4 2024 → Q1 2025
QUAL iShares MSCI USA Quality Fac Reduce -0.5% 6.77% −0.33
VOO Vanguard S&P 500 ETF Reduce -1.2% 4.98% −0.31
AAPL Apple Inc. Reduce -25.1% 0.50% −0.25
MSFT Microsoft Corp. Reduce -27.4% 0.28% −0.15
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -2.7% 5.92% −0.05
CAT Caterpillar Inc. Sold out 0.00% −0.05
XEL Xcel Energy Inc. Reduce -97.6% 0.00% −0.05
MRK Merck & Co. Inc. Reduce -25.9% 0.07% −0.04
COP Conocophillips Reduce -76.8% 0.01% −0.03
HON Honeywell International Inc. Sold out 0.00% −0.03
ORCL Oracle Corp. Sold out 0.00% −0.02
SOLV Solventum Corp. Sold out 0.00% −0.02
CSCO Cisco Systems Inc. Sold out 0.00% −0.02
BBY Best Buy Co. Inc. Sold out 0.00% −0.01
HIG Hartford Insurance Group Inc. Sold out 0.00% −0.01
PFE Pfizer Inc. Sold out 0.00% −0.01
SCZ iShares MSCI Eafe Small-Cap Sold out 0.00% −0.01
VEA Vanguard Ftse Developed ETF Sold out 0.00% −0.00
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.00
XOM Exxon Mobil Corp. Reduce -11.9% 0.13% −0.00
JNJ Johnson & Johnson Reduce -13.5% 0.31% −0.00
KD Kyndryl Holdings Inc. Sold out 0.00% −0.00
VNQI Vanguard GLBL Ex-US Real Est Sold out 0.00% −0.00
FISV Fiserv Inc. Reduce -8.7% 0.07% −0.00
IQLT iShares MSCI International Q Reduce -5.6% 0.54% +0.00
USMV iShares MSCI USA Min Vol Fac Reduce -0.3% 3.52% +0.17
IEI iShares 3-7 Year Treasury Bo Reduce -0.7% 19.35% +0.27

Portfolio Buys Q4 2024 → Q1 2025
SPHQ Invesco S&P 500 Quality ETF Add +18.6% 10.89% +1.61
DGRO iShares Core Dividend Growth Add +2.6% 5.49% +0.17
VIG Vanguard Dividend Apprec ETF Add +4.1% 5.21% +0.15
IGEB iShares Investment Grade SYS Add +2.6% 2.17% +0.08
IVV iShares Core S&P 500 ETF Add +0.2% 16.55% −0.77

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