KCM Investment Advisors LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), KCM Investment Advisors LLC reported 381 stock positions worth $3.1 billion. Its top holding was Apple (AAPL) at 7.2% of the portfolio, followed by SS Technology Select Sector (XLK, 6.3%) and Microsoft (MSFT, 5.0%). Compared with Q2 2025, it opened 19 new positions, sold out of 13, added to 158 and reduced 144. The biggest buy was Alphabet Class A (GOOGL, shares +0%) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- GREENBRAE, CA
- CIK
- 0001109228
- Portfolio Value
- $3.1B (Q3 2025)
- SEC Filing
- 0001941040-25-000642 ↗ filed Nov 12, 2025
Holdings Value
Holdings 381 stocks · $3.1B
| AAPL Apple Inc. | 7.23% | 876,885 | $223.3M | Reduce -0.6% |
| XLK SS Technology Select Sector | 6.30% | 689,908 | $194.5M | Reduce -0.8% |
| MSFT Microsoft Corp. | 5.03% | 299,807 | $155.3M | Add +0.1% |
| COST Costco Wholesale Corp. | 3.48% | 116,010 | $107.4M | Add +0.0% |
| AMZN Amazon.com Inc. | 2.38% | 334,715 | $73.5M | Add +0.8% |
| NVDA Nvidia Corp. | 2.28% | 376,523 | $70.3M | Add +0.6% |
| JPM JPMorgan Chase & Co. | 2.24% | 219,025 | $69.1M | Add +9.3% |
| GOOGL Alphabet Inc. Class A | 2.18% | 276,710 | $67.3M | Add +0.4% |
| XLC SS Comm Select Sector SPDR | 2.09% | 544,529 | $64.5M | Reduce -24.1% |
| VGT Vanguard Info Tech ETF | 2.02% | 83,638 | $62.4M | Add +1.5% |
| XLY SS Consumer Disc Select Sect | 1.94% | 250,492 | $60.0M | Reduce -0.3% |
| WMT Walmart Inc. | 1.91% | 571,444 | $58.9M | Add +0.4% |
| HD Home Depot Inc. | 1.83% | 139,147 | $56.4M | Add +0.6% |
| V Visa Inc. Class A | 1.70% | 153,799 | $52.5M | Reduce -0.2% |
| ADP Automatic Data Processing | 1.64% | 172,936 | $50.8M | Reduce -0.5% |
| VOX Vanguard Communication Servi | 1.64% | 269,219 | $50.5M | Add +0.1% |
| CVX Chevron Corp. | 1.59% | 315,581 | $49.0M | Reduce -0.0% |
| XLV SS Health Care Select Sector | 1.53% | 339,841 | $47.3M | Reduce -6.1% |
| XLF SS Financial Select Sector | 1.53% | 876,740 | $47.2M | Reduce -2.1% |
| WM Waste Management Inc. | 1.37% | 191,131 | $42.2M | Add +0.0% |
| TT Trane Technologies PLC | 1.34% | 97,833 | $41.3M | Reduce -0.0% |
| XLI SS Industrial Select Sector | 1.30% | 259,582 | $40.0M | Reduce -0.4% |
| BX Blackstone Inc. | 1.22% | 220,787 | $37.7M | Add +2.8% |
| GOOG Alphabet Inc. Class C | 1.19% | 151,147 | $36.8M | Add +2.1% |
| VTI VG Morningstar TS MKT ETF-US | 1.15% | 108,382 | $35.6M | Reduce -50.8% |
| JNJ Johnson & Johnson | 1.14% | 189,675 | $35.2M | Reduce -1.9% |
| QQQ Invesco QQQ Trust Series 1 | 1.14% | 58,422 | $35.1M | Reduce -1.3% |
| VCR Vanguard Consumer Discre ETF | 1.11% | 86,340 | $34.2M | Add +0.9% |
| XLP SS Consumer Staples Sel Sect | 1.04% | 410,556 | $32.2M | Add +0.5% |
| XLE SS Energy Select Sector | 0.99% | 343,427 | $30.7M | Reduce -2.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.95% | 44,073 | $29.4M | Add +1.0% |
| PG The Procter & Gamble Co. | 0.94% | 189,276 | $29.1M | Reduce -2.1% |
| NEE Nextera Energy Inc. | 0.90% | 366,065 | $27.6M | Add +5.1% |
| VFH Vanguard Financials ETF | 0.87% | 204,281 | $26.8M | Reduce -40.6% |
| VIS Vanguard Industrials ETF | 0.83% | 86,872 | $25.7M | Add +0.5% |
| AMGN Amgen Inc. | 0.81% | 88,794 | $25.1M | Reduce -1.2% |
| CAT Caterpillar Inc. | 0.78% | 50,176 | $23.9M | Reduce -2.5% |
| MCD McDonald's Corp. | 0.75% | 76,072 | $23.1M | Reduce -0.3% |
| AVGO Broadcom Inc. | 0.72% | 67,670 | $22.3M | Add +1.9% |
| CSL Carlisle Cos Inc. | 0.66% | 62,329 | $20.5M | Add +4.0% |
| ABT Abbott Laboratories | 0.65% | 148,678 | $19.9M | Add +1.2% |
| ECL Ecolab Inc. | 0.64% | 72,439 | $19.8M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 0.62% | 24,936 | $19.0M | Add +14.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.61% | 363,493 | $18.8M | Reduce -0.3% |
| ABBV Abbvie Inc. | 0.57% | 76,340 | $17.7M | Reduce -0.1% |
| KLAC KLA Corp. | 0.55% | 15,692 | $16.9M | Add +0.1% |
| VHT Vanguard Health Care ETF | 0.47% | 55,804 | $14.5M | Reduce -47.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.47% | 28,765 | $14.5M | Add +1.4% |
| DHR Danaher Corp. | 0.45% | 69,974 | $13.9M | Reduce -2.5% |
| SDY SS SPDR S&P Dividend ETF | 0.43% | 93,711 | $13.1M | Reduce -0.1% |
| VRT Vertiv Holdings Co. Class A | 0.42% | 86,729 | $13.1M | Add +1.9% |
| VZ Verizon Communications Inc. | 0.40% | 282,360 | $12.4M | Add +0.5% |
| O Realty Income Corp. | 0.39% | 197,690 | $12.0M | Reduce -1.6% |
| VDC Vanguard Consumer Staple ETF | 0.39% | 56,007 | $12.0M | Reduce -8.1% |
| APD Air Products & Chemicals Inc. | 0.38% | 43,261 | $11.8M | Reduce -1.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.38% | 134,571 | $11.7M | Add +3.4% |
| KMB Kimberly-Clark Corp. | 0.35% | 86,152 | $10.7M | Reduce -1.0% |
| SOXX iShares Semiconductor ETF | 0.34% | 38,419 | $10.4M | Add +2.9% |
| XLB SS Materials Select Sector | 0.31% | 107,575 | $9.6M | Reduce -3.3% |
| SBUX Starbucks Corp. | 0.31% | 112,329 | $9.5M | Reduce -8.3% |
| LOW Lowe's Cos Inc. | 0.31% | 37,790 | $9.5M | Reduce -4.1% |
| AMAT Applied Materials Inc. | 0.30% | 45,717 | $9.4M | Reduce -0.1% |
| SCCO Southern Copper Corp. | 0.30% | 75,437 | $9.2M | Add +3.3% |
| LH Labcorp Holdings Inc. | 0.29% | 31,633 | $9.1M | Reduce -1.1% |
| SCHW Schwab (charles) Corp. | 0.29% | 94,206 | $9.0M | Add +0.5% |
| MDY State Street SPDR S&P Midcap | 0.29% | 14,982 | $8.9M | Add +6.8% |
| VNQ Vanguard Real Estate ETF | 0.28% | 94,965 | $8.7M | Reduce -2.1% |
| IVV iShares Core S&P 500 ETF | 0.27% | 12,252 | $8.2M | Add +0.0% |
| GPC Genuine Parts Co. | 0.25% | 55,497 | $7.7M | Reduce -1.4% |
| LHX L3HARRIS Technologies Inc. | 0.25% | 25,115 | $7.7M | Add +0.9% |
| VAW Vanguard Materials ETF | 0.25% | 37,243 | $7.6M | Reduce -2.6% |
| DVY iShares Select Dividend ETF | 0.24% | 52,826 | $7.5M | Add +0.0% |
| VPU Vanguard Utilities ETF | 0.23% | 37,062 | $7.0M | Add +0.9% |
| GD General Dynamics Corp. | 0.22% | 20,000 | $6.8M | Add +0.6% |
| LIN Linde PLC | 0.22% | 14,254 | $6.8M | Reduce -1.3% |
| ETN Eaton Corp. PLC | 0.22% | 17,957 | $6.7M | Reduce -0.4% |
| CSCO Cisco Systems Inc. | 0.22% | 98,121 | $6.7M | Add +2.4% |
| VDE Vanguard Energy ETF | 0.22% | 53,260 | $6.7M | Reduce -1.2% |
| TSLA Tesla Inc. | 0.21% | 14,561 | $6.5M | Reduce -1.1% |
| NKE Nike Inc. Class B | 0.20% | 90,257 | $6.3M | Reduce -4.6% |
| QCOM Qualcomm Inc. | 0.20% | 37,794 | $6.3M | Reduce -2.9% |
| ORCL Oracle Corp. | 0.20% | 22,320 | $6.3M | Add +3.3% |
| CTAS Cintas Corp. | 0.20% | 30,574 | $6.3M | Reduce -0.3% |
| ACN Accenture PLC Class A | 0.20% | 24,761 | $6.1M | Reduce -0.5% |
| SCHB Schwab US Broad Market ETF | 0.19% | 232,950 | $6.0M | Add +0.0% |
| SPGI S&P Global Inc. | 0.19% | 12,197 | $5.9M | Add +0.3% |
| CW Curtiss-Wright Corp. | 0.18% | 10,434 | $5.7M | Add +130.1% |
| GS Goldman Sachs Group Inc. | 0.18% | 7,055 | $5.6M | No change |
| PEG Public Service Enterprise GP | 0.17% | 64,154 | $5.4M | Add +1.4% |
| SMH Vaneck Semiconductor ETF | 0.17% | 16,362 | $5.3M | Add +36.8% |
| FDIS Fidelity MSCI Cons Discr Ind | 0.17% | 50,632 | $5.2M | No change |
| TRV The Travelers Cos Inc. | 0.17% | 18,369 | $5.1M | Add +0.5% |
| SCHD Schwab US DVD Equity ETF | 0.17% | 187,206 | $5.1M | Reduce -1.4% |
| META Meta Platforms Inc. Class A | 0.17% | 6,939 | $5.1M | Add +3.5% |
| TMUS T-Mobile US Inc. | 0.16% | 21,217 | $5.1M | Add +11.8% |
| XLRE SS Real Estate Select Sector | 0.16% | 118,195 | $5.0M | Add +2.6% |
| AZO AutoZone Inc. | 0.16% | 1,153 | $4.9M | Add +0.3% |
| ROST Ross Stores Inc. | 0.16% | 32,278 | $4.9M | Reduce -2.0% |
| CB Chubb Ltd. | 0.16% | 16,973 | $4.8M | Add +0.7% |
| MRK Merck & Co. Inc. | 0.15% | 55,768 | $4.7M | Reduce -1.4% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $17.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 11,730 | $14.5M | Add +0.8% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 2,459 | $3.1M | Add +1.2% |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q2 2025 → Q3 2025
| VTI VG Morningstar TS MKT ETF-US | Reduce -50.8% | 1.15% | −1.11 |
| VFH Vanguard Financials ETF | Reduce -40.6% | 0.87% | −0.61 |
| XLC SS Comm Select Sector SPDR | Reduce -24.1% | 2.09% | −0.54 |
| VHT Vanguard Health Care ETF | Reduce -47.1% | 0.47% | −0.41 |
| ADP Automatic Data Processing | Reduce -0.5% | 1.64% | −0.17 |
| V Visa Inc. Class A | Reduce -0.2% | 1.70% | −0.15 |
| DE Deere & Co. | Reduce -46.0% | 0.12% | −0.13 |
| UPS United Parcel Service Class B | Reduce -52.1% | 0.07% | −0.12 |
| XLV SS Health Care Select Sector | Reduce -6.1% | 1.53% | −0.11 |
| TT Trane Technologies PLC | Reduce -0.0% | 1.34% | −0.11 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Sold out | 0.00% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -2.1% | 0.94% | −0.10 |
| SBUX Starbucks Corp. | Reduce -8.3% | 0.31% | −0.07 |
| CRM Salesforce Inc. | Reduce -41.2% | 0.06% | −0.06 |
| VDC Vanguard Consumer Staple ETF | Reduce -8.1% | 0.39% | −0.06 |
| VEA Vanguard Ftse Developed ETF | Reduce -57.4% | 0.05% | −0.06 |
| ACN Accenture PLC Class A | Reduce -0.5% | 0.20% | −0.05 |
| XLF SS Financial Select Sector | Reduce -2.1% | 1.53% | −0.05 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −0.05 |
| DIS The Walt Disney Co. | Reduce -22.6% | 0.10% | −0.04 |
| LULU Lululemon Athletica Inc. | Reduce -32.4% | 0.03% | −0.04 |
| AMGN Amgen Inc. | Reduce -1.2% | 0.81% | −0.04 |
| APD Air Products & Chemicals Inc. | Reduce -1.1% | 0.38% | −0.03 |
| CL Colgate-Palmolive Co. | Reduce -3.3% | 0.15% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -1.0% | 0.35% | −0.03 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -21.6% | 0.14% | −0.03 |
| DHR Danaher Corp. | Reduce -2.5% | 0.45% | −0.03 |
| CTAS Cintas Corp. | Reduce -0.3% | 0.20% | −0.03 |
| VSS Vanguard Ftse All Wo X-US SC | Sold out | 0.00% | −0.02 |
| NKE Nike Inc. Class B | Reduce -4.6% | 0.20% | −0.02 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.02 |
| ECL Ecolab Inc. | Reduce -0.5% | 0.64% | −0.02 |
| HON Honeywell International Inc. | Reduce -3.4% | 0.10% | −0.02 |
| PFE Pfizer Inc. | Reduce -19.1% | 0.08% | −0.02 |
| XLE SS Energy Select Sector | Reduce -2.8% | 0.99% | −0.02 |
| XLB SS Materials Select Sector | Reduce -3.3% | 0.31% | −0.02 |
| ADBE Adobe Inc. | Reduce -2.9% | 0.10% | −0.02 |
| ELV Elevance Health Inc. | Reduce -2.2% | 0.05% | −0.02 |
| CCI Crown Castle Inc. | Reduce -5.0% | 0.09% | −0.02 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -2.2% | 0.07% | −0.01 |
| MAS Masco Corp. | Reduce -67.4% | 0.01% | −0.01 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.01 |
| CLX Clorox Company | Reduce -5.9% | 0.15% | −0.01 |
| FCX Freeport-McMoran Inc. | Reduce -0.2% | 0.07% | −0.01 |
| IBM Intl Business Machines Corp. | Reduce -2.7% | 0.09% | −0.01 |
| VNQ Vanguard Real Estate ETF | Reduce -2.1% | 0.28% | −0.01 |
| LIN Linde PLC | Reduce -1.3% | 0.22% | −0.01 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.01 |
| IGV iShares Expanded Tech-Softwa | Reduce -17.8% | 0.04% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +0.4% | 2.18% | +0.54 |
| GOOG Alphabet Inc. Class C | Add +2.1% | 1.19% | +0.31 |
| NVDA Nvidia Corp. | Add +0.6% | 2.28% | +0.28 |
| JPM JPMorgan Chase & Co. | Add +9.3% | 2.24% | +0.28 |
| VGT Vanguard Info Tech ETF | Add +1.5% | 2.02% | +0.18 |
| BX Blackstone Inc. | Add +2.8% | 1.22% | +0.14 |
| HD Home Depot Inc. | Add +0.6% | 1.83% | +0.11 |
| CW Curtiss-Wright Corp. | Add +130.1% | 0.18% | +0.11 |
| AVGO Broadcom Inc. | Add +1.9% | 0.72% | +0.11 |
| VOX Vanguard Communication Servi | Add +0.1% | 1.64% | +0.08 |
| NEE Nextera Energy Inc. | Add +5.1% | 0.90% | +0.08 |
| KLAC KLA Corp. | Add +0.1% | 0.55% | +0.07 |
| NLR Vaneck Urani & Nuclr ETF-Usd | Add +340.9% | 0.09% | +0.07 |
| VCR Vanguard Consumer Discre ETF | Add +0.9% | 1.11% | +0.06 |
| SMH Vaneck Semiconductor ETF | Add +36.8% | 0.17% | +0.06 |
| CDNS Cadence Design SYS Inc. | Add +105.8% | 0.11% | +0.06 |
| VRT Vertiv Holdings Co. Class A | Add +1.9% | 0.42% | +0.05 |
| SCCO Southern Copper Corp. | Add +3.3% | 0.30% | +0.05 |
| ORCL Oracle Corp. | Add +3.3% | 0.20% | +0.04 |
| GLW Corning Inc. | Add +0.3% | 0.12% | +0.04 |
| LLY Eli Lilly & Co. | Add +14.0% | 0.62% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.0% | 0.95% | +0.04 |
| LHX L3HARRIS Technologies Inc. | Add +0.9% | 0.25% | +0.04 |
| SOXX iShares Semiconductor ETF | Add +2.9% | 0.34% | +0.04 |
| OEF iShares S&P 100 ETF | Add +37.7% | 0.10% | +0.03 |
| WMT Walmart Inc. | Add +0.4% | 1.91% | +0.03 |
| GD General Dynamics Corp. | Add +0.6% | 0.22% | +0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +3.4% | 0.38% | +0.02 |
| MDY State Street SPDR S&P Midcap | Add +6.8% | 0.29% | +0.02 |
| ORLY O'reilly Automotive Inc. | Add +8.2% | 0.11% | +0.02 |
| VIS Vanguard Industrials ETF | Add +0.5% | 0.83% | +0.02 |
| AZO AutoZone Inc. | Add +0.3% | 0.16% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.5% | 0.09% | +0.02 |
| GLD SPDR Gold Shares | Add +11.1% | 0.08% | +0.02 |
| CVS CVS Health Corp. | Add +41.6% | 0.05% | +0.02 |
| NEM Newmont Corp. | Add +11.3% | 0.04% | +0.01 |
| TJX TJX Companies Inc. | Add +43.6% | 0.04% | +0.01 |
| B Barrick Mining Corp. | Add +35.2% | 0.03% | +0.01 |
| RTX RTX Corp. | Add +5.4% | 0.09% | +0.01 |
| TMUS T-Mobile US Inc. | Add +11.8% | 0.16% | +0.01 |
| BWXT BWX Technologies Inc. | New | 0.01% | +0.01 |
| FICO Fair Isaac Corp. | New | 0.01% | +0.01 |
| WPM Wheaton Precious Metals Corp. | Add +34.3% | 0.03% | +0.01 |
| MS Morgan Stanley | Add +1.0% | 0.11% | +0.01 |
| STX Seagate Technology Holdings | New | 0.01% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.0% | 0.27% | +0.01 |
| NOC Northrop Grumman Corp. | New | 0.01% | +0.01 |
| VPU Vanguard Utilities ETF | Add +0.9% | 0.23% | +0.01 |
| PH Parker Hannifin Corp. | Add +8.7% | 0.07% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +0.8% | 11,730 | $14.5M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +1.2% | 2,459 | $3.1M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 33,583 | $1.3Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 398 | $3.4B | XLK, AAPL, MSFT, COST, GOOGL |
| Q1 2026 | 391 | $3.0B | AAPL, XLK, COST, MSFT, GOOGL |
| Q4 2025 | 392 | $3.1B | AAPL, XLK, MSFT, COST, GOOGL |
| Q3 2025 | 381 | $3.1B | AAPL, XLK, MSFT, COST, AMZN |
| Q2 2025 | 375 | $3.0B | AAPL, XLK, MSFT, COST, XLC |
| Q1 2025 | 359 | $2.8B | AAPL, XLK, MSFT, COST, XLC |
| Q4 2024 | 364 | $2.9B | AAPL, XLK, MSFT, COST, AMZN |
| Q3 2024 | 370 | $2.9B | AAPL, XLK, MSFT, COST, VTI |
| Q2 2024 | 364 | $2.8B | AAPL, XLK, MSFT, COST, AMZN |
| Q1 2024 | 374 | $2.7B | AAPL, XLK, MSFT, COST, AMZN |