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

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 Q3 2025 Q4 2025: $1.7B $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.6B Q2 2026

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%
ABEV Ambev SA-ADR 0.23% 1,572,660 $3.9M Reduce -22.9%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.23% 36,811 $3.9M Reduce -62.7%
SYK Stryker Corp. 0.22% 10,827 $3.8M Reduce -58.5%
EWY iShares MSCI South Korea ETF 0.22% 38,951 $3.8M Reduce -42.6%
EIX Edison International 0.22% 62,946 $3.8M Reduce -1.6%
ROP Roper Technologies Inc. 0.22% 8,456 $3.8M Reduce -0.0%
AMCR Amcor PLC 0.22% 449,457 $3.7M Add +15.0%
ES Eversource Energy 0.22% 55,311 $3.7M No change
O Realty Income Corp. 0.22% 66,060 $3.7M Add +86.3%
BAX Baxter International Inc. 0.21% 187,785 $3.6M Reduce -41.9%
BDX Becton Dickinson and Co. 0.21% 18,381 $3.6M Add +18.9%
MO Altria Group Inc. 0.21% 61,207 $3.5M Reduce -0.1%
CME Cme Group Inc. 0.21% 12,908 $3.5M Reduce -4.2%
TYL Tyler Technologies Inc. 0.20% 7,554 $3.4M New
TPL Texas Pacific Land Corp. 0.20% 11,874 $3.4M No change
BIIB Biogen Inc. 0.20% 18,779 $3.3M No change
NXPI NXP Semiconductors NV 0.20% 15,216 $3.3M Reduce -55.1%
PAYX Paychex Inc. 0.19% 29,283 $3.3M Reduce -0.0%
BCE Bce Inc. 0.19% 134,571 $3.2M Reduce -37.6%
BMY Bristol-Myers Squibb Co. 0.18% 57,779 $3.1M Reduce -64.4%
IEX Idex Corp. 0.18% 17,472 $3.1M Reduce -0.0%
ON On Semiconductor 0.18% 57,018 $3.1M Add +4.8%
KVUE Kenvue Inc. 0.18% 174,656 $3.0M Reduce -79.9%
PHG Koninklijke Philips NVR- NY 0.18% 110,306 $3.0M Reduce -44.7%
SEIC Sei Investments Company 0.17% 36,154 $3.0M No change
ILMN Illumina Inc. 0.17% 22,538 $3.0M Reduce -24.6%
TU Telus Corp. 0.17% 224,443 $3.0M Reduce -29.6%
TRU Transunion 0.17% 33,995 $2.9M No change
MAS Masco Corp. 0.17% 45,436 $2.9M Add +14.0%
TEAM Atlassian Corp. Class A 0.17% 17,696 $2.9M No change
AVB Avalonbay Communities Inc. 0.17% 15,798 $2.9M Add +15.2%
CVX Chevron Corp. 0.17% 18,738 $2.9M Reduce -60.9%
MRVL Marvell Technology Inc. 0.17% 33,019 $2.8M Reduce -58.5%
OKE Oneok Inc. 0.17% 38,035 $2.8M Add +27.7%
JD Jd.com Inc.-ADR 0.16% 95,863 $2.8M Reduce -43.9%
BABA Alibaba Group Holding-SP ADR 0.16% 18,350 $2.7M Reduce -37.6%
SWKS Skyworks Solutions Inc. 0.16% 42,362 $2.7M No change
CNH CNH Industrial NV 0.16% 290,748 $2.7M Reduce -51.2%
GIS General Mills Inc. 0.15% 56,098 $2.6M Add +8.5%
DUK Duke Energy Corp. 0.15% 22,099 $2.6M Reduce -73.0%
PBR Petroleo Brasileiro-Spon ADR 0.15% 214,987 $2.5M Reduce -30.0%
RCI Rogers Communications Inc. Class B 0.15% 67,489 $2.5M New
REGN Regeneron Pharmaceuticals 0.15% 3,255 $2.5M Reduce -16.9%
NOW ServiceNow Inc. 0.14% 15,975 $2.4M Reduce -44.7%
LULU Lululemon Athletica Inc. 0.14% 11,523 $2.4M Reduce -14.2%
WFC Wells Fargo & Co. 0.14% 25,674 $2.4M Reduce -71.8%
PYPL PayPal Holdings Inc. 0.14% 40,115 $2.3M Reduce -73.7%
UPS United Parcel Service Class B 0.14% 23,361 $2.3M Reduce -2.9%
KEY Keycorp 0.14% 111,822 $2.3M Add +19.1%
PLAB Photronics Inc. 0.14% 71,846 $2.3M No change
EFX Equifax Inc. 0.13% 10,361 $2.2M Reduce -51.4%
A Agilent Technologies Inc. 0.13% 16,490 $2.2M Reduce -0.1%
FITB Fifth Third Bancorp 0.13% 46,421 $2.2M Add +16.8%
CNC Centene Corp. 0.13% 52,788 $2.2M No change
BX Blackstone Inc. 0.13% 14,030 $2.2M Add +29.5%
TFC Truist Financial Corp. 0.13% 43,382 $2.1M Reduce -2.6%
CSX CSX Corp. 0.13% 58,650 $2.1M Reduce -0.1%
COP Conocophillips 0.12% 22,337 $2.1M Reduce -75.5%
MRNA Moderna Inc. 0.12% 70,855 $2.1M No change
DVN Devon Energy Corp. 0.12% 57,027 $2.1M New
KKR KKR & Co. Inc. 0.12% 16,347 $2.1M Reduce -73.8%
DOW Dow Inc. 0.12% 88,465 $2.1M No change
KO The Coca-Cola Co. 0.12% 29,394 $2.1M Reduce -0.2%
HAL Halliburton Co. 0.12% 72,496 $2.0M Reduce -14.7%
SHOP Shopify Inc. Class A 0.12% 12,548 $2.0M New
TGT Target Corp. 0.12% 20,451 $2.0M Reduce -29.3%
IXUS iShares Core Intl Stock ETF 0.12% 23,543 $2.0M Reduce -90.8%
TD Toronto-Dominion Bank 0.12% 21,097 $2.0M New
OXY Occidental Petroleum Corp. 0.12% 47,927 $2.0M Add +22.6%
EW Edwards Lifesciences Corp. 0.12% 23,061 $2.0M Reduce -0.1%
LPLA LPL Financial Holdings Inc. 0.12% 5,503 $2.0M Reduce -16.4%
KHC The Kraft Heinz Co. 0.12% 80,560 $2.0M Add +18.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.12% 35,448 $1.9M No change
SLB SLB Ltd. filed as SLB LIMITED 0.11% 49,931 $1.9M Reduce -41.1%
TSN Tyson Foods Inc. Class A 0.11% 32,079 $1.9M Reduce -2.4%
PLD Prologis Inc. 0.11% 14,721 $1.9M Reduce -82.8%
ALGN Align Technology Inc. 0.11% 11,836 $1.8M Reduce -10.6%
SBAC SBA Communications Corp. 0.11% 9,344 $1.8M New
AZO AutoZone Inc. 0.11% 525 $1.8M No change
BA The Boeing Co. 0.10% 8,178 $1.8M Reduce -83.6%
OTIS Otis Worldwide Corp. 0.10% 20,128 $1.8M Reduce -36.3%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.10% 9,360 $1.7M Reduce -0.0%
UTHR United Therapeutics Corp. 0.10% 3,485 $1.7M Reduce -0.1%
CHTR Charter Communications Inc. Class A 0.10% 8,079 $1.7M Add +18.5%
UNH Unitedhealth Group Inc. 0.10% 5,088 $1.7M Reduce -3.3%
HPQ HP Inc. 0.10% 75,238 $1.7M No change
TER Teradyne Inc. 0.10% 8,332 $1.6M No change
PANW Palo Alto Networks Inc. 0.09% 8,572 $1.6M Reduce -81.4%
EPD Enterprise Products Partners 0.09% 48,916 $1.6M Reduce -51.1%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.09% 39,766 $1.5M No change
ABBV Abbvie Inc. 0.09% 6,441 $1.5M Reduce -81.2%
APAM Artisan Partners Asset Ma -A 0.08% 35,162 $1.4M No change
JHG Janus Henderson Group PLC 0.08% 29,898 $1.4M No change
MGA Magna International Inc. 0.08% 25,922 $1.4M New
VRSN Verisign Inc. 0.08% 5,672 $1.4M Reduce -0.1%
UBS UBS Group AG-Reg 0.08% 29,854 $1.4M New
MANH Manhattan Associates Inc. 0.08% 7,561 $1.3M Reduce -0.0%
EBAY eBay Inc. 0.07% 14,438 $1.3M No change
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.07% 9,571 $1.2M New
ALC Alcon Inc. filed as ALCON AG 0.07% 15,448 $1.2M Reduce -61.2%
PRG Prog Holdings Inc. 0.07% 40,389 $1.2M No change
LZB La-Z-Boy Inc. 0.07% 31,792 $1.2M No change
STLD Steel Dynamics Inc. 0.07% 6,955 $1.2M No change
ATKR Atkore Inc. 0.07% 18,562 $1.2M No change
ALSN Allison Transmission Holding 0.07% 11,974 $1.2M Reduce -0.1%
ZD Ziff Davis Inc. 0.07% 33,291 $1.2M Add +0.3%
FANG Diamondback Energy Inc. 0.07% 7,695 $1.2M No change
FHI Federated Hermes Inc. 0.07% 21,848 $1.1M No change
AYI Acuity Inc. 0.07% 3,079 $1.1M No change
UHS Universal Health Services-B 0.06% 4,747 $1.0M No change
TPH Tri Pointe Homes Inc. 0.06% 32,793 $1.0M No change
NDAQ Nasdaq Inc. 0.06% 10,611 $1.0M Reduce -87.8%
BWA Borgwarner Inc. 0.06% 22,618 $1.0M No change
AME Ametek Inc. 0.06% 4,912 $1.0M Reduce -0.1%
TFX Teleflex Inc. 0.06% 7,994 $976K No change
CRI Carter's Inc. 0.06% 29,927 $971K No change
SNA Snap-on Inc. 0.06% 2,800 $965K Reduce -0.1%
COST Costco Wholesale Corp. 0.06% 1,118 $964K Reduce -5.7%
GGG Graco Inc. 0.06% 11,588 $950K Reduce -0.1%
PBH Prestige Consumer Healthcare 0.06% 15,328 $946K No change
Q Qnity Electronics Inc. 0.06% 11,533 $942K No change
VNOM Viper Energy Inc. Class A 0.06% 24,345 $940K Reduce -0.1%
ALLE Allegion PLC 0.06% 5,877 $936K Reduce -0.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 8,100 $922K Reduce -5.6%
GIB Cgi Inc. 0.05% 9,933 $917K Reduce -0.1%
BBY Best Buy Co. Inc. 0.05% 13,554 $907K No change
FISV Fiserv Inc. 0.05% 13,257 $890K Reduce -71.9%
FDS Factset Research Systems Inc. 0.05% 3,065 $889K Reduce -0.1%
MTD Mettler-Toledo International 0.05% 634 $884K No change
GIII G-III Apparel Group Ltd. 0.05% 30,142 $873K No change
NDSN Nordson Corp. 0.05% 3,604 $867K Reduce -0.1%
INVA Innoviva Inc. 0.05% 42,850 $857K No change
MSM MSC Industrial Direct Co. Class A 0.05% 10,154 $854K Reduce -0.1%
DCI Donaldson Co. Inc. 0.05% 9,600 $851K Reduce -0.1%
AOS Smith (a.o.) Corp. 0.05% 12,406 $830K No change
DOO BRP Inc./Ca- Sub Voting 0.05% 11,653 $824K New
WINA Winmark Corp. 0.05% 2,025 $820K No change
HSY The Hershey Co. 0.05% 4,442 $808K Reduce -3.8%
ACLS Axcelis Technologies Inc. 0.05% 10,027 $806K No change
ICE Intercontinental Exchange Inc. 0.04% 4,661 $755K No change
BCC Boise Cascade Co. 0.04% 10,147 $747K No change
PHM Pultegroup Inc. 0.04% 6,312 $740K Reduce -0.1%
VRSK Verisk Analytics Inc. 0.04% 3,273 $732K Reduce -0.1%
HRB H&R Block Inc. filed as BLOCK H & R INC 0.04% 16,692 $727K Reduce -83.9%
NFLX Netflix Inc. 0.04% 7,677 $720K Reduce -94.1%
TSCO Tractor Supply Company 0.04% 14,365 $718K Reduce -0.1%
EHC Encompass Health Corp. 0.04% 6,701 $711K Reduce -0.1%
CRUS Cirrus Logic Inc. 0.04% 5,972 $708K No change
CNQ Canadian Natural Resources 0.04% 20,643 $699K New
INTU Intuit Inc. 0.04% 1,019 $675K Reduce -92.4%
IBKR Interactive Brokers Gro Class A 0.04% 10,449 $672K No change
HRL Hormel Foods Corp. 0.04% 28,323 $671K Reduce -11.3%
CHD Church & Dwight Co. Inc. 0.04% 7,987 $670K Reduce -0.1%
HSIC Henry Schein Inc. 0.04% 8,787 $664K Reduce -59.9%
ATR Aptargroup Inc. 0.04% 5,407 $659K Reduce -0.1%
DOV Dover Corp. 0.04% 3,365 $657K Reduce -0.1%
WDFC WD-40 Co. 0.04% 3,311 $652K No change
BR Broadridge Financial Solutio 0.04% 2,902 $648K No change
ROL Rollins Inc. 0.04% 10,500 $630K Reduce -0.2%
TTC Toro Co. 0.04% 7,809 $615K No change
LLY Eli Lilly & Co. 0.04% 564 $606K Reduce -2.4%
PLXS Plexus Corp. 0.04% 4,089 $601K No change
MKC McCormick & Co.-Non VTG SHRS 0.03% 8,571 $584K Reduce -0.1%
DHI D.R. Horton Inc. 0.03% 4,012 $578K Reduce -0.2%
MIDD Middleby Corp. 0.03% 3,822 $568K No change
SOLS Solstice Adv Materials Inc. 0.03% 11,640 $565K Reduce -34.0%
NTAP Netapp Inc. 0.03% 5,230 $560K No change
PKG Packaging Corp. of America 0.03% 2,575 $531K Reduce -12.2%
SU Suncor Energy Inc. 0.03% 11,911 $529K New
CW Curtiss-Wright Corp. 0.03% 957 $528K Reduce -0.2%
BKNG Booking Holdings Inc. 0.03% 97 $519K Reduce -8.5%
ITT Itt Inc. 0.03% 2,955 $513K Reduce -0.1%
AVY Avery Dennison Corp. 0.03% 2,752 $501K Reduce -2.5%
GILD Gilead Sciences Inc. 0.03% 3,891 $478K Reduce -26.9%
SXT Sensient Technologies Corp. 0.03% 5,078 $477K Reduce -0.1%
USPH U.S. Physical Therapy Inc. 0.03% 5,919 $462K No change
MPWR Monolithic Power Systems Inc. 0.03% 508 $460K No change
FRT Federal Realty Invs Trust 0.03% 4,557 $459K No change
FBIN Fortune Brands Innovations I 0.03% 9,131 $457K No change
FTDR Frontdoor Inc. 0.03% 7,884 $455K No change
FTV Fortive Corp. 0.03% 7,731 $427K No change
TXT Textron Inc. 0.03% 4,878 $425K No change
HII Huntington Ingalls Industrie 0.02% 1,242 $422K Reduce -12.4%
FTNT Fortinet Inc. 0.02% 5,269 $418K No change
AEP American Electric Power 0.02% 3,614 $417K Reduce -81.8%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.02% 5,270 $408K No change
MCD McDonald's Corp. 0.02% 1,324 $405K Reduce -0.9%
HUBB Hubbell Inc. 0.02% 894 $397K Reduce -0.2%
CBT Cabot Corp. 0.02% 5,882 $390K No change
DPZ Domino's Pizza Inc. 0.02% 934 $389K No change
HAS Hasbro Inc. 0.02% 4,733 $388K No change
UI Ubiquiti Inc. 0.02% 696 $385K No change
INGR Ingredion Inc. 0.02% 3,449 $380K Reduce -1.3%
EXP Eagle Materials Inc. 0.02% 1,825 $377K Reduce -0.2%
PSA Public Storage 0.02% 1,446 $375K Reduce -73.9%
EOG EOG Resources Inc. 0.02% 3,553 $373K Reduce -86.5%
CHE Chemed Corp. 0.02% 863 $369K Reduce -0.1%
LPX Louisiana-Pacific Corp. 0.02% 4,509 $364K No change
MGEE Mge Energy Inc. 0.02% 4,631 $363K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 1,196 $354K Reduce -1.2%
GOOG Alphabet Inc. Class C 0.02% 1,103 $346K Reduce -5.7%
PDD PDD Holdings Inc. 0.02% 3,034 $344K No change
THRM Gentherm Inc. 0.02% 9,074 $330K No change
CHH Choice Hotels Intl Inc. 0.02% 3,257 $310K No change
JPM JPMorgan Chase & Co. 0.02% 956 $308K Reduce -98.5%
CCJ Cameco Corp. 0.02% 3,238 $296K New
TME Tencent Music Entertainm-ADR 0.02% 16,754 $294K No change
CVS CVS Health Corp. 0.02% 3,690 $293K No change
PNC PNC Financial Services Group 0.02% 1,350 $282K Reduce -96.0%
SBUX Starbucks Corp. 0.02% 3,294 $277K Reduce -93.7%
GPC Genuine Parts Co. 0.02% 2,234 $275K Reduce -15.2%
KMB Kimberly-Clark Corp. 0.02% 2,630 $265K Reduce -88.2%
D Dominion Energy Inc. 0.02% 4,492 $263K Reduce -96.1%
CP Canadian Pacific Kansas City 0.02% 3,511 $258K Reduce -0.6%
VTR Ventas Inc. 0.02% 3,326 $257K No change
CVE Cenovus Energy Inc. 0.01% 14,714 $249K New
FLO Flowers Foods Inc. 0.01% 22,615 $246K No change
ELV Elevance Health Inc. 0.01% 675 $237K Reduce -94.2%
NTRS Northern Trust Corp. 0.01% 1,735 $237K Reduce -22.9%
G Genpact Ltd. 0.01% 4,986 $233K No change
SPG Simon Property Group Inc. 0.01% 1,205 $223K Reduce -21.3%
SYY Sysco Corp. 0.01% 3,015 $222K Reduce -4.7%
NI Nisource Inc. 0.01% 5,223 $218K Reduce -0.4%
CSCO Cisco Systems Inc. 0.01% 2,774 $214K Reduce -46.2%
TMUS T-Mobile US Inc. 0.01% 1,011 $205K Reduce -1.6%
WU Western Union Co. 0.01% 20,056 $187K No change
LYG Lloyds Banking Group PLC-ADR 0.01% 21,680 $115K No change

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

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