Hoese & Co LLP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Hoese & Co LLP reported 136 stock positions worth $140.3 million. Its top holding was iShares 3-7 Year Treasury Bo (IEI) at 18.8% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 16.0%) and Invesco S&P 500 Quality ETF (SPHQ, 10.3%). Compared with Q3 2025, it opened 15 new positions, sold out of 5, added to 16 and reduced 14. The biggest buy was Ishrs US E F R A ETF-Usd (DYNF, shares +272%) and the biggest sale Ishr CR Unvrse Usd BD ETF-Ui (IUSB, shares −53%).

Most Recent 13F
Q2 2026
Location
GLENCOE, MN
CIK
0001840268
Portfolio Value
$140.3M (Q4 2025)
SEC Filing
0001840268-26-000004 ↗ filed Jan 14, 2026

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 Q3 2025 Q4 2025: $140.3M $140.3M Q4 2025 Q1 2026: $134.7M Q1 2026 Q2 2026: $153.9M Q2 2026

Holdings 136 stocks · $140.3M
IEI iShares 3-7 Year Treasury Bo 18.84% 221,484 $26.4M Add +15.4%
IVV iShares Core S&P 500 ETF 15.98% 32,734 $22.4M Reduce -2.6%
SPHQ Invesco S&P 500 Quality ETF 10.31% 192,752 $14.5M Add +0.1%
DGRO iShares Core Dividend Growth 5.65% 114,112 $7.9M Add +9.1%
VIG Vanguard Dividend Apprec ETF 5.61% 35,822 $7.9M Add +8.3%
QUAL iShares MSCI USA Quality Fac 4.54% 32,042 $6.4M Reduce -26.1%
VOO Vanguard S&P 500 ETF 3.69% 8,260 $5.2M Reduce -15.8%
IGEB iShares Investment Grade SYS 3.61% 110,996 $5.1M Add +46.8%
DYNF Ishrs US E F R A ETF-Usd Inc. 3.60% 83,030 $5.0M Add +272.4%
VTIP Vanguard Short-Term Tips 3.24% 91,772 $4.5M Add +71.8%
VTI VG Morningstar TS MKT ETF-US 2.81% 11,763 $3.9M Reduce -3.6%
IETC iShares U.S. Tech Independen 2.26% 31,218 $3.2M Add +279.2%
IUSB Ishr CR Unvrse Usd BD ETF-Ui 2.04% 61,443 $2.9M Reduce -53.4%
SPY SS SPDR S&P 500 ETF Trust-US 1.93% 3,961 $2.7M Reduce -5.5%
IWF iShares Russell 1000 Growth 1.75% 5,201 $2.5M No change
BRK.A Berkshire Hathaway Inc. Class A 1.61% 3 $2.3M No change
USMV iShares MSCI USA Min Vol Fac 1.25% 18,685 $1.8M Reduce -23.4%
SCHG Schwab US Large-Cap Growth 0.84% 36,276 $1.2M No change
IWD iShares Russell 1000 Value E 0.74% 4,963 $1.0M No change
AAPL Apple Inc. 0.50% 2,602 $707K No change
MSFT Microsoft Corp. 0.42% 1,231 $595K Add +32.2%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.39% 1,890 $548K Add +21.1%
DVY iShares Select Dividend ETF 0.37% 3,695 $522K No change
USB US Bancorp 0.31% 8,180 $436K Add +13.9%
JPM JPMorgan Chase & Co. 0.30% 1,310 $422K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.27% 2,500 $384K No change
IQLT iShares MSCI International Q 0.27% 8,330 $379K Reduce -12.7%
MRK Merck & Co. Inc. 0.24% 3,202 $337K No change
JNJ Johnson & Johnson 0.21% 1,445 $299K No change
UNH Unitedhealth Group Inc. 0.20% 850 $281K No change
ABT Abbott Laboratories 0.19% 2,150 $269K No change
XEL Xcel Energy Inc. 0.18% 3,500 $259K No change
C Citigroup Inc. 0.17% 2,000 $233K New
MDT Medtronic PLC 0.16% 2,384 $229K No change
NVDA Nvidia Corp. 0.16% 1,220 $228K Add +159.6%
SPTM SS SPDR P S&P 1500 Comp ETF 0.16% 2,721 $224K No change
GGG Graco Inc. 0.16% 2,700 $221K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.16% 3,985 $219K Reduce -12.8%
ABBV Abbvie Inc. 0.15% 900 $206K Reduce -2.5%
RPG Invesco S&P 500 Pure Growth 0.14% 4,310 $201K No change
QQQ Invesco QQQ Trust Series 1 0.14% 324 $199K Add +337.8%
BSX Boston Scientific Corp. 0.14% 2,000 $191K No change
MMM 3M Co. 0.13% 1,100 $176K No change
MDY State Street SPDR S&P Midcap 0.12% 290 $175K No change
FDVV Fidelity High Dividend ETF 0.12% 3,000 $170K New
EMR Emerson Electric Co. 0.12% 1,215 $161K No change
ECL Ecolab Inc. 0.11% 600 $158K No change
IUSV iShares Core S&P U.S. Value 0.11% 1,500 $154K New
XOM Exxon Mobil Corp. 0.11% 1,277 $154K No change
PG The Procter & Gamble Co. 0.11% 1,050 $150K No change
MOAT Vaneck Morningstar Wide Moat 0.11% 1,448 $150K New
PEP Pepsico Inc. 0.10% 1,000 $144K No change
SPDW Ste STR SPDR PT DW Eu ETF 0.10% 3,211 $143K No change
SYY Sysco Corp. 0.10% 1,824 $134K Reduce -15.1%
IVW iShares S&P 500 Growth ETF 0.09% 1,032 $127K No change
PFE Pfizer Inc. 0.09% 5,000 $124K No change
PRF Invesco Rafi US 1000 ETF 0.09% 2,570 $121K No change
O Realty Income Corp. 0.08% 2,000 $113K New
HD Home Depot Inc. 0.08% 327 $113K Reduce -23.4%
IJH iShares Core S&P Midcap ETF 0.08% 1,675 $111K No change
LNT Alliant Energy Corp. 0.08% 1,675 $109K No change
TTC Toro Co. 0.08% 1,373 $108K Reduce -19.6%
PNR Pentair PLC 0.07% 1,000 $104K No change
FIBK First Interstate Bancsys-A 0.07% 3,000 $104K New
TSM Taiwan Semiconductor-SP ADR 0.07% 333 $101K No change
HON Honeywell International Inc. 0.07% 500 $98K No change
CMCSA Comcast Corp. Class A 0.06% 3,000 $90K New
ROK Rockwell Automation Inc. 0.06% 225 $88K No change
MO Altria Group Inc. 0.06% 1,500 $86K No change
GOOG Alphabet Inc. Class C 0.06% 260 $82K No change
V Visa Inc. Class A 0.06% 225 $79K Add +28.6%
TGT Target Corp. 0.06% 800 $78K Add +60.0%
NVT Nvent Electric PLC 0.05% 724 $74K No change
HWKN Hawkins Inc. 0.05% 510 $72K No change
LFUS Littelfuse Inc. 0.05% 282 $71K No change
HRL Hormel Foods Corp. 0.05% 3,000 $71K No change
LLY Eli Lilly & Co. 0.05% 65 $70K No change
AVGO Broadcom Inc. 0.05% 196 $68K Add +15.3%
IWM iShares Russell 2000 ETF 0.05% 275 $68K No change
WFC Wells Fargo & Co. 0.05% 724 $67K No change
EMLP First Trust North American E 0.05% 1,685 $64K New
DBEF Xtrackers MSCI Eafe Hedged E 0.04% 1,240 $60K No change
TECH Bio-Techne Corp. 0.04% 1,000 $59K No change
DCI Donaldson Co. Inc. 0.04% 660 $59K No change
AEP American Electric Power 0.04% 500 $58K No change
KDP Keurig Dr Pepper Inc. 0.04% 2,000 $56K New
IUSG iShares Core S&P U.S. Growth 0.04% 333 $56K No change
MDLZ Mondelez International Inc. Class A 0.04% 1,000 $54K No change
TXN Texas Instruments Inc. 0.04% 310 $54K Reduce -77.5%
SHV iShares 0-1 Year Treasury Bo 0.04% 480 $53K No change
AMGN Amgen Inc. 0.04% 160 $52K No change
VZ Verizon Communications Inc. 0.04% 1,275 $52K No change
ASB Associated Banc-Corp. 0.04% 2,000 $52K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.04% 250 $50K New
VB Vanguard Most SM-Cap ETF-Usd 0.03% 188 $48K New
ACN Accenture PLC Class A 0.03% 180 $48K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 1,120 $48K No change
SDVY First Trust Smid Cap Rising 0.03% 1,244 $48K New
ENTG Entegris Inc. 0.03% 550 $46K No change
WMT Walmart Inc. 0.03% 405 $45K No change
ADP Automatic Data Processing 0.03% 175 $45K No change
EFA iShares MSCI Eafe ETF 0.03% 450 $43K No change
LIN Linde PLC 0.03% 100 $43K 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
DON Wisdomtree US Midcap Dividen 0.03% 709 $37K New
SCHW Schwab (charles) Corp. 0.03% 352 $35K No change
FUL H.B. Fuller Co. filed as FULLER H B CO 0.02% 584 $35K No change
AXP American Express Co. 0.02% 80 $30K No change
T AT&T Inc. 0.02% 1,090 $27K No change
RTX RTX Corp. 0.02% 142 $26K No change
FISV Fiserv Inc. 0.02% 368 $25K No change
CL Colgate-Palmolive Co. 0.02% 285 $23K No change
CTAS Cintas Corp. 0.01% 107 $20K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 39 $20K No change
WEC WEC Energy Group Inc. 0.01% 180 $19K No change
STAG Stag Industrial Inc. 0.01% 500 $18K New
MSI Motorola Solutions Inc. 0.01% 44 $17K No change
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
LRCX Lam Research Corp. 0.01% 50 $9K No change
SHW The Sherwin-Williams Co. 0.01% 26 $8K No change
ETN Eaton Corp. PLC 0.01% 26 $8K No change
SOLS Solstice Adv Materials Inc. 0.00% 125 $6K No change
BKNG Booking Holdings Inc. 0.00% 1 $5K No change
BLK BlackRock Inc. 0.00% 5 $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
CVX Chevron Corp. 0.00% 18 $3K No change
ZBH Zimmer Biomet Holdings Inc. 0.00% 30 $3K No change
PII Polaris Inc. 0.00% 24 $2K No change
INTC Intel Corp. 0.00% 36 $1K No change

Portfolio Sells Q3 2025 → Q4 2025
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -53.4% 2.04% −2.67
QUAL iShares MSCI USA Quality Fac Reduce -26.1% 4.54% −1.91
IVV iShares Core S&P 500 ETF Reduce -2.6% 15.98% −1.21
VOO Vanguard S&P 500 ETF Reduce -15.8% 3.69% −0.90
USMV iShares MSCI USA Min Vol Fac Reduce -23.4% 1.25% −0.52
VTI VG Morningstar TS MKT ETF-US Reduce -3.6% 2.81% −0.25
SPY SS SPDR S&P 500 ETF Trust-US Reduce -5.5% 1.93% −0.21
TXN Texas Instruments Inc. Reduce -77.5% 0.04% −0.16
IBM Intl Business Machines Corp. Sold out 0.00% −0.08
VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.06
DE Deere & Co. Sold out 0.00% −0.06
IQLT iShares MSCI International Q Reduce -12.7% 0.27% −0.05
HD Home Depot Inc. Reduce -23.4% 0.08% −0.05
SYY Sysco Corp. Reduce -15.1% 0.10% −0.04
BAC Bank of America Corp. Reduce -12.8% 0.16% −0.02
TTC Toro Co. Reduce -19.6% 0.08% −0.02
ABBV Abbvie Inc. Reduce -2.5% 0.15% −0.02
ULTA Ulta Beauty Inc. Sold out 0.00% −0.02
MFC Manulife Financial Corp. Sold out 0.00% −0.01

Portfolio Buys Q3 2025 → Q4 2025
DYNF Ishrs US E F R A ETF-Usd Inc. Add +272.4% 3.60% +2.59
IETC iShares U.S. Tech Independen Add +279.2% 2.26% +1.62
IEI iShares 3-7 Year Treasury Bo Add +15.4% 18.84% +1.32
VTIP Vanguard Short-Term Tips Add +71.8% 3.24% +1.17
IGEB iShares Investment Grade SYS Add +46.8% 3.61% +0.95
DGRO iShares Core Dividend Growth Add +9.1% 5.65% +0.21
C Citigroup Inc. New 0.17% +0.17
VIG Vanguard Dividend Apprec ETF Add +8.3% 5.61% +0.16
FDVV Fidelity High Dividend ETF New 0.12% +0.12
IUSV iShares Core S&P U.S. Value New 0.11% +0.11
QQQ Invesco QQQ Trust Series 1 Add +337.8% 0.14% +0.11
MOAT Vaneck Morningstar Wide Moat New 0.11% +0.11
NVDA Nvidia Corp. Add +159.6% 0.16% +0.10
O Realty Income Corp. New 0.08% +0.08
FIBK First Interstate Bancsys-A New 0.07% +0.07
CMCSA Comcast Corp. Class A New 0.06% +0.06
MSFT Microsoft Corp. Add +32.2% 0.42% +0.06
USB US Bancorp Add +13.9% 0.31% +0.05
EMLP First Trust North American E New 0.05% +0.05
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +21.1% 0.39% +0.04
KDP Keurig Dr Pepper Inc. New 0.04% +0.04
ASB Associated Banc-Corp. New 0.04% +0.04
MTB M & T Bank Corp. New 0.04% +0.04
VB Vanguard Most SM-Cap ETF-Usd New 0.03% +0.03
SDVY First Trust Smid Cap Rising New 0.03% +0.03
DON Wisdomtree US Midcap Dividen New 0.03% +0.03
TGT Target Corp. Add +60.0% 0.06% +0.02
STAG Stag Industrial Inc. New 0.01% +0.01
V Visa Inc. Class A Add +28.6% 0.06% +0.01
AVGO Broadcom Inc. Add +15.3% 0.05% +0.01
SPHQ Invesco S&P 500 Quality ETF Add +0.1% 10.31% −0.48

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