Kimelman & Baird, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 25, 2025), Kimelman & Baird, LLC reported 304 stock positions worth $1.3 billion. Its top holding was JPMorgan Chase (JPM) at 5.8% of the portfolio, followed by Apple (AAPL, 5.7%) and Microsoft (MSFT, 4.9%). Compared with Q2 2025, it opened 7 new positions, sold out of 42, added to 25 and reduced 47. The biggest buy was Marvell Technology (MRVL, shares +207%) and the biggest sale United Parcel Service Class B (UPS, shares −99%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001318103
Portfolio Value
$1.3B (Q3 2025)
SEC Filing
0000890163-25-000012 ↗ filed Nov 25, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q2 2024: $1.2B Q2 2024 Q3 2024: $1.3B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.3B $1.3B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 304 stocks · $1.3B
JPM JPMorgan Chase & Co. 5.80% 235,406 $74.3M Reduce -3.5%
AAPL Apple Inc. 5.73% 288,020 $73.3M Reduce -2.0%
MSFT Microsoft Corp. 4.94% 122,238 $63.3M Reduce -1.6%
AMZN Amazon.com Inc. 4.76% 277,464 $60.9M Add +0.2%
COST Costco Wholesale Corp. 4.56% 63,075 $58.4M Add +0.6%
CPRT Copart Inc. 4.33% 1,233,862 $55.5M Add +1.0%
BX Blackstone Inc. 4.23% 316,973 $54.2M Add +0.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 3.82% 338,188 $48.9M Add +0.8%
HD Home Depot Inc. 3.75% 118,371 $48.0M Add +0.2%
WM Waste Management Inc. 3.64% 211,121 $46.6M Add +0.6%
MA Mastercard Inc. Class A 3.59% 80,756 $45.9M Add +0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 3.22% 798,480 $41.2M Add +0.8%
GOOGL Alphabet Inc. Class A 3.16% 166,197 $40.4M Reduce -2.9%
V Visa Inc. Class A 2.89% 108,239 $37.0M Add +1.0%
LLY Eli Lilly & Co. 2.61% 43,719 $33.4M Reduce -1.3%
WCN Waste Connections Inc. 2.60% 189,255 $33.3M Add +0.9%
UBER Uber Technologies Inc. 2.59% 338,057 $33.1M Add +1.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 2.31% 104,710 $29.5M Add +0.9%
OC Owens Corning 2.28% 206,316 $29.2M Add +0.8%
HON Honeywell International Inc. 2.13% 129,759 $27.3M Add +1.3%
UNP Union Pacific Corp. 1.89% 102,304 $24.2M No change
OPLN Openlane Inc. 1.82% 808,630 $23.3M Add +1.3%
MRVL Marvell Technology Inc. 1.62% 246,641 $20.7M Add +207.1%
NSC Norfolk Southern Corp. 1.33% 56,880 $17.1M No change
LIN Linde PLC 1.31% 35,425 $16.8M Add +2.9%
MDT Medtronic PLC 1.26% 168,969 $16.1M Add +21.6%
DOV Dover Corp. 1.25% 96,000 $16.0M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.18% 131,810 $15.1M Add +2.1%
MRK Merck & Co. Inc. 1.06% 162,450 $13.6M No change
NKE Nike Inc. Class B 1.00% 183,081 $12.8M Add +1.4%
NVDA Nvidia Corp. 0.87% 59,373 $11.1M Add +3.9%
XOM Exxon Mobil Corp. 0.86% 97,188 $11.0M Reduce -0.4%
EMR Emerson Electric Co. 0.70% 68,585 $9.0M No change
MCD McDonald's Corp. 0.65% 27,320 $8.3M No change
ABBV Abbvie Inc. 0.56% 31,070 $7.2M No change
CVX Chevron Corp. 0.49% 40,653 $6.3M Add +8.0%
DMRC Digimarc Corp. 0.48% 635,370 $6.2M Reduce -0.9%
MTB M & T Bank Corp. filed as M & T BK CORP 0.46% 29,950 $5.9M No change
CAC Camden National Corp. 0.44% 146,259 $5.6M Reduce -1.1%
NEE Nextera Energy Inc. 0.40% 68,424 $5.2M No change
GOOG Alphabet Inc. Class C 0.40% 20,924 $5.1M Reduce -10.6%
NUE Nucor Corp. 0.40% 37,550 $5.1M No change
SHEL Shell PLC-ADR 0.37% 66,176 $4.7M No change
AMGN Amgen Inc. 0.31% 14,240 $4.0M Reduce -3.7%
STE Steris PLC 0.29% 15,059 $3.7M Reduce -2.2%
ABT Abbott Laboratories 0.25% 23,639 $3.2M No change
GE General Electric filed as GE AEROSPACE 0.24% 10,299 $3.1M Reduce -0.2%
PG The Procter & Gamble Co. 0.24% 19,670 $3.0M No change
MRSH Marsh & McLennan Cos 0.20% 12,795 $2.6M No change
TRV Travelers Companies Inc. 0.19% 8,514 $2.4M New
STX Seagate Technology Holdings 0.17% 9,025 $2.1M No change
GLD SPDR Gold Shares 0.15% 5,490 $2.0M No change
JNJ Johnson & Johnson 0.15% 10,396 $1.9M No change
CSCO Cisco Systems Inc. 0.12% 22,870 $1.6M Reduce -4.7%
SXT Sensient Technologies Corp. 0.12% 16,650 $1.6M Reduce -3.5%
ECL Ecolab Inc. 0.12% 5,658 $1.5M No change
PM Philip Morris International 0.12% 9,293 $1.5M No change
KIM Kimco Realty Corp. 0.12% 68,125 $1.5M Reduce -6.8%
MDLZ Mondelez International Inc. Class A 0.11% 23,355 $1.5M No change
SYY Sysco Corp. 0.11% 16,599 $1.4M No change
MTX Minerals Technologies Inc. 0.10% 21,532 $1.3M Reduce -5.5%
UL Unilever PLC 0.10% 21,600 $1.3M No change
GEV GE Vernova Inc. 0.10% 2,046 $1.3M Reduce -0.3%
VST Vistra Corp. 0.09% 6,200 $1.2M No change
PFE Pfizer Inc. 0.09% 45,166 $1.2M Reduce -2.6%
CMCSA Comcast Corp. Class A 0.09% 34,778 $1.1M No change
EOG EOG Resources Inc. 0.08% 9,695 $1.1M Reduce -4.0%
KR Kroger Co. 0.08% 15,300 $1.0M No change
DD Dupont DE Nemours Inc. 0.08% 12,824 $999K No change
BMY Bristol-Myers Squibb Co. 0.07% 20,597 $929K Reduce -3.1%
TT Trane Technologies PLC 0.07% 2,190 $924K No change
FNLC First Bancorp Inc. 0.07% 34,125 $896K No change
NVS Novartis AG-Sponsored ADR 0.07% 6,850 $878K No change
GNR State Street SPDR S&P Global 0.07% 14,500 $859K No change
MMM 3M Co. 0.07% 5,400 $838K No change
GPC Genuine Parts Co. 0.06% 5,500 $762K No change
META Meta Platforms Inc. Class A 0.06% 1,027 $754K No change
QCOM Qualcomm Inc. 0.05% 4,100 $682K No change
UTZ Utz Brands Inc. 0.05% 54,484 $662K No change
COP Conocophillips 0.05% 6,850 $648K No change
LITE Lumentum Holdings Inc. 0.05% 3,974 $647K Reduce -32.4%
NWSA News Corp. Class A 0.05% 20,812 $639K Reduce -5.1%
PANW Palo Alto Networks Inc. 0.05% 3,000 $611K No change
NI Nisource Inc. 0.05% 13,950 $604K No change
GIS General Mills Inc. 0.05% 11,942 $602K No change
KO The Coca-Cola Co. 0.04% 8,170 $542K No change
KMB Kimberly-Clark Corp. 0.04% 4,350 $541K No change
WEN The Wendy's Co. 0.04% 58,728 $538K No change
FUL H.B. Fuller Co. filed as FULLER H B CO 0.04% 8,650 $513K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.04% 4,500 $489K No change
CTVA Corteva Inc. 0.04% 6,651 $450K No change
DOW Dow Inc. 0.03% 19,363 $444K No change
WMT Walmart Inc. 0.03% 4,263 $439K Add +2.0%
SW Smurfit Westrock PLC 0.03% 10,250 $436K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.03% 6,914 $425K Reduce -2.8%
WSM Williams-Sonoma Inc. 0.03% 2,144 $419K No change
VOO Vanguard S&P 500 ETF 0.03% 679 $416K Reduce -0.3%
AXP American Express Co. 0.03% 1,250 $415K No change
NFLX Netflix Inc. 0.03% 340 $408K Reduce -9.3%
PEP Pepsico Inc. 0.03% 2,802 $393K No change

Show all 304 holdings

Other holdings (3): bonds, preferreds, convertibles and warrants · $53K (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 25$31KNo change
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 300$21KNo change
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 56$1KReduce -30.9%

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q2 2025 → Q3 2025
UPS United Parcel Service Class B Reduce -99.5% 0.00% −1.11
LLY Eli Lilly & Co. Reduce -1.3% 2.61% −0.21
DMRC Digimarc Corp. Reduce -0.9% 0.48% −0.20
TRAVELERS COMPANIES INC Sold out 0.00% −0.19
MSFT Microsoft Corp. Reduce -1.6% 4.94% −0.09
CAC Camden National Corp. Reduce -1.1% 0.44% −0.05
HES Hess Corp. Sold out 0.00% −0.03
AMGN Amgen Inc. Reduce -3.7% 0.31% −0.02
KWR Quaker Chemical Corporation Reduce -60.3% 0.02% −0.02
SXT Sensient Technologies Corp. Reduce -3.5% 0.12% −0.02
TFX Teleflex Inc. Reduce -46.9% 0.02% −0.01
CSCO Cisco Systems Inc. Reduce -4.7% 0.12% −0.01
EOG EOG Resources Inc. Reduce -4.0% 0.08% −0.01
STE Steris PLC Reduce -2.2% 0.29% −0.01
IFF Intl Flavors & Fragrances Reduce -2.8% 0.03% −0.01
NFLX Netflix Inc. Reduce -9.3% 0.03% −0.01
KIM Kimco Realty Corp. Reduce -6.8% 0.12% −0.01
BMY Bristol-Myers Squibb Co. Reduce -3.1% 0.07% −0.01
PARAA Paramount Global Class B Sold out 0.00% −0.01
RTX CORPORATION Sold out 0.00% −0.01
ESGD iShares Trust iShares ESG Aw Sold out 0.00% −0.01
XPMFX PIMCO Municipal Income Fund Sold out 0.00% −0.01
ADBE Adobe Inc. Reduce -13.7% 0.01% −0.00
FN Fabrinet Sold out 0.00% −0.00
DE Deere & Co. Reduce -50.0% 0.00% −0.00
SWKS Skyworks Solutions Inc. Sold out 0.00% −0.00
ESGE iShares Inc. iShares ESG Awar Sold out 0.00% −0.00
DGS Wisdomtree Em Small Cap Sold out 0.00% −0.00
NWSA News Corp. Class A Reduce -5.1% 0.05% −0.00
RSPT Invesco S&P 500 Equal Weight Sold out 0.00% −0.00
SLB SLB Ltd. Reduce -38.5% 0.00% −0.00
VYM Vanguard High DVD Yield ETF Reduce -30.4% 0.01% −0.00
TARGET CORP Sold out 0.00% −0.00
ESML iShares ESG Aware MSCI USA S Sold out 0.00% −0.00
KMI Kinder Morgan Inc. Reduce -13.6% 0.01% −0.00
OEC Orion SA Reduce -44.4% 0.00% −0.00
FOXA Fox Corp. Class A Sold out 0.00% −0.00
NULV Nuveen ESG Large-Cap Val ETF Sold out 0.00% −0.00
ROBO Robo Global Robotics and Aut Sold out 0.00% −0.00
CORP PIMCO Inv Grade Corp. BD ETF Sold out 0.00% −0.00
BA The Boeing Co. Reduce -23.1% 0.01% −0.00
MOS The Mosaic Co. Reduce -29.4% 0.00% −0.00
PFE Pfizer Inc. Reduce -2.6% 0.09% −0.00
SKX Skechers USA Inc. Class A Sold out 0.00% −0.00
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.00
APO Apollo Global Management Inc. Sold out 0.00% −0.00
GLW Corning Inc. Sold out 0.00% −0.00
VYMI Vanguard Int High DVD YLD Inc. Reduce -29.7% 0.00% −0.00
VIGI Vanguard Int Div App Indx FD Sold out 0.00% −0.00
F Ford Motor Co. Reduce -57.6% 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
MRVL Marvell Technology Inc. Add +207.1% 1.62% +1.11
TJX TJX Companies Inc. Add +0.8% 3.82% +0.44
BX Blackstone Inc. Add +0.2% 4.23% +0.38
MDT Medtronic PLC Add +21.6% 1.26% +0.27
OPLN Openlane Inc. Add +1.3% 1.82% +0.23
HD Home Depot Inc. Add +0.2% 3.75% +0.22
TRV Travelers Companies Inc. New 0.19% +0.19
BAC Bank of America Corp. Add +0.8% 3.22% +0.17
NVDA Nvidia Corp. Add +3.9% 0.87% +0.13
CVX Chevron Corp. Add +8.0% 0.49% +0.05
UBER Uber Technologies Inc. Add +1.0% 2.59% +0.04
ABNB Airbnb Inc. Class A New 0.01% +0.01
RTX RTX Corp. New 0.01% +0.01
PML PIMCO Municipal Income FD II New 0.01% +0.01
PLTR Palantir Technologies Inc. Class A New 0.00% +0.00
TGT Target Corp. New 0.00% +0.00
WMT Walmart Inc. Add +2.0% 0.03% +0.00
PSKY Paramount Skydance Class B New 0.00% +0.00
MAR Marriott International Class A Add +4.4% 0.00% −0.00
LIN Linde PLC Add +2.9% 1.31% −0.00
OC Owens Corning Add +0.8% 2.28% −0.01
NKE Nike Inc. Class B Add +1.4% 1.00% −0.05
MA Mastercard Inc. Class A Add +0.4% 3.59% −0.09
DIS The Walt Disney Co. Add +2.1% 1.18% −0.12
IBM Intl Business Machines Corp. Add +0.9% 2.31% −0.18
AMZN Amazon.com Inc. Add +0.2% 4.76% −0.19
V Visa Inc. Class A Add +1.0% 2.89% −0.21
WCN Waste Connections Inc. Add +0.9% 2.60% −0.25
WM Waste Management Inc. Add +0.6% 3.64% −0.27
HON Honeywell International Inc. Add +1.3% 2.13% −0.30
COST Costco Wholesale Corp. Add +0.6% 4.56% −0.49
CPRT Copart Inc. Add +1.0% 4.33% −0.55

Notes & Other Activity Q2 2025 → Q3 2025
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Reduce -30.9% 56 $1K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 258$1.4BAAPL, MRVL, JPM, AMZN, COST
Q1 2026 258$1.2BAAPL, COST, JPM, AMZN, TJX
Q4 2025 259$1.3BAAPL, JPM, AMZN, MSFT, COST
Q3 2025 304$1.3BJPM, AAPL, MSFT, AMZN, COST
Q2 2025 339$1.2BJPM, COST, MSFT, AMZN, AAPL
Q1 2025 348$1.2BCPRT, AAPL, JPM, COST, AMZN
Q4 2024 354$1.3BAAPL, CPRT, AMZN, JPM, COST
Q3 2024 362$1.3BAAPL, CPRT, COST, JPM, MSFT
Q2 2024 372$1.2BCPRT, AAPL, MSFT, COST, AMZN