Lumbard & Kellner, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Lumbard & Kellner, LLC reported 97 stock positions worth $271.9 million. Its top holding was SS SPDR BB 1-3M T-Bill ETF (BIL) at 5.9% of the portfolio, followed by Alphabet Class C (GOOG, 4.4%) and SS SPDR P S&P 400 Midcap ETF (SPMD, 3.8%). Compared with Q2 2025, it opened 11 new positions, sold out of 2, added to 29 and reduced 11. The biggest buy was First Solar (FSLR, shares +69%) and the biggest sale Oracle (ORCL, shares −88%).

Most Recent 13F
Q2 2026
Location
HOLLIS, NH
CIK
0001602476
Portfolio Value
$271.9M (Q3 2025)
SEC Filing
0001602476-25-000005 ↗ filed Nov 12, 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 Q2 2025 Q3 2025: $271.9M $271.9M Q3 2025 Q4 2025: $285.5M Q4 2025 Q1 2026: $288.6M Q1 2026 Q2 2026: $329.9M Q2 2026

Holdings 97 stocks · $271.9M
BIL SS SPDR BB 1-3M T-Bill ETF 5.87% 173,886 $16.0M Add +44.4%
GOOG Alphabet Inc. Class C 4.35% 48,594 $11.8M Add +4.6%
SPMD SS SPDR P S&P 400 Midcap ETF 3.79% 180,153 $10.3M Add +0.2%
GS Goldman Sachs Group Inc. 3.57% 12,191 $9.7M Reduce -0.8%
KTOS Kratos Defense & Security 3.56% 105,828 $9.7M Add +0.0%
FSLR First Solar Inc. 3.45% 42,553 $9.4M Add +68.8%
MET Metlife Inc. 3.25% 107,380 $8.8M No change
HBM Hudbay Minerals Inc. 2.98% 533,632 $8.1M Add +0.1%
CSCO Cisco Systems Inc. 2.71% 107,617 $7.4M Add +4.8%
KMI Kinder Morgan Inc. 2.59% 248,389 $7.0M Add +4.0%
FRDM Freedom 100 Emeging MRKT ETF 2.52% 154,442 $6.8M Add +0.1%
VYMI Vanguard Int High DVD YLD Inc. 2.50% 80,146 $6.8M Reduce -29.4%
PBR Petroleo Brasileiro-Spon ADR 2.36% 507,838 $6.4M No change
MTRN Materion Corp. 2.32% 52,290 $6.3M No change
AMZN Amazon.com Inc. 2.29% 28,415 $6.2M Add +0.2%
PRIM Primoris Services Corp. 2.08% 41,148 $5.7M No change
MSFT Microsoft Corp. 1.99% 10,451 $5.4M Add +3.5%
LMT Lockheed Martin Corp. 1.99% 10,837 $5.4M Add +9.8%
NOC Northrop Grumman Corp. 1.99% 8,870 $5.4M No change
RSP Invesco S&P 500 Equal Weight 1.96% 28,031 $5.3M Reduce -3.6%
AMD Advanced Micro Devices 1.92% 32,306 $5.2M No change
ENS Enersys 1.85% 44,526 $5.0M Add +0.3%
FLBR Franklin Ftse Brazil ETF 1.84% 261,948 $5.0M Reduce -0.3%
AMSC American Superconductor Corp. 1.58% 72,439 $4.3M No change
HROW Harrow Inc. 1.57% 88,855 $4.3M New
JBL Jabil Inc. 1.55% 19,426 $4.2M No change
GPRE Green Plains Inc. 1.52% 470,168 $4.1M No change
SNOW Snowflake Inc. 1.45% 17,440 $3.9M No change
ETON Eton Pharmaceuticals Inc. 1.41% 176,300 $3.8M New
BRK.A Berkshire Hathaway Inc. Class A 1.39% 5 $3.8M No change
FLIN Franklin Ftse India ETF 1.37% 100,020 $3.7M New
VTI VG Morningstar TS MKT ETF-US 1.33% 11,020 $3.6M No change
EIDO iShares MSCI Indonesia ETF 1.29% 199,152 $3.5M No change
QABA First Trust Nasdaq Aba Cbif 1.19% 57,755 $3.2M No change
AAPL Apple Inc. 1.16% 12,401 $3.2M Add +16.4%
VEU Vanguard Ftse All-World Ex-U 1.09% 41,610 $3.0M Add +8.4%
BE Bloom Energy Corp. Class A 1.04% 33,467 $2.8M Reduce -84.1%
PRU Prudential Financial Inc. 0.99% 25,996 $2.7M No change
FLKR Franklin Ftse South Korea 0.98% 98,588 $2.7M New
CLIP Global X 1-3 Month T-Bill 0.88% 23,937 $2.4M Reduce -5.2%
FIVN FIVE9 Inc. 0.78% 88,046 $2.1M Reduce -5.0%
BRK.B Berkshire Hathaway Inc. Class B 0.75% 4,062 $2.0M Add +33.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.72% 2,932 $2.0M No change
LLY Eli Lilly & Co. 0.71% 2,520 $1.9M No change
JPM JPMorgan Chase & Co. 0.49% 4,184 $1.3M No change
SPTM SS SPDR P S&P 1500 Comp ETF 0.43% 14,330 $1.2M Add +379.6%
QQQ Invesco QQQ Trust Series 1 0.41% 1,865 $1.1M No change
AMAT Applied Materials Inc. 0.41% 5,400 $1.1M No change
ORCL Oracle Corp. 0.40% 3,840 $1.1M Reduce -87.8%
STNG Scorpio Tankers Inc. 0.39% 19,020 $1.1M No change
SCHO Schwab Short-Term US Treas 0.39% 42,987 $1.0M Reduce -7.8%
SGOV iShares 0-3 Month Treasury B 0.39% 10,416 $1.0M No change
GLD SPDR Gold Shares 0.38% 2,880 $1.0M Add +132.8%
WELL Welltower Inc. 0.36% 5,496 $979K No change
XOM Exxon Mobil Corp. 0.35% 8,548 $964K Reduce -3.0%
VTV Vanguard Mrngstr Val ETF-Aui 0.34% 4,893 $912K No change
JOE The St Joe Co. 0.31% 16,986 $840K Add +10.7%
GDX Vaneck Gold Miners ETF 0.30% 10,684 $816K New
VT Vanguard Tot World STK ETF 0.30% 5,914 $815K No change
UTI Universal Technical Institut 0.30% 24,825 $808K Add +32.5%
KRE SS SPDR S&P Regional Bank 0.28% 11,840 $749K Add +131.2%
SPDW Ste STR SPDR PT DW Eu ETF 0.27% 17,381 $744K Add +208.8%
XLK SS Technology Select Sector 0.27% 2,599 $733K No change
UNH Unitedhealth Group Inc. 0.27% 2,098 $724K Add +4.9%
HON Honeywell International Inc. 0.26% 3,368 $709K No change
PHYS Sprott Physical Gold Trust 0.26% 23,831 $706K Add +0.5%
IVV iShares Core S&P 500 ETF 0.24% 970 $649K Add +60.1%
EWW iShares MSCI Mexico ETF 0.23% 9,326 $636K No change
RTX RTX Corp. 0.23% 3,734 $625K No change
BBCA JPMorgan Betabuilders Canada 0.23% 7,091 $619K No change
GE General Electric filed as GE AEROSPACE 0.22% 1,983 $597K Reduce -4.9%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.20% 6,378 $556K Add +33.1%
XLE SS Energy Select Sector 0.17% 5,275 $471K Add +7.7%
FE Firstenergy Corp. 0.16% 9,485 $435K No change
MRK Merck & Co. Inc. 0.14% 4,671 $392K No change
PEP Pepsico Inc. 0.14% 2,640 $371K No change
INTC Intel Corp. 0.13% 10,600 $356K New
NI Nisource Inc. 0.13% 8,000 $346K No change
META Meta Platforms Inc. Class A 0.13% 468 $344K New
CMCSA Comcast Corp. Class A 0.13% 10,913 $343K Add +13.7%
HD Home Depot Inc. 0.12% 838 $340K Add +31.1%
GEV GE Vernova Inc. 0.12% 517 $318K No change
PM Philip Morris International 0.11% 1,900 $308K No change
SPTS SS SPDR P St Term TSY ETF 0.11% 9,900 $290K No change
AXP American Express Co. 0.11% 870 $289K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.11% 600 $288K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.10% 950 $268K No change
JNJ Johnson & Johnson 0.10% 1,440 $267K No change
TSM Taiwan Semiconductor-SP ADR 0.10% 941 $263K New
CIEN Ciena Corp. 0.09% 1,731 $252K New
NEE Nextera Energy Inc. 0.08% 3,052 $230K New
GILD Gilead Sciences Inc. 0.08% 1,960 $218K No change
KEY Keycorp 0.08% 11,500 $215K No change
MDY State Street SPDR S&P Midcap 0.08% 360 $215K No change
WM Waste Management Inc. 0.08% 950 $210K No change
PYPD Polypid Ltd. 0.05% 38,200 $127K No change
ADAPY Adaptimmune Therapeutics-ADR 0.01% 114,264 $15K New

Portfolio Sells Q2 2025 → Q3 2025
ORCL Oracle Corp. Reduce -87.8% 0.40% −2.61
XBI SS SPDR S&P Biotech ETF Sold out 0.00% −1.99
VYMI Vanguard Int High DVD YLD Inc. Reduce -29.4% 2.50% −1.47
BE Bloom Energy Corp. Class A Reduce -84.1% 1.04% −1.16
PLUS Eplus Inc. Sold out 0.00% −0.78
RSP Invesco S&P 500 Equal Weight Reduce -3.6% 1.96% −0.35
FIVN FIVE9 Inc. Reduce -5.0% 0.78% −0.29
CLIP Global X 1-3 Month T-Bill Reduce -5.2% 0.88% −0.22
FLBR Franklin Ftse Brazil ETF Reduce -0.3% 1.84% −0.22
GS Goldman Sachs Group Inc. Reduce -0.8% 3.57% −0.22
SCHO Schwab Short-Term US Treas Reduce -7.8% 0.39% −0.11
XOM Exxon Mobil Corp. Reduce -3.0% 0.35% −0.06
GE General Electric Reduce -4.9% 0.22% −0.01

Portfolio Buys Q2 2025 → Q3 2025
FSLR First Solar Inc. Add +68.8% 3.45% +1.63
HROW Harrow Inc. New 1.57% +1.57
KTOS Kratos Defense & Security Add +0.0% 3.56% +1.41
ETON Eton Pharmaceuticals Inc. New 1.41% +1.41
FLIN Franklin Ftse India ETF New 1.37% +1.37
BIL SS SPDR BB 1-3M T-Bill ETF Add +44.4% 5.87% +1.05
FLKR Franklin Ftse South Korea New 0.98% +0.98
GOOG Alphabet Inc. Class C Add +4.6% 4.35% +0.76
HBM Hudbay Minerals Inc. Add +0.1% 2.98% +0.51
SPTM SS SPDR P S&P 1500 Comp ETF Add +379.6% 0.43% +0.33
GDX Vaneck Gold Miners ETF New 0.30% +0.30
GLD SPDR Gold Shares Add +132.8% 0.38% +0.21
AAPL Apple Inc. Add +16.4% 1.16% +0.21
ENS Enersys Add +0.3% 1.85% +0.19
SPDW Ste STR SPDR PT DW Eu ETF Add +208.8% 0.27% +0.17
KRE SS SPDR S&P Regional Bank Add +131.2% 0.28% +0.14
INTC Intel Corp. New 0.13% +0.13
META Meta Platforms Inc. Class A New 0.13% +0.13
BRK.B Berkshire Hathaway Inc. Class B Add +33.6% 0.75% +0.11
TSM Taiwan Semiconductor-SP ADR New 0.10% +0.10
CIEN Ciena Corp. New 0.09% +0.09
NEE Nextera Energy Inc. New 0.08% +0.08
IVV iShares Core S&P 500 ETF Add +60.1% 0.24% +0.07
XLU St Sr Utl SL SE SPDR ETF-Usd Add +33.1% 0.20% +0.03
HD Home Depot Inc. Add +31.1% 0.12% +0.02
UTI Universal Technical Institut Add +32.5% 0.30% +0.02
ADAPY Adaptimmune Therapeutics-ADR New 0.01% +0.01
PHYS Sprott Physical Gold Trust Add +0.5% 0.26% −0.00
LMT Lockheed Martin Corp. Add +9.8% 1.99% −0.00
UNH Unitedhealth Group Inc. Add +4.9% 0.27% −0.01
XLE SS Energy Select Sector Add +7.7% 0.17% −0.01
JOE The St Joe Co. Add +10.7% 0.31% −0.01
CMCSA Comcast Corp. Class A Add +13.7% 0.13% −0.02
VEU Vanguard Ftse All-World Ex-U Add +8.4% 1.09% −0.03
MSFT Microsoft Corp. Add +3.5% 1.99% −0.20
FRDM Freedom 100 Emeging MRKT ETF Add +0.1% 2.52% −0.20
CSCO Cisco Systems Inc. Add +4.8% 2.71% −0.40
AMZN Amazon.com Inc. Add +0.2% 2.29% −0.42
SPMD SS SPDR P S&P 400 Midcap ETF Add +0.2% 3.79% −0.47
KMI Kinder Morgan Inc. Add +4.0% 2.59% −0.47

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