Lipe & Dalton

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed January 26, 2026), Lipe & Dalton reported 93 stock positions worth $201.8 million. Its top holding was Apple (AAPL) at 8.8% of the portfolio, followed by Alphabet Class C (GOOG, 6.6%) and Goldman Sachs (GS, 6.2%). Compared with Q2 2025, it opened 6 new positions, sold out of 3, added to 5 and reduced 54. The biggest buy was Baxter International (BAX, shares +1023%) and the biggest sale an exit from Ball (BALL).

Most Recent 13F
Q2 2026
Location
SYRACUSE, NY
CIK
0001570396
Portfolio Value
$201.8M (Q3 2025)
SEC Filing
0001570396-26-000004 ↗ filed Jan 26, 2026

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 Q2 2025 Q3 2025: $201.8M $201.8M Q3 2025 Q4 2025: $202.4M Q4 2025 Q1 2026: $191.0M Q1 2026 Q2 2026: $215.1M Q2 2026

Holdings 93 stocks · $201.8M
AAPL Apple Inc. 8.75% 69,393 $17.7M Reduce -0.9%
GOOG Alphabet Inc. Class C 6.62% 54,866 $13.4M Reduce -1.4%
GS Goldman Sachs Group Inc. 6.17% 15,633 $12.4M Reduce -1.4%
TEL Te Connectivity PLC 3.92% 36,013 $7.9M Add +1.7%
BN Brookfield Corp. 3.92% 115,233 $7.9M Reduce -4.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 3.24% 81,840 $6.5M Reduce -0.5%
BA The Boeing Co. 3.02% 28,271 $6.1M Reduce -0.5%
HSY The Hershey Co. 2.94% 31,693 $5.9M Reduce -0.9%
SNA Snap-on Inc. 2.79% 16,225 $5.6M Reduce -0.4%
ABBV Abbvie Inc. 2.27% 19,800 $4.6M Reduce -18.8%
RTX RTX Corp. 2.23% 26,949 $4.5M Reduce -0.3%
TMO Thermo Fisher Scientific Inc. 2.22% 9,254 $4.5M Reduce -1.6%
EMR Emerson Electric Co. 2.12% 32,655 $4.3M Reduce -17.4%
YUM Yum! Brands Inc. 2.11% 27,972 $4.3M Reduce -0.1%
DHR Danaher Corp. 2.07% 21,068 $4.2M Reduce -0.4%
MOS The Mosaic Co. 2.05% 119,110 $4.1M No change
MAS Masco Corp. 1.82% 52,210 $3.7M Reduce -2.4%
MS Morgan Stanley 1.79% 22,754 $3.6M Reduce -1.6%
ETN Eaton Corp. PLC 1.74% 9,400 $3.5M Reduce -7.5%
BWA Borgwarner Inc. 1.68% 77,255 $3.4M No change
DE Deere & Co. 1.68% 7,418 $3.4M Reduce -0.6%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 1.53% 20,715 $3.1M Add +4.9%
INTC Intel Corp. 1.52% 91,333 $3.1M Reduce -0.4%
MSFT Microsoft Corp. 1.51% 5,868 $3.0M Reduce -1.8%
BAX Baxter International Inc. 1.50% 132,920 $3.0M Add +1023.1%
TRP TC Energy Corp. 1.41% 52,367 $2.8M Reduce -0.2%
OKE Oneok Inc. 1.34% 36,927 $2.7M Reduce -0.2%
BAM Brookfield Asset Mgmt-A 1.30% 46,005 $2.6M Reduce -4.2%
MLM Martin Marietta Materials 1.25% 4,013 $2.5M No change
V Visa Inc. Class A 1.22% 7,203 $2.5M Reduce -3.0%
AMGN Amgen Inc. 1.20% 8,596 $2.4M Reduce -0.6%
LMT Lockheed Martin Corp. 1.10% 4,455 $2.2M Reduce -0.5%
ORCL Oracle Corp. 1.03% 7,391 $2.1M Reduce -2.0%
CVS CVS Health Corp. 1.02% 27,297 $2.1M Reduce -0.4%
AMZN Amazon.com Inc. 1.01% 9,258 $2.0M Reduce -2.6%
META Meta Platforms Inc. Class A 0.98% 2,696 $2.0M Reduce -3.6%
LYB Lyondellbasell Indu Class A 0.89% 36,475 $1.8M Reduce -1.0%
QCOM Qualcomm Inc. 0.84% 10,186 $1.7M Reduce -2.6%
JNJ Johnson & Johnson 0.83% 9,011 $1.7M Reduce -2.2%
VRTX Vertex Pharmaceuticals Inc. 0.82% 4,246 $1.7M Reduce -1.4%
J Jacobs Solutions Inc. 0.78% 10,504 $1.6M Reduce -0.7%
ACN Accenture PLC Class A 0.76% 6,251 $1.5M Reduce -5.9%
CI The Cigna Group 0.72% 5,016 $1.4M Reduce -3.5%
WFC Wells Fargo & Co. 0.66% 15,918 $1.3M Reduce -0.3%
ZTS Zoetis Inc. 0.54% 7,391 $1.1M Reduce -9.2%
FFIV F5 Inc. 0.53% 3,315 $1.1M Add +118.8%
MDT Medtronic PLC 0.52% 10,988 $1.0M Reduce -2.7%
CARR Carrier Global Corp. 0.45% 15,273 $912K Reduce -2.0%
FISV Fiserv Inc. 0.45% 7,015 $904K New
MRK Merck & Co. Inc. 0.43% 10,369 $870K Reduce -2.8%
NVDA Nvidia Corp. 0.39% 4,270 $797K Reduce -5.1%
WHR Whirlpool Corp. 0.39% 10,090 $793K New
SIRI Sirius XM Holdings Inc. 0.38% 32,525 $757K Reduce -5.6%
UHAL.B U-Haul Holding Co.-Non Voting 0.37% 14,665 $746K New
VLTO Veralto Corp. 0.37% 6,943 $740K Reduce -0.5%
GEHC GE Healthcare Technology 0.36% 9,726 $730K Reduce -2.0%
VZ Verizon Communications Inc. 0.36% 16,383 $720K No change
APA Apa Corp. 0.36% 29,590 $718K No change
KR Kroger Co. 0.33% 10,000 $674K No change
MCD McDonald's Corp. 0.26% 1,743 $530K No change
JPM JPMorgan Chase & Co. 0.26% 1,665 $525K No change
IDXX Idexx Laboratories Inc. 0.25% 790 $505K New
PANW Palo Alto Networks Inc. 0.20% 2,000 $407K No change
HD Home Depot Inc. 0.19% 970 $393K Reduce -4.9%
PEP Pepsico Inc. 0.16% 2,345 $329K No change
KLAC KLA Corp. 0.16% 300 $324K No change
COF Capital One Financial Corp. 0.16% 1,474 $313K No change
CSCO Cisco Systems Inc. 0.15% 4,484 $307K Add +2.9%
FTV Fortive Corp. 0.15% 6,226 $305K Reduce -0.6%
BRK.B Berkshire Hathaway Inc. Class B 0.15% 605 $304K No change
PG The Procter & Gamble Co. 0.14% 1,850 $284K No change
AMTM Amentum Holdings Inc. 0.13% 11,128 $267K Reduce -0.7%
XOM Exxon Mobil Corp. 0.12% 2,093 $236K Reduce -10.7%
SOBO South Bow Corp. 0.10% 10,229 $208K Reduce -0.4%
MA Mastercard Inc. Class A 0.10% 361 $205K No change
ABT Abbott Laboratories 0.10% 1,430 $192K Reduce -17.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 1,480 $169K No change
NFLX Netflix Inc. 0.08% 140 $168K No change
AVGO Broadcom Inc. 0.07% 454 $150K No change
MDLZ Mondelez International Inc. Class A 0.05% 1,721 $108K No change
KO The Coca-Cola Co. 0.05% 1,600 $106K No change
GE General Electric filed as GE AEROSPACE 0.05% 324 $98K New
BMY Bristol-Myers Squibb Co. 0.04% 1,950 $88K Reduce -3.5%
AMD Advanced Micro Devices 0.04% 470 $76K No change
PFE Pfizer Inc. 0.03% 2,659 $68K No change
PM Philip Morris International 0.03% 395 $64K No change
GOOGL Alphabet Inc. Class A 0.02% 178 $43K No change
DUK Duke Energy Corp. 0.01% 243 $30K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 100 $28K No change
UNP Union Pacific Corp. 0.01% 100 $24K No change
WMT Walmart Inc. 0.01% 210 $22K Reduce -48.8%
MU Micron Technology Inc. 0.01% 120 $20K New
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 125 $8K No change

Portfolio Sells Q2 2025 → Q3 2025
BALL Ball Corp. Sold out 0.00% −1.42
EMR Emerson Electric Co. Reduce -17.4% 2.12% −0.73
KVUE Kenvue Inc. Sold out 0.00% −0.52
DE Deere & Co. Reduce -0.6% 1.68% −0.37
ACN Accenture PLC Class A Reduce -5.9% 0.76% −0.31
OKE Oneok Inc. Reduce -0.2% 1.34% −0.30
LYB Lyondellbasell Indu Class A Reduce -1.0% 0.89% −0.27
ETN Eaton Corp. PLC Reduce -7.5% 1.74% −0.22
CI The Cigna Group Reduce -3.5% 0.72% −0.21
VRTX Vertex Pharmaceuticals Inc. Reduce -1.4% 0.82% −0.21
V Visa Inc. Class A Reduce -3.0% 1.22% −0.21
BA The Boeing Co. Reduce -0.5% 3.02% −0.19
DHR Danaher Corp. Reduce -0.4% 2.07% −0.19
ABBV Abbvie Inc. Reduce -18.8% 2.27% −0.17
CARR Carrier Global Corp. Reduce -2.0% 0.45% −0.16
ZTS Zoetis Inc. Reduce -9.2% 0.54% −0.15
BAM Brookfield Asset Mgmt-A Reduce -4.2% 1.30% −0.14
YUM Yum! Brands Inc. Reduce -0.1% 2.11% −0.14
META Meta Platforms Inc. Class A Reduce -3.6% 0.98% −0.13
AMZN Amazon.com Inc. Reduce -2.6% 1.01% −0.12
BN Brookfield Corp. Reduce -4.3% 3.92% −0.11
AMGN Amgen Inc. Reduce -0.6% 1.20% −0.10
MSFT Microsoft Corp. Reduce -1.8% 1.51% −0.10
QCOM Qualcomm Inc. Reduce -2.6% 0.84% −0.06
SIRI Sirius XM Holdings Inc. Reduce -5.6% 0.38% −0.05
MAS Masco Corp. Reduce -2.4% 1.82% −0.04
GEHC GE Healthcare Technology Reduce -2.0% 0.36% −0.04
ABT Abbott Laboratories Reduce -17.3% 0.10% −0.03
WFC Wells Fargo & Co. Reduce -0.3% 0.66% −0.03
FTV Fortive Corp. Reduce -0.6% 0.15% −0.03
MRK Merck & Co. Inc. Reduce -2.8% 0.43% −0.03
XOM Exxon Mobil Corp. Reduce -10.7% 0.12% −0.02
LMT Lockheed Martin Corp. Reduce -0.5% 1.10% −0.02
VLTO Veralto Corp. Reduce -0.5% 0.37% −0.01
MDT Medtronic PLC Reduce -2.7% 0.52% −0.01
WMT Walmart Inc. Reduce -48.8% 0.01% −0.01
AMTM Amentum Holdings Inc. Reduce -0.7% 0.13% −0.01
HD Home Depot Inc. Reduce -4.9% 0.19% −0.01
BMY Bristol-Myers Squibb Co. Reduce -3.5% 0.04% −0.01
SOBO South Bow Corp. Reduce -0.4% 0.10% −0.00
CVS CVS Health Corp. Reduce -0.4% 1.02% −0.00
VCSY Vertical Computer Systems Sold out 0.00% 0.00
NVDA Nvidia Corp. Reduce -5.1% 0.39% +0.01
J Jacobs Solutions Inc. Reduce -0.7% 0.78% +0.03
TRP TC Energy Corp. Reduce -0.2% 1.41% +0.03
MS Morgan Stanley Reduce -1.6% 1.79% +0.03
SNA Snap-on Inc. Reduce -0.4% 2.79% +0.05
JNJ Johnson & Johnson Reduce -2.2% 0.83% +0.07
HSY The Hershey Co. Reduce -0.9% 2.94% +0.07
CM Can Imperial BK of Commerce Reduce -0.5% 3.24% +0.09

Portfolio Buys Q2 2025 → Q3 2025
BAX Baxter International Inc. Add +1023.1% 1.50% +1.31
TEL Te Connectivity PLC Add +1.7% 3.92% +0.69
FISV Fiserv Inc. New 0.45% +0.45
WHR Whirlpool Corp. New 0.39% +0.39
UHAL.B U-Haul Holding Co.-Non Voting New 0.37% +0.37
FFIV F5 Inc. Add +118.8% 0.53% +0.29
IDXX Idexx Laboratories Inc. New 0.25% +0.25
GE General Electric New 0.05% +0.05
MU Micron Technology Inc. New 0.01% +0.01
CSCO Cisco Systems Inc. Add +2.9% 0.15% −0.01
JKHY Jack Henry & Associates Inc. Add +4.9% 1.53% −0.39

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