Novare Capital Management LLC

Name: NOVARE CAPITAL MANAGEMENT LLC 13F holdings, Q4 2025
Creator: NOVARE CAPITAL MANAGEMENT LLC
Published: 2026-02-05

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Novare Capital Management LLC reported 194 stock positions worth $1.3 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 5.7% of the portfolio, followed by Apple (AAPL, 4.6%) and Microsoft (MSFT, 4.3%). Compared with Q3 2025, it opened 14 new positions, sold out of 12, added to 83 and reduced 74. The biggest buy was Visa Class A (V, shares +61%) and the biggest sale Zoetis (ZTS, shares −56%).

Most Recent 13F: Q2 2026
Location: CHARLOTTE, NC
CIK: 0001388409
Portfolio Value: $1.3B (Q4 2025)
SEC Filing: 0001951757-26-000360 ↗ filed Feb 5, 2026

Holdings Value

Holdings 194 stocks · $1.3B


SPY SS SPDR S&P 500 ETF Trust-US	5.69%	111,299	$75.9M	Reduce -6.9%
AAPL Apple Inc.	4.64%	227,651	$61.9M	Add +0.1%
MSFT Microsoft Corp.	4.34%	119,756	$57.9M	Add +0.1%
GOOGL Alphabet Inc. Class A	4.02%	171,423	$53.7M	Reduce -1.5%
IVV iShares Core S&P 500 ETF	3.67%	71,404	$48.9M	Add +1.9%
AVGO Broadcom Inc.	3.44%	132,578	$45.9M	Reduce -4.1%
NVDA Nvidia Corp.	3.11%	222,358	$41.5M	Add +0.9%
WMT Walmart Inc.	2.81%	336,784	$37.5M	Reduce -0.9%
VSLU Applied Finance Valuat ETF	2.71%	815,930	$36.1M	Add +2.1%
AMZN Amazon.com Inc.	2.34%	134,987	$31.2M	Reduce -0.9%
JPM JPMorgan Chase & Co.	1.93%	79,738	$25.7M	Add +0.5%
EMR Emerson Electric Co.	1.91%	191,897	$25.5M	Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B	1.88%	49,765	$25.0M	Reduce -1.9%
JNJ Johnson & Johnson	1.86%	119,907	$24.8M	Reduce -1.3%
V Visa Inc. Class A	1.49%	56,801	$19.9M	Add +61.5%
RTX RTX Corp.	1.43%	103,868	$19.0M	Reduce -0.9%
UNH Unitedhealth Group Inc.	1.41%	56,838	$18.8M	Add +0.6%
XLK SS Technology Select Sector	1.36%	125,924	$18.1M	Add +45.0%
VZ Verizon Communications Inc.	1.34%	438,580	$17.9M	Add +0.1%
CMI Cummins Inc.	1.30%	34,067	$17.4M	Reduce -3.9%
XLY SS Consumer Disc Select Sect	1.29%	144,400	$17.2M	Add +0.8%
ROP Roper Technologies Inc.	1.28%	38,356	$17.1M	Add +2.6%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	1.24%	142,617	$16.6M	Reduce -3.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW	1.15%	99,756	$15.3M	Reduce -0.4%
ACN Accenture PLC Class A	1.14%	56,768	$15.2M	Reduce -12.8%
CSCO Cisco Systems Inc.	1.12%	194,660	$15.0M	Reduce -0.3%
TMO Thermo Fisher Scientific Inc.	1.10%	25,376	$14.7M	Add +0.4%
AME Ametek Inc.	1.08%	70,168	$14.4M	Reduce -0.7%
GSLC Goldman Activebeta US LC ETF	1.07%	108,338	$14.3M	Add +1.7%
META Meta Platforms Inc. Class A	1.07%	21,585	$14.2M	Reduce -2.6%
CHRW C.H. Robinson Worldwide Inc.	1.07%	88,473	$14.2M	Reduce -6.1%
SYK Stryker Corp.	1.02%	38,571	$13.6M	Add +8.8%
ABT Abbott Laboratories	0.98%	104,349	$13.1M	Add +1.3%
ABBV Abbvie Inc.	0.97%	56,841	$13.0M	Reduce -1.4%
LHX L3HARRIS Technologies Inc.	0.96%	43,571	$12.8M	Reduce -1.8%
AMP Ameriprise Financial Inc.	0.94%	25,602	$12.6M	Add +0.6%
MRK Merck & Co. Inc.	0.89%	113,106	$11.9M	Add +1.2%
HD Home Depot Inc.	0.89%	34,314	$11.8M	Reduce -0.0%
AMLP Alerian MLP ETF	0.87%	247,500	$11.6M	Add +3.1%
LOW Lowe's Cos Inc.	0.87%	48,226	$11.6M	Add +1.3%
HON Honeywell International Inc.	0.85%	57,990	$11.3M	Reduce -0.6%
MOAT Vaneck Morningstar Wide Moat	0.83%	106,560	$11.0M	Add +0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.82%	198,561	$10.9M	Add +1.1%
ICE Intercontinental Exchange Inc.	0.81%	66,946	$10.8M	Add +1.9%
CSX CSX Corp.	0.81%	298,850	$10.8M	Add +0.4%
QQQ Invesco QQQ Trust Series 1	0.77%	16,635	$10.2M	Reduce -3.6%
IVW iShares S&P 500 Growth ETF	0.75%	80,746	$10.0M	Reduce -3.2%
TXN Texas Instruments Inc.	0.72%	55,095	$9.6M	Reduce -0.5%
CVX Chevron Corp.	0.72%	62,608	$9.5M	Add +0.5%
IJH iShares Core S&P Midcap ETF	0.71%	143,940	$9.5M	Add +1.4%
CSL Carlisle Cos Inc.	0.70%	29,330	$9.4M	Add +16.0%
CRM Salesforce Inc.	0.70%	35,245	$9.3M	Add +1.8%
NEE Nextera Energy Inc.	0.67%	111,753	$9.0M	Reduce -0.2%
PEP Pepsico Inc.	0.67%	61,858	$8.9M	Add +0.9%
O Realty Income Corp.	0.66%	155,837	$8.8M	Add +0.8%
XLF SS Financial Select Sector	0.65%	157,960	$8.7M	Add +2.3%
MCHP Microchip Technology Inc.	0.61%	128,515	$8.2M	Reduce -3.7%
TSLA Tesla Inc.	0.61%	18,045	$8.1M	Add +5.2%
XLP SS Consumer Staples Sel Sect	0.58%	100,119	$7.8M	Add +1.6%
ADBE Adobe Inc.	0.56%	21,202	$7.4M	Reduce -28.1%
XLE SS Energy Select Sector	0.49%	147,228	$6.6M	Reduce -1.6%
LLY Eli Lilly & Co.	0.41%	5,116	$5.5M	Add +24.0%
AMT American Tower Corp.	0.40%	30,151	$5.3M	Reduce -11.3%
ZTS Zoetis Inc.	0.36%	38,614	$4.9M	Reduce -56.0%
JPST JPMorgan Ultra-Short Income	0.35%	93,523	$4.7M	Add +17.2%
VCSH Vanguard S/T Corp. Bond ETF	0.34%	57,415	$4.6M	Add +0.3%
FDUS Fidus Investment Corp.	0.30%	204,889	$4.0M	Add +2.5%
BSCT Invesco Bulletshares 2029 CB	0.28%	197,110	$3.7M	Add +2.0%
BSCR Invesco Bulletshares 2027 CB	0.27%	182,174	$3.6M	Add +2.4%
SCHB Schwab US Broad Market ETF	0.26%	131,936	$3.5M	Reduce -22.3%
XLC SS Comm Select Sector SPDR	0.25%	28,530	$3.4M	Add +6.6%
BSCU Invesco Bulletshares 2030 CB	0.25%	196,267	$3.3M	Add +2.2%
BSCV Invesco Bulletshares 2031 CB	0.24%	194,149	$3.2M	Add +8.8%
BSCS Invesco Bulletshares 2028 CB	0.23%	150,119	$3.1M	Add +2.1%
CGBD Carlyle Secured Lending Inc.	0.23%	241,050	$3.0M	Add +17.8%
VFH Vanguard Financials ETF	0.22%	21,664	$2.9M	Reduce -2.7%
SOXX iShares Semiconductor ETF	0.22%	9,527	$2.9M	Reduce -4.5%
BSCQ Invesco Bulletshares 2026 CB	0.21%	139,752	$2.7M	Reduce -6.0%
BSCW Invesco Bulletshares 2032 CB	0.18%	116,675	$2.4M	Add +2.6%
VRT Vertiv Holdings Co. Class A	0.18%	14,613	$2.4M	Reduce -4.7%
COST Costco Wholesale Corp.	0.17%	2,686	$2.3M	Reduce -1.8%
BSCX Invesco Bulletshares 2033 CB	0.17%	104,472	$2.2M	Add +2.4%
FALN iShares Fallen Angels ETF	0.17%	81,579	$2.2M	Add +4.2%
VDC Vanguard Consumer Staple ETF	0.16%	10,196	$2.2M	Reduce -2.5%
VIG Vanguard Dividend Apprec ETF	0.16%	9,444	$2.1M	Add +1.8%
AMD Advanced Micro Devices	0.15%	9,479	$2.0M	Reduce -20.7%
DLR Digital Realty Trust Inc.	0.15%	12,889	$2.0M	Reduce -20.0%
BKNG Booking Holdings Inc.	0.15%	366	$2.0M	No change
TFC Truist Financial Corp.	0.14%	37,926	$1.9M	Reduce -3.6%
PANW Palo Alto Networks Inc.	0.14%	9,845	$1.8M	Add +28.7%
PRF Invesco Rafi US 1000 ETF	0.13%	36,826	$1.7M	Reduce -5.5%
INTU Intuit Inc.	0.13%	2,584	$1.7M	Reduce -6.2%
XOM Exxon Mobil Corp.	0.12%	13,595	$1.6M	Reduce -2.2%
WSM Williams-Sonoma Inc.	0.12%	8,954	$1.6M	Reduce -2.2%
PG The Procter & Gamble Co.	0.12%	10,990	$1.6M	Add +18.6%
DUK Duke Energy Corp.	0.12%	13,220	$1.5M	Add +2.4%
BSCY Invesco Bulletshares 2034 CB	0.11%	70,439	$1.5M	Add +14.9%
VYM Vanguard High DVD Yield ETF	0.11%	10,060	$1.4M	Reduce -0.1%
AZO AutoZone Inc.	0.11%	419	$1.4M	Add +35.6%
IGV iShares Expanded Tech-Softwa	0.10%	13,100	$1.4M	Add +10.6%
PLTR Palantir Technologies Inc. Class A	0.10%	7,705	$1.4M	Reduce -7.2%
ESGV Vanguard ESG US Stock ETF	0.10%	11,281	$1.4M	Reduce -1.7%
GOOG Alphabet Inc. Class C	0.10%	4,324	$1.4M	Reduce -2.3%
RY Royal Bank of Canada	0.10%	7,592	$1.3M	Reduce -3.1%
KO The Coca-Cola Co.	0.10%	18,371	$1.3M	Add +11.8%
VCIT Vanguard Int-Term Corporate	0.09%	15,051	$1.3M	Add +23.9%
XLRE SS Real Estate Select Sector	0.09%	30,816	$1.2M	Add +35.3%
SCHW Schwab (charles) Corp.	0.09%	11,535	$1.2M	No change
SMH Vaneck Semiconductor ETF	0.08%	3,000	$1.1M	Reduce -10.0%
BWMN Bowman Consulting Group Ltd.	0.08%	32,600	$1.1M	No change
ARI Apollo Commercial Real Estat	0.08%	108,675	$1.1M	Add +49.5%
SCHM Schwab US Mid Cap ETF	0.08%	33,303	$1.0M	Reduce -38.3%
ORCL Oracle Corp.	0.07%	5,128	$999K	Reduce -0.2%
VOO Vanguard S&P 500 ETF	0.07%	1,528	$958K	Reduce -52.1%
SCHX Schwab US Large-Cap ETF	0.07%	34,844	$938K	Reduce -52.5%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.07%	20,328	$868K	Add +35.0%
LMT Lockheed Martin Corp.	0.06%	1,770	$856K	Add +0.2%
T AT&T Inc.	0.06%	34,300	$852K	Reduce -2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.06%	2,857	$846K	Add +0.7%
VCEB Vanguard ESG US Corp. Bond	0.06%	12,944	$824K	Reduce -1.1%
XLV SS Health Care Select Sector	0.06%	4,871	$754K	Add +33.7%
NFLX Netflix Inc.	0.06%	7,870	$738K	Add +101.8%
SUSB iShares ESG Aware 1-5 Year U	0.05%	28,989	$732K	Reduce -3.7%
EAGG iShares ESG Aware US Aggrega	0.05%	15,263	$730K	Reduce -3.7%
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.05%	2,208	$695K	Reduce -5.3%
BSCZ Invesco Bulletshares 2035 CB	0.05%	33,209	$691K	Add +29.1%
VTI VG Morningstar TS MKT ETF-US	0.05%	2,010	$674K	Add +26.3%
ATO Atmos Energy Corp.	0.05%	3,840	$644K	Reduce -1.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.05%	5,438	$619K	Reduce -2.3%
MU Micron Technology Inc.	0.05%	2,150	$614K	Add +1.2%
WFC Wells Fargo & Co.	0.05%	6,474	$603K	Add +4.8%
SO The Southern Co.	0.04%	6,858	$598K	Add +0.4%
THO Thor Industries Inc.	0.04%	5,645	$580K	Reduce -45.3%
IVZ Invesco Ltd.	0.04%	22,000	$578K	No change
ENVA Enova International Inc.	0.04%	3,500	$550K	No change
AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO	0.04%	8,351	$547K	New
CAT Caterpillar Inc.	0.04%	913	$523K	Add +0.3%
RBRK Rubrik Inc. Class A	0.04%	6,800	$520K	Add +28.8%
UBER Uber Technologies Inc.	0.04%	6,215	$508K	Add +47.5%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F	0.04%	8,665	$504K	Add +5.8%
PFF iShares Preferred & Income S	0.04%	15,987	$495K	New
TSM Taiwan Semiconductor-SP ADR	0.04%	1,562	$475K	No change
GPN Global Payments Inc.	0.03%	5,985	$463K	No change
FTNT Fortinet Inc.	0.03%	5,807	$461K	Add +7.4%
SUSL iShares ESG MSCI USA Leaders	0.03%	3,755	$455K	Reduce -3.4%
QXO Qxo Inc.	0.03%	23,352	$450K	Add +49.9%
AMGN Amgen Inc.	0.03%	1,299	$425K	No change
TSCO Tractor Supply Company	0.03%	8,417	$421K	Add +31.2%
BINC iShares Flex I A ETF-Usd Inc.	0.03%	7,800	$412K	Add +41.8%
TRGP Targa Resources Corp.	0.03%	2,200	$406K	New
SPG Simon Property Group Inc.	0.03%	2,134	$395K	Reduce -2.3%
FITB Fifth Third Bancorp	0.03%	8,017	$375K	No change
IWF iShares Russell 1000 Growth	0.03%	786	$372K	No change
XJH Ishare ESG SS S&P Midcap ETF	0.03%	8,296	$370K	Reduce -2.8%
AEP American Electric Power	0.03%	3,189	$368K	Add +0.5%
EFIV SS SPDR S&P 500 ESG ETF	0.03%	5,193	$344K	Add +2.0%
MDY State Street SPDR S&P Midcap	0.03%	568	$343K	Add +5.0%
EPD Enterprise Products Partners	0.03%	10,425	$334K	New
DGRW Wisdomtree U.S. Quality Divi	0.02%	3,605	$322K	No change
PH Parker Hannifin Corp.	0.02%	347	$305K	New
CRWD CrowdStrike Holdings Inc. Class A	0.02%	637	$299K	No change
AXP American Express Co.	0.02%	805	$298K	Add +0.9%
RJF Raymond James Financial Inc.	0.02%	1,809	$291K	Reduce -4.0%
ASML ASML Holding NV-NY Reg SHS	0.02%	271	$290K	No change
XLB SS Materials Select Sector	0.02%	6,340	$288K	Reduce -8.0%
ISRG Intuitive Surgical Inc.	0.02%	507	$287K	No change
NVO Novo-Nordisk A/S-Spons ADR	0.02%	5,585	$284K	Add +38.0%
ESGU iShares ESG Aware MSCI USA	0.02%	1,905	$284K	Reduce -9.1%
VTV Vanguard Mrngstr Val ETF-Aui	0.02%	1,440	$275K	No change
MS Morgan Stanley	0.02%	1,547	$275K	New
KVUE Kenvue Inc.	0.02%	15,770	$272K	Reduce -96.7%
ET Energy Transfer LP	0.02%	16,433	$271K	New
SHYG iShares 0-5 YR HY Corp. Bond	0.02%	6,055	$260K	Add +30.1%
HSY The Hershey Co.	0.02%	1,395	$254K	No change
BMY Bristol-Myers Squibb Co.	0.02%	4,655	$251K	No change
GLD SPDR Gold Shares	0.02%	633	$251K	Reduce -10.6%
JEPI JPMorgan Equity Premium Inco	0.02%	4,305	$246K	Reduce -41.9%
ETN Eaton Corp. PLC	0.02%	759	$242K	Reduce -0.7%
BA The Boeing Co.	0.02%	1,098	$238K	Reduce -1.8%
DHR Danaher Corp.	0.02%	1,039	$238K	No change
IWB iShares Russell 1000 ETF	0.02%	632	$236K	No change
RSP Invesco S&P 500 Equal Weight	0.02%	1,228	$235K	Reduce -69.3%
NUE Nucor Corp.	0.02%	1,380	$225K	New
VB Vanguard Most SM-Cap ETF-Usd	0.02%	856	$221K	No change
ENB Enbridge Inc.	0.02%	4,472	$214K	New
MA Mastercard Inc. Class A	0.02%	368	$210K	No change
CVS CVS Health Corp.	0.02%	2,643	$210K	Reduce -49.9%
BX Blackstone Inc.	0.02%	1,355	$209K	No change
NRP Natural Resource Partners LP	0.02%	1,950	$204K	New
FCX Freeport-McMoran Inc.	0.02%	3,980	$202K	New
BSM Black Stone Minerals LP	0.01%	14,400	$191K	New
FLO Flowers Foods Inc.	0.01%	11,875	$129K	New
AREC American Resources Corp.	0.01%	50,000	$124K	New
PDM Piedmont Realty Trust Inc.	0.01%	13,683	$114K	No change

Other holdings (1): bonds, preferreds, convertibles and warrants · $631K (not counted above)

Security	Class	Shares / Principal	Value	Change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	504	$631K	Reduce -3.8%

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q3 2025 → Q4 2025


ZTS Zoetis Inc.	Reduce -56.0%	0.36%	−0.61
KVUE Kenvue Inc.	Reduce -96.7%	0.02%	−0.58
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -6.9%	5.69%	−0.38
ADBE Adobe Inc.	Reduce -28.1%	0.56%	−0.24
HD Home Depot Inc.	Reduce -0.0%	0.89%	−0.17
META Meta Platforms Inc. Class A	Reduce -2.6%	1.07%	−0.17
AMT American Tower Corp.	Reduce -11.3%	0.40%	−0.10
HON Honeywell International Inc.	Reduce -0.6%	0.85%	−0.09
VOOG Vanguard S&P 500 Growth ETF	Sold out	0.00%	−0.08
ACN Accenture PLC Class A	Reduce -12.8%	1.14%	−0.08
VOO Vanguard S&P 500 ETF	Reduce -52.1%	0.07%	−0.08
SCHX Schwab US Large-Cap ETF	Reduce -52.5%	0.07%	−0.08
LHX L3HARRIS Technologies Inc.	Reduce -1.8%	0.96%	−0.07
SCHB Schwab US Broad Market ETF	Reduce -22.3%	0.26%	−0.07
BRK.B Berkshire Hathaway Inc. Class B	Reduce -1.9%	1.88%	−0.07
DLR Digital Realty Trust Inc.	Reduce -20.0%	0.15%	−0.06
TXN Texas Instruments Inc.	Reduce -0.5%	0.72%	−0.06
BSCP Invesco Bulletshares 2025 CB	Sold out	0.00%	−0.06
SCHM Schwab US Mid Cap ETF	Reduce -38.3%	0.08%	−0.05
ABBV Abbvie Inc.	Reduce -1.4%	0.97%	−0.04
RSP Invesco S&P 500 Equal Weight	Reduce -69.3%	0.02%	−0.04
MCHP Microchip Technology Inc.	Reduce -3.7%	0.61%	−0.04
KDP Keurig Dr Pepper Inc.	Sold out	0.00%	−0.04
THO Thor Industries Inc.	Reduce -45.3%	0.04%	−0.04
AVGO Broadcom Inc.	Reduce -4.1%	3.44%	−0.04
ORCL Oracle Corp.	Reduce -0.2%	0.07%	−0.04
MCD McDonald's Corp.	Sold out	0.00%	−0.03
PROSHARES TR II	Sold out	0.00%	−0.03
QQQ Invesco QQQ Trust Series 1	Reduce -3.6%	0.77%	−0.02
CMCSA Comcast Corp. Class A	Sold out	0.00%	−0.02
IVW iShares S&P 500 Growth ETF	Reduce -3.2%	0.75%	−0.02
TW Tradeweb Markets Inc. Class A	Sold out	0.00%	−0.02
COST Costco Wholesale Corp.	Reduce -1.8%	0.17%	−0.02
ASTS Ast Spacemobile Inc.	Sold out	0.00%	−0.02
EEM iShares MSCI Emerging Market	Sold out	0.00%	−0.02
BDX Becton Dickinson and Co.	Sold out	0.00%	−0.02
MTCH Match Group Inc.	Sold out	0.00%	−0.02
BSCQ Invesco Bulletshares 2026 CB	Reduce -6.0%	0.21%	−0.02
WSM Williams-Sonoma Inc.	Reduce -2.2%	0.12%	−0.02
XLE SS Energy Select Sector	Reduce -1.6%	0.49%	−0.02
KMB Kimberly-Clark Corp.	Sold out	0.00%	−0.02
INTU Intuit Inc.	Reduce -6.2%	0.13%	−0.01
CVS CVS Health Corp.	Reduce -49.9%	0.02%	−0.01
JEPI JPMorgan Equity Premium Inco	Reduce -41.9%	0.02%	−0.01
PLTR Palantir Technologies Inc. Class A	Reduce -7.2%	0.10%	−0.01
T AT&T Inc.	Reduce -2.5%	0.06%	−0.01
VDC Vanguard Consumer Staple ETF	Reduce -2.5%	0.16%	−0.01
VFH Vanguard Financials ETF	Reduce -2.7%	0.22%	−0.01
PRF Invesco Rafi US 1000 ETF	Reduce -5.5%	0.13%	−0.00
ETN Eaton Corp. PLC	Reduce -0.7%	0.02%	−0.00

Portfolio Buys Q3 2025 → Q4 2025


V Visa Inc. Class A	Add +61.5%	1.49%	+0.58
XLK SS Technology Select Sector	Add +45.0%	1.36%	+0.43
AAPL Apple Inc.	Add +0.1%	4.64%	+0.23
MRK Merck & Co. Inc.	Add +1.2%	0.89%	+0.18
LLY Eli Lilly & Co.	Add +24.0%	0.41%	+0.17
TMO Thermo Fisher Scientific Inc.	Add +0.4%	1.10%	+0.17
VSLU Applied Finance Valuat ETF	Add +2.1%	2.71%	+0.11
IVV iShares Core S&P 500 ETF	Add +1.9%	3.67%	+0.09
CRM Salesforce Inc.	Add +1.8%	0.70%	+0.07
CSL Carlisle Cos Inc.	Add +16.0%	0.70%	+0.07
BAC Bank of America Corp.	Add +1.1%	0.82%	+0.05
JPST JPMorgan Ultra-Short Income	Add +17.2%	0.35%	+0.05
AKRE Akre Focus ETF	New	0.04%	+0.04
PFF iShares Preferred & Income S	New	0.04%	+0.04
CGBD Carlyle Secured Lending Inc.	Add +17.8%	0.23%	+0.03
TRGP Targa Resources Corp.	New	0.03%	+0.03
TSLA Tesla Inc.	Add +5.2%	0.61%	+0.03
MOAT Vaneck Morningstar Wide Moat	Add +0.4%	0.83%	+0.03
EPD Enterprise Products Partners	New	0.03%	+0.03
PH Parker Hannifin Corp.	New	0.02%	+0.02
ARI Apollo Commercial Real Estat	Add +49.5%	0.08%	+0.02
MS Morgan Stanley	New	0.02%	+0.02
ET Energy Transfer LP	New	0.02%	+0.02
JPM JPMorgan Chase & Co.	Add +0.5%	1.93%	+0.02
XLRE SS Real Estate Select Sector	Add +35.3%	0.09%	+0.02
NFLX Netflix Inc.	Add +101.8%	0.06%	+0.02
MU Micron Technology Inc.	Add +1.2%	0.05%	+0.02
SYK Stryker Corp.	Add +8.8%	1.02%	+0.02
XLV SS Health Care Select Sector	Add +33.7%	0.06%	+0.02
GSLC Goldman Activebeta US LC ETF	Add +1.7%	1.07%	+0.02
PANW Palo Alto Networks Inc.	Add +28.7%	0.14%	+0.02
NUE Nucor Corp.	New	0.02%	+0.02
VCIT Vanguard Int-Term Corporate	Add +23.9%	0.09%	+0.02
BSCV Invesco Bulletshares 2031 CB	Add +8.8%	0.24%	+0.02
ENB Enbridge Inc.	New	0.02%	+0.02
NRP Natural Resource Partners LP	New	0.02%	+0.02
FCX Freeport-McMoran Inc.	New	0.02%	+0.02
XLU St Sr Utl SL SE SPDR ETF-Usd	Add +35.0%	0.07%	+0.01
XLF SS Financial Select Sector	Add +2.3%	0.65%	+0.01
BSM Black Stone Minerals LP	New	0.01%	+0.01
AMLP Alerian MLP ETF	Add +3.1%	0.87%	+0.01
KO The Coca-Cola Co.	Add +11.8%	0.10%	+0.01
BSCY Invesco Bulletshares 2034 CB	Add +14.9%	0.11%	+0.01
QXO Qxo Inc.	Add +49.9%	0.03%	+0.01
BSCZ Invesco Bulletshares 2035 CB	Add +29.1%	0.05%	+0.01
VTI VG Morningstar TS MKT ETF-US	Add +26.3%	0.05%	+0.01
XLC SS Comm Select Sector SPDR	Add +6.6%	0.25%	+0.01
FLO Flowers Foods Inc.	New	0.01%	+0.01
PEP Pepsico Inc.	Add +0.9%	0.67%	+0.01
PG The Procter & Gamble Co.	Add +18.6%	0.12%	+0.01

Notes & Other Activity Q3 2025 → Q4 2025


BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -3.8%	504	$631K

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	209	$1.4B	SPY, AAPL, IVV, GOOGL, XLK
Q1 2026	194	$1.3B	SPY, AAPL, IVV, MSFT, GOOGL
Q4 2025	194	$1.3B	SPY, AAPL, MSFT, GOOGL, IVV
Q3 2025	192	$1.3B	SPY, MSFT, AAPL, IVV, AVGO
Q2 2025	196	$1.2B	SPY, MSFT, IVV, AVGO, AAPL
Q1 2025	187	$1.1B	SPY, MSFT, AAPL, IVV, WMT
Q4 2024	185	$1.2B	SPY, MSFT, AAPL, AVGO, IVV
Q3 2024	190	$1.2B	SPY, MSFT, AAPL, IVV, WMT
Q2 2024	186	$1.1B	SPY, MSFT, AAPL, IVV, GOOGL
Q1 2024	182	$1.1B	SPY, MSFT, AAPL, IVV, GOOGL