Morningstar Investment Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Morningstar Investment Management LLC reported 463 stock positions worth $2.7 billion. Its top holding was iShares US Treasury Bond ETF (GOVT) at 9.1% of the portfolio, followed by Nvidia (NVDA, 3.9%) and Microsoft (MSFT, 3.1%). Compared with Q2 2025, it opened 320 new positions, sold out of 62, added to 119 and reduced 22. The biggest buy was a new position in SS SPDR S&P 600 SC Val ETF (SLYV) and the biggest sale iShares US Treasury Bond ETF (GOVT, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001673385
- Portfolio Value
- $2.7B (Q3 2025)
- SEC Filing
- 0001104659-25-112875 ↗ filed Nov 17, 2025
Holdings Value
Holdings 463 stocks · $2.7B
| GOVT iShares US Treasury Bond ETF | 9.12% | 10,701,492 | $247.4M | Reduce -3.5% |
| NVDA Nvidia Corp. | 3.93% | 572,290 | $106.8M | Add +69.2% |
| MSFT Microsoft Corp. | 3.11% | 163,143 | $84.5M | Add +25.5% |
| AAPL Apple Inc. | 2.90% | 308,671 | $78.6M | Add +4.2% |
| VTI VG Morningstar TS MKT ETF-US | 2.65% | 219,333 | $72.0M | Reduce -6.2% |
| META Meta Platforms Inc. Class A | 1.87% | 69,295 | $50.9M | Add +33.5% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.70% | 994,157 | $46.0M | Add +310.1% |
| GOOGL Alphabet Inc. Class A | 1.68% | 187,502 | $45.6M | Reduce -47.6% |
| SCHO Schwab Short-Term US Treas | 1.55% | 1,726,672 | $42.1M | Add +2.7% |
| AMZN Amazon.com Inc. | 1.47% | 181,570 | $39.9M | Add +153.8% |
| SLYV SS SPDR S&P 600 SC Val ETF | 1.31% | 400,624 | $35.5M | New |
| V Visa Inc. Class A | 1.25% | 99,758 | $34.1M | New |
| TSM Taiwan Semiconductor-SP ADR | 1.05% | 102,309 | $28.6M | New |
| BNDX Vanguard Total Intl Bond ETF | 0.95% | 522,907 | $25.9M | Add +542.7% |
| FTEC Fidelity MSCI Info Tech Indx | 0.90% | 110,357 | $24.5M | Reduce -8.8% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.87% | 652,975 | $23.6M | Add +16.3% |
| IXUS iShares Core Intl Stock ETF | 0.77% | 254,423 | $21.0M | New |
| BLK BlackRock Inc. | 0.77% | 17,839 | $20.8M | Add +970.1% |
| JPM JPMorgan Chase & Co. | 0.74% | 63,993 | $20.2M | Add +2186.3% |
| ORCL Oracle Corp. | 0.74% | 70,973 | $20.0M | New |
| KXI iShares Global Consumer Stap | 0.70% | 293,821 | $18.9M | Add +24.4% |
| AXP American Express Co. | 0.68% | 55,284 | $18.4M | New |
| JNJ Johnson & Johnson | 0.67% | 98,377 | $18.2M | Add +1999.4% |
| GD General Dynamics Corp. | 0.60% | 48,135 | $16.4M | Add +1100.1% |
| XOM Exxon Mobil Corp. | 0.59% | 141,271 | $15.9M | Add +319.2% |
| NFLX Netflix Inc. | 0.58% | 13,070 | $15.7M | Add +53.4% |
| RTX RTX Corp. | 0.57% | 92,082 | $15.4M | New |
| PEP Pepsico Inc. | 0.56% | 107,334 | $15.1M | Add +519.9% |
| OMC Omnicom Group | 0.55% | 183,132 | $14.9M | New |
| HON Honeywell International Inc. | 0.55% | 70,557 | $14.9M | Add +1106.1% |
| KVUE Kenvue Inc. | 0.52% | 869,485 | $14.1M | Add +6816.6% |
| ICSH iShares Ultra Short Duration | 0.52% | 276,624 | $14.0M | New |
| ACN Accenture PLC Class A | 0.52% | 56,754 | $14.0M | New |
| PGR Progressive Corp. | 0.51% | 55,893 | $13.8M | New |
| MA Mastercard Inc. Class A | 0.50% | 23,953 | $13.6M | New |
| UNP Union Pacific Corp. | 0.50% | 57,620 | $13.6M | New |
| VHT Vanguard Health Care ETF | 0.49% | 51,479 | $13.4M | Reduce -87.3% |
| ISRG Intuitive Surgical Inc. | 0.48% | 29,407 | $13.2M | New |
| ETN Eaton Corp. PLC | 0.45% | 32,555 | $12.2M | Add +1477.3% |
| KLAC KLA Corp. | 0.45% | 11,237 | $12.1M | Add +2348.2% |
| DHR Danaher Corp. | 0.44% | 59,895 | $11.9M | New |
| MRSH Marsh & McLennan Cos | 0.43% | 58,435 | $11.8M | New |
| MCK McKesson Corp. | 0.43% | 15,130 | $11.7M | Add +2451.4% |
| TMO Thermo Fisher Scientific Inc. | 0.42% | 23,710 | $11.5M | Add +833.5% |
| EMR Emerson Electric Co. | 0.42% | 87,328 | $11.5M | Add +1225.4% |
| MRK Merck & Co. Inc. | 0.42% | 135,266 | $11.4M | Add +1138.3% |
| AVGO Broadcom Inc. | 0.41% | 33,426 | $11.0M | Reduce -48.0% |
| NKE Nike Inc. Class B | 0.41% | 158,038 | $11.0M | Add +1542.6% |
| SCHH Schwab US REIT ETF | 0.40% | 508,037 | $11.0M | Reduce -57.2% |
| VGLT Vanguard Long-Term Treasury | 0.40% | 191,515 | $10.9M | Add +2.3% |
| BA The Boeing Co. | 0.40% | 49,828 | $10.8M | New |
| APH Amphenol Corp. Class A | 0.39% | 84,776 | $10.5M | Add +1610.6% |
| CI The Cigna Group | 0.38% | 35,688 | $10.3M | New |
| TSLA Tesla Inc. | 0.38% | 23,049 | $10.3M | New |
| PYPL PayPal Holdings Inc. | 0.38% | 152,677 | $10.2M | Add +3404.2% |
| AMAT Applied Materials Inc. | 0.38% | 49,783 | $10.2M | Add +2950.4% |
| TXN Texas Instruments Inc. | 0.37% | 55,145 | $10.1M | Add +996.3% |
| DUK Duke Energy Corp. | 0.37% | 81,714 | $10.1M | New |
| MDLZ Mondelez International Inc. Class A | 0.37% | 160,634 | $10.0M | Add +490.4% |
| BF.B Brown-Forman Corp. Class B | 0.36% | 364,694 | $9.9M | New |
| CRM Salesforce Inc. | 0.36% | 41,394 | $9.8M | New |
| PLD Prologis Inc. | 0.36% | 85,512 | $9.8M | New |
| STZ Constellation Brands Inc. Class A | 0.36% | 72,494 | $9.8M | New |
| ADBE Adobe Inc. | 0.36% | 27,638 | $9.8M | New |
| MS Morgan Stanley | 0.36% | 60,719 | $9.7M | Add +940.8% |
| SYK Stryker Corp. | 0.35% | 26,057 | $9.6M | New |
| ITW Illinois Tool Works | 0.35% | 36,805 | $9.6M | New |
| PANW Palo Alto Networks Inc. | 0.35% | 46,079 | $9.4M | New |
| INTU Intuit Inc. | 0.34% | 13,408 | $9.2M | Add +2157.2% |
| SPGI S&P Global Inc. | 0.34% | 18,792 | $9.1M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.33% | 9,320 | $9.0M | New |
| SCHW Schwab (charles) Corp. | 0.33% | 93,769 | $9.0M | New |
| MCO Moody's Corp. | 0.33% | 18,633 | $8.9M | New |
| FAST Fastenal Co. | 0.32% | 177,579 | $8.7M | Add +3108.9% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.32% | 98,747 | $8.7M | New |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.32% | 9,095 | $8.7M | New |
| ABNB Airbnb Inc. Class A | 0.32% | 71,156 | $8.6M | New |
| COP Conocophillips | 0.32% | 91,260 | $8.6M | New |
| PFE Pfizer Inc. | 0.31% | 326,558 | $8.3M | Add +472.1% |
| HD Home Depot Inc. | 0.30% | 20,021 | $8.1M | New |
| KKR KKR & Co. Inc. | 0.30% | 62,267 | $8.1M | New |
| CPB The Campbell's Company | 0.29% | 252,062 | $8.0M | New |
| ABBV Abbvie Inc. | 0.29% | 34,293 | $7.9M | Add +1650.5% |
| SHW The Sherwin-Williams Co. | 0.29% | 22,726 | $7.9M | Add +756.0% |
| PG The Procter & Gamble Co. | 0.28% | 50,267 | $7.7M | Add +1349.9% |
| NXPI NXP Semiconductors NV | 0.28% | 33,905 | $7.7M | Add +2439.7% |
| MOAT Vaneck Morningstar Wide Moat | 0.28% | 77,770 | $7.7M | No change |
| NDAQ Nasdaq Inc. | 0.28% | 86,591 | $7.7M | New |
| WFC Wells Fargo & Co. | 0.28% | 90,955 | $7.6M | Add +678.5% |
| CVX Chevron Corp. | 0.27% | 47,951 | $7.4M | Add +172.2% |
| ADI Analog Devices Inc. | 0.27% | 30,032 | $7.4M | Add +1646.0% |
| BAX Baxter International Inc. | 0.27% | 323,197 | $7.4M | Add +2276.6% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 162,386 | $7.3M | Add +1079.8% |
| ANET Arista Networks Inc. | 0.27% | 50,172 | $7.3M | Add +1807.7% |
| LOW Lowe's Cos Inc. | 0.27% | 28,911 | $7.3M | New |
| D Dominion Energy Inc. | 0.26% | 116,247 | $7.1M | Add +2833.3% |
| LIN Linde PLC | 0.26% | 14,926 | $7.1M | New |
| SO The Southern Co. | 0.26% | 74,502 | $7.1M | New |
| C Citigroup Inc. | 0.25% | 68,112 | $6.9M | Add +930.8% |
| TRV The Travelers Cos Inc. | 0.25% | 24,526 | $6.8M | New |
Other holdings (8): bonds, preferreds, convertibles and warrants · $5.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 25,957 | $983K | New |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 8,198 | $829K | New |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 11,186 | $786K | New |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 15,778 | $784K | New |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | 10,710 | $727K | New |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 8,900 | $632K | New |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | 4,839 | $459K | New |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | 937 | $255K | New |
Total filed on the 13F, all lines: $2.7B.
Portfolio Sells Q2 2025 → Q3 2025
| GOVT iShares US Treasury Bond ETF | Reduce -3.5% | 9.12% | −13.25 |
| VHT Vanguard Health Care ETF | Reduce -87.3% | 0.49% | −8.34 |
| GOOGL Alphabet Inc. Class A | Reduce -47.6% | 1.68% | −3.86 |
| VDC Vanguard Consumer Staple ETF | Sold out | 0.00% | −3.85 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -6.2% | 2.65% | −3.58 |
| EWY iShares MSCI South Korea ETF | Reduce -78.7% | 0.20% | −1.81 |
| SCHH Schwab US REIT ETF | Reduce -57.2% | 0.40% | −1.80 |
| FTEC Fidelity MSCI Info Tech Indx | Reduce -8.8% | 0.90% | −1.19 |
| AVGO Broadcom Inc. | Reduce -48.0% | 0.41% | −1.15 |
| DIS The Walt Disney Co. | Reduce -87.6% | 0.04% | −0.72 |
| VZ Verizon Communications Inc. | Reduce -43.3% | 0.19% | −0.60 |
| CMCSA Comcast Corp. Class A | Reduce -23.0% | 0.21% | −0.52 |
| WMB Williams Cos Inc. | Sold out | 0.00% | −0.23 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.23 |
| VGIT Vanguard Intermediate-Term T | Reduce -5.8% | 0.15% | −0.23 |
| TMUS T-Mobile US Inc. | Reduce -89.2% | 0.01% | −0.19 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.16 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.15 |
| VT Vanguard Tot World STK ETF | Sold out | 0.00% | −0.15 |
| TME Tencent Music Entertainm-ADR | Reduce -81.9% | 0.01% | −0.14 |
| ICE Intercontinental Exchange Inc. | Reduce -51.1% | 0.03% | −0.12 |
| CSCO Cisco Systems Inc. | Reduce -77.0% | 0.01% | −0.12 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.12 |
| PDD PDD Holdings Inc. | Reduce -78.4% | 0.01% | −0.11 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.11 |
| SRE Sempra | Sold out | 0.00% | −0.10 |
| GILD Gilead Sciences Inc. | Reduce -57.7% | 0.02% | −0.10 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.09 |
| PAA Plains All Amer Pipeline LP | Sold out | 0.00% | −0.08 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.08 |
| T AT&T Inc. | Sold out | 0.00% | −0.08 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.08 |
| MPLX MPLX LP | Sold out | 0.00% | −0.07 |
| SPG Simon Property Group Inc. | Reduce -71.8% | 0.01% | −0.07 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.06 |
| CTAS Cintas Corp. | Sold out | 0.00% | −0.06 |
| HCA HCA Healthcare Inc. | Sold out | 0.00% | −0.06 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.06 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.05 |
| NTRS Northern Trust Corp. | Reduce -59.0% | 0.01% | −0.05 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.05 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.05 |
| WES Western Midstream Partners L | Sold out | 0.00% | −0.05 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.04 |
| ARCC Ares Capital Corp. | Sold out | 0.00% | −0.04 |
| GM General Motors Co. | Sold out | 0.00% | −0.04 |
| HBAN Huntington Bancshares Inc. | Sold out | 0.00% | −0.04 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.04 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −0.04 |
| BNY Bank of New York Mellon Corp. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| SLYV SS SPDR S&P 600 SC Val ETF | New | 1.31% | +1.31 |
| V Visa Inc. Class A | New | 1.25% | +1.25 |
| TSM Taiwan Semiconductor-SP ADR | New | 1.05% | +1.05 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +310.1% | 1.70% | +0.79 |
| IXUS iShares Core Intl Stock ETF | New | 0.77% | +0.77 |
| ORCL Oracle Corp. | New | 0.74% | +0.74 |
| AXP American Express Co. | New | 0.68% | +0.68 |
| JPM JPMorgan Chase & Co. | Add +2186.3% | 0.74% | +0.67 |
| BLK BlackRock Inc. | Add +970.1% | 0.77% | +0.61 |
| JNJ Johnson & Johnson | Add +1999.4% | 0.67% | +0.61 |
| BNDX Vanguard Total Intl Bond ETF | Add +542.7% | 0.95% | +0.60 |
| RTX RTX Corp. | New | 0.57% | +0.57 |
| OMC Omnicom Group | New | 0.55% | +0.55 |
| ICSH iShares Ultra Short Duration | New | 0.52% | +0.52 |
| ACN Accenture PLC Class A | New | 0.52% | +0.52 |
| PGR Progressive Corp. | New | 0.51% | +0.51 |
| GD General Dynamics Corp. | Add +1100.1% | 0.60% | +0.50 |
| MA Mastercard Inc. Class A | New | 0.50% | +0.50 |
| UNP Union Pacific Corp. | New | 0.50% | +0.50 |
| KVUE Kenvue Inc. | Add +6816.6% | 0.52% | +0.50 |
| ISRG Intuitive Surgical Inc. | New | 0.48% | +0.48 |
| DHR Danaher Corp. | New | 0.44% | +0.44 |
| MRSH Marsh & McLennan Cos | New | 0.43% | +0.43 |
| HON Honeywell International Inc. | Add +1106.1% | 0.55% | +0.43 |
| KLAC KLA Corp. | Add +2348.2% | 0.45% | +0.41 |
| BA The Boeing Co. | New | 0.40% | +0.40 |
| MCK McKesson Corp. | Add +2451.4% | 0.43% | +0.39 |
| ETN Eaton Corp. PLC | Add +1477.3% | 0.45% | +0.38 |
| CI The Cigna Group | New | 0.38% | +0.38 |
| TSLA Tesla Inc. | New | 0.38% | +0.38 |
| DUK Duke Energy Corp. | New | 0.37% | +0.37 |
| BF.B Brown-Forman Corp. Class B | New | 0.36% | +0.36 |
| CRM Salesforce Inc. | New | 0.36% | +0.36 |
| PLD Prologis Inc. | New | 0.36% | +0.36 |
| STZ Constellation Brands Inc. Class A | New | 0.36% | +0.36 |
| ADBE Adobe Inc. | New | 0.36% | +0.36 |
| SYK Stryker Corp. | New | 0.35% | +0.35 |
| PEP Pepsico Inc. | Add +519.9% | 0.56% | +0.35 |
| ITW Illinois Tool Works | New | 0.35% | +0.35 |
| AMAT Applied Materials Inc. | Add +2950.4% | 0.38% | +0.35 |
| PYPL PayPal Holdings Inc. | Add +3404.2% | 0.38% | +0.35 |
| NKE Nike Inc. Class B | Add +1542.6% | 0.41% | +0.35 |
| PANW Palo Alto Networks Inc. | New | 0.35% | +0.35 |
| EMR Emerson Electric Co. | Add +1225.4% | 0.42% | +0.34 |
| APH Amphenol Corp. Class A | Add +1610.6% | 0.39% | +0.34 |
| MRK Merck & Co. Inc. | Add +1138.3% | 0.42% | +0.34 |
| SPGI S&P Global Inc. | New | 0.34% | +0.34 |
| TMO Thermo Fisher Scientific Inc. | Add +833.5% | 0.42% | +0.33 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.33% | +0.33 |
| SCHW Schwab (charles) Corp. | New | 0.33% | +0.33 |
Notes & Other Activity Q2 2025 → Q3 2025
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | New | 25,957 | $983K |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | New | 8,198 | $829K |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | New | 11,186 | $786K |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | New | 15,778 | $784K |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | New | 10,710 | $727K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | New | 8,900 | $632K |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | New | 4,839 | $459K |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | New | 937 | $255K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |