KCM Investment Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), KCM Investment Advisors LLC reported 392 stock positions worth $3.1 billion. Its top holding was Apple (AAPL) at 7.6% of the portfolio, followed by SS Technology Select Sector (XLK, 6.2%) and Microsoft (MSFT, 4.7%). Compared with Q3 2025, it opened 21 new positions, sold out of 10, added to 108 and reduced 199. The biggest buy was Eli Lilly (LLY, shares +0%) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- GREENBRAE, CA
- CIK
- 0001109228
- Portfolio Value
- $3.1B (Q4 2025)
- SEC Filing
- 0001941040-26-000153 ↗ filed Feb 13, 2026
Holdings Value
Holdings 392 stocks · $3.1B
| AAPL Apple Inc. | 7.55% | 861,620 | $234.2M | Reduce -1.7% |
| XLK SS Technology Select Sector | 6.24% | 1,343,491 | $193.4M | Reduce -2.6% |
| MSFT Microsoft Corp. | 4.65% | 298,472 | $144.3M | Reduce -0.5% |
| COST Costco Wholesale Corp. | 3.20% | 114,938 | $99.1M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 2.75% | 272,422 | $85.3M | Reduce -1.6% |
| AMZN Amazon.com Inc. | 2.48% | 333,864 | $77.1M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 2.28% | 219,296 | $70.7M | Add +0.1% |
| NVDA Nvidia Corp. | 2.22% | 368,450 | $68.7M | Reduce -2.1% |
| WMT Walmart Inc. | 2.03% | 564,680 | $62.9M | Reduce -1.2% |
| XLC SS Comm Select Sector SPDR | 2.02% | 532,986 | $62.7M | Reduce -2.1% |
| VGT Vanguard Info Tech ETF | 1.99% | 81,904 | $61.7M | Reduce -2.1% |
| XLY SS Consumer Disc Select Sect | 1.88% | 488,994 | $58.4M | Reduce -2.4% |
| V Visa Inc. Class A | 1.72% | 151,682 | $53.2M | Reduce -1.4% |
| VOX Vanguard Communication Servi | 1.69% | 270,951 | $52.5M | Add +0.6% |
| XLV SS Health Care Select Sector | 1.65% | 331,326 | $51.3M | Reduce -2.5% |
| CVX Chevron Corp. | 1.54% | 313,966 | $47.9M | Reduce -0.5% |
| HD Home Depot Inc. | 1.52% | 137,290 | $47.2M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 1.50% | 148,004 | $46.4M | Reduce -2.1% |
| XLF SS Financial Select Sector | 1.49% | 843,733 | $46.2M | Reduce -3.8% |
| ADP Automatic Data Processing | 1.40% | 168,378 | $43.3M | Reduce -2.6% |
| WM Waste Management Inc. | 1.34% | 189,636 | $41.7M | Reduce -0.8% |
| XLI SS Industrial Select Sector | 1.28% | 256,851 | $39.8M | Reduce -1.1% |
| JNJ Johnson & Johnson | 1.26% | 188,796 | $39.1M | Reduce -0.5% |
| TT Trane Technologies PLC | 1.21% | 96,700 | $37.6M | Reduce -1.2% |
| QQQ Invesco QQQ Trust Series 1 | 1.16% | 58,725 | $36.1M | Add +0.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.13% | 104,380 | $35.0M | Reduce -3.7% |
| VCR Vanguard Consumer Discre ETF | 1.10% | 86,283 | $34.0M | Reduce -0.1% |
| BX Blackstone Inc. | 1.06% | 212,406 | $32.7M | Reduce -3.8% |
| XLP SS Consumer Staples Sel Sect | 1.03% | 409,784 | $31.8M | Reduce -0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.98% | 44,364 | $30.3M | Add +0.7% |
| XLE SS Energy Select Sector | 0.95% | 657,883 | $29.4M | Reduce -4.2% |
| NEE Nextera Energy Inc. | 0.93% | 361,049 | $29.0M | Reduce -1.4% |
| AMGN Amgen Inc. | 0.92% | 87,521 | $28.6M | Reduce -1.4% |
| CAT Caterpillar Inc. | 0.92% | 49,619 | $28.4M | Reduce -1.1% |
| VFH Vanguard Financials ETF | 0.87% | 203,114 | $27.1M | Reduce -0.6% |
| LLY Eli Lilly & Co. | 0.87% | 25,026 | $26.9M | Add +0.4% |
| PG The Procter & Gamble Co. | 0.84% | 182,472 | $26.2M | Reduce -3.6% |
| VIS Vanguard Industrials ETF | 0.83% | 86,647 | $25.9M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.75% | 76,241 | $23.3M | Add +0.2% |
| AVGO Broadcom Inc. | 0.66% | 59,460 | $20.6M | Reduce -12.1% |
| CSL Carlisle Cos Inc. | 0.60% | 58,434 | $18.7M | Reduce -6.3% |
| ECL Ecolab Inc. | 0.60% | 70,730 | $18.6M | Reduce -2.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.59% | 335,262 | $18.4M | Reduce -7.8% |
| KLAC KLA Corp. | 0.59% | 15,088 | $18.3M | Reduce -3.9% |
| ABT Abbott Laboratories | 0.59% | 145,490 | $18.2M | Reduce -2.1% |
| ABBV Abbvie Inc. | 0.56% | 76,232 | $17.4M | Reduce -0.1% |
| VHT Vanguard Health Care ETF | 0.51% | 55,397 | $15.9M | Reduce -0.7% |
| DHR Danaher Corp. | 0.50% | 68,339 | $15.6M | Reduce -2.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.46% | 28,336 | $14.2M | Reduce -1.5% |
| VRT Vertiv Holdings Co. Class A | 0.45% | 86,429 | $14.0M | Reduce -0.3% |
| SDY SS SPDR S&P Dividend ETF | 0.42% | 92,651 | $12.9M | Reduce -1.1% |
| VDC Vanguard Consumer Staple ETF | 0.40% | 58,249 | $12.3M | Add +4.0% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.38% | 278,630 | $11.9M | Add +3.5% |
| SCCO Southern Copper Corp. | 0.37% | 80,131 | $11.5M | Add +6.2% |
| AMAT Applied Materials Inc. | 0.37% | 44,550 | $11.4M | Reduce -2.5% |
| O Realty Income Corp. | 0.35% | 192,958 | $10.9M | Reduce -2.4% |
| SOXX iShares Semiconductor ETF | 0.35% | 36,067 | $10.9M | Reduce -6.1% |
| APD Air Products & Chemicals Inc. | 0.33% | 41,663 | $10.3M | Reduce -3.7% |
| XLB SS Materials Select Sector | 0.32% | 215,866 | $9.8M | Add +0.3% |
| VZ Verizon Communications Inc. | 0.31% | 234,094 | $9.5M | Reduce -17.1% |
| SCHW Schwab (charles) Corp. | 0.30% | 93,308 | $9.3M | Reduce -0.9% |
| LOW Lowe's Cos Inc. | 0.29% | 37,322 | $9.0M | Reduce -1.2% |
| SBUX Starbucks Corp. | 0.28% | 103,990 | $8.8M | Reduce -7.4% |
| MDY State Street SPDR S&P Midcap | 0.28% | 14,456 | $8.7M | Reduce -3.5% |
| VNQ Vanguard Real Estate ETF | 0.27% | 94,411 | $8.4M | Reduce -0.6% |
| IVV iShares Core S&P 500 ETF | 0.26% | 11,883 | $8.1M | Reduce -3.0% |
| LH Labcorp Holdings Inc. | 0.25% | 31,242 | $7.8M | Reduce -1.2% |
| KMB Kimberly-Clark Corp. | 0.25% | 76,450 | $7.7M | Reduce -11.3% |
| VAW Vanguard Materials ETF | 0.25% | 36,913 | $7.7M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.24% | 97,927 | $7.5M | Reduce -0.2% |
| LHX L3HARRIS Technologies Inc. | 0.24% | 25,408 | $7.5M | Add +1.2% |
| SMH Vaneck Semiconductor ETF | 0.24% | 20,711 | $7.5M | Add +26.6% |
| DVY iShares Select Dividend ETF | 0.24% | 52,834 | $7.5M | Add +0.0% |
| NLR Vaneck Urani & Nuclr ETF-Usd | 0.22% | 56,055 | $7.0M | Add +186.7% |
| VPU Vanguard Utilities ETF | 0.22% | 36,614 | $6.8M | Reduce -1.2% |
| VDE Vanguard Energy ETF | 0.22% | 52,996 | $6.7M | Reduce -0.5% |
| GD General Dynamics Corp. | 0.21% | 19,600 | $6.6M | Reduce -2.0% |
| GPC Genuine Parts Co. | 0.21% | 51,752 | $6.4M | Reduce -6.8% |
| TSLA Tesla Inc. | 0.20% | 13,943 | $6.3M | Reduce -4.2% |
| SCHB Schwab US Broad Market ETF | 0.20% | 232,990 | $6.1M | Add +0.0% |
| QCOM Qualcomm Inc. | 0.20% | 35,363 | $6.0M | Reduce -6.4% |
| SPGI S&P Global Inc. | 0.19% | 11,472 | $6.0M | Reduce -5.9% |
| LIN Linde PLC | 0.19% | 13,990 | $6.0M | Reduce -1.9% |
| ACN Accenture PLC Class A | 0.19% | 21,450 | $5.8M | Reduce -13.4% |
| ROST Ross Stores Inc. | 0.18% | 31,633 | $5.7M | Reduce -2.0% |
| CW Curtiss-Wright Corp. | 0.18% | 10,288 | $5.7M | Reduce -1.4% |
| MRK Merck & Co. Inc. | 0.18% | 53,754 | $5.7M | Reduce -3.6% |
| GS Goldman Sachs Group Inc. | 0.18% | 6,316 | $5.6M | Reduce -10.5% |
| XLRE SS Real Estate Select Sector | 0.18% | 136,603 | $5.5M | Add +15.6% |
| ETN Eaton Corp. PLC | 0.18% | 17,288 | $5.5M | Reduce -3.7% |
| PEG Public Service Enterprise GP | 0.17% | 67,331 | $5.4M | Add +5.0% |
| CTAS Cintas Corp. | 0.17% | 28,642 | $5.4M | Reduce -6.3% |
| TRV The Travelers Cos Inc. | 0.17% | 17,875 | $5.2M | Reduce -2.7% |
| NKE Nike Inc. Class B | 0.17% | 81,310 | $5.2M | Reduce -9.9% |
| FDIS Fidelity MSCI Cons Discr Ind | 0.17% | 50,632 | $5.2M | No change |
| CB Chubb Ltd. | 0.17% | 16,515 | $5.2M | Reduce -2.7% |
| META Meta Platforms Inc. Class A | 0.15% | 7,281 | $4.8M | Add +4.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.15% | 9,763 | $4.8M | Add +5.8% |
| OMC Omnicom Group | 0.15% | 58,735 | $4.7M | Add +199.1% |
| SCHD Schwab US DVD Equity ETF | 0.15% | 169,879 | $4.7M | Reduce -9.3% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $17.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 11,576 | $14.0M | Reduce -1.3% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 2,438 | $3.1M | Reduce -0.8% |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.5% | 4.65% | −0.38 |
| HD Home Depot Inc. | Reduce -1.3% | 1.52% | −0.30 |
| COST Costco Wholesale Corp. | Reduce -0.9% | 3.20% | −0.28 |
| ADP Automatic Data Processing | Reduce -2.6% | 1.40% | −0.25 |
| BX Blackstone Inc. | Reduce -3.8% | 1.06% | −0.17 |
| TMUS T-Mobile US Inc. | Reduce -72.3% | 0.04% | −0.13 |
| TT Trane Technologies PLC | Reduce -1.2% | 1.21% | −0.12 |
| PG The Procter & Gamble Co. | Reduce -3.6% | 0.84% | −0.10 |
| KMB Kimberly-Clark Corp. | Reduce -11.3% | 0.25% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -17.1% | 0.31% | −0.09 |
| CORT Corcept Therapeutics Inc. | Reduce -0.6% | 0.05% | −0.08 |
| ORCL Oracle Corp. | Reduce -6.6% | 0.13% | −0.07 |
| XLC SS Comm Select Sector SPDR | Reduce -2.1% | 2.02% | −0.06 |
| IWV iShares Russell 3000 ETF | Sold out | 0.00% | −0.06 |
| XLK SS Technology Select Sector | Reduce -2.6% | 6.24% | −0.06 |
| XLY SS Consumer Disc Select Sect | Reduce -2.4% | 1.88% | −0.06 |
| CSL Carlisle Cos Inc. | Reduce -6.3% | 0.60% | −0.06 |
| NVDA Nvidia Corp. | Reduce -2.1% | 2.22% | −0.06 |
| AVGO Broadcom Inc. | Reduce -12.1% | 0.66% | −0.06 |
| ABT Abbott Laboratories | Reduce -2.1% | 0.59% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -3.7% | 0.33% | −0.05 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -44.4% | 0.05% | −0.05 |
| XLE SS Energy Select Sector | Reduce -4.2% | 0.95% | −0.05 |
| CVX Chevron Corp. | Reduce -0.5% | 1.54% | −0.04 |
| GPC Genuine Parts Co. | Reduce -6.8% | 0.21% | −0.04 |
| ECL Ecolab Inc. | Reduce -2.4% | 0.60% | −0.04 |
| LH Labcorp Holdings Inc. | Reduce -1.2% | 0.25% | −0.04 |
| CLX Clorox Company | Reduce -10.7% | 0.11% | −0.04 |
| ETN Eaton Corp. PLC | Reduce -3.7% | 0.18% | −0.04 |
| XLF SS Financial Select Sector | Reduce -3.8% | 1.49% | −0.04 |
| O Realty Income Corp. | Reduce -2.4% | 0.35% | −0.04 |
| AZO AutoZone Inc. | Reduce -2.5% | 0.12% | −0.04 |
| NKE Nike Inc. Class B | Reduce -9.9% | 0.17% | −0.04 |
| PFE Pfizer Inc. | Reduce -40.9% | 0.05% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -2.1% | 1.99% | −0.03 |
| CTAS Cintas Corp. | Reduce -6.3% | 0.17% | −0.03 |
| LIN Linde PLC | Reduce -1.9% | 0.19% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -15.4% | 0.08% | −0.03 |
| SBUX Starbucks Corp. | Reduce -7.4% | 0.28% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.7% | 1.13% | −0.02 |
| WM Waste Management Inc. | Reduce -0.8% | 1.34% | −0.02 |
| BLDR Builders Firstsource Inc. | Reduce -9.8% | 0.07% | −0.02 |
| SWK Stanley Black & Decker Inc. | Sold out | 0.00% | −0.02 |
| ADBE Adobe Inc. | Reduce -18.1% | 0.08% | −0.02 |
| ORLY O'reilly Automotive Inc. | Reduce -1.3% | 0.09% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -1.2% | 0.29% | −0.02 |
| CCI Crown Castle Inc. | Reduce -11.0% | 0.07% | −0.02 |
| UPS United Parcel Service Class B | Reduce -34.3% | 0.06% | −0.02 |
| XLP SS Consumer Staples Sel Sect | Reduce -0.2% | 1.03% | −0.02 |
| SCHD Schwab US DVD Equity ETF | Reduce -9.3% | 0.15% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Add +0.4% | 0.87% | +0.25 |
| APPF Appfolio Inc. Class A | New | 0.15% | +0.15 |
| NLR Vaneck Urani & Nuclr ETF-Usd | Add +186.7% | 0.22% | +0.14 |
| OMC Omnicom Group | Add +199.1% | 0.15% | +0.10 |
| SCCO Southern Copper Corp. | Add +6.2% | 0.37% | +0.07 |
| SMH Vaneck Semiconductor ETF | Add +26.6% | 0.24% | +0.07 |
| VOX Vanguard Communication Servi | Add +0.6% | 1.69% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +0.1% | 2.28% | +0.04 |
| GLD SPDR Gold Shares | Add +30.9% | 0.12% | +0.04 |
| IWM iShares Russell 2000 ETF | Add +96.0% | 0.07% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.5% | 1.16% | +0.03 |
| NEM Newmont Corp. | Add +37.0% | 0.07% | +0.03 |
| CAH Cardinal Health Inc. | Add +0.1% | 0.11% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.7% | 0.98% | +0.02 |
| LRCX Lam Research Corp. | Add +8.4% | 0.07% | +0.02 |
| NRG NRG Energy Inc. | New | 0.02% | +0.02 |
| XLRE SS Real Estate Select Sector | Add +15.6% | 0.18% | +0.02 |
| AKRE Akre Focus ETF | New | 0.02% | +0.02 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.01% | +0.01 |
| BA The Boeing Co. | Add +23.9% | 0.07% | +0.01 |
| TJX TJX Companies Inc. | Add +31.6% | 0.05% | +0.01 |
| FDX FedEx Corp. | Add +2.4% | 0.07% | +0.01 |
| VXUS Vanguard Total Intl Stock | Add +188.3% | 0.02% | +0.01 |
| WFC Wells Fargo & Co. | Add +0.7% | 0.12% | +0.01 |
| BXSL Blackstone Secured Lending F | New | 0.01% | +0.01 |
| RTX RTX Corp. | Add +4.6% | 0.10% | +0.01 |
| GRID First TRST Nasd Class Edg Sgiif | New | 0.01% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +3.0% | 0.11% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +7.0% | 0.14% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +5.8% | 0.15% | +0.01 |
| TEAM Atlassian Corp. Class A | Add +43.4% | 0.03% | +0.01 |
| BNDX Vanguard Total Intl Bond ETF | New | 0.01% | +0.01 |
| CIEN Ciena Corp. | New | 0.01% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | New | 0.01% | +0.01 |
| VDC Vanguard Consumer Staple ETF | Add +4.0% | 0.40% | +0.01 |
| LITE Lumentum Holdings Inc. | New | 0.01% | +0.01 |
| GILD Gilead Sciences Inc. | Add +8.7% | 0.05% | +0.01 |
| WDC Western Digital Corp. | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | Add +12.2% | 0.06% | +0.01 |
| TM Toyota Motor Corp. -Spon ADR | New | 0.01% | +0.01 |
| XBI SS SPDR S&P Biotech ETF | New | 0.01% | +0.01 |
| VLO Valero Energy Corp. | Add +33.8% | 0.03% | +0.01 |
| IGM iShares Expanded Tech Sector | New | 0.01% | +0.01 |
| EW Edwards Lifesciences Corp. | New | 0.01% | +0.01 |
| COWZ Pacer US Cash Cows 100 ETF | New | 0.01% | +0.01 |
| TTE Totalenergies SE | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | New | 0.01% | +0.01 |
| VEEV Veeva Systems Inc. Class A | New | 0.01% | +0.01 |
| IXP iShares Global Comm Services | New | 0.01% | +0.01 |
| ROK Rockwell Automation Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -1.3% | 11,576 | $14.0M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -0.8% | 2,438 | $3.1M |
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 |