John G Ullman & Associates Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), John G Ullman & Associates Inc. reported 173 stock positions worth $742.7 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.1% of the portfolio, followed by Emerson Electric (EMR, 5.0%) and Corning (GLW, 4.5%). Compared with Q2 2025, it opened 8 new positions, sold out of 9, added to 40 and reduced 83. The biggest buy was Nextera Energy (NEE, shares +481%) and the biggest sale Novartis AG-Sponsored ADR (NVS, shares −98%).

Most Recent 13F
Q2 2026
Location
CORNING, NY
CIK
0000919530
Portfolio Value
$742.7M (Q3 2025)
SEC Filing
0000919530-25-000006 ↗ filed Nov 5, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $651.8M Q1 2024 Q2 2024: $655.5M Q2 2024 Q3 2024: $695.5M Q3 2024 Q4 2024: $679.6M Q4 2024 Q1 2025: $648.4M Q1 2025 Q2 2025: $673.8M Q2 2025 Q3 2025: $742.7M $742.7M Q3 2025 Q4 2025: $750.0M Q4 2025 Q1 2026: $754.3M Q1 2026 Q2 2026: $824.4M Q2 2026

Holdings 173 stocks · $742.7M

TSM Taiwan Semiconductor-SP ADR 5.09% 135,335 $37.8M Reduce -2.4%
EMR Emerson Electric Co. 4.97% 281,602 $36.9M Reduce -0.8%
GLW Corning Inc. 4.52% 409,169 $33.6M Reduce -27.0%
AVGO Broadcom Inc. 3.64% 81,921 $27.0M Reduce -6.4%
OGE Oge Energy Corp. 3.17% 508,249 $23.5M Reduce -1.2%
CSCO Cisco Systems Inc. 3.08% 334,215 $22.9M Reduce -0.6%
TEL Te Connectivity PLC 3.02% 102,219 $22.4M Reduce -1.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.58% 68,020 $19.2M Reduce -17.8%
BE Bloom Energy Corp. Class A 2.56% 225,183 $19.0M Reduce -20.4%
WTRG Essential Utilities Inc. 2.50% 464,925 $18.6M Add +74.8%
MSFT Microsoft Corp. 2.23% 31,959 $16.6M Reduce -0.6%
AMZN Amazon.com Inc. 2.01% 68,089 $15.0M Reduce -1.0%
XOM Exxon Mobil Corp. 1.62% 106,789 $12.0M Reduce -0.2%
NEE Nextera Energy Inc. 1.59% 156,653 $11.8M Add +481.3%
ES Eversource Energy 1.56% 162,925 $11.6M Add +44.6%
D Dominion Energy Inc. 1.49% 180,488 $11.0M Add +74.9%
AMT American Tower Corp. 1.47% 56,718 $10.9M Add +7.0%
CACI Caci International Inc. Class A 1.34% 19,899 $9.9M Reduce -1.6%
GNRC Generac Holdings Inc. 1.30% 57,875 $9.7M Reduce -0.7%
POR Portland General Electric Co. 1.30% 219,834 $9.7M Add +18.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.27% 275,120 $9.5M Add +0.3%
WDC Western Digital Corp. 1.23% 76,058 $9.1M Reduce -17.8%
ASTE Astec Industries Inc. 1.17% 180,276 $8.7M Reduce -2.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.15% 74,844 $8.6M Reduce -2.0%
GVA Granite Construction Inc. 1.15% 77,630 $8.5M Reduce -2.1%
MRK Merck & Co. Inc. 1.12% 98,706 $8.3M Add +4.7%
LNN Lindsay Corp. 1.10% 57,975 $8.1M Reduce -0.4%
EQT Eqt Corp. 1.05% 143,850 $7.8M Add +77.4%
VMC Vulcan Materials Co. 1.05% 25,350 $7.8M Reduce -1.6%
FLS Flowserve Corp. 1.01% 141,150 $7.5M Reduce -1.6%
ITRI Itron Inc. 0.97% 58,005 $7.2M Reduce -0.8%
MDU Mdu Resources Group Inc. 0.94% 391,720 $7.0M Reduce -0.7%
ECG Everus Construction Group 0.93% 80,947 $6.9M Reduce -10.5%
BMY Bristol-Myers Squibb Co. 0.92% 152,108 $6.9M Reduce -1.6%
HON Honeywell International Inc. 0.85% 29,961 $6.3M Reduce -0.8%
LITE Lumentum Holdings Inc. 0.83% 37,673 $6.1M Reduce -25.0%
INTC Intel Corp. 0.82% 181,809 $6.1M Add +0.3%
TMO Thermo Fisher Scientific Inc. 0.79% 12,090 $5.9M Add +4.1%
NJR New Jersey Resources Corp. 0.78% 120,994 $5.8M Reduce -1.1%
SYY Sysco Corp. 0.78% 70,218 $5.8M Reduce -2.9%
EXP Eagle Materials Inc. 0.77% 24,500 $5.7M Add +55.3%
TMP Tompkins Financial Corp. 0.76% 84,843 $5.6M Reduce -1.9%
NXST Nexstar Media Group Inc. 0.73% 27,475 $5.4M Reduce -0.4%
GOOGL Alphabet Inc. Class A 0.73% 22,323 $5.4M Reduce -1.7%
VNM Vaneck Vietnam ETF 0.72% 299,674 $5.3M Reduce -4.7%
GRC Gorman-Rupp Co. 0.72% 114,931 $5.3M Add +2.8%
LOW Lowe's Cos Inc. 0.68% 20,230 $5.1M Reduce -1.6%
IDA Idacorp Inc. 0.68% 38,379 $5.1M Reduce -3.1%
STT State Street Corp. 0.67% 42,593 $4.9M Reduce -0.9%
FISV Fiserv Inc. 0.66% 37,971 $4.9M Add +3.2%
JAZZ Jazz Pharmaceuticals PLC 0.63% 35,375 $4.7M Reduce -1.5%
SNOW Snowflake Inc. 0.61% 20,066 $4.5M Reduce -0.3%
KNF Knife River Corp. 0.60% 57,942 $4.5M Reduce -0.1%
ORCL Oracle Corp. 0.59% 15,620 $4.4M Reduce -24.4%
AAPL Apple Inc. 0.58% 17,058 $4.3M Reduce -0.7%
EA Electronic Arts Inc. 0.58% 21,175 $4.3M Reduce -8.9%
VOO Vanguard S&P 500 ETF 0.56% 6,837 $4.2M Reduce -1.2%
GOOG Alphabet Inc. Class C 0.56% 16,973 $4.1M Add +11.8%
COHR Coherent Corp. 0.55% 37,750 $4.1M Reduce -22.7%
ABT Abbott Laboratories 0.55% 30,238 $4.1M Add +0.7%
PFE Pfizer Inc. 0.52% 152,598 $3.9M Add +1.3%
GEHC GE Healthcare Technology 0.49% 48,070 $3.6M Reduce -7.2%
EHC Encompass Health Corp. 0.48% 28,300 $3.6M Reduce -1.1%
GSK GSK PLC-Spon ADR 0.47% 80,960 $3.5M Reduce -1.4%
WTS Watts Water Technologies-A 0.44% 11,700 $3.3M Reduce -2.3%
BKH Black Hills Corp. 0.43% 52,291 $3.2M Reduce -1.2%
PEG Public Service Enterprise GP 0.43% 38,222 $3.2M Reduce -2.3%
SNDK Sandisk Corp. 0.43% 28,188 $3.2M Reduce -6.0%
UTHR United Therapeutics Corp. 0.40% 7,080 $3.0M Reduce -2.8%
BCE Bce Inc. 0.39% 125,143 $2.9M Add +19.4%
CRM Salesforce Inc. 0.39% 12,175 $2.9M Reduce -8.2%
PYPL PayPal Holdings Inc. 0.36% 39,530 $2.7M Reduce -4.2%
VNT Vontier Corp. 0.35% 61,421 $2.6M Reduce -0.8%
AMGN Amgen Inc. 0.34% 9,000 $2.5M Reduce -0.8%
CCK Crown Holdings Inc. 0.33% 25,739 $2.5M Reduce -1.2%
SO The Southern Co. 0.33% 25,980 $2.5M Reduce -0.4%
CIEN Ciena Corp. 0.33% 16,700 $2.4M No change
ADBE Adobe Inc. 0.31% 6,510 $2.3M New
GEV GE Vernova Inc. 0.30% 3,639 $2.2M Reduce -0.7%
ZBH Zimmer Biomet Holdings Inc. 0.30% 22,700 $2.2M Reduce -12.2%
A Agilent Technologies Inc. 0.30% 17,075 $2.2M No change
LLY Eli Lilly & Co. 0.29% 2,842 $2.2M Reduce -1.4%
SOLV Solventum Corp. 0.27% 27,898 $2.0M Reduce -2.1%
EQNR Equinor ASA-Spon ADR 0.27% 81,159 $2.0M Add +6.3%
TWLO Twilio Inc. Class A 0.27% 19,741 $2.0M New
HAL Halliburton Co. 0.26% 79,708 $2.0M Add +25.1%
SKBSY Skanska AB-SPN ADR 0.25% 72,766 $1.9M Reduce -1.7%
OTTR Otter Tail Corp. 0.23% 20,650 $1.7M Add +29.5%
WBS Webster Financial Corp. 0.22% 27,850 $1.7M Reduce -1.7%
AZTA Azenta Inc. 0.20% 52,618 $1.5M Add +8.2%
VWO Vanguard Ftse Emerging Marke 0.18% 25,200 $1.4M Reduce -0.4%
BAX Baxter International Inc. 0.16% 52,834 $1.2M Reduce -25.4%
AGX Argan Inc. 0.15% 4,100 $1.1M No change
REGN Regeneron Pharmaceuticals 0.15% 1,955 $1.1M Add +39.1%
HRNNF Hydro One Ltd. 0.14% 29,700 $1.1M No change
CVX Chevron Corp. 0.13% 6,411 $996K Reduce -0.9%
EBMT Eagle Bancorp Montana Inc. 0.13% 57,135 $987K Reduce -2.4%
BRK.B Berkshire Hathaway Inc. Class B 0.13% 1,879 $945K No change
JCI Johnson Controls Internation 0.12% 8,224 $904K Add +8.6%
WSBF Waterstone Financial Inc. 0.12% 56,498 $881K Add +10.6%
BDX Becton Dickinson and Co. 0.11% 4,523 $847K Add +9.7%
CEG Constellation Energy 0.11% 2,465 $811K No change
SHEL Shell PLC-ADR 0.11% 11,100 $794K No change
DUK Duke Energy Corp. 0.11% 6,403 $792K Reduce -6.3%
GILD Gilead Sciences Inc. 0.10% 6,995 $776K Reduce -0.3%
RBB RBB Bancorp 0.10% 40,850 $766K Reduce -2.2%
LNT Alliant Energy Corp. 0.10% 11,300 $762K No change
EMA Emera Inc. 0.10% 15,800 $758K No change
BP BP PLC-Spons ADR 0.10% 21,950 $756K Add +0.2%
AOS Smith (a.o.) Corp. 0.10% 9,700 $712K Add +5.4%
MTSI Macom Technology Solutions H 0.10% 5,700 $710K No change
APTV Aptiv PLC 0.09% 8,150 $703K Add +45.5%
ACVA Acv Auctions Inc. Class A 0.09% 66,284 $657K No change
TYG Tortoise Energy Infrastruct 0.09% 15,241 $657K No change
TXN Texas Instruments Inc. 0.09% 3,491 $641K Reduce -3.0%
LH Labcorp Holdings Inc. 0.09% 2,210 $634K Reduce -4.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.08% 7,057 $615K No change
MRNA Moderna Inc. 0.08% 23,750 $613K Add +47.5%
ILMN Illumina Inc. 0.08% 6,450 $613K Add +57.3%
MMM 3M Co. 0.08% 3,900 $605K Add +5.4%
HAE Haemonetics Corp. 0.08% 11,950 $582K New
ITW Illinois Tool Works 0.08% 2,200 $574K No change
TDC Teradata Corp. 0.08% 26,200 $564K Add +73.5%
BUSE First Busey Corp. 0.07% 22,913 $530K Reduce -1.6%
PSX Phillips 66 0.07% 3,850 $524K No change
FELE Franklin Electric Co. Inc. 0.07% 5,400 $514K No change
MU Micron Technology Inc. 0.07% 2,963 $496K Add +7.2%
CRUS Cirrus Logic Inc. 0.07% 3,900 $489K No change
OCFC Oceanfirst Financial Corp. 0.06% 27,000 $474K Reduce -0.7%
AGCO Agco Corp. 0.06% 4,300 $460K No change
VTI VG Morningstar TS MKT ETF-US 0.06% 1,354 $444K No change
GE General Electric filed as GE AEROSPACE 0.06% 1,452 $437K Reduce -89.4%
PANW Palo Alto Networks Inc. 0.06% 2,082 $424K Reduce -7.7%
XYL Xylem Inc. 0.06% 2,830 $417K Add +9.7%
KO The Coca-Cola Co. 0.06% 6,222 $413K Add +13.3%
ITT Itt Inc. 0.06% 2,295 $410K No change
AQN Algonquin Power & Utilities 0.05% 74,350 $399K Add +32.5%
SHW The Sherwin-Williams Co. 0.05% 1,150 $398K No change
NVS Novartis AG-Sponsored ADR 0.05% 2,980 $382K Reduce -97.8%
AEP American Electric Power 0.05% 3,390 $381K Reduce -2.3%
IQV Iqvia Holdings Inc. 0.05% 1,900 $361K No change
NTIOF National Bank of Canada 0.05% 3,330 $354K No change
EEMV iShares MSCI Emg MKT Min Vol 0.05% 5,300 $338K Reduce -0.9%
VGT Vanguard Info Tech ETF 0.04% 445 $332K No change
TPC Tutor Perini Corp. 0.04% 5,000 $328K No change
ETN Eaton Corp. PLC 0.04% 868 $325K No change
GABC German American Bancorp 0.04% 8,190 $322K No change
NWFL Norwood Financial Corp. 0.04% 12,600 $320K Reduce -7.3%
STX Seagate Technology Holdings 0.04% 1,338 $316K New
GM General Motors Co. 0.04% 5,050 $308K No change
XRAY Dentsply Sirona Inc. 0.04% 23,700 $301K Add +50.0%
CRH CRH PLC-Sponsored ADR 0.04% 2,500 $300K No change
PHO Invesco Water Resources ETF 0.04% 3,920 $283K No change
WEC WEC Energy Group Inc. 0.04% 2,466 $283K No change
KRE SS SPDR S&P Regional Bank 0.04% 4,300 $272K No change
FE Firstenergy Corp. 0.03% 5,400 $247K No change
IBB iShares Biotechnology ETF 0.03% 1,700 $245K No change
ROP Roper Technologies Inc. 0.03% 490 $244K No change
ABBV Abbvie Inc. 0.03% 1,055 $244K New
META Meta Platforms Inc. Class A 0.03% 315 $231K No change
QQQ Invesco QQQ Trust Series 1 0.03% 379 $228K No change
RHHBY Roche Holdings Ltd.-Spons ADR 0.03% 5,300 $222K No change
FESM Fidelity Enhanced Small Cap 0.03% 5,847 $214K New
DGX Quest Diagnostics Inc. 0.03% 1,114 $212K No change
GS Goldman Sachs Group Inc. 0.03% 265 $211K New
RSP Invesco S&P 500 Equal Weight 0.03% 1,109 $210K No change
MXF Mexico Fund Inc. 0.03% 10,600 $209K No change
VZ Verizon Communications Inc. 0.03% 4,732 $208K Reduce -2.1%
AVTR Avantor Inc. 0.03% 16,300 $203K Add +43.0%
VTV Vanguard Mrngstr Val ETF-Aui 0.03% 1,090 $203K New
ASRV Ameriserv Financial Inc. 0.03% 65,185 $189K Reduce -3.0%
GT Goodyear Tire & Rubber Co. 0.02% 18,300 $137K Add +1.7%
AVALON ADVANCED MATERIALS IN 0.00% 18,750 $527 No change

Portfolio Sells Q2 2025 → Q3 2025

NVS Novartis AG-Sponsored ADR Reduce -97.8% 0.05% −2.42
IBM Intl Business Machines Corp. Reduce -17.8% 2.58% −1.04
EMR Emerson Electric Co. Reduce -0.8% 4.97% −0.64
HRI Herc Holdings Inc. Sold out 0.00% −0.59
GE General Electric Reduce -89.4% 0.06% −0.47
CSCO Cisco Systems Inc. Reduce -0.6% 3.08% −0.38
DIS The Walt Disney Co. Reduce -2.0% 1.15% −0.25
BCV Bancroft Fund Ltd. Sold out 0.00% −0.23
AMZN Amazon.com Inc. Reduce -1.0% 2.01% −0.23
OGE Oge Energy Corp. Reduce -1.2% 3.17% −0.22
HON Honeywell International Inc. Reduce -0.8% 0.85% −0.19
ITRI Itron Inc. Reduce -0.8% 0.97% −0.17
BAX Baxter International Inc. Reduce -25.4% 0.16% −0.16
CRM Salesforce Inc. Reduce -8.2% 0.39% −0.15
LNN Lindsay Corp. Reduce -0.4% 1.10% −0.15
MSFT Microsoft Corp. Reduce -0.6% 2.23% −0.14
BMY Bristol-Myers Squibb Co. Reduce -1.6% 0.92% −0.14
FLS Flowserve Corp. Reduce -1.6% 1.01% −0.10
KNF Knife River Corp. Reduce -0.1% 0.60% −0.10
COHR Coherent Corp. Reduce -22.7% 0.55% −0.10
PYPL PayPal Holdings Inc. Reduce -4.2% 0.36% −0.10
CACI Caci International Inc. Class A Reduce -1.6% 1.34% −0.09
XOM Exxon Mobil Corp. Reduce -0.2% 1.62% −0.09
APH Amphenol Corp. Class A Sold out 0.00% −0.08
GEHC GE Healthcare Technology Reduce -7.2% 0.49% −0.08
ORCL Oracle Corp. Reduce -24.4% 0.59% −0.08
CCK Crown Holdings Inc. Reduce -1.2% 0.33% −0.06
MPC Marathon Petroleum Corp. Sold out 0.00% −0.06
PEG Public Service Enterprise GP Reduce -2.3% 0.43% −0.06
SNOW Snowflake Inc. Reduce -0.3% 0.61% −0.06
TMP Tompkins Financial Corp. Reduce -1.9% 0.76% −0.05
ZBH Zimmer Biomet Holdings Inc. Reduce -12.2% 0.30% −0.05
SOLV Solventum Corp. Reduce -2.1% 0.27% −0.05
LLY Eli Lilly & Co. Reduce -1.4% 0.29% −0.04
ACM Aecom Sold out 0.00% −0.04
EHC Encompass Health Corp. Reduce -1.1% 0.48% −0.04
MDU Mdu Resources Group Inc. Reduce -0.7% 0.94% −0.04
AMGN Amgen Inc. Reduce -0.8% 0.34% −0.03
SYY Sysco Corp. Reduce -2.9% 0.78% −0.03
PM Philip Morris International Sold out 0.00% −0.03
MOS The Mosaic Co. Sold out 0.00% −0.03
FLR Fluor Corp. Sold out 0.00% −0.03
BSX Boston Scientific Corp. Sold out 0.00% −0.03
NJR New Jersey Resources Corp. Reduce -1.1% 0.78% −0.03
TXN Texas Instruments Inc. Reduce -3.0% 0.09% −0.02
SO The Southern Co. Reduce -0.4% 0.33% −0.02
VOO Vanguard S&P 500 ETF Reduce -1.2% 0.56% −0.02
STT State Street Corp. Reduce -0.9% 0.67% −0.01
DUK Duke Energy Corp. Reduce -6.3% 0.11% −0.01
EBMT Eagle Bancorp Montana Inc. Reduce -2.4% 0.13% −0.01

Portfolio Buys Q2 2025 → Q3 2025

NEE Nextera Energy Inc. Add +481.3% 1.59% +1.31
WTRG Essential Utilities Inc. Add +74.8% 2.50% +1.03
D Dominion Energy Inc. Add +74.9% 1.49% +0.62
ES Eversource Energy Add +44.6% 1.56% +0.50
EQT Eqt Corp. Add +77.4% 1.05% +0.35
ADBE Adobe Inc. New 0.31% +0.31
EXP Eagle Materials Inc. Add +55.3% 0.77% +0.30
TWLO Twilio Inc. Class A New 0.27% +0.27
INTC Intel Corp. Add +0.3% 0.82% +0.22
POR Portland General Electric Co. Add +18.2% 1.30% +0.18
GOOG Alphabet Inc. Class C Add +11.8% 0.56% +0.16
GRC Gorman-Rupp Co. Add +2.8% 0.72% +0.11
TMO Thermo Fisher Scientific Inc. Add +4.1% 0.79% +0.09
HAE Haemonetics Corp. New 0.08% +0.08
HAL Halliburton Co. Add +25.1% 0.26% +0.07
BCE Bce Inc. Add +19.4% 0.39% +0.05
OTTR Otter Tail Corp. Add +29.5% 0.23% +0.05
STX Seagate Technology Holdings New 0.04% +0.04
REGN Regeneron Pharmaceuticals Add +39.1% 0.15% +0.04
APTV Aptiv PLC Add +45.5% 0.09% +0.04
ABBV Abbvie Inc. New 0.03% +0.03
FESM Fidelity Enhanced Small Cap New 0.03% +0.03
GS Goldman Sachs Group Inc. New 0.03% +0.03
VTV Vanguard Mrngstr Val ETF-Aui New 0.03% +0.03
TDC Teradata Corp. Add +73.5% 0.08% +0.03
ILMN Illumina Inc. Add +57.3% 0.08% +0.02
MRNA Moderna Inc. Add +47.5% 0.08% +0.02
MU Micron Technology Inc. Add +7.2% 0.07% +0.02
WSBF Waterstone Financial Inc. Add +10.6% 0.12% +0.01
BDX Becton Dickinson and Co. Add +9.7% 0.11% +0.01
MRK Merck & Co. Inc. Add +4.7% 1.12% +0.01
XYL Xylem Inc. Add +9.7% 0.06% +0.01
AOS Smith (a.o.) Corp. Add +5.4% 0.10% +0.01
AQN Algonquin Power & Utilities Add +32.5% 0.05% +0.01
AVTR Avantor Inc. Add +43.0% 0.03% +0.00
BP BP PLC-Spons ADR Add +0.2% 0.10% +0.00
XRAY Dentsply Sirona Inc. Add +50.0% 0.04% +0.00
JCI Johnson Controls Internation Add +8.6% 0.12% +0.00
KO The Coca-Cola Co. Add +13.3% 0.06% −0.00
MMM 3M Co. Add +5.4% 0.08% −0.00
GT Goodyear Tire & Rubber Co. Add +1.7% 0.02% −0.01
EQNR Equinor ASA-Spon ADR Add +6.3% 0.27% −0.02
PFE Pfizer Inc. Add +1.3% 0.52% −0.02
AZTA Azenta Inc. Add +8.2% 0.20% −0.02
ABT Abbott Laboratories Add +0.7% 0.55% −0.06
SLB SLB Ltd. Add +0.3% 1.27% −0.10
AMT American Tower Corp. Add +7.0% 1.47% −0.27
FISV Fiserv Inc. Add +3.2% 0.66% −0.28

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 181$824.4MGLW, TSM, CSCO, EMR, OGE
Q1 2026 174$754.3MGLW, TSM, EMR, CSCO, OGE
Q4 2025 179$750.0MTSM, EMR, GLW, CSCO, TEL
Q3 2025 173$742.7MTSM, EMR, GLW, AVGO, OGE
Q2 2025 174$673.8MEMR, TSM, GLW, IBM, AVGO
Q1 2025 170$648.4MEMR, GLW, OGE, TSM, CSCO
Q4 2024 172$679.6MEMR, GLW, TSM, IBM, OGE
Q3 2024 179$695.5MEMR, GLW, IBM, TSM, OGE
Q2 2024 179$655.5MEMR, GLW, TSM, IBM, OGE
Q1 2024 174$651.8MEMR, GLW, IBM, TSM, OGE