In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Kitching Partners, LLC reported 34 stock positions worth $98.2 million . Its top holding was Vanguard Dividend Apprec ETF (VIG) at 16.5% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 11.2% ) and Vanguard Ultra Short Bond Et (VUSB, 10.5% ). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 20 and reduced 5. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +20% ) and the biggest sale an exit from Unitedhealth (UNH).
Location CONSHOHOCKEN, PA
CIK 0002010145
Portfolio Value $98.2M (Q2 2025) Holdings 34 stocks · $98.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 VIG Vanguard Dividend Apprec ETF 79,259 $16.2M Add +5.7% VEA Vanguard Ftse Developed ETF 193,555 $11.0M Add +20.4% VUSB Vanguard Ultra Short Bond Et 206,287 $10.3M Add +6.5% SDY SS SPDR S&P Dividend ETF 74,269 $10.1M Add +3.4% SHYG iShares 0-5 YR HY Corp. Bond 225,023 $9.7M Add +4.8% VOO Vanguard S&P 500 ETF 16,225 $9.2M Add +13.2% IAU iShares Gold Trust 105,409 $6.6M Add +3.4% VWOB Vanguard Emerg MKTS Gov BND 67,957 $4.4M Add +1.3% VGLT Vanguard Long-Term Treasury 78,012 $4.4M Add +3.1% VWO Vanguard Ftse Emerging Marke 85,777 $4.2M Add +8.3% VTV Vanguard Mrngstr Val ETF-Aui 8,192 $1.4M Add +50.6% VUG Vanguard Mrngstar GR ETF-Sui 2,917 $1.3M Reduce -3.7% KMLM Kraneshares MT LC MN FT Id S 41,648 $1.1M Add +8.1% NVDA Nvidia Corp. 6,067 $959K No change NN Nextnav Inc. 50,193 $763K Add +24.9% MSFT Microsoft Corp. 1,505 $749K Add +8.2% AMZN Amazon.com Inc. 3,271 $718K Reduce -21.7% VGSH Vanguard Short-Term Treasury 10,232 $601K Add +172.7% AXP American Express Co. 1,391 $444K Add +68.0% VB Vanguard Most SM-Cap ETF-Usd 1,635 $387K No change CSX CSX Corp. 10,894 $355K Add +0.4% PM Philip Morris International 1,817 $331K No change META Meta Platforms Inc. Class A 442 $326K New PLTR Palantir Technologies Inc. Class A 2,386 $325K New AAPL Apple Inc. 1,565 $321K Reduce -14.0% EBC Eastern Bankshares Inc. 20,077 $307K Add +0.9% PHG Koninklijke Philips NVR- NY 11,259 $270K Add +4.2% HDV iShares Core High Dividend E 1,991 $233K Reduce -26.3% FISV Fiserv Inc. 1,284 $221K Add +2.5% NFLX Netflix Inc. 162 $217K New SHW The Sherwin-Williams Co. 602 $207K Reduce -7.0% SILJ Amplify Junior Silver Miners 12,583 $186K No change BBAI Bigbear.ai Holdings Inc. 20,410 $139K No change ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 12,018 $120K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $360K (not counted above) Security Class Shares / Principal Value Change NNAVW Nextnav Inc. *W EXP 99/99/999 56,649 $360K Add +21.4%
Total filed on the 13F, all lines: $98.5M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ UNH Unitedhealth Group Inc. Sold out 0.00% −0.29 SCHW Schwab (charles) Corp. Sold out 0.00% −0.27 AVGO Broadcom Inc. Sold out 0.00% −0.25 AMZN Amazon.com Inc. Reduce -21.7% 0.73% −0.19 HDV iShares Core High Dividend E Reduce -26.3% 0.24% −0.14 AAPL Apple Inc. Reduce -14.0% 0.33% −0.14 SHW The Sherwin-Williams Co. Reduce -7.0% 0.21% −0.05 VUG Vanguard Mrngstar GR ETF-Sui Reduce -3.7% 1.30% +0.01
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ VEA Vanguard Ftse Developed ETF Add +20.4% 11.24% +1.82 VOO Vanguard S&P 500 ETF Add +13.2% 9.39% +0.89 VTV Vanguard Mrngstr Val ETF-Aui Add +50.6% 1.47% +0.39 VGSH Vanguard Short-Term Treasury Add +172.7% 0.61% +0.36 META Meta Platforms Inc. Class A New 0.33% +0.33 PLTR Palantir Technologies Inc. Class A New 0.33% +0.33 NFLX Netflix Inc. New 0.22% +0.22 NN Nextnav Inc. Add +24.9% 0.78% +0.21 AXP American Express Co. Add +68.0% 0.45% +0.20 VWO Vanguard Ftse Emerging Marke Add +8.3% 4.32% +0.19 MSFT Microsoft Corp. Add +8.2% 0.76% +0.16 CSX CSX Corp. Add +0.4% 0.36% −0.01 PHG Koninklijke Philips NVR- NY Add +4.2% 0.28% −0.04 EBC Eastern Bankshares Inc. Add +0.9% 0.31% −0.06 FISV Fiserv Inc. Add +2.5% 0.23% −0.09 KMLM Kraneshares MT LC MN FT Id S Add +8.1% 1.12% −0.09 IAU iShares Gold Trust Add +3.4% 6.69% −0.24 VIG Vanguard Dividend Apprec ETF Add +5.7% 16.52% −0.25 VWOB Vanguard Emerg MKTS Gov BND Add +1.3% 4.52% −0.44 VGLT Vanguard Long-Term Treasury Add +3.1% 4.46% −0.57 SHYG iShares 0-5 YR HY Corp. Bond Add +4.8% 9.89% −0.64 VUSB Vanguard Ultra Short Bond Et Add +6.5% 10.48% −0.66 SDY SS SPDR S&P Dividend ETF Add +3.4% 10.27% −0.97
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ NNAVW Nextnav Inc. *W EXP 99/99/999 Add +21.4% 56,649 $360K
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 40 $116.4M VIG, VEA, VUSB, SDY, SHYG Q1 2026 39 $108.5M VIG, VEA, VUSB, SHYG, SDY Q4 2025 41 $109.3M VIG, VEA, VUSB, SHYG, SDY Q3 2025 39 $105.9M VIG, VEA, SDY, VUSB, VOO Q2 2025 34 $98.2M VIG, VEA, VUSB, SDY, SHYG Q1 2025 34 $86.7M VIG, SDY, VUSB, SHYG, VEA Q4 2024 31 $77.9M VIG, VUSB, SHYG, SDY, VEA Q3 2024 27 $74.5M VIG, VUSB, SHYG, SDY, VEA Q2 2024 20 $55.0M VIG, VEA, SHYG, SDY, VGLT Q1 2024 18 $52.7M VIG, VEA, SHYG, SDY, VGLT