Lipe & Dalton

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Lipe & Dalton reported 95 stock positions worth $202.4 million. Its top holding was Apple (AAPL) at 9.0% of the portfolio, followed by Alphabet Class C (GOOG, 8.1%) and Goldman Sachs (GS, 6.5%). Compared with Q3 2025, it opened 4 new positions, sold out of 2, added to 11 and reduced 63. The biggest buy was Danaher (DHR, shares +3%) and the biggest sale Mosaic (MOS, shares −3%).

Most Recent 13F
Q2 2026
Location
SYRACUSE, NY
CIK
0001570396
Portfolio Value
$202.4M (Q4 2025)
SEC Filing
0001570396-26-000003 ↗ 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 Q3 2025 Q4 2025: $202.4M $202.4M Q4 2025 Q1 2026: $191.0M Q1 2026 Q2 2026: $215.1M Q2 2026

Holdings 95 stocks · $202.4M
AAPL Apple Inc. 8.99% 66,911 $18.2M Reduce -3.6%
GOOG Alphabet Inc. Class C 8.11% 52,302 $16.4M Reduce -4.7%
GS Goldman Sachs Group Inc. 6.53% 15,029 $13.2M Reduce -3.9%
TEL Te Connectivity PLC 3.92% 34,898 $7.9M Reduce -3.1%
BN Brookfield Corp. 3.83% 168,986 $7.8M Reduce -2.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 3.61% 80,660 $7.3M Reduce -1.4%
BA The Boeing Co. 3.03% 28,251 $6.1M Reduce -0.1%
HSY The Hershey Co. 2.79% 31,023 $5.6M Reduce -2.1%
SNA Snap-on Inc. 2.74% 16,080 $5.5M Reduce -0.9%
TMO Thermo Fisher Scientific Inc. 2.60% 9,100 $5.3M Reduce -1.7%
DHR Danaher Corp. 2.45% 21,641 $5.0M Add +2.7%
RTX RTX Corp. 2.42% 26,709 $4.9M Reduce -0.9%
ABBV Abbvie Inc. 2.17% 19,205 $4.4M Reduce -3.0%
EMR Emerson Electric Co. 2.11% 32,155 $4.3M Reduce -1.5%
YUM Yum! Brands Inc. 2.06% 27,607 $4.2M Reduce -1.3%
MS Morgan Stanley 1.83% 20,923 $3.7M Reduce -8.1%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 1.83% 20,350 $3.7M Reduce -1.8%
DE Deere & Co. 1.69% 7,363 $3.4M Reduce -0.7%
BWA Borgwarner Inc. 1.67% 74,870 $3.4M Reduce -3.1%
INTC Intel Corp. 1.66% 91,333 $3.4M No change
MAS Masco Corp. 1.59% 50,825 $3.2M Reduce -2.6%
ETN Eaton Corp. PLC 1.47% 9,370 $3.0M Reduce -0.3%
TRP TC Energy Corp. 1.39% 51,172 $2.8M Reduce -2.3%
MOS The Mosaic Co. 1.37% 115,145 $2.8M Reduce -3.3%
MSFT Microsoft Corp. 1.37% 5,721 $2.8M Reduce -2.5%
AMGN Amgen Inc. 1.36% 8,386 $2.7M Reduce -2.4%
OKE Oneok Inc. 1.32% 36,452 $2.7M Reduce -1.3%
MLM Martin Marietta Materials 1.22% 3,963 $2.5M Reduce -1.3%
V Visa Inc. Class A 1.18% 6,811 $2.4M Reduce -5.4%
BAM Brookfield Asset Mgmt-A 1.15% 44,591 $2.3M Reduce -3.1%
BAX Baxter International Inc. 1.15% 121,415 $2.3M Reduce -8.7%
CVS CVS Health Corp. 1.04% 26,657 $2.1M Reduce -2.3%
LMT Lockheed Martin Corp. 1.04% 4,350 $2.1M Reduce -2.4%
AMZN Amazon.com Inc. 1.03% 9,063 $2.1M Reduce -2.1%
JNJ Johnson & Johnson 0.91% 8,940 $1.9M Reduce -0.8%
VRTX Vertex Pharmaceuticals Inc. 0.90% 3,996 $1.8M Reduce -5.9%
META Meta Platforms Inc. Class A 0.86% 2,629 $1.7M Reduce -2.5%
ACN Accenture PLC Class A 0.80% 6,005 $1.6M Reduce -3.9%
QCOM Qualcomm Inc. 0.79% 9,316 $1.6M Reduce -8.5%
ORCL Oracle Corp. 0.71% 7,421 $1.4M Add +0.4%
J Jacobs Solutions Inc. 0.69% 10,504 $1.4M No change
WFC Wells Fargo & Co. 0.68% 14,838 $1.4M Reduce -6.8%
LYB Lyondellbasell Indu Class A 0.65% 30,240 $1.3M Reduce -17.1%
CI The Cigna Group 0.64% 4,708 $1.3M Reduce -6.1%
MRK Merck & Co. Inc. 0.52% 10,023 $1.1M Reduce -3.3%
MDT Medtronic PLC 0.51% 10,750 $1.0M Reduce -2.2%
FFIV F5 Inc. 0.45% 3,530 $901K Add +6.5%
GEHC GE Healthcare Technology 0.39% 9,529 $782K Reduce -2.0%
CARR Carrier Global Corp. 0.37% 14,293 $755K Reduce -6.4%
NVDA Nvidia Corp. 0.36% 3,951 $737K Reduce -7.5%
WHR Whirlpool Corp. 0.36% 10,090 $728K No change
VLTO Veralto Corp. 0.34% 6,910 $689K Reduce -0.5%
UHAL.B U-Haul Holding Co.-Non Voting 0.34% 14,665 $685K No change
VZ Verizon Communications Inc. 0.34% 16,783 $684K Add +2.4%
APA Apa Corp. 0.33% 27,540 $674K Reduce -6.9%
KR Kroger Co. 0.31% 10,000 $625K No change
ZTS Zoetis Inc. 0.29% 4,596 $578K Reduce -37.8%
IDXX Idexx Laboratories Inc. 0.26% 790 $534K No change
MCD McDonald's Corp. 0.26% 1,743 $533K No change
JPM JPMorgan Chase & Co. 0.25% 1,585 $511K Reduce -4.8%
SIRI Sirius XM Holdings Inc. 0.19% 19,525 $390K Reduce -40.0%
PANW Palo Alto Networks Inc. 0.18% 2,000 $368K No change
KLAC KLA Corp. 0.18% 300 $365K No change
COF Capital One Financial Corp. 0.17% 1,430 $347K Reduce -3.0%
CSCO Cisco Systems Inc. 0.17% 4,484 $345K No change
FTV Fortive Corp. 0.17% 6,226 $344K No change
PEP Pepsico Inc. 0.16% 2,245 $322K Reduce -4.3%
AMTM Amentum Holdings Inc. 0.16% 10,916 $317K Reduce -1.9%
HD Home Depot Inc. 0.14% 820 $282K Reduce -15.5%
BRK.B Berkshire Hathaway Inc. Class B 0.14% 550 $276K Reduce -9.1%
PG The Procter & Gamble Co. 0.12% 1,750 $251K Reduce -5.4%
XOM Exxon Mobil Corp. 0.12% 1,983 $239K Reduce -5.3%
REGN Regeneron Pharmaceuticals 0.12% 309 $239K New
MA Mastercard Inc. Class A 0.10% 366 $209K Add +1.4%
SOBO South Bow Corp. 0.10% 10,074 $202K Reduce -1.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 1,480 $168K No change
BX Blackstone Inc. 0.08% 1,000 $154K New
NFLX Netflix Inc. 0.07% 1,430 $134K Add +2.1%
ABT Abbott Laboratories 0.06% 1,020 $128K Reduce -28.7%
PFE Pfizer Inc. 0.06% 4,954 $123K Add +86.3%
KO The Coca-Cola Co. 0.06% 1,600 $112K No change
AVGO Broadcom Inc. 0.05% 304 $105K Reduce -33.0%
GE General Electric filed as GE AEROSPACE 0.05% 332 $102K Add +2.5%
AMD Advanced Micro Devices 0.04% 380 $81K Reduce -19.1%
GOOGL Alphabet Inc. Class A 0.04% 257 $80K Add +44.4%
CBU Community Financial System I 0.03% 900 $52K New
MDLZ Mondelez International Inc. Class A 0.03% 971 $52K Reduce -43.6%
BMY Bristol-Myers Squibb Co. 0.02% 800 $43K Reduce -59.0%
MU Micron Technology Inc. 0.02% 120 $34K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 100 $30K No change
DUK Duke Energy Corp. 0.01% 243 $28K No change
UNP Union Pacific Corp. 0.01% 112 $26K Add +12.0%
WMT Walmart Inc. 0.01% 224 $25K Add +6.7%
LLY Eli Lilly & Co. 0.01% 13 $14K New
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.00% 125 $9K No change

Portfolio Sells Q3 2025 → Q4 2025
MOS The Mosaic Co. Reduce -3.3% 1.37% −0.68
FISV Fiserv Inc. Sold out 0.00% −0.45
BAX Baxter International Inc. Reduce -8.7% 1.15% −0.35
ETN Eaton Corp. PLC Reduce -0.3% 1.47% −0.27
ZTS Zoetis Inc. Reduce -37.8% 0.29% −0.25
LYB Lyondellbasell Indu Class A Reduce -17.1% 0.65% −0.24
MAS Masco Corp. Reduce -2.6% 1.59% −0.23
SIRI Sirius XM Holdings Inc. Reduce -40.0% 0.19% −0.18
HSY The Hershey Co. Reduce -2.1% 2.79% −0.15
BAM Brookfield Asset Mgmt-A Reduce -3.1% 1.15% −0.14
MSFT Microsoft Corp. Reduce -2.5% 1.37% −0.14
META Meta Platforms Inc. Class A Reduce -2.5% 0.86% −0.12
ABBV Abbvie Inc. Reduce -3.0% 2.17% −0.10
BN Brookfield Corp. Reduce -2.2% 3.83% −0.08
CARR Carrier Global Corp. Reduce -6.4% 0.37% −0.08
CI The Cigna Group Reduce -6.1% 0.64% −0.08
LMT Lockheed Martin Corp. Reduce -2.4% 1.04% −0.06
HD Home Depot Inc. Reduce -15.5% 0.14% −0.06
QCOM Qualcomm Inc. Reduce -8.5% 0.79% −0.05
SNA Snap-on Inc. Reduce -0.9% 2.74% −0.05
YUM Yum! Brands Inc. Reduce -1.3% 2.06% −0.04
V Visa Inc. Class A Reduce -5.4% 1.18% −0.04
MLM Martin Marietta Materials Reduce -1.3% 1.22% −0.03
ABT Abbott Laboratories Reduce -28.7% 0.06% −0.03
PM Philip Morris International Sold out 0.00% −0.03
NVDA Nvidia Corp. Reduce -7.5% 0.36% −0.03
MDLZ Mondelez International Inc. Class A Reduce -43.6% 0.03% −0.03
VLTO Veralto Corp. Reduce -0.5% 0.34% −0.03
APA Apa Corp. Reduce -6.9% 0.33% −0.02
BMY Bristol-Myers Squibb Co. Reduce -59.0% 0.02% −0.02
AVGO Broadcom Inc. Reduce -33.0% 0.05% −0.02
TRP TC Energy Corp. Reduce -2.3% 1.39% −0.02
PG The Procter & Gamble Co. Reduce -5.4% 0.12% −0.02
BWA Borgwarner Inc. Reduce -3.1% 1.67% −0.02
BRK.B Berkshire Hathaway Inc. Class B Reduce -9.1% 0.14% −0.01
EMR Emerson Electric Co. Reduce -1.5% 2.11% −0.01
OKE Oneok Inc. Reduce -1.3% 1.32% −0.01
MDT Medtronic PLC Reduce -2.2% 0.51% −0.01
JPM JPMorgan Chase & Co. Reduce -4.8% 0.25% −0.01
PEP Pepsico Inc. Reduce -4.3% 0.16% −0.00
SOBO South Bow Corp. Reduce -1.5% 0.10% −0.00
XOM Exxon Mobil Corp. Reduce -5.3% 0.12% +0.00
AMD Advanced Micro Devices Reduce -19.1% 0.04% +0.00
TEL Te Connectivity PLC Reduce -3.1% 3.92% +0.01
BA The Boeing Co. Reduce -0.1% 3.03% +0.01
DE Deere & Co. Reduce -0.7% 1.69% +0.01
COF Capital One Financial Corp. Reduce -3.0% 0.17% +0.02
WFC Wells Fargo & Co. Reduce -6.8% 0.68% +0.02
AMTM Amentum Holdings Inc. Reduce -1.9% 0.16% +0.02
GEHC GE Healthcare Technology Reduce -2.0% 0.39% +0.02

Portfolio Buys Q3 2025 → Q4 2025
DHR Danaher Corp. Add +2.7% 2.45% +0.38
REGN Regeneron Pharmaceuticals New 0.12% +0.12
BX Blackstone Inc. New 0.08% +0.08
PFE Pfizer Inc. Add +86.3% 0.06% +0.03
CBU Community Financial System I New 0.03% +0.03
GOOGL Alphabet Inc. Class A Add +44.4% 0.04% +0.02
LLY Eli Lilly & Co. New 0.01% +0.01
GE General Electric Add +2.5% 0.05% +0.00
MA Mastercard Inc. Class A Add +1.4% 0.10% +0.00
WMT Walmart Inc. Add +6.7% 0.01% +0.00
UNP Union Pacific Corp. Add +12.0% 0.01% +0.00
NFLX Netflix Inc. Add +2.1% 0.07% −0.02
VZ Verizon Communications Inc. Add +2.4% 0.34% −0.02
FFIV F5 Inc. Add +6.5% 0.45% −0.09
ORCL Oracle Corp. Add +0.4% 0.71% −0.32

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