Loudon Investment Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 11, 2025), Loudon Investment Management, LLC reported 96 stock positions worth $175.9 million. Its top holding was Microsoft (MSFT) at 6.6% of the portfolio, followed by SS Technology Select Sector (XLK, 4.2%) and Enterprise Products Partners (EPD, 3.7%). Compared with Q3 2024, it opened 4 new positions, sold out of 5, added to 24 and reduced 31. The biggest buy was SLB (SLB, shares +749%) and the biggest sale an exit from Polaris (PII).

Most Recent 13F
Q2 2026
Location
MERIDEN, NH
CIK
0001597089
Portfolio Value
$175.9M (Q4 2024)
SEC Filing
0001597089-25-000002 ↗ filed Feb 11, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $174.1M Q1 2024 Q2 2024: $170.0M Q2 2024 Q3 2024: $182.5M Q3 2024 Q4 2024: $175.9M $175.9M Q4 2024 Q1 2025: $175.1M Q1 2025 Q2 2025: $180.8M Q2 2025 Q3 2025: $190.9M Q3 2025 Q4 2025: $191.4M Q4 2025 Q1 2026: $185.8M Q1 2026 Q2 2026: $203.7M Q2 2026

Holdings 96 stocks · $175.9M
MSFT Microsoft Corp. 6.59% 27,491 $11.6M Reduce -0.1%
XLK SS Technology Select Sector 4.20% 31,788 $7.4M Reduce -0.2%
EPD Enterprise Products Partners 3.75% 210,116 $6.6M No change
QCOM Qualcomm Inc. 3.53% 40,369 $6.2M Reduce -0.1%
G Genpact Ltd. 3.52% 144,065 $6.2M Add +1.9%
FAST Fastenal Co. 3.31% 81,066 $5.8M Reduce -0.4%
SPY SS SPDR S&P 500 ETF Trust-US 3.13% 9,393 $5.5M Add +3.1%
LOW Lowe's Cos Inc. 3.13% 22,267 $5.5M No change
TFC Truist Financial Corp. 3.03% 122,827 $5.3M Reduce -0.5%
ITW Illinois Tool Works 2.56% 17,731 $4.5M No change
CSCO Cisco Systems Inc. 2.53% 75,025 $4.4M No change
AAPL Apple Inc. 2.46% 17,266 $4.3M No change
CMCSA Comcast Corp. Class A 2.36% 110,553 $4.1M Add +5.8%
LNC Lincoln National Corp. 2.32% 128,549 $4.1M Add +0.2%
ESS Essex Property Trust Inc. 2.26% 13,952 $4.0M Reduce -10.0%
JPM JPMorgan Chase & Co. 2.20% 16,128 $3.9M Reduce -0.6%
ABBV Abbvie Inc. 2.20% 21,739 $3.9M Reduce -1.4%
SWK Stanley Black & Decker Inc. 2.18% 47,780 $3.8M Add +1.0%
AMGN Amgen Inc. 2.04% 13,752 $3.6M No change
AMP Ameriprise Financial Inc. 1.81% 5,987 $3.2M Reduce -3.7%
TGT Target Corp. 1.73% 22,544 $3.0M Reduce -26.1%
DLR Digital Realty Trust Inc. 1.66% 16,485 $2.9M Reduce -3.2%
CAT Caterpillar Inc. 1.65% 7,988 $2.9M Reduce -2.1%
TSM Taiwan Semiconductor-SP ADR 1.61% 14,357 $2.8M Reduce -0.4%
USB US Bancorp 1.59% 58,518 $2.8M Reduce -2.0%
CMI Cummins Inc. 1.46% 7,346 $2.6M No change
EMR Emerson Electric Co. 1.42% 20,180 $2.5M No change
AMT American Tower Corp. 1.33% 12,733 $2.3M Add +8.1%
PNR Pentair PLC 1.17% 20,382 $2.1M No change
VZ Verizon Communications Inc. 1.11% 48,927 $2.0M Add +1.4%
DE Deere & Co. 1.00% 4,131 $1.8M No change
ADM Archer-Daniels-Midland Co. 0.99% 34,297 $1.7M Reduce -1.1%
APD Air Products & Chemicals Inc. 0.90% 5,459 $1.6M No change
GBCI Glacier Bancorp Inc. 0.90% 31,439 $1.6M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.90% 41,064 $1.6M Add +749.3%
AFL Aflac Inc. 0.88% 14,911 $1.5M No change
PEP Pepsico Inc. 0.80% 9,309 $1.4M Add +6.5%
UPS United Parcel Service Class B 0.80% 11,156 $1.4M Reduce -8.6%
ADP Automatic Data Processing 0.76% 4,541 $1.3M No change
MRK Merck & Co. Inc. 0.75% 13,308 $1.3M Reduce -1.1%
FRT Federal Realty Invs Trust 0.70% 11,070 $1.2M Reduce -5.8%
O Realty Income Corp. 0.67% 21,980 $1.2M Add +47.8%
LMT Lockheed Martin Corp. 0.63% 2,274 $1.1M Reduce -1.9%
VTI VG Morningstar TS MKT ETF-US 0.60% 3,622 $1.0M Add +5.8%
CCI Crown Castle Inc. 0.55% 10,747 $975K Reduce -15.8%
VCSH Vanguard S/T Corp. Bond ETF 0.55% 12,311 $960K Add +10.0%
FLOT iShares Floating Rate Bond E 0.52% 17,902 $911K Add +36.3%
ENB Enbridge Inc. 0.51% 20,961 $889K Add +8.8%
JNJ Johnson & Johnson 0.50% 6,051 $875K Add +1.7%
SCHD Schwab US DVD Equity ETF 0.48% 31,021 $847K Add +22.2%
BSV Vanguard Short-Term Bond ETF 0.47% 10,737 $830K Add +4.1%
GD General Dynamics Corp. 0.46% 3,058 $806K Reduce -6.1%
PFE Pfizer Inc. 0.44% 29,370 $779K Reduce -3.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.44% 9,962 $765K Reduce -1.5%
XLC SS Comm Select Sector SPDR 0.43% 7,830 $758K No change
PSA Public Storage 0.41% 2,400 $719K No change
ABT Abbott Laboratories 0.39% 6,027 $682K No change
TAP Molson Coors Beverage Co. Class B 0.38% 11,700 $671K Add +52.0%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.38% 5,700 $670K No change
VNQ Vanguard Real Estate ETF 0.37% 7,295 $650K No change
TU Telus Corp. 0.35% 45,084 $611K No change
MO Altria Group Inc. 0.33% 11,117 $581K No change
SYY Sysco Corp. 0.32% 7,445 $569K No change
IJR iShares Core S&P Small-Cap E 0.32% 4,885 $563K Add +5.8%
WTRG Essential Utilities Inc. 0.32% 15,463 $562K No change
EXR Extra Space Storage Inc. 0.31% 3,690 $552K Reduce -2.6%
VLO Valero Energy Corp. 0.29% 4,219 $517K No change
BLK BlackRock Inc. 0.29% 500 $513K No change
MDT Medtronic PLC 0.25% 5,562 $444K Reduce -26.9%
XOM Exxon Mobil Corp. 0.24% 3,913 $421K No change
ECL Ecolab Inc. 0.24% 1,786 $418K No change
CLX Clorox Company 0.23% 2,527 $410K Reduce -55.9%
ACWX iShares MSCI Acwi Ex US ETF 0.23% 7,771 $405K Reduce -2.1%
PG The Procter & Gamble Co. 0.22% 2,347 $393K No change
NOBL Proshares S&P 500 Dividend A 0.22% 3,880 $386K Add +9.9%
WHR Whirlpool Corp. 0.22% 3,321 $380K No change
XLF SS Financial Select Sector 0.21% 7,740 $374K No change
PM Philip Morris International 0.21% 3,075 $370K No change
RSP Invesco S&P 500 Equal Weight 0.20% 2,053 $360K Add +59.8%
QQQ Invesco QQQ Trust Series 1 0.20% 700 $358K Add +5.7%
BIV Vanguard Intermediate-Term B 0.19% 4,515 $337K Add +30.7%
PAYX Paychex Inc. 0.19% 2,350 $330K No change
CTSH Cognizant Tech Solutions-A 0.19% 4,282 $329K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.19% 3,562 $326K Add +0.7%
FDX FedEx Corp. 0.17% 1,055 $297K No change
SDY SS SPDR S&P Dividend ETF 0.16% 2,170 $287K Reduce -27.9%
CL Colgate-Palmolive Co. 0.15% 2,987 $272K No change
TSLA Tesla Inc. 0.15% 650 $262K New
PPG PPG Industries Inc. 0.14% 2,075 $248K No change
NVDA Nvidia Corp. 0.14% 1,810 $243K Reduce -2.7%
NEE Nextera Energy Inc. 0.13% 3,250 $233K Reduce -1.6%
CRWD CrowdStrike Holdings Inc. Class A 0.13% 675 $231K New
COP Conocophillips 0.12% 2,180 $216K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.12% 1,910 $216K New
AMZN Amazon.com Inc. 0.12% 980 $215K New
AOS Smith (a.o.) Corp. 0.12% 2,996 $204K Reduce -11.8%

Portfolio Sells Q3 2024 → Q4 2024
PII Polaris Inc. Sold out 0.00% −1.07
TGT Target Corp. Reduce -26.1% 1.73% −0.87
CLX Clorox Company Reduce -55.9% 0.23% −0.28
CCI Crown Castle Inc. Reduce -15.8% 0.55% −0.28
INTC Intel Corp. Sold out 0.00% −0.25
ESS Essex Property Trust Inc. Reduce -10.0% 2.26% −0.24
QCOM Qualcomm Inc. Reduce -0.1% 3.53% −0.24
ABBV Abbvie Inc. Reduce -1.4% 2.20% −0.19
BAX Baxter International Inc. Sold out 0.00% −0.17
ADM Archer-Daniels-Midland Co. Reduce -1.1% 0.99% −0.15
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.12
MDT Medtronic PLC Reduce -26.9% 0.25% −0.12
LMT Lockheed Martin Corp. Reduce -1.9% 0.63% −0.11
UPS United Parcel Service Class B Reduce -8.6% 0.80% −0.11
PSX Phillips 66 Sold out 0.00% −0.11
CAT Caterpillar Inc. Reduce -2.1% 1.65% −0.10
MRK Merck & Co. Inc. Reduce -1.1% 0.75% −0.08
GD General Dynamics Corp. Reduce -6.1% 0.46% −0.08
SDY SS SPDR S&P Dividend ETF Reduce -27.9% 0.16% −0.07
EXR Extra Space Storage Inc. Reduce -2.6% 0.31% −0.06
AOS Smith (a.o.) Corp. Reduce -11.8% 0.12% −0.05
PFE Pfizer Inc. Reduce -3.7% 0.44% −0.04
FRT Federal Realty Invs Trust Reduce -5.8% 0.70% −0.04
NEE Nextera Energy Inc. Reduce -1.6% 0.13% −0.02
ACWX iShares MSCI Acwi Ex US ETF Reduce -2.1% 0.23% −0.02
NVDA Nvidia Corp. Reduce -2.7% 0.14% +0.01
BNY Bank of New York Mellon Corp. Reduce -1.5% 0.44% +0.04
USB US Bancorp Reduce -2.0% 1.59% +0.10
MSFT Microsoft Corp. Reduce -0.1% 6.59% +0.10
FAST Fastenal Co. Reduce -0.4% 3.31% +0.13
TFC Truist Financial Corp. Reduce -0.5% 3.03% +0.14
DLR Digital Realty Trust Inc. Reduce -3.2% 1.66% +0.15
AMP Ameriprise Financial Inc. Reduce -3.7% 1.81% +0.21
TSM Taiwan Semiconductor-SP ADR Reduce -0.4% 1.61% +0.24
XLK SS Technology Select Sector Reduce -0.2% 4.20% +0.26
JPM JPMorgan Chase & Co. Reduce -0.6% 2.20% +0.32

Portfolio Buys Q3 2024 → Q4 2024
SLB SLB Ltd. Add +749.3% 0.90% +0.78
G Genpact Ltd. Add +1.9% 3.52% +0.48
SPY SS SPDR S&P 500 ETF Trust-US Add +3.1% 3.13% +0.27
O Realty Income Corp. Add +47.8% 0.67% +0.15
FLOT iShares Floating Rate Bond E Add +36.3% 0.52% +0.15
TSLA Tesla Inc. New 0.15% +0.15
TAP Molson Coors Beverage Co. Class B Add +52.0% 0.38% +0.14
CRWD CrowdStrike Holdings Inc. Class A New 0.13% +0.13
TROW T Rowe Price Group Inc. New 0.12% +0.12
AMZN Amazon.com Inc. New 0.12% +0.12
LNC Lincoln National Corp. Add +0.2% 2.32% +0.10
SCHD Schwab US DVD Equity ETF Add +22.2% 0.48% +0.09
RSP Invesco S&P 500 Equal Weight Add +59.8% 0.20% +0.08
ENB Enbridge Inc. Add +8.8% 0.51% +0.08
VTI VG Morningstar TS MKT ETF-US Add +5.8% 0.60% +0.07
VCSH Vanguard S/T Corp. Bond ETF Add +10.0% 0.55% +0.06
BIV Vanguard Intermediate-Term B Add +30.7% 0.19% +0.04
BSV Vanguard Short-Term Bond ETF Add +4.1% 0.47% +0.03
QQQ Invesco QQQ Trust Series 1 Add +5.7% 0.20% +0.03
IJR iShares Core S&P Small-Cap E Add +5.8% 0.32% +0.02
NOBL Proshares S&P 500 Dividend A Add +9.9% 0.22% +0.01
BIL SS SPDR BB 1-3M T-Bill ETF Add +0.7% 0.19% +0.01
PEP Pepsico Inc. Add +6.5% 0.80% −0.01
JNJ Johnson & Johnson Add +1.7% 0.50% −0.03
CMCSA Comcast Corp. Class A Add +5.8% 2.36% −0.03
VZ Verizon Communications Inc. Add +1.4% 1.11% −0.08
AMT American Tower Corp. Add +8.1% 1.33% −0.17
SWK Stanley Black & Decker Inc. Add +1.0% 2.18% −0.67

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 95$203.7MXLK, MSFT, CSCO, EPD, FAST
Q1 2026 95$185.8MMSFT, XLK, EPD, FAST, SPY
Q4 2025 93$191.4MMSFT, XLK, EPD, G, SPY
Q3 2025 94$190.9MMSFT, XLK, FAST, EPD, SPY
Q2 2025 99$180.8MMSFT, XLK, EPD, FAST, G
Q1 2025 96$175.1MMSFT, EPD, G, XLK, FAST
Q4 2024 96$175.9MMSFT, XLK, EPD, QCOM, G
Q3 2024 97$182.5MMSFT, XLK, QCOM, EPD, LOW
Q2 2024 98$170.0MMSFT, QCOM, XLK, EPD, FAST
Q1 2024 96$174.1MMSFT, QCOM, XLK, FAST, EPD