Martin Capital Advisors, LLP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Martin Capital Advisors, LLP reported 72 stock positions worth $170.5 million. Its top holding was Apple (AAPL) at 22.8% of the portfolio, followed by Nvidia (NVDA, 7.7%) and Intuitive Surgical (ISRG, 6.7%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 31 and reduced 11. The biggest buy was Intuitive Surgical (ISRG, shares +0%) and the biggest sale Trex (TREX, shares −26%).

Most Recent 13F
Q2 2026
Location
SAN ANTONIO, TX
CIK
0001904126
Portfolio Value
$170.5M (Q4 2025)
SEC Filing
0001398344-26-001229 ↗ filed Jan 26, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $127.5M Q1 2024 Q2 2024: $133.3M Q2 2024 Q3 2024: $140.4M Q3 2024 Q4 2024: $155.2M Q4 2024 Q1 2025: $140.2M Q1 2025 Q2 2025: $153.7M Q2 2025 Q3 2025: $165.7M Q3 2025 Q4 2025: $170.5M $170.5M Q4 2025 Q1 2026: $158.3M Q1 2026 Q2 2026: $190.8M Q2 2026

Holdings 72 stocks · $170.5M
AAPL Apple Inc. 22.80% 143,055 $38.9M Reduce -0.7%
NVDA Nvidia Corp. 7.71% 70,498 $13.1M Reduce -0.2%
ISRG Intuitive Surgical Inc. 6.66% 20,058 $11.4M Add +0.3%
QQQ Invesco QQQ Trust Series 1 4.80% 13,332 $8.2M Reduce -1.4%
VTI VG Morningstar TS MKT ETF-US 3.62% 18,430 $6.2M Reduce -3.0%
MA Mastercard Inc. Class A 3.30% 9,873 $5.6M Add +0.5%
LRCX Lam Research Corp. 2.90% 28,892 $4.9M Reduce -1.4%
GOOGL Alphabet Inc. Class A 2.82% 15,389 $4.8M Add +0.7%
WSM Williams-Sonoma Inc. 2.56% 24,435 $4.4M Add +1.6%
V Visa Inc. Class A 2.40% 11,683 $4.1M Add +0.7%
COST Costco Wholesale Corp. 2.31% 4,560 $3.9M Add +0.7%
INTU Intuit Inc. 2.23% 5,745 $3.8M Add +0.8%
ORCL Oracle Corp. 1.93% 16,865 $3.3M Add +0.9%
SCHW Schwab (charles) Corp. 1.66% 28,333 $2.8M Add +1.1%
IDXX Idexx Laboratories Inc. 1.65% 4,159 $2.8M Add +1.1%
SBUX Starbucks Corp. 1.60% 32,419 $2.7M Reduce -1.6%
AMZN Amazon.com Inc. 1.42% 10,508 $2.4M Add +1.2%
IBB iShares Biotechnology ETF 1.39% 14,019 $2.4M Reduce -0.3%
BLK BlackRock Inc. 1.32% 2,100 $2.2M Add +1.2%
EW Edwards Lifesciences Corp. 1.30% 26,076 $2.2M Add +1.4%
VCSH Vanguard S/T Corp. Bond ETF 1.30% 27,860 $2.2M Reduce -1.8%
XYZ Block Inc. 1.21% 31,711 $2.1M Reduce -0.9%
TXN Texas Instruments Inc. 1.16% 11,358 $2.0M Add +1.4%
TSCO Tractor Supply Company 1.13% 38,689 $1.9M Add +3.5%
GOOG Alphabet Inc. Class C 0.89% 4,820 $1.5M No change
CMG Chipotle Mexican Grill Inc. 0.86% 39,822 $1.5M Add +1.9%
NDAQ Nasdaq Inc. 0.77% 13,580 $1.3M No change
CAT Caterpillar Inc. 0.71% 2,111 $1.2M No change
GDDY GoDaddy Inc. Class A 0.66% 9,082 $1.1M Add +1.4%
SYK Stryker Corp. 0.62% 3,000 $1.1M Add +2.5%
USPH U.S. Physical Therapy Inc. 0.59% 12,909 $1.0M No change
DVA Davita Inc. 0.59% 8,864 $1.0M No change
CSCO Cisco Systems Inc. 0.59% 13,037 $1.0M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.56% 1,397 $953K No change
LNTH Lantheus Holdings Inc. 0.55% 14,166 $943K Add +9.2%
MORN Morningstar Inc. 0.54% 4,202 $913K No change
CRWD CrowdStrike Holdings Inc. Class A 0.52% 1,897 $889K Add +3.5%
BRK.B Berkshire Hathaway Inc. Class B 0.52% 1,767 $888K No change
ICE Intercontinental Exchange Inc. 0.49% 5,192 $841K Add +3.6%
DKS Dick's Sporting Goods Inc. 0.47% 4,070 $806K No change
IWV iShares Russell 3000 ETF 0.46% 2,040 $789K No change
NFLX Netflix Inc. 0.43% 7,830 $734K No change
ADBE Adobe Inc. 0.42% 2,034 $712K No change
MSFT Microsoft Corp. 0.40% 1,400 $677K No change
AMAT Applied Materials Inc. 0.38% 2,543 $654K Add +5.2%
INTC Intel Corp. 0.36% 16,804 $620K No change
PLTR Palantir Technologies Inc. Class A 0.36% 3,408 $606K Add +12.6%
TREX Trex Company Inc. 0.35% 17,081 $599K Reduce -25.8%
TOL Toll Brothers Inc. 0.35% 4,401 $595K Add +10.8%
QCOM Qualcomm Inc. 0.34% 3,371 $577K No change
DGX Quest Diagnostics Inc. 0.32% 3,145 $546K No change
CBOE Cboe Global Markets Inc. 0.32% 2,151 $540K Add +6.7%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.31% 4,605 $535K No change
IJH iShares Core S&P Midcap ETF 0.31% 7,975 $526K No change
EBAY eBay Inc. 0.30% 5,914 $515K No change
PYPL PayPal Holdings Inc. 0.29% 8,498 $496K Reduce -7.0%
LULU Lululemon Athletica Inc. 0.29% 2,365 $491K No change
AVGO Broadcom Inc. 0.28% 1,363 $472K Add +10.3%
LOW Lowe's Cos Inc. 0.26% 1,814 $437K No change
AMD Advanced Micro Devices 0.25% 1,969 $422K Add +18.3%
TPR Tapestry Inc. 0.24% 3,210 $410K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.24% 2,611 $401K Add +29.8%
EXP Eagle Materials Inc. 0.19% 1,588 $328K No change
TXRH Texas Roadhouse Inc. 0.19% 1,936 $321K No change
DHIL Diamond Hill Investment Grp 0.19% 1,891 $321K No change
NOW ServiceNow Inc. 0.18% 2,000 $306K Add +8.1%
PANW Palo Alto Networks Inc. 0.17% 1,609 $296K Add +8.8%
WDC Western Digital Corp. 0.16% 1,593 $275K New
GLW Corning Inc. 0.14% 2,780 $243K No change
GNRC Generac Holdings Inc. 0.14% 1,718 $234K No change
ZTS Zoetis Inc. 0.13% 1,824 $230K Add +12.0%
IGSB iShares 1-5Y Inv Grade Corp. 0.12% 3,960 $209K No change

Portfolio Sells Q3 2025 → Q4 2025
TREX Trex Company Inc. Reduce -25.8% 0.35% −0.37
NVDA Nvidia Corp. Reduce -0.2% 7.71% −0.25
XYZ Block Inc. Reduce -0.9% 1.21% −0.19
VTI VG Morningstar TS MKT ETF-US Reduce -3.0% 3.62% −0.14
DPZ Domino's Pizza Inc. Sold out 0.00% −0.13
IPGP Ipg Photonics Corp. Sold out 0.00% −0.12
IHI iShares U.S. Medical Devices Sold out 0.00% −0.12
QQQ Invesco QQQ Trust Series 1 Reduce -1.4% 4.80% −0.10
SBUX Starbucks Corp. Reduce -1.6% 1.60% −0.08
PYPL PayPal Holdings Inc. Reduce -7.0% 0.29% −0.08
VCSH Vanguard S/T Corp. Bond ETF Reduce -1.8% 1.30% −0.07
IBB iShares Biotechnology ETF Reduce -0.3% 1.39% +0.16
LRCX Lam Research Corp. Reduce -1.4% 2.90% +0.53
AAPL Apple Inc. Reduce -0.7% 22.80% +0.65

Portfolio Buys Q3 2025 → Q4 2025
ISRG Intuitive Surgical Inc. Add +0.3% 6.66% +1.26
GOOGL Alphabet Inc. Class A Add +0.7% 2.82% +0.58
WDC Western Digital Corp. New 0.16% +0.16
LNTH Lantheus Holdings Inc. Add +9.2% 0.55% +0.15
EW Edwards Lifesciences Corp. Add +1.4% 1.30% +0.10
AMD Advanced Micro Devices Add +18.3% 0.25% +0.08
AMAT Applied Materials Inc. Add +5.2% 0.38% +0.08
IDXX Idexx Laboratories Inc. Add +1.1% 1.65% +0.06
TJX TJX Companies Inc. Add +29.8% 0.24% +0.06
AMZN Amazon.com Inc. Add +1.2% 1.42% +0.05
SCHW Schwab (charles) Corp. Add +1.1% 1.66% +0.04
AVGO Broadcom Inc. Add +10.3% 0.28% +0.03
PLTR Palantir Technologies Inc. Class A Add +12.6% 0.36% +0.02
CBOE Cboe Global Markets Inc. Add +6.7% 0.32% +0.02
TOL Toll Brothers Inc. Add +10.8% 0.35% +0.02
V Visa Inc. Class A Add +0.7% 2.40% +0.01
PANW Palo Alto Networks Inc. Add +8.8% 0.17% −0.01
ZTS Zoetis Inc. Add +12.0% 0.13% −0.01
ICE Intercontinental Exchange Inc. Add +3.6% 0.49% −0.02
CRWD CrowdStrike Holdings Inc. Class A Add +3.5% 0.52% −0.02
NOW ServiceNow Inc. Add +8.1% 0.18% −0.03
SYK Stryker Corp. Add +2.5% 0.62% −0.03
CMG Chipotle Mexican Grill Inc. Add +1.9% 0.86% −0.06
MA Mastercard Inc. Class A Add +0.5% 3.30% −0.07
GDDY GoDaddy Inc. Class A Add +1.4% 0.66% −0.08
TXN Texas Instruments Inc. Add +1.4% 1.16% −0.09
INTU Intuit Inc. Add +0.8% 2.23% −0.12
BLK BlackRock Inc. Add +1.2% 1.32% −0.14
TSCO Tractor Supply Company Add +3.5% 1.13% −0.15
COST Costco Wholesale Corp. Add +0.7% 2.31% −0.23
WSM Williams-Sonoma Inc. Add +1.6% 2.56% −0.28
ORCL Oracle Corp. Add +0.9% 1.93% −0.91

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 77$190.8MAAPL, NVDA, LRCX, QQQ, ISRG
Q1 2026 73$158.3MAAPL, NVDA, ISRG, QQQ, VTI
Q4 2025 72$170.5MAAPL, NVDA, ISRG, QQQ, VTI
Q3 2025 74$165.7MAAPL, NVDA, ISRG, QQQ, VTI
Q2 2025 70$153.7MAAPL, NVDA, ISRG, QQQ, VTI
Q1 2025 67$140.2MAAPL, ISRG, NVDA, QQQ, VTI
Q4 2024 69$155.2MAAPL, ISRG, NVDA, QQQ, VTI
Q3 2024 67$140.4MAAPL, ISRG, QQQ, NVDA, VTI
Q2 2024 66$133.3MAAPL, ISRG, QQQ, NVDA, VTI
Q1 2024 67$127.5MAAPL, ISRG, QQQ, NVDA, VTI