Hoese & Co LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 16, 2025), Hoese & Co LLP reported 125 stock positions worth $130.8 million. Its top holding was iShares 3-7 Year Treasury Bo (IEI) at 17.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 17.2%) and Invesco S&P 500 Quality ETF (SPHQ, 10.8%). Compared with Q2 2025, it sold out of 29, added to 9 and reduced 30. The biggest buy was Vanguard Short-Term Tips (VTIP, shares +3321%) and the biggest sale Ishr CR Unvrse Usd BD ETF-Ui (IUSB, shares −6%).

Most Recent 13F
Q2 2026
Location
GLENCOE, MN
CIK
0001840268
Portfolio Value
$130.8M (Q3 2025)
SEC Filing
0001840268-25-000017 ↗ filed Oct 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 Q4 2024 Q1 2025: $115.3M Q1 2025 Q2 2025: $124.0M Q2 2025 Q3 2025: $130.8M $130.8M Q3 2025 Q4 2025: $140.3M Q4 2025 Q1 2026: $134.7M Q1 2026 Q2 2026: $153.9M Q2 2026

Holdings 125 stocks · $130.8M
IEI iShares 3-7 Year Treasury Bo 17.53% 191,858 $22.9M Add +0.3%
IVV iShares Core S&P 500 ETF 17.19% 33,605 $22.5M Reduce -0.6%
SPHQ Invesco S&P 500 Quality ETF 10.79% 192,603 $14.1M Reduce -0.1%
QUAL iShares MSCI USA Quality Fac 6.45% 43,353 $8.4M Reduce -4.9%
VIG Vanguard Dividend Apprec ETF 5.46% 33,079 $7.1M Add +3.0%
DGRO iShares Core Dividend Growth 5.44% 104,577 $7.1M Add +0.7%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 4.71% 131,867 $6.2M Reduce -5.5%
VOO Vanguard S&P 500 ETF 4.59% 9,813 $6.0M Reduce -5.5%
VTI VG Morningstar TS MKT ETF-US 3.06% 12,206 $4.0M No change
IGEB iShares Investment Grade SYS 2.66% 75,609 $3.5M Add +27.0%
SPY SS SPDR S&P 500 ETF Trust-US 2.13% 4,193 $2.8M Reduce -8.1%
VTIP Vanguard Short-Term Tips 2.07% 53,409 $2.7M Add +3321.5%
IWF iShares Russell 1000 Growth 1.86% 5,201 $2.4M Reduce -5.2%
USMV iShares MSCI USA Min Vol Fac 1.77% 24,395 $2.3M Reduce -7.8%
BRK.A Berkshire Hathaway Inc. Class A 1.73% 3 $2.3M No change
DYNF Ishrs US E F R A ETF-Usd Inc. 1.01% 22,293 $1.3M Add +507.4%
SCHG Schwab US Large-Cap Growth 0.88% 36,276 $1.2M No change
IWD iShares Russell 1000 Value E 0.77% 4,963 $1.0M Reduce -2.0%
IETC iShares U.S. Tech Independen 0.64% 8,233 $839K Add +606.7%
AAPL Apple Inc. 0.51% 2,602 $663K No change
DVY iShares Select Dividend ETF 0.40% 3,695 $525K Reduce -17.8%
MSFT Microsoft Corp. 0.37% 931 $482K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.35% 1,560 $458K No change
IQLT iShares MSCI International Q 0.32% 9,545 $422K Reduce -19.7%
JPM JPMorgan Chase & Co. 0.32% 1,310 $413K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.28% 2,500 $361K No change
USB US Bancorp 0.27% 7,180 $347K Reduce -10.0%
UNH Unitedhealth Group Inc. 0.22% 850 $293K Reduce -15.0%
ABT Abbott Laboratories 0.22% 2,150 $288K Reduce -12.2%
XEL Xcel Energy Inc. 0.22% 3,500 $282K No change
MRK Merck & Co. Inc. 0.21% 3,202 $269K No change
JNJ Johnson & Johnson 0.20% 1,445 $268K Reduce -29.5%
TXN Texas Instruments Inc. 0.19% 1,378 $253K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.18% 4,570 $236K No change
GGG Graco Inc. 0.18% 2,700 $229K No change
MDT Medtronic PLC 0.17% 2,384 $227K No change
SPTM SS SPDR P S&P 1500 Comp ETF 0.17% 2,721 $219K No change
ABBV Abbvie Inc. 0.16% 923 $214K Reduce -25.8%
RPG Invesco S&P 500 Pure Growth 0.16% 4,310 $206K No change
BSX Boston Scientific Corp. 0.15% 2,000 $195K No change
SYY Sysco Corp. 0.14% 2,149 $177K Reduce -15.7%
HD Home Depot Inc. 0.13% 427 $173K Add +16.4%
MDY State Street SPDR S&P Midcap 0.13% 290 $173K Reduce -27.5%
MMM 3M Co. 0.13% 1,100 $171K Reduce -16.6%
ECL Ecolab Inc. 0.13% 600 $164K No change
PG The Procter & Gamble Co. 0.12% 1,050 $161K Reduce -10.6%
EMR Emerson Electric Co. 0.12% 1,215 $159K Reduce -11.0%
XOM Exxon Mobil Corp. 0.11% 1,277 $144K No change
PEP Pepsico Inc. 0.11% 1,000 $140K Reduce -23.1%
SPDW Ste STR SPDR PT DW Eu ETF 0.10% 3,211 $137K No change
TTC Toro Co. 0.10% 1,708 $130K No change
PFE Pfizer Inc. 0.10% 5,000 $127K No change
IVW iShares S&P 500 Growth ETF 0.10% 1,032 $125K No change
PRF Invesco Rafi US 1000 ETF 0.09% 2,570 $116K No change
LNT Alliant Energy Corp. 0.09% 1,675 $113K No change
PNR Pentair PLC 0.08% 1,000 $111K No change
IJH iShares Core S&P Midcap ETF 0.08% 1,675 $109K No change
HON Honeywell International Inc. 0.08% 500 $105K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 357 $101K No change
MO Altria Group Inc. 0.08% 1,500 $99K Reduce -58.3%
HWKN Hawkins Inc. 0.07% 510 $93K Reduce -70.2%
TSM Taiwan Semiconductor-SP ADR 0.07% 333 $93K No change
NVDA Nvidia Corp. 0.07% 470 $88K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.06% 428 $80K No change
ROK Rockwell Automation Inc. 0.06% 225 $79K No change
DE Deere & Co. 0.06% 165 $75K No change
HRL Hormel Foods Corp. 0.06% 3,000 $74K No change
LFUS Littelfuse Inc. 0.06% 282 $73K No change
NVT Nvent Electric PLC 0.05% 724 $71K No change
IWM iShares Russell 2000 ETF 0.05% 275 $67K No change
GOOG Alphabet Inc. Class C 0.05% 260 $63K No change
MDLZ Mondelez International Inc. Class A 0.05% 1,000 $62K No change
WFC Wells Fargo & Co. 0.05% 724 $61K Reduce -38.3%
V Visa Inc. Class A 0.05% 175 $60K Add +75.0%
DBEF Xtrackers MSCI Eafe Hedged E 0.04% 1,240 $58K No change
AEP American Electric Power 0.04% 500 $56K No change
AVGO Broadcom Inc. 0.04% 170 $56K No change
VZ Verizon Communications Inc. 0.04% 1,275 $56K No change
TECH Bio-Techne Corp. 0.04% 1,000 $56K No change
IUSG iShares Core S&P U.S. Growth 0.04% 333 $55K No change
DCI Donaldson Co. Inc. 0.04% 660 $54K No change
SHV iShares 0-1 Year Treasury Bo 0.04% 480 $53K No change
ADP Automatic Data Processing 0.04% 175 $51K No change
ENTG Entegris Inc. 0.04% 550 $51K No change
LLY Eli Lilly & Co. 0.04% 65 $50K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.04% 560 $49K No change
LIN Linde PLC 0.04% 100 $48K No change
FISV Fiserv Inc. 0.04% 368 $47K No change
AMGN Amgen Inc. 0.03% 160 $45K No change
TGT Target Corp. 0.03% 500 $45K No change
QQQ Invesco QQQ Trust Series 1 0.03% 74 $44K No change
ACN Accenture PLC Class A 0.03% 180 $44K No change
EFA iShares MSCI Eafe ETF 0.03% 450 $42K No change
WMT Walmart Inc. 0.03% 405 $42K No change
BND Vanguard Total Bond Market 0.03% 540 $40K No change
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.03% 860 $39K No change
FUL H.B. Fuller Co. filed as FULLER H B CO 0.03% 584 $35K No change
SCHW Schwab (charles) Corp. 0.03% 352 $34K No change
T AT&T Inc. 0.02% 1,090 $31K No change
AXP American Express Co. 0.02% 80 $27K Reduce -71.4%
RTX RTX Corp. 0.02% 142 $24K No change
CL Colgate-Palmolive Co. 0.02% 285 $23K No change
CTAS Cintas Corp. 0.02% 107 $22K No change
ULTA Ulta Beauty Inc. 0.02% 40 $22K No change
WEC WEC Energy Group Inc. 0.02% 180 $21K No change
MSI Motorola Solutions Inc. 0.02% 44 $20K Reduce -69.4%
BRK.B Berkshire Hathaway Inc. Class B 0.01% 39 $20K Reduce -91.1%
VCIT Vanguard Int-Term Corporate 0.01% 158 $13K No change
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.01% 875 $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
PRLB Proto Labs Inc. 0.01% 200 $10K No change
ETN Eaton Corp. PLC 0.01% 26 $10K Reduce -93.9%
SHW The Sherwin-Williams Co. 0.01% 26 $9K No change
MFC Manulife Financial Corp. 0.01% 226 $7K No change
LRCX Lam Research Corp. 0.01% 50 $7K No change
BLK BlackRock Inc. 0.00% 5 $6K No change
BKNG Booking Holdings Inc. 0.00% 1 $5K No change
QCOM Qualcomm Inc. 0.00% 24 $4K No change
MCD McDonald's Corp. 0.00% 13 $4K No change
EFV iShares MSCI Eafe Value ETF 0.00% 48 $3K No change
ZBH Zimmer Biomet Holdings Inc. 0.00% 30 $3K No change
CVX Chevron Corp. 0.00% 18 $3K Reduce -89.3%
PII Polaris Inc. 0.00% 24 $1K No change
INTC Intel Corp. 0.00% 36 $1K No change

Portfolio Sells Q2 2025 → Q3 2025
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -5.5% 4.71% −0.50
SPHQ Invesco S&P 500 Quality ETF Reduce -0.1% 10.79% −0.29
QUAL iShares MSCI USA Quality Fac Reduce -4.9% 6.45% −0.28
USMV iShares MSCI USA Min Vol Fac Reduce -7.8% 1.77% −0.23
VOO Vanguard S&P 500 ETF Reduce -5.5% 4.59% −0.17
BRK.B Berkshire Hathaway Inc. Class B Reduce -91.1% 0.01% −0.16
KLAC KLA Corp. Sold out 0.00% −0.14
SPY SS SPDR S&P 500 ETF Trust-US Reduce -8.1% 2.13% −0.14
HWKN Hawkins Inc. Reduce -70.2% 0.07% −0.12
ETN Eaton Corp. PLC Reduce -93.9% 0.01% −0.12
MO Altria Group Inc. Reduce -58.3% 0.08% −0.09
IQLT iShares MSCI International Q Reduce -19.7% 0.32% −0.09
NVS Novartis AG-Sponsored ADR Sold out 0.00% −0.08
DVY iShares Select Dividend ETF Reduce -17.8% 0.40% −0.08
PM Philip Morris International Sold out 0.00% −0.07
ENB Enbridge Inc. Sold out 0.00% −0.05
AXP American Express Co. Reduce -71.4% 0.02% −0.05
AJG Arthur J Gallagher & Co. Sold out 0.00% −0.05
MDY State Street SPDR S&P Midcap Reduce -27.5% 0.13% −0.05
ABT Abbott Laboratories Reduce -12.2% 0.22% −0.05
ADI Analog Devices Inc. Sold out 0.00% −0.05
JNJ Johnson & Johnson Reduce -29.5% 0.20% −0.05
AMAT Applied Materials Inc. Sold out 0.00% −0.04
SPEM State Street SP PTF Em ETF Sold out 0.00% −0.04
WRB WR Berkley Corp. Sold out 0.00% −0.04
COF Capital One Financial Corp. Sold out 0.00% −0.04
MSI Motorola Solutions Inc. Reduce -69.4% 0.02% −0.03
MMM 3M Co. Reduce -16.6% 0.13% −0.03
PEP Pepsico Inc. Reduce -23.1% 0.11% −0.03
LNG Cheniere Energy Inc. Sold out 0.00% −0.03
WFC Wells Fargo & Co. Reduce -38.3% 0.05% −0.03
PSX Phillips 66 Sold out 0.00% −0.03
NVO Novo-Nordisk A/S-Spons ADR Sold out 0.00% −0.03
PG The Procter & Gamble Co. Reduce -10.6% 0.12% −0.03
UNH Unitedhealth Group Inc. Reduce -15.0% 0.22% −0.03
IWR iShares Russell Mid-Cap ETF Sold out 0.00% −0.03
OKE Oneok Inc. Sold out 0.00% −0.03
USB US Bancorp Reduce -10.0% 0.27% −0.03
EMR Emerson Electric Co. Reduce -11.0% 0.12% −0.03
ABBV Abbvie Inc. Reduce -25.8% 0.16% −0.02
IWD iShares Russell 1000 Value E Reduce -2.0% 0.77% −0.02
SYY Sysco Corp. Reduce -15.7% 0.14% −0.02
COR Cencora Inc. Sold out 0.00% −0.02
CVX Chevron Corp. Reduce -89.3% 0.00% −0.02
SHEL Shell PLC-ADR Sold out 0.00% −0.02
IWF iShares Russell 1000 Growth Reduce -5.2% 1.86% −0.02
EPD Enterprise Products Partners Sold out 0.00% −0.01
FIS Fidelity National Info Serv Sold out 0.00% −0.01
RY Royal Bank of Canada Sold out 0.00% −0.01
CNQ Canadian Natural Resources Sold out 0.00% −0.01

Portfolio Buys Q2 2025 → Q3 2025
VTIP Vanguard Short-Term Tips Add +3321.5% 2.07% +2.00
DYNF Ishrs US E F R A ETF-Usd Inc. Add +507.4% 1.01% +0.85
IETC iShares U.S. Tech Independen Add +606.7% 0.64% +0.55
IGEB iShares Investment Grade SYS Add +27.0% 2.66% +0.48
VIG Vanguard Dividend Apprec ETF Add +3.0% 5.46% +0.15
DGRO iShares Core Dividend Growth Add +0.7% 5.44% +0.09
HD Home Depot Inc. Add +16.4% 0.13% +0.02
V Visa Inc. Class A Add +75.0% 0.05% +0.02
IEI iShares 3-7 Year Treasury Bo Add +0.3% 17.53% −0.84

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