KCM Investment Advisors LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), KCM Investment Advisors LLC reported 375 stock positions worth $3.0 billion. Its top holding was Apple (AAPL) at 6.1% of the portfolio, followed by SS Technology Select Sector (XLK, 5.9%) and Microsoft (MSFT, 5.0%). Compared with Q1 2025, it opened 29 new positions, sold out of 13, added to 131 and reduced 163. The biggest buy was Invesco QQQ Trust Series 1 (QQQ, shares +36%) and the biggest sale Apple (AAPL, shares −2%).

Most Recent 13F
Q2 2026
Location
GREENBRAE, CA
CIK
0001109228
Portfolio Value
$3.0B (Q2 2025)
SEC Filing
0001941040-25-000435 ↗ filed Aug 6, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.7B Q1 2024 Q2 2024: $2.8B Q2 2024 Q3 2024: $2.9B Q3 2024 Q4 2024: $2.9B Q4 2024 Q1 2025: $2.8B Q1 2025 Q2 2025: $3.0B $3.0B Q2 2025 Q3 2025: $3.1B Q3 2025 Q4 2025: $3.1B Q4 2025 Q1 2026: $3.0B Q1 2026 Q2 2026: $3.4B Q2 2026

Holdings 375 stocks · $3.0B
AAPL Apple Inc. 6.11% 881,786 $180.9M Reduce -1.6%
XLK SS Technology Select Sector 5.94% 695,261 $176.1M Reduce -2.3%
MSFT Microsoft Corp. 5.03% 299,432 $148.9M Reduce -1.4%
COST Costco Wholesale Corp. 3.87% 115,963 $114.8M Reduce -1.0%
XLC SS Comm Select Sector SPDR 2.63% 717,482 $77.9M Add +6.3%
AMZN Amazon.com Inc. 2.46% 332,233 $72.9M Reduce -1.4%
VTI VG Morningstar TS MKT ETF-US 2.26% 220,458 $67.0M Reduce -0.7%
NVDA Nvidia Corp. 2.00% 374,313 $59.1M Reduce -1.2%
JPM JPMorgan Chase & Co. 1.96% 200,446 $58.1M Add +10.4%
WMT Walmart Inc. 1.88% 569,305 $55.7M Reduce -1.2%
V Visa Inc. Class A 1.85% 154,101 $54.7M Reduce -1.2%
VGT Vanguard Info Tech ETF 1.85% 82,427 $54.7M Add +5.1%
XLY SS Consumer Disc Select Sect 1.84% 251,152 $54.6M Add +5.3%
ADP Automatic Data Processing 1.81% 173,834 $53.6M Reduce -1.8%
HD Home Depot Inc. 1.71% 138,308 $50.7M Add +0.6%
XLV SS Health Care Select Sector 1.65% 361,852 $48.8M Add +6.9%
GOOGL Alphabet Inc. Class A 1.64% 275,545 $48.6M Reduce -1.0%
XLF SS Financial Select Sector 1.58% 895,558 $46.9M Add +1.8%
VOX Vanguard Communication Servi 1.55% 268,933 $46.0M Add +0.5%
CVX Chevron Corp. 1.53% 315,662 $45.2M Reduce -2.7%
VFH Vanguard Financials ETF 1.48% 343,860 $43.8M Reduce -1.2%
WM Waste Management Inc. 1.48% 191,047 $43.7M Reduce -1.0%
TT Trane Technologies PLC 1.44% 97,866 $42.8M Reduce -2.0%
XLI SS Industrial Select Sector 1.30% 260,737 $38.5M Add +0.8%
XLP SS Consumer Staples Sel Sect 1.12% 408,538 $33.1M Reduce -0.6%
QQQ Invesco QQQ Trust Series 1 1.10% 59,199 $32.7M Add +36.5%
BX Blackstone Inc. 1.08% 214,753 $32.1M Add +2.1%
VCR Vanguard Consumer Discre ETF 1.05% 85,565 $31.0M Add +2.7%
PG The Procter & Gamble Co. 1.04% 193,272 $30.8M Reduce -4.5%
XLE SS Energy Select Sector 1.01% 353,359 $30.0M Reduce -0.0%
JNJ Johnson & Johnson 1.00% 193,386 $29.5M Reduce -3.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.91% 43,655 $27.0M Reduce -3.1%
GOOG Alphabet Inc. Class C 0.89% 148,019 $26.3M Reduce -1.3%
VHT Vanguard Health Care ETF 0.88% 105,448 $26.2M Reduce -2.8%
AMGN Amgen Inc. 0.85% 89,835 $25.1M Reduce -0.1%
VIS Vanguard Industrials ETF 0.82% 86,448 $24.2M Add +2.9%
NEE Nextera Energy Inc. 0.82% 348,351 $24.2M Reduce -0.5%
CSL Carlisle Cos Inc. 0.76% 59,957 $22.4M Add +10.4%
MCD McDonald's Corp. 0.75% 76,337 $22.3M Reduce -0.3%
ABT Abbott Laboratories 0.67% 146,946 $20.0M Add +5.1%
CAT Caterpillar Inc. 0.67% 51,441 $20.0M Reduce -1.5%
ECL Ecolab Inc. 0.66% 72,791 $19.6M Reduce -1.1%
AVGO Broadcom Inc. 0.62% 66,388 $18.3M Reduce -3.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.58% 364,645 $17.3M Add +0.8%
LLY Eli Lilly & Co. 0.58% 21,877 $17.1M Reduce -42.0%
ABBV Abbvie Inc. 0.48% 76,427 $14.2M Add +1.0%
DHR Danaher Corp. 0.48% 71,797 $14.2M Reduce -2.4%
KLAC KLA Corp. 0.47% 15,669 $14.0M Reduce -1.0%
BRK.B Berkshire Hathaway Inc. Class B 0.47% 28,373 $13.8M Reduce -2.3%
VDC Vanguard Consumer Staple ETF 0.45% 60,955 $13.3M Add +1.6%
SDY SS SPDR S&P Dividend ETF 0.43% 93,759 $12.7M Reduce -0.8%
APD Air Products & Chemicals Inc. 0.42% 43,728 $12.3M Reduce -2.0%
VZ Verizon Communications Inc. 0.41% 281,011 $12.2M Reduce -0.8%
O Realty Income Corp. 0.39% 200,811 $11.6M Reduce -0.6%
SBUX Starbucks Corp. 0.38% 122,496 $11.2M Reduce -7.0%
KMB Kimberly-Clark Corp. 0.38% 87,025 $11.2M Reduce -1.7%
VRT Vertiv Holdings Co. Class A 0.37% 85,132 $10.9M Add +6.6%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.36% 130,192 $10.6M Add +2.4%
XLB SS Materials Select Sector 0.33% 111,212 $9.8M Add +8.5%
SOXX iShares Semiconductor ETF 0.30% 37,330 $8.9M Add +295.3%
LOW Lowe's Cos Inc. 0.30% 39,412 $8.7M Reduce -2.8%
VNQ Vanguard Real Estate ETF 0.29% 96,969 $8.6M Reduce -2.5%
SCHW Schwab (charles) Corp. 0.29% 93,776 $8.6M Reduce -1.4%
LH Labcorp Holdings Inc. 0.28% 31,969 $8.4M Reduce -0.5%
AMAT Applied Materials Inc. 0.28% 45,756 $8.4M Reduce -0.3%
MDY State Street SPDR S&P Midcap 0.27% 14,027 $7.9M Reduce -3.0%
IVV iShares Core S&P 500 ETF 0.26% 12,247 $7.6M Add +3.0%
VAW Vanguard Materials ETF 0.25% 38,231 $7.4M Reduce -3.4%
ACN Accenture PLC Class A 0.25% 24,891 $7.4M Reduce -5.2%
SCCO Southern Copper Corp. 0.25% 73,016 $7.4M Add +2.1%
DE Deere & Co. 0.25% 14,472 $7.4M Add +41.1%
DVY iShares Select Dividend ETF 0.24% 52,812 $7.0M Add +0.0%
CTAS Cintas Corp. 0.23% 30,667 $6.8M Reduce -8.8%
GPC Genuine Parts Co. 0.23% 56,280 $6.8M Add +0.2%
LIN Linde PLC 0.23% 14,447 $6.8M Reduce -0.9%
NKE Nike Inc. Class B 0.23% 94,606 $6.7M Reduce -21.2%
CSCO Cisco Systems Inc. 0.22% 95,801 $6.6M Add +2.9%
VPU Vanguard Utilities ETF 0.22% 36,732 $6.5M Add +0.1%
ETN Eaton Corp. PLC 0.22% 18,027 $6.4M Add +1.0%
VDE Vanguard Energy ETF 0.22% 53,893 $6.4M Reduce -8.5%
SPGI S&P Global Inc. 0.22% 12,162 $6.4M Reduce -6.6%
LHX L3HARRIS Technologies Inc. 0.21% 24,879 $6.2M Add +1.2%
QCOM Qualcomm Inc. 0.21% 38,925 $6.2M Reduce -4.2%
GD General Dynamics Corp. 0.20% 19,875 $5.8M Add +0.9%
UPS United Parcel Service Class B 0.19% 56,593 $5.7M Reduce -36.3%
SCHB Schwab US Broad Market ETF 0.19% 232,912 $5.6M Add +0.0%
CL Colgate-Palmolive Co. 0.18% 58,815 $5.3M Add +0.0%
PEG Public Service Enterprise GP 0.18% 63,298 $5.3M Add +0.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.17% 11,770 $5.2M Add +4.6%
SCHD Schwab US DVD Equity ETF 0.17% 189,823 $5.0M Reduce -2.4%
GS Goldman Sachs Group Inc. 0.17% 7,055 $5.0M Add +10.5%
META Meta Platforms Inc. Class A 0.17% 6,703 $4.9M Add +1.1%
TRV The Travelers Cos Inc. 0.17% 18,280 $4.9M Add +1.8%
CB Chubb Ltd. 0.16% 16,859 $4.9M Add +3.0%
XLRE SS Real Estate Select Sector 0.16% 115,180 $4.8M Add +2.0%
FDIS Fidelity MSCI Cons Discr Ind 0.16% 50,632 $4.8M Reduce -0.1%
CLX Clorox Company 0.16% 39,514 $4.7M Reduce -1.2%
ORCL Oracle Corp. 0.16% 21,613 $4.7M Add +4.3%
TSLA Tesla Inc. 0.16% 14,723 $4.7M Add +0.7%
TMUS T-Mobile US Inc. 0.15% 18,974 $4.5M Add +5.3%

Show all 375 holdings

Other holdings (3): bonds, preferreds, convertibles and warrants · $17.9M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 11,637$13.7MReduce -0.1%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 2,429$2.9MAdd +2.8%
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 33,583$1.3MReduce -0.7%

Total filed on the 13F, all lines: $3.0B.

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -1.6% 6.11% −1.09
LLY Eli Lilly & Co. Reduce -42.0% 0.58% −0.55
CVX Chevron Corp. Reduce -2.7% 1.53% −0.44
PG The Procter & Gamble Co. Reduce -4.5% 1.04% −0.21
JNJ Johnson & Johnson Reduce -3.4% 1.00% −0.20
XLE SS Energy Select Sector Reduce -0.0% 1.01% −0.18
AMGN Amgen Inc. Reduce -0.1% 0.85% −0.17
UPS United Parcel Service Class B Reduce -36.3% 0.19% −0.16
VHT Vanguard Health Care ETF Reduce -2.8% 0.88% −0.15
ADP Automatic Data Processing Reduce -1.8% 1.81% −0.15
WM Waste Management Inc. Reduce -1.0% 1.48% −0.14
UNH Unitedhealth Group Inc. Reduce -23.3% 0.10% −0.13
COST Costco Wholesale Corp. Reduce -1.0% 3.87% −0.13
V Visa Inc. Class A Reduce -1.2% 1.85% −0.13
UNP Union Pacific Corp. Reduce -50.0% 0.10% −0.12
MCD McDonald's Corp. Reduce -0.3% 0.75% −0.11
XLP SS Consumer Staples Sel Sect Reduce -0.6% 1.12% −0.10
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.3% 0.47% −0.09
SBUX Starbucks Corp. Reduce -7.0% 0.38% −0.09
NEE Nextera Energy Inc. Reduce -0.5% 0.82% −0.08
KMB Kimberly-Clark Corp. Reduce -1.7% 0.38% −0.08
DHR Danaher Corp. Reduce -2.4% 0.48% −0.07
APD Air Products & Chemicals Inc. Reduce -2.0% 0.42% −0.06
VDE Vanguard Energy ETF Reduce -8.5% 0.22% −0.06
VZ Verizon Communications Inc. Reduce -0.8% 0.41% −0.05
CLX Clorox Company Reduce -1.2% 0.16% −0.05
NKE Nike Inc. Class B Reduce -21.2% 0.23% −0.05
LOW Lowe's Cos Inc. Reduce -2.8% 0.30% −0.05
ACN Accenture PLC Class A Reduce -5.2% 0.25% −0.05
IWM iShares Russell 2000 ETF Reduce -52.5% 0.03% −0.04
SRE Sempra Reduce -70.6% 0.01% −0.04
MRK Merck & Co. Inc. Reduce -1.9% 0.15% −0.04
ZBH Zimmer Biomet Holdings Inc. Reduce -1.5% 0.10% −0.03
SDY SS SPDR S&P Dividend ETF Reduce -0.8% 0.43% −0.03
VNQ Vanguard Real Estate ETF Reduce -2.5% 0.29% −0.03
O Realty Income Corp. Reduce -0.6% 0.39% −0.03
SMH Vaneck Semiconductor ETF Reduce -35.8% 0.11% −0.03
ISRG Intuitive Surgical Inc. Reduce -50.4% 0.03% −0.03
FENY Fidelity MSCI Energy Index Reduce -3.5% 0.14% −0.03
LULU Lululemon Athletica Inc. Reduce -9.6% 0.07% −0.03
TMO Thermo Fisher Scientific Inc. Reduce -1.7% 0.08% −0.03
SCHD Schwab US DVD Equity ETF Reduce -2.4% 0.17% −0.03
VFH Vanguard Financials ETF Reduce -1.2% 1.48% −0.03
IBB iShares Biotechnology ETF Reduce -22.7% 0.06% −0.03
VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.02
ROST Ross Stores Inc. Reduce -8.0% 0.14% −0.02
SPGI S&P Global Inc. Reduce -6.6% 0.22% −0.02
MA Mastercard Inc. Class A Reduce -22.7% 0.06% −0.02
CTAS Cintas Corp. Reduce -8.8% 0.23% −0.02
VAW Vanguard Materials ETF Reduce -3.4% 0.25% −0.02

Portfolio Buys Q1 2025 → Q2 2025
QQQ Invesco QQQ Trust Series 1 Add +36.5% 1.10% +0.37
JPM JPMorgan Chase & Co. Add +10.4% 1.96% +0.35
VGT Vanguard Info Tech ETF Add +5.1% 1.85% +0.31
XLC SS Comm Select Sector SPDR Add +6.3% 2.63% +0.27
SOXX iShares Semiconductor ETF Add +295.3% 0.30% +0.24
VRT Vertiv Holdings Co. Class A Add +6.6% 0.37% +0.16
XLY SS Consumer Disc Select Sect Add +5.3% 1.84% +0.14
VOX Vanguard Communication Servi Add +0.5% 1.55% +0.12
SPTM SS SPDR P S&P 1500 Comp ETF New 0.10% +0.10
CSL Carlisle Cos Inc. Add +10.4% 0.76% +0.09
DE Deere & Co. Add +41.1% 0.25% +0.07
XLI SS Industrial Select Sector Add +0.8% 1.30% +0.07
VCR Vanguard Consumer Discre ETF Add +2.7% 1.05% +0.07
VIS Vanguard Industrials ETF Add +2.9% 0.82% +0.07
VEA Vanguard Ftse Developed ETF Add +133.2% 0.11% +0.06
IWV iShares Russell 3000 ETF New 0.06% +0.06
ORCL Oracle Corp. Add +4.3% 0.16% +0.05
GS Goldman Sachs Group Inc. Add +10.5% 0.17% +0.04
ETN Eaton Corp. PLC Add +1.0% 0.22% +0.04
GLD SPDR Gold Shares Add +144.0% 0.06% +0.04
BAC Bank of America Corp. Add +0.8% 0.58% +0.04
BLDR Builders Firstsource Inc. Add +75.8% 0.10% +0.03
META Meta Platforms Inc. Class A Add +1.1% 0.17% +0.03
DDOG Datadog Inc. Class A Add +87.7% 0.05% +0.03
LHX L3HARRIS Technologies Inc. Add +1.2% 0.21% +0.02
VSS Vanguard Ftse All Wo X-US SC New 0.02% +0.02
VUG Vanguard Mrngstar GR ETF-Sui Add +4.6% 0.17% +0.02
CW Curtiss-Wright Corp. Add +0.3% 0.07% +0.02
BX Blackstone Inc. Add +2.1% 1.08% +0.02
TSM Taiwan Semiconductor-SP ADR Add +7.7% 0.08% +0.02
IXG iShares Global Financials Et New 0.02% +0.02
TSLA Tesla Inc. Add +0.7% 0.16% +0.02
IXUS iShares Core Intl Stock ETF New 0.02% +0.02
BKNG Booking Holdings Inc. Add +6.4% 0.08% +0.02
JCI Johnson Controls Internation Add +2.6% 0.08% +0.02
NLR Vaneck Urani & Nuclr ETF-Usd New 0.02% +0.02
CSCO Cisco Systems Inc. Add +2.9% 0.22% +0.02
IBM Intl Business Machines Corp. Add +7.6% 0.10% +0.02
IVV iShares Core S&P 500 ETF Add +3.0% 0.26% +0.02
PANW Palo Alto Networks Inc. New 0.01% +0.01
ARM Arm Holdings PLC-ADR Add +51.8% 0.03% +0.01
IXJ iShares Global Healthcare Et New 0.01% +0.01
DON Wisdomtree US Midcap Dividen New 0.01% +0.01
NFLX Netflix Inc. Add +6.0% 0.04% +0.01
MNDY Monday.com Ltd. Add +24.4% 0.04% +0.01
PRF Invesco Rafi US 1000 ETF New 0.01% +0.01
CAH Cardinal Health Inc. Add +0.7% 0.09% +0.01
GE General Electric Add +9.3% 0.05% +0.01
XLB SS Materials Select Sector Add +8.5% 0.33% +0.01
GEV GE Vernova Inc. Add +4.3% 0.03% +0.01

Notes & Other Activity Q1 2025 → Q2 2025
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -0.1% 11,637 $13.7M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +2.8% 2,429 $2.9M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Reduce -0.7% 33,583 $1.3M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 398$3.4BXLK, AAPL, MSFT, COST, GOOGL
Q1 2026 391$3.0BAAPL, XLK, COST, MSFT, GOOGL
Q4 2025 392$3.1BAAPL, XLK, MSFT, COST, GOOGL
Q3 2025 381$3.1BAAPL, XLK, MSFT, COST, AMZN
Q2 2025 375$3.0BAAPL, XLK, MSFT, COST, XLC
Q1 2025 359$2.8BAAPL, XLK, MSFT, COST, XLC
Q4 2024 364$2.9BAAPL, XLK, MSFT, COST, AMZN
Q3 2024 370$2.9BAAPL, XLK, MSFT, COST, VTI
Q2 2024 364$2.8BAAPL, XLK, MSFT, COST, AMZN
Q1 2024 374$2.7BAAPL, XLK, MSFT, COST, AMZN