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

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 Q2 2025 Q3 2025: $3.1B $3.1B Q3 2025 Q4 2025: $3.1B Q4 2025 Q1 2026: $3.0B Q1 2026 Q2 2026: $3.4B Q2 2026

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%
CLX Clorox Company 0.15% 37,189 $4.6M Reduce -5.9%
CL Colgate-Palmolive Co. 0.15% 56,849 $4.5M Reduce -3.3%
VUG Vanguard Mrngstar GR ETF-Sui 0.14% 9,227 $4.4M Reduce -21.6%
FENY Fidelity MSCI Energy Index 0.13% 168,149 $4.2M Reduce -3.0%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.13% 13,655 $4.0M No change
CORT Corcept Therapeutics Inc. 0.13% 47,655 $4.0M No change
VIG Vanguard Dividend Apprec ETF 0.13% 18,007 $3.9M Reduce -3.7%
GLW Corning Inc. 0.12% 46,956 $3.9M Add +0.3%
XOM Exxon Mobil Corp. 0.12% 33,303 $3.8M Add +1.9%
AXP American Express Co. 0.12% 10,946 $3.6M Reduce -2.1%
DE Deere & Co. 0.12% 7,822 $3.6M Reduce -46.0%
FNY First Trust Mid Cap Growth 0.11% 38,666 $3.5M Reduce -0.7%
WFC Wells Fargo & Co. 0.11% 41,229 $3.5M Add +2.1%
XLG Invesco S&P 500 Top 50 ETF 0.11% 59,775 $3.4M Reduce -4.0%
KO The Coca-Cola Co. 0.11% 51,844 $3.4M Add +0.0%
CDNS Cadence Design SYS Inc. 0.11% 9,429 $3.3M Add +105.8%
MS Morgan Stanley 0.11% 20,758 $3.3M Add +1.0%
FTNT Fortinet Inc. 0.11% 39,013 $3.3M Add +0.8%
ORLY O'reilly Automotive Inc. 0.11% 30,326 $3.3M Add +8.2%
SO The Southern Co. 0.10% 33,818 $3.2M Add +1.0%
UNH Unitedhealth Group Inc. 0.10% 9,231 $3.2M Reduce -2.9%
UNP Union Pacific Corp. 0.10% 13,018 $3.1M Reduce -2.0%
PGX Invesco Preferred ETF 0.10% 264,813 $3.1M Reduce -2.9%
OEF iShares S&P 100 ETF 0.10% 9,088 $3.0M Add +37.7%
BLDR Builders Firstsource Inc. 0.10% 24,940 $3.0M Add +2.7%
HON Honeywell International Inc. 0.10% 14,219 $3.0M Reduce -3.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.10% 25,965 $3.0M Reduce -22.6%
ZBH Zimmer Biomet Holdings Inc. 0.10% 30,138 $3.0M Reduce -5.6%
IAT iShares US Regional Banks Et 0.10% 56,335 $3.0M Add +1.4%
ADBE Adobe Inc. 0.10% 8,380 $3.0M Reduce -2.9%
TSM Taiwan Semiconductor-SP ADR 0.09% 10,474 $2.9M Add +1.5%
TMO Thermo Fisher Scientific Inc. 0.09% 6,012 $2.9M Reduce -1.4%
PPL PPL Corp. 0.09% 77,898 $2.9M Reduce -0.7%
ROP Roper Technologies Inc. 0.09% 5,769 $2.9M Add +1.9%
ALL Allstate Corp. 0.09% 13,387 $2.9M Reduce -0.2%
CCI Crown Castle Inc. 0.09% 29,384 $2.8M Reduce -5.0%
MMM 3M Co. 0.09% 18,032 $2.8M Reduce -2.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 9,641 $2.7M Reduce -2.7%
RTX RTX Corp. 0.09% 16,245 $2.7M Add +5.4%
DGRO iShares Core Dividend Growth 0.09% 38,992 $2.7M Reduce -1.5%
NLR Vaneck Urani & Nuclr ETF-Usd 0.09% 19,555 $2.7M Add +340.9%
BLK BlackRock Inc. 0.09% 2,260 $2.6M Add +1.1%
IJH iShares Core S&P Midcap ETF 0.09% 40,219 $2.6M Add +0.7%
CAH Cardinal Health Inc. 0.08% 16,379 $2.6M Add +0.0%
JCI Johnson Controls Internation 0.08% 22,684 $2.5M Add +0.8%
GLD SPDR Gold Shares 0.08% 6,984 $2.5M Add +11.1%
PFE Pfizer Inc. 0.08% 96,755 $2.5M Reduce -19.1%
BKNG Booking Holdings Inc. 0.08% 455 $2.5M Add +4.8%
PLD Prologis Inc. 0.08% 20,268 $2.3M Add +1.3%
ITW Illinois Tool Works 0.07% 8,716 $2.3M Reduce -1.4%
UPS United Parcel Service Class B 0.07% 27,079 $2.3M Reduce -52.1%
FCX Freeport-McMoran Inc. 0.07% 56,549 $2.2M Reduce -0.2%
PH Parker Hannifin Corp. 0.07% 2,913 $2.2M Add +8.7%
WEC WEC Energy Group Inc. 0.07% 19,075 $2.2M Reduce -3.0%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.07% 21,327 $2.2M No change
IBB iShares Biotechnology ETF 0.07% 14,537 $2.1M Reduce -3.5%
PEP Pepsico Inc. 0.07% 14,905 $2.1M Reduce -0.4%
MKC McCormick & Co.-Non VTG SHRS 0.07% 30,526 $2.0M Reduce -2.2%
IWV iShares Russell 3000 ETF 0.06% 5,117 $1.9M No change
LMT Lockheed Martin Corp. 0.06% 3,878 $1.9M Add +1.5%
IWF iShares Russell 1000 Growth 0.06% 4,104 $1.9M Add +0.5%
CRM Salesforce Inc. 0.06% 7,982 $1.9M Reduce -41.2%
SCHM Schwab US Mid Cap ETF 0.06% 63,459 $1.9M No change
VYM Vanguard High DVD Yield ETF 0.06% 13,324 $1.9M Reduce -0.9%
QUAL iShares MSCI USA Quality Fac 0.06% 9,348 $1.8M Add +0.1%
BA The Boeing Co. 0.06% 8,238 $1.8M Add +0.1%
MAR Marriott International Class A 0.06% 6,520 $1.7M Reduce -0.5%
ELV Elevance Health Inc. 0.05% 5,234 $1.7M Reduce -2.2%
GE General Electric filed as GE AEROSPACE 0.05% 5,518 $1.7M Add +4.2%
WMB Williams Cos Inc. 0.05% 26,092 $1.7M Reduce -1.2%
KR Kroger Co. 0.05% 24,388 $1.6M Reduce -0.3%
EMR Emerson Electric Co. 0.05% 12,384 $1.6M Add +0.4%
UL Unilever PLC 0.05% 27,393 $1.6M Reduce -2.2%
FDX FedEx Corp. 0.05% 6,875 $1.6M Add +0.8%
OMC Omnicom Group 0.05% 19,636 $1.6M Add +5.0%
MP MP Materials Corp. 0.05% 23,755 $1.6M Reduce -4.6%
SHW The Sherwin-Williams Co. 0.05% 4,515 $1.6M Reduce -2.6%
MA Mastercard Inc. Class A 0.05% 2,726 $1.6M Reduce -9.6%
IYF iShares US Financials ETF 0.05% 12,200 $1.5M Add +0.3%
ACWI iShares MSCI Acwi ETF 0.05% 11,155 $1.5M No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.05% 3,317 $1.5M Reduce -0.2%
MPC Marathon Petroleum Corp. 0.05% 7,820 $1.5M Reduce -2.2%
DLN Wisdomtree US Largecap Divid 0.05% 17,109 $1.5M Add +0.5%
LRCX Lam Research Corp. 0.05% 10,946 $1.5M Reduce -2.1%
SCHX Schwab US Large-Cap ETF 0.05% 55,499 $1.5M Reduce -1.1%
VB Vanguard Most SM-Cap ETF-Usd 0.05% 5,738 $1.5M Reduce -0.5%
CVS CVS Health Corp. 0.05% 19,220 $1.4M Add +41.6%
VOO Vanguard S&P 500 ETF 0.05% 2,349 $1.4M Add +4.6%
NUE Nucor Corp. 0.05% 10,492 $1.4M Add +9.7%
MDT Medtronic PLC 0.05% 14,723 $1.4M Reduce -5.6%
VEA Vanguard Ftse Developed ETF 0.05% 23,280 $1.4M Reduce -57.4%
XNTK SS SPDR Nyse Tech ETF 0.04% 4,950 $1.3M No change
J Jacobs Solutions Inc. 0.04% 8,991 $1.3M No change
GILD Gilead Sciences Inc. 0.04% 11,882 $1.3M Add +7.4%
T AT&T Inc. 0.04% 46,671 $1.3M Add +4.9%
NFLX Netflix Inc. 0.04% 1,099 $1.3M Add +13.8%
LEN Lennar Corp. Class A 0.04% 10,419 $1.3M Reduce -2.4%
NEM Newmont Corp. 0.04% 15,190 $1.3M Add +11.3%
IAU iShares Gold Trust 0.04% 17,365 $1.3M No change
NVS Novartis AG-Sponsored ADR 0.04% 9,599 $1.2M Reduce -6.3%
SCHG Schwab US Large-Cap Growth 0.04% 38,277 $1.2M Add +0.0%
IOO iShares Global 100 ETF 0.04% 10,062 $1.2M No change
RSP Invesco S&P 500 Equal Weight 0.04% 6,171 $1.2M Reduce -1.8%
IGV iShares Expanded Tech-Softwa 0.04% 9,934 $1.1M Reduce -17.8%
DUK Duke Energy Corp. 0.04% 9,141 $1.1M Add +3.1%
MCK McKesson Corp. 0.04% 1,458 $1.1M Add +1.6%
IWM iShares Russell 2000 ETF 0.04% 4,652 $1.1M No change
FNDX Schwab Fndmntl US LRG Co. ETF 0.04% 42,262 $1.1M No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.04% 7,498 $1.1M Add +43.6%
LULU Lululemon Athletica Inc. 0.03% 5,785 $1.0M Reduce -32.4%
BSX Boston Scientific Corp. 0.03% 10,202 $996K Add +2.7%
JBL Jabil Inc. 0.03% 4,527 $983K No change
IETC iShares U.S. Tech Independen 0.03% 9,636 $982K No change
MNDY Monday.com Ltd. 0.03% 4,937 $956K Add +38.4%
BMY Bristol-Myers Squibb Co. 0.03% 20,697 $933K Reduce -0.9%
GEV GE Vernova Inc. 0.03% 1,491 $917K Add +3.8%
SYY Sysco Corp. 0.03% 11,012 $907K Reduce -0.6%
VRSK Verisk Analytics Inc. 0.03% 3,595 $904K No change
ONEQ Fidelity Nasdaq Comp Indx 0.03% 9,967 $888K No change
WPM Wheaton Precious Metals Corp. 0.03% 7,705 $862K Add +34.3%
NOW ServiceNow Inc. 0.03% 935 $860K Add +3.8%
C Citigroup Inc. 0.03% 8,253 $838K Add +3.2%
VLO Valero Energy Corp. 0.03% 4,895 $833K Add +7.8%
TEL Te Connectivity PLC 0.03% 3,783 $830K Reduce -19.6%
ISRG Intuitive Surgical Inc. 0.03% 1,829 $818K Add +10.8%
ET Energy Transfer LP 0.03% 47,000 $807K Reduce -0.6%
COP Conocophillips 0.03% 8,419 $796K Add +4.5%
B Barrick Mining Corp. 0.03% 24,296 $796K Add +35.2%
CMI Cummins Inc. 0.03% 1,856 $784K Reduce -7.3%
PM Philip Morris International 0.03% 4,817 $781K Add +0.6%
EPD Enterprise Products Partners 0.03% 24,648 $771K Add +0.4%
AEP American Electric Power 0.02% 6,556 $738K Add +2.6%
CMCSA Comcast Corp. Class A 0.02% 23,207 $729K Add +3.5%
ARM Arm Holdings PLC-ADR 0.02% 5,099 $721K Add +7.9%
MO Altria Group Inc. 0.02% 10,848 $717K Reduce -18.5%
TXN Texas Instruments Inc. 0.02% 3,863 $710K Add +2.4%
USB US Bancorp 0.02% 14,665 $709K Reduce -27.0%
A Agilent Technologies Inc. 0.02% 5,272 $677K Reduce -0.9%
SYK Stryker Corp. 0.02% 1,829 $676K Reduce -5.0%
INTC Intel Corp. 0.02% 20,065 $673K Reduce -10.2%
TEAM Atlassian Corp. Class A 0.02% 4,200 $671K No change
IXG iShares Global Financials Et 0.02% 5,722 $668K Add +2.6%
FTEC Fidelity MSCI Info Tech Indx 0.02% 2,989 $664K No change
KKR KKR & Co. Inc. 0.02% 5,052 $657K Add +3.1%
TGT Target Corp. 0.02% 7,129 $639K Reduce -10.0%
PFF iShares Preferred & Income S 0.02% 20,051 $634K Reduce -17.7%
PSX Phillips 66 0.02% 4,636 $631K Add +1.6%
XYL Xylem Inc. 0.02% 4,272 $630K Reduce -26.0%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.02% 2,019 $622K No change
CI The Cigna Group 0.02% 2,122 $612K Add +0.9%
AFL Aflac Inc. 0.02% 5,428 $606K Add +1.6%
XEL Xcel Energy Inc. 0.02% 7,409 $598K No change
INTU Intuit Inc. 0.02% 864 $590K Add +5.8%
SWK Stanley Black & Decker Inc. 0.02% 7,896 $587K Reduce -6.1%
XAR SS SPDR S&P Aerospace Def 0.02% 2,473 $581K No change
CARR Carrier Global Corp. 0.02% 9,718 $580K Add +0.1%
SCHF Schwab Intl Equity ETF 0.02% 23,592 $549K No change
COF Capital One Financial Corp. 0.02% 2,571 $547K Add +4.7%
PANW Palo Alto Networks Inc. 0.02% 2,655 $541K Add +29.8%
SRE Sempra 0.02% 5,995 $539K Add +3.3%
IWB iShares Russell 1000 ETF 0.02% 1,465 $535K Add +44.8%
DLR Digital Realty Trust Inc. 0.02% 3,082 $533K Reduce -2.4%
KMI Kinder Morgan Inc. 0.02% 18,543 $525K Reduce -3.9%
FCOM Fidelity MSCI Comm Serv Indx 0.02% 7,302 $518K No change
GSLC Goldman Activebeta US LC ETF 0.02% 3,905 $509K No change
FSLR First Solar Inc. 0.02% 2,283 $503K No change
ALB Albemarle Corp. 0.02% 6,186 $502K Reduce -15.8%
FAST Fastenal Co. 0.02% 10,118 $496K Add +3.1%
HUBB Hubbell Inc. 0.02% 1,110 $478K No change
IXN iShares Global Tech ETF 0.02% 4,604 $475K Add +5.9%
IJR iShares Core S&P Small-Cap E 0.02% 3,954 $470K Reduce -1.7%
NSC Norfolk Southern Corp. 0.02% 1,555 $467K Add +4.4%
COIN Coinbase Global Inc. Class A 0.01% 1,368 $462K Add +136.7%
IHI iShares U.S. Medical Devices 0.01% 7,566 $455K No change
ES Eversource Energy 0.01% 6,358 $452K Add +6.2%
PGR Progressive Corp. 0.01% 1,824 $450K Add +5.0%
IXUS iShares Core Intl Stock ETF 0.01% 5,344 $441K Reduce -32.2%
DKS Dick's Sporting Goods Inc. 0.01% 1,912 $425K No change
IXJ iShares Global Healthcare Et 0.01% 4,773 $423K Add +3.1%
MPWR Monolithic Power Systems Inc. 0.01% 457 $421K No change
AMD Advanced Micro Devices 0.01% 2,563 $415K Add +14.7%
IVE iShares S&P 500 Value ETF 0.01% 2,000 $413K No change
PSA Public Storage 0.01% 1,405 $406K Add +4.2%
MU Micron Technology Inc. 0.01% 2,421 $405K Add +17.6%
KEYS Keysight Technologies Inc. 0.01% 2,303 $403K Reduce -1.9%
DON Wisdomtree US Midcap Dividen 0.01% 7,675 $401K Add +0.1%
ERTH Invesco MSCI Sustainable Fut 0.01% 8,245 $393K Add +1.1%
BIIB Biogen Inc. 0.01% 2,799 $392K Reduce -0.7%
PRF Invesco Rafi US 1000 ETF 0.01% 8,565 $387K No change
CRWD CrowdStrike Holdings Inc. Class A 0.01% 781 $383K Add +43.0%
PNC PNC Financial Services Group 0.01% 1,891 $380K Add +0.8%
AMT American Tower Corp. 0.01% 1,973 $379K Add +5.2%
HACK Amplify Cybersecurity ETF 0.01% 4,338 $377K Reduce -10.3%
EFA iShares MSCI Eafe ETF 0.01% 4,020 $375K Add +1.4%
MASI Masimo Corp. 0.01% 2,515 $371K No change
ENB Enbridge Inc. 0.01% 7,337 $370K Reduce -2.9%
UBER Uber Technologies Inc. 0.01% 3,742 $367K Add +42.9%
VGK Vanguard Ftse Europe ETF 0.01% 4,520 $361K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.01% 3,284 $358K Add +4.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.01% 1,127 $349K Add +4.1%
SNPS Synopsys Inc. 0.01% 706 $348K Add +4.3%
PAYX Paychex Inc. 0.01% 2,744 $348K Add +2.4%
BWXT BWX Technologies Inc. 0.01% 1,885 $348K New
FICO Fair Isaac Corp. 0.01% 229 $343K New
GIS General Mills Inc. 0.01% 6,788 $342K Add +0.4%
IHF iShares U.S. Healthcare Prov 0.01% 6,929 $342K Add +0.2%
IJK iShares S&P Mid-Cap 400 Grow 0.01% 3,550 $340K No change
APH Amphenol Corp. Class A 0.01% 2,726 $337K Add +7.9%
ESS Essex Property Trust Inc. 0.01% 1,245 $333K No change
FNDA Schwab Fndmntl US SM Co. ETF 0.01% 10,661 $332K No change
FNDF Schwab Fndmn Intl LRG Co. ETF 0.01% 7,715 $331K No change
IUSG iShares Core S&P U.S. Growth 0.01% 2,000 $329K No change
ADM Archer-Daniels-Midland Co. 0.01% 5,495 $328K Reduce -9.2%
WDAY Workday Inc. Class A 0.01% 1,354 $326K Reduce -1.5%
SGOL Abrdn Physical Gold Shares 0.01% 8,850 $326K No change
SHEL Shell PLC-ADR 0.01% 4,491 $321K Reduce -3.4%
ED Consolidated Edison Inc. 0.01% 3,161 $318K Reduce -0.2%
SCHK Schwab 1000 Index ETF 0.01% 9,712 $312K No change
IYJ iShares U.S. Industrials ETF 0.01% 2,135 $311K No change
EQT Eqt Corp. 0.01% 5,702 $310K Add +31.4%
AZN Astrazeneca PLC-Spons ADR 0.01% 3,957 $304K Reduce -12.7%
SHOP Shopify Inc. Class A 0.01% 2,011 $299K Reduce -2.8%
IYT iShares US Transportation Et 0.01% 4,130 $296K Reduce -0.4%
OKE Oneok Inc. 0.01% 4,022 $294K Add +3.5%
FNCL Fidelity MSCI Financial Indx 0.01% 3,835 $293K Reduce -0.6%
WELL Welltower Inc. 0.01% 1,626 $290K Add +11.8%
CHAT Roundhill Gen AI & Tech ETF 0.01% 4,707 $289K No change
USMV iShares MSCI USA Min Vol Fac 0.01% 3,020 $287K No change
FRT Federal Realty Invs Trust 0.01% 2,819 $286K Reduce -1.1%
BDX Becton Dickinson and Co. 0.01% 1,525 $285K Add +4.1%
STX Seagate Technology Holdings 0.01% 1,188 $280K New
NOC Northrop Grumman Corp. 0.01% 455 $277K New
PHO Invesco Water Resources ETF 0.01% 3,708 $267K No change
CHKP Check Point Software Tech 0.01% 1,290 $267K Add +5.0%
MDLZ Mondelez International Inc. Class A 0.01% 4,210 $263K Add +2.2%
KXI iShares Global Consumer Stap 0.01% 4,050 $261K Add +2.6%
SPLV Invesco S&P 500 Low Volatili 0.01% 3,537 $260K Reduce -11.5%
PPH Vaneck Pharmaceutical ETF 0.01% 2,873 $260K Reduce -0.7%
IBIT iShares Bitcoin Trust ETF 0.01% 3,958 $257K New
IR Ingersoll-Rand Inc. 0.01% 3,111 $257K No change
DOV Dover Corp. 0.01% 1,532 $256K Reduce -2.4%
AMP Ameriprise Financial Inc. 0.01% 518 $254K Add +3.0%
IEV iShares Europe ETF 0.01% 3,865 $253K No change
CSX CSX Corp. 0.01% 7,018 $249K Add +6.0%
URI United Rentals Inc. 0.01% 261 $249K New
KRE SS SPDR S&P Regional Bank 0.01% 3,935 $249K No change
OXY Occidental Petroleum Corp. 0.01% 5,187 $245K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 609 $245K No change
ASML ASML Holding NV-NY Reg SHS 0.01% 246 $238K New
HSY The Hershey Co. 0.01% 1,271 $238K Reduce -14.2%
ANET Arista Networks Inc. 0.01% 1,628 $237K New
EVRG Evergy Inc. 0.01% 3,105 $236K Reduce -5.0%
RY Royal Bank of Canada 0.01% 1,589 $234K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.01% 1,241 $231K New
CSGP Costar Group Inc. 0.01% 2,720 $229K No change
IDXX Idexx Laboratories Inc. 0.01% 358 $229K New
TD Toronto-Dominion Bank 0.01% 2,847 $228K Reduce -21.2%
AON Aon PLC Class A 0.01% 636 $227K Add +5.7%
AWK American Water Works Co. Inc. 0.01% 1,626 $226K No change
CME Cme Group Inc. 0.01% 835 $226K Add +8.3%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 0.01% 2,210 $225K No change
BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP 0.01% 9,240 $224K No change
F Ford Motor Co. filed as FORD MTR CO 0.01% 18,687 $224K Add +0.0%
SCHV Schwab US Large-Cap Value 0.01% 7,602 $221K Reduce -11.6%
ENPH Enphase Energy Inc. 0.01% 6,109 $216K Reduce -3.8%
IYH iShares U.S. Healthcare ETF 0.01% 3,650 $214K No change
MAS Masco Corp. 0.01% 3,038 $214K Reduce -67.4%
CTRA Coterra Energy Inc. 0.01% 9,033 $214K Add +1.7%
STT State Street Corp. 0.01% 1,800 $209K New
FHLC Fidelity MSCI Health Care 0.01% 3,104 $208K New
CRCL Circle Internet Group Inc. 0.01% 1,555 $206K New
BP BP PLC-Spons ADR 0.01% 5,957 $205K New
SPYG SS SPDR P S&P 500 Growth ETF 0.01% 1,957 $205K New
COR Cencora Inc. 0.01% 653 $204K New
VXUS Vanguard Total Intl Stock 0.01% 2,776 $204K New
PXH Inves Rafi Emer MRKT-Usd Inc. 0.01% 8,000 $203K New
GM General Motors Co. 0.01% 3,282 $200K New
CX Cemex Sab-Spons ADR Part Cer 0.00% 10,067 $91K Reduce -21.5%
NAT Nordic American Tankers Ltd. 0.00% 25,677 $81K No change
GGB Gerdau SA -Spon ADR 0.00% 14,576 $45K No change
ZYXIQ Zynex Inc. 0.00% 17,270 $25K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $17.6M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 11,730$14.5MAdd +0.8%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 2,459$3.1MAdd +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

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