Kapstone Financial Advisors LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), Kapstone Financial Advisors LLC reported 112 stock positions worth $176.8 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 15.9% of the portfolio, followed by Strategy (MSTR, 11.2%) and Apple (AAPL, 10.9%). Compared with Q4 2024, it opened 4 new positions, sold out of 6, added to 23 and reduced 28. The biggest buy was a new position in Agnico Eagle Mines (AEM) and the biggest sale Strategy (MSTR, shares −2%).

Most Recent 13F
Q2 2026
Location
LEBANON, OH
CIK
0001966087
Portfolio Value
$176.8M (Q1 2025)
SEC Filing
0001951757-25-000312 ↗ filed Apr 11, 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 Q4 2024 Q1 2025: $176.8M $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 112 stocks · $176.8M
IVV iShares Core S&P 500 ETF 15.92% 50,094 $28.1M Add +4.2%
MSTR Strategy Inc. filed as MICROSTRATEGY INC 11.20% 68,700 $19.8M Reduce -2.5%
AAPL Apple Inc. 10.93% 86,974 $19.3M Reduce -3.5%
HDV iShares Core High Dividend E 7.05% 102,877 $12.5M Reduce -0.3%
PG The Procter & Gamble Co. 3.10% 32,132 $5.5M Add +2.3%
META Meta Platforms Inc. Class A 2.97% 9,111 $5.3M Reduce -0.1%
VYM Vanguard High DVD Yield ETF 2.31% 31,661 $4.1M Reduce -0.5%
MSFT Microsoft Corp. 2.10% 9,899 $3.7M Add +1.5%
IVW iShares S&P 500 Growth ETF 1.99% 37,837 $3.5M Add +8.6%
PLTR Palantir Technologies Inc. Class A 1.78% 37,253 $3.1M Add +1.1%
DVY iShares Select Dividend ETF 1.68% 22,143 $3.0M Reduce -0.2%
ABBV Abbvie Inc. 1.66% 14,019 $2.9M Reduce -0.5%
QQQ Invesco QQQ Trust Series 1 1.52% 5,747 $2.7M Add +15.0%
IWF iShares Russell 1000 Growth 1.51% 7,412 $2.7M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 1.49% 4,940 $2.6M Reduce -0.0%
GOOGL Alphabet Inc. Class A 1.48% 16,917 $2.6M Reduce -0.0%
JPM JPMorgan Chase & Co. 1.29% 9,326 $2.3M Reduce -1.0%
NVDA Nvidia Corp. 1.24% 20,145 $2.2M Add +4.3%
FTCS First Trust Capital Strength 1.13% 22,187 $2.0M Add +6.5%
AMZN Amazon.com Inc. 0.94% 8,689 $1.7M Add +15.4%
DGRO iShares Core Dividend Growth 0.88% 25,254 $1.6M No change
FTGS First Trust Grwth Strgth ETF 0.86% 50,885 $1.5M Add +9.4%
GOOG Alphabet Inc. Class C 0.85% 9,604 $1.5M Add +2.2%
XOM Exxon Mobil Corp. 0.77% 11,510 $1.4M Reduce -0.2%
LCNB LCNB Corporation 0.77% 91,505 $1.4M Add +5.3%
AEM Agnico Eagle Mines Ltd. 0.74% 12,000 $1.3M New
JNJ Johnson & Johnson 0.70% 7,468 $1.2M Reduce -1.3%
PM Philip Morris International 0.69% 7,640 $1.2M No change
PAYX Paychex Inc. 0.66% 7,505 $1.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.61% 1,926 $1.1M No change
MPC Marathon Petroleum Corp. 0.60% 7,265 $1.1M Reduce -0.0%
COST Costco Wholesale Corp. 0.58% 1,086 $1.0M No change
V Visa Inc. Class A 0.57% 2,894 $1.0M Reduce -0.1%
CSCO Cisco Systems Inc. 0.55% 15,841 $978K No change
MO Altria Group Inc. 0.48% 14,281 $857K Add +7.5%
MRK Merck & Co. Inc. 0.46% 9,043 $812K Reduce -4.4%
BRK.A Berkshire Hathaway Inc. Class A 0.45% 1 $798K No change
DUK Duke Energy Corp. 0.44% 6,358 $775K No change
RDVY First Trust Rising Dividend 0.42% 12,799 $749K Reduce -2.7%
XLE SS Energy Select Sector 0.42% 7,953 $743K Reduce -2.0%
CAH Cardinal Health Inc. 0.37% 4,806 $662K No change
CRM Salesforce Inc. 0.37% 2,408 $646K No change
HD Home Depot Inc. 0.36% 1,739 $637K Reduce -0.1%
VMC Vulcan Materials Co. 0.36% 2,700 $630K No change
MLM Martin Marietta Materials 0.36% 1,315 $629K No change
CVX Chevron Corp. 0.35% 3,735 $625K Reduce -1.2%
HBAN Huntington Bancshares Inc. 0.34% 40,122 $602K No change
ELV Elevance Health Inc. 0.34% 1,379 $600K No change
RSPT Invesco S&P 500 Equal Weight 0.33% 17,280 $591K No change
FITB Fifth Third Bancorp 0.33% 15,068 $591K Add +148.3%
ISRG Intuitive Surgical Inc. 0.31% 1,122 $556K No change
CSX CSX Corp. 0.31% 18,778 $553K No change
ADI Analog Devices Inc. 0.31% 2,734 $551K No change
KO The Coca-Cola Co. 0.31% 7,684 $550K No change
SO The Southern Co. 0.31% 5,885 $541K Reduce -0.0%
LMT Lockheed Martin Corp. 0.29% 1,141 $510K Reduce -20.8%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.28% 5,792 $498K No change
F Ford Motor Co. filed as FORD MTR CO 0.28% 49,577 $497K Add +104.0%
SDY SS SPDR S&P Dividend ETF 0.28% 3,663 $497K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.28% 11,667 $487K Reduce -0.0%
RSPH Invesco S&P 500 Equal Weight 0.27% 16,010 $476K No change
AXON Axon Enterprise Inc. 0.26% 880 $463K Add +32.7%
BMY Bristol-Myers Squibb Co. 0.26% 7,473 $456K Reduce -25.2%
PGR Progressive Corp. 0.25% 1,550 $439K No change
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.25% 8,376 $434K Add +110.7%
DHI D.R. Horton Inc. 0.23% 3,145 $400K No change
NOBL Proshares S&P 500 Dividend A 0.22% 3,755 $384K No change
CMI Cummins Inc. 0.22% 1,222 $383K No change
KR Kroger Co. 0.21% 5,547 $375K Reduce -2.7%
CINF Cincinnati Financial Corp. 0.21% 2,539 $375K No change
VZ Verizon Communications Inc. 0.19% 7,349 $333K No change
MA Mastercard Inc. Class A 0.19% 606 $332K Reduce -0.2%
AXP American Express Co. 0.19% 1,227 $330K No change
CAG Conagra Brands Inc. 0.18% 11,934 $318K No change
MCD McDonald's Corp. 0.18% 1,018 $318K No change
NVS Novartis AG-Sponsored ADR 0.17% 2,695 $300K No change
KMB Kimberly-Clark Corp. 0.17% 2,107 $300K Reduce -15.8%
WMT Walmart Inc. 0.16% 3,297 $289K No change
FDX FedEx Corp. 0.16% 1,161 $283K No change
BA The Boeing Co. 0.16% 1,621 $276K Reduce -8.5%
QYLD Global X Nasd 100 Cov Call 0.15% 16,467 $274K No change
MU Micron Technology Inc. 0.15% 3,132 $272K Add +3.5%
DAL Delta Air Lines Inc. 0.15% 6,229 $272K No change
DTD Wisdomtree US Total Dividend 0.15% 3,500 $269K No change
TMUS T-Mobile US Inc. 0.15% 1,000 $267K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.15% 2,623 $259K Add +0.3%
QTEC First Trust Nasdq 100 Tech I 0.14% 1,463 $254K Add +9.9%
MCK McKesson Corp. 0.14% 368 $248K No change
XLF SS Financial Select Sector 0.14% 4,924 $245K No change
LOW Lowe's Cos Inc. 0.14% 1,030 $240K No change
ED Consolidated Edison Inc. 0.13% 2,111 $233K New
VTI VG Morningstar TS MKT ETF-US 0.13% 845 $232K No change
EPD Enterprise Products Partners 0.13% 6,624 $226K No change
BX Blackstone Inc. 0.13% 1,615 $226K No change
UNP Union Pacific Corp. 0.12% 930 $220K No change
IJR iShares Core S&P Small-Cap E 0.12% 2,085 $218K No change
IWB iShares Russell 1000 ETF 0.12% 700 $215K No change
GILD Gilead Sciences Inc. 0.12% 1,891 $212K New
LLY Eli Lilly & Co. 0.12% 252 $208K No change
PEP Pepsico Inc. 0.12% 1,373 $206K No change
IEFA iShares Core MSCI Eafe ETF 0.12% 2,721 $206K New
THW Abrdn World Healthcare Fund 0.11% 16,400 $189K No change
HQL Abrdn Life Sciences Investor 0.10% 13,594 $173K Add +3.6%
XFOFX Cohen & Steers Closed-End Op 0.09% 13,650 $165K No change
XETYX Eaton Vance Tax-MGD Div Eqty 0.09% 10,966 $156K No change
BDJ BlackRock Enhanced Eqty DVD 0.09% 18,161 $156K No change
ETV Eaton Vance T/M Buy-Writ Opp 0.08% 11,185 $148K No change
XAGDX Abrdn GLBL DYNM Divid 0.07% 13,150 $131K No change
ETW Eaton Vance T/M GLBL Buy-WR 0.05% 11,185 $92K Add +11.5%
ASG Liberty All-Star Growth FD 0.05% 18,023 $88K Add +2.2%
GAB Gabelli Equity Trust 0.04% 11,650 $64K No change
NPWR Net Power Inc. 0.03% 17,395 $46K No change

Portfolio Sells Q4 2024 → Q1 2025
MSTR Strategy Inc. Reduce -2.5% 11.20% −1.62
CEG Constellation Energy Sold out 0.00% −0.82
AAPL Apple Inc. Reduce -3.5% 10.93% −0.58
TSLA Tesla Inc. Sold out 0.00% −0.45
META Meta Platforms Inc. Class A Reduce -0.1% 2.97% −0.32
GOOGL Alphabet Inc. Class A Reduce -0.0% 1.48% −0.28
LW Lamb Weston Holdings Inc. Sold out 0.00% −0.14
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.14
FPX First Trust US Equity Opport Sold out 0.00% −0.11
IWF iShares Russell 1000 Growth Reduce -0.1% 1.51% −0.11
WFC Wells Fargo & Co. Sold out 0.00% −0.11
LMT Lockheed Martin Corp. Reduce -20.8% 0.29% −0.06
BMY Bristol-Myers Squibb Co. Reduce -25.2% 0.26% −0.06
JPM JPMorgan Chase & Co. Reduce -1.0% 1.29% −0.05
MRK Merck & Co. Inc. Reduce -4.4% 0.46% −0.04
HD Home Depot Inc. Reduce -0.1% 0.36% −0.02
RDVY First Trust Rising Dividend Reduce -2.7% 0.42% −0.02
BAC Bank of America Corp. Reduce -0.0% 0.28% −0.02
BA The Boeing Co. Reduce -8.5% 0.16% −0.01
KMB Kimberly-Clark Corp. Reduce -15.8% 0.17% −0.00
MA Mastercard Inc. Class A Reduce -0.2% 0.19% +0.01
MPC Marathon Petroleum Corp. Reduce -0.0% 0.60% +0.01
KR Kroger Co. Reduce -2.7% 0.21% +0.03
XLE SS Energy Select Sector Reduce -2.0% 0.42% +0.03
CVX Chevron Corp. Reduce -1.2% 0.35% +0.04
SO The Southern Co. Reduce -0.0% 0.31% +0.05
V Visa Inc. Class A Reduce -0.1% 0.57% +0.05
VYM Vanguard High DVD Yield ETF Reduce -0.5% 2.31% +0.07
DVY iShares Select Dividend ETF Reduce -0.2% 1.68% +0.09
JNJ Johnson & Johnson Reduce -1.3% 0.70% +0.09
XOM Exxon Mobil Corp. Reduce -0.2% 0.77% +0.11
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.0% 1.49% +0.25
ABBV Abbvie Inc. Reduce -0.5% 1.66% +0.34
HDV iShares Core High Dividend E Reduce -0.3% 7.05% +0.74

Portfolio Buys Q4 2024 → Q1 2025
AEM Agnico Eagle Mines Ltd. New 0.74% +0.74
IVV iShares Core S&P 500 ETF Add +4.2% 15.92% +0.40
PG The Procter & Gamble Co. Add +2.3% 3.10% +0.31
PLTR Palantir Technologies Inc. Class A Add +1.1% 1.78% +0.21
FITB Fifth Third Bancorp Add +148.3% 0.33% +0.19
F Ford Motor Co. Add +104.0% 0.28% +0.15
QQQ Invesco QQQ Trust Series 1 Add +15.0% 1.52% +0.14
ED Consolidated Edison Inc. New 0.13% +0.13
FTCS First Trust Capital Strength Add +6.5% 1.13% +0.12
JEPQ JPM Nasdaq Equity Premium Add +110.7% 0.25% +0.12
GILD Gilead Sciences Inc. New 0.12% +0.12
IEFA iShares Core MSCI Eafe ETF New 0.12% +0.12
MO Altria Group Inc. Add +7.5% 0.48% +0.11
IVW iShares S&P 500 Growth ETF Add +8.6% 1.99% +0.06
LCNB LCNB Corporation Add +5.3% 0.77% +0.05
FTGS First Trust Grwth Strgth ETF Add +9.4% 0.86% +0.04
AXON Axon Enterprise Inc. Add +32.7% 0.26% +0.04
MU Micron Technology Inc. Add +3.5% 0.15% +0.01
ETW Eaton Vance T/M GLBL Buy-WR Add +11.5% 0.05% +0.01
QTEC First Trust Nasdq 100 Tech I Add +9.9% 0.14% +0.00
HQL Abrdn Life Sciences Investor Add +3.6% 0.10% −0.00
ASG Liberty All-Star Growth FD Add +2.2% 0.05% −0.00
DIS The Walt Disney Co. Add +0.3% 0.15% −0.01
AMZN Amazon.com Inc. Add +15.4% 0.94% −0.02
NVDA Nvidia Corp. Add +4.3% 1.24% −0.04
GOOG Alphabet Inc. Class C Add +2.2% 0.85% −0.14
MSFT Microsoft Corp. Add +1.5% 2.10% −0.20

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