Lipe & Dalton

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 1, 2025), Lipe & Dalton reported 90 stock positions worth $185.0 million. Its top holding was Apple (AAPL) at 7.8% of the portfolio, followed by Goldman Sachs (GS, 6.1%) and Alphabet Class C (GOOG, 5.3%). Compared with Q1 2025, it opened 5 new positions, sold out of 4, added to 11 and reduced 47. The biggest buy was a new position in Thermo Fisher Scientific (TMO) and the biggest sale Bristol-Myers Squibb (BMY, shares −96%).

Most Recent 13F
Q2 2026
Location
SYRACUSE, NY
CIK
0001570396
Portfolio Value
$185.0M (Q2 2025)
SEC Filing
0001570396-25-000003 ↗ filed Aug 1, 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 Q1 2025 Q2 2025: $185.0M $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 90 stocks · $185.0M
AAPL Apple Inc. 7.76% 70,030 $14.4M Reduce -2.7%
GS Goldman Sachs Group Inc. 6.06% 15,853 $11.2M Reduce -2.5%
GOOG Alphabet Inc. Class C 5.33% 55,616 $9.9M Reduce -2.5%
BN Brookfield Corp. 4.02% 120,392 $7.4M Reduce -2.8%
TEL Te Connectivity PLC 3.23% 35,398 $6.0M Reduce -3.4%
BA The Boeing Co. 3.22% 28,411 $6.0M Reduce -2.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 3.15% 82,240 $5.8M Reduce -4.0%
HSY The Hershey Co. 2.87% 31,989 $5.3M Reduce -0.7%
EMR Emerson Electric Co. 2.85% 39,540 $5.3M Reduce -6.3%
SNA Snap-on Inc. 2.74% 16,285 $5.1M Reduce -2.8%
ABBV Abbvie Inc. 2.45% 24,385 $4.5M Reduce -1.8%
MOS The Mosaic Co. 2.35% 119,110 $4.3M Reduce -0.4%
DHR Danaher Corp. 2.26% 21,148 $4.2M Reduce -2.6%
YUM Yum! Brands Inc. 2.24% 28,002 $4.1M Reduce -4.5%
RTX RTX Corp. 2.13% 27,024 $3.9M Reduce -2.8%
TMO Thermo Fisher Scientific Inc. 2.06% 9,404 $3.8M New
DE Deere & Co. 2.05% 7,460 $3.8M Reduce -4.0%
ETN Eaton Corp. PLC 1.96% 10,167 $3.6M Reduce -7.0%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 1.92% 19,740 $3.6M Reduce -2.3%
MAS Masco Corp. 1.86% 53,470 $3.4M Add +0.2%
MS Morgan Stanley 1.76% 23,127 $3.3M Add +0.0%
OKE Oneok Inc. 1.63% 36,992 $3.0M Reduce -1.3%
MSFT Microsoft Corp. 1.61% 5,978 $3.0M No change
BAM Brookfield Asset Mgmt-A 1.43% 48,015 $2.7M Reduce -1.0%
V Visa Inc. Class A 1.43% 7,428 $2.6M Reduce -0.7%
BALL Ball Corp. 1.42% 46,883 $2.6M Reduce -3.6%
BWA Borgwarner Inc. 1.40% 77,255 $2.6M Reduce -4.5%
TRP TC Energy Corp. 1.38% 52,457 $2.6M Reduce -2.0%
AMGN Amgen Inc. 1.30% 8,646 $2.4M Reduce -2.5%
MLM Martin Marietta Materials 1.19% 4,013 $2.2M Reduce -9.1%
LYB Lyondellbasell Indu Class A 1.15% 36,835 $2.1M Reduce -1.2%
AMZN Amazon.com Inc. 1.13% 9,508 $2.1M Reduce -0.7%
LMT Lockheed Martin Corp. 1.12% 4,475 $2.1M No change
META Meta Platforms Inc. Class A 1.11% 2,796 $2.1M Add +1.9%
INTC Intel Corp. 1.11% 91,683 $2.1M Reduce -2.4%
ACN Accenture PLC Class A 1.07% 6,646 $2.0M Add +32.1%
VRTX Vertex Pharmaceuticals Inc. 1.04% 4,306 $1.9M Reduce -6.0%
CVS CVS Health Corp. 1.02% 27,397 $1.9M Reduce -2.6%
CI The Cigna Group 0.93% 5,199 $1.7M Reduce -0.3%
QCOM Qualcomm Inc. 0.90% 10,460 $1.7M Add +4.0%
ORCL Oracle Corp. 0.89% 7,541 $1.6M No change
JNJ Johnson & Johnson 0.76% 9,210 $1.4M Add +1.2%
J Jacobs Solutions Inc. 0.75% 10,574 $1.4M Reduce -7.0%
WFC Wells Fargo & Co. 0.69% 15,968 $1.3M No change
ZTS Zoetis Inc. 0.69% 8,140 $1.3M Add +0.6%
CARR Carrier Global Corp. 0.62% 15,587 $1.1M Reduce -1.3%
MDT Medtronic PLC 0.53% 11,288 $984K Reduce -7.0%
KVUE Kenvue Inc. 0.52% 45,866 $960K Reduce -6.0%
MRK Merck & Co. Inc. 0.46% 10,666 $844K Reduce -1.8%
SIRI Sirius XM Holdings Inc. 0.43% 34,450 $791K Reduce -0.1%
GEHC GE Healthcare Technology 0.40% 9,926 $735K Reduce -3.9%
KR Kroger Co. 0.39% 10,000 $717K No change
NVDA Nvidia Corp. 0.38% 4,500 $711K Add +5.4%
VZ Verizon Communications Inc. 0.38% 16,383 $709K No change
VLTO Veralto Corp. 0.38% 6,980 $705K Reduce -2.5%
APA Apa Corp. 0.29% 29,590 $541K Add +27.1%
MCD McDonald's Corp. 0.28% 1,743 $509K No change
JPM JPMorgan Chase & Co. 0.26% 1,665 $483K No change
FFIV F5 Inc. 0.24% 1,515 $446K Add +15.2%
PANW Palo Alto Networks Inc. 0.22% 2,000 $409K No change
HD Home Depot Inc. 0.20% 1,020 $374K No change
BAX Baxter International Inc. 0.19% 11,835 $358K No change
FTV Fortive Corp. 0.18% 6,266 $327K Reduce -5.5%
COF Capital One Financial Corp. 0.17% 1,474 $314K New
PEP Pepsico Inc. 0.17% 2,345 $310K No change
CSCO Cisco Systems Inc. 0.16% 4,359 $302K No change
PG The Procter & Gamble Co. 0.16% 1,850 $295K No change
BRK.B Berkshire Hathaway Inc. Class B 0.16% 605 $294K No change
KLAC KLA Corp. 0.15% 300 $269K No change
AMTM Amentum Holdings Inc. 0.14% 11,202 $264K Reduce -1.5%
XOM Exxon Mobil Corp. 0.14% 2,343 $253K No change
ABT Abbott Laboratories 0.13% 1,730 $235K No change
MA Mastercard Inc. Class A 0.11% 361 $203K No change
SOBO South Bow Corp. 0.11% 10,269 $195K Reduce -2.1%
NFLX Netflix Inc. 0.10% 140 $187K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.10% 1,480 $184K Reduce -11.9%
AVGO Broadcom Inc. 0.07% 454 $125K Reduce -18.1%
MDLZ Mondelez International Inc. Class A 0.06% 1,721 $116K No change
KO The Coca-Cola Co. 0.06% 1,600 $113K No change
BMY Bristol-Myers Squibb Co. 0.05% 2,020 $94K Reduce -96.5%
PM Philip Morris International 0.04% 395 $72K New
AMD Advanced Micro Devices 0.04% 470 $67K New
PFE Pfizer Inc. 0.03% 2,659 $64K No change
WMT Walmart Inc. 0.02% 410 $40K No change
GOOGL Alphabet Inc. Class A 0.02% 178 $31K No change
DUK Duke Energy Corp. 0.02% 243 $29K Reduce -29.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 100 $29K No change
UNP Union Pacific Corp. 0.01% 100 $23K Add +354.6%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 125 $7K New
VCSY Vertical Computer Systems 0.00% 20,000 $0 No change

Portfolio Sells Q1 2025 → Q2 2025
BMY Bristol-Myers Squibb Co. Reduce -96.5% 0.05% −1.89
AAPL Apple Inc. Reduce -2.7% 7.76% −1.19
COO The Cooper Cos Inc. Sold out 0.00% −0.57
ABBV Abbvie Inc. Reduce -1.8% 2.45% −0.47
OKE Oneok Inc. Reduce -1.3% 1.63% −0.45
STZ Constellation Brands Inc. Class A Sold out 0.00% −0.43
SNA Snap-on Inc. Reduce -2.8% 2.74% −0.42
YUM Yum! Brands Inc. Reduce -4.5% 2.24% −0.34
LYB Lyondellbasell Indu Class A Reduce -1.2% 1.15% −0.32
AMGN Amgen Inc. Reduce -2.5% 1.30% −0.24
DHR Danaher Corp. Reduce -2.6% 2.26% −0.23
HSY The Hershey Co. Reduce -0.7% 2.87% −0.21
VRTX Vertex Pharmaceuticals Inc. Reduce -6.0% 1.04% −0.21
EXAS Exact Sciences Corp. Sold out 0.00% −0.18
JKHY Jack Henry & Associates Inc. Reduce -2.3% 1.92% −0.14
KVUE Kenvue Inc. Reduce -6.0% 0.52% −0.14
DFS Discover Financial Services Sold out 0.00% −0.12
FTV Fortive Corp. Reduce -5.5% 0.18% −0.09
MRK Merck & Co. Inc. Reduce -1.8% 0.46% −0.09
INTC Intel Corp. Reduce -2.4% 1.11% −0.08
MDT Medtronic PLC Reduce -7.0% 0.53% −0.08
GEHC GE Healthcare Technology Reduce -3.9% 0.40% −0.07
CVS CVS Health Corp. Reduce -2.6% 1.02% −0.04
V Visa Inc. Class A Reduce -0.7% 1.43% −0.04
TRP TC Energy Corp. Reduce -2.0% 1.38% −0.03
CI The Cigna Group Reduce -0.3% 0.93% −0.03
J Jacobs Solutions Inc. Reduce -7.0% 0.75% −0.02
VLTO Veralto Corp. Reduce -2.5% 0.38% −0.01
SIRI Sirius XM Holdings Inc. Reduce -0.1% 0.43% −0.01
DUK Duke Energy Corp. Reduce -29.1% 0.02% −0.01
SOBO South Bow Corp. Reduce -2.1% 0.11% +0.00
BALL Ball Corp. Reduce -3.6% 1.42% +0.00
DIS The Walt Disney Co. Reduce -11.9% 0.10% +0.01
DE Deere & Co. Reduce -4.0% 2.05% +0.01
MLM Martin Marietta Materials Reduce -9.1% 1.19% +0.01
AVGO Broadcom Inc. Reduce -18.1% 0.07% +0.02
AMTM Amentum Holdings Inc. Reduce -1.5% 0.14% +0.03
CARR Carrier Global Corp. Reduce -1.3% 0.62% +0.06
RTX RTX Corp. Reduce -2.8% 2.13% +0.07
BWA Borgwarner Inc. Reduce -4.5% 1.40% +0.10
AMZN Amazon.com Inc. Reduce -0.7% 1.13% +0.11
BAM Brookfield Asset Mgmt-A Reduce -1.0% 1.43% +0.12
EMR Emerson Electric Co. Reduce -6.3% 2.85% +0.26
ETN Eaton Corp. PLC Reduce -7.0% 1.96% +0.30
TEL Te Connectivity PLC Reduce -3.4% 3.23% +0.33
GOOG Alphabet Inc. Class C Reduce -2.5% 5.33% +0.34
BN Brookfield Corp. Reduce -2.8% 4.02% +0.39
BA The Boeing Co. Reduce -2.9% 3.22% +0.42
CM Can Imperial BK of Commerce Reduce -4.0% 3.15% +0.45
MOS The Mosaic Co. Reduce -0.4% 2.35% +0.54

Portfolio Buys Q1 2025 → Q2 2025
TMO Thermo Fisher Scientific Inc. New 2.06% +2.06
MS Morgan Stanley Add +0.0% 1.76% +0.25
META Meta Platforms Inc. Class A Add +1.9% 1.11% +0.23
ACN Accenture PLC Class A Add +32.1% 1.07% +0.19
COF Capital One Financial Corp. New 0.17% +0.17
NVDA Nvidia Corp. Add +5.4% 0.38% +0.13
FFIV F5 Inc. Add +15.2% 0.24% +0.05
PM Philip Morris International New 0.04% +0.04
AMD Advanced Micro Devices New 0.04% +0.04
QCOM Qualcomm Inc. Add +4.0% 0.90% +0.04
APA Apa Corp. Add +27.1% 0.29% +0.02
UNP Union Pacific Corp. Add +354.6% 0.01% +0.01
BNS Bank of Nova Scotia New 0.00% +0.00
ZTS Zoetis Inc. Add +0.6% 0.69% −0.06
JNJ Johnson & Johnson Add +1.2% 0.76% −0.08
MAS Masco Corp. Add +0.2% 1.86% −0.22

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