Lumbard & Kellner, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Lumbard & Kellner, LLC reported 100 stock positions worth $285.5 million. Its top holding was Alphabet Class C (GOOG) at 5.3% of the portfolio, followed by SS SPDR BB 1-3M T-Bill ETF (BIL, 4.9%) and Goldman Sachs (GS, 3.7%). Compared with Q3 2025, it opened 5 new positions, sold out of 2, added to 18 and reduced 39. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +81%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −12%).

Most Recent 13F
Q2 2026
Location
HOLLIS, NH
CIK
0001602476
Portfolio Value
$285.5M (Q4 2025)
SEC Filing
0001602476-26-000001 ↗ filed Feb 3, 2026

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 Q3 2025 Q4 2025: $285.5M $285.5M Q4 2025 Q1 2026: $288.6M Q1 2026 Q2 2026: $329.9M Q2 2026

Holdings 100 stocks · $285.5M
GOOG Alphabet Inc. Class C 5.31% 48,276 $15.1M Reduce -0.7%
BIL SS SPDR BB 1-3M T-Bill ETF 4.92% 153,870 $14.1M Reduce -11.5%
GS Goldman Sachs Group Inc. 3.67% 11,910 $10.5M Reduce -2.3%
HBM Hudbay Minerals Inc. 3.61% 519,436 $10.3M Reduce -2.7%
SPMD SS SPDR P S&P 400 Midcap ETF 3.45% 170,262 $9.9M Reduce -5.5%
RSP Invesco S&P 500 Equal Weight 3.40% 50,749 $9.7M Add +81.0%
FSLR First Solar Inc. 3.32% 36,236 $9.5M Reduce -14.8%
MET Metlife Inc. 2.95% 106,660 $8.4M Reduce -0.7%
PBR Petroleo Brasileiro-Spon ADR 2.94% 707,365 $8.4M Add +39.3%
CSCO Cisco Systems Inc. 2.86% 105,870 $8.2M Reduce -1.6%
KTOS Kratos Defense & Security 2.78% 104,513 $7.9M Reduce -1.2%
FRDM Freedom 100 Emeging MRKT ETF 2.75% 152,982 $7.8M Reduce -0.9%
VYMI Vanguard Int High DVD YLD Inc. 2.49% 79,084 $7.1M Reduce -1.3%
KMI Kinder Morgan Inc. 2.36% 245,298 $6.7M Reduce -1.2%
AMZN Amazon.com Inc. 2.28% 28,207 $6.5M Reduce -0.7%
ENS Enersys 2.27% 44,132 $6.5M Reduce -0.9%
MTRN Materion Corp. 2.24% 51,535 $6.4M Reduce -1.4%
LMT Lockheed Martin Corp. 1.83% 10,792 $5.2M Reduce -0.4%
PRIM Primoris Services Corp. 1.80% 41,322 $5.1M Add +0.4%
MSFT Microsoft Corp. 1.77% 10,451 $5.1M No change
NOC Northrop Grumman Corp. 1.76% 8,813 $5.0M Reduce -0.6%
FLBR Franklin Ftse Brazil ETF 1.73% 258,770 $4.9M Reduce -1.2%
AMD Advanced Micro Devices 1.69% 22,578 $4.8M Reduce -30.1%
GPRE Green Plains Inc. 1.58% 458,930 $4.5M Reduce -2.4%
JBL Jabil Inc. 1.54% 19,228 $4.4M Reduce -1.0%
HROW Harrow Inc. 1.52% 88,312 $4.3M Reduce -0.6%
FLIN Franklin Ftse India ETF 1.36% 100,969 $3.9M Add +0.9%
SNOW Snowflake Inc. 1.33% 17,288 $3.8M Reduce -0.9%
BRK.A Berkshire Hathaway Inc. Class A 1.32% 5 $3.8M No change
EIDO iShares MSCI Indonesia ETF 1.31% 200,651 $3.8M Add +0.8%
VTI VG Morningstar TS MKT ETF-US 1.29% 11,020 $3.7M No change
PATH Uipath Inc. Class A 1.29% 224,337 $3.7M New
QABA First Trust Nasdaq Aba Cbif 1.14% 57,243 $3.2M Reduce -0.9%
AAPL Apple Inc. 1.09% 11,409 $3.1M Reduce -8.0%
FLKR Franklin Ftse South Korea 1.08% 96,548 $3.1M Reduce -2.1%
VEU Vanguard Ftse All-World Ex-U 1.07% 41,659 $3.1M Add +0.1%
ETON Eton Pharmaceuticals Inc. 1.04% 174,944 $3.0M Reduce -0.8%
PRU Prudential Financial Inc. 1.01% 25,674 $2.9M Reduce -1.2%
LLY Eli Lilly & Co. 0.95% 2,520 $2.7M No change
ASIX Advansix Inc. 0.88% 145,128 $2.5M New
CLIP Global X 1-3 Month T-Bill 0.81% 23,060 $2.3M Reduce -3.7%
BRK.B Berkshire Hathaway Inc. Class B 0.73% 4,151 $2.1M Add +2.2%
AMSC American Superconductor Corp. 0.72% 71,161 $2.0M Reduce -1.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.70% 2,932 $2.0M No change
BE Bloom Energy Corp. Class A 0.54% 17,679 $1.5M Reduce -47.2%
AMAT Applied Materials Inc. 0.48% 5,350 $1.4M Reduce -0.9%
JPM JPMorgan Chase & Co. 0.48% 4,234 $1.4M Add +1.2%
SPTM SS SPDR P S&P 1500 Comp ETF 0.41% 14,330 $1.2M No change
QQQ Invesco QQQ Trust Series 1 0.40% 1,865 $1.1M No change
GLD SPDR Gold Shares 0.40% 2,889 $1.1M Add +0.3%
JOE The St Joe Co. 0.38% 18,091 $1.1M Add +6.5%
WELL Welltower Inc. 0.36% 5,496 $1.0M No change
STNG Scorpio Tankers Inc. 0.34% 19,020 $967K No change
XOM Exxon Mobil Corp. 0.33% 7,826 $942K Reduce -8.4%
VTV Vanguard Mrngstr Val ETF-Aui 0.33% 4,893 $935K No change
GDX Vaneck Gold Miners ETF 0.32% 10,684 $916K No change
SCHO Schwab Short-Term US Treas 0.30% 34,964 $852K Reduce -18.7%
SGOV iShares 0-3 Month Treasury B 0.30% 8,420 $845K Reduce -19.2%
VT Vanguard Tot World STK ETF 0.29% 5,914 $834K No change
EWW iShares MSCI Mexico ETF 0.28% 11,429 $792K Add +22.6%
PHYS Sprott Physical Gold Trust 0.28% 23,831 $787K No change
BBCA JPMorgan Betabuilders Canada 0.27% 8,325 $774K Add +17.4%
SPDW Ste STR SPDR PT DW Eu ETF 0.27% 17,381 $772K No change
KRE SS SPDR S&P Regional Bank 0.27% 11,897 $771K Add +0.5%
ORCL Oracle Corp. 0.26% 3,828 $746K Reduce -0.3%
XLK SS Technology Select Sector 0.26% 5,140 $740K Reduce -1.1%
IVV iShares Core S&P 500 ETF 0.24% 1,020 $699K Add +5.2%
UNH Unitedhealth Group Inc. 0.24% 2,108 $696K Add +0.5%
RTX RTX Corp. 0.24% 3,734 $685K No change
HON Honeywell International Inc. 0.23% 3,368 $657K No change
UTI Universal Technical Institut 0.22% 24,221 $633K Reduce -2.4%
GE General Electric filed as GE AEROSPACE 0.21% 1,983 $611K No change
ADBE Adobe Inc. 0.20% 1,627 $569K New
XLU St Sr Utl SL SE SPDR ETF-Usd 0.19% 13,034 $556K Add +2.2%
MRK Merck & Co. Inc. 0.17% 4,671 $492K No change
XLE SS Energy Select Sector 0.17% 10,858 $485K Add +2.9%
FE Firstenergy Corp. 0.15% 9,485 $425K No change
INTC Intel Corp. 0.14% 10,615 $392K Add +0.1%
PEP Pepsico Inc. 0.13% 2,640 $379K No change
GEV GE Vernova Inc. 0.12% 517 $338K No change
NI Nisource Inc. 0.12% 8,000 $334K No change
CMCSA Comcast Corp. Class A 0.11% 10,913 $326K No change
AXP American Express Co. 0.11% 870 $322K No change
META Meta Platforms Inc. Class A 0.11% 468 $309K No change
PM Philip Morris International 0.11% 1,900 $305K No change
JNJ Johnson & Johnson 0.10% 1,440 $298K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.10% 600 $293K No change
CIEN Ciena Corp. 0.10% 1,245 $291K Reduce -28.1%
SPTS SS SPDR P St Term TSY ETF 0.10% 9,900 $290K No change
HD Home Depot Inc. 0.10% 838 $288K No change
TSM Taiwan Semiconductor-SP ADR 0.10% 941 $286K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.10% 950 $281K No change
NEE Nextera Energy Inc. 0.09% 3,052 $245K No change
GILD Gilead Sciences Inc. 0.08% 1,960 $241K No change
KEY Keycorp 0.08% 11,500 $237K No change
MDY State Street SPDR S&P Midcap 0.08% 360 $217K No change
GM General Motors Co. 0.08% 2,650 $215K New
DOV Dover Corp. 0.07% 1,085 $212K New
WM Waste Management Inc. 0.07% 950 $209K No change
PYPD Polypid Ltd. 0.06% 38,200 $166K No change

Portfolio Sells Q3 2025 → Q4 2025
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -11.5% 4.92% −0.94
AMSC American Superconductor Corp. Reduce -1.8% 0.72% −0.87
FIVN FIVE9 Inc. Sold out 0.00% −0.78
KTOS Kratos Defense & Security Reduce -1.2% 2.78% −0.78
BE Bloom Energy Corp. Class A Reduce -47.2% 0.54% −0.50
ETON Eton Pharmaceuticals Inc. Reduce -0.8% 1.04% −0.37
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -5.5% 3.45% −0.34
MET Metlife Inc. Reduce -0.7% 2.95% −0.30
AMD Advanced Micro Devices Reduce -30.1% 1.69% −0.23
NOC Northrop Grumman Corp. Reduce -0.6% 1.76% −0.23
KMI Kinder Morgan Inc. Reduce -1.2% 2.36% −0.22
LMT Lockheed Martin Corp. Reduce -0.4% 1.83% −0.16
FSLR First Solar Inc. Reduce -14.8% 3.32% −0.14
ORCL Oracle Corp. Reduce -0.3% 0.26% −0.14
SNOW Snowflake Inc. Reduce -0.9% 1.33% −0.12
FLBR Franklin Ftse Brazil ETF Reduce -1.2% 1.73% −0.11
SGOV iShares 0-3 Month Treasury B Reduce -19.2% 0.30% −0.09
SCHO Schwab Short-Term US Treas Reduce -18.7% 0.30% −0.09
MTRN Materion Corp. Reduce -1.4% 2.24% −0.08
CLIP Global X 1-3 Month T-Bill Reduce -3.7% 0.81% −0.08
UTI Universal Technical Institut Reduce -2.4% 0.22% −0.08
AAPL Apple Inc. Reduce -8.0% 1.09% −0.08
HROW Harrow Inc. Reduce -0.6% 1.52% −0.06
QABA First Trust Nasdaq Aba Cbif Reduce -0.9% 1.14% −0.06
XOM Exxon Mobil Corp. Reduce -8.4% 0.33% −0.02
JBL Jabil Inc. Reduce -1.0% 1.54% −0.02
AMZN Amazon.com Inc. Reduce -0.7% 2.28% −0.01
XLK SS Technology Select Sector Reduce -1.1% 0.26% −0.01
ADAPY Adaptimmune Therapeutics-ADR Sold out 0.00% −0.01
VYMI Vanguard Int High DVD YLD Inc. Reduce -1.3% 2.49% −0.00
CIEN Ciena Corp. Reduce -28.1% 0.10% +0.01
PRU Prudential Financial Inc. Reduce -1.2% 1.01% +0.02
GPRE Green Plains Inc. Reduce -2.4% 1.58% +0.06
AMAT Applied Materials Inc. Reduce -0.9% 0.48% +0.07
GS Goldman Sachs Group Inc. Reduce -2.3% 3.67% +0.10
FLKR Franklin Ftse South Korea Reduce -2.1% 1.08% +0.10
CSCO Cisco Systems Inc. Reduce -1.6% 2.86% +0.15
FRDM Freedom 100 Emeging MRKT ETF Reduce -0.9% 2.75% +0.23
ENS Enersys Reduce -0.9% 2.27% +0.42
HBM Hudbay Minerals Inc. Reduce -2.7% 3.61% +0.64
GOOG Alphabet Inc. Class C Reduce -0.7% 5.31% +0.95

Portfolio Buys Q3 2025 → Q4 2025
RSP Invesco S&P 500 Equal Weight Add +81.0% 3.40% +1.45
PATH Uipath Inc. Class A New 1.29% +1.29
ASIX Advansix Inc. New 0.88% +0.88
PBR Petroleo Brasileiro-Spon ADR Add +39.3% 2.94% +0.57
ADBE Adobe Inc. New 0.20% +0.20
GM General Motors Co. New 0.08% +0.08
DOV Dover Corp. New 0.07% +0.07
JOE The St Joe Co. Add +6.5% 0.38% +0.07
BBCA JPMorgan Betabuilders Canada Add +17.4% 0.27% +0.04
EWW iShares MSCI Mexico ETF Add +22.6% 0.28% +0.04
EIDO iShares MSCI Indonesia ETF Add +0.8% 1.31% +0.03
GLD SPDR Gold Shares Add +0.3% 0.40% +0.02
INTC Intel Corp. Add +0.1% 0.14% +0.01
IVV iShares Core S&P 500 ETF Add +5.2% 0.24% +0.01
XLE SS Energy Select Sector Add +2.9% 0.17% −0.00
KRE SS SPDR S&P Regional Bank Add +0.5% 0.27% −0.01
FLIN Franklin Ftse India ETF Add +0.9% 1.36% −0.01
JPM JPMorgan Chase & Co. Add +1.2% 0.48% −0.01
XLU St Sr Utl SL SE SPDR ETF-Usd Add +2.2% 0.19% −0.01
VEU Vanguard Ftse All-World Ex-U Add +0.1% 1.07% −0.02
BRK.B Berkshire Hathaway Inc. Class B Add +2.2% 0.73% −0.02
UNH Unitedhealth Group Inc. Add +0.5% 0.24% −0.02
PRIM Primoris Services Corp. Add +0.4% 1.80% −0.28

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