Loudon Investment Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Loudon Investment Management, LLC reported 94 stock positions worth $190.9 million. Its top holding was Microsoft (MSFT) at 7.3% of the portfolio, followed by SS Technology Select Sector (XLK, 5.0%) and Fastenal (FAST, 4.1%). Compared with Q2 2025, it opened 5 new positions, sold out of 10, added to 27 and reduced 33. The biggest buy was T-Mobile US (TMUS, shares +174%) and the biggest sale Air Products & Chemicals (APD, shares −54%).

Most Recent 13F
Q2 2026
Location
MERIDEN, NH
CIK
0001597089
Portfolio Value
$190.9M (Q3 2025)
SEC Filing
0001597089-25-000014 ↗ filed Nov 14, 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 Q2 2025 Q3 2025: $190.9M $190.9M Q3 2025 Q4 2025: $191.4M Q4 2025 Q1 2026: $185.8M Q1 2026 Q2 2026: $203.7M Q2 2026

Holdings 94 stocks · $190.9M
MSFT Microsoft Corp. 7.33% 27,036 $14.0M Reduce -0.6%
XLK SS Technology Select Sector 5.01% 33,916 $9.6M Add +4.6%
FAST Fastenal Co. 4.07% 158,632 $7.8M Reduce -0.3%
EPD Enterprise Products Partners 3.56% 217,371 $6.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 3.30% 9,467 $6.3M Reduce -0.6%
G Genpact Ltd. 3.18% 144,875 $6.1M Reduce -1.3%
LNC Lincoln National Corp. 2.95% 139,564 $5.6M No change
TFC Truist Financial Corp. 2.89% 120,774 $5.5M Reduce -3.2%
QCOM Qualcomm Inc. 2.87% 32,916 $5.5M No change
LOW Lowe's Cos Inc. 2.86% 21,712 $5.5M Reduce -1.1%
TMUS T-Mobile US Inc. 2.60% 20,750 $5.0M Add +174.3%
CSCO Cisco Systems Inc. 2.60% 72,570 $5.0M Reduce -0.2%
ABBV Abbvie Inc. 2.52% 20,802 $4.8M Reduce -0.6%
JPM JPMorgan Chase & Co. 2.27% 13,755 $4.3M Reduce -0.6%
AAPL Apple Inc. 2.26% 16,971 $4.3M Reduce -0.0%
TSM Taiwan Semiconductor-SP ADR 2.12% 14,492 $4.0M Add +0.9%
ITW Illinois Tool Works 1.97% 14,425 $3.8M Reduce -0.6%
CAT Caterpillar Inc. 1.97% 7,866 $3.8M Reduce -0.1%
ABT Abbott Laboratories 1.78% 25,437 $3.4M Add +4.9%
NEE Nextera Energy Inc. 1.67% 42,205 $3.2M Add +30.1%
CMI Cummins Inc. 1.66% 7,526 $3.2M No change
ESS Essex Property Trust Inc. 1.65% 11,783 $3.2M Reduce -7.5%
NVO Novo-Nordisk A/S-Spons ADR 1.61% 55,381 $3.1M Add +47.0%
AMT American Tower Corp. 1.54% 15,273 $2.9M Add +3.7%
DLR Digital Realty Trust Inc. 1.47% 16,235 $2.8M No change
DPZ Domino's Pizza Inc. 1.47% 6,489 $2.8M Add +64.3%
USB US Bancorp 1.47% 57,895 $2.8M Reduce -0.2%
EMR Emerson Electric Co. 1.39% 20,180 $2.6M No change
AMP Ameriprise Financial Inc. 1.20% 4,680 $2.3M Reduce -0.3%
PNR Pentair PLC 1.18% 20,382 $2.3M No change
DE Deere & Co. 0.97% 4,031 $1.8M No change
XLC SS Comm Select Sector SPDR 0.90% 14,489 $1.7M Add +30.3%
ADP Automatic Data Processing 0.89% 5,783 $1.7M Add +17.2%
FLOT iShares Floating Rate Bond E 0.86% 32,322 $1.7M Add +14.5%
O Realty Income Corp. 0.85% 26,855 $1.6M Add +2.6%
SWK Stanley Black & Decker Inc. 0.83% 21,353 $1.6M Reduce -23.9%
UGI Ugi Corp. 0.82% 46,935 $1.6M Reduce -11.6%
AMGN Amgen Inc. 0.81% 5,472 $1.5M Reduce -28.3%
GBCI Glacier Bancorp Inc. 0.80% 31,439 $1.5M No change
ENB Enbridge Inc. 0.79% 29,951 $1.5M Add +0.5%
PLD Prologis Inc. 0.68% 11,405 $1.3M Add +20.5%
PAYX Paychex Inc. 0.64% 9,585 $1.2M Add +33.2%
AFL Aflac Inc. 0.57% 9,776 $1.1M Reduce -17.2%
LMT Lockheed Martin Corp. 0.57% 2,164 $1.1M No change
VTI VG Morningstar TS MKT ETF-US 0.56% 3,236 $1.1M Add +0.4%
JNJ Johnson & Johnson 0.55% 5,696 $1.1M Reduce -4.4%
GD General Dynamics Corp. 0.52% 2,935 $1.0M Add +5.2%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.52% 9,177 $1000K Reduce -2.6%
VCSH Vanguard S/T Corp. Bond ETF 0.52% 12,317 $984K Add +1.9%
MRK Merck & Co. Inc. 0.51% 11,652 $978K Add +15.3%
APD Air Products & Chemicals Inc. 0.47% 3,271 $892K Reduce -54.1%
PEP Pepsico Inc. 0.45% 6,185 $869K Reduce -17.0%
BSV Vanguard Short-Term Bond ETF 0.45% 10,816 $853K Add +1.5%
NVDA Nvidia Corp. 0.44% 4,519 $843K Add +3.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.40% 2,728 $770K Reduce -30.7%
MO Altria Group Inc. 0.40% 11,538 $762K No change
VLO Valero Energy Corp. 0.38% 4,219 $718K No change
TU Telus Corp. 0.37% 44,984 $709K No change
PSA Public Storage 0.36% 2,400 $693K No change
XLY SS Consumer Disc Select Sect 0.36% 2,880 $690K New
VNQ Vanguard Real Estate ETF 0.35% 7,295 $667K No change
SCHD Schwab US DVD Equity ETF 0.35% 24,336 $664K Reduce -21.3%
IJR iShares Core S&P Small-Cap E 0.33% 5,292 $629K Add +5.6%
WEC WEC Energy Group Inc. 0.33% 5,480 $628K Reduce -28.9%
WTRG Essential Utilities Inc. 0.32% 15,463 $617K No change
RTX RTX Corp. 0.32% 3,671 $614K No change
SYY Sysco Corp. 0.32% 7,445 $613K No change
MDT Medtronic PLC 0.31% 6,312 $601K No change
RSP Invesco S&P 500 Equal Weight 0.29% 2,936 $557K Add +7.0%
BLK BlackRock Inc. 0.29% 471 $549K No change
ACWX iShares MSCI Acwi Ex US ETF 0.26% 7,722 $502K Add +0.5%
XOM Exxon Mobil Corp. 0.26% 4,322 $487K Add +0.2%
QQQ Invesco QQQ Trust Series 1 0.23% 733 $440K Add +2.2%
XLF SS Financial Select Sector 0.22% 7,740 $417K No change
ADM Archer-Daniels-Midland Co. 0.22% 6,925 $414K Reduce -9.8%
ECL Ecolab Inc. 0.21% 1,476 $404K Reduce -17.4%
GS Goldman Sachs Group Inc. 0.20% 484 $385K No change
BIV Vanguard Intermediate-Term B 0.19% 4,684 $366K Add +2.5%
VZ Verizon Communications Inc. 0.19% 8,147 $358K Reduce -76.1%
FRT Federal Realty Invs Trust 0.19% 3,490 $354K Reduce -43.9%
GOOG Alphabet Inc. Class C 0.18% 1,425 $347K New
CRWD CrowdStrike Holdings Inc. Class A 0.17% 675 $331K No change
EXR Extra Space Storage Inc. 0.16% 2,215 $312K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.16% 3,313 $304K No change
NOBL Proshares S&P 500 Dividend A 0.15% 2,870 $296K Reduce -3.4%
TSLA Tesla Inc. 0.15% 650 $289K No change
SHOP Shopify Inc. Class A 0.13% 1,700 $253K New
FDX FedEx Corp. 0.13% 1,050 $248K No change
AMZN Amazon.com Inc. 0.13% 1,123 $247K No change
CMCSA Comcast Corp. Class A 0.12% 7,556 $237K Reduce -58.8%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.12% 4,700 $230K No change
VEA Vanguard Ftse Developed ETF 0.11% 3,506 $210K Reduce -1.6%
PSX Phillips 66 0.11% 1,527 $208K New
COP Conocophillips 0.11% 2,180 $206K New

Portfolio Sells Q2 2025 → Q3 2025
APD Air Products & Chemicals Inc. Reduce -54.1% 0.47% −0.64
VZ Verizon Communications Inc. Reduce -76.1% 0.19% −0.63
SLB SLB Ltd. Sold out 0.00% −0.43
PM Philip Morris International Sold out 0.00% −0.40
G Genpact Ltd. Reduce -1.3% 3.18% −0.39
AMGN Amgen Inc. Reduce -28.3% 0.81% −0.37
ESS Essex Property Trust Inc. Reduce -7.5% 1.65% −0.35
TAP Molson Coors Beverage Co. Class B Sold out 0.00% −0.30
UGI Ugi Corp. Reduce -11.6% 0.82% −0.25
UPS United Parcel Service Class B Sold out 0.00% −0.25
IBM Intl Business Machines Corp. Reduce -30.7% 0.40% −0.24
CMCSA Comcast Corp. Class A Reduce -58.8% 0.12% −0.24
SWK Stanley Black & Decker Inc. Reduce -23.9% 0.83% −0.22
CSCO Cisco Systems Inc. Reduce -0.2% 2.60% −0.19
AMP Ameriprise Financial Inc. Reduce -0.3% 1.20% −0.18
TGT Target Corp. Sold out 0.00% −0.15
XLI SS Industrial Select Sector Sold out 0.00% −0.15
MSFT Microsoft Corp. Reduce -0.6% 7.33% −0.15
FRT Federal Realty Invs Trust Reduce -43.9% 0.19% −0.14
PPG PPG Industries Inc. Sold out 0.00% −0.13
SDY SS SPDR S&P Dividend ETF Sold out 0.00% −0.12
CLX Clorox Company Sold out 0.00% −0.12
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.12
AFL Aflac Inc. Reduce -17.2% 0.57% −0.12
WEC WEC Energy Group Inc. Reduce -28.9% 0.33% −0.12
SCHD Schwab US DVD Equity ETF Reduce -21.3% 0.35% −0.11
PEP Pepsico Inc. Reduce -17.0% 0.45% −0.09
TFC Truist Financial Corp. Reduce -3.2% 2.89% −0.08
ECL Ecolab Inc. Reduce -17.4% 0.21% −0.05
ITW Illinois Tool Works Reduce -0.6% 1.97% −0.01
NOBL Proshares S&P 500 Dividend A Reduce -3.4% 0.15% −0.01
ADM Archer-Daniels-Midland Co. Reduce -9.8% 0.22% −0.01
VEA Vanguard Ftse Developed ETF Reduce -1.6% 0.11% −0.00
USB US Bancorp Reduce -0.2% 1.47% +0.01
BNY Bank of New York Mellon Corp. Reduce -2.6% 0.52% +0.05
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.6% 3.30% +0.05
JNJ Johnson & Johnson Reduce -4.4% 0.55% +0.05
JPM JPMorgan Chase & Co. Reduce -0.6% 2.27% +0.05
LOW Lowe's Cos Inc. Reduce -1.1% 2.86% +0.16
CAT Caterpillar Inc. Reduce -0.1% 1.97% +0.27
AAPL Apple Inc. Reduce -0.0% 2.26% +0.34
ABBV Abbvie Inc. Reduce -0.6% 2.52% +0.37
FAST Fastenal Co. Reduce -0.3% 4.07% +0.38

Portfolio Buys Q2 2025 → Q3 2025
TMUS T-Mobile US Inc. Add +174.3% 2.60% +1.60
DPZ Domino's Pizza Inc. Add +64.3% 1.47% +0.48
XLK SS Technology Select Sector Add +4.6% 5.01% +0.46
NEE Nextera Energy Inc. Add +30.1% 1.67% +0.42
XLY SS Consumer Disc Select Sect New 0.36% +0.36
TSM Taiwan Semiconductor-SP ADR Add +0.9% 2.12% +0.32
XLC SS Comm Select Sector SPDR Add +30.3% 0.90% +0.23
GOOG Alphabet Inc. Class C New 0.18% +0.18
NVO Novo-Nordisk A/S-Spons ADR Add +47.0% 1.61% +0.17
PLD Prologis Inc. Add +20.5% 0.68% +0.13
SHOP Shopify Inc. Class A New 0.13% +0.13
PSX Phillips 66 New 0.11% +0.11
COP Conocophillips New 0.11% +0.11
GD General Dynamics Corp. Add +5.2% 0.52% +0.07
MRK Merck & Co. Inc. Add +15.3% 0.51% +0.07
FLOT iShares Floating Rate Bond E Add +14.5% 0.86% +0.07
NVDA Nvidia Corp. Add +3.8% 0.44% +0.06
PAYX Paychex Inc. Add +33.2% 0.64% +0.06
ADP Automatic Data Processing Add +17.2% 0.89% +0.05
ENB Enbridge Inc. Add +0.5% 0.79% +0.04
IJR iShares Core S&P Small-Cap E Add +5.6% 0.33% +0.03
O Realty Income Corp. Add +2.6% 0.85% +0.02
RSP Invesco S&P 500 Equal Weight Add +7.0% 0.29% +0.02
VTI VG Morningstar TS MKT ETF-US Add +0.4% 0.56% +0.01
QQQ Invesco QQQ Trust Series 1 Add +2.2% 0.23% +0.01
ACWX iShares MSCI Acwi Ex US ETF Add +0.5% 0.26% +0.00
XOM Exxon Mobil Corp. Add +0.2% 0.26% −0.00
BIV Vanguard Intermediate-Term B Add +2.5% 0.19% −0.00
VCSH Vanguard S/T Corp. Bond ETF Add +1.9% 0.52% −0.02
BSV Vanguard Short-Term Bond ETF Add +1.5% 0.45% −0.02
ABT Abbott Laboratories Add +4.9% 1.78% −0.04
AMT American Tower Corp. Add +3.7% 1.54% −0.26

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