Keystone Financial Group
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Keystone Financial Group reported 393 stock positions worth $979.6 million. Its top holding was Apple (AAPL) at 7.8% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 7.2%) and Ste STR SPDR PT S&P 500 ETF (SPYM, 4.0%). Compared with Q4 2024, it opened 25 new positions, sold out of 20, added to 154 and reduced 188. The biggest buy was Victoryshares Free Cash Flow (VFLO, shares +37%) and the biggest sale Apple (AAPL, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- LEXINGTON, KY
- CIK
- 0001729299
- Portfolio Value
- $979.6M (Q1 2025)
- SEC Filing
- 0001765380-25-000222 ↗ filed May 13, 2025
Holdings Value
Holdings 393 stocks · $979.6M
| AAPL Apple Inc. | 7.76% | 345,846 | $76.0M | Reduce -4.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 7.18% | 125,601 | $70.3M | Add +0.5% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 3.99% | 594,190 | $39.1M | Reduce -4.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 3.10% | 378,393 | $30.4M | Reduce -1.7% |
| VTI VG Morningstar TS MKT ETF-US | 3.03% | 107,910 | $29.7M | Add +1.4% |
| TSLA Tesla Inc. | 2.54% | 84,010 | $24.9M | Add +0.8% |
| VFLO Victoryshares Free Cash Flow | 2.52% | 721,195 | $24.7M | Add +37.4% |
| NVDA Nvidia Corp. | 2.43% | 212,450 | $23.8M | Add +0.9% |
| PLTR Palantir Technologies Inc. Class A | 2.14% | 247,439 | $20.9M | Add +1.7% |
| META Meta Platforms Inc. Class A | 1.94% | 31,240 | $19.0M | Add +0.5% |
| MSFT Microsoft Corp. | 1.92% | 49,364 | $18.8M | Add +0.5% |
| JQUA JPMorgan US Quality Factor | 1.87% | 324,131 | $18.3M | Add +8.3% |
| AMZN Amazon.com Inc. | 1.86% | 91,828 | $18.2M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.85% | 34,211 | $18.2M | Add +3.4% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.74% | 350,350 | $17.1M | Add +3.1% |
| VOO Vanguard S&P 500 ETF | 1.73% | 32,828 | $17.0M | Reduce -2.3% |
| JPM JPMorgan Chase & Co. | 1.37% | 52,943 | $13.4M | Add +0.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.36% | 17 | $13.3M | Reduce -22.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.07% | 60,933 | $10.5M | Reduce -5.2% |
| BND Vanguard Total Bond Market | 0.99% | 132,975 | $9.7M | Add +5.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.88% | 18,428 | $8.6M | Add +3.0% |
| AMD Advanced Micro Devices | 0.81% | 74,485 | $7.9M | Add +1.6% |
| TOTL SS Doubleline TR Tact ETF | 0.78% | 191,720 | $7.6M | Reduce -0.3% |
| TCAF T Rowe PRC Cap Appreciation | 0.74% | 224,162 | $7.2M | Add +15.1% |
| JNJ Johnson & Johnson | 0.74% | 44,828 | $7.2M | Add +3.0% |
| IVV iShares Core S&P 500 ETF | 0.71% | 12,352 | $7.0M | Add +6.3% |
| BIDD iShares International Divide | 0.64% | 241,084 | $6.2M | Add +15.2% |
| PG The Procter & Gamble Co. | 0.63% | 36,803 | $6.2M | Reduce -10.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.63% | 16,718 | $6.2M | Reduce -0.8% |
| MCD McDonald's Corp. | 0.62% | 19,704 | $6.1M | Add +0.9% |
| XOM Exxon Mobil Corp. | 0.61% | 50,419 | $6.0M | Reduce -2.0% |
| T AT&T Inc. | 0.61% | 218,833 | $6.0M | Add +0.8% |
| GOOG Alphabet Inc. Class C | 0.60% | 37,679 | $5.9M | Reduce -0.5% |
| VIG Vanguard Dividend Apprec ETF | 0.59% | 30,040 | $5.8M | Reduce -3.6% |
| CFO Victoryshares US 500 Enhance | 0.59% | 84,924 | $5.8M | Reduce -2.5% |
| LOW Lowe's Cos Inc. | 0.58% | 24,369 | $5.7M | Add +1.3% |
| XLG Invesco S&P 500 Top 50 ETF | 0.57% | 121,758 | $5.6M | Add +417.8% |
| STX Seagate Technology Holdings | 0.57% | 56,728 | $5.6M | Add +1.7% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.51% | 183,317 | $5.0M | Add +27.3% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.50% | 164,101 | $4.9M | Reduce -35.5% |
| ABT Abbott Laboratories | 0.50% | 36,715 | $4.9M | Add +0.2% |
| VOOG Vanguard S&P 500 Growth ETF | 0.49% | 14,307 | $4.8M | Add +0.1% |
| PEP Pepsico Inc. | 0.49% | 32,012 | $4.8M | Add +82.8% |
| MTUM iShares MSCI USA Momentum Fa | 0.48% | 23,507 | $4.8M | Add +0.7% |
| BA The Boeing Co. | 0.47% | 24,592 | $4.6M | Add +2.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.46% | 17,578 | $4.5M | Reduce -0.7% |
| MLN Vaneck Long Muni ETF | 0.46% | 266,403 | $4.5M | Add +3.4% |
| GOOGL Alphabet Inc. Class A | 0.46% | 28,979 | $4.5M | Add +2.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.46% | 20,111 | $4.5M | Reduce -0.6% |
| ITOT iShares Core S&P Total U.S. | 0.43% | 34,744 | $4.2M | Reduce -1.7% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.43% | 171,520 | $4.2M | Add +519.1% |
| GBTC Grayscale Bitcoin Trust ETF | 0.43% | 53,751 | $4.2M | Reduce -1.8% |
| XMPT Vaneck Cef Muni Income ETF | 0.42% | 195,731 | $4.2M | Add +3.6% |
| VOOV Vanguard S&P 500 Value ETF | 0.41% | 22,065 | $4.1M | Add +1.5% |
| IAU iShares Gold Trust | 0.41% | 68,383 | $4.0M | Add +550.5% |
| QUAL iShares MSCI USA Quality Fac | 0.39% | 22,584 | $3.9M | Reduce -20.7% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.39% | 69,288 | $3.8M | Add +17.7% |
| CMG Chipotle Mexican Grill Inc. | 0.38% | 74,229 | $3.7M | Reduce -0.1% |
| HD Home Depot Inc. | 0.38% | 10,044 | $3.7M | Reduce -3.7% |
| ABBV Abbvie Inc. | 0.38% | 17,609 | $3.7M | Reduce -1.9% |
| IQLT iShares MSCI International Q | 0.38% | 92,835 | $3.7M | Reduce -32.3% |
| USMV iShares MSCI USA Min Vol Fac | 0.36% | 38,154 | $3.6M | Reduce -11.9% |
| MDY State Street SPDR S&P Midcap | 0.36% | 6,441 | $3.5M | Reduce -18.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.34% | 30,972 | $3.3M | Add +3.9% |
| HEFA Isha Curr Hedged MSCI Eafe | 0.34% | 90,789 | $3.3M | Reduce -48.7% |
| DGRO iShares Core Dividend Growth | 0.33% | 52,667 | $3.3M | Reduce -4.5% |
| CVX Chevron Corp. | 0.33% | 19,258 | $3.2M | Add +14.0% |
| XLF SS Financial Select Sector | 0.32% | 63,437 | $3.2M | Add +17.6% |
| RSP Invesco S&P 500 Equal Weight | 0.31% | 17,794 | $3.1M | Reduce -2.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.30% | 56,892 | $2.9M | Reduce -12.7% |
| NFLX Netflix Inc. | 0.30% | 3,009 | $2.9M | Add +3.4% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.29% | 130,647 | $2.9M | Add +2.0% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 0.29% | 28,593 | $2.8M | Reduce -2.3% |
| IJR iShares Core S&P Small-Cap E | 0.28% | 26,147 | $2.8M | Add +5.2% |
| PM Philip Morris International | 0.28% | 17,304 | $2.8M | Reduce -0.2% |
| LLY Eli Lilly & Co. | 0.27% | 3,224 | $2.6M | Add +0.3% |
| V Visa Inc. Class A | 0.26% | 7,241 | $2.5M | Reduce -1.1% |
| NKE Nike Inc. Class B | 0.26% | 40,064 | $2.5M | Add +6.8% |
| VIOO Vanguard S&P Small-Cap 600 E | 0.26% | 26,003 | $2.5M | Reduce -2.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.25% | 5,938 | $2.5M | Reduce -13.4% |
| SDVY First Trust Smid Cap Rising | 0.25% | 73,608 | $2.5M | Add +20.6% |
| MRK Merck & Co. Inc. | 0.24% | 26,706 | $2.4M | Reduce -2.0% |
| KO The Coca-Cola Co. | 0.24% | 32,985 | $2.4M | Add +8.9% |
| XLE SS Energy Select Sector | 0.24% | 25,068 | $2.3M | Reduce -20.3% |
| CDC Victoryshares US Eq Income E | 0.24% | 35,307 | $2.3M | Reduce -3.3% |
| RDVY First Trust Rising Dividend | 0.23% | 39,182 | $2.3M | Add +2.1% |
| PFE Pfizer Inc. | 0.23% | 89,722 | $2.3M | Add +28.8% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.23% | 42,513 | $2.2M | Reduce -17.3% |
| FMB First Trust Managed Municipa | 0.22% | 43,110 | $2.2M | Add +17.0% |
| WMT Walmart Inc. | 0.22% | 24,515 | $2.2M | Add +13.4% |
| LNC Lincoln National Corp. | 0.22% | 60,441 | $2.1M | Add +1.5% |
| VYM Vanguard High DVD Yield ETF | 0.21% | 15,703 | $2.0M | Reduce -6.3% |
| VONE Vanguard Russell 1000 | 0.21% | 7,965 | $2.0M | Add +3.8% |
| CFA Victoryshares US 500 Volatil | 0.20% | 23,760 | $2.0M | Reduce -9.3% |
| IEFA iShares Core MSCI Eafe ETF | 0.17% | 22,626 | $1.7M | Reduce -6.4% |
| RH RH | 0.17% | 7,177 | $1.7M | Add +3.0% |
| IXN iShares Global Tech ETF | 0.17% | 21,750 | $1.6M | Reduce -12.4% |
| IP International Paper Co. | 0.17% | 30,835 | $1.6M | Add +0.0% |
| XLK SS Technology Select Sector | 0.17% | 7,945 | $1.6M | Reduce -21.6% |
| CSCO Cisco Systems Inc. | 0.16% | 25,693 | $1.6M | Reduce -0.2% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $4.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 2,627 | $3.1M | Reduce -16.0% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 25,585 | $912K | Add +55.4% |
Total filed on the 13F, all lines: $983.7M.
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -4.0% | 7.76% | −1.07 |
| SHM SS SPDR N Ice St Muni ETF | Sold out | 0.00% | −0.38 |
| HEFA Isha Curr Hedged MSCI Eafe | Reduce -48.7% | 0.34% | −0.27 |
| BUFR FT Vest Lad Buffervetf-Usd I | Reduce -35.5% | 0.50% | −0.27 |
| GRID First TRST Nasd Class Edg Sgiif | Reduce -88.8% | 0.03% | −0.26 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -4.4% | 3.99% | −0.24 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -1.7% | 3.10% | −0.24 |
| AMZN Amazon.com Inc. | Reduce -0.7% | 1.86% | −0.18 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -22.7% | 1.36% | −0.13 |
| IQLT iShares MSCI International Q | Reduce -32.3% | 0.38% | −0.13 |
| SPYX SS SPDR S&P 500 Foss FL ETF | Sold out | 0.00% | −0.12 |
| GOOG Alphabet Inc. Class C | Reduce -0.5% | 0.60% | −0.11 |
| XJR Ishr ESG SS S&P Smal-Cap-Usd | Sold out | 0.00% | −0.11 |
| QUAL iShares MSCI USA Quality Fac | Reduce -20.7% | 0.39% | −0.11 |
| MDY State Street SPDR S&P Midcap | Reduce -18.0% | 0.36% | −0.09 |
| AGG iShares Core U.S. Aggregate | Reduce -46.3% | 0.10% | −0.07 |
| XLK SS Technology Select Sector | Reduce -21.6% | 0.17% | −0.07 |
| VOO Vanguard S&P 500 ETF | Reduce -2.3% | 1.73% | −0.06 |
| NFTY First Trust India Nifty 50 E | Reduce -47.6% | 0.07% | −0.06 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -0.8% | 0.63% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -0.1% | 0.38% | −0.05 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -10.2% | 0.63% | −0.05 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −0.04 |
| IXN iShares Global Tech ETF | Reduce -12.4% | 0.17% | −0.04 |
| XLI SS Industrial Select Sector | Reduce -27.8% | 0.11% | −0.04 |
| BINC iShares Flex I A ETF-Usd Inc. | Reduce -17.3% | 0.23% | −0.04 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -13.4% | 0.25% | −0.03 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -12.7% | 0.30% | −0.03 |
| SPLV Invesco S&P 500 Low Volatili | Reduce -51.5% | 0.04% | −0.03 |
| HD Home Depot Inc. | Reduce -3.7% | 0.38% | −0.03 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.03 |
| CDL Victoryshares US Large Cap H | Reduce -56.7% | 0.02% | −0.03 |
| XLE SS Energy Select Sector | Reduce -20.3% | 0.24% | −0.03 |
| COIN Coinbase Global Inc. Class A | Reduce -14.4% | 0.04% | −0.03 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -1.8% | 0.06% | −0.03 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.6% | 0.46% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -2.0% | 0.24% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -51.4% | 0.02% | −0.02 |
| ALB Albemarle Corp. | Sold out | 0.00% | −0.02 |
| VTWO Vanguard Russell 2000 ETF | Sold out | 0.00% | −0.02 |
| VIOO Vanguard S&P Small-Cap 600 E | Reduce -2.3% | 0.26% | −0.02 |
| ILMN Illumina Inc. | Sold out | 0.00% | −0.02 |
| ATI Ati Inc. | Sold out | 0.00% | −0.02 |
| SCCO Southern Copper Corp. | Sold out | 0.00% | −0.02 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.02 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.02 |
| SCHG Schwab US Large-Cap Growth | Reduce -4.6% | 0.16% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| VFLO Victoryshares Free Cash Flow | Add +37.4% | 2.52% | +0.76 |
| XLG Invesco S&P 500 Top 50 ETF | Add +417.8% | 0.57% | +0.46 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.4% | 1.85% | +0.37 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +519.1% | 0.43% | +0.36 |
| IAU iShares Gold Trust | Add +550.5% | 0.41% | +0.36 |
| PLTR Palantir Technologies Inc. Class A | Add +1.7% | 2.14% | +0.32 |
| PEP Pepsico Inc. | Add +82.8% | 0.49% | +0.23 |
| JQUA JPMorgan US Quality Factor | Add +8.3% | 1.87% | +0.18 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Add +27.3% | 0.51% | +0.14 |
| ET Energy Transfer LP | New | 0.14% | +0.14 |
| HIMU iShares High Yild Muni A ETF | New | 0.13% | +0.13 |
| BIDD iShares International Divide | Add +15.2% | 0.64% | +0.13 |
| EPD Enterprise Products Partners | New | 0.13% | +0.13 |
| TCAF T Rowe PRC Cap Appreciation | Add +15.1% | 0.74% | +0.10 |
| JNJ Johnson & Johnson | Add +3.0% | 0.74% | +0.10 |
| BND Vanguard Total Bond Market | Add +5.2% | 0.99% | +0.09 |
| CVX Chevron Corp. | Add +14.0% | 0.33% | +0.09 |
| T AT&T Inc. | Add +0.8% | 0.61% | +0.08 |
| EMXC iShares MSCI Emr MRK Ex Chna | Add +17.7% | 0.39% | +0.07 |
| XLF SS Financial Select Sector | Add +17.6% | 0.32% | +0.07 |
| IONQ Ionq Inc. | New | 0.06% | +0.06 |
| GRAB Grab Holdings Ltd. Class A | Add +794.0% | 0.06% | +0.06 |
| KO The Coca-Cola Co. | Add +8.9% | 0.24% | +0.05 |
| ABT Abbott Laboratories | Add +0.2% | 0.50% | +0.05 |
| PFE Pfizer Inc. | Add +28.8% | 0.23% | +0.05 |
| FLXR TCW Flexible Income ETF | Add +161.3% | 0.07% | +0.05 |
| MCD McDonald's Corp. | Add +0.9% | 0.62% | +0.04 |
| STX Seagate Technology Holdings | Add +1.7% | 0.57% | +0.04 |
| OKE Oneok Inc. | Add +134.1% | 0.06% | +0.04 |
| BA The Boeing Co. | Add +2.0% | 0.47% | +0.04 |
| CGUS Cap Group Core Equity | Add +32.6% | 0.15% | +0.04 |
| FMB First Trust Managed Municipa | Add +17.0% | 0.22% | +0.04 |
| SDVY First Trust Smid Cap Rising | Add +20.6% | 0.25% | +0.04 |
| IVV iShares Core S&P 500 ETF | Add +6.3% | 0.71% | +0.03 |
| AB Alliancebernstein Holding LP | Add +59.3% | 0.07% | +0.03 |
| ELV Elevance Health Inc. | Add +29.0% | 0.10% | +0.03 |
| NFLX Netflix Inc. | Add +3.4% | 0.30% | +0.03 |
| ENB Enbridge Inc. | Add +40.8% | 0.10% | +0.03 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +35.1% | 0.10% | +0.03 |
| B Barrick Gold Corp. | Add +4.6% | 0.12% | +0.03 |
| GILD Gilead Sciences Inc. | New | 0.03% | +0.03 |
| FTNT Fortinet Inc. | New | 0.03% | +0.03 |
| D Dominion Energy Inc. | Add +32.8% | 0.10% | +0.03 |
| COST Costco Wholesale Corp. | Add +21.3% | 0.12% | +0.03 |
| HIMS Hims & Hers Health Inc. | New | 0.03% | +0.03 |
| QLTA iShares Aaa - A Rated Corpor | Add +76.5% | 0.06% | +0.03 |
| WMT Walmart Inc. | Add +13.4% | 0.22% | +0.03 |
| FVD First Trust Value Line DVD | Add +18.6% | 0.13% | +0.03 |
| PNC PNC Financial Services Group | New | 0.03% | +0.03 |
| RGTI Rigetti Computing Inc. | New | 0.03% | +0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -16.0% | 2,627 | $3.1M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +55.4% | 25,585 | $912K |
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 | 565 | $1.7B | AAPL, SPY, SPYM, STX, SPYG |
| Q1 2026 | 522 | $1.5B | AAPL, SPY, SPYM, VFLO, STX |
| Q4 2025 | 452 | $1.3B | AAPL, SPY, PLTR, SPYM, VFLO |
| Q3 2025Amended | 422 | $1.3B | SPY, AAPL, PLTR, NVDA, VTI |
| Q2 2025 | 428 | $1.1B | SPY, AAPL, SPYM, NVDA, VTI |
| Q1 2025 | 393 | $979.6M | AAPL, SPY, SPYM, SPYG, VTI |
| Q4 2024 | 388 | $1.0B | AAPL, SPY, SPYM, SPYG, VTI |
| Q3 2024Amended | 371 | $777.2M | SPY, AAPL, SPYM, SPYG, VTI |
| Q2 2024 | 167 | $275.4M | AAPL, MSFT, NVDA, BRK.B, BRK.A |
| Q1 2024 | 346 | $683.3M | SPY, SPYM, AAPL, VTI, SPYG |