Kapstone Financial Advisors LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), Kapstone Financial Advisors LLC reported 114 stock positions worth $187.4 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 15.5% of the portfolio, followed by Strategy (MSTR, 12.8%) and Apple (AAPL, 11.5%). Compared with Q3 2024, it opened 11 new positions, sold out of 5, added to 23 and reduced 42. The biggest buy was Strategy (MSTR, shares +0%) and the biggest sale iShares Core High Dividend E (HDV, shares −2%).

Most Recent 13F
Q2 2026
Location
LEBANON, OH
CIK
0001966087
Portfolio Value
$187.4M (Q4 2024)
SEC Filing
0001951757-25-000186 ↗ filed Feb 6, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $146.9M Q1 2024 Q2 2024: $152.5M Q2 2024 Q3 2024: $165.0M Q3 2024 Q4 2024: $187.4M $187.4M Q4 2024 Q1 2025: $176.8M Q1 2025 Q2 2025: $200.5M Q2 2025 Q3 2025: $212.3M Q3 2025 Q4 2025: $201.2M Q4 2025 Q1 2026: $204.1M Q1 2026 Q2 2026: $238.8M Q2 2026

Holdings 114 stocks · $187.4M
IVV iShares Core S&P 500 ETF 15.52% 48,094 $29.1M Add +12.0%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 12.83% 70,452 $24.0M Add +0.2%
AAPL Apple Inc. 11.51% 90,130 $21.6M Reduce -1.3%
HDV iShares Core High Dividend E 6.30% 103,228 $11.8M Reduce -1.6%
META Meta Platforms Inc. Class A 3.29% 9,123 $6.2M Reduce -1.4%
PG The Procter & Gamble Co. 2.79% 31,412 $5.2M Reduce -5.7%
MSFT Microsoft Corp. 2.30% 9,754 $4.3M Reduce -3.3%
VYM Vanguard High DVD Yield ETF 2.24% 31,812 $4.2M No change
IVW iShares S&P 500 Growth ETF 1.93% 34,843 $3.6M Add +14.0%
GOOGL Alphabet Inc. Class A 1.76% 16,919 $3.3M Add +0.4%
IWF iShares Russell 1000 Growth 1.62% 7,418 $3.0M No change
DVY iShares Select Dividend ETF 1.59% 22,181 $3.0M Reduce -3.6%
PLTR Palantir Technologies Inc. Class A 1.57% 36,842 $2.9M Add +8.4%
QQQ Invesco QQQ Trust Series 1 1.39% 4,996 $2.6M Add +23.6%
JPM JPMorgan Chase & Co. 1.34% 9,423 $2.5M Reduce -3.5%
ABBV Abbvie Inc. 1.32% 14,089 $2.5M Add +0.3%
NVDA Nvidia Corp. 1.27% 19,317 $2.4M Reduce -1.8%
BRK.B Berkshire Hathaway Inc. Class B 1.24% 4,941 $2.3M Add +5.2%
FTCS First Trust Capital Strength 1.00% 20,829 $1.9M Reduce -3.3%
GOOG Alphabet Inc. Class C 0.99% 9,400 $1.9M Reduce -4.7%
AMZN Amazon.com Inc. 0.95% 7,529 $1.8M Reduce -6.6%
DGRO iShares Core Dividend Growth 0.85% 25,254 $1.6M No change
CEG Constellation Energy 0.82% 5,238 $1.5M New
FTGS First Trust Grwth Strgth ETF 0.81% 46,525 $1.5M Reduce -1.3%
LCNB LCNB Corporation 0.71% 86,907 $1.3M No change
XOM Exxon Mobil Corp. 0.67% 11,530 $1.3M Reduce -2.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.62% 1,926 $1.2M Add +6.8%
JNJ Johnson & Johnson 0.61% 7,568 $1.1M Reduce -3.3%
PAYX Paychex Inc. 0.59% 7,505 $1.1M No change
MPC Marathon Petroleum Corp. 0.59% 7,266 $1.1M No change
COST Costco Wholesale Corp. 0.56% 1,086 $1.0M New
PM Philip Morris International 0.53% 7,640 $990K Add +0.1%
V Visa Inc. Class A 0.52% 2,897 $973K Reduce -3.4%
CSCO Cisco Systems Inc. 0.50% 15,841 $943K Reduce -5.0%
MRK Merck & Co. Inc. 0.50% 9,463 $930K Reduce -4.4%
CRM Salesforce Inc. 0.45% 2,408 $852K Reduce -4.9%
TSLA Tesla Inc. 0.45% 2,174 $846K Add +4.9%
RDVY First Trust Rising Dividend 0.44% 13,154 $825K Add +1.1%
VMC Vulcan Materials Co. 0.39% 2,700 $735K Reduce -4.9%
XLE SS Energy Select Sector 0.39% 8,117 $728K Reduce -34.8%
HD Home Depot Inc. 0.38% 1,741 $720K No change
MLM Martin Marietta Materials 0.38% 1,315 $710K Reduce -0.1%
BRK.A Berkshire Hathaway Inc. Class A 0.38% 1 $705K No change
DUK Duke Energy Corp. 0.38% 6,358 $703K No change
MO Altria Group Inc. 0.37% 13,283 $699K Reduce -2.0%
HBAN Huntington Bancshares Inc. 0.37% 40,122 $689K No change
RSPT Invesco S&P 500 Equal Weight 0.35% 17,280 $662K No change
LMT Lockheed Martin Corp. 0.35% 1,441 $655K Add +2.0%
ISRG Intuitive Surgical Inc. 0.34% 1,122 $643K No change
CSX CSX Corp. 0.33% 18,778 $619K No change
CAH Cardinal Health Inc. 0.33% 4,806 $614K Add +3.4%
BMY Bristol-Myers Squibb Co. 0.31% 9,991 $590K Reduce -2.5%
CVX Chevron Corp. 0.31% 3,781 $589K Reduce -6.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.31% 5,792 $583K Add +0.1%
ADI Analog Devices Inc. 0.31% 2,734 $574K No change
ELV Elevance Health Inc. 0.29% 1,379 $552K Reduce -15.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.29% 11,668 $545K Reduce -7.2%
RSPH Invesco S&P 500 Equal Weight 0.27% 16,010 $499K Reduce -4.9%
SDY SS SPDR S&P Dividend ETF 0.26% 3,663 $490K No change
SO The Southern Co. 0.26% 5,886 $488K No change
KO The Coca-Cola Co. 0.26% 7,684 $483K No change
DHI D.R. Horton Inc. 0.24% 3,145 $446K Reduce -6.5%
CMI Cummins Inc. 0.23% 1,222 $432K No change
DAL Delta Air Lines Inc. 0.23% 6,229 $426K Reduce -15.9%
AXON Axon Enterprise Inc. 0.23% 663 $424K Add +15.5%
AXP American Express Co. 0.21% 1,227 $387K No change
NOBL Proshares S&P 500 Dividend A 0.20% 3,755 $383K Reduce -2.4%
PGR Progressive Corp. 0.20% 1,550 $382K Add +5.4%
CINF Cincinnati Financial Corp. 0.19% 2,539 $351K No change
KR Kroger Co. 0.19% 5,699 $348K Reduce -4.2%
MA Mastercard Inc. Class A 0.18% 607 $333K Add +0.5%
KMB Kimberly-Clark Corp. 0.17% 2,502 $324K Reduce -0.6%
WMT Walmart Inc. 0.17% 3,297 $321K No change
FDX FedEx Corp. 0.17% 1,161 $319K No change
CAG Conagra Brands Inc. 0.16% 11,934 $309K No change
BA The Boeing Co. 0.16% 1,772 $308K Reduce -8.1%
QYLD Global X Nasd 100 Cov Call 0.16% 16,467 $303K Add +8.4%
BX Blackstone Inc. 0.16% 1,615 $299K No change
VZ Verizon Communications Inc. 0.16% 7,349 $296K Reduce -5.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.16% 2,615 $296K Reduce -10.8%
MCD McDonald's Corp. 0.16% 1,018 $295K Reduce -82.8%
NVS Novartis AG-Sponsored ADR 0.15% 2,695 $277K No change
DTD Wisdomtree US Total Dividend 0.15% 3,500 $274K No change
LW Lamb Weston Holdings Inc. 0.14% 4,388 $270K No change
LOW Lowe's Cos Inc. 0.14% 1,030 $270K Reduce -23.7%
MU Micron Technology Inc. 0.14% 3,025 $269K No change
FITB Fifth Third Bancorp 0.14% 6,068 $268K Reduce -0.8%
QTEC First Trust Nasdq 100 Tech I 0.14% 1,331 $261K Reduce -2.0%
ARM Arm Holdings PLC-ADR 0.14% 1,743 $257K New
XLF SS Financial Select Sector 0.13% 4,924 $253K No change
VTI VG Morningstar TS MKT ETF-US 0.13% 845 $252K No change
F Ford Motor Co. filed as FORD MTR CO 0.13% 24,302 $248K Reduce -7.5%
IJR iShares Core S&P Small-Cap E 0.13% 2,085 $247K No change
TMUS T-Mobile US Inc. 0.13% 1,000 $235K No change
IWB iShares Russell 1000 ETF 0.12% 700 $232K No change
UNP Union Pacific Corp. 0.12% 930 $232K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.12% 3,976 $228K Reduce -12.1%
EPD Enterprise Products Partners 0.12% 6,624 $223K New
MCK McKesson Corp. 0.12% 368 $222K New
FPX First Trust US Equity Opport 0.11% 1,616 $209K New
PEP Pepsico Inc. 0.11% 1,373 $206K No change
LLY Eli Lilly & Co. 0.11% 252 $203K Reduce -67.1%
WFC Wells Fargo & Co. 0.11% 2,557 $200K New
THW Abrdn World Healthcare Fund 0.10% 16,400 $196K Add +56.2%
HQL Abrdn Life Sciences Investor 0.10% 13,123 $185K Add +11.0%
XFOFX Cohen & Steers Closed-End Op 0.09% 13,650 $170K No change
XETYX Eaton Vance Tax-MGD Div Eqty 0.09% 10,966 $167K New
ETV Eaton Vance T/M Buy-Writ Opp 0.09% 11,185 $160K New
BDJ BlackRock Enhanced Eqty DVD 0.08% 18,161 $158K Add +54.4%
NPWR Net Power Inc. 0.08% 17,395 $148K New
XAGDX Abrdn GLBL DYNM Divid 0.07% 13,150 $132K New
ASG Liberty All-Star Growth FD 0.05% 17,632 $101K Add +2.0%
ETW Eaton Vance T/M GLBL Buy-WR 0.05% 10,035 $86K No change
GAB Gabelli Equity Trust 0.03% 11,650 $65K No change

Portfolio Sells Q3 2024 → Q4 2024
HDV iShares Core High Dividend E Reduce -1.6% 6.30% −1.14
AAPL Apple Inc. Reduce -1.3% 11.51% −1.11
MCD McDonald's Corp. Reduce -82.8% 0.16% −0.93
PG The Procter & Gamble Co. Reduce -5.7% 2.79% −0.72
MSFT Microsoft Corp. Reduce -3.3% 2.30% −0.32
LLY Eli Lilly & Co. Reduce -67.1% 0.11% −0.30
DVY iShares Select Dividend ETF Reduce -3.6% 1.59% −0.29
XLE SS Energy Select Sector Reduce -34.8% 0.39% −0.27
MINT PIMCO Enhanced Short Maturit Sold out 0.00% −0.25
ELV Elevance Health Inc. Reduce -15.2% 0.29% −0.22
MRK Merck & Co. Inc. Reduce -4.4% 0.50% −0.19
FTCS First Trust Capital Strength Reduce -3.3% 1.00% −0.18
NVDA Nvidia Corp. Reduce -1.8% 1.27% −0.17
XOM Exxon Mobil Corp. Reduce -2.2% 0.67% −0.16
JNJ Johnson & Johnson Reduce -3.3% 0.61% −0.16
DHI D.R. Horton Inc. Reduce -6.5% 0.24% −0.15
UNH Unitedhealth Group Inc. Sold out 0.00% −0.13
ED Consolidated Edison Inc. Sold out 0.00% −0.13
AZN Astrazeneca PLC-Spons ADR Sold out 0.00% −0.12
RYLD Global X Russell 2000 Cov Class Sold out 0.00% −0.12
FTGS First Trust Grwth Strgth ETF Reduce -1.3% 0.81% −0.08
LOW Lowe's Cos Inc. Reduce -23.7% 0.14% −0.07
RSPH Invesco S&P 500 Equal Weight Reduce -4.9% 0.27% −0.06
VZ Verizon Communications Inc. Reduce -5.2% 0.16% −0.05
MLM Martin Marietta Materials Reduce -0.1% 0.38% −0.05
MO Altria Group Inc. Reduce -2.0% 0.37% −0.05
KMB Kimberly-Clark Corp. Reduce -0.6% 0.17% −0.04
NOBL Proshares S&P 500 Dividend A Reduce -2.4% 0.20% −0.04
CVX Chevron Corp. Reduce -6.3% 0.31% −0.04
F Ford Motor Co. Reduce -7.5% 0.13% −0.04
VMC Vulcan Materials Co. Reduce -4.9% 0.39% −0.04
CSCO Cisco Systems Inc. Reduce -5.0% 0.50% −0.03
JEPQ JPM Nasdaq Equity Premium Reduce -12.1% 0.12% −0.03
QTEC First Trust Nasdq 100 Tech I Reduce -2.0% 0.14% −0.02
BA The Boeing Co. Reduce -8.1% 0.16% −0.02
KR Kroger Co. Reduce -4.2% 0.19% −0.02
FITB Fifth Third Bancorp Reduce -0.8% 0.14% −0.02
DIS The Walt Disney Co. Reduce -10.8% 0.16% −0.01
BAC Bank of America Corp. Reduce -7.2% 0.29% −0.01
DAL Delta Air Lines Inc. Reduce -15.9% 0.23% −0.00
BMY Bristol-Myers Squibb Co. Reduce -2.5% 0.31% −0.00
GOOG Alphabet Inc. Class C Reduce -4.7% 0.99% +0.00
V Visa Inc. Class A Reduce -3.4% 0.52% +0.02
CRM Salesforce Inc. Reduce -4.9% 0.45% +0.03
AMZN Amazon.com Inc. Reduce -6.6% 0.95% +0.03
JPM JPMorgan Chase & Co. Reduce -3.5% 1.34% +0.09
META Meta Platforms Inc. Class A Reduce -1.4% 3.29% +0.11

Portfolio Buys Q3 2024 → Q4 2024
MSTR Strategy Inc. Add +0.2% 12.83% +5.32
CEG Constellation Energy New 0.82% +0.82
PLTR Palantir Technologies Inc. Class A Add +8.4% 1.57% +0.81
IVV iShares Core S&P 500 ETF Add +12.0% 15.52% +0.57
COST Costco Wholesale Corp. New 0.56% +0.56
QQQ Invesco QQQ Trust Series 1 Add +23.6% 1.39% +0.20
IVW iShares S&P 500 Growth ETF Add +14.0% 1.93% +0.16
ARM Arm Holdings PLC-ADR New 0.14% +0.14
TSLA Tesla Inc. Add +4.9% 0.45% +0.12
EPD Enterprise Products Partners New 0.12% +0.12
MCK McKesson Corp. New 0.12% +0.12
FPX First Trust US Equity Opport New 0.11% +0.11
WFC Wells Fargo & Co. New 0.11% +0.11
GOOGL Alphabet Inc. Class A Add +0.4% 1.76% +0.09
XETYX Eaton Vance Tax-MGD Div Eqty New 0.09% +0.09
AXON Axon Enterprise Inc. Add +15.5% 0.23% +0.09
ETV Eaton Vance T/M Buy-Writ Opp New 0.09% +0.09
NPWR Net Power Inc. New 0.08% +0.08
XAGDX Abrdn GLBL DYNM Divid New 0.07% +0.07
BDJ BlackRock Enhanced Eqty DVD Add +54.4% 0.08% +0.02
THW Abrdn World Healthcare Fund Add +56.2% 0.10% +0.02
CAH Cardinal Health Inc. Add +3.4% 0.33% +0.02
MA Mastercard Inc. Class A Add +0.5% 0.18% −0.00
QYLD Global X Nasd 100 Cov Call Add +8.4% 0.16% −0.00
ASG Liberty All-Star Growth FD Add +2.0% 0.05% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +6.8% 0.62% −0.01
HQL Abrdn Life Sciences Investor Add +11.0% 0.10% −0.01
PGR Progressive Corp. Add +5.4% 0.20% −0.02
RDVY First Trust Rising Dividend Add +1.1% 0.44% −0.02
PM Philip Morris International Add +0.1% 0.53% −0.03
BRK.B Berkshire Hathaway Inc. Class B Add +5.2% 1.24% −0.07
IRM Iron Mountain Inc. Add +0.1% 0.31% −0.10
LMT Lockheed Martin Corp. Add +2.0% 0.35% −0.15
ABBV Abbvie Inc. Add +0.3% 1.32% −0.34

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 175$238.8MIVV, AAPL, HDV, IVW, QQQ
Q1 2026 154$204.1MIVV, AAPL, HDV, PLTR, IVW
Q4 2025 133$201.2MIVV, AAPL, HDV, PLTR, META
Q3 2025 122$212.3MIVV, MSTR, AAPL, HDV, PLTR
Q2 2025 120$200.5MIVV, MSTR, AAPL, HDV, META
Q1 2025 112$176.8MIVV, MSTR, AAPL, HDV, PG
Q4 2024 114$187.4MIVV, MSTR, AAPL, HDV, META
Q3 2024 108$165.0MIVV, AAPL, MSTR, HDV, PG
Q2 2024 108$152.5MIVV, AAPL, HDV, MSTR, PG
Q1 2024 102$146.9MIVV, AAPL, MSTR, HDV, PG