Loudon Investment Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Loudon Investment Management, LLC reported 93 stock positions worth $191.4 million. Its top holding was Microsoft (MSFT) at 6.9% of the portfolio, followed by SS Technology Select Sector (XLK, 5.0%) and Enterprise Products Partners (EPD, 3.6%). Compared with Q3 2025, it opened 5 new positions, sold out of 6, added to 20 and reduced 35. The biggest buy was a new position in Accenture Class A (ACN) and the biggest sale an exit from Essex Property Trust (ESS).

Most Recent 13F
Q2 2026
Location
MERIDEN, NH
CIK
0001597089
Portfolio Value
$191.4M (Q4 2025)
SEC Filing
0001597089-26-000004 ↗ filed Feb 12, 2026

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 Q3 2025 Q4 2025: $191.4M $191.4M Q4 2025 Q1 2026: $185.8M Q1 2026 Q2 2026: $203.7M Q2 2026

Holdings 93 stocks · $191.4M
MSFT Microsoft Corp. 6.88% 27,230 $13.2M Add +0.7%
XLK SS Technology Select Sector 5.04% 67,046 $9.7M Reduce -1.2%
EPD Enterprise Products Partners 3.65% 217,907 $7.0M Add +0.3%
G Genpact Ltd. 3.55% 145,260 $6.8M Add +0.3%
SPY SS SPDR S&P 500 ETF Trust-US 3.35% 9,402 $6.4M Reduce -0.7%
FAST Fastenal Co. 3.33% 158,607 $6.4M Reduce -0.0%
LNC Lincoln National Corp. 3.15% 135,489 $6.0M Reduce -2.9%
TFC Truist Financial Corp. 3.11% 120,774 $5.9M No change
QCOM Qualcomm Inc. 2.90% 32,455 $5.6M Reduce -1.4%
CSCO Cisco Systems Inc. 2.90% 72,005 $5.5M Reduce -0.8%
LOW Lowe's Cos Inc. 2.70% 21,442 $5.2M Reduce -1.2%
ABBV Abbvie Inc. 2.47% 20,702 $4.7M Reduce -0.5%
O Realty Income Corp. 2.45% 83,050 $4.7M Add +209.3%
AAPL Apple Inc. 2.41% 16,971 $4.6M No change
JPM JPMorgan Chase & Co. 2.30% 13,655 $4.4M Reduce -0.7%
CAT Caterpillar Inc. 2.23% 7,456 $4.3M Reduce -5.2%
TSM Taiwan Semiconductor-SP ADR 2.22% 13,967 $4.2M Reduce -3.6%
CMI Cummins Inc. 1.91% 7,176 $3.7M Reduce -4.7%
NEE Nextera Energy Inc. 1.85% 44,110 $3.5M Add +4.5%
ITW Illinois Tool Works 1.75% 13,565 $3.3M Reduce -6.0%
DPZ Domino's Pizza Inc. 1.72% 7,884 $3.3M Add +21.5%
ACN Accenture PLC Class A 1.68% 11,997 $3.2M New
USB US Bancorp 1.64% 58,845 $3.1M Add +1.6%
TMUS T-Mobile US Inc. 1.61% 15,135 $3.1M Reduce -27.1%
ABT Abbott Laboratories 1.60% 24,417 $3.1M Reduce -4.0%
EMR Emerson Electric Co. 1.40% 20,180 $2.7M No change
AMT American Tower Corp. 1.36% 14,828 $2.6M Reduce -2.9%
NVO Novo-Nordisk A/S-Spons ADR 1.33% 50,183 $2.6M Reduce -9.4%
DLR Digital Realty Trust Inc. 1.24% 15,305 $2.4M Reduce -5.7%
AMP Ameriprise Financial Inc. 1.19% 4,630 $2.3M Reduce -1.1%
PNR Pentair PLC 1.11% 20,332 $2.1M Reduce -0.3%
DE Deere & Co. 0.98% 4,031 $1.9M No change
AMGN Amgen Inc. 0.90% 5,262 $1.7M Reduce -3.8%
ADP Automatic Data Processing 0.85% 6,343 $1.6M Add +9.7%
PLD Prologis Inc. 0.76% 11,405 $1.5M No change
ENB Enbridge Inc. 0.75% 29,951 $1.4M No change
GBCI Glacier Bancorp Inc. 0.72% 31,439 $1.4M No change
FLOT iShares Floating Rate Bond E 0.72% 27,112 $1.4M Reduce -16.1%
MRK Merck & Co. Inc. 0.70% 12,803 $1.3M Add +9.9%
UGI Ugi Corp. 0.70% 35,585 $1.3M Reduce -24.2%
JNJ Johnson & Johnson 0.62% 5,696 $1.2M No change
SWK Stanley Black & Decker Inc. 0.61% 15,795 $1.2M Reduce -26.0%
PAYX Paychex Inc. 0.59% 10,035 $1.1M Add +4.7%
LMT Lockheed Martin Corp. 0.58% 2,289 $1.1M Add +5.8%
VTI VG Morningstar TS MKT ETF-US 0.57% 3,268 $1.1M Add +1.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.56% 9,177 $1.1M No change
XLV SS Health Care Select Sector 0.55% 6,745 $1.0M New
AFL Aflac Inc. 0.53% 9,276 $1.0M Reduce -5.1%
XLC SS Comm Select Sector SPDR 0.53% 8,610 $1.0M Reduce -40.6%
VCSH Vanguard S/T Corp. Bond ETF 0.53% 12,692 $1.0M Add +3.0%
GD General Dynamics Corp. 0.52% 2,935 $988K No change
PEP Pepsico Inc. 0.46% 6,185 $888K No change
IJR iShares Core S&P Small-Cap E 0.46% 7,297 $877K Add +37.9%
BSV Vanguard Short-Term Bond ETF 0.44% 10,801 $851K Reduce -0.1%
NVDA Nvidia Corp. 0.44% 4,519 $843K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.42% 2,728 $808K No change
RSP Invesco S&P 500 Equal Weight 0.38% 3,786 $725K Add +28.9%
VLO Valero Energy Corp. 0.36% 4,219 $687K No change
XLE SS Energy Select Sector 0.35% 15,148 $677K New
RTX RTX Corp. 0.35% 3,671 $673K No change
MO Altria Group Inc. 0.35% 11,538 $665K No change
VNQ Vanguard Real Estate ETF 0.34% 7,345 $650K Add +0.7%
PSA Public Storage 0.33% 2,400 $623K No change
WTRG Essential Utilities Inc. 0.31% 15,463 $593K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.29% 6,093 $557K Add +83.9%
SYY Sysco Corp. 0.29% 7,445 $549K No change
WEC WEC Energy Group Inc. 0.29% 5,180 $546K Reduce -5.5%
MDT Medtronic PLC 0.28% 5,672 $545K Reduce -10.1%
ACWX iShares MSCI Acwi Ex US ETF 0.28% 7,903 $531K Add +2.3%
XOM Exxon Mobil Corp. 0.27% 4,313 $519K Reduce -0.2%
BLK BlackRock Inc. 0.26% 471 $504K No change
TU Telus Corp. 0.26% 38,100 $502K Reduce -15.3%
QQQ Invesco QQQ Trust Series 1 0.24% 753 $463K Add +2.7%
GOOG Alphabet Inc. Class C 0.23% 1,425 $447K No change
GS Goldman Sachs Group Inc. 0.22% 484 $425K No change
XLF SS Financial Select Sector 0.22% 7,740 $424K No change
BIV Vanguard Intermediate-Term B 0.21% 5,117 $399K Add +9.2%
ADM Archer-Daniels-Midland Co. 0.21% 6,925 $398K No change
ECL Ecolab Inc. 0.20% 1,476 $387K No change
SCHD Schwab US DVD Equity ETF 0.19% 13,111 $360K Reduce -46.1%
CRWD CrowdStrike Holdings Inc. Class A 0.17% 675 $316K No change
FDX FedEx Corp. 0.16% 1,050 $303K No change
TSLA Tesla Inc. 0.15% 650 $292K No change
EXR Extra Space Storage Inc. 0.15% 2,215 $288K No change
NOBL Proshares S&P 500 Dividend A 0.15% 2,720 $283K Reduce -5.2%
SHOP Shopify Inc. Class A 0.14% 1,700 $274K No change
APD Air Products & Chemicals Inc. 0.14% 1,095 $270K Reduce -66.5%
HTO H2O America 0.14% 5,450 $267K New
AMZN Amazon.com Inc. 0.14% 1,123 $259K No change
FRT Federal Realty Invs Trust 0.12% 2,215 $223K Reduce -36.5%
VRTX Vertex Pharmaceuticals Inc. 0.11% 485 $220K New
VEA Vanguard Ftse Developed ETF 0.11% 3,506 $219K No change
COP Conocophillips 0.11% 2,180 $204K No change

Portfolio Sells Q3 2025 → Q4 2025
ESS Essex Property Trust Inc. Sold out 0.00% −1.65
TMUS T-Mobile US Inc. Reduce -27.1% 1.61% −1.00
FAST Fastenal Co. Reduce -0.0% 3.33% −0.75
XLC SS Comm Select Sector SPDR Reduce -40.6% 0.53% −0.37
XLY SS Consumer Disc Select Sect Sold out 0.00% −0.36
APD Air Products & Chemicals Inc. Reduce -66.5% 0.14% −0.33
NVO Novo-Nordisk A/S-Spons ADR Reduce -9.4% 1.33% −0.28
DLR Digital Realty Trust Inc. Reduce -5.7% 1.24% −0.23
ITW Illinois Tool Works Reduce -6.0% 1.75% −0.22
SWK Stanley Black & Decker Inc. Reduce -26.0% 0.61% −0.22
VZ Verizon Communications Inc. Sold out 0.00% −0.19
ABT Abbott Laboratories Reduce -4.0% 1.60% −0.19
AMT American Tower Corp. Reduce -2.9% 1.36% −0.18
SCHD Schwab US DVD Equity ETF Reduce -46.1% 0.19% −0.16
LOW Lowe's Cos Inc. Reduce -1.2% 2.70% −0.16
FLOT iShares Floating Rate Bond E Reduce -16.1% 0.72% −0.14
CMCSA Comcast Corp. Class A Sold out 0.00% −0.12
UGI Ugi Corp. Reduce -24.2% 0.70% −0.12
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.12
TU Telus Corp. Reduce -15.3% 0.26% −0.11
PSX Phillips 66 Sold out 0.00% −0.11
PNR Pentair PLC Reduce -0.3% 1.11% −0.08
FRT Federal Realty Invs Trust Reduce -36.5% 0.12% −0.07
ABBV Abbvie Inc. Reduce -0.5% 2.47% −0.05
WEC WEC Energy Group Inc. Reduce -5.5% 0.29% −0.04
AFL Aflac Inc. Reduce -5.1% 0.53% −0.04
MDT Medtronic PLC Reduce -10.1% 0.28% −0.03
AMP Ameriprise Financial Inc. Reduce -1.1% 1.19% −0.02
NOBL Proshares S&P 500 Dividend A Reduce -5.2% 0.15% −0.01
BSV Vanguard Short-Term Bond ETF Reduce -0.1% 0.44% −0.00
XOM Exxon Mobil Corp. Reduce -0.2% 0.27% +0.02
JPM JPMorgan Chase & Co. Reduce -0.7% 2.30% +0.03
QCOM Qualcomm Inc. Reduce -1.4% 2.90% +0.03
XLK SS Technology Select Sector Reduce -1.2% 5.04% +0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.7% 3.35% +0.05
AMGN Amgen Inc. Reduce -3.8% 0.90% +0.09
TSM Taiwan Semiconductor-SP ADR Reduce -3.6% 2.22% +0.10
LNC Lincoln National Corp. Reduce -2.9% 3.15% +0.20
CMI Cummins Inc. Reduce -4.7% 1.91% +0.25
CAT Caterpillar Inc. Reduce -5.2% 2.23% +0.27
CSCO Cisco Systems Inc. Reduce -0.8% 2.90% +0.30

Portfolio Buys Q3 2025 → Q4 2025
ACN Accenture PLC Class A New 1.68% +1.68
O Realty Income Corp. Add +209.3% 2.45% +1.59
XLV SS Health Care Select Sector New 0.55% +0.55
G Genpact Ltd. Add +0.3% 3.55% +0.37
XLE SS Energy Select Sector New 0.35% +0.35
DPZ Domino's Pizza Inc. Add +21.5% 1.72% +0.25
MRK Merck & Co. Inc. Add +9.9% 0.70% +0.19
NEE Nextera Energy Inc. Add +4.5% 1.85% +0.18
USB US Bancorp Add +1.6% 1.64% +0.18
HTO H2O America New 0.14% +0.14
BIL SS SPDR BB 1-3M T-Bill ETF Add +83.9% 0.29% +0.13
IJR iShares Core S&P Small-Cap E Add +37.9% 0.46% +0.13
VRTX Vertex Pharmaceuticals Inc. New 0.11% +0.11
EPD Enterprise Products Partners Add +0.3% 3.65% +0.09
RSP Invesco S&P 500 Equal Weight Add +28.9% 0.38% +0.09
BIV Vanguard Intermediate-Term B Add +9.2% 0.21% +0.02
VTI VG Morningstar TS MKT ETF-US Add +1.0% 0.57% +0.02
ACWX iShares MSCI Acwi Ex US ETF Add +2.3% 0.28% +0.01
VCSH Vanguard S/T Corp. Bond ETF Add +3.0% 0.53% +0.01
LMT Lockheed Martin Corp. Add +5.8% 0.58% +0.01
QQQ Invesco QQQ Trust Series 1 Add +2.7% 0.24% +0.01
VNQ Vanguard Real Estate ETF Add +0.7% 0.34% −0.01
ADP Automatic Data Processing Add +9.7% 0.85% −0.04
PAYX Paychex Inc. Add +4.7% 0.59% −0.05
MSFT Microsoft Corp. Add +0.7% 6.88% −0.45

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