Hoese & Co LLP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Hoese & Co LLP reported 154 stock positions worth $124.0 million. Its top holding was iShares 3-7 Year Treasury Bo (IEI) at 18.4% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 16.9%) and Invesco S&P 500 Quality ETF (SPHQ, 11.1%). Compared with Q1 2025, it opened 24 new positions, sold out of 22, added to 40 and reduced 21. The biggest buy was a new position in TJX Companies (TJX) and the biggest sale iShares MSCI USA Min Vol Fac (USMV, shares −39%).

Most Recent 13F
Q2 2026
Location
GLENCOE, MN
CIK
0001840268
Portfolio Value
$124.0M (Q2 2025)
SEC Filing
0001840268-25-000014 ↗ filed Jul 29, 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 Q1 2025 Q2 2025: $124.0M $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 154 stocks · $124.0M
IEI iShares 3-7 Year Treasury Bo 18.37% 191,208 $22.8M Add +1.2%
IVV iShares Core S&P 500 ETF 16.94% 33,819 $21.0M Reduce -0.4%
SPHQ Invesco S&P 500 Quality ETF 11.08% 192,801 $13.7M Add +1.8%
QUAL iShares MSCI USA Quality Fac 6.72% 45,590 $8.3M Reduce -0.3%
DGRO iShares Core Dividend Growth 5.36% 103,877 $6.6M Add +1.3%
VIG Vanguard Dividend Apprec ETF 5.30% 32,112 $6.6M Add +3.6%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 5.20% 139,587 $6.5M Reduce -5.8%
VOO Vanguard S&P 500 ETF 4.76% 10,390 $5.9M Reduce -7.1%
VTI VG Morningstar TS MKT ETF-US 2.99% 12,206 $3.7M Reduce -5.2%
SPY SS SPDR S&P 500 ETF Trust-US 2.27% 4,561 $2.8M Add +8.3%
IGEB iShares Investment Grade SYS 2.18% 59,519 $2.7M Add +6.9%
USMV iShares MSCI USA Min Vol Fac 2.00% 26,472 $2.5M Reduce -39.0%
IWF iShares Russell 1000 Growth 1.88% 5,486 $2.3M Reduce -11.4%
BRK.A Berkshire Hathaway Inc. Class A 1.76% 3 $2.2M No change
SCHG Schwab US Large-Cap Growth 0.85% 36,276 $1.1M Reduce -9.1%
IWD iShares Russell 1000 Value E 0.79% 5,063 $983K Reduce -3.1%
DVY iShares Select Dividend ETF 0.48% 4,495 $597K Add +37.3%
AAPL Apple Inc. 0.43% 2,602 $534K No change
IQLT iShares MSCI International Q 0.41% 11,890 $514K Reduce -24.1%
MSFT Microsoft Corp. 0.37% 931 $463K Add +7.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.35% 1,560 $437K Add +40.5%
JPM JPMorgan Chase & Co. 0.31% 1,310 $380K Add +12.9%
USB US Bancorp 0.29% 7,980 $361K Add +223.1%
ABT Abbott Laboratories 0.27% 2,450 $333K Add +444.4%
JNJ Johnson & Johnson 0.25% 2,049 $313K Reduce -5.3%
UNH Unitedhealth Group Inc. 0.25% 1,000 $312K Add +566.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.25% 2,500 $309K New
TXN Texas Instruments Inc. 0.23% 1,378 $286K Add +20.6%
MRK Merck & Co. Inc. 0.20% 3,202 $253K Add +255.0%
HWKN Hawkins Inc. 0.20% 1,710 $243K Add +18.8%
XEL Xcel Energy Inc. 0.19% 3,500 $238K Add +17400.0%
GGG Graco Inc. 0.19% 2,700 $232K New
ABBV Abbvie Inc. 0.19% 1,244 $231K Add +180.2%
MDY State Street SPDR S&P Midcap 0.18% 400 $227K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.17% 4,570 $216K Add +1.6%
BSX Boston Scientific Corp. 0.17% 2,000 $215K New
BRK.B Berkshire Hathaway Inc. Class B 0.17% 439 $213K Add +9.8%
MO Altria Group Inc. 0.17% 3,600 $211K Add +125.0%
MDT Medtronic PLC 0.17% 2,384 $208K Add +140.6%
SPTM SS SPDR P S&P 1500 Comp ETF 0.16% 2,721 $204K No change
MMM 3M Co. 0.16% 1,319 $201K Add +19.9%
DYNF Ishrs US E F R A ETF-Usd Inc. 0.16% 3,670 $200K New
RPG Invesco S&P 500 Pure Growth 0.16% 4,310 $197K No change
SYY Sysco Corp. 0.16% 2,549 $193K Add +8.5%
PG The Procter & Gamble Co. 0.15% 1,175 $187K Add +13.5%
EMR Emerson Electric Co. 0.15% 1,365 $182K Reduce -9.6%
KLAC KLA Corp. 0.14% 200 $179K No change
PEP Pepsico Inc. 0.14% 1,300 $172K Reduce -38.2%
ECL Ecolab Inc. 0.13% 600 $162K New
ETN Eaton Corp. PLC 0.12% 426 $152K No change
XOM Exxon Mobil Corp. 0.11% 1,277 $138K No change
HD Home Depot Inc. 0.11% 367 $135K Add +25.7%
SPDW Ste STR SPDR PT DW Eu ETF 0.10% 3,211 $130K No change
PFE Pfizer Inc. 0.10% 5,000 $121K New
TTC Toro Co. 0.10% 1,708 $121K Add +1481.5%
HON Honeywell International Inc. 0.09% 500 $116K New
IVW iShares S&P 500 Growth ETF 0.09% 1,032 $114K No change
IETC iShares U.S. Tech Independen 0.09% 1,165 $110K New
PRF Invesco Rafi US 1000 ETF 0.09% 2,570 $109K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 357 $105K No change
IJH iShares Core S&P Midcap ETF 0.08% 1,675 $104K Reduce -14.8%
PNR Pentair PLC 0.08% 1,000 $103K New
LNT Alliant Energy Corp. 0.08% 1,675 $101K Add +3250.0%
NVS Novartis AG-Sponsored ADR 0.08% 825 $100K No change
WFC Wells Fargo & Co. 0.08% 1,174 $94K Add +62.1%
PM Philip Morris International 0.07% 500 $91K No change
HRL Hormel Foods Corp. 0.07% 3,000 $91K New
AXP American Express Co. 0.07% 280 $89K No change
DE Deere & Co. 0.07% 165 $84K No change
VTIP Vanguard Short-Term Tips 0.06% 1,561 $78K Add +279.8%
VTV Vanguard Mrngstr Val ETF-Aui 0.06% 428 $76K No change
TSM Taiwan Semiconductor-SP ADR 0.06% 333 $75K No change
ROK Rockwell Automation Inc. 0.06% 225 $75K New
NVDA Nvidia Corp. 0.06% 470 $74K Add +113.6%
MDLZ Mondelez International Inc. Class A 0.05% 1,000 $67K New
ENB Enbridge Inc. 0.05% 1,469 $67K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.05% 200 $64K No change
LFUS Littelfuse Inc. 0.05% 282 $64K Add +781.3%
FISV Fiserv Inc. 0.05% 368 $63K No change
MSI Motorola Solutions Inc. 0.05% 144 $61K No change
ADI Analog Devices Inc. 0.05% 253 $60K No change
IWM iShares Russell 2000 ETF 0.05% 275 $59K Add +450.0%
VZ Verizon Communications Inc. 0.04% 1,275 $55K Add +112.5%
AMAT Applied Materials Inc. 0.04% 301 $55K No change
DBEF Xtrackers MSCI Eafe Hedged E 0.04% 1,240 $54K New
ADP Automatic Data Processing 0.04% 175 $54K New
ACN Accenture PLC Class A 0.04% 180 $54K No change
SPEM State Street SP PTF Em ETF 0.04% 1,243 $53K No change
NVT Nvent Electric PLC 0.04% 724 $53K Add +223.2%
SHV iShares 0-1 Year Treasury Bo 0.04% 480 $53K No change
AEP American Electric Power 0.04% 500 $52K New
TECH Bio-Techne Corp. 0.04% 1,000 $51K New
LLY Eli Lilly & Co. 0.04% 65 $51K No change
IUSG iShares Core S&P U.S. Growth 0.04% 333 $50K No change
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.04% 675 $50K No change
TGT Target Corp. 0.04% 500 $49K New
LIN Linde PLC 0.04% 100 $47K No change
AVGO Broadcom Inc. 0.04% 170 $47K Add +142.9%
GOOG Alphabet Inc. Class C 0.04% 260 $46K No change
DCI Donaldson Co. Inc. 0.04% 660 $46K Add +266.7%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.04% 560 $46K Reduce -30.0%
AMGN Amgen Inc. 0.04% 160 $45K Reduce -27.3%
ENTG Entegris Inc. 0.04% 550 $44K New
COF Capital One Financial Corp. 0.04% 204 $43K New
QQQ Invesco QQQ Trust Series 1 0.03% 74 $41K Reduce -9.8%
EFA iShares MSCI Eafe ETF 0.03% 450 $40K No change
BND Vanguard Total Bond Market 0.03% 540 $40K No change
WMT Walmart Inc. 0.03% 405 $40K No change
LNG Cheniere Energy Inc. 0.03% 150 $37K No change
PSX Phillips 66 0.03% 302 $36K No change
V Visa Inc. Class A 0.03% 100 $36K New
FUL H.B. Fuller Co. filed as FULLER H B CO 0.03% 584 $35K Add +335.8%
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.03% 860 $35K No change
NVO Novo-Nordisk A/S-Spons ADR 0.03% 500 $35K No change
IWR iShares Russell Mid-Cap ETF 0.03% 366 $34K No change
OKE Oneok Inc. 0.03% 400 $33K No change
SCHW Schwab (charles) Corp. 0.03% 352 $32K Add +131.6%
T AT&T Inc. 0.03% 1,090 $32K Reduce -19.3%
CL Colgate-Palmolive Co. 0.02% 285 $26K No change
CVX Chevron Corp. 0.02% 168 $24K No change
CTAS Cintas Corp. 0.02% 107 $24K Add +234.4%
COR Cencora Inc. 0.02% 75 $22K No change
SHEL Shell PLC-ADR 0.02% 300 $21K No change
RTX RTX Corp. 0.02% 142 $21K No change
WEC WEC Energy Group Inc. 0.02% 180 $19K New
ULTA Ulta Beauty Inc. 0.02% 40 $19K New
EPD Enterprise Products Partners 0.01% 600 $19K No change
FIS Fidelity National Info Serv 0.01% 180 $15K No change
RY Royal Bank of Canada 0.01% 100 $13K No change
VCIT Vanguard Int-Term Corporate 0.01% 158 $13K No change
CNQ Canadian Natural Resources 0.01% 400 $13K No change
SPSB SS SPDR P St C Corp. ETF 0.01% 408 $12K No change
VGIT Vanguard Intermediate-Term T 0.01% 204 $12K No change
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.01% 875 $12K Reduce -50.0%
CHT Chunghwa Telecom LT-Spon ADR 0.01% 250 $12K New
ET Energy Transfer LP 0.01% 600 $11K No change
WPC WP Carey Inc. 0.01% 160 $10K No change
VSS Vanguard Ftse All Wo X-US SC 0.01% 72 $10K No change
COP Conocophillips 0.01% 100 $9K No change
SHW The Sherwin-Williams Co. 0.01% 26 $9K No change
PRLB Proto Labs Inc. 0.01% 200 $8K No change
MFC Manulife Financial Corp. 0.01% 226 $7K No change
THRM Gentherm Inc. 0.01% 250 $7K New
WM Waste Management Inc. 0.00% 26 $6K No change
BKNG Booking Holdings Inc. 0.00% 1 $6K No change
BLK BlackRock Inc. 0.00% 5 $5K No change
LRCX Lam Research Corp. 0.00% 50 $5K No change
QCOM Qualcomm Inc. 0.00% 24 $4K No change
MCD McDonald's Corp. 0.00% 13 $4K Reduce -50.0%
EFV iShares MSCI Eafe Value ETF 0.00% 48 $3K No change
UNP Union Pacific Corp. 0.00% 13 $3K No change
ZBH Zimmer Biomet Holdings Inc. 0.00% 30 $3K No change
PII Polaris Inc. 0.00% 24 $974 No change
INTC Intel Corp. 0.00% 36 $806 Reduce -89.3%

Portfolio Sells Q1 2025 → Q2 2025
USMV iShares MSCI USA Min Vol Fac Reduce -39.0% 2.00% −1.52
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -5.8% 5.20% −0.72
VOO Vanguard S&P 500 ETF Reduce -7.1% 4.76% −0.22
PEP Pepsico Inc. Reduce -38.2% 0.14% −0.14
IQLT iShares MSCI International Q Reduce -24.1% 0.41% −0.12
VTI VG Morningstar TS MKT ETF-US Reduce -5.2% 2.99% −0.08
IWF iShares Russell 1000 Growth Reduce -11.4% 1.88% −0.06
IWD iShares Russell 1000 Value E Reduce -3.1% 0.79% −0.06
JNJ Johnson & Johnson Reduce -5.3% 0.25% −0.06
QUAL iShares MSCI USA Quality Fac Reduce -0.3% 6.72% −0.05
PFF iShares Preferred & Income S Sold out 0.00% −0.05
ICSH iShares Ultra Short Duration Sold out 0.00% −0.04
IUSV iShares Core S&P U.S. Value Sold out 0.00% −0.04
DFS Discover Financial Services Sold out 0.00% −0.03
NEAR iShares SH Dba ETF Usd Inc. Sold out 0.00% −0.03
AMGN Amgen Inc. Reduce -27.3% 0.04% −0.02
SCHD Schwab US DVD Equity ETF Sold out 0.00% −0.02
IWS iShares Russell Mid-Cap Valu Sold out 0.00% −0.02
IWN iShares Russell 2000 Value E Sold out 0.00% −0.02
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -30.0% 0.04% −0.02
SO The Southern Co. Sold out 0.00% −0.02
IJH iShares Core S&P Midcap ETF Reduce -14.8% 0.08% −0.02
HWM Howmet Aerospace Inc. Sold out 0.00% −0.02
MCHP Microchip Technology Inc. Sold out 0.00% −0.01
SCHG Schwab US Large-Cap Growth Reduce -9.1% 0.85% −0.01
XBXMX Nuveen S&P 500 Buy-WR Inc. Reduce -50.0% 0.01% −0.01
O Realty Income Corp. Sold out 0.00% −0.01
T AT&T Inc. Reduce -19.3% 0.03% −0.01
IRM Iron Mountain Inc. Sold out 0.00% −0.01
IWO iShares Russell 2000 Growth Sold out 0.00% −0.01
HSY The Hershey Co. Sold out 0.00% −0.01
ORI Old Republic Intl Corp. Sold out 0.00% −0.01
SAFT Safety Insurance Group Inc. Sold out 0.00% −0.01
PSA Public Storage Sold out 0.00% −0.01
INTC Intel Corp. Reduce -89.3% 0.00% −0.01
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.01
NTR Nutrien Ltd. Sold out 0.00% −0.00
MCD McDonald's Corp. Reduce -50.0% 0.00% −0.00
AA Alcoa Corp. Sold out 0.00% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -9.8% 0.03% −0.00
NLOP Net Lease Office Property Sold out 0.00% −0.00
EMR Emerson Electric Co. Reduce -9.6% 0.15% +0.00
IVV iShares Core S&P 500 ETF Reduce -0.4% 16.94% +0.39

Portfolio Buys Q1 2025 → Q2 2025
TJX TJX Companies Inc. New 0.25% +0.25
SPY SS SPDR S&P 500 ETF Trust-US Add +8.3% 2.27% +0.23
ABT Abbott Laboratories Add +444.4% 0.27% +0.22
USB US Bancorp Add +223.1% 0.29% +0.20
XEL Xcel Energy Inc. Add +17400.0% 0.19% +0.19
SPHQ Invesco S&P 500 Quality ETF Add +1.8% 11.08% +0.19
GGG Graco Inc. New 0.19% +0.19
UNH Unitedhealth Group Inc. Add +566.7% 0.25% +0.18
BSX Boston Scientific Corp. New 0.17% +0.17
DYNF Ishrs US E F R A ETF-Usd Inc. New 0.16% +0.16
MRK Merck & Co. Inc. Add +255.0% 0.20% +0.13
ECL Ecolab Inc. New 0.13% +0.13
ABBV Abbvie Inc. Add +180.2% 0.19% +0.11
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +40.5% 0.35% +0.10
DVY iShares Select Dividend ETF Add +37.3% 0.48% +0.10
PFE Pfizer Inc. New 0.10% +0.10
HON Honeywell International Inc. New 0.09% +0.09
MSFT Microsoft Corp. Add +7.4% 0.37% +0.09
TTC Toro Co. Add +1481.5% 0.10% +0.09
MDT Medtronic PLC Add +140.6% 0.17% +0.09
VIG Vanguard Dividend Apprec ETF Add +3.6% 5.30% +0.09
IETC iShares U.S. Tech Independen New 0.09% +0.09
MO Altria Group Inc. Add +125.0% 0.17% +0.09
PNR Pentair PLC New 0.08% +0.08
LNT Alliant Energy Corp. Add +3250.0% 0.08% +0.08
HRL Hormel Foods Corp. New 0.07% +0.07
HWKN Hawkins Inc. Add +18.8% 0.20% +0.06
ROK Rockwell Automation Inc. New 0.06% +0.06
JPM JPMorgan Chase & Co. Add +12.9% 0.31% +0.06
MDLZ Mondelez International Inc. Class A New 0.05% +0.05
TXN Texas Instruments Inc. Add +20.6% 0.23% +0.05
LFUS Littelfuse Inc. Add +781.3% 0.05% +0.05
VTIP Vanguard Short-Term Tips Add +279.8% 0.06% +0.05
DBEF Xtrackers MSCI Eafe Hedged E New 0.04% +0.04
ADP Automatic Data Processing New 0.04% +0.04
AEP American Electric Power New 0.04% +0.04
TECH Bio-Techne Corp. New 0.04% +0.04
TGT Target Corp. New 0.04% +0.04
IWM iShares Russell 2000 ETF Add +450.0% 0.05% +0.04
NVDA Nvidia Corp. Add +113.6% 0.06% +0.04
ENTG Entegris Inc. New 0.04% +0.04
COF Capital One Financial Corp. New 0.04% +0.04
NVT Nvent Electric PLC Add +223.2% 0.04% +0.03
WFC Wells Fargo & Co. Add +62.1% 0.08% +0.03
V Visa Inc. Class A New 0.03% +0.03
AVGO Broadcom Inc. Add +142.9% 0.04% +0.03
DCI Donaldson Co. Inc. Add +266.7% 0.04% +0.03
MMM 3M Co. Add +19.9% 0.16% +0.02
FUL H.B. Fuller Co. Add +335.8% 0.03% +0.02
VZ Verizon Communications Inc. Add +112.5% 0.04% +0.02

Notes & Other Activity Q1 2025 → Q2 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Sold out 5 $6Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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