Morningstar Investment Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Morningstar Investment Management LLC reported 327 stock positions worth $1.7 billion. Its top holding was iShares US Treasury Bond ETF (GOVT) at 14.5% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 4.2%) and Apple (AAPL, 3.3%). Compared with Q3 2025, it opened 16 new positions, sold out of 154, added to 34 and reduced 187. The biggest buy was SS SPDR P S&P 600 Small Cap (SPSM, shares +2%) and the biggest sale Nvidia (NVDA, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001673385
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001104659-26-011874 ↗ filed Feb 9, 2026
Holdings Value
Holdings 327 stocks · $1.7B
| GOVT iShares US Treasury Bond ETF | 14.55% | 10,701,492 | $246.4M | No change |
| VTI VG Morningstar TS MKT ETF-US | 4.22% | 213,319 | $71.5M | Reduce -2.7% |
| AAPL Apple Inc. | 3.33% | 207,210 | $56.3M | Reduce -32.9% |
| MSFT Microsoft Corp. | 3.22% | 112,681 | $54.5M | Reduce -30.9% |
| GOOGL Alphabet Inc. Class A | 2.81% | 152,208 | $47.6M | Reduce -18.8% |
| SPSM SS SPDR P S&P 600 Small Cap | 2.80% | 1,011,729 | $47.4M | Add +1.8% |
| SCHO Schwab Short-Term US Treas | 2.48% | 1,726,672 | $42.1M | No change |
| NVDA Nvidia Corp. | 2.43% | 220,891 | $41.2M | Reduce -61.4% |
| SLYV SS SPDR S&P 600 SC Val ETF | 2.08% | 386,421 | $35.2M | Reduce -3.5% |
| BNDX Vanguard Total Intl Bond ETF | 1.63% | 572,634 | $27.7M | Add +9.5% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 1.49% | 700,890 | $25.3M | Add +7.3% |
| META Meta Platforms Inc. Class A | 1.40% | 35,829 | $23.6M | Reduce -48.3% |
| FTEC Fidelity MSCI Info Tech Indx | 1.26% | 95,145 | $21.4M | Reduce -13.8% |
| KXI iShares Global Consumer Stap | 1.12% | 293,821 | $19.0M | No change |
| V Visa Inc. Class A | 1.10% | 53,151 | $18.6M | Reduce -46.7% |
| ICSH iShares Ultra Short Duration | 0.84% | 282,957 | $14.3M | Add +2.3% |
| BLK BlackRock Inc. | 0.81% | 12,857 | $13.8M | Reduce -27.9% |
| MA Mastercard Inc. Class A | 0.80% | 23,790 | $13.6M | Reduce -0.7% |
| VHT Vanguard Health Care ETF | 0.78% | 46,147 | $13.3M | Reduce -10.4% |
| AMZN Amazon.com Inc. | 0.71% | 52,376 | $12.1M | Reduce -71.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.71% | 39,337 | $12.0M | Reduce -61.5% |
| ORCL Oracle Corp. | 0.70% | 60,784 | $11.8M | Reduce -14.4% |
| SCHH Schwab US REIT ETF | 0.70% | 565,481 | $11.8M | Add +11.3% |
| EMR Emerson Electric Co. | 0.68% | 86,264 | $11.4M | Reduce -1.2% |
| APH Amphenol Corp. Class A | 0.65% | 80,962 | $10.9M | Reduce -4.5% |
| OMC Omnicom Group | 0.61% | 128,596 | $10.4M | Reduce -29.8% |
| AXP American Express Co. | 0.61% | 27,990 | $10.4M | Reduce -49.4% |
| VGLT Vanguard Long-Term Treasury | 0.60% | 181,237 | $10.1M | Reduce -5.4% |
| SCHW Schwab (charles) Corp. | 0.58% | 98,278 | $9.8M | Add +4.8% |
| XOM Exxon Mobil Corp. | 0.57% | 80,513 | $9.7M | Reduce -43.0% |
| NKE Nike Inc. Class B | 0.57% | 151,965 | $9.7M | Reduce -3.8% |
| MCO Moody's Corp. | 0.56% | 18,580 | $9.5M | Reduce -0.3% |
| HON Honeywell International Inc. | 0.55% | 47,911 | $9.3M | Reduce -32.1% |
| PEP Pepsico Inc. | 0.54% | 63,448 | $9.1M | Reduce -40.9% |
| AMAT Applied Materials Inc. | 0.53% | 34,784 | $8.9M | Reduce -30.1% |
| ACN Accenture PLC Class A | 0.50% | 31,641 | $8.5M | Reduce -44.3% |
| UNP Union Pacific Corp. | 0.50% | 36,554 | $8.5M | Reduce -36.6% |
| JNJ Johnson & Johnson | 0.49% | 39,754 | $8.2M | Reduce -59.6% |
| GD General Dynamics Corp. | 0.48% | 24,180 | $8.1M | Reduce -49.8% |
| MOAT Vaneck Morningstar Wide Moat | 0.48% | 77,770 | $8.1M | No change |
| AVGO Broadcom Inc. | 0.47% | 22,898 | $7.9M | Reduce -31.5% |
| STZ Constellation Brands Inc. Class A | 0.47% | 57,179 | $7.9M | Reduce -21.1% |
| BF.B Brown-Forman Corp. Class B | 0.45% | 291,238 | $7.6M | Reduce -20.1% |
| ADBE Adobe Inc. | 0.43% | 20,968 | $7.3M | Reduce -24.1% |
| YUMC Yum China Holdings Inc. | 0.42% | 150,827 | $7.2M | Add +9.9% |
| CRM Salesforce Inc. | 0.42% | 26,923 | $7.1M | Reduce -35.0% |
| PG The Procter & Gamble Co. | 0.42% | 49,741 | $7.1M | Reduce -1.1% |
| FAST Fastenal Co. | 0.42% | 177,551 | $7.1M | Reduce -0.0% |
| FOXA Fox Corp. Class A | 0.41% | 95,320 | $7.0M | Reduce -8.6% |
| HD Home Depot Inc. | 0.41% | 19,965 | $6.9M | Reduce -0.3% |
| TTE Totalenergies SE | 0.40% | 105,091 | $6.9M | New |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.39% | 64,196 | $6.6M | No change |
| ANET Arista Networks Inc. | 0.39% | 50,151 | $6.6M | Reduce -0.0% |
| TMO Thermo Fisher Scientific Inc. | 0.38% | 11,126 | $6.4M | Reduce -53.1% |
| PFE Pfizer Inc. | 0.38% | 257,882 | $6.4M | Reduce -21.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 12,578 | $6.3M | Add +9.0% |
| CLX Clorox Company | 0.37% | 62,454 | $6.3M | Add +131.8% |
| ZTS Zoetis Inc. | 0.37% | 49,786 | $6.3M | New |
| MDLZ Mondelez International Inc. Class A | 0.37% | 116,157 | $6.3M | Reduce -27.7% |
| PM Philip Morris International | 0.37% | 38,692 | $6.2M | Reduce -0.1% |
| VTIP Vanguard Short-Term Tips | 0.36% | 124,391 | $6.2M | No change |
| ISRG Intuitive Surgical Inc. | 0.36% | 10,817 | $6.1M | Reduce -63.2% |
| WMT Walmart Inc. | 0.36% | 54,792 | $6.1M | Reduce -0.2% |
| LRCX Lam Research Corp. | 0.35% | 35,120 | $6.0M | Reduce -20.8% |
| KLAC KLA Corp. | 0.35% | 4,890 | $5.9M | Reduce -56.5% |
| WDAY Workday Inc. Class A | 0.34% | 27,043 | $5.8M | Add +127.2% |
| CHKP Check Point Software Tech | 0.34% | 31,242 | $5.8M | No change |
| LMT Lockheed Martin Corp. | 0.34% | 11,974 | $5.8M | Add +2.8% |
| QCOM Qualcomm Inc. | 0.34% | 33,843 | $5.8M | No change |
| VZ Verizon Communications Inc. | 0.32% | 134,992 | $5.5M | Add +14.6% |
| DHR Danaher Corp. | 0.32% | 23,610 | $5.4M | Reduce -60.6% |
| USB US Bancorp | 0.32% | 101,269 | $5.4M | Add +25.8% |
| CPB The Campbell's Company | 0.31% | 188,283 | $5.2M | Reduce -25.3% |
| ITW Illinois Tool Works | 0.31% | 21,271 | $5.2M | Reduce -42.2% |
| ZBH Zimmer Biomet Holdings Inc. | 0.31% | 57,865 | $5.2M | Add +235.3% |
| WAT Waters Corp. | 0.29% | 12,907 | $4.9M | No change |
| TXN Texas Instruments Inc. | 0.29% | 28,051 | $4.9M | Reduce -49.1% |
| CMCSA Comcast Corp. Class A | 0.29% | 162,761 | $4.9M | Reduce -8.3% |
| ORLY O'reilly Automotive Inc. | 0.28% | 52,084 | $4.8M | Reduce -0.0% |
| ROK Rockwell Automation Inc. | 0.28% | 12,013 | $4.7M | No change |
| DOC Healthpeak Properties Inc. | 0.27% | 285,545 | $4.6M | Add +15.2% |
| FLBR Franklin Ftse Brazil ETF | 0.27% | 239,308 | $4.6M | Reduce -9.8% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.27% | 67,652 | $4.6M | No change |
| MRK Merck & Co. Inc. | 0.26% | 42,255 | $4.4M | Reduce -68.8% |
| AMGN Amgen Inc. | 0.26% | 13,448 | $4.4M | Reduce -3.9% |
| ABNB Airbnb Inc. Class A | 0.26% | 32,380 | $4.4M | Reduce -54.5% |
| CCI Crown Castle Inc. | 0.26% | 49,458 | $4.4M | Add +15.2% |
| CTSH Cognizant Tech Solutions-A | 0.26% | 52,689 | $4.4M | Reduce -32.4% |
| SPGI S&P Global Inc. | 0.25% | 8,202 | $4.3M | Reduce -56.4% |
| MDT Medtronic PLC | 0.25% | 44,322 | $4.3M | Reduce -1.5% |
| TEL Te Connectivity PLC | 0.25% | 18,584 | $4.2M | No change |
| RJF Raymond James Financial Inc. | 0.25% | 25,994 | $4.2M | No change |
| MKTX Marketaxess Holdings Inc. | 0.25% | 23,007 | $4.2M | Reduce -25.7% |
| IQV Iqvia Holdings Inc. | 0.25% | 18,444 | $4.2M | Reduce -19.0% |
| VGIT Vanguard Intermediate-Term T | 0.24% | 68,022 | $4.1M | No change |
| PPG PPG Industries Inc. | 0.24% | 39,776 | $4.1M | Add +20.8% |
| GEHC GE Healthcare Technology | 0.24% | 49,617 | $4.1M | No change |
| CNI Canadian Natl Railway Co. | 0.24% | 40,749 | $4.0M | Add +26.7% |
| CL Colgate-Palmolive Co. | 0.24% | 50,416 | $4.0M | Reduce -3.1% |
| APD Air Products & Chemicals Inc. | 0.24% | 16,124 | $4.0M | Add +13.2% |
Portfolio Sells Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | Reduce -61.4% | 2.43% | −1.50 |
| AMZN Amazon.com Inc. | Reduce -71.2% | 0.71% | −0.76 |
| JPM JPMorgan Chase & Co. | Reduce -98.5% | 0.02% | −0.73 |
| IXUS iShares Core Intl Stock ETF | Reduce -90.8% | 0.12% | −0.66 |
| RTX RTX Corp. | Sold out | 0.00% | −0.57 |
| NFLX Netflix Inc. | Reduce -94.1% | 0.04% | −0.53 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.51 |
| META Meta Platforms Inc. Class A | Reduce -48.3% | 1.40% | −0.48 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.45 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.43 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.43 |
| CI The Cigna Group | Sold out | 0.00% | −0.38 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.38 |
| MS Morgan Stanley | Sold out | 0.00% | −0.36 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -61.5% | 0.71% | −0.35 |
| KVUE Kenvue Inc. | Reduce -79.9% | 0.18% | −0.34 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.33 |
| GWW WW Grainger Inc. | Sold out | 0.00% | −0.32 |
| INTU Intuit Inc. | Reduce -92.4% | 0.04% | −0.30 |
| BA The Boeing Co. | Reduce -83.6% | 0.10% | −0.29 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.29 |
| ADI Analog Devices Inc. | Sold out | 0.00% | −0.27 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.27 |
| LIN Linde PLC | Sold out | 0.00% | −0.26 |
| SO The Southern Co. | Sold out | 0.00% | −0.26 |
| C Citigroup Inc. | Sold out | 0.00% | −0.25 |
| PANW Palo Alto Networks Inc. | Reduce -81.4% | 0.09% | −0.25 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.25 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.25 |
| HDB HDFC Bank Ltd.-ADR | Sold out | 0.00% | −0.25 |
| PLD Prologis Inc. | Reduce -82.8% | 0.11% | −0.25 |
| D Dominion Energy Inc. | Reduce -96.1% | 0.02% | −0.25 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.25 |
| FMX Fomento Economico Mex-SP ADR | Sold out | 0.00% | −0.24 |
| PYPL PayPal Holdings Inc. | Reduce -73.7% | 0.14% | −0.24 |
| BRSL Brightstar Lottery PLC | Sold out | 0.00% | −0.24 |
| PNC PNC Financial Services Group | Reduce -96.0% | 0.02% | −0.23 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.23 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.22 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.22 |
| NDAQ Nasdaq Inc. | Reduce -87.8% | 0.06% | −0.22 |
| DUK Duke Energy Corp. | Reduce -73.0% | 0.15% | −0.22 |
| ABT Abbott Laboratories | Sold out | 0.00% | −0.22 |
| JHX James Hardie Ord | Sold out | 0.00% | −0.21 |
| ABBV Abbvie Inc. | Reduce -81.2% | 0.09% | −0.21 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.20 |
| COP Conocophillips | Reduce -75.5% | 0.12% | −0.19 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −0.19 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.19 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| SPSM SS SPDR P S&P 600 Small Cap | Add +1.8% | 2.80% | +1.10 |
| BNDX Vanguard Total Intl Bond ETF | Add +9.5% | 1.63% | +0.68 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +7.3% | 1.49% | +0.62 |
| TTE Totalenergies SE | New | 0.40% | +0.40 |
| ZTS Zoetis Inc. | New | 0.37% | +0.37 |
| ICSH iShares Ultra Short Duration | Add +2.3% | 0.84% | +0.33 |
| SCHH Schwab US REIT ETF | Add +11.3% | 0.70% | +0.29 |
| SCHW Schwab (charles) Corp. | Add +4.8% | 0.58% | +0.25 |
| CLX Clorox Company | Add +131.8% | 0.37% | +0.25 |
| ZBH Zimmer Biomet Holdings Inc. | Add +235.3% | 0.31% | +0.24 |
| WDAY Workday Inc. Class A | Add +127.2% | 0.34% | +0.24 |
| YUMC Yum China Holdings Inc. | Add +9.9% | 0.42% | +0.21 |
| TYL Tyler Technologies Inc. | New | 0.20% | +0.20 |
| USB US Bancorp | Add +25.8% | 0.32% | +0.18 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +9.0% | 0.37% | +0.16 |
| RCI Rogers Communications Inc. Class B | New | 0.15% | +0.15 |
| O Realty Income Corp. | Add +86.3% | 0.22% | +0.14 |
| VZ Verizon Communications Inc. | Add +14.6% | 0.32% | +0.13 |
| LMT Lockheed Martin Corp. | Add +2.8% | 0.34% | +0.13 |
| CNI Canadian Natl Railway Co. | Add +26.7% | 0.24% | +0.13 |
| DVN Devon Energy Corp. | New | 0.12% | +0.12 |
| SHOP Shopify Inc. Class A | New | 0.12% | +0.12 |
| TD Toronto-Dominion Bank | New | 0.12% | +0.12 |
| PPG PPG Industries Inc. | Add +20.8% | 0.24% | +0.11 |
| CCI Crown Castle Inc. | Add +15.2% | 0.26% | +0.11 |
| SBAC SBA Communications Corp. | New | 0.11% | +0.11 |
| BDX Becton Dickinson and Co. | Add +18.9% | 0.21% | +0.10 |
| AMCR Amcor PLC | Add +15.0% | 0.22% | +0.10 |
| DOC Healthpeak Properties Inc. | Add +15.2% | 0.27% | +0.10 |
| APD Air Products & Chemicals Inc. | Add +13.2% | 0.24% | +0.09 |
| OKE Oneok Inc. | Add +27.7% | 0.17% | +0.09 |
| ON On Semiconductor | Add +4.8% | 0.18% | +0.08 |
| MGA Magna International Inc. | New | 0.08% | +0.08 |
| UBS UBS Group AG-Reg | New | 0.08% | +0.08 |
| BMO Bank of Montreal | New | 0.07% | +0.07 |
| KEY Keycorp | Add +19.1% | 0.14% | +0.07 |
| AVB Avalonbay Communities Inc. | Add +15.2% | 0.17% | +0.07 |
| MAS Masco Corp. | Add +14.0% | 0.17% | +0.07 |
| FITB Fifth Third Bancorp | Add +16.8% | 0.13% | +0.06 |
| BX Blackstone Inc. | Add +29.5% | 0.13% | +0.06 |
| GIS General Mills Inc. | Add +8.5% | 0.15% | +0.06 |
| KHC The Kraft Heinz Co. | Add +18.7% | 0.12% | +0.05 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.05% | +0.05 |
| OXY Occidental Petroleum Corp. | Add +22.6% | 0.12% | +0.05 |
| CNQ Canadian Natural Resources | New | 0.04% | +0.04 |
| SU Suncor Energy Inc. | New | 0.03% | +0.03 |
| CHTR Charter Communications Inc. Class A | Add +18.5% | 0.10% | +0.03 |
| ZD Ziff Davis Inc. | Add +0.3% | 0.07% | +0.02 |
| CCJ Cameco Corp. | New | 0.02% | +0.02 |
| CVE Cenovus Energy Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Sold out | 25,957 | $983Kbefore exit |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | Sold out | 8,198 | $829Kbefore exit |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Sold out | 11,186 | $786Kbefore exit |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Sold out | 15,778 | $784Kbefore exit |
| HP ENTERPRISE CO (HPE 7.625 09/01/27) | 7.625 MAND CONV | Sold out | 10,710 | $727Kbefore exit |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 8,900 | $632Kbefore exit |
| SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) | 6 SER A CNV PREF | Sold out | 4,839 | $459Kbefore exit |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | Sold out | 937 | $255Kbefore exit |
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 |