Maple Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 21, 2025), Maple Capital Management, Inc. reported 114 stock positions worth $1.5 billion. Its top holding was Nvidia (NVDA) at 9.3% of the portfolio, followed by Microsoft (MSFT, 9.0%) and Apple (AAPL, 8.8%). Compared with Q2 2025, it opened 4 new positions, sold out of 6, added to 46 and reduced 50. The biggest buy was Alphabet Class C (GOOG, shares +1%) and the biggest sale Unitedhealth (UNH, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- MONTPELIER, VT
- CIK
- 0001313893
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001313893-25-000007 ↗ filed Nov 21, 2025
Holdings Value
Holdings 114 stocks · $1.5B
| NVDA Nvidia Corp. | 9.28% | 757,108 | $141.3M | Add +0.2% |
| MSFT Microsoft Corp. | 8.96% | 263,387 | $136.4M | Add +0.8% |
| AAPL Apple Inc. | 8.81% | 527,115 | $134.2M | Add +0.7% |
| GOOG Alphabet Inc. Class C | 7.13% | 446,070 | $108.6M | Add +1.2% |
| AMZN Amazon.com Inc. | 5.82% | 403,984 | $88.7M | Add +2.3% |
| META Meta Platforms Inc. Class A | 4.86% | 100,838 | $74.1M | Add +0.8% |
| COST Costco Wholesale Corp. | 3.92% | 64,511 | $59.7M | Add +0.9% |
| JPM JPMorgan Chase & Co. | 3.89% | 187,958 | $59.3M | Reduce -2.0% |
| MA Mastercard Inc. Class A | 3.06% | 81,973 | $46.6M | Add +1.4% |
| IJR iShares Core S&P Small-Cap E | 2.93% | 375,072 | $44.6M | Add +3.9% |
| TXN Texas Instruments Inc. | 2.86% | 236,771 | $43.5M | Add +1.7% |
| AXP American Express Co. | 2.44% | 111,689 | $37.1M | Reduce -3.3% |
| LLY Eli Lilly & Co. | 2.35% | 46,921 | $35.8M | Add +0.3% |
| MS Morgan Stanley | 2.35% | 225,129 | $35.8M | Reduce -4.7% |
| HD Home Depot Inc. | 2.32% | 87,307 | $35.4M | Add +2.1% |
| HON Honeywell International Inc. | 2.17% | 157,346 | $33.1M | Add +1.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.16% | 227,613 | $32.9M | Add +0.9% |
| JNJ Johnson & Johnson | 2.12% | 174,207 | $32.3M | Add +1.4% |
| ACN Accenture PLC Class A | 1.85% | 114,229 | $28.2M | Add +0.8% |
| CVX Chevron Corp. | 1.79% | 176,017 | $27.3M | Add +3.3% |
| GE General Electric filed as GE AEROSPACE | 1.63% | 82,380 | $24.8M | Add +7.8% |
| ABT Abbott Laboratories | 1.52% | 172,489 | $23.1M | Add +0.2% |
| SPGI S&P Global Inc. | 1.38% | 43,105 | $21.0M | Add +0.8% |
| APD Air Products & Chemicals Inc. | 1.33% | 74,420 | $20.3M | Add +2.2% |
| AMAT Applied Materials Inc. | 1.22% | 90,930 | $18.6M | Add +2.8% |
| CME Cme Group Inc. | 1.15% | 64,731 | $17.5M | Add +0.6% |
| ISRG Intuitive Surgical Inc. | 1.10% | 37,593 | $16.8M | Reduce -2.0% |
| CMG Chipotle Mexican Grill Inc. | 0.94% | 365,616 | $14.3M | Add +2.9% |
| NFLX Netflix Inc. | 0.93% | 11,837 | $14.2M | Add +3.6% |
| CL Colgate-Palmolive Co. | 0.91% | 173,632 | $13.9M | Add +5.8% |
| ZTS Zoetis Inc. | 0.85% | 88,717 | $13.0M | Add +1.3% |
| ECL Ecolab Inc. | 0.85% | 47,302 | $13.0M | Add +0.8% |
| UBER Uber Technologies Inc. | 0.73% | 113,262 | $11.1M | Add +14.1% |
| FBND Fidelity Total Bond ETF | 0.32% | 104,403 | $4.8M | Add +7.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.20% | 6,023 | $3.0M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 4,421 | $2.9M | Add +2.2% |
| GOOGL Alphabet Inc. Class A | 0.16% | 10,012 | $2.4M | Add +1.5% |
| EFA iShares MSCI Eafe ETF | 0.16% | 25,446 | $2.4M | Add +0.6% |
| IVV iShares Core S&P 500 ETF | 0.15% | 3,494 | $2.3M | Add +0.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.15% | 3 | $2.3M | No change |
| IJH iShares Core S&P Midcap ETF | 0.14% | 33,577 | $2.2M | Reduce -7.8% |
| TCHP T Rowe Price Blue Chip Growt | 0.11% | 34,911 | $1.7M | Reduce -14.6% |
| SCHD Schwab US DVD Equity ETF | 0.11% | 61,179 | $1.7M | Reduce -7.2% |
| JPST JPMorgan Ultra-Short Income | 0.11% | 31,792 | $1.6M | Add +7.8% |
| XOM Exxon Mobil Corp. | 0.10% | 13,589 | $1.5M | Reduce -5.4% |
| ORCL Oracle Corp. | 0.09% | 5,132 | $1.4M | Add +1.6% |
| PG The Procter & Gamble Co. | 0.09% | 9,219 | $1.4M | Reduce -15.9% |
| TSLA Tesla Inc. | 0.09% | 3,165 | $1.4M | Reduce -2.8% |
| IXUS iShares Core Intl Stock ETF | 0.09% | 16,356 | $1.4M | Add +16.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.08% | 2,133 | $1.3M | Reduce -6.7% |
| DHR Danaher Corp. | 0.08% | 6,190 | $1.2M | Reduce -23.0% |
| VOO Vanguard S&P 500 ETF | 0.08% | 1,980 | $1.2M | Reduce -11.3% |
| VIG Vanguard Dividend Apprec ETF | 0.07% | 4,911 | $1.1M | Reduce -0.9% |
| MCO Moody's Corp. | 0.07% | 2,102 | $1.0M | Reduce -2.3% |
| MCD McDonald's Corp. | 0.06% | 3,249 | $987K | Reduce -3.6% |
| ABBV Abbvie Inc. | 0.06% | 3,922 | $908K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.06% | 3,205 | $904K | Add +4.0% |
| PEP Pepsico Inc. | 0.06% | 6,061 | $851K | Reduce -11.8% |
| PNC PNC Financial Services Group | 0.06% | 4,225 | $849K | Reduce -19.5% |
| UNP Union Pacific Corp. | 0.05% | 3,508 | $829K | Reduce -4.0% |
| MRK Merck & Co. Inc. | 0.05% | 8,864 | $744K | Reduce -14.3% |
| SHW The Sherwin-Williams Co. | 0.05% | 2,138 | $740K | Reduce -0.7% |
| ADP Automatic Data Processing | 0.04% | 2,296 | $674K | Reduce -2.6% |
| KO The Coca-Cola Co. | 0.04% | 9,378 | $622K | Add +3.5% |
| CSCO Cisco Systems Inc. | 0.04% | 8,754 | $599K | Reduce -0.9% |
| V Visa Inc. Class A | 0.04% | 1,743 | $595K | Reduce -1.8% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.04% | 8,971 | $583K | Reduce -10.6% |
| MUB iShares National Muni Bond E | 0.04% | 5,320 | $567K | Add +15.2% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.04% | 6,442 | $562K | Reduce -0.9% |
| TRMK Trustmark Corp. | 0.04% | 14,028 | $556K | No change |
| UNH Unitedhealth Group Inc. | 0.04% | 1,561 | $539K | Reduce -97.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.03% | 1,556 | $511K | Add +26.7% |
| NEE Nextera Energy Inc. | 0.03% | 6,671 | $504K | Reduce -13.0% |
| AVGO Broadcom Inc. | 0.03% | 1,496 | $494K | Reduce -3.0% |
| LMT Lockheed Martin Corp. | 0.03% | 974 | $486K | Reduce -96.5% |
| LOW Lowe's Cos Inc. | 0.03% | 1,921 | $483K | New |
| IWB iShares Russell 1000 ETF | 0.03% | 1,289 | $471K | Reduce -15.1% |
| ROP Roper Technologies Inc. | 0.03% | 931 | $464K | Reduce -9.7% |
| VMC Vulcan Materials Co. | 0.03% | 1,460 | $449K | No change |
| PM Philip Morris International | 0.03% | 2,705 | $439K | Add +59.8% |
| QCOM Qualcomm Inc. | 0.03% | 2,555 | $425K | Reduce -3.4% |
| JEF Jefferies Financial Group Inc. | 0.03% | 6,449 | $422K | Add +2.1% |
| SBUX Starbucks Corp. | 0.03% | 4,920 | $416K | Reduce -10.1% |
| WMT Walmart Inc. | 0.03% | 3,989 | $411K | Reduce -40.5% |
| IJS iShares S&P Small-Cap 600 Va | 0.03% | 3,695 | $409K | No change |
| MDT Medtronic PLC | 0.03% | 4,284 | $408K | Reduce -8.2% |
| VZ Verizon Communications Inc. | 0.03% | 8,736 | $384K | Reduce -15.1% |
| WM Waste Management Inc. | 0.02% | 1,720 | $380K | Add +1.0% |
| CAT Caterpillar Inc. | 0.02% | 765 | $365K | Add +3.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.02% | 721 | $346K | Add +2.1% |
| IDXX Idexx Laboratories Inc. | 0.02% | 529 | $338K | Reduce -6.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.02% | 2,781 | $318K | Reduce -2.3% |
| TT Trane Technologies PLC | 0.02% | 746 | $315K | Reduce -1.3% |
| CWT California Water Service Grp | 0.02% | 6,667 | $306K | No change |
| EW Edwards Lifesciences Corp. | 0.02% | 3,850 | $299K | No change |
| PFE Pfizer Inc. | 0.02% | 11,483 | $293K | Reduce -14.7% |
| TMO Thermo Fisher Scientific Inc. | 0.02% | 544 | $264K | No change |
| ROK Rockwell Automation Inc. | 0.02% | 750 | $262K | Reduce -0.4% |
| QUAL iShares MSCI USA Quality Fac | 0.02% | 1,277 | $248K | Reduce -64.0% |
| COF Capital One Financial Corp. | 0.02% | 1,147 | $244K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | Reduce -97.7% | 0.04% | −1.38 |
| LMT Lockheed Martin Corp. | Reduce -96.5% | 0.03% | −0.86 |
| ISRG Intuitive Surgical Inc. | Reduce -2.0% | 1.10% | −0.32 |
| GMS GMS Inc. | Sold out | 0.00% | −0.09 |
| AXP American Express Co. | Reduce -3.3% | 2.44% | −0.09 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.03 |
| DHR Danaher Corp. | Reduce -23.0% | 0.08% | −0.03 |
| QUAL iShares MSCI USA Quality Fac | Reduce -64.0% | 0.02% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -15.9% | 0.09% | −0.03 |
| FIX Comfort Systems USA Inc. | Sold out | 0.00% | −0.02 |
| WMT Walmart Inc. | Reduce -40.5% | 0.03% | −0.02 |
| IEFA iShares Core MSCI Eafe ETF | Sold out | 0.00% | −0.02 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −0.02 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.01 |
| TCHP T Rowe Price Blue Chip Growt | Reduce -14.6% | 0.11% | −0.01 |
| PNC PNC Financial Services Group | Reduce -19.5% | 0.06% | −0.01 |
| IJH iShares Core S&P Midcap ETF | Reduce -7.8% | 0.14% | −0.01 |
| SCHD Schwab US DVD Equity ETF | Reduce -7.2% | 0.11% | −0.01 |
| ROP Roper Technologies Inc. | Reduce -9.7% | 0.03% | −0.01 |
| MCO Moody's Corp. | Reduce -2.3% | 0.07% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -14.3% | 0.05% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -11.3% | 0.08% | −0.01 |
| SBUX Starbucks Corp. | Reduce -10.1% | 0.03% | −0.01 |
| PEP Pepsico Inc. | Reduce -11.8% | 0.06% | −0.01 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -30.6% | 0.01% | −0.01 |
| ADP Automatic Data Processing | Reduce -2.6% | 0.04% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -5.4% | 0.10% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -15.1% | 0.03% | −0.01 |
| IWB iShares Russell 1000 ETF | Reduce -15.1% | 0.03% | −0.00 |
| V Visa Inc. Class A | Reduce -1.8% | 0.04% | −0.00 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -10.6% | 0.04% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -13.0% | 0.03% | −0.00 |
| DIS The Walt Disney Co. | Reduce -2.3% | 0.02% | −0.00 |
| PFE Pfizer Inc. | Reduce -14.7% | 0.02% | −0.00 |
| UNP Union Pacific Corp. | Reduce -4.0% | 0.05% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -0.9% | 0.04% | −0.00 |
| MCD McDonald's Corp. | Reduce -3.6% | 0.06% | −0.00 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -6.7% | 0.08% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 0.20% | −0.00 |
| SHW The Sherwin-Williams Co. | Reduce -0.7% | 0.05% | −0.00 |
| TT Trane Technologies PLC | Reduce -1.3% | 0.02% | −0.00 |
| T AT&T Inc. | Reduce -4.1% | 0.01% | −0.00 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -8.7% | 0.01% | −0.00 |
| MDT Medtronic PLC | Reduce -8.2% | 0.03% | −0.00 |
| QCOM Qualcomm Inc. | Reduce -3.4% | 0.03% | −0.00 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -0.3% | 0.01% | −0.00 |
| LIN Linde PLC | Reduce -0.5% | 0.01% | −0.00 |
| ROK Rockwell Automation Inc. | Reduce -0.4% | 0.02% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.9% | 0.07% | +0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -0.9% | 0.04% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | Add +1.2% | 7.13% | +1.78 |
| AAPL Apple Inc. | Add +0.7% | 8.81% | +1.46 |
| NVDA Nvidia Corp. | Add +0.2% | 9.28% | +1.10 |
| JNJ Johnson & Johnson | Add +1.4% | 2.12% | +0.32 |
| GE General Electric | Add +7.8% | 1.63% | +0.28 |
| TJX TJX Companies Inc. | Add +0.9% | 2.16% | +0.25 |
| IJR iShares Core S&P Small-Cap E | Add +3.9% | 2.93% | +0.23 |
| HD Home Depot Inc. | Add +2.1% | 2.32% | +0.18 |
| CVX Chevron Corp. | Add +3.3% | 1.79% | +0.12 |
| AMAT Applied Materials Inc. | Add +2.8% | 1.22% | +0.11 |
| UBER Uber Technologies Inc. | Add +14.1% | 0.73% | +0.09 |
| MSFT Microsoft Corp. | Add +0.8% | 8.96% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +1.5% | 0.16% | +0.04 |
| LOW Lowe's Cos Inc. | New | 0.03% | +0.03 |
| ORCL Oracle Corp. | Add +1.6% | 0.09% | +0.02 |
| IXUS iShares Core Intl Stock ETF | Add +16.9% | 0.09% | +0.01 |
| GEV GE Vernova Inc. | New | 0.01% | +0.01 |
| IVW iShares S&P 500 Growth ETF | New | 0.01% | +0.01 |
| NSC Norfolk Southern Corp. | New | 0.01% | +0.01 |
| FBND Fidelity Total Bond ETF | Add +7.3% | 0.32% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.2% | 0.19% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +26.7% | 0.03% | +0.01 |
| PM Philip Morris International | Add +59.8% | 0.03% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 0.15% | +0.01 |
| CAT Caterpillar Inc. | Add +3.0% | 0.02% | +0.00 |
| MUB iShares National Muni Bond E | Add +15.2% | 0.04% | +0.00 |
| JEF Jefferies Financial Group Inc. | Add +2.1% | 0.03% | +0.00 |
| JPST JPMorgan Ultra-Short Income | Add +7.8% | 0.11% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +2.1% | 0.02% | +0.00 |
| EFA iShares MSCI Eafe ETF | Add +0.6% | 0.16% | +0.00 |
| WM Waste Management Inc. | Add +1.0% | 0.02% | −0.00 |
| IBM Intl Business Machines Corp. | Add +4.0% | 0.06% | −0.00 |
| KO The Coca-Cola Co. | Add +3.5% | 0.04% | −0.00 |
| ECL Ecolab Inc. | Add +0.8% | 0.85% | −0.02 |
| MA Mastercard Inc. Class A | Add +1.4% | 3.06% | −0.05 |
| CME Cme Group Inc. | Add +0.6% | 1.15% | −0.07 |
| APD Air Products & Chemicals Inc. | Add +2.2% | 1.33% | −0.07 |
| ZTS Zoetis Inc. | Add +1.3% | 0.85% | −0.08 |
| ABT Abbott Laboratories | Add +0.2% | 1.52% | −0.09 |
| CL Colgate-Palmolive Co. | Add +5.8% | 0.91% | −0.11 |
| AMZN Amazon.com Inc. | Add +2.3% | 5.82% | −0.11 |
| NFLX Netflix Inc. | Add +3.6% | 0.93% | −0.12 |
| LLY Eli Lilly & Co. | Add +0.3% | 2.35% | −0.15 |
| SPGI S&P Global Inc. | Add +0.8% | 1.38% | −0.17 |
| META Meta Platforms Inc. Class A | Add +0.8% | 4.86% | −0.19 |
| HON Honeywell International Inc. | Add +1.4% | 2.17% | −0.30 |
| COST Costco Wholesale Corp. | Add +0.9% | 3.92% | −0.41 |
| CMG Chipotle Mexican Grill Inc. | Add +2.9% | 0.94% | −0.43 |
| TXN Texas Instruments Inc. | Add +1.7% | 2.86% | −0.45 |
| ACN Accenture PLC Class A | Add +0.8% | 1.85% | −0.47 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 127 | $1.7B | AAPL, GOOG, NVDA, AMZN, MSFT |
| Q1 2026 | 119 | $1.5B | AAPL, GOOG, NVDA, MSFT, AMZN |
| Q4 2025 | 116 | $1.6B | AAPL, GOOG, MSFT, NVDA, AMZN |
| Q3 2025 | 114 | $1.5B | NVDA, MSFT, AAPL, GOOG, AMZN |
| Q2 2025 | 116 | $1.5B | MSFT, NVDA, AAPL, AMZN, GOOG |
| Q1 2025 | 120 | $1.3B | AAPL, MSFT, NVDA, AMZN, GOOG |
| Q4 2024 | 115 | $1.4B | AAPL, MSFT, NVDA, AMZN, GOOG |
| Q3 2024 | 111 | $1.3B | AAPL, MSFT, NVDA, GOOG, AMZN |
| Q2 2024 | 113 | $1.2B | MSFT, AAPL, NVDA, GOOG, AMZN |
| Q1 2024 | 106 | $1.1B | MSFT, AAPL, NVDA, GOOG, AMZN |