Loudon Investment Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Loudon Investment Management, LLC reported 99 stock positions worth $180.8 million. Its top holding was Microsoft (MSFT) at 7.5% of the portfolio, followed by SS Technology Select Sector (XLK, 4.5%) and Enterprise Products Partners (EPD, 3.7%). Compared with Q1 2025, it opened 8 new positions, sold out of 5, added to 27 and reduced 44. The biggest buy was a new position in Novo-Nordisk A/S-Spons ADR (NVO) and the biggest sale Amgen (AMGN, shares −44%).

Most Recent 13F
Q2 2026
Location
MERIDEN, NH
CIK
0001597089
Portfolio Value
$180.8M (Q2 2025)
SEC Filing
0001597089-25-000009 ↗ filed Jul 18, 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 Q4 2024 Q1 2025: $175.1M Q1 2025 Q2 2025: $180.8M $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 99 stocks · $180.8M
MSFT Microsoft Corp. 7.48% 27,186 $13.5M Reduce -0.6%
XLK SS Technology Select Sector 4.54% 32,431 $8.2M Add +1.4%
EPD Enterprise Products Partners 3.73% 217,371 $6.7M Reduce -0.7%
FAST Fastenal Co. 3.70% 159,082 $6.7M Reduce -1.6%
G Genpact Ltd. 3.57% 146,750 $6.5M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 3.25% 9,520 $5.9M Add +1.3%
TFC Truist Financial Corp. 2.97% 124,821 $5.4M Reduce -0.4%
QCOM Qualcomm Inc. 2.90% 32,916 $5.2M Reduce -18.5%
CSCO Cisco Systems Inc. 2.79% 72,695 $5.0M Reduce -4.5%
LOW Lowe's Cos Inc. 2.70% 21,962 $4.9M Reduce -1.0%
LNC Lincoln National Corp. 2.67% 139,564 $4.8M Add +3.7%
JPM JPMorgan Chase & Co. 2.22% 13,833 $4.0M Reduce -17.2%
ABBV Abbvie Inc. 2.15% 20,937 $3.9M Reduce -2.3%
ESS Essex Property Trust Inc. 2.00% 12,739 $3.6M Reduce -8.4%
ITW Illinois Tool Works 1.98% 14,505 $3.6M Reduce -17.5%
AAPL Apple Inc. 1.93% 16,976 $3.5M Reduce -1.7%
ABT Abbott Laboratories 1.82% 24,247 $3.3M Add +15.0%
AMT American Tower Corp. 1.80% 14,728 $3.3M Add +5.4%
TSM Taiwan Semiconductor-SP ADR 1.80% 14,357 $3.3M Add +0.5%
CAT Caterpillar Inc. 1.69% 7,876 $3.1M Reduce -0.1%
DLR Digital Realty Trust Inc. 1.57% 16,235 $2.8M Reduce -1.5%
EMR Emerson Electric Co. 1.49% 20,180 $2.7M No change
USB US Bancorp 1.45% 58,005 $2.6M Reduce -0.5%
NVO Novo-Nordisk A/S-Spons ADR 1.44% 37,671 $2.6M New
AMP Ameriprise Financial Inc. 1.39% 4,695 $2.5M Reduce -21.6%
CMI Cummins Inc. 1.36% 7,526 $2.5M No change
NEE Nextera Energy Inc. 1.25% 32,430 $2.3M Add +897.9%
AMGN Amgen Inc. 1.18% 7,629 $2.1M Reduce -44.4%
PNR Pentair PLC 1.16% 20,382 $2.1M No change
DE Deere & Co. 1.13% 4,031 $2.0M Reduce -2.4%
APD Air Products & Chemicals Inc. 1.11% 7,123 $2.0M Add +3.3%
UGI Ugi Corp. 1.07% 53,105 $1.9M No change
SWK Stanley Black & Decker Inc. 1.05% 28,068 $1.9M Reduce -37.5%
TMUS T-Mobile US Inc. 1.00% 7,565 $1.8M New
DPZ Domino's Pizza Inc. 0.98% 3,949 $1.8M New
ADP Automatic Data Processing 0.84% 4,933 $1.5M Add +2.0%
O Realty Income Corp. 0.83% 26,170 $1.5M Add +0.0%
VZ Verizon Communications Inc. 0.81% 34,040 $1.5M Reduce -32.8%
FLOT iShares Floating Rate Bond E 0.80% 28,222 $1.4M Add +0.1%
GBCI Glacier Bancorp Inc. 0.75% 31,439 $1.4M No change
ENB Enbridge Inc. 0.75% 29,801 $1.4M Add +40.6%
AFL Aflac Inc. 0.69% 11,801 $1.2M Reduce -14.4%
XLC SS Comm Select Sector SPDR 0.67% 11,116 $1.2M Add +29.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.64% 3,936 $1.2M Reduce -8.0%
PAYX Paychex Inc. 0.58% 7,195 $1.0M Add +4.3%
LMT Lockheed Martin Corp. 0.55% 2,164 $1.0M Add +0.3%
PLD Prologis Inc. 0.55% 9,465 $995K Add +106.4%
PEP Pepsico Inc. 0.54% 7,455 $984K Reduce -22.1%
VTI VG Morningstar TS MKT ETF-US 0.54% 3,224 $980K Reduce -9.5%
VCSH Vanguard S/T Corp. Bond ETF 0.53% 12,093 $961K Reduce -0.7%
JNJ Johnson & Johnson 0.50% 5,960 $910K Reduce -1.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.48% 9,427 $859K Reduce -8.4%
BSV Vanguard Short-Term Bond ETF 0.46% 10,655 $839K Reduce -1.6%
SCHD Schwab US DVD Equity ETF 0.45% 30,901 $819K Reduce -1.0%
GD General Dynamics Corp. 0.45% 2,790 $814K No change
WEC WEC Energy Group Inc. 0.44% 7,710 $803K Add +7.2%
MRK Merck & Co. Inc. 0.44% 10,102 $800K Reduce -3.0%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.43% 22,939 $775K Reduce -56.5%
TU Telus Corp. 0.40% 44,984 $722K No change
PM Philip Morris International 0.40% 3,925 $715K Add +6.5%
PSA Public Storage 0.39% 2,400 $704K No change
NVDA Nvidia Corp. 0.38% 4,354 $688K Add +119.3%
MO Altria Group Inc. 0.37% 11,538 $676K Reduce -8.2%
CMCSA Comcast Corp. Class A 0.36% 18,334 $654K Reduce -26.6%
VNQ Vanguard Real Estate ETF 0.36% 7,295 $650K No change
FRT Federal Realty Invs Trust 0.33% 6,225 $591K Reduce -28.2%
WTRG Essential Utilities Inc. 0.32% 15,463 $574K No change
VLO Valero Energy Corp. 0.31% 4,219 $567K No change
SYY Sysco Corp. 0.31% 7,445 $564K No change
MDT Medtronic PLC 0.30% 6,312 $550K Reduce -11.0%
IJR iShares Core S&P Small-Cap E 0.30% 5,010 $548K Add +2.0%
RTX RTX Corp. 0.30% 3,671 $536K New
TAP Molson Coors Beverage Co. Class B 0.30% 11,100 $534K Reduce -21.8%
RSP Invesco S&P 500 Equal Weight 0.28% 2,744 $499K Add +24.0%
BLK BlackRock Inc. 0.27% 471 $494K No change
ECL Ecolab Inc. 0.27% 1,786 $481K No change
ACWX iShares MSCI Acwi Ex US ETF 0.26% 7,687 $468K Add +0.5%
XOM Exxon Mobil Corp. 0.26% 4,313 $465K Add +10.2%
UPS United Parcel Service Class B 0.25% 4,450 $449K Reduce -50.5%
ADM Archer-Daniels-Midland Co. 0.22% 7,680 $405K Reduce -1.6%
XLF SS Financial Select Sector 0.22% 7,740 $405K No change
QQQ Invesco QQQ Trust Series 1 0.22% 717 $396K Add +1.3%
BIV Vanguard Intermediate-Term B 0.20% 4,568 $353K Add +1.2%
CRWD CrowdStrike Holdings Inc. Class A 0.19% 675 $344K No change
GS Goldman Sachs Group Inc. 0.19% 484 $343K New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.19% 4,700 $338K No change
EXR Extra Space Storage Inc. 0.18% 2,215 $327K Reduce -6.3%
BIL SS SPDR BB 1-3M T-Bill ETF 0.17% 3,313 $304K Reduce -18.1%
NOBL Proshares S&P 500 Dividend A 0.17% 2,970 $299K Reduce -9.4%
TGT Target Corp. 0.15% 2,747 $271K Reduce -72.9%
XLI SS Industrial Select Sector 0.15% 1,820 $268K New
AMZN Amazon.com Inc. 0.14% 1,123 $246K Add +4.0%
FDX FedEx Corp. 0.13% 1,050 $239K Add +5.0%
PPG PPG Industries Inc. 0.13% 2,000 $228K No change
SDY SS SPDR S&P Dividend ETF 0.12% 1,651 $224K Reduce -24.5%
CLX Clorox Company 0.12% 1,801 $216K No change
VRTX Vertex Pharmaceuticals Inc. 0.12% 485 $216K No change
TSLA Tesla Inc. 0.11% 650 $206K New
VEA Vanguard Ftse Developed ETF 0.11% 3,563 $203K New

Portfolio Sells Q1 2025 → Q2 2025
AMGN Amgen Inc. Reduce -44.4% 1.18% −1.26
SWK Stanley Black & Decker Inc. Reduce -37.5% 1.05% −0.92
SLB SLB Ltd. Reduce -56.5% 0.43% −0.83
G Genpact Ltd. Reduce -0.3% 3.57% −0.66
QCOM Qualcomm Inc. Reduce -18.5% 2.90% −0.64
EPD Enterprise Products Partners Reduce -0.7% 3.73% −0.54
ITW Illinois Tool Works Reduce -17.5% 1.98% −0.51
VZ Verizon Communications Inc. Reduce -32.8% 0.81% −0.50
TGT Target Corp. Reduce -72.9% 0.15% −0.45
ESS Essex Property Trust Inc. Reduce -8.4% 2.00% −0.44
ABBV Abbvie Inc. Reduce -2.3% 2.15% −0.42
PFE Pfizer Inc. Sold out 0.00% −0.32
UPS United Parcel Service Class B Reduce -50.5% 0.25% −0.32
PEP Pepsico Inc. Reduce -22.1% 0.54% −0.27
AMP Ameriprise Financial Inc. Reduce -21.6% 1.39% −0.27
AAPL Apple Inc. Reduce -1.7% 1.93% −0.26
LOW Lowe's Cos Inc. Reduce -1.0% 2.70% −0.26
PG The Procter & Gamble Co. Sold out 0.00% −0.20
TAP Molson Coors Beverage Co. Class B Reduce -21.8% 0.30% −0.20
AFL Aflac Inc. Reduce -14.4% 0.69% −0.19
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.19
CMCSA Comcast Corp. Class A Reduce -26.6% 0.36% −0.16
FRT Federal Realty Invs Trust Reduce -28.2% 0.33% −0.16
COP Conocophillips Sold out 0.00% −0.13
JPM JPMorgan Chase & Co. Reduce -17.2% 2.22% −0.12
CL Colgate-Palmolive Co. Sold out 0.00% −0.12
MRK Merck & Co. Inc. Reduce -3.0% 0.44% −0.09
JNJ Johnson & Johnson Reduce -1.5% 0.50% −0.07
MDT Medtronic PLC Reduce -11.0% 0.30% −0.06
MO Altria Group Inc. Reduce -8.2% 0.37% −0.06
SDY SS SPDR S&P Dividend ETF Reduce -24.5% 0.12% −0.05
SCHD Schwab US DVD Equity ETF Reduce -1.0% 0.45% −0.05
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -18.1% 0.17% −0.04
NOBL Proshares S&P 500 Dividend A Reduce -9.4% 0.17% −0.03
BSV Vanguard Short-Term Bond ETF Reduce -1.6% 0.46% −0.02
EXR Extra Space Storage Inc. Reduce -6.3% 0.18% −0.02
BNY Bank of New York Mellon Corp. Reduce -8.4% 0.48% −0.02
VTI VG Morningstar TS MKT ETF-US Reduce -9.5% 0.54% −0.02
VCSH Vanguard S/T Corp. Bond ETF Reduce -0.7% 0.53% −0.02
ADM Archer-Daniels-Midland Co. Reduce -1.6% 0.22% +0.01
TFC Truist Financial Corp. Reduce -0.4% 2.97% +0.02
DE Deere & Co. Reduce -2.4% 1.13% +0.03
IBM Intl Business Machines Corp. Reduce -8.0% 0.64% +0.03
USB US Bancorp Reduce -0.5% 1.45% +0.05
CSCO Cisco Systems Inc. Reduce -4.5% 2.79% +0.11
FAST Fastenal Co. Reduce -1.6% 3.70% +0.12
CAT Caterpillar Inc. Reduce -0.1% 1.69% +0.21
DLR Digital Realty Trust Inc. Reduce -1.5% 1.57% +0.22
MSFT Microsoft Corp. Reduce -0.6% 7.48% +1.62

Portfolio Buys Q1 2025 → Q2 2025
NVO Novo-Nordisk A/S-Spons ADR New 1.44% +1.44
NEE Nextera Energy Inc. Add +897.9% 1.25% +1.11
TMUS T-Mobile US Inc. New 1.00% +1.00
DPZ Domino's Pizza Inc. New 0.98% +0.98
XLK SS Technology Select Sector Add +1.4% 4.54% +0.77
TSM Taiwan Semiconductor-SP ADR Add +0.5% 1.80% +0.44
RTX RTX Corp. New 0.30% +0.30
NVDA Nvidia Corp. Add +119.3% 0.38% +0.26
PLD Prologis Inc. Add +106.4% 0.55% +0.26
SPY SS SPDR S&P 500 ETF Trust-US Add +1.3% 3.25% +0.25
ABT Abbott Laboratories Add +15.0% 1.82% +0.23
ENB Enbridge Inc. Add +40.6% 0.75% +0.21
XLC SS Comm Select Sector SPDR Add +29.1% 0.67% +0.19
GS Goldman Sachs Group Inc. New 0.19% +0.19
XLI SS Industrial Select Sector New 0.15% +0.15
TSLA Tesla Inc. New 0.11% +0.11
VEA Vanguard Ftse Developed ETF New 0.11% +0.11
AMT American Tower Corp. Add +5.4% 1.80% +0.06
PM Philip Morris International Add +6.5% 0.40% +0.06
RSP Invesco S&P 500 Equal Weight Add +24.0% 0.28% +0.06
QQQ Invesco QQQ Trust Series 1 Add +1.3% 0.22% +0.03
AMZN Amazon.com Inc. Add +4.0% 0.14% +0.02
ACWX iShares MSCI Acwi Ex US ETF Add +0.5% 0.26% +0.02
IJR iShares Core S&P Small-Cap E Add +2.0% 0.30% +0.01
LMT Lockheed Martin Corp. Add +0.3% 0.55% +0.00
BIV Vanguard Intermediate-Term B Add +1.2% 0.20% −0.00
ADP Automatic Data Processing Add +2.0% 0.84% −0.00
WEC WEC Energy Group Inc. Add +7.2% 0.44% −0.00
FDX FedEx Corp. Add +5.0% 0.13% −0.01
XOM Exxon Mobil Corp. Add +10.2% 0.26% −0.01
FLOT iShares Floating Rate Bond E Add +0.1% 0.80% −0.03
PAYX Paychex Inc. Add +4.3% 0.58% −0.03
O Realty Income Corp. Add +0.0% 0.83% −0.03
APD Air Products & Chemicals Inc. Add +3.3% 1.11% −0.05
LNC Lincoln National Corp. Add +3.7% 2.67% −0.09

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