Mill Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Mill Capital Management, LLC reported 122 stock positions worth $1.3 billion. Its top holding was Apple (AAPL) at 10.1% of the portfolio, followed by Microsoft (MSFT, 7.7%) and Berkshire Hathaway Class A (BRK.A, 6.7%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 25 and reduced 28. The biggest buy was Thermo Fisher Scientific (TMO, shares +1%) and the biggest sale Transdigm (TDG, shares −5%).

Most Recent 13F
Q2 2026
Location
CONCORD, NC
CIK
0001901166
Portfolio Value
$1.3B (Q3 2025)
SEC Filing
0001398344-25-019997 ↗ filed Oct 29, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.3B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.3B $1.3B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 122 stocks · $1.3B
AAPL Apple Inc. 10.08% 534,043 $136.0M Reduce -1.0%
MSFT Microsoft Corp. 7.67% 199,841 $103.5M Reduce -2.8%
BRK.A Berkshire Hathaway Inc. Class A 6.65% 119 $89.7M Reduce -0.8%
GOOG Alphabet Inc. Class C 6.56% 363,453 $88.5M Reduce -4.3%
V Visa Inc. Class A 4.84% 191,205 $65.3M Reduce -2.9%
JPM JPMorgan Chase & Co. 4.77% 203,855 $64.3M Reduce -0.1%
AMZN Amazon.com Inc. 3.10% 190,669 $41.9M Add +0.2%
AXP American Express Co. 3.09% 125,482 $41.7M Add +0.1%
XOM Exxon Mobil Corp. 3.05% 365,058 $41.2M Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B 2.91% 78,077 $39.3M Add +2.1%
TMO Thermo Fisher Scientific Inc. 2.89% 80,305 $38.9M Add +1.0%
TDG Transdigm Group Inc. 2.42% 24,814 $32.7M Reduce -5.0%
UNP Union Pacific Corp. 2.27% 129,699 $30.7M Add +0.2%
BKNG Booking Holdings Inc. 2.26% 5,653 $30.5M Reduce -0.0%
MU Micron Technology Inc. 1.87% 150,672 $25.2M Reduce -6.0%
ICE Intercontinental Exchange Inc. 1.77% 141,658 $23.9M Add +0.5%
AMT American Tower Corp. 1.75% 122,684 $23.6M Add +0.5%
JNJ Johnson & Johnson 1.63% 118,563 $22.0M Add +0.3%
ZTS Zoetis Inc. 1.60% 147,324 $21.6M Add +18.4%
UNH Unitedhealth Group Inc. 1.54% 60,118 $20.8M Add +19.5%
CPRT Copart Inc. 1.47% 441,758 $19.9M Add +0.2%
GOOGL Alphabet Inc. Class A 1.45% 80,341 $19.5M Reduce -0.2%
FISV Fiserv Inc. 1.45% 151,351 $19.5M Add +11.3%
ASML ASML Holding NV-NY Reg SHS 1.45% 20,145 $19.5M Add +12.6%
LHX L3HARRIS Technologies Inc. 1.40% 61,927 $18.9M Add +0.3%
LIN Linde PLC 1.40% 39,765 $18.9M Add +0.6%
VRSN Verisign Inc. 1.38% 66,652 $18.6M Add +0.2%
LH Labcorp Holdings Inc. 1.36% 63,961 $18.4M Add +0.5%
CMCSA Comcast Corp. Class A 1.27% 546,407 $17.2M Reduce -8.4%
CPAY Corpay Inc. 1.17% 55,006 $15.8M Add +0.1%
CRM Salesforce Inc. 1.02% 58,323 $13.8M Add +6.5%
OTIS Otis Worldwide Corp. 0.97% 142,923 $13.1M Add +11.5%
PM Philip Morris International 0.87% 72,222 $11.7M Reduce -0.1%
TT Trane Technologies PLC 0.56% 17,829 $7.5M No change
MRK Merck & Co. Inc. 0.51% 82,422 $6.9M Reduce -2.6%
WFC Wells Fargo & Co. 0.51% 82,155 $6.9M Reduce -3.5%
GE General Electric filed as GE AEROSPACE 0.43% 19,327 $5.8M No change
PG The Procter & Gamble Co. 0.43% 37,636 $5.8M No change
LRCX Lam Research Corp. 0.35% 35,000 $4.7M No change
ETN Eaton Corp. PLC 0.33% 11,800 $4.4M No change
ORCL Oracle Corp. 0.32% 15,497 $4.4M Reduce -1.3%
CVX Chevron Corp. 0.32% 27,736 $4.3M No change
CAT Caterpillar Inc. 0.31% 8,799 $4.2M Reduce -2.2%
PFE Pfizer Inc. 0.30% 158,265 $4.0M Reduce -7.4%
MLM Martin Marietta Materials 0.29% 6,225 $3.9M No change
ELV Elevance Health Inc. 0.24% 10,142 $3.3M No change
DUK Duke Energy Corp. 0.24% 25,980 $3.2M Reduce -0.2%
HD Home Depot Inc. 0.22% 7,350 $3.0M No change
MDLZ Mondelez International Inc. Class A 0.21% 45,285 $2.8M Reduce -12.8%
NSC Norfolk Southern Corp. 0.20% 9,138 $2.7M No change
GEV GE Vernova Inc. 0.20% 4,386 $2.7M No change
YUM Yum! Brands Inc. 0.19% 17,021 $2.6M No change
SHEL Shell PLC-ADR 0.18% 34,218 $2.4M No change
KO The Coca-Cola Co. 0.17% 35,279 $2.3M Reduce -1.1%
RSG Republic Services Inc. 0.17% 10,102 $2.3M No change
BMY Bristol-Myers Squibb Co. 0.15% 46,368 $2.1M Reduce -2.3%
MMM 3M Co. 0.15% 13,185 $2.0M No change
GS Goldman Sachs Group Inc. 0.15% 2,541 $2.0M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.13% 35,152 $1.8M No change
NEE Nextera Energy Inc. 0.13% 24,000 $1.8M No change
COP Conocophillips 0.13% 18,866 $1.8M No change
SYK Stryker Corp. 0.13% 4,819 $1.8M No change
TXN Texas Instruments Inc. 0.13% 9,500 $1.7M No change
EMR Emerson Electric Co. 0.12% 12,632 $1.7M No change
MCD McDonald's Corp. 0.11% 5,029 $1.5M Reduce -1.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.10% 9,550 $1.4M Reduce -9.5%
LLY Eli Lilly & Co. 0.10% 1,802 $1.4M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.10% 11,800 $1.4M No change
MSI Motorola Solutions Inc. 0.10% 2,910 $1.3M No change
LOW Lowe's Cos Inc. 0.09% 5,058 $1.3M No change
IR Ingersoll-Rand Inc. 0.09% 14,859 $1.2M No change
CME Cme Group Inc. 0.09% 4,500 $1.2M No change
IAU iShares Gold Trust 0.09% 16,250 $1.2M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 4,116 $1.2M No change
SPAB SS SPDR P Agg Bond ETF 0.08% 44,072 $1.1M Add +73.5%
L Loews Corp. 0.08% 11,199 $1.1M No change
BDX Becton Dickinson and Co. 0.08% 5,542 $1.0M No change
ABBV Abbvie Inc. 0.08% 4,382 $1.0M No change
FCNCA First Citizens Bcshs Class A 0.07% 525 $939K No change
CB Chubb Ltd. 0.07% 3,210 $906K No change
KMB Kimberly-Clark Corp. 0.07% 7,063 $878K No change
IWR iShares Russell Mid-Cap ETF 0.06% 8,724 $842K No change
HON Honeywell International Inc. 0.06% 3,788 $797K No change
FITB Fifth Third Bancorp 0.06% 17,182 $765K No change
CMI Cummins Inc. 0.05% 1,665 $703K No change
PEP Pepsico Inc. 0.05% 4,964 $697K Reduce -6.1%
ZBH Zimmer Biomet Holdings Inc. 0.05% 6,761 $666K No change
DEO Diageo PLC-Sponsored ADR 0.04% 6,174 $589K Reduce -22.1%
AVGO Broadcom Inc. 0.04% 1,750 $577K No change
BP BP PLC-Spons ADR 0.04% 16,512 $569K No change
PSX Phillips 66 0.04% 4,144 $564K No change
NVS Novartis AG-Sponsored ADR 0.04% 4,388 $563K Reduce -1.1%
WEC WEC Energy Group Inc. 0.04% 4,824 $553K No change
GEHC GE Healthcare Technology 0.04% 7,055 $530K No change
GRMN Garmin Ltd. 0.04% 2,000 $492K No change
ENB Enbridge Inc. 0.03% 9,226 $466K No change
ORI Old Republic Intl Corp. 0.03% 10,939 $465K Add +0.7%
PNC PNC Financial Services Group 0.03% 2,076 $417K No change
LNC Lincoln National Corp. 0.03% 10,244 $413K No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.03% 6,250 $405K No change

Show all 122 holdings

Portfolio Sells Q2 2025 → Q3 2025
TDG Transdigm Group Inc. Reduce -5.0% 2.42% −0.69
V Visa Inc. Class A Reduce -2.9% 4.84% −0.64
CMCSA Comcast Corp. Class A Reduce -8.4% 1.27% −0.40
MSFT Microsoft Corp. Reduce -2.8% 7.67% −0.34
BKNG Booking Holdings Inc. Reduce -0.0% 2.26% −0.30
BRK.A Berkshire Hathaway Inc. Class A Reduce -0.8% 6.65% −0.20
PM Philip Morris International Reduce -0.1% 0.87% −0.16
MDLZ Mondelez International Inc. Class A Reduce -12.8% 0.21% −0.06
PFE Pfizer Inc. Reduce -7.4% 0.30% −0.03
KO The Coca-Cola Co. Reduce -1.1% 0.17% −0.02
WFC Wells Fargo & Co. Reduce -3.5% 0.51% −0.02
DEO Diageo PLC-Sponsored ADR Reduce -22.1% 0.04% −0.02
BMY Bristol-Myers Squibb Co. Reduce -2.3% 0.15% −0.02
MO Altria Group Inc. Sold out 0.00% −0.02
MRK Merck & Co. Inc. Reduce -2.6% 0.51% −0.01
YUMC Yum China Holdings Inc. Reduce -14.7% 0.02% −0.01
MCD McDonald's Corp. Reduce -1.9% 0.11% −0.00
PEP Pepsico Inc. Reduce -6.1% 0.05% −0.00
DUK Duke Energy Corp. Reduce -0.2% 0.24% −0.00
NVS Novartis AG-Sponsored ADR Reduce -1.1% 0.04% −0.00
IWM iShares Russell 2000 ETF Reduce -2.8% 0.00% +0.00
TJX TJX Companies Inc. Reduce -9.5% 0.10% +0.00
CAT Caterpillar Inc. Reduce -2.2% 0.31% +0.04
ORCL Oracle Corp. Reduce -1.3% 0.32% +0.05
JPM JPMorgan Chase & Co. Reduce -0.1% 4.77% +0.13
MU Micron Technology Inc. Reduce -6.0% 1.87% +0.32
GOOGL Alphabet Inc. Class A Reduce -0.2% 1.45% +0.34
GOOG Alphabet Inc. Class C Reduce -4.3% 6.56% +1.28
AAPL Apple Inc. Reduce -1.0% 10.08% +1.40

Portfolio Buys Q2 2025 → Q3 2025
TMO Thermo Fisher Scientific Inc. Add +1.0% 2.89% +0.36
ASML ASML Holding NV-NY Reg SHS Add +12.6% 1.45% +0.32
UNH Unitedhealth Group Inc. Add +19.5% 1.54% +0.31
JNJ Johnson & Johnson Add +0.3% 1.63% +0.21
LHX L3HARRIS Technologies Inc. Add +0.3% 1.40% +0.19
ZTS Zoetis Inc. Add +18.4% 1.60% +0.08
LH Labcorp Holdings Inc. Add +0.5% 1.36% +0.05
SPAB SS SPDR P Agg Bond ETF Add +73.5% 0.08% +0.03
TFC Truist Financial Corp. New 0.02% +0.02
MBB iShares MBS ETF New 0.01% +0.01
ITOT iShares Core S&P Total U.S. New 0.01% +0.01
WMT Walmart Inc. Add +11.6% 0.03% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +4.6% 0.03% +0.00
ORI Old Republic Intl Corp. Add +0.7% 0.03% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +2.1% 2.91% −0.00
XOM Exxon Mobil Corp. Add +0.5% 3.05% −0.02
OTIS Otis Worldwide Corp. Add +11.5% 0.97% −0.03
AXP American Express Co. Add +0.1% 3.09% −0.05
LIN Linde PLC Add +0.6% 1.40% −0.05
UNP Union Pacific Corp. Add +0.2% 2.27% −0.06
VRSN Verisign Inc. Add +0.2% 1.38% −0.13
CRM Salesforce Inc. Add +6.5% 1.02% −0.15
AMZN Amazon.com Inc. Add +0.2% 3.10% −0.17
CPRT Copart Inc. Add +0.2% 1.47% −0.22
CPAY Corpay Inc. Add +0.1% 1.17% −0.25
ICE Intercontinental Exchange Inc. Add +0.5% 1.77% −0.26
AMT American Tower Corp. Add +0.5% 1.75% −0.37
FISV Fiserv Inc. Add +11.3% 1.45% −0.39

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 128$1.5BAAPL, MU, GOOG, MSFT, BRK.A
Q1 2026 130$1.3BAAPL, GOOG, MSFT, BRK.A, XOM
Q4 2025 129$1.4BAAPL, GOOG, MSFT, BRK.A, V
Q3 2025 122$1.3BAAPL, MSFT, BRK.A, GOOG, V
Q2 2025 120$1.3BAAPL, MSFT, BRK.A, V, GOOG
Q1 2025 119$1.2BAAPL, BRK.A, MSFT, V, GOOG
Q4 2024 124$1.3BAAPL, MSFT, BRK.A, GOOG, V
Q3 2024 124$1.3BAAPL, MSFT, BRK.A, GOOG, V
Q2 2024 120$1.2BAAPL, MSFT, BRK.A, GOOG, V
Q1 2024 121$1.2BAAPL, BRK.A, MSFT, GOOG, V