Lumbard & Kellner, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Lumbard & Kellner, LLC reported 88 stock positions worth $229.4 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 4.8% of the portfolio, followed by SS SPDR P S&P 400 Midcap ETF (SPMD, 4.3%) and Vanguard Int High DVD YLD (VYMI, 4.0%). Compared with Q1 2025, it opened 15 new positions, sold out of 9, added to 8 and reduced 36. The biggest buy was a new position in Jabil (JBL) and the biggest sale an exit from Franklin Ftse South Korea (FLKR).

Most Recent 13F
Q2 2026
Location
HOLLIS, NH
CIK
0001602476
Portfolio Value
$229.4M (Q2 2025)
SEC Filing
0001602476-25-000004 ↗ filed Aug 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $205.5M Q1 2024 Q2 2024: $211.8M Q2 2024 Q3 2024: $227.0M Q3 2024 Q4 2024: $232.7M Q4 2024 Q1 2025: $226.8M Q1 2025 Q2 2025: $229.4M $229.4M Q2 2025 Q3 2025: $271.9M Q3 2025 Q4 2025: $285.5M Q4 2025 Q1 2026: $288.6M Q1 2026 Q2 2026: $329.9M Q2 2026

Holdings 88 stocks · $229.4M
BIL SS SPDR BB 1-3M T-Bill ETF 4.81% 120,386 $11.0M Add +56.6%
SPMD SS SPDR P S&P 400 Midcap ETF 4.26% 179,723 $9.8M Add +1.3%
VYMI Vanguard Int High DVD YLD Inc. 3.96% 113,545 $9.1M Reduce -1.2%
GS Goldman Sachs Group Inc. 3.79% 12,286 $8.7M Reduce -1.5%
MET Metlife Inc. 3.76% 107,380 $8.6M Reduce -1.8%
GOOG Alphabet Inc. Class C 3.59% 46,452 $8.2M Reduce -1.1%
CSCO Cisco Systems Inc. 3.10% 102,648 $7.1M Reduce -1.3%
KMI Kinder Morgan Inc. 3.06% 238,871 $7.0M Reduce -1.4%
ORCL Oracle Corp. 3.01% 31,565 $6.9M Reduce -52.6%
PBR Petroleo Brasileiro-Spon ADR 2.77% 507,838 $6.4M Reduce -1.6%
FRDM Freedom 100 Emeging MRKT ETF 2.72% 154,307 $6.2M Add +97.2%
AMZN Amazon.com Inc. 2.71% 28,371 $6.2M Reduce -0.8%
HBM Hudbay Minerals Inc. 2.47% 533,182 $5.7M Reduce -0.8%
RSP Invesco S&P 500 Equal Weight 2.30% 29,088 $5.3M Reduce -39.5%
BE Bloom Energy Corp. Class A 2.20% 210,752 $5.0M Reduce -39.6%
MSFT Microsoft Corp. 2.19% 10,095 $5.0M No change
KTOS Kratos Defense & Security 2.14% 105,824 $4.9M Reduce -0.9%
FLBR Franklin Ftse Brazil ETF 2.06% 262,689 $4.7M Reduce -0.3%
AMD Advanced Micro Devices 2.00% 32,306 $4.6M Reduce -15.2%
LMT Lockheed Martin Corp. 1.99% 9,872 $4.6M Add +88.9%
XBI SS SPDR S&P Biotech ETF 1.99% 55,089 $4.6M Reduce -28.4%
NOC Northrop Grumman Corp. 1.93% 8,870 $4.4M Reduce -26.3%
JBL Jabil Inc. 1.85% 19,426 $4.2M New
FSLR First Solar Inc. 1.82% 25,214 $4.2M Reduce -45.6%
MTRN Materion Corp. 1.81% 52,290 $4.2M New
SNOW Snowflake Inc. 1.70% 17,440 $3.9M Reduce -15.2%
ENS Enersys 1.66% 44,381 $3.8M New
BRK.A Berkshire Hathaway Inc. Class A 1.59% 5 $3.6M No change
EIDO iShares MSCI Indonesia ETF 1.53% 199,152 $3.5M Reduce -1.5%
VTI VG Morningstar TS MKT ETF-US 1.46% 11,020 $3.3M Reduce -3.3%
PRIM Primoris Services Corp. 1.40% 41,148 $3.2M Add +11.3%
QABA First Trust Nasdaq Aba Cbif 1.36% 57,755 $3.1M Add +0.1%
GPRE Green Plains Inc. 1.24% 470,168 $2.8M Reduce -36.5%
PRU Prudential Financial Inc. 1.22% 25,996 $2.8M Reduce -0.5%
AMSC American Superconductor Corp. 1.16% 72,439 $2.7M New
VEU Vanguard Ftse All-World Ex-U 1.12% 38,376 $2.6M Reduce -31.1%
CLIP Global X 1-3 Month T-Bill 1.11% 25,257 $2.5M Add +48.6%
FIVN FIVE9 Inc. 1.07% 92,667 $2.5M Reduce -16.8%
AAPL Apple Inc. 0.95% 10,653 $2.2M Reduce -11.6%
LLY Eli Lilly & Co. 0.86% 2,520 $2.0M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.79% 2,932 $1.8M No change
PLUS Eplus Inc. 0.78% 24,970 $1.8M Reduce -14.9%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 3,041 $1.5M Reduce -1.4%
JPM JPMorgan Chase & Co. 0.53% 4,184 $1.2M No change
SCHO Schwab Short-Term US Treas 0.50% 46,622 $1.1M Reduce -12.6%
SGOV iShares 0-3 Month Treasury B 0.46% 10,416 $1.0M Reduce -13.8%
QQQ Invesco QQQ Trust Series 1 0.45% 1,865 $1.0M No change
AMAT Applied Materials Inc. 0.43% 5,400 $989K No change
XOM Exxon Mobil Corp. 0.41% 8,813 $950K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.38% 4,893 $865K No change
WELL Welltower Inc. 0.37% 5,496 $845K No change
HON Honeywell International Inc. 0.34% 3,368 $784K No change
VT Vanguard Tot World STK ETF 0.33% 5,914 $760K Reduce -0.1%
STNG Scorpio Tankers Inc. 0.32% 19,020 $744K No change
JOE The St Joe Co. 0.32% 15,351 $732K Add +5.5%
XLK SS Technology Select Sector 0.29% 2,599 $658K No change
UTI Universal Technical Institut 0.28% 18,735 $635K New
UNH Unitedhealth Group Inc. 0.27% 2,000 $624K No change
PHYS Sprott Physical Gold Trust 0.26% 23,705 $601K New
BBCA JPMorgan Betabuilders Canada 0.25% 7,091 $572K New
EWW iShares MSCI Mexico ETF 0.25% 9,326 $565K New
RTX RTX Corp. 0.24% 3,734 $545K No change
GE General Electric filed as GE AEROSPACE 0.23% 2,085 $537K No change
XLE SS Energy Select Sector 0.18% 4,900 $416K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.17% 4,793 $391K New
FE Firstenergy Corp. 0.17% 9,485 $382K Reduce -85.5%
GLD SPDR Gold Shares 0.16% 1,237 $377K New
IVV iShares Core S&P 500 ETF 0.16% 606 $376K Reduce -10.6%
MRK Merck & Co. Inc. 0.16% 4,671 $370K No change
PEP Pepsico Inc. 0.15% 2,640 $349K No change
PM Philip Morris International 0.15% 1,900 $346K No change
CMCSA Comcast Corp. Class A 0.15% 9,596 $342K No change
NI Nisource Inc. 0.14% 8,000 $323K No change
KRE SS SPDR S&P Regional Bank 0.13% 5,122 $304K New
SPTS SS SPDR P St Term TSY ETF 0.13% 9,900 $290K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.12% 950 $280K No change
AXP American Express Co. 0.12% 870 $278K No change
GEV GE Vernova Inc. 0.12% 517 $274K New
VUG Vanguard Mrngstar GR ETF-Sui 0.11% 600 $263K Reduce -38.3%
HD Home Depot Inc. 0.10% 639 $234K Reduce -2.3%
SPDW Ste STR SPDR PT DW Eu ETF 0.10% 5,629 $228K Reduce -64.9%
SPTM SS SPDR P S&P 1500 Comp ETF 0.10% 2,988 $224K No change
JNJ Johnson & Johnson 0.10% 1,440 $220K No change
WM Waste Management Inc. 0.09% 950 $217K No change
GILD Gilead Sciences Inc. 0.09% 1,960 $217K No change
MDY State Street SPDR S&P Midcap 0.09% 360 $204K New
KEY Keycorp 0.09% 11,500 $200K No change
PYPD Polypid Ltd. 0.06% 38,200 $135K New

Portfolio Sells Q1 2025 → Q2 2025
FLKR Franklin Ftse South Korea Sold out 0.00% −2.24
CIEN Ciena Corp. Sold out 0.00% −1.57
DV Doubleverify Holdings Inc. Sold out 0.00% −1.46
RSP Invesco S&P 500 Equal Weight Reduce -39.5% 2.30% −1.37
VAL Valaris Ltd. Sold out 0.00% −1.30
PFE Pfizer Inc. Sold out 0.00% −1.21
ORCL Oracle Corp. Reduce -52.6% 3.01% −1.10
WWW Wolverine World Wide Inc. Sold out 0.00% −1.02
FE Firstenergy Corp. Reduce -85.5% 0.17% −1.00
BE Bloom Energy Corp. Class A Reduce -39.6% 2.20% −0.83
NOC Northrop Grumman Corp. Reduce -26.3% 1.93% −0.79
FSLR First Solar Inc. Reduce -45.6% 1.82% −0.77
XBI SS SPDR S&P Biotech ETF Reduce -28.4% 1.99% −0.76
SDRL Seadrill Limited Sold out 0.00% −0.70
PBR Petroleo Brasileiro-Spon ADR Reduce -1.6% 2.77% −0.49
VEU Vanguard Ftse All-World Ex-U Reduce -31.1% 1.12% −0.37
GPRE Green Plains Inc. Reduce -36.5% 1.24% −0.35
FIVN FIVE9 Inc. Reduce -16.8% 1.07% −0.26
AAPL Apple Inc. Reduce -11.6% 0.95% −0.23
SPDW Ste STR SPDR PT DW Eu ETF Reduce -64.9% 0.10% −0.16
MET Metlife Inc. Reduce -1.8% 3.76% −0.11
EPD Enterprise Products Partners Sold out 0.00% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.4% 0.64% −0.08
SGOV iShares 0-3 Month Treasury B Reduce -13.8% 0.46% −0.08
SCHO Schwab Short-Term US Treas Reduce -12.6% 0.50% −0.08
PRU Prudential Financial Inc. Reduce -0.5% 1.22% −0.07
DXJ Wisdomtree Japan Hedged Eq Sold out 0.00% −0.06
VUG Vanguard Mrngstar GR ETF-Sui Reduce -38.3% 0.11% −0.04
PLUS Eplus Inc. Reduce -14.9% 0.78% −0.00
IVV iShares Core S&P 500 ETF Reduce -10.6% 0.16% −0.00
HD Home Depot Inc. Reduce -2.3% 0.10% −0.00
KMI Kinder Morgan Inc. Reduce -1.4% 3.06% +0.01
VT Vanguard Tot World STK ETF Reduce -0.1% 0.33% +0.03
EIDO iShares MSCI Indonesia ETF Reduce -1.5% 1.53% +0.08
VTI VG Morningstar TS MKT ETF-US Reduce -3.3% 1.46% +0.08
FLBR Franklin Ftse Brazil ETF Reduce -0.3% 2.06% +0.14
VYMI Vanguard Int High DVD YLD Inc. Reduce -1.2% 3.96% +0.23
AMD Advanced Micro Devices Reduce -15.2% 2.00% +0.27
CSCO Cisco Systems Inc. Reduce -1.3% 3.10% +0.27
AMZN Amazon.com Inc. Reduce -0.8% 2.71% +0.31
GOOG Alphabet Inc. Class C Reduce -1.1% 3.59% +0.36
SNOW Snowflake Inc. Reduce -15.2% 1.70% +0.38
HBM Hudbay Minerals Inc. Reduce -0.8% 2.47% +0.67
KTOS Kratos Defense & Security Reduce -0.9% 2.14% +0.75
GS Goldman Sachs Group Inc. Reduce -1.5% 3.79% +0.79

Portfolio Buys Q1 2025 → Q2 2025
JBL Jabil Inc. New 1.85% +1.85
MTRN Materion Corp. New 1.81% +1.81
BIL SS SPDR BB 1-3M T-Bill ETF Add +56.6% 4.81% +1.70
ENS Enersys New 1.66% +1.66
FRDM Freedom 100 Emeging MRKT ETF Add +97.2% 2.72% +1.51
AMSC American Superconductor Corp. New 1.16% +1.16
LMT Lockheed Martin Corp. Add +88.9% 1.99% +0.96
PRIM Primoris Services Corp. Add +11.3% 1.40% +0.46
CLIP Global X 1-3 Month T-Bill Add +48.6% 1.11% +0.35
UTI Universal Technical Institut New 0.28% +0.28
PHYS Sprott Physical Gold Trust New 0.26% +0.26
SPMD SS SPDR P S&P 400 Midcap ETF Add +1.3% 4.26% +0.26
BBCA JPMorgan Betabuilders Canada New 0.25% +0.25
EWW iShares MSCI Mexico ETF New 0.25% +0.25
XLE SS Energy Select Sector New 0.18% +0.18
XLU St Sr Utl SL SE SPDR ETF-Usd New 0.17% +0.17
GLD SPDR Gold Shares New 0.16% +0.16
KRE SS SPDR S&P Regional Bank New 0.13% +0.13
GEV GE Vernova Inc. New 0.12% +0.12
MDY State Street SPDR S&P Midcap New 0.09% +0.09
PYPD Polypid Ltd. New 0.06% +0.06
QABA First Trust Nasdaq Aba Cbif Add +0.1% 1.36% +0.03
JOE The St Joe Co. Add +5.5% 0.32% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 108$329.9MGOOG, MTRN, HBM, GS, SPMD
Q1 2026 99$288.6MPBR, GOOG, BIL, HBM, SPMD
Q4 2025 100$285.5MGOOG, BIL, GS, HBM, SPMD
Q3 2025 97$271.9MBIL, GOOG, SPMD, GS, KTOS
Q2 2025 88$229.4MBIL, SPMD, VYMI, GS, MET
Q1 2025 82$226.8MORCL, SPMD, MET, VYMI, RSP
Q4 2024 79$232.7MALTM, ORCL, MET, GOOG, VYMI
Q3 2024 79$227.0MORCL, MET, VYMI, KMI, LMT
Q2 2024 74$211.8MORCL, GOOG, VYMI, GS, MET
Q1 2024 70$205.5MMET, VYMI, GS, PRU, RSP