Keystone Financial Group
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Keystone Financial Group reported 422 stock positions worth $1.3 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.4% of the portfolio, followed by Apple (AAPL, 7.2%) and Palantir Technologies Class A (PLTR, 3.6%). Compared with Q2 2025, it opened 53 new positions, sold out of 59, added to 228 and reduced 112. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +36%) and the biggest sale SS Doubleline TR Tact ETF (TOTL, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- LEXINGTON, KY
- CIK
- 0001729299
- Portfolio Value
- $1.3B (Q3 2025)
- SEC Filing
- 0001765380-25-000503 ↗ filed Nov 17, 2025
Holdings Value
Holdings 422 stocks · $1.3B
| SPY SS SPDR S&P 500 ETF Trust-US | 8.40% | 163,685 | $109.6M | Add +36.2% |
| AAPL Apple Inc. | 7.20% | 363,510 | $94.0M | Add +2.6% |
| PLTR Palantir Technologies Inc. Class A | 3.62% | 259,417 | $47.3M | Add +4.3% |
| NVDA Nvidia Corp. | 3.14% | 219,561 | $41.1M | Add +1.4% |
| VTI VG Morningstar TS MKT ETF-US | 3.11% | 123,585 | $40.6M | Add +7.7% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 3.10% | 516,657 | $40.5M | Add +1.9% |
| TSLA Tesla Inc. | 2.97% | 91,773 | $38.8M | Add +6.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 2.76% | 345,191 | $36.1M | Add +2.0% |
| VFLO Victoryshares Free Cash Flow | 2.29% | 798,273 | $29.9M | Add +2.6% |
| MSFT Microsoft Corp. | 2.17% | 54,832 | $28.3M | Add +10.9% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 1.90% | 418,544 | $24.8M | Add +19.0% |
| META Meta Platforms Inc. Class A | 1.79% | 35,303 | $23.3M | Add +11.8% |
| AMZN Amazon.com Inc. | 1.78% | 100,630 | $23.3M | Add +7.1% |
| VOO Vanguard S&P 500 ETF | 1.63% | 34,712 | $21.3M | Add +0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.60% | 41,554 | $20.9M | Add +4.5% |
| JPM JPMorgan Chase & Co. | 1.53% | 63,004 | $19.9M | Add +16.1% |
| JQUA JPMorgan US Quality Factor | 1.47% | 305,643 | $19.2M | Reduce -5.8% |
| AMD Advanced Micro Devices | 1.44% | 88,692 | $18.8M | Add +16.2% |
| STX Seagate Technology Holdings | 1.38% | 67,788 | $18.1M | Add +16.6% |
| XLG Invesco S&P 500 Top 50 ETF | 1.21% | 275,578 | $15.9M | Add +64.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.05% | 18 | $13.7M | Add +5.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.99% | 21,510 | $12.9M | Add +4.5% |
| BND Vanguard Total Bond Market | 0.93% | 163,603 | $12.2M | Add +18.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.88% | 61,734 | $11.5M | Add +2.4% |
| GOOG Alphabet Inc. Class C | 0.80% | 41,578 | $10.4M | Add +8.9% |
| JNJ Johnson & Johnson | 0.75% | 51,405 | $9.8M | Add +10.1% |
| TCAF T Rowe PRC Cap Appreciation | 0.71% | 246,553 | $9.3M | Add +2.6% |
| BAI Ishrs AI in and Tech Act ETF | 0.70% | 267,974 | $9.2M | Add +2419.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.67% | 18,233 | $8.7M | Add +4.0% |
| IVV iShares Core S&P 500 ETF | 0.66% | 12,874 | $8.6M | Add +5.4% |
| THRO iShares U.S. Thematic Rotati | 0.61% | 209,745 | $7.9M | Add +4.8% |
| GOOGL Alphabet Inc. Class A | 0.60% | 31,526 | $7.9M | Add +11.6% |
| IEMG iShares Core MSCI Emerging | 0.58% | 115,721 | $7.6M | Add +226.8% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.57% | 277,990 | $7.5M | Add +10.1% |
| VIG Vanguard Dividend Apprec ETF | 0.56% | 33,877 | $7.3M | Add +10.2% |
| BIDD iShares International Divide | 0.55% | 258,731 | $7.2M | Add +5.5% |
| MTUM iShares MSCI USA Momentum Fa | 0.53% | 27,067 | $6.9M | Add +8.2% |
| MCD McDonald's Corp. | 0.53% | 22,350 | $6.9M | Add +11.0% |
| LOW Lowe's Cos Inc. | 0.51% | 27,717 | $6.7M | Add +11.2% |
| T AT&T Inc. | 0.51% | 251,375 | $6.6M | Add +11.0% |
| MLN Vaneck Long Muni ETF | 0.51% | 375,078 | $6.6M | Add +27.0% |
| VOOG Vanguard S&P 500 Growth ETF | 0.50% | 15,033 | $6.5M | Add +1.0% |
| IAU iShares Gold Trust | 0.47% | 85,172 | $6.2M | Add +36.4% |
| PG The Procter & Gamble Co. | 0.47% | 40,357 | $6.1M | Add +10.7% |
| XMPT Vaneck Cef Muni Income ETF | 0.46% | 271,333 | $6.0M | Add +24.3% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.46% | 238,062 | $6.0M | Add +850.9% |
| BA The Boeing Co. | 0.45% | 29,403 | $5.9M | Add +16.0% |
| CFO Victoryshares US 500 Enhance | 0.45% | 79,835 | $5.9M | Reduce -2.5% |
| XOM Exxon Mobil Corp. | 0.44% | 50,605 | $5.7M | Add +0.9% |
| ITOT iShares Core S&P Total U.S. | 0.42% | 37,276 | $5.4M | Add +6.1% |
| ABT Abbott Laboratories | 0.41% | 41,285 | $5.4M | Add +11.3% |
| SHLD Global X Defense Tech ETF | 0.40% | 74,109 | $5.2M | Add +1302.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.40% | 17,630 | $5.2M | Reduce -2.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.39% | 20,138 | $5.1M | Add +0.6% |
| VOOV Vanguard S&P 500 Value ETF | 0.36% | 23,583 | $4.7M | Add +1.1% |
| GBTC Grayscale Bitcoin Trust ETF | 0.35% | 56,229 | $4.6M | Add +3.5% |
| ABBV Abbvie Inc. | 0.35% | 19,672 | $4.6M | Add +7.6% |
| XLF SS Financial Select Sector | 0.35% | 84,588 | $4.6M | Add +24.1% |
| WMT Walmart Inc. | 0.31% | 39,839 | $4.1M | Add +34.6% |
| QUAL iShares MSCI USA Quality Fac | 0.30% | 20,274 | $3.9M | Add +1.7% |
| CVX Chevron Corp. | 0.30% | 25,040 | $3.9M | Add +15.3% |
| HD Home Depot Inc. | 0.30% | 9,944 | $3.9M | Reduce -1.7% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.30% | 116,084 | $3.9M | Reduce -4.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 35,357 | $3.9M | Add +9.5% |
| IAGG iShares Intl Aggregate Bond | 0.28% | 71,940 | $3.7M | Reduce -3.5% |
| USMV iShares MSCI USA Min Vol Fac | 0.28% | 37,953 | $3.6M | Reduce -4.6% |
| RSP Invesco S&P 500 Equal Weight | 0.27% | 18,833 | $3.6M | Add +3.5% |
| NKE Nike Inc. Class B | 0.27% | 53,485 | $3.6M | Add +13.8% |
| NFLX Netflix Inc. | 0.27% | 2,917 | $3.5M | Reduce -6.7% |
| SPMB SS SPDR P Mort Back Bond ETF | 0.26% | 154,060 | $3.5M | Add +8.4% |
| DGRO iShares Core Dividend Growth | 0.26% | 50,757 | $3.5M | Add +0.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.25% | 57,969 | $3.2M | Add +6.1% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 0.24% | 28,689 | $3.2M | Reduce -1.0% |
| PM Philip Morris International | 0.24% | 19,382 | $3.1M | Add +16.3% |
| CMG Chipotle Mexican Grill Inc. | 0.23% | 89,974 | $3.1M | Add +17.6% |
| LLY Eli Lilly & Co. | 0.23% | 3,742 | $3.1M | Reduce -93.4% |
| VIOO Vanguard S&P Small-Cap 600 E | 0.23% | 26,968 | $3.0M | Add +1.3% |
| IJR iShares Core S&P Small-Cap E | 0.23% | 24,892 | $3.0M | Add +6.9% |
| LNC Lincoln National Corp. | 0.22% | 70,097 | $2.9M | Add +706.3% |
| VONE Vanguard Russell 1000 | 0.22% | 9,310 | $2.8M | Add +3.9% |
| PEP Pepsico Inc. | 0.20% | 18,966 | $2.7M | Add +18.4% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.20% | 5,662 | $2.6M | Add +1.4% |
| RDVY First Trust Rising Dividend | 0.20% | 38,834 | $2.6M | Add +7.0% |
| BINC iShares Flex I A ETF-Usd Inc. | 0.20% | 48,766 | $2.6M | Add +8.3% |
| AVGO Broadcom Inc. | 0.19% | 7,686 | $2.5M | Add +2.5% |
| V Visa Inc. Class A | 0.19% | 7,300 | $2.5M | Add +0.1% |
| IXN iShares Global Tech ETF | 0.18% | 23,213 | $2.4M | Add +3.0% |
| KO The Coca-Cola Co. | 0.18% | 35,610 | $2.4M | Add +4.5% |
| MDY State Street SPDR S&P Midcap | 0.18% | 3,944 | $2.4M | Reduce -38.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.18% | 4,783 | $2.3M | Add +32.3% |
| IONQ Ionq Inc. | 0.18% | 37,425 | $2.3M | Add +27.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.18% | 26,239 | $2.3M | Add +14.8% |
| VYM Vanguard High DVD Yield ETF | 0.17% | 16,051 | $2.3M | Add +0.5% |
| CDC Victoryshares US Eq Income E | 0.17% | 33,050 | $2.2M | Reduce -2.5% |
| CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET | 0.17% | 55,695 | $2.2M | Add +5.5% |
| XLE SS Energy Select Sector | 0.17% | 24,407 | $2.2M | Add +2.9% |
| PFE Pfizer Inc. | 0.16% | 84,217 | $2.1M | Reduce -11.5% |
| MRK Merck & Co. Inc. | 0.16% | 24,652 | $2.1M | Reduce -9.0% |
| CGGR Cap Group Growth Equity | 0.16% | 47,904 | $2.1M | Add +90.2% |
| VGT Vanguard Info Tech ETF | 0.16% | 2,796 | $2.1M | Add +39.7% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,350 | $1.7M | Reduce -51.2% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 29,225 | $1.1M | Add +2.7% |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q2 2025 → Q3 2025
| TOTL SS Doubleline TR Tact ETF | Reduce -96.4% | 0.02% | −0.66 |
| HEFA Isha Curr Hedged MSCI Eafe | Reduce -94.9% | 0.03% | −0.59 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -95.2% | 0.02% | −0.47 |
| JQUA JPMorgan US Quality Factor | Reduce -5.8% | 1.47% | −0.29 |
| SDVY First Trust Smid Cap Rising | Sold out | 0.00% | −0.21 |
| SGUXX Schwab Govt MNY FND-Ult | Sold out | 0.00% | −0.20 |
| LLY Eli Lilly & Co. | Reduce -93.4% | 0.23% | −0.18 |
| MDY State Street SPDR S&P Midcap | Reduce -38.5% | 0.18% | −0.15 |
| NFLX Netflix Inc. | Reduce -6.7% | 0.27% | −0.11 |
| BAC Bank of America Corp. | Reduce -85.9% | 0.02% | −0.11 |
| CGDV Cap Group Dividend Value | Sold out | 0.00% | −0.09 |
| SGVT Schwab Govt Money Market ETF | Sold out | 0.00% | −0.08 |
| CFO Victoryshares US 500 Enhance | Reduce -2.5% | 0.45% | −0.08 |
| FV First Trust DW Focus 5 Fund | Sold out | 0.00% | −0.07 |
| IAGG iShares Intl Aggregate Bond | Reduce -3.5% | 0.28% | −0.06 |
| EMLP First Trust North American E | Sold out | 0.00% | −0.06 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -4.6% | 0.28% | −0.06 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -2.3% | 0.40% | −0.06 |
| FDL First Trust Morn DVD Lead Inc. | Sold out | 0.00% | −0.05 |
| BUFR FT Vest Lad Buffervetf-Usd I | Reduce -4.3% | 0.30% | −0.05 |
| NRG NRG Energy Inc. | Sold out | 0.00% | −0.05 |
| LIN Linde PLC | Sold out | 0.00% | −0.05 |
| FMB First Trust Managed Municipa | Reduce -11.4% | 0.16% | −0.05 |
| HD Home Depot Inc. | Reduce -1.7% | 0.30% | −0.05 |
| PFE Pfizer Inc. | Reduce -11.5% | 0.16% | −0.04 |
| AXON Axon Enterprise Inc. | Reduce -45.0% | 0.02% | −0.04 |
| CGMU Cap Group Municipal Income | Sold out | 0.00% | −0.04 |
| GRID First TRST Nasd Class Edg Sgiif | Sold out | 0.00% | −0.04 |
| CIBR First Trust Nasdaq Cybersecu | Sold out | 0.00% | −0.04 |
| FDN First Trust DJ Internet Ind | Sold out | 0.00% | −0.04 |
| HWM Howmet Aerospace Inc. | Sold out | 0.00% | −0.04 |
| RTX RTX Corp. | Sold out | 0.00% | −0.04 |
| FVC First Trust Dorsey Wright DY | Sold out | 0.00% | −0.04 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.04 |
| UPS United Parcel Service Class B | Reduce -10.1% | 0.06% | −0.03 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.03 |
| IVOO Vanguard S&P Mid-Cap 400 ETF | Reduce -1.0% | 0.24% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -9.0% | 0.16% | −0.03 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.03 |
| IESC Ies Holdings Inc. | Sold out | 0.00% | −0.03 |
| CGBL Cap Group Core Balanced | Sold out | 0.00% | −0.03 |
| OUNZ Vaneck Merk Gold ETF | Sold out | 0.00% | −0.03 |
| CDC Victoryshares US Eq Income E | Reduce -2.5% | 0.17% | −0.03 |
| KNG FT Vest S&P 500 DVD Arst TRG | Sold out | 0.00% | −0.03 |
| CFA Victoryshares US 500 Volatil | Reduce -2.4% | 0.15% | −0.03 |
| FIXD First Trust Smith Opportunis | Sold out | 0.00% | −0.03 |
| MDIV FT Multi-Asset Divers Inc. | Sold out | 0.00% | −0.02 |
| PFF iShares Preferred & Income S | Reduce -25.5% | 0.04% | −0.02 |
| GOVT iShares US Treasury Bond ETF | Reduce -40.0% | 0.02% | −0.02 |
| CHX Championx Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +36.2% | 8.40% | +1.67 |
| BAI Ishrs AI in and Tech Act ETF | Add +2419.3% | 0.70% | +0.67 |
| STX Seagate Technology Holdings | Add +16.6% | 1.38% | +0.59 |
| PLTR Palantir Technologies Inc. Class A | Add +4.3% | 3.62% | +0.54 |
| AAPL Apple Inc. | Add +2.6% | 7.20% | +0.49 |
| XLG Invesco S&P 500 Top 50 ETF | Add +64.6% | 1.21% | +0.42 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +850.9% | 0.46% | +0.40 |
| IEMG iShares Core MSCI Emerging | Add +226.8% | 0.58% | +0.39 |
| TSLA Tesla Inc. | Add +6.4% | 2.97% | +0.38 |
| SHLD Global X Defense Tech ETF | Add +1302.3% | 0.40% | +0.37 |
| AMD Advanced Micro Devices | Add +16.2% | 1.44% | +0.35 |
| LNC Lincoln National Corp. | Add +706.3% | 0.22% | +0.20 |
| GOOG Alphabet Inc. Class C | Add +8.9% | 0.80% | +0.17 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +19.0% | 1.90% | +0.16 |
| GOOGL Alphabet Inc. Class A | Add +11.6% | 0.60% | +0.15 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Add +167.9% | 0.15% | +0.13 |
| IAU iShares Gold Trust | Add +36.4% | 0.47% | +0.12 |
| JPM JPMorgan Chase & Co. | Add +16.1% | 1.53% | +0.10 |
| CGGR Cap Group Growth Equity | Add +90.2% | 0.16% | +0.07 |
| JNJ Johnson & Johnson | Add +10.1% | 0.75% | +0.06 |
| IONQ Ionq Inc. | Add +27.1% | 0.18% | +0.06 |
| CAT Caterpillar Inc. | Add +189.2% | 0.09% | +0.06 |
| SDY SS SPDR S&P Dividend ETF | New | 0.06% | +0.06 |
| MLN Vaneck Long Muni ETF | Add +27.0% | 0.51% | +0.06 |
| NEM Newmont Corp. | New | 0.05% | +0.05 |
| NEAR iShares SH Dba ETF Usd Inc. | New | 0.05% | +0.05 |
| WMT Walmart Inc. | Add +34.6% | 0.31% | +0.05 |
| APH Amphenol Corp. Class A | New | 0.05% | +0.05 |
| SECT Main Sector Rotation ETF | New | 0.05% | +0.05 |
| PZA Invesco National Amt-Free Mu | New | 0.05% | +0.05 |
| XMPT Vaneck Cef Muni Income ETF | Add +24.3% | 0.46% | +0.04 |
| ABBV Abbvie Inc. | Add +7.6% | 0.35% | +0.04 |
| QQQI Neos Nasdaq-100 High Inc. ETF | Add +264.5% | 0.06% | +0.04 |
| VGT Vanguard Info Tech ETF | Add +39.7% | 0.16% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | Add +43.2% | 0.11% | +0.04 |
| TCAL T Rowe Pre CPT Apr PR in ETF | New | 0.04% | +0.04 |
| JPST JPMorgan Ultra-Short Income | Add +126.5% | 0.08% | +0.04 |
| IDXX Idexx Laboratories Inc. | New | 0.04% | +0.04 |
| FLXR TCW Flexible Income ETF | Add +80.2% | 0.09% | +0.03 |
| MP MP Materials Corp. | New | 0.03% | +0.03 |
| PRME Prime Medicine Inc. | New | 0.03% | +0.03 |
| XLF SS Financial Select Sector | Add +24.1% | 0.35% | +0.03 |
| HEI Heico Corp. | New | 0.02% | +0.02 |
| PANW Palo Alto Networks Inc. | Add +19.7% | 0.16% | +0.02 |
| QEMM State Street SPDR MSCI Emerg | New | 0.02% | +0.02 |
| RAL Ralliant Corp. | New | 0.02% | +0.02 |
| HYGW iShares HY Corp. BD Buywr ETF | New | 0.02% | +0.02 |
| SPBO SS SPDR P Corp. Bond ETF | New | 0.02% | +0.02 |
| WBD Warner Bros Discovery Inc. | New | 0.02% | +0.02 |
| HSY The Hershey Co. | New | 0.02% | +0.02 |
Notes & Other Activity Q2 2025 → Q3 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -51.2% | 1,350 | $1.7M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +2.7% | 29,225 | $1.1M |
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 | 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 |