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

0$1.0B$2.0B$3.0B Q1 2024: $922.2M Q1 2024 Q2 2024: $957.0M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $2.7B $2.7B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.6B Q2 2026

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
UBER Uber Technologies Inc. 0.25% 69,815 $6.8M New
HDB HDFC Bank Ltd.-ADR 0.25% 200,180 $6.8M New
PNC PNC Financial Services Group 0.25% 33,882 $6.8M Add +849.9%
MRVL Marvell Technology Inc. 0.25% 79,524 $6.7M New
AON Aon PLC Class A 0.25% 18,692 $6.7M Add +466.3%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.24% 64,196 $6.6M Add +1646.8%
FOXA Fox Corp. Class A 0.24% 104,238 $6.6M New
FMX Fomento Economico Mex-SP ADR 0.24% 66,228 $6.5M New
BRSL Brightstar Lottery PLC 0.24% 375,443 $6.5M New
CNH CNH Industrial NV 0.24% 595,996 $6.5M New
CHKP Check Point Software Tech 0.24% 31,242 $6.5M New
VTIP Vanguard Short-Term Tips 0.23% 124,391 $6.3M Add +57.5%
SNPS Synopsys Inc. 0.23% 12,757 $6.3M Add +2466.8%
PM Philip Morris International 0.23% 38,716 $6.3M Add +1325.0%
FISV Fiserv Inc. 0.22% 47,125 $6.1M New
CB Chubb Ltd. 0.22% 21,356 $6.0M New
GSK GSK PLC-Spon ADR 0.22% 139,467 $6.0M New
JD Jd.com Inc.-ADR 0.22% 170,793 $6.0M New
LRCX Lam Research Corp. 0.22% 44,365 $5.9M Add +1720.5%
YUMC Yum China Holdings Inc. 0.22% 137,190 $5.9M New
ABT Abbott Laboratories 0.22% 43,613 $5.8M New
LMT Lockheed Martin Corp. 0.21% 11,643 $5.8M Add +373.3%
JHX James Hardie Ord 0.21% 302,014 $5.8M New
BRK.B Berkshire Hathaway Inc. Class B 0.21% 11,540 $5.8M New
WMT Walmart Inc. 0.21% 54,907 $5.7M New
QCOM Qualcomm Inc. 0.21% 33,843 $5.6M Add +1454.6%
ORLY O'reilly Automotive Inc. 0.21% 52,101 $5.6M Add +316.0%
CMCSA Comcast Corp. Class A 0.21% 177,584 $5.6M Reduce -23.0%
EFX Equifax Inc. 0.20% 21,295 $5.5M New
EWY iShares MSCI South Korea ETF 0.20% 67,909 $5.4M Reduce -78.7%
PHG Koninklijke Philips NVR- NY 0.20% 199,325 $5.4M New
MKTX Marketaxess Holdings Inc. 0.20% 30,976 $5.4M New
XEL Xcel Energy Inc. 0.20% 66,585 $5.4M Add +2130.7%
NOW ServiceNow Inc. 0.20% 5,776 $5.3M New
BABA Alibaba Group Holding-SP ADR 0.19% 29,411 $5.3M New
HRB H&R Block Inc. filed as BLOCK H & R INC 0.19% 103,578 $5.2M New
CTSH Cognizant Tech Solutions-A 0.19% 77,969 $5.2M New
NICE Nice Ltd. - Spon ADR 0.19% 35,792 $5.2M New
VZ Verizon Communications Inc. 0.19% 117,804 $5.2M Reduce -43.3%
NOC Northrop Grumman Corp. 0.19% 8,485 $5.2M Add +191.5%
MAR Marriott International Class A 0.19% 19,435 $5.1M New
FLBR Franklin Ftse Brazil ETF 0.19% 265,296 $5.1M New
BCE Bce Inc. 0.19% 215,658 $5.0M New
TU Telus Corp. 0.19% 318,951 $5.0M New
VRTX Vertex Pharmaceuticals Inc. 0.18% 12,305 $4.8M Add +900.4%
DOC Healthpeak Properties Inc. 0.17% 247,933 $4.7M New
EQIX Equinix Inc. 0.17% 5,978 $4.7M New
ABEV Ambev SA-ADR 0.17% 2,040,363 $4.5M New
MNST Monster Beverage Corp. 0.17% 66,965 $4.5M New
RJF Raymond James Financial Inc. 0.17% 25,994 $4.5M Add +1259.5%
SBUX Starbucks Corp. 0.16% 52,469 $4.4M Add +636.5%
IQV Iqvia Holdings Inc. 0.16% 22,783 $4.3M New
BAP Credicorp Ltd. 0.16% 16,126 $4.3M New
MDT Medtronic PLC 0.16% 44,991 $4.3M Add +97.7%
MELI MercadoLibre Inc. 0.16% 1,813 $4.2M New
ROP Roper Technologies Inc. 0.16% 8,459 $4.2M Add +361.5%
ROK Rockwell Automation Inc. 0.15% 12,013 $4.2M New
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.15% 67,652 $4.2M Add +1738.9%
CL Colgate-Palmolive Co. 0.15% 52,025 $4.2M Add +243.3%
CCI Crown Castle Inc. 0.15% 42,937 $4.1M Add +916.0%
PCAR Paccar Inc. 0.15% 41,964 $4.1M New
VGIT Vanguard Intermediate-Term T 0.15% 68,022 $4.1M Reduce -5.8%
TEL Te Connectivity PLC 0.15% 18,584 $4.1M New
MO Altria Group Inc. 0.15% 61,238 $4.0M Add +207.8%
PCG P G & E Corp. 0.15% 264,325 $4.0M New
CAT Caterpillar Inc. 0.15% 8,306 $4.0M New
AMGN Amgen Inc. 0.15% 13,991 $3.9M Add +242.6%
ES Eversource Energy 0.14% 55,311 $3.9M New
USB US Bancorp 0.14% 80,523 $3.9M Add +324.8%
PBR Petroleo Brasileiro-Spon ADR 0.14% 307,303 $3.9M Add +3.0%
APD Air Products & Chemicals Inc. 0.14% 14,242 $3.9M Add +761.6%
WAT Waters Corp. 0.14% 12,907 $3.9M New
RYAAY Ryanair Holdings PLC-SP ADR 0.14% 62,304 $3.8M New
ELV Elevance Health Inc. 0.14% 11,564 $3.7M New
GEHC GE Healthcare Technology 0.14% 49,617 $3.7M New
PAYX Paychex Inc. 0.14% 29,292 $3.7M New
TPL Texas Pacific Land Corp. 0.14% 3,958 $3.7M New
CME Cme Group Inc. 0.13% 13,468 $3.6M Add +53.7%
XRAY Dentsply Sirona Inc. 0.13% 284,166 $3.6M New
CYBR Cyberark Software Ltd./Israel 0.13% 7,367 $3.6M New
EIX Edison International 0.13% 63,999 $3.5M New
PPG PPG Industries Inc. 0.13% 32,930 $3.5M New
PCOR Procore Technologies Inc. 0.13% 47,139 $3.4M New
HQY Healthequity Inc. 0.13% 36,173 $3.4M New
BHP BHP Group Ltd.-Spon ADR 0.13% 61,280 $3.4M New
CLX Clorox Company 0.12% 26,948 $3.3M New
RBC RBC Bearings Inc. 0.12% 8,451 $3.3M New
CWST Casella Waste Systems Inc. Class A 0.12% 34,596 $3.3M New
SWKS Skyworks Solutions Inc. 0.12% 42,362 $3.3M New
NVMI Nova Ltd. 0.12% 10,191 $3.3M New
ENSG The Ensign Group Inc. 0.12% 18,844 $3.3M New
NTES Netease Inc.-ADR 0.12% 21,279 $3.2M New
AMCR Amcor PLC 0.12% 390,811 $3.2M Add +759.3%
EPD Enterprise Products Partners 0.12% 99,987 $3.1M Add +121.7%
FN Fabrinet 0.11% 8,474 $3.1M New
SEIC Sei Investments Company 0.11% 36,154 $3.1M Add +875.5%
CNI Canadian Natl Railway Co. 0.11% 32,173 $3.0M Add +850.7%
ALC Alcon Inc. filed as ALCON AG 0.11% 39,821 $3.0M New
EOG EOG Resources Inc. 0.11% 26,360 $3.0M Add +347.8%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.11% 84,806 $2.9M Add +438.7%
BDX Becton Dickinson and Co. 0.11% 15,458 $2.9M Add +101.3%
OTIS Otis Worldwide Corp. 0.11% 31,609 $2.9M New
WDAY Workday Inc. Class A 0.11% 11,905 $2.9M New
TRU Transunion 0.10% 33,995 $2.8M New
IEX Idex Corp. 0.10% 17,476 $2.8M New
ILMN Illumina Inc. 0.10% 29,893 $2.8M New
CRH CRH PLC 0.10% 23,633 $2.8M Add +271.4%
TEAM Atlassian Corp. Class A 0.10% 17,696 $2.8M New
MAS Masco Corp. 0.10% 39,850 $2.8M New
KMB Kimberly-Clark Corp. 0.10% 22,347 $2.8M Add +493.6%
EXC Exelon Corp. 0.10% 61,139 $2.8M New
OLLI Ollie's Bargain Outlet Holdi 0.10% 21,091 $2.7M New
MEDP Medpace Holdings Inc. 0.10% 5,250 $2.7M New
SAP Sap SE-Sponsored ADR 0.10% 10,099 $2.7M New
ON On Semiconductor 0.10% 54,392 $2.7M New
AVB Avalonbay Communities Inc. 0.10% 13,710 $2.6M New
BIIB Biogen Inc. 0.10% 18,779 $2.6M New
GIS General Mills Inc. 0.10% 51,685 $2.6M New
TGT Target Corp. 0.10% 28,931 $2.6M New
GPN Global Payments Inc. 0.10% 31,132 $2.6M New
OZK Bank Ozk 0.09% 49,498 $2.5M New
FOUR SHIFT4 Payments Inc. Class A 0.09% 31,909 $2.5M New
NPO Enpro Inc. 0.09% 10,753 $2.4M New
LULU Lululemon Athletica Inc. 0.09% 13,424 $2.4M New
MOD Modine Manufacturing Co. 0.08% 16,206 $2.3M New
SE Sea Ltd.-ADR 0.08% 12,876 $2.3M New
AZO AutoZone Inc. 0.08% 525 $2.3M Add +93.0%
AEP American Electric Power 0.08% 19,912 $2.2M Add +208.7%
REGN Regeneron Pharmaceuticals 0.08% 3,918 $2.2M Add +238.1%
LPLA LPL Financial Holdings Inc. 0.08% 6,583 $2.2M New
OKE Oneok Inc. 0.08% 29,777 $2.2M Add +8.8%
O Realty Income Corp. 0.08% 35,459 $2.2M New
CAMT Camtek Ltd. 0.08% 20,515 $2.2M New
FSS Federal Signal Corp. 0.08% 18,096 $2.2M New
VRNA Verona Pharma Ltd. 0.08% 20,084 $2.1M New
BTI British American Tob-SP ADR 0.08% 39,967 $2.1M New
A Agilent Technologies Inc. 0.08% 16,498 $2.1M New
TXNM TXNM Energy Inc. 0.08% 37,041 $2.1M New
HAL Halliburton Co. 0.08% 84,963 $2.1M New
CSX CSX Corp. 0.08% 58,691 $2.1M Add +174.6%
HUM Humana Inc. 0.08% 8,009 $2.1M New
SITE Siteone Landscape Supply Inc. 0.08% 15,943 $2.1M New
HPQ HP Inc. 0.08% 75,238 $2.0M New
TGNA Tegna Inc. 0.08% 100,724 $2.0M New
TFC Truist Financial Corp. 0.07% 44,544 $2.0M Add +183.2%
CCEP Coca-Cola Europacific Partne 0.07% 22,504 $2.0M New
DOW Dow Inc. 0.07% 88,465 $2.0M New
MC Moelis & Co. Class A 0.07% 28,387 $2.0M New
UPS United Parcel Service Class B 0.07% 24,046 $2.0M Add +190.2%
DDOG Datadog Inc. Class A 0.07% 14,100 $2.0M New
KO The Coca-Cola Co. 0.07% 29,461 $2.0M Add +226.3%
GWRE Guidewire Software Inc. 0.07% 8,499 $2.0M New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.07% 39,766 $1.9M Add +1021.4%
VVV Valvoline Inc. 0.07% 53,735 $1.9M New
KAI Kadant Inc. 0.07% 6,417 $1.9M New
NSC Norfolk Southern Corp. 0.07% 6,333 $1.9M Add +171.4%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.07% 57,943 $1.9M New
CNC Centene Corp. 0.07% 52,788 $1.9M New
CHTR Charter Communications Inc. Class A 0.07% 6,816 $1.9M New
BX Blackstone Inc. 0.07% 10,837 $1.9M New
OXY Occidental Petroleum Corp. 0.07% 39,092 $1.8M New
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.07% 24,177 $1.8M New
MRNA Moderna Inc. 0.07% 70,855 $1.8M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.07% 35,448 $1.8M Add +91.0%
UNH Unitedhealth Group Inc. 0.07% 5,261 $1.8M New
AHL Aspen Insurance Holdings Class A 0.07% 49,491 $1.8M New
DD Dupont DE Nemours Inc. 0.07% 23,080 $1.8M New
EW Edwards Lifesciences Corp. 0.07% 23,076 $1.8M New
TSN Tyson Foods Inc. Class A 0.07% 32,879 $1.8M New
LOAR Loar Holdings Inc. 0.07% 22,237 $1.8M New
NVS Novartis AG-Sponsored ADR 0.07% 13,842 $1.8M New
FITB Fifth Third Bancorp 0.07% 39,739 $1.8M Add +294.3%
KHC The Kraft Heinz Co. 0.07% 67,871 $1.8M Add +526.1%
KEY Keycorp 0.06% 93,894 $1.8M Add +379.3%
PBPB Potbelly Corp. 0.06% 102,917 $1.8M New
FIS Fidelity National Info Serv 0.06% 26,569 $1.8M New
TREX Trex Company Inc. 0.06% 33,453 $1.7M New
ZBH Zimmer Biomet Holdings Inc. 0.06% 17,255 $1.7M New
ICFI Icf International Inc. 0.06% 18,269 $1.7M New
CCC CCC Intelligent Solutions Ho 0.06% 183,660 $1.7M New
ALGN Align Technology Inc. 0.06% 13,237 $1.7M New
HLNE Hamilton Lane Inc. Class A 0.06% 12,235 $1.6M New
PLAB Photronics Inc. 0.06% 71,846 $1.6M New
VRNT Verint Systems Inc. 0.06% 80,627 $1.6M New
SAIA Saia Inc. 0.06% 5,389 $1.6M New
CERT Certara Inc. 0.06% 130,744 $1.6M New
PSA Public Storage 0.06% 5,531 $1.6M New
INFA Informatica Inc. Class A 0.06% 64,003 $1.6M New
VRSN Verisign Inc. 0.06% 5,675 $1.6M Add +657.7%
PRA Proassurance Corp. 0.06% 66,123 $1.6M New
MANH Manhattan Associates Inc. 0.06% 7,564 $1.6M New
APAM Artisan Partners Asset Ma -A 0.06% 35,162 $1.5M New
PH Parker Hannifin Corp. 0.06% 2,002 $1.5M New
BCPC Balchem Corp. 0.06% 10,059 $1.5M New
TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA 0.06% 79,880 $1.5M New
INFY Infosys Ltd.-SP ADR 0.05% 90,192 $1.5M New
UTHR United Therapeutics Corp. 0.05% 3,487 $1.5M New
HBI Hanesbrands Inc. 0.05% 220,674 $1.5M New
HSIC Henry Schein Inc. 0.05% 21,899 $1.5M New
SPNS Sapiens International Corp. 0.05% 33,738 $1.5M New
MLNK Meridianlink Inc. 0.05% 72,550 $1.4M New
AMX America Movil Sab DE CV 0.05% 68,630 $1.4M New
VMEO Vimeo Inc. 0.05% 185,204 $1.4M New
GTLS Chart Industries Inc. 0.05% 7,136 $1.4M New
FIVE Five Below 0.05% 9,205 $1.4M New
POOL Pool Corp. 0.05% 4,513 $1.4M New
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.05% 9,364 $1.4M Add +349.5%
EA Electronic Arts Inc. 0.05% 6,640 $1.3M Add +220.0%
AAON Aaon Inc. 0.05% 14,246 $1.3M New
JHG Janus Henderson Group PLC 0.05% 29,898 $1.3M New
EBAY eBay Inc. 0.05% 14,438 $1.3M New
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.05% 18,138 $1.3M New
FLUT Flutter Entertainment PLC-Di 0.05% 5,158 $1.3M New
PRG Prog Holdings Inc. 0.05% 40,389 $1.3M New
PAC Grupo Aeroportuario Pac-ADR 0.05% 5,500 $1.3M New
CSW CSW Industrials Inc. 0.05% 5,277 $1.3M New
ZD Ziff Davis Inc. 0.05% 33,175 $1.3M New
VALE Vale SA-SP ADR 0.04% 112,290 $1.2M New
WING Wingstop Inc. 0.04% 4,657 $1.2M New
ET Energy Transfer LP 0.04% 68,223 $1.2M Add +8.4%
ATKR Atkore Inc. 0.04% 18,562 $1.2M New
ARHS Arhaus Inc. 0.04% 109,258 $1.2M New
BRBR Bellring Brands Inc. 0.04% 31,774 $1.2M New
IPG Interpublic Group of Cos Inc. 0.04% 41,273 $1.2M New
TER Teradyne Inc. 0.04% 8,332 $1.1M New
FND Floor & Decor Holdings Inc. Class A 0.04% 15,464 $1.1M New
FHI Federated Hermes Inc. 0.04% 21,848 $1.1M New
TT Trane Technologies PLC 0.04% 2,653 $1.1M Add +41.6%
TPH Tri Pointe Homes Inc. 0.04% 32,793 $1.1M New
FANG Diamondback Energy Inc. 0.04% 7,695 $1.1M New
COST Costco Wholesale Corp. 0.04% 1,185 $1.1M Add +1.2%
LZB La-Z-Boy Inc. 0.04% 31,792 $1.1M New
DAY Dayforce Inc. 0.04% 15,760 $1.1M New
STAA Staar Surgical Co. 0.04% 39,804 $1.1M New
AYI Acuity Inc. 0.04% 3,079 $1.1M New
ALLE Allegion PLC 0.04% 5,881 $1.0M New
BBY Best Buy Co. Inc. 0.04% 13,554 $1.0M New
ALSN Allison Transmission Holding 0.04% 11,981 $1.0M New
NOVT Novanta Inc. 0.04% 10,137 $1.0M New
WINA Winmark Corp. 0.04% 2,025 $1.0M New
CDW CDW Corp. 0.04% 6,282 $1.0M New
RLI Rli Corp. 0.04% 15,339 $1.0M New
BWA Borgwarner Inc. 0.04% 22,618 $994K New
FICO Fair Isaac Corp. 0.04% 661 $989K New
PCTY Paylocity Holding Corp. 0.04% 6,192 $986K New
GGG Graco Inc. 0.04% 11,597 $985K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 8,580 $982K Reduce -87.6%
ACLS Axcelis Technologies Inc. 0.04% 10,027 $979K New
TFX Teleflex Inc. 0.04% 7,994 $978K New
SNA Snap-on Inc. 0.04% 2,802 $971K Add +269.2%
STLD Steel Dynamics Inc. 0.04% 6,955 $970K New
UHS Universal Health Services-B 0.04% 4,747 $970K New
GSHD Goosehead Insurance Inc. Class A 0.04% 12,987 $966K New
CWAN Clearwater Analytics HDS-A 0.04% 53,554 $965K New
PBH Prestige Consumer Healthcare 0.04% 15,328 $956K New
GLBE Global-E Online Ltd. 0.03% 26,304 $941K New
MSM MSC Industrial Direct Co. Class A 0.03% 10,161 $936K New
FRPT Freshpet Inc. 0.03% 16,959 $935K New
VNOM Viper Energy Inc. Class A 0.03% 24,364 $931K New
VBTX Veritex Holdings Inc. 0.03% 27,759 $931K New
AME Ametek Inc. 0.03% 4,918 $925K New
NCNO Ncino Inc. 0.03% 33,696 $913K New
AOS Smith (a.o.) Corp. 0.03% 12,406 $911K New
JCI Johnson Controls Internation 0.03% 8,167 $898K New
XPEL Xpel Inc. 0.03% 26,857 $888K New
GIB Cgi Inc. 0.03% 9,942 $886K New
FDS Factset Research Systems Inc. 0.03% 3,067 $879K New
PRO Pros Holdings Inc. 0.03% 38,283 $877K New
HSY The Hershey Co. 0.03% 4,616 $863K New
UFPI Ufp Industries Inc. 0.03% 9,162 $857K New
EHC Encompass Health Corp. 0.03% 6,707 $852K Add +278.3%
VERX Vertex Inc. Class A 0.03% 34,240 $849K New
CRI Carter's Inc. 0.03% 29,927 $845K New
PHM Pultegroup Inc. 0.03% 6,319 $835K New
VRSK Verisk Analytics Inc. 0.03% 3,277 $824K New
NDSN Nordson Corp. 0.03% 3,607 $819K New
PAY Paymentus Holdings Inc. Class A 0.03% 26,721 $818K New
TSCO Tractor Supply Company 0.03% 14,381 $818K Add +264.6%
CNS Cohen & Steers Inc. 0.03% 12,260 $804K New
TECK Teck Resources Ltd.-CLS B 0.03% 18,322 $804K New
GIII G-III Apparel Group Ltd. 0.03% 30,142 $802K New
HRL Hormel Foods Corp. 0.03% 31,915 $790K Add +296.6%
DCI Donaldson Co. Inc. 0.03% 9,608 $786K New
BCC Boise Cascade Co. 0.03% 10,147 $785K New
ICE Intercontinental Exchange Inc. 0.03% 4,661 $785K Reduce -51.1%
INVA Innoviva Inc. 0.03% 42,850 $782K New
MTD Mettler-Toledo International 0.03% 634 $778K New
CX Cemex Sab-Spons ADR Part Cer 0.03% 85,829 $772K New
MGRC McGrath Rentcorp 0.03% 6,540 $767K New
TX Ternium SA-Sponsored ADR 0.03% 21,706 $754K New
CRUS Cirrus Logic Inc. 0.03% 5,972 $748K New
CMG Chipotle Mexican Grill Inc. 0.03% 18,931 $742K Add +127.1%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.03% 11,497 $732K New
IAS Integral Ad Science Holding 0.03% 71,712 $729K New
ATR Aptargroup Inc. 0.03% 5,412 $723K New
IBKR Interactive Brokers Gro Class A 0.03% 10,449 $719K New
CHD Church & Dwight Co. Inc. 0.03% 7,996 $701K Add +127.9%
BR Broadridge Financial Solutio 0.03% 2,902 $691K New
SNV Synovus Financial Corp. 0.03% 13,900 $682K New
DHI D.R. Horton Inc. 0.03% 4,019 $681K New
ACVA Acv Auctions Inc. Class A 0.02% 67,803 $672K New
WDFC WD-40 Co. 0.02% 3,311 $654K New
PKG Packaging Corp. of America 0.02% 2,933 $639K Add +118.2%
NTAP Netapp Inc. 0.02% 5,230 $620K Add +71.9%
ROL Rollins Inc. 0.02% 10,517 $618K New
TTC Toro Co. 0.02% 7,809 $595K New
PLXS Plexus Corp. 0.02% 4,089 $592K New
GILD Gilead Sciences Inc. 0.02% 5,322 $591K Reduce -57.7%
MKC McCormick & Co.-Non VTG SHRS 0.02% 8,582 $574K New
BKNG Booking Holdings Inc. 0.02% 106 $573K Add +7.1%
DOV Dover Corp. 0.02% 3,370 $562K New
ARCO Arcos Dorados Holdings Inc. Class A 0.02% 81,892 $553K New
FTDR Frontdoor Inc. 0.02% 7,884 $531K New
ITT Itt Inc. 0.02% 2,959 $529K New
CW Curtiss-Wright Corp. 0.02% 959 $521K New
MIDD Middleby Corp. 0.02% 3,822 $508K New
USPH U.S. Physical Therapy Inc. 0.02% 5,919 $503K New
FBIN Fortune Brands Innovations I 0.02% 9,131 $488K New
MRUS Merus NV 0.02% 5,100 $480K New
SXT Sensient Technologies Corp. 0.02% 5,083 $477K New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.02% 5,270 $473K New
MPWR Monolithic Power Systems Inc. 0.02% 508 $468K New
FRT Federal Realty Invs Trust 0.02% 4,557 $462K Reduce -23.8%
UI Ubiquiti Inc. 0.02% 696 $460K New
AVY Avery Dennison Corp. 0.02% 2,821 $457K Add +96.0%
CBT Cabot Corp. 0.02% 5,882 $447K New
FTNT Fortinet Inc. 0.02% 5,269 $443K New
LLY Eli Lilly & Co. 0.02% 578 $441K New
INGR Ingredion Inc. 0.02% 3,493 $427K Add +88.9%
EXP Eagle Materials Inc. 0.02% 1,828 $426K New
TXT Textron Inc. 0.02% 4,878 $412K New
HII Huntington Ingalls Industrie 0.01% 1,418 $408K No change
MCD McDonald's Corp. 0.01% 1,336 $406K Add +20.8%
DPZ Domino's Pizza Inc. 0.01% 934 $403K New
LPX Louisiana-Pacific Corp. 0.01% 4,509 $401K New
PDD PDD Holdings Inc. 0.01% 3,034 $401K Reduce -78.4%
TME Tencent Music Entertainm-ADR 0.01% 16,754 $391K Reduce -81.9%
MGEE Mge Energy Inc. 0.01% 4,631 $390K New
CHE Chemed Corp. 0.01% 864 $387K New
HUBB Hubbell Inc. 0.01% 896 $386K New
FTV Fortive Corp. 0.01% 7,731 $379K New
GPC Genuine Parts Co. 0.01% 2,634 $365K New
PGRE Paramount Group Inc. 0.01% 55,531 $363K New
HAS Hasbro Inc. 0.01% 4,733 $359K Add +12.3%
CSCO Cisco Systems Inc. 0.01% 5,159 $353K Reduce -77.0%
CHH Choice Hotels Intl Inc. 0.01% 3,257 $348K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 1,211 $342K Add +14.1%
THRM Gentherm Inc. 0.01% 9,074 $309K New
NTRS Northern Trust Corp. 0.01% 2,249 $303K Reduce -59.0%
FLO Flowers Foods Inc. 0.01% 22,615 $295K New
SPG Simon Property Group Inc. 0.01% 1,531 $287K Reduce -71.8%
GOOG Alphabet Inc. Class C 0.01% 1,169 $285K New
CVS CVS Health Corp. 0.01% 3,690 $278K Reduce -43.3%
CP Canadian Pacific Kansas City 0.01% 3,531 $263K New
SYY Sysco Corp. 0.01% 3,162 $260K Add +17.8%
TMUS T-Mobile US Inc. 0.01% 1,028 $246K Reduce -89.2%
VTR Ventas Inc. 0.01% 3,326 $233K New
NI Nisource Inc. 0.01% 5,243 $227K New
RMD Resmed Inc. 0.01% 786 $215K New
G Genpact Ltd. 0.01% 4,986 $209K New
WU Western Union Co. 0.01% 20,056 $160K Add +24.8%
LYG Lloyds Banking Group PLC-ADR 0.00% 21,680 $98K New
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 0.00% 16,055 $39K New
Other holdings (8): bonds, preferreds, convertibles and warrants · $5.5M (not counted above)
SecurityClassShares / PrincipalValueChange
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 25,957$983KNew
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 8,198$829KNew
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 11,186$786KNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 15,778$784KNew
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 10,710$727KNew
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 8,900$632KNew
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 4,839$459KNew
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 937$255KNew

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 317$1.6BGOVT, MSFT, VTI, AAPL, GOOGL
Q1 2026 315$1.6BGOVT, MSFT, VTI, AAPL, GOOGL
Q4 2025 327$1.7BGOVT, VTI, AAPL, MSFT, GOOGL
Q3 2025 463$2.7BGOVT, NVDA, MSFT, AAPL, VTI
Q2 2025 205$1.1BGOVT, VHT, VTI, MSFT, GOOGL
Q1 2025 71$1.2BGOVT, VMBS, VHT, VDC, VCIT
Q4 2024 212$1.3BGOVT, VMBS, VDC, VTI, VHT
Q3 2024 214$1.0BGOVT, VDC, VTI, VHT, GOOGL
Q2 2024 195$957.0MGOVT, VDC, VHT, VTI, GOOGL
Q1 2024 200$922.2MGOVT, VDC, VHT, SCHO, VTI