Mattern Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Mattern Capital Management, LLC reported 172 stock positions worth $850.6 million. Its top holding was Apple (AAPL) at 2.4% of the portfolio, followed by Microsoft (MSFT, 2.3%) and Walmart (WMT, 1.7%). Compared with Q2 2025, it opened 4 new positions, sold out of 2, added to 88 and reduced 57. The biggest buy was a new position in Constellation Energy (CEG) and the biggest sale an exit from Union Pacific (UNP).
- Most Recent 13F
- Q2 2026
- Location
- LAKEWOOD, CO
- CIK
- 0001803227
- Portfolio Value
- $850.6M (Q3 2025)
- SEC Filing
- 0001725547-25-004185 ↗ filed Oct 21, 2025
Holdings Value
Holdings 172 stocks · $850.6M
| AAPL Apple Inc. | 2.37% | 79,018 | $20.1M | Reduce -2.1% |
| MSFT Microsoft Corp. | 2.27% | 37,220 | $19.3M | Reduce -2.3% |
| WMT Walmart Inc. | 1.71% | 141,219 | $14.6M | Reduce -2.2% |
| COR Cencora Inc. | 1.62% | 44,049 | $13.8M | Reduce -6.2% |
| LOW Lowe's Cos Inc. | 1.56% | 52,735 | $13.3M | Reduce -1.2% |
| AVGO Broadcom Inc. | 1.52% | 39,314 | $13.0M | Reduce -10.9% |
| COST Costco Wholesale Corp. | 1.51% | 13,875 | $12.8M | Reduce -1.7% |
| ADI Analog Devices Inc. | 1.49% | 51,552 | $12.7M | Add +9.8% |
| PSX Phillips 66 | 1.49% | 93,087 | $12.7M | Reduce -1.2% |
| BRO Brown & Brown Inc. | 1.46% | 132,379 | $12.4M | Add +11.1% |
| NEE Nextera Energy Inc. | 1.42% | 160,040 | $12.1M | Add +12.3% |
| LHX L3HARRIS Technologies Inc. | 1.42% | 39,483 | $12.1M | Reduce -2.0% |
| GD General Dynamics Corp. | 1.40% | 34,949 | $11.9M | Reduce -1.8% |
| BLK BlackRock Inc. | 1.38% | 10,103 | $11.8M | Add +0.2% |
| AFL Aflac Inc. | 1.37% | 104,203 | $11.6M | Reduce -0.8% |
| XYL Xylem Inc. | 1.36% | 78,312 | $11.6M | Reduce -1.8% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 1.31% | 11,671 | $11.1M | Reduce -1.2% |
| LIN Linde PLC | 1.30% | 23,367 | $11.1M | Reduce -1.1% |
| TSCO Tractor Supply Company | 1.29% | 192,436 | $10.9M | Reduce -1.3% |
| HD Home Depot Inc. | 1.27% | 26,763 | $10.8M | Reduce -1.0% |
| AMGN Amgen Inc. | 1.27% | 38,304 | $10.8M | Add +13.0% |
| CSCO Cisco Systems Inc. | 1.21% | 150,740 | $10.3M | Reduce -7.4% |
| ATO Atmos Energy Corp. | 1.21% | 60,066 | $10.3M | Reduce -2.5% |
| SPGI S&P Global Inc. | 1.20% | 20,917 | $10.2M | Reduce -1.2% |
| CB Chubb Ltd. | 1.19% | 36,001 | $10.2M | Reduce -0.9% |
| APH Amphenol Corp. Class A | 1.18% | 80,906 | $10.0M | Add +15.4% |
| ADP Automatic Data Processing | 1.18% | 34,056 | $10.0M | Reduce -0.8% |
| BR Broadridge Financial Solutio | 1.17% | 41,854 | $10.0M | Reduce -1.0% |
| SHW The Sherwin-Williams Co. | 1.17% | 28,691 | $9.9M | Reduce -0.7% |
| ECL Ecolab Inc. | 1.15% | 35,811 | $9.8M | Reduce -1.4% |
| EMR Emerson Electric Co. | 1.15% | 74,263 | $9.7M | Reduce -7.0% |
| WEC WEC Energy Group Inc. | 1.13% | 83,986 | $9.6M | Reduce -0.9% |
| JNJ Johnson & Johnson | 1.13% | 51,651 | $9.6M | Reduce -1.0% |
| MDT Medtronic PLC | 1.11% | 99,311 | $9.5M | Reduce -0.9% |
| SYK Stryker Corp. | 1.11% | 25,567 | $9.5M | Reduce -1.5% |
| CTAS Cintas Corp. | 1.09% | 45,120 | $9.3M | Reduce -0.4% |
| ABT Abbott Laboratories | 1.08% | 68,679 | $9.2M | Reduce -3.5% |
| ITW Illinois Tool Works | 1.07% | 34,915 | $9.1M | Reduce -0.5% |
| APD Air Products & Chemicals Inc. | 1.07% | 33,288 | $9.1M | Add +0.7% |
| MCD McDonald's Corp. | 1.06% | 29,796 | $9.1M | Reduce -0.6% |
| PH Parker Hannifin Corp. | 1.05% | 11,819 | $9.0M | Add +2.5% |
| ACN Accenture PLC Class A | 1.05% | 36,084 | $8.9M | Add +21.0% |
| SBUX Starbucks Corp. | 1.04% | 104,889 | $8.9M | Add +0.6% |
| ICE Intercontinental Exchange Inc. | 1.03% | 52,250 | $8.8M | Reduce -4.8% |
| HON Honeywell International Inc. | 1.03% | 41,819 | $8.8M | Reduce -0.0% |
| TXN Texas Instruments Inc. | 1.03% | 47,629 | $8.8M | Add +0.3% |
| CMS CMS Energy Corp. | 1.02% | 118,582 | $8.7M | Add +0.2% |
| PLD Prologis Inc. | 1.01% | 74,832 | $8.6M | Reduce -0.1% |
| CBSH Commerce Bancshares Inc. | 0.99% | 141,029 | $8.4M | Reduce -0.6% |
| AWK American Water Works Co. Inc. | 0.98% | 60,163 | $8.4M | Add +0.0% |
| PG The Procter & Gamble Co. | 0.98% | 54,382 | $8.4M | Add +0.0% |
| LLY Eli Lilly & Co. | 0.98% | 10,913 | $8.3M | Add +50.7% |
| NJR New Jersey Resources Corp. | 0.97% | 172,210 | $8.3M | Reduce -0.3% |
| V Visa Inc. Class A | 0.97% | 24,279 | $8.3M | Reduce -1.2% |
| O Realty Income Corp. | 0.96% | 134,759 | $8.2M | Reduce -0.6% |
| NKE Nike Inc. Class B | 0.95% | 116,187 | $8.1M | Add +0.0% |
| PEP Pepsico Inc. | 0.95% | 57,483 | $8.1M | Add +0.1% |
| PAYX Paychex Inc. | 0.94% | 63,177 | $8.0M | Reduce -0.3% |
| ZTS Zoetis Inc. | 0.93% | 54,167 | $7.9M | Add +1.3% |
| CL Colgate-Palmolive Co. | 0.92% | 98,184 | $7.8M | Add +1.5% |
| MDLZ Mondelez International Inc. Class A | 0.92% | 124,978 | $7.8M | Add +1.0% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.92% | 101,601 | $7.8M | Add +25.1% |
| UNH Unitedhealth Group Inc. | 0.91% | 22,349 | $7.7M | Add +11.4% |
| PPG PPG Industries Inc. | 0.90% | 73,119 | $7.7M | Reduce -0.1% |
| FRT Federal Realty Invs Trust | 0.89% | 74,486 | $7.5M | Add +0.5% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.88% | 50,432 | $7.5M | Add +0.9% |
| CEG Constellation Energy | 0.88% | 22,802 | $7.5M | New |
| CMCSA Comcast Corp. Class A | 0.87% | 234,941 | $7.4M | Add +6.1% |
| TGT Target Corp. | 0.84% | 79,873 | $7.2M | Add +0.9% |
| MA Mastercard Inc. Class A | 0.84% | 12,502 | $7.1M | Add +35.0% |
| CHD Church & Dwight Co. Inc. | 0.83% | 80,137 | $7.0M | Add +0.9% |
| INTU Intuit Inc. | 0.82% | 10,260 | $7.0M | Add +692.9% |
| ROP Roper Technologies Inc. | 0.79% | 13,550 | $6.8M | Add +38.3% |
| BDX Becton Dickinson and Co. | 0.79% | 36,045 | $6.7M | Add +1.5% |
| MKC McCormick & Co.-Non VTG SHRS | 0.78% | 98,997 | $6.6M | Add +0.8% |
| VOO Vanguard S&P 500 ETF | 0.75% | 10,470 | $6.4M | No change |
| AVIG Avantis Core Fixed Income | 0.70% | 142,041 | $6.0M | Add +0.2% |
| FDS Factset Research Systems Inc. | 0.69% | 20,420 | $5.9M | Add +2.7% |
| JBND JPMorgan Active Bond ETF | 0.67% | 105,351 | $5.7M | Add +1.1% |
| BF.B Brown-Forman Corp. Class B | 0.62% | 193,786 | $5.2M | Add +2.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.50% | 7,133 | $4.3M | Reduce -0.6% |
| AMZN Amazon.com Inc. | 0.38% | 14,542 | $3.2M | Add +4.8% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.34% | 6,297 | $2.9M | No change |
| GOOG Alphabet Inc. Class C | 0.33% | 11,520 | $2.8M | Add +3.9% |
| TSLA Tesla Inc. | 0.28% | 5,319 | $2.4M | Add +7.0% |
| SHY iShares 1-3 Year Treasury Bo | 0.26% | 26,929 | $2.2M | Add +64.8% |
| IWD iShares Russell 1000 Value E | 0.24% | 10,013 | $2.0M | No change |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.24% | 40,496 | $2.0M | Add +3.2% |
| VNLA Janus Henderson Short Durati | 0.22% | 38,578 | $1.9M | Add +42.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.22% | 6,552 | $1.8M | Add +11.7% |
| DECK Deckers Outdoor Corp. | 0.20% | 16,554 | $1.7M | Add +2.3% |
| NVDA Nvidia Corp. | 0.19% | 8,618 | $1.6M | Add +7.3% |
| NFLX Netflix Inc. | 0.18% | 1,305 | $1.6M | Add +6.3% |
| CVX Chevron Corp. | 0.18% | 9,927 | $1.5M | Add +21.1% |
| JPM JPMorgan Chase & Co. | 0.18% | 4,819 | $1.5M | Add +7.8% |
| AVLV Avantis US Large Cap Value | 0.18% | 20,832 | $1.5M | Add +2.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 2,231 | $1.5M | Reduce -13.0% |
| IWF iShares Russell 1000 Growth | 0.17% | 3,160 | $1.5M | No change |
| COP Conocophillips | 0.17% | 15,503 | $1.5M | Add +23.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.17% | 4,382 | $1.4M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| UNP Union Pacific Corp. | Sold out | 0.00% | −1.09 |
| LMT Lockheed Martin Corp. | Reduce -94.4% | 0.07% | −1.08 |
| TROW T Rowe Price Group Inc. | Reduce -97.6% | 0.02% | −0.94 |
| ICE Intercontinental Exchange Inc. | Reduce -4.8% | 1.03% | −0.17 |
| COST Costco Wholesale Corp. | Reduce -1.7% | 1.51% | −0.17 |
| GWW WW Grainger Inc. | Reduce -1.2% | 1.31% | −0.17 |
| PAYX Paychex Inc. | Reduce -0.3% | 0.94% | −0.17 |
| CSCO Cisco Systems Inc. | Reduce -7.4% | 1.21% | −0.14 |
| SPGI S&P Global Inc. | Reduce -1.2% | 1.20% | −0.14 |
| HON Honeywell International Inc. | Reduce -0.0% | 1.03% | −0.14 |
| EMR Emerson Electric Co. | Reduce -7.0% | 1.15% | −0.13 |
| CTAS Cintas Corp. | Reduce -0.4% | 1.09% | −0.12 |
| SYK Stryker Corp. | Reduce -1.5% | 1.11% | −0.12 |
| PPG PPG Industries Inc. | Reduce -0.1% | 0.90% | −0.10 |
| ADP Automatic Data Processing | Reduce -0.8% | 1.18% | −0.10 |
| ABT Abbott Laboratories | Reduce -3.5% | 1.08% | −0.08 |
| V Visa Inc. Class A | Reduce -1.2% | 0.97% | −0.07 |
| COR Cencora Inc. | Reduce -6.2% | 1.62% | −0.07 |
| CB Chubb Ltd. | Reduce -0.9% | 1.19% | −0.07 |
| CBSH Commerce Bancshares Inc. | Reduce -0.6% | 0.99% | −0.07 |
| BR Broadridge Financial Solutio | Reduce -1.0% | 1.17% | −0.06 |
| LIN Linde PLC | Reduce -1.1% | 1.30% | −0.03 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.03 |
| SHW The Sherwin-Williams Co. | Reduce -0.7% | 1.17% | −0.02 |
| ECL Ecolab Inc. | Reduce -1.4% | 1.15% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -13.0% | 0.17% | −0.02 |
| MSFT Microsoft Corp. | Reduce -2.3% | 2.27% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -22.3% | 0.03% | −0.01 |
| KMI Kinder Morgan Inc. | Reduce -2.5% | 0.02% | −0.00 |
| INMU iShares Intermediate Muni Inc. | Reduce -2.3% | 0.05% | −0.00 |
| SUB iShares Short-Term National | Reduce -0.3% | 0.03% | −0.00 |
| QCOM Qualcomm Inc. | Reduce -2.0% | 0.10% | +0.00 |
| XOM Exxon Mobil Corp. | Reduce -1.7% | 0.05% | +0.00 |
| IVW iShares S&P 500 Growth ETF | Reduce -4.0% | 0.03% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.4% | 0.04% | +0.00 |
| NVS Novartis AG-Sponsored ADR | Reduce -0.2% | 0.03% | +0.00 |
| QUAL iShares MSCI USA Quality Fac | Reduce -0.2% | 0.11% | +0.00 |
| RTX RTX Corp. | Reduce -3.5% | 0.06% | +0.00 |
| MCD McDonald's Corp. | Reduce -0.6% | 1.06% | +0.01 |
| WMT Walmart Inc. | Reduce -2.2% | 1.71% | +0.02 |
| O Realty Income Corp. | Reduce -0.6% | 0.96% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.6% | 0.50% | +0.03 |
| ITW Illinois Tool Works | Reduce -0.5% | 1.07% | +0.03 |
| AFL Aflac Inc. | Reduce -0.8% | 1.37% | +0.04 |
| NJR New Jersey Resources Corp. | Reduce -0.3% | 0.97% | +0.05 |
| TSCO Tractor Supply Company | Reduce -1.3% | 1.29% | +0.05 |
| PLD Prologis Inc. | Reduce -0.1% | 1.01% | +0.06 |
| MDT Medtronic PLC | Reduce -0.9% | 1.11% | +0.06 |
| AVGO Broadcom Inc. | Reduce -10.9% | 1.52% | +0.06 |
| ATO Atmos Energy Corp. | Reduce -2.5% | 1.21% | +0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| CEG Constellation Energy | New | 0.88% | +0.88 |
| INTU Intuit Inc. | Add +692.9% | 0.82% | +0.70 |
| APH Amphenol Corp. Class A | Add +15.4% | 1.18% | +0.35 |
| LLY Eli Lilly & Co. | Add +50.7% | 0.98% | +0.30 |
| NEE Nextera Energy Inc. | Add +12.3% | 1.42% | +0.23 |
| MA Mastercard Inc. Class A | Add +35.0% | 0.84% | +0.21 |
| WRB WR Berkley Corp. | Add +25.1% | 0.92% | +0.20 |
| UNH Unitedhealth Group Inc. | Add +11.4% | 0.91% | +0.16 |
| ADI Analog Devices Inc. | Add +9.8% | 1.49% | +0.15 |
| AMGN Amgen Inc. | Add +13.0% | 1.27% | +0.13 |
| ROP Roper Technologies Inc. | Add +38.3% | 0.79% | +0.13 |
| BLK BlackRock Inc. | Add +0.2% | 1.38% | +0.11 |
| CRM Salesforce Inc. | New | 0.10% | +0.10 |
| SHY iShares 1-3 Year Treasury Bo | Add +64.8% | 0.26% | +0.10 |
| GOOG Alphabet Inc. Class C | Add +3.9% | 0.33% | +0.09 |
| TSLA Tesla Inc. | Add +7.0% | 0.28% | +0.09 |
| PH Parker Hannifin Corp. | Add +2.5% | 1.05% | +0.09 |
| VNLA Janus Henderson Short Durati | Add +42.9% | 0.22% | +0.06 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +65.4% | 0.17% | +0.06 |
| BDX Becton Dickinson and Co. | Add +1.5% | 0.79% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +11.7% | 0.22% | +0.06 |
| ASML ASML Holding NV-NY Reg SHS | Add +35.8% | 0.14% | +0.05 |
| SHV iShares 0-1 Year Treasury Bo | Add +73.9% | 0.11% | +0.05 |
| FRT Federal Realty Invs Trust | Add +0.5% | 0.89% | +0.04 |
| CVX Chevron Corp. | Add +21.1% | 0.18% | +0.04 |
| PEP Pepsico Inc. | Add +0.1% | 0.95% | +0.04 |
| COP Conocophillips | Add +23.7% | 0.17% | +0.04 |
| NVDA Nvidia Corp. | Add +7.3% | 0.19% | +0.04 |
| CMS CMS Energy Corp. | Add +0.2% | 1.02% | +0.04 |
| ULTA Ulta Beauty Inc. | Add +11.6% | 0.16% | +0.03 |
| AAP Advance Auto Parts Inc. | Add +7.6% | 0.12% | +0.03 |
| ADBE Adobe Inc. | Add +39.2% | 0.15% | +0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Add +42.0% | 0.15% | +0.03 |
| AZO AutoZone Inc. | Add +14.3% | 0.12% | +0.03 |
| AON Aon PLC Class A | Add +21.8% | 0.17% | +0.03 |
| IVV iShares Core S&P 500 ETF | New | 0.03% | +0.03 |
| CSGP Costar Group Inc. | Add +19.3% | 0.13% | +0.02 |
| EZU iShares MSCI Eurozone ETF | New | 0.02% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +7.8% | 0.18% | +0.02 |
| WSO Watsco Inc. | Add +41.0% | 0.10% | +0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +50.7% | 0.13% | +0.02 |
| ORLY O'reilly Automotive Inc. | Add +11.2% | 0.08% | +0.02 |
| AXP American Express Co. | Add +16.6% | 0.11% | +0.02 |
| BAX Baxter International Inc. | Add +55.3% | 0.13% | +0.02 |
| WM Waste Management Inc. | Add +23.1% | 0.11% | +0.02 |
| RSG Republic Services Inc. | Add +23.4% | 0.12% | +0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.3% | 0.16% | +0.01 |
| MRSH Marsh & McLennan Cos | Add +26.1% | 0.10% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +1.4% | 0.04% | +0.01 |
| MCO Moody's Corp. | Add +23.4% | 0.09% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 166 | $856.7M | AAPL, GWW, MSFT, UNH, COST |
| Q1 2026 | 170 | $834.9M | AAPL, PSX, MSFT, COST, COR |
| Q4 2025 | 170 | $846.9M | AAPL, MSFT, WMT, COR, AVGO |
| Q3 2025 | 172 | $850.6M | AAPL, MSFT, WMT, COR, LOW |
| Q2 2025 | 170 | $832.4M | MSFT, AAPL, WMT, COR, COST |
| Q1 2025 | 163 | $785.4M | AAPL, BRO, MSFT, COST, COR |
| Q4 2024 | 160 | $767.4M | AAPL, MSFT, COST, WMT, GWW |
| Q3 2024 | 156 | $794.6M | AAPL, MSFT, LOW, COST, AFL |
| Q2 2024 | 157 | $723.8M | AAPL, MSFT, COST, PSX, LOW |
| Q1 2024 | 157 | $736.5M | MSFT, AAPL, PSX, LOW, GWW |