Morningstar Investment Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Morningstar Investment Management LLC reported 71 stock positions worth $1.2 billion. Its top holding was iShares US Treasury Bond ETF (GOVT) at 24.3% of the portfolio, followed by Vanguard Mortgage-Backed Sec (VMBS, 10.3%) and Vanguard Health Care ETF (VHT, 6.5%). Compared with Q4 2024, it opened 4 new positions, sold out of 145, added to 25 and reduced 40. The biggest buy was Vanguard Int-Term Corporate (VCIT, shares +37%) and the biggest sale an exit from iShares Global Consumer Stap (KXI).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001673385
- Portfolio Value
- $1.2B (Q1 2025)
- SEC Filing
- 0001104659-25-045607 ↗ filed May 7, 2025
Holdings Value
Holdings 71 stocks · $1.2B
| GOVT iShares US Treasury Bond ETF | 24.30% | 12,420,085 | $285.5M | Reduce -5.4% |
| VMBS Vanguard Mortgage-Backed Sec | 10.26% | 2,603,165 | $120.6M | Add +1.5% |
| VHT Vanguard Health Care ETF | 6.53% | 289,878 | $76.7M | Add +5.5% |
| VDC Vanguard Consumer Staple ETF | 5.89% | 316,264 | $69.2M | Reduce -15.3% |
| VCIT Vanguard Int-Term Corporate | 5.72% | 821,601 | $67.2M | Add +37.2% |
| VTI VG Morningstar TS MKT ETF-US | 5.25% | 224,276 | $61.6M | Reduce -8.2% |
| AAPL Apple Inc. | 4.39% | 232,178 | $51.6M | Add +19.1% |
| MSFT Microsoft Corp. | 4.10% | 128,299 | $48.2M | Add +3.9% |
| SCHO Schwab Short-Term US Treas | 4.08% | 1,970,129 | $48.0M | Add +4.2% |
| GOOGL Alphabet Inc. Class A | 3.99% | 303,207 | $46.9M | Add +3.8% |
| NVDA Nvidia Corp. | 2.42% | 262,501 | $28.4M | Add +65.2% |
| XTEN Bondbloxx BBG 10Y US TSY ETF | 2.27% | 572,996 | $26.7M | No change |
| META Meta Platforms Inc. Class A | 2.09% | 42,620 | $24.6M | Add +10.7% |
| SCHH Schwab US REIT ETF | 2.04% | 1,116,708 | $24.0M | Reduce -2.0% |
| EWY iShares MSCI South Korea ETF | 1.96% | 426,776 | $23.1M | Add +103.9% |
| FTEC Fidelity MSCI Info Tech Indx | 1.32% | 95,925 | $15.5M | Add +59.3% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 1.25% | 475,067 | $14.6M | Reduce -24.2% |
| AMZN Amazon.com Inc. | 1.16% | 71,550 | $13.6M | Reduce -8.7% |
| VGLT Vanguard Long-Term Treasury | 0.72% | 147,330 | $8.5M | Reduce -0.9% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.71% | 204,125 | $8.3M | Add +60.0% |
| AVGO Broadcom Inc. | 0.69% | 48,398 | $8.1M | Add +2963.2% |
| VGIT Vanguard Intermediate-Term T | 0.61% | 121,624 | $7.2M | Reduce -41.5% |
| VZ Verizon Communications Inc. | 0.60% | 154,441 | $7.0M | Reduce -10.0% |
| CMCSA Comcast Corp. Class A | 0.58% | 184,630 | $6.8M | Add +9.4% |
| MOAT Vaneck Morningstar Wide Moat | 0.52% | 69,511 | $6.1M | Add +8.5% |
| NFLX Netflix Inc. | 0.50% | 6,351 | $5.9M | Add +13.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.47% | 56,094 | $5.5M | Reduce -1.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.38% | 56,061 | $4.4M | Add +0.3% |
| XLB SS Materials Select Sector | 0.37% | 50,763 | $4.4M | No change |
| PBR Petroleo Brasileiro-Spon ADR | 0.29% | 241,071 | $3.5M | Add +0.5% |
| XOM Exxon Mobil Corp. | 0.28% | 28,123 | $3.3M | Reduce -2.8% |
| FLBR Franklin Ftse Brazil ETF | 0.28% | 201,947 | $3.3M | New |
| VT Vanguard Tot World STK ETF | 0.25% | 25,051 | $2.9M | New |
| KMI Kinder Morgan Inc. | 0.23% | 95,083 | $2.7M | Reduce -35.4% |
| WMB Williams Cos Inc. | 0.22% | 43,580 | $2.6M | Reduce -31.5% |
| CME Cme Group Inc. | 0.21% | 9,396 | $2.5M | Add +28.0% |
| OKE Oneok Inc. | 0.20% | 23,169 | $2.3M | Reduce -30.3% |
| CVX Chevron Corp. | 0.19% | 13,619 | $2.3M | Reduce -10.9% |
| PEP Pepsico Inc. | 0.19% | 14,547 | $2.2M | Add +312.3% |
| MDLZ Mondelez International Inc. Class A | 0.16% | 28,512 | $1.9M | Add +29.8% |
| MDT Medtronic PLC | 0.16% | 21,050 | $1.9M | Add +13.2% |
| ICE Intercontinental Exchange Inc. | 0.15% | 10,528 | $1.8M | Add +28.7% |
| VTIP Vanguard Short-Term Tips | 0.15% | 35,418 | $1.8M | Reduce -37.4% |
| EPD Enterprise Products Partners | 0.13% | 44,008 | $1.5M | Reduce -50.3% |
| GILD Gilead Sciences Inc. | 0.12% | 12,891 | $1.4M | Reduce -14.7% |
| CL Colgate-Palmolive Co. | 0.12% | 14,600 | $1.4M | Reduce -5.8% |
| CSCO Cisco Systems Inc. | 0.12% | 22,142 | $1.4M | Reduce -23.8% |
| MO Altria Group Inc. | 0.11% | 21,310 | $1.3M | Reduce -4.6% |
| PFE Pfizer Inc. | 0.10% | 47,812 | $1.2M | Add +23.9% |
| TME Tencent Music Entertainm-ADR | 0.10% | 79,384 | $1.1M | Reduce -40.3% |
| ET Energy Transfer LP | 0.09% | 59,337 | $1.1M | Reduce -72.8% |
| T AT&T Inc. | 0.09% | 37,132 | $1.1M | Reduce -5.1% |
| PAA Plains All Amer Pipeline LP | 0.08% | 49,306 | $986K | Reduce -47.5% |
| SRE Sempra | 0.08% | 13,111 | $936K | Add +27.9% |
| MPLX MPLX LP | 0.07% | 14,610 | $782K | Reduce -60.1% |
| WFC Wells Fargo & Co. | 0.06% | 10,463 | $751K | Reduce -16.2% |
| USB US Bancorp | 0.06% | 17,178 | $725K | Reduce -12.0% |
| BMY Bristol-Myers Squibb Co. | 0.06% | 11,191 | $683K | Reduce -44.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.06% | 16,060 | $670K | Reduce -14.7% |
| CSX CSX Corp. | 0.05% | 19,089 | $562K | Reduce -44.4% |
| WES Western Midstream Partners L | 0.05% | 13,301 | $545K | Reduce -52.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.05% | 12,729 | $532K | New |
| TFC Truist Financial Corp. | 0.04% | 12,780 | $526K | Reduce -18.2% |
| ARCC Ares Capital Corp. | 0.04% | 18,669 | $414K | New |
| AM Antero Midstream Corp. | 0.03% | 20,562 | $370K | Reduce -54.0% |
| HBAN Huntington Bancshares Inc. | 0.03% | 22,748 | $341K | Reduce -8.4% |
| AMCR Amcor PLC | 0.03% | 34,929 | $339K | Reduce -24.1% |
| KEY Keycorp | 0.02% | 16,694 | $267K | Reduce -11.3% |
| KVUE Kenvue Inc. | 0.02% | 10,788 | $259K | Reduce -12.9% |
| RF Regions Financial Corp. | 0.02% | 10,378 | $226K | Reduce -11.6% |
| WU Western Union Co. | 0.01% | 13,088 | $138K | Reduce -14.7% |
Portfolio Sells Q4 2024 → Q1 2025
| KXI iShares Global Consumer Stap | Sold out | 0.00% | −1.22 |
| FLSW Franklin Ftse Switzerland | Sold out | 0.00% | −0.80 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -8.2% | 5.25% | −0.34 |
| VGIT Vanguard Intermediate-Term T | Reduce -41.5% | 0.61% | −0.34 |
| VDC Vanguard Consumer Staple ETF | Reduce -15.3% | 5.89% | −0.33 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.26 |
| ET Energy Transfer LP | Reduce -72.8% | 0.09% | −0.24 |
| AMZN Amazon.com Inc. | Reduce -8.7% | 1.16% | −0.20 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Reduce -24.2% | 1.25% | −0.19 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.14 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.14 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.12 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.12 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −0.12 |
| BLK BlackRock Inc. | Sold out | 0.00% | −0.11 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.10 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.10 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.09 |
| EPD Enterprise Products Partners | Reduce -50.3% | 0.13% | −0.09 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.09 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.09 |
| ORLY O'reilly Automotive Inc. | Sold out | 0.00% | −0.09 |
| KMI Kinder Morgan Inc. | Reduce -35.4% | 0.23% | −0.09 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.08 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.08 |
| AEP American Electric Power | Sold out | 0.00% | −0.08 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.08 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.08 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.08 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.07 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.07 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.07 |
| MPLX MPLX LP | Reduce -60.1% | 0.07% | −0.07 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.07 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.07 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.07 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.07 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.07 |
| SO The Southern Co. | Sold out | 0.00% | −0.07 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.07 |
| OKE Oneok Inc. | Reduce -30.3% | 0.20% | −0.07 |
| MS Morgan Stanley | Sold out | 0.00% | −0.07 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.07 |
| MNST Monster Beverage Corp. | Sold out | 0.00% | −0.07 |
| VTIP Vanguard Short-Term Tips | Reduce -37.4% | 0.15% | −0.07 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −0.07 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.06 |
| MCO Moody's Corp. | Sold out | 0.00% | −0.06 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.06 |
| AZO AutoZone Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| VCIT Vanguard Int-Term Corporate | Add +37.2% | 5.72% | +1.93 |
| EWY iShares MSCI South Korea ETF | Add +103.9% | 1.96% | +1.12 |
| VMBS Vanguard Mortgage-Backed Sec | Add +1.5% | 10.26% | +1.09 |
| VHT Vanguard Health Care ETF | Add +5.5% | 6.53% | +1.04 |
| NVDA Nvidia Corp. | Add +65.2% | 2.42% | +0.74 |
| AVGO Broadcom Inc. | Add +2963.2% | 0.69% | +0.66 |
| AAPL Apple Inc. | Add +19.1% | 4.39% | +0.54 |
| SCHO Schwab Short-Term US Treas | Add +4.2% | 4.08% | +0.50 |
| FTEC Fidelity MSCI Info Tech Indx | Add +59.3% | 1.32% | +0.44 |
| META Meta Platforms Inc. Class A | Add +10.7% | 2.09% | +0.31 |
| FLBR Franklin Ftse Brazil ETF | New | 0.28% | +0.28 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +60.0% | 0.71% | +0.26 |
| VT Vanguard Tot World STK ETF | New | 0.25% | +0.25 |
| PEP Pepsico Inc. | Add +312.3% | 0.19% | +0.14 |
| NFLX Netflix Inc. | Add +13.2% | 0.50% | +0.11 |
| CMCSA Comcast Corp. Class A | Add +9.4% | 0.58% | +0.08 |
| CME Cme Group Inc. | Add +28.0% | 0.21% | +0.08 |
| MDLZ Mondelez International Inc. Class A | Add +29.8% | 0.16% | +0.06 |
| ICE Intercontinental Exchange Inc. | Add +28.7% | 0.15% | +0.06 |
| MOAT Vaneck Morningstar Wide Moat | Add +8.5% | 0.52% | +0.05 |
| PBR Petroleo Brasileiro-Spon ADR | Add +0.5% | 0.29% | +0.05 |
| SLB SLB Ltd. | New | 0.05% | +0.05 |
| MDT Medtronic PLC | Add +13.2% | 0.16% | +0.04 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +0.3% | 0.38% | +0.04 |
| ARCC Ares Capital Corp. | New | 0.04% | +0.04 |
| PFE Pfizer Inc. | Add +23.9% | 0.10% | +0.02 |
| SRE Sempra | Add +27.9% | 0.08% | +0.01 |
| MSFT Microsoft Corp. | Add +3.9% | 4.10% | −0.00 |
| GOOGL Alphabet Inc. Class A | Add +3.8% | 3.99% | −0.37 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 317 | $1.6B | GOVT, MSFT, VTI, AAPL, GOOGL |
| Q1 2026 | 315 | $1.6B | GOVT, MSFT, VTI, AAPL, GOOGL |
| Q4 2025 | 327 | $1.7B | GOVT, VTI, AAPL, MSFT, GOOGL |
| Q3 2025 | 463 | $2.7B | GOVT, NVDA, MSFT, AAPL, VTI |
| Q2 2025 | 205 | $1.1B | GOVT, VHT, VTI, MSFT, GOOGL |
| Q1 2025 | 71 | $1.2B | GOVT, VMBS, VHT, VDC, VCIT |
| Q4 2024 | 212 | $1.3B | GOVT, VMBS, VDC, VTI, VHT |
| Q3 2024 | 214 | $1.0B | GOVT, VDC, VTI, VHT, GOOGL |
| Q2 2024 | 195 | $957.0M | GOVT, VDC, VHT, VTI, GOOGL |
| Q1 2024 | 200 | $922.2M | GOVT, VDC, VHT, SCHO, VTI |