Lipe & Dalton

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Lipe & Dalton reported 89 stock positions worth $178.7 million. Its top holding was Apple (AAPL) at 8.9% of the portfolio, followed by Alphabet Class C (GOOG, 5.0%) and Goldman Sachs (GS, 5.0%). Compared with Q4 2024, it opened 3 new positions, sold out of 8, added to 16 and reduced 41. The biggest buy was Hershey (HSY, shares +391%) and the biggest sale an exit from Kraft Heinz (KHC).

Most Recent 13F
Q2 2026
Location
SYRACUSE, NY
CIK
0001570396
Portfolio Value
$178.7M (Q1 2025)
SEC Filing
0001570396-25-000002 ↗ filed May 5, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $194.0M Q1 2024 Q2 2024: $185.9M Q2 2024 Q3 2024: $198.0M Q3 2024 Q4 2024: $188.5M Q4 2024 Q1 2025: $178.7M $178.7M Q1 2025 Q2 2025: $185.0M Q2 2025 Q3 2025: $201.8M Q3 2025 Q4 2025: $202.4M Q4 2025 Q1 2026: $191.0M Q1 2026 Q2 2026: $215.1M Q2 2026

Holdings 89 stocks · $178.7M
AAPL Apple Inc. 8.95% 71,998 $16.0M Reduce -4.1%
GOOG Alphabet Inc. Class C 4.99% 57,066 $8.9M Reduce -2.8%
GS Goldman Sachs Group Inc. 4.97% 16,262 $8.9M Reduce -2.7%
BN Brookfield Corp. 3.63% 123,861 $6.5M Reduce -2.5%
SNA Snap-on Inc. 3.16% 16,750 $5.6M Reduce -0.2%
HSY The Hershey Co. 3.08% 32,220 $5.5M Add +390.6%
ABBV Abbvie Inc. 2.91% 24,835 $5.2M Reduce -2.2%
TEL Te Connectivity PLC 2.90% 36,648 $5.2M Reduce -1.2%
BA The Boeing Co. 2.79% 29,271 $5.0M Reduce -1.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 2.70% 85,710 $4.8M Reduce -0.3%
EMR Emerson Electric Co. 2.59% 42,220 $4.6M Reduce -1.4%
YUM Yum! Brands Inc. 2.58% 29,332 $4.6M Add +0.4%
DHR Danaher Corp. 2.49% 21,723 $4.5M Add +0.9%
OKE Oneok Inc. 2.08% 37,482 $3.7M Reduce -49.8%
MAS Masco Corp. 2.08% 53,375 $3.7M New
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 2.06% 20,210 $3.7M Add +1.1%
RTX RTX Corp. 2.06% 27,789 $3.7M Reduce -1.9%
DE Deere & Co. 2.04% 7,774 $3.6M Reduce -1.3%
BMY Bristol-Myers Squibb Co. 1.95% 56,999 $3.5M Add +0.4%
MOS The Mosaic Co. 1.81% 119,545 $3.2M Reduce -1.7%
ETN Eaton Corp. PLC 1.66% 10,932 $3.0M Reduce -2.0%
AMGN Amgen Inc. 1.55% 8,871 $2.8M Add +0.8%
MS Morgan Stanley 1.51% 23,125 $2.7M Reduce -9.9%
LYB Lyondellbasell Indu Class A 1.47% 37,275 $2.6M Add +1.7%
V Visa Inc. Class A 1.47% 7,478 $2.6M Reduce -7.1%
BALL Ball Corp. 1.42% 48,628 $2.5M Add +1.9%
TRP TC Energy Corp. 1.41% 53,547 $2.5M Reduce -0.2%
BAM Brookfield Asset Mgmt-A 1.31% 48,491 $2.3M Reduce -2.6%
BWA Borgwarner Inc. 1.30% 80,875 $2.3M Add +0.3%
MSFT Microsoft Corp. 1.26% 5,978 $2.2M Reduce -7.7%
VRTX Vertex Pharmaceuticals Inc. 1.24% 4,581 $2.2M Reduce -8.0%
INTC Intel Corp. 1.19% 93,933 $2.1M Add +0.6%
MLM Martin Marietta Materials 1.18% 4,415 $2.1M No change
LMT Lockheed Martin Corp. 1.12% 4,475 $2.0M Reduce -0.8%
CVS CVS Health Corp. 1.07% 28,122 $1.9M Add +3.4%
AMZN Amazon.com Inc. 1.02% 9,578 $1.8M Reduce -7.2%
CI The Cigna Group 0.96% 5,213 $1.7M Reduce -10.6%
META Meta Platforms Inc. Class A 0.89% 2,745 $1.6M No change
ACN Accenture PLC Class A 0.88% 5,031 $1.6M Add +2087.4%
QCOM Qualcomm Inc. 0.86% 10,060 $1.5M Reduce -9.3%
JNJ Johnson & Johnson 0.84% 9,098 $1.5M Reduce -5.8%
J Jacobs Solutions Inc. 0.77% 11,374 $1.4M No change
ZTS Zoetis Inc. 0.75% 8,089 $1.3M Reduce -5.1%
KVUE Kenvue Inc. 0.65% 48,783 $1.2M Reduce -16.7%
WFC Wells Fargo & Co. 0.64% 15,968 $1.1M Reduce -3.0%
MDT Medtronic PLC 0.61% 12,138 $1.1M Reduce -8.4%
ORCL Oracle Corp. 0.59% 7,541 $1.1M No change
COO The Cooper Cos Inc. 0.57% 12,096 $1.0M Reduce -8.3%
CARR Carrier Global Corp. 0.56% 15,785 $1.0M Reduce -16.2%
MRK Merck & Co. Inc. 0.55% 10,862 $975K Reduce -6.0%
GEHC GE Healthcare Technology 0.47% 10,325 $833K Reduce -7.4%
SIRI Sirius XM Holdings Inc. 0.44% 34,500 $778K Reduce -9.2%
STZ Constellation Brands Inc. Class A 0.43% 4,190 $769K Reduce -14.7%
VZ Verizon Communications Inc. 0.42% 16,383 $743K No change
VLTO Veralto Corp. 0.39% 7,155 $697K No change
KR Kroger Co. 0.38% 10,000 $677K No change
MCD McDonald's Corp. 0.30% 1,743 $544K No change
APA Apa Corp. 0.27% 23,290 $490K Add +3.5%
FTV Fortive Corp. 0.27% 6,628 $485K Reduce -2.4%
NVDA Nvidia Corp. 0.26% 4,270 $463K No change
JPM JPMorgan Chase & Co. 0.23% 1,665 $409K Reduce -7.5%
BAX Baxter International Inc. 0.23% 11,835 $405K No change
HD Home Depot Inc. 0.21% 1,020 $374K Add +10.9%
PEP Pepsico Inc. 0.20% 2,345 $352K No change
FFIV F5 Inc. 0.20% 1,315 $350K Add +6.0%
PANW Palo Alto Networks Inc. 0.19% 2,000 $341K No change
BRK.B Berkshire Hathaway Inc. Class B 0.18% 605 $322K No change
EXAS Exact Sciences Corp. 0.18% 7,320 $317K Reduce -8.7%
PG The Procter & Gamble Co. 0.18% 1,850 $315K No change
XOM Exxon Mobil Corp. 0.16% 2,343 $279K Reduce -1.7%
CSCO Cisco Systems Inc. 0.15% 4,359 $269K No change
ABT Abbott Laboratories 0.13% 1,730 $229K New
DFS Discover Financial Services 0.12% 1,300 $222K No change
AMTM Amentum Holdings Inc. 0.12% 11,374 $207K No change
KLAC KLA Corp. 0.11% 300 $204K New
MA Mastercard Inc. Class A 0.11% 361 $198K No change
SOBO South Bow Corp. 0.10% 10,487 $186K Reduce -0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.09% 1,680 $166K No change
NFLX Netflix Inc. 0.07% 140 $131K No change
MDLZ Mondelez International Inc. Class A 0.07% 1,721 $117K No change
KO The Coca-Cola Co. 0.06% 1,600 $115K No change
AVGO Broadcom Inc. 0.05% 554 $93K No change
PFE Pfizer Inc. 0.04% 2,659 $67K No change
DUK Duke Energy Corp. 0.02% 343 $42K No change
WMT Walmart Inc. 0.02% 410 $36K Add +95.2%
GOOGL Alphabet Inc. Class A 0.02% 178 $28K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 100 $25K No change
UNP Union Pacific Corp. 0.00% 22 $5K No change
VCSY Vertical Computer Systems 0.00% 20,000 $0 No change

Portfolio Sells Q4 2024 → Q1 2025
KHC The Kraft Heinz Co. Sold out 0.00% −2.49
OKE Oneok Inc. Reduce -49.8% 2.08% −1.89
AAPL Apple Inc. Reduce -4.1% 8.95% −1.03
GOOG Alphabet Inc. Class C Reduce -2.8% 4.99% −0.94
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.57
ETN Eaton Corp. PLC Reduce -2.0% 1.66% −0.30
DENN Denny's Corp. Sold out 0.00% −0.27
BN Brookfield Corp. Reduce -2.5% 3.63% −0.24
EMR Emerson Electric Co. Reduce -1.4% 2.59% −0.22
MS Morgan Stanley Reduce -9.9% 1.51% −0.20
MSFT Microsoft Corp. Reduce -7.7% 1.26% −0.19
CM Can Imperial BK of Commerce Reduce -0.3% 2.70% −0.18
AMZN Amazon.com Inc. Reduce -7.2% 1.02% −0.18
STZ Constellation Brands Inc. Class A Reduce -14.7% 0.43% −0.15
SWK Stanley Black & Decker Inc. Sold out 0.00% −0.13
CARR Carrier Global Corp. Reduce -16.2% 0.56% −0.12
BAM Brookfield Asset Mgmt-A Reduce -2.6% 1.31% −0.12
BX Blackstone Inc. Sold out 0.00% −0.11
GS Goldman Sachs Group Inc. Reduce -2.7% 4.97% −0.10
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.10
COO The Cooper Cos Inc. Reduce -8.3% 0.57% −0.07
MRK Merck & Co. Inc. Reduce -6.0% 0.55% −0.06
EXAS Exact Sciences Corp. Reduce -8.7% 0.18% −0.06
LMT Lockheed Martin Corp. Reduce -0.8% 1.12% −0.04
QCOM Qualcomm Inc. Reduce -9.3% 0.86% −0.04
AMD Advanced Micro Devices Sold out 0.00% −0.03
SIRI Sirius XM Holdings Inc. Reduce -9.2% 0.44% −0.02
KVUE Kenvue Inc. Reduce -16.7% 0.65% −0.01
BNS Bank of Nova Scotia Sold out 0.00% −0.00
JPM JPMorgan Chase & Co. Reduce -7.5% 0.23% −0.00
FTV Fortive Corp. Reduce -2.4% 0.27% +0.00
GEHC GE Healthcare Technology Reduce -7.4% 0.47% +0.00
ZTS Zoetis Inc. Reduce -5.1% 0.75% +0.01
BA The Boeing Co. Reduce -1.3% 2.79% +0.01
SOBO South Bow Corp. Reduce -0.4% 0.10% +0.01
XOM Exxon Mobil Corp. Reduce -1.7% 0.16% +0.02
WFC Wells Fargo & Co. Reduce -3.0% 0.64% +0.03
MDT Medtronic PLC Reduce -8.4% 0.61% +0.05
TEL Te Connectivity PLC Reduce -1.2% 2.90% +0.08
TRP TC Energy Corp. Reduce -0.2% 1.41% +0.09
JNJ Johnson & Johnson Reduce -5.8% 0.84% +0.10
CI The Cigna Group Reduce -10.6% 0.96% +0.11
V Visa Inc. Class A Reduce -7.1% 1.47% +0.12
SNA Snap-on Inc. Reduce -0.2% 3.16% +0.14
VRTX Vertex Pharmaceuticals Inc. Reduce -8.0% 1.24% +0.18
MOS The Mosaic Co. Reduce -1.7% 1.81% +0.22
DE Deere & Co. Reduce -1.3% 2.04% +0.27
RTX RTX Corp. Reduce -1.9% 2.06% +0.32
ABBV Abbvie Inc. Reduce -2.2% 2.91% +0.52

Portfolio Buys Q4 2024 → Q1 2025
HSY The Hershey Co. Add +390.6% 3.08% +2.49
MAS Masco Corp. New 2.08% +2.08
ACN Accenture PLC Class A Add +2087.4% 0.88% +0.84
YUM Yum! Brands Inc. Add +0.4% 2.58% +0.50
CVS CVS Health Corp. Add +3.4% 1.07% +0.42
AMGN Amgen Inc. Add +0.8% 1.55% +0.33
BMY Bristol-Myers Squibb Co. Add +0.4% 1.95% +0.24
JKHY Jack Henry & Associates Inc. Add +1.1% 2.06% +0.21
INTC Intel Corp. Add +0.6% 1.19% +0.20
ABT Abbott Laboratories New 0.13% +0.13
KLAC KLA Corp. New 0.11% +0.11
FFIV F5 Inc. Add +6.0% 0.20% +0.03
LYB Lyondellbasell Indu Class A Add +1.7% 1.47% +0.02
BALL Ball Corp. Add +1.9% 1.42% +0.02
HD Home Depot Inc. Add +10.9% 0.21% +0.02
WMT Walmart Inc. Add +95.2% 0.02% +0.01
APA Apa Corp. Add +3.5% 0.27% −0.00
BWA Borgwarner Inc. Add +0.3% 1.30% −0.06
DHR Danaher Corp. Add +0.9% 2.49% −0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 94$215.1MAAPL, GOOG, GS, CM, INTC
Q1 2026 92$191.0MAAPL, GOOG, GS, CM, TEL
Q4 2025 95$202.4MAAPL, GOOG, GS, TEL, BN
Q3 2025 93$201.8MAAPL, GOOG, GS, TEL, BN
Q2 2025 90$185.0MAAPL, GS, GOOG, BN, TEL
Q1 2025 89$178.7MAAPL, GOOG, GS, BN, SNA
Q4 2024 94$188.5MAAPL, GOOG, GS, OKE, BN
Q3 2024 102$198.0MAAPL, GOOG, GS, OKE, BN
Q2 2024 98$185.9MAAPL, GOOG, GS, OKE, BA
Q1 2024 106$194.0MAAPL, GOOG, GS, BA, OKE