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%
MRK Merck & Co. Inc. 0.15% 56,553 $4.5M Reduce -1.9%
AZO AutoZone Inc. 0.14% 1,150 $4.3M Reduce -1.3%
ROST Ross Stores Inc. 0.14% 32,933 $4.2M Reduce -8.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.14% 33,525 $4.2M Reduce -4.5%
FTNT Fortinet Inc. 0.14% 38,711 $4.1M Add +2.0%
FENY Fidelity MSCI Energy Index 0.14% 173,293 $4.1M Reduce -3.5%
VIG Vanguard Dividend Apprec ETF 0.13% 18,697 $3.8M Add +0.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.13% 13,655 $3.8M Add +1.6%
CRM Salesforce Inc. 0.12% 13,570 $3.7M Add +0.3%
KO The Coca-Cola Co. 0.12% 51,839 $3.7M Add +1.9%
AXP American Express Co. 0.12% 11,178 $3.6M Reduce -0.4%
XOM Exxon Mobil Corp. 0.12% 32,687 $3.5M Add +1.4%
CORT Corcept Therapeutics Inc. 0.12% 47,655 $3.5M No change
HON Honeywell International Inc. 0.12% 14,715 $3.4M Reduce -1.8%
ADBE Adobe Inc. 0.11% 8,627 $3.3M Reduce -0.9%
SMH Vaneck Semiconductor ETF 0.11% 11,964 $3.3M Reduce -35.8%
XLG Invesco S&P 500 Top 50 ETF 0.11% 62,275 $3.2M Reduce -3.2%
WFC Wells Fargo & Co. 0.11% 40,360 $3.2M Reduce -2.1%
FNY First Trust Mid Cap Growth 0.11% 38,941 $3.2M Add +0.3%
ROP Roper Technologies Inc. 0.11% 5,663 $3.2M No change
CCI Crown Castle Inc. 0.11% 30,929 $3.2M Reduce -5.4%
VEA Vanguard Ftse Developed ETF 0.11% 54,672 $3.1M Add +133.2%
SO The Southern Co. 0.10% 33,476 $3.1M Add +2.3%
UNP Union Pacific Corp. 0.10% 13,289 $3.1M Reduce -50.0%
SPTM SS SPDR P S&P 1500 Comp ETF 0.10% 40,698 $3.0M New
PGX Invesco Preferred ETF 0.10% 272,722 $3.0M Reduce -3.9%
UNH Unitedhealth Group Inc. 0.10% 9,503 $3.0M Reduce -23.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.10% 9,906 $2.9M Add +7.6%
ZBH Zimmer Biomet Holdings Inc. 0.10% 31,913 $2.9M Reduce -1.5%
PFE Pfizer Inc. 0.10% 119,646 $2.9M Reduce -3.4%
MS Morgan Stanley 0.10% 20,553 $2.9M Reduce -8.8%
BLDR Builders Firstsource Inc. 0.10% 24,280 $2.8M Add +75.8%
MMM 3M Co. 0.10% 18,576 $2.8M Reduce -6.0%
IAT iShares US Regional Banks Et 0.09% 55,555 $2.8M Add +2.6%
CAH Cardinal Health Inc. 0.09% 16,372 $2.8M Add +0.7%
ALL Allstate Corp. 0.09% 13,412 $2.7M Add +5.0%
PPL PPL Corp. 0.09% 78,440 $2.7M Reduce -2.3%
DGRO iShares Core Dividend Growth 0.09% 39,593 $2.5M Reduce -3.9%
ORLY O'reilly Automotive Inc. 0.09% 28,040 $2.5M Add +1.8%
BKNG Booking Holdings Inc. 0.08% 434 $2.5M Add +6.4%
IJH iShares Core S&P Midcap ETF 0.08% 39,949 $2.5M Add +0.1%
TMO Thermo Fisher Scientific Inc. 0.08% 6,095 $2.5M Reduce -1.7%
GLW Corning Inc. 0.08% 46,794 $2.5M Add +5.1%
FCX Freeport-McMoran Inc. 0.08% 56,670 $2.5M Reduce -2.9%
JCI Johnson Controls Internation 0.08% 22,516 $2.4M Add +2.6%
MKC McCormick & Co.-Non VTG SHRS 0.08% 31,216 $2.4M Reduce -1.2%
BLK BlackRock Inc. 0.08% 2,235 $2.3M Reduce -6.7%
TSM Taiwan Semiconductor-SP ADR 0.08% 10,320 $2.3M Add +7.7%
RTX RTX Corp. 0.08% 15,416 $2.3M Add +1.5%
CW Curtiss-Wright Corp. 0.07% 4,534 $2.2M Add +0.3%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.07% 21,327 $2.2M Add +0.1%
ITW Illinois Tool Works 0.07% 8,844 $2.2M Reduce -3.2%
PLD Prologis Inc. 0.07% 20,009 $2.1M Reduce -3.2%
ELV Elevance Health Inc. 0.07% 5,351 $2.1M Reduce -2.6%
WEC WEC Energy Group Inc. 0.07% 19,657 $2.0M Reduce -1.7%
LULU Lululemon Athletica Inc. 0.07% 8,560 $2.0M Reduce -9.6%
OEF iShares S&P 100 ETF 0.07% 6,602 $2.0M Add +0.0%
PEP Pepsico Inc. 0.07% 14,961 $2.0M Reduce -4.7%
GLD SPDR Gold Shares 0.06% 6,284 $1.9M Add +144.0%
IBB iShares Biotechnology ETF 0.06% 15,066 $1.9M Reduce -22.7%
PH Parker Hannifin Corp. 0.06% 2,679 $1.9M Add +0.6%
IWV iShares Russell 3000 ETF 0.06% 5,117 $1.8M New
VYM Vanguard High DVD Yield ETF 0.06% 13,446 $1.8M Reduce -0.8%
MAR Marriott International Class A 0.06% 6,552 $1.8M Reduce -8.4%
SCHM Schwab US Mid Cap ETF 0.06% 63,459 $1.8M No change
LMT Lockheed Martin Corp. 0.06% 3,819 $1.8M Reduce -1.1%
KR Kroger Co. 0.06% 24,451 $1.8M Add +1.1%
IWF iShares Russell 1000 Growth 0.06% 4,082 $1.7M Reduce -10.8%
BA The Boeing Co. 0.06% 8,233 $1.7M Reduce -0.2%
UL Unilever PLC 0.06% 28,019 $1.7M Reduce -1.7%
QUAL iShares MSCI USA Quality Fac 0.06% 9,334 $1.7M No change
MA Mastercard Inc. Class A 0.06% 3,016 $1.7M Reduce -22.7%
WMB Williams Cos Inc. 0.06% 26,417 $1.7M Reduce -0.8%
EMR Emerson Electric Co. 0.06% 12,330 $1.6M Reduce -1.9%
SHW The Sherwin-Williams Co. 0.05% 4,635 $1.6M Reduce -13.7%
FDX FedEx Corp. 0.05% 6,823 $1.6M Add +4.3%
IYF iShares US Financials ETF 0.05% 12,162 $1.5M Add +0.1%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.05% 3,323 $1.5M Reduce -0.3%
ACWI iShares MSCI Acwi ETF 0.05% 11,155 $1.4M No change
CDNS Cadence Design SYS Inc. 0.05% 4,582 $1.4M No change
DLN Wisdomtree US Largecap Divid 0.05% 17,027 $1.4M Add +0.6%
SCHX Schwab US Large-Cap ETF 0.05% 56,099 $1.4M Add +22.4%
VB Vanguard Most SM-Cap ETF-Usd 0.05% 5,767 $1.4M Add +14.2%
GE General Electric filed as GE AEROSPACE 0.05% 5,295 $1.4M Add +9.3%
MDT Medtronic PLC 0.05% 15,591 $1.4M Add +25.8%
OMC Omnicom Group 0.05% 18,706 $1.3M Add +13.5%
DDOG Datadog Inc. Class A 0.05% 9,950 $1.3M Add +87.7%
MPC Marathon Petroleum Corp. 0.04% 7,999 $1.3M Reduce -2.4%
IGV iShares Expanded Tech-Softwa 0.04% 12,084 $1.3M Add +7.1%
NFLX Netflix Inc. 0.04% 966 $1.3M Add +6.0%
T AT&T Inc. 0.04% 44,505 $1.3M Reduce -4.7%
VOO Vanguard S&P 500 ETF 0.04% 2,246 $1.3M Add +15.3%
NVS Novartis AG-Sponsored ADR 0.04% 10,249 $1.2M Add +4.7%
NUE Nucor Corp. 0.04% 9,569 $1.2M Reduce -3.3%
GILD Gilead Sciences Inc. 0.04% 11,060 $1.2M Add +15.2%
J Jacobs Solutions Inc. 0.04% 8,991 $1.2M Reduce -3.2%
LEN Lennar Corp. Class A 0.04% 10,679 $1.2M Add +0.2%
XNTK SS SPDR Nyse Tech ETF 0.04% 4,950 $1.2M No change
RSP Invesco S&P 500 Equal Weight 0.04% 6,281 $1.1M Reduce -2.6%
MNDY Monday.com Ltd. 0.04% 3,567 $1.1M Add +24.4%
VRSK Verisk Analytics Inc. 0.04% 3,595 $1.1M Add +0.3%
SCHG Schwab US Large-Cap Growth 0.04% 38,270 $1.1M Add +22.3%
LRCX Lam Research Corp. 0.04% 11,181 $1.1M Reduce -14.4%
IOO iShares Global 100 ETF 0.04% 10,062 $1.1M No change
IAU iShares Gold Trust 0.04% 17,365 $1.1M Add +9.1%
BSX Boston Scientific Corp. 0.04% 9,930 $1.1M Add +9.7%
MCK McKesson Corp. 0.04% 1,435 $1.1M Reduce -4.7%
DUK Duke Energy Corp. 0.04% 8,862 $1.0M Add +11.9%
FNDX Schwab Fndmntl US LRG Co. ETF 0.04% 42,262 $1.0M Reduce -1.7%
IWM iShares Russell 2000 ETF 0.03% 4,652 $1.0M Reduce -52.5%
JBL Jabil Inc. 0.03% 4,527 $987K No change
BMY Bristol-Myers Squibb Co. 0.03% 20,883 $967K Reduce -1.3%
CVS CVS Health Corp. 0.03% 13,571 $936K Reduce -6.5%
NOW ServiceNow Inc. 0.03% 901 $926K No change
USB US Bancorp 0.03% 20,085 $909K Reduce -19.9%
IETC iShares U.S. Tech Independen 0.03% 9,636 $906K No change
ISRG Intuitive Surgical Inc. 0.03% 1,651 $897K Reduce -50.4%
PM Philip Morris International 0.03% 4,787 $872K Add +7.1%
ET Energy Transfer LP 0.03% 47,300 $858K No change
TEAM Atlassian Corp. Class A 0.03% 4,200 $853K Add +9.9%
SYY Sysco Corp. 0.03% 11,074 $839K Add +3.0%
MP MP Materials Corp. 0.03% 24,905 $829K Add +3.7%
CMCSA Comcast Corp. Class A 0.03% 22,416 $800K Add +3.4%
ONEQ Fidelity Nasdaq Comp Indx 0.03% 9,967 $798K No change
NEM Newmont Corp. 0.03% 13,653 $795K Add +34.4%
TEL Te Connectivity PLC 0.03% 4,708 $794K Reduce -35.6%
TXN Texas Instruments Inc. 0.03% 3,772 $783K No change
TGT Target Corp. 0.03% 7,923 $782K Reduce -20.1%
MO Altria Group Inc. 0.03% 13,315 $781K Add +48.0%
ARM Arm Holdings PLC-ADR 0.03% 4,727 $765K Add +51.8%
SYK Stryker Corp. 0.03% 1,925 $762K Add +1.9%
EPD Enterprise Products Partners 0.03% 24,541 $761K Reduce -3.1%
GEV GE Vernova Inc. 0.03% 1,436 $760K Add +4.3%
PFF iShares Preferred & Income S 0.03% 24,350 $747K Reduce -4.5%
XYL Xylem Inc. 0.03% 5,772 $747K Reduce -11.6%
COP Conocophillips 0.02% 8,056 $723K Reduce -13.1%
CARR Carrier Global Corp. 0.02% 9,705 $710K Add +0.2%
VSS Vanguard Ftse All Wo X-US SC 0.02% 5,187 $697K New
CI The Cigna Group 0.02% 2,102 $695K Reduce -2.3%
C Citigroup Inc. 0.02% 7,995 $681K Add +6.0%
STZ Constellation Brands Inc. Class A 0.02% 4,152 $675K Add +7.1%
AEP American Electric Power 0.02% 6,387 $663K Reduce -5.6%
CMI Cummins Inc. 0.02% 2,003 $656K Add +2.4%
KKR KKR & Co. Inc. 0.02% 4,900 $652K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.02% 5,222 $645K Add +13.8%
INTU Intuit Inc. 0.02% 817 $643K Add +11.0%
A Agilent Technologies Inc. 0.02% 5,321 $628K Reduce -4.0%
IXG iShares Global Financials Et 0.02% 5,576 $618K New
VLO Valero Energy Corp. 0.02% 4,540 $610K Reduce -0.9%
IXUS iShares Core Intl Stock ETF 0.02% 7,884 $610K New
MAS Masco Corp. 0.02% 9,320 $600K Reduce -22.4%
FTEC Fidelity MSCI Info Tech Indx 0.02% 2,989 $589K Reduce -3.6%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.02% 2,019 $576K No change
SWK Stanley Black & Decker Inc. 0.02% 8,412 $570K Reduce -7.7%
KMI Kinder Morgan Inc. 0.02% 19,304 $568K Add +17.7%
AFL Aflac Inc. 0.02% 5,343 $564K Reduce -6.8%
DLR Digital Realty Trust Inc. 0.02% 3,158 $551K Reduce -16.0%
PSX Phillips 66 0.02% 4,562 $544K Reduce -0.9%
COF Capital One Financial Corp. 0.02% 2,456 $523K Add +102.0%
XAR SS SPDR S&P Aerospace Def 0.02% 2,473 $522K No change
SCHF Schwab Intl Equity ETF 0.02% 23,592 $521K Add +71.0%
WPM Wheaton Precious Metals Corp. 0.02% 5,736 $515K Reduce -10.0%
XEL Xcel Energy Inc. 0.02% 7,409 $505K No change
INTC Intel Corp. 0.02% 22,346 $501K Reduce -3.7%
NLR Vaneck Urani & Nuclr ETF-Usd 0.02% 4,435 $493K New
GSLC Goldman Activebeta US LC ETF 0.02% 3,905 $474K Reduce -35.1%
IHI iShares U.S. Medical Devices 0.02% 7,566 $474K No change
FCOM Fidelity MSCI Comm Serv Indx 0.02% 7,302 $473K No change
PGR Progressive Corp. 0.02% 1,737 $464K Add +6.0%
ALB Albemarle Corp. 0.02% 7,342 $460K Reduce -19.9%
HUBB Hubbell Inc. 0.02% 1,110 $453K No change
SRE Sempra 0.01% 5,806 $440K Reduce -70.6%
IJR iShares Core S&P Small-Cap E 0.01% 4,023 $440K Add +10.0%
MASI Masimo Corp. 0.01% 2,515 $423K No change
PANW Palo Alto Networks Inc. 0.01% 2,045 $418K New
HACK Amplify Cybersecurity ETF 0.01% 4,838 $418K No change
AMT American Tower Corp. 0.01% 1,876 $415K Reduce -9.7%
FAST Fastenal Co. 0.01% 9,818 $412K Add +1.0%
IXN iShares Global Tech ETF 0.01% 4,348 $401K Add +56.0%
IXJ iShares Global Healthcare Et 0.01% 4,629 $399K New
PSA Public Storage 0.01% 1,349 $396K Add +2.9%
IVE iShares S&P 500 Value ETF 0.01% 2,000 $391K No change
PAYX Paychex Inc. 0.01% 2,680 $390K No change
KEYS Keysight Technologies Inc. 0.01% 2,348 $385K Add +1.9%
DON Wisdomtree US Midcap Dividen 0.01% 7,670 $384K New
NSC Norfolk Southern Corp. 0.01% 1,489 $381K Add +0.1%
ES Eversource Energy 0.01% 5,985 $381K Add +0.7%
DKS Dick's Sporting Goods Inc. 0.01% 1,912 $378K No change
FSLR First Solar Inc. 0.01% 2,283 $378K No change
B Barrick Mining Corp. 0.01% 17,968 $374K Add +74.7%
PRF Invesco Rafi US 1000 ETF 0.01% 8,565 $362K New
EFA iShares MSCI Eafe ETF 0.01% 3,965 $354K Add +12.8%
BIIB Biogen Inc. 0.01% 2,819 $354K Reduce -0.7%
ESS Essex Property Trust Inc. 0.01% 1,245 $353K No change
GIS General Mills Inc. 0.01% 6,763 $350K Add +10.7%
FISV Fiserv Inc. 0.01% 2,032 $350K Reduce -18.8%
VGK Vanguard Ftse Europe ETF 0.01% 4,520 $350K Reduce -10.7%
PNC PNC Financial Services Group 0.01% 1,877 $350K No change
SNPS Synopsys Inc. 0.01% 677 $347K Add +1.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.01% 1,083 $347K Reduce -0.7%
ERTH Invesco MSCI Sustainable Fut 0.01% 8,154 $346K Reduce -3.8%
IWB iShares Russell 1000 ETF 0.01% 1,012 $344K No change
ENB Enbridge Inc. 0.01% 7,552 $342K Reduce -3.0%
IHF iShares U.S. Healthcare Prov 0.01% 6,915 $336K Add +0.1%
MPWR Monolithic Power Systems Inc. 0.01% 457 $334K No change
WDAY Workday Inc. Class A 0.01% 1,375 $330K No change
SHEL Shell PLC-ADR 0.01% 4,648 $327K Add +3.6%
IJK iShares S&P Mid-Cap 400 Grow 0.01% 3,550 $323K No change
ADM Archer-Daniels-Midland Co. 0.01% 6,049 $319K Reduce -0.7%
ED Consolidated Edison Inc. 0.01% 3,167 $318K Reduce -1.5%
OKE Oneok Inc. 0.01% 3,887 $317K Add +10.0%
AMD Advanced Micro Devices 0.01% 2,235 $317K Reduce -11.2%
AZN Astrazeneca PLC-Spons ADR 0.01% 4,531 $317K Reduce -2.2%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.01% 7,715 $309K New
FNDA Schwab Fndmntl US SM Co. ETF 0.01% 10,661 $305K New
IYJ iShares U.S. Industrials ETF 0.01% 2,135 $304K No change
IUSG iShares Core S&P U.S. Growth 0.01% 2,000 $301K New
SPLV Invesco S&P 500 Low Volatili 0.01% 3,996 $291K New
SCHK Schwab 1000 Index ETF 0.01% 9,712 $290K No change
DOV Dover Corp. 0.01% 1,570 $288K Reduce -31.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.01% 3,152 $287K Reduce -3.3%
FNCL Fidelity MSCI Financial Indx 0.01% 3,859 $286K No change
IYT iShares US Transportation Et 0.01% 4,145 $284K Reduce -1.0%
USMV iShares MSCI USA Min Vol Fac 0.01% 3,020 $283K No change
SGOL Abrdn Physical Gold Shares 0.01% 8,850 $279K No change
CRWD CrowdStrike Holdings Inc. Class A 0.01% 546 $278K New
MDLZ Mondelez International Inc. Class A 0.01% 4,120 $278K Reduce -15.5%
CHKP Check Point Software Tech 0.01% 1,228 $272K Add +3.2%
FRT Federal Realty Invs Trust 0.01% 2,851 $271K Reduce -18.6%
AMP Ameriprise Financial Inc. 0.01% 503 $268K Reduce -2.1%
TD Toronto-Dominion Bank 0.01% 3,612 $265K Reduce -23.6%
PHO Invesco Water Resources ETF 0.01% 3,708 $259K No change
IR Ingersoll-Rand Inc. 0.01% 3,111 $259K Reduce -6.9%
KXI iShares Global Consumer Stap 0.01% 3,948 $258K New
PPH Vaneck Pharmaceutical ETF 0.01% 2,893 $254K Reduce -1.0%
MU Micron Technology Inc. 0.01% 2,058 $254K New
EQT Eqt Corp. 0.01% 4,340 $253K New
BDX Becton Dickinson and Co. 0.01% 1,465 $252K Reduce -20.9%
ENPH Enphase Energy Inc. 0.01% 6,349 $252K Reduce -4.3%
APH Amphenol Corp. Class A 0.01% 2,526 $249K New
HSY The Hershey Co. 0.01% 1,481 $246K Add +11.3%
IEV iShares Europe ETF 0.01% 3,865 $244K No change
UBER Uber Technologies Inc. 0.01% 2,619 $244K New
EW Edwards Lifesciences Corp. 0.01% 3,101 $243K No change
TTE Totalenergies SE -Spon ADR 0.01% 3,943 $242K Add +19.3%
SHOP Shopify Inc. Class A 0.01% 2,069 $239K New
SCHV Schwab US Large-Cap Value 0.01% 8,602 $238K New
KRE SS SPDR S&P Regional Bank 0.01% 3,935 $234K Reduce -19.0%
CHAT Roundhill Gen AI & Tech ETF 0.01% 4,707 $230K New
AWK American Water Works Co. Inc. 0.01% 1,626 $226K Reduce -4.4%
CTRA Coterra Energy Inc. 0.01% 8,882 $225K Add +15.1%
EVRG Evergy Inc. 0.01% 3,270 $225K Reduce -19.3%
WELL Welltower Inc. 0.01% 1,455 $224K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 609 $223K New
SAP Sap SE-Sponsored ADR 0.01% 733 $223K New
CSGP Costar Group Inc. 0.01% 2,720 $219K No change
OXY Occidental Petroleum Corp. 0.01% 5,187 $218K Reduce -9.4%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 0.01% 2,210 $217K New
CSX CSX Corp. 0.01% 6,624 $216K New
XYLD Global X S&P 500 Cove Call E 0.01% 5,533 $215K No change
AON Aon PLC Class A 0.01% 602 $215K Reduce -1.1%
CNI Canadian Natl Railway Co. 0.01% 2,055 $214K No change
CME Cme Group Inc. 0.01% 771 $213K No change
BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP 0.01% 9,240 $211K No change
RY Royal Bank of Canada 0.01% 1,589 $209K New
IYH iShares U.S. Healthcare ETF 0.01% 3,650 $206K No change
IBN Icici Bank Ltd.-Spon ADR 0.01% 6,070 $204K New
EIX Edison International 0.01% 3,943 $203K Reduce -18.3%
F Ford Motor Co. filed as FORD MTR CO 0.01% 18,683 $203K Reduce -32.5%
COIN Coinbase Global Inc. Class A 0.01% 578 $203K Reduce -69.4%
CX Cemex Sab-Spons ADR Part Cer 0.00% 12,831 $89K Add +27.5%
NAT Nordic American Tankers Ltd. 0.00% 25,677 $68K No change
MMT Aberdeen Multimarket Income 0.00% 10,000 $47K No change
ZYXIQ Zynex Inc. 0.00% 17,270 $45K No change
GGB Gerdau SA -Spon ADR 0.00% 14,576 $43K No change
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