Parthenon LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Parthenon LLC reported 126 stock positions worth $874.1 million. Its top holding was Microsoft (MSFT) at 13.8% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 7.9%) and Meta Platforms Class A (META, 6.0%). Compared with Q1 2025, it opened 6 new positions, sold out of 2, added to 27 and reduced 42. The biggest buy was a new position in Icon (ICLR) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −0%).

Most Recent 13F
Q2 2026
Location
LOUISVILLE, KY
CIK
0001088859
Portfolio Value
$874.1M (Q2 2025)
SEC Filing
0001085146-25-004248 ↗ filed Jul 29, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $788.8M Q1 2024 Q2 2024: $787.2M Q2 2024 Q3 2024: $837.4M Q3 2024 Q4 2024: $826.7M Q4 2024 Q1 2025: $813.1M Q1 2025 Q2 2025: $874.1M $874.1M Q2 2025 Q3 2025: $902.5M Q3 2025 Q4 2025: $926.7M Q4 2025 Q1 2026: $874.7M Q1 2026 Q2 2026: $962.0M Q2 2026

Holdings 126 stocks · $874.1M
MSFT Microsoft Corp. 13.80% 242,574 $120.7M Reduce -1.7%
BRK.B Berkshire Hathaway Inc. Class B 7.91% 142,286 $69.1M Reduce -0.3%
META Meta Platforms Inc. Class A 6.05% 71,609 $52.9M Reduce -0.6%
PAYX Paychex Inc. 4.16% 249,905 $36.4M Reduce -2.0%
GOOGL Alphabet Inc. Class A 3.36% 166,822 $29.4M Add +0.1%
AAPL Apple Inc. 3.10% 132,075 $27.1M Add +0.5%
GOOG Alphabet Inc. Class C 2.80% 138,221 $24.5M Reduce -0.5%
PG The Procter & Gamble Co. 2.62% 143,603 $22.9M Reduce -1.2%
FAST Fastenal Co. 2.60% 542,000 $22.8M Reduce -0.2%
WMT Walmart Inc. 2.58% 230,712 $22.6M Reduce -0.3%
AXP American Express Co. 2.54% 69,585 $22.2M Add +0.1%
BKNG Booking Holdings Inc. 2.35% 3,554 $20.6M Reduce -0.6%
XOM Exxon Mobil Corp. 2.29% 185,946 $20.0M Reduce -1.9%
DOV Dover Corp. 2.25% 107,337 $19.7M Add +0.4%
JNJ Johnson & Johnson 2.18% 124,549 $19.0M Reduce -0.4%
SYK Stryker Corp. 1.74% 38,405 $15.2M Reduce -0.0%
CSCO Cisco Systems Inc. 1.59% 200,506 $13.9M Reduce -1.7%
PEP Pepsico Inc. 1.53% 101,570 $13.4M Add +1.2%
SCHW Schwab (charles) Corp. 1.47% 140,805 $12.8M Reduce -0.3%
GLW Corning Inc. 1.47% 243,575 $12.8M Reduce -0.6%
JPM JPMorgan Chase & Co. 1.42% 42,898 $12.4M Add +0.2%
MRK Merck & Co. Inc. 1.42% 156,264 $12.4M Add +0.2%
MDLZ Mondelez International Inc. Class A 1.28% 166,208 $11.2M Reduce -1.0%
WAT Waters Corp. 1.27% 31,731 $11.1M Reduce -2.6%
LSTR Landstar System Inc. 1.07% 67,392 $9.4M Reduce -0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.06% 75,026 $9.3M Add +1.0%
CVS CVS Health Corp. 1.05% 133,234 $9.2M Reduce -6.1%
ICLR Icon PLC 1.03% 61,970 $9.0M New
HD Home Depot Inc. 0.98% 23,248 $8.5M Reduce -1.3%
VOO Vanguard S&P 500 ETF 0.93% 14,335 $8.1M Add +1.9%
MDT Medtronic PLC 0.87% 87,237 $7.6M Reduce -3.0%
BATRK Atlanta Braves Holdings in-C 0.85% 158,295 $7.4M Add +83.1%
CHDN Churchill Downs Inc. 0.84% 73,086 $7.4M No change
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.81% 223,345 $7.0M Add +0.9%
PNC PNC Financial Services Group 0.71% 33,424 $6.2M No change
GE General Electric filed as GE AEROSPACE 0.67% 22,817 $5.9M No change
VWO Vanguard Ftse Emerging Marke 0.65% 115,193 $5.7M Add +1.1%
IJR iShares Core S&P Small-Cap E 0.65% 52,007 $5.7M Add +1.3%
PM Philip Morris International 0.61% 29,141 $5.3M No change
BRK.A Berkshire Hathaway Inc. Class A 0.58% 7 $5.1M No change
VEA Vanguard Ftse Developed ETF 0.54% 82,161 $4.7M Add +0.9%
KO The Coca-Cola Co. 0.50% 62,334 $4.4M Reduce -4.4%
MCD McDonald's Corp. 0.48% 14,465 $4.2M No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.48% 42,397 $4.2M Reduce -0.6%
HSY The Hershey Co. 0.47% 24,515 $4.1M Reduce -0.6%
ABT Abbott Laboratories 0.46% 29,563 $4.0M No change
LLY Eli Lilly & Co. 0.45% 5,092 $4.0M Add +1.0%
ABBV Abbvie Inc. 0.45% 21,098 $3.9M Reduce -2.3%
NVDA Nvidia Corp. 0.44% 24,148 $3.8M Add +0.8%
TPB Turning Point Brands Inc. 0.42% 48,770 $3.7M No change
MO Altria Group Inc. 0.33% 49,327 $2.9M No change
BF.B Brown-Forman Corp. Class B 0.32% 104,035 $2.8M No change
VPL Vanguard Ftse Pacific ETF 0.31% 32,993 $2.7M Reduce -0.6%
CL Colgate-Palmolive Co. 0.29% 27,486 $2.5M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.28% 8,419 $2.5M Reduce -9.9%
PFE Pfizer Inc. 0.26% 94,024 $2.3M Reduce -2.1%
SMG Scotts Miracle-Gro Co. 0.24% 32,405 $2.1M Reduce -15.7%
GEV GE Vernova Inc. 0.23% 3,858 $2.0M Reduce -0.5%
NKE Nike Inc. Class B 0.22% 27,084 $1.9M Add +3.0%
KVUE Kenvue Inc. 0.21% 88,380 $1.8M Reduce -21.6%
THRY Thryv Holdings Inc. 0.21% 150,673 $1.8M Add +19.9%
IVV iShares Core S&P 500 ETF 0.21% 2,937 $1.8M No change
VGK Vanguard Ftse Europe ETF 0.20% 22,400 $1.7M No change
CVX Chevron Corp. 0.19% 11,719 $1.7M No change
VTI VG Morningstar TS MKT ETF-US 0.19% 5,341 $1.6M Add +2.9%
ORCL Oracle Corp. 0.18% 7,123 $1.6M Add +1.5%
CLAR Clarus Corp. 0.17% 438,137 $1.5M Add +32.8%
ZTS Zoetis Inc. 0.17% 9,485 $1.5M Add +0.8%
ADP Automatic Data Processing 0.17% 4,700 $1.4M No change
USB US Bancorp 0.17% 31,966 $1.4M Reduce -6.6%
BSX Boston Scientific Corp. 0.16% 13,133 $1.4M No change
TFX Teleflex Inc. 0.16% 11,908 $1.4M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.16% 2,226 $1.4M Reduce -1.8%
INTU Intuit Inc. 0.15% 1,675 $1.3M No change
RELL Richardson Elec Ltd. 0.15% 134,316 $1.3M No change
COST Costco Wholesale Corp. 0.14% 1,253 $1.2M Add +2.0%
VEU Vanguard Ftse All-World Ex-U 0.14% 18,403 $1.2M Reduce -3.2%
MMM 3M Co. 0.14% 8,037 $1.2M Reduce -0.0%
RSSS Research Solutions Inc. 0.13% 392,284 $1.1M No change
IWM iShares Russell 2000 ETF 0.12% 4,747 $1.0M Reduce -2.1%
IWR iShares Russell Mid-Cap ETF 0.10% 9,743 $896K Reduce -5.6%
YUM Yum! Brands Inc. 0.10% 5,604 $830K No change
JCTC Jewett-Cameron Trading Ltd. 0.09% 217,053 $810K No change
MSI Motorola Solutions Inc. 0.08% 1,678 $706K Reduce -21.7%
MA Mastercard Inc. Class A 0.08% 1,243 $698K No change
IWB iShares Russell 1000 ETF 0.08% 1,980 $672K No change
LOW Lowe's Cos Inc. 0.08% 2,971 $659K No change
V Visa Inc. Class A 0.07% 1,663 $590K Add +2.8%
WM Waste Management Inc. 0.07% 2,538 $581K Add +1.5%
USMV iShares MSCI USA Min Vol Fac 0.07% 6,174 $580K No change
IVW iShares S&P 500 Growth ETF 0.06% 5,136 $565K No change
T AT&T Inc. 0.06% 18,098 $524K No change
WBA Walgreens Boots Alliance Inc. 0.06% 44,648 $513K Reduce -16.8%
ETN Eaton Corp. PLC 0.06% 1,425 $509K No change
AMZN Amazon.com Inc. 0.05% 2,170 $476K Add +4.8%
BF.A Brown-Forman Corp. Class A 0.05% 17,200 $472K No change
COHR Coherent Corp. 0.05% 5,100 $455K No change
CINF Cincinnati Financial Corp. 0.05% 3,000 $447K No change
JBL Jabil Inc. 0.05% 2,000 $436K No change
XLK SS Technology Select Sector 0.05% 1,650 $418K Reduce -2.9%
UG United Guardian Inc. 0.05% 51,909 $415K No change
TFC Truist Financial Corp. 0.04% 9,112 $392K Reduce -0.5%
RTX RTX Corp. 0.04% 2,428 $355K No change
TSCO Tractor Supply Company 0.04% 6,625 $350K No change
AMGN Amgen Inc. 0.04% 1,177 $329K No change
ECL Ecolab Inc. 0.04% 1,184 $319K No change
MCK McKesson Corp. 0.04% 426 $312K No change
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.04% 300 $312K No change
EEM iShares MSCI Emerging Market 0.03% 6,276 $303K No change
CB Chubb Ltd. 0.03% 1,027 $298K No change
HON Honeywell International Inc. 0.03% 1,251 $291K No change
MRSH Marsh & McLennan Cos 0.03% 1,269 $277K Add +4.6%
CMCSA Comcast Corp. Class A 0.03% 7,460 $266K No change
KR Kroger Co. 0.03% 3,664 $263K No change
COP Conocophillips 0.03% 2,796 $251K No change
YUMC Yum China Holdings Inc. 0.03% 5,404 $242K No change
FNDX Schwab Fndmntl US LRG Co. ETF 0.03% 9,762 $240K No change
KMB Kimberly-Clark Corp. 0.03% 1,783 $230K No change
GEHC GE Healthcare Technology 0.03% 3,014 $223K Reduce -18.2%
AMAT Applied Materials Inc. 0.03% 1,200 $220K New
AVGO Broadcom Inc. 0.02% 790 $218K New
EFA iShares MSCI Eafe ETF 0.02% 2,413 $216K New
EMR Emerson Electric Co. 0.02% 1,616 $215K New
SO The Southern Co. 0.02% 2,307 $212K No change
IWP iShares Russell Mid-Cap Grow 0.02% 1,474 $204K New
F Ford Motor Co. filed as FORD MTR CO 0.01% 11,119 $121K No change

Portfolio Sells Q1 2025 → Q2 2025
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 7.91% −1.44
PAYX Paychex Inc. Reduce -2.0% 4.16% −0.68
XOM Exxon Mobil Corp. Reduce -1.9% 2.29% −0.48
PG The Procter & Gamble Co. Reduce -1.2% 2.62% −0.43
JNJ Johnson & Johnson Reduce -0.4% 2.18% −0.37
WAT Waters Corp. Reduce -2.6% 1.27% −0.21
LSTR Landstar System Inc. Reduce -0.4% 1.07% −0.18
SJM The JM Smucker Co. Reduce -0.6% 0.48% −0.14
CVS CVS Health Corp. Reduce -6.1% 1.05% −0.13
MDT Medtronic PLC Reduce -3.0% 0.87% −0.12
KVUE Kenvue Inc. Reduce -21.6% 0.21% −0.12
MDLZ Mondelez International Inc. Class A Reduce -1.0% 1.28% −0.12
ABBV Abbvie Inc. Reduce -2.3% 0.45% −0.11
HD Home Depot Inc. Reduce -1.3% 0.98% −0.09
KO The Coca-Cola Co. Reduce -4.4% 0.50% −0.07
DD Dupont DE Nemours Inc. Sold out 0.00% −0.06
HSY The Hershey Co. Reduce -0.6% 0.47% −0.05
PFE Pfizer Inc. Reduce -2.1% 0.26% −0.04
UNH Unitedhealth Group Inc. Sold out 0.00% −0.04
MSI Motorola Solutions Inc. Reduce -21.7% 0.08% −0.03
SYK Stryker Corp. Reduce -0.0% 1.74% −0.02
WBA Walgreens Boots Alliance Inc. Reduce -16.8% 0.06% −0.02
SMG Scotts Miracle-Gro Co. Reduce -15.7% 0.24% −0.01
USB US Bancorp Reduce -6.6% 0.17% −0.01
GEHC GE Healthcare Technology Reduce -18.2% 0.03% −0.01
IWR iShares Russell Mid-Cap ETF Reduce -5.6% 0.10% −0.01
MMM 3M Co. Reduce -0.0% 0.14% −0.01
IBM Intl Business Machines Corp. Reduce -9.9% 0.28% −0.00
IWM iShares Russell 2000 ETF Reduce -2.1% 0.12% −0.00
TFC Truist Financial Corp. Reduce -0.5% 0.04% −0.00
VEU Vanguard Ftse All-World Ex-U Reduce -3.2% 0.14% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.8% 0.16% +0.00
XLK SS Technology Select Sector Reduce -2.9% 0.05% +0.00
VPL Vanguard Ftse Pacific ETF Reduce -0.6% 0.31% +0.01
FAST Fastenal Co. Reduce -0.2% 2.60% +0.01
CSCO Cisco Systems Inc. Reduce -1.7% 1.59% +0.04
WMT Walmart Inc. Reduce -0.3% 2.58% +0.08
GLW Corning Inc. Reduce -0.6% 1.47% +0.09
GEV GE Vernova Inc. Reduce -0.5% 0.23% +0.09
SCHW Schwab (charles) Corp. Reduce -0.3% 1.47% +0.11
GOOG Alphabet Inc. Class C Reduce -0.5% 2.80% +0.14
BKNG Booking Holdings Inc. Reduce -0.6% 2.35% +0.33
META Meta Platforms Inc. Class A Reduce -0.6% 6.05% +0.94
MSFT Microsoft Corp. Reduce -1.7% 13.80% +2.41

Portfolio Buys Q1 2025 → Q2 2025
ICLR Icon PLC New 1.03% +1.03
BATRK Atlanta Braves Holdings in-C Add +83.1% 0.85% +0.42
AXP American Express Co. Add +0.1% 2.54% +0.24
GOOGL Alphabet Inc. Class A Add +0.1% 3.36% +0.19
DIS The Walt Disney Co. Add +1.0% 1.06% +0.16
JPM JPMorgan Chase & Co. Add +0.2% 1.42% +0.13
NVDA Nvidia Corp. Add +0.8% 0.44% +0.12
ORCL Oracle Corp. Add +1.5% 0.18% +0.06
VOO Vanguard S&P 500 ETF Add +1.9% 0.93% +0.04
VEA Vanguard Ftse Developed ETF Add +0.9% 0.54% +0.03
AMAT Applied Materials Inc. New 0.03% +0.03
AVGO Broadcom Inc. New 0.02% +0.02
EFA iShares MSCI Eafe ETF New 0.02% +0.02
EMR Emerson Electric Co. New 0.02% +0.02
IWP iShares Russell Mid-Cap Grow New 0.02% +0.02
CLAR Clarus Corp. Add +32.8% 0.17% +0.02
VWO Vanguard Ftse Emerging Marke Add +1.1% 0.65% +0.02
NKE Nike Inc. Class B Add +3.0% 0.22% +0.01
THRY Thryv Holdings Inc. Add +19.9% 0.21% +0.01
VTI VG Morningstar TS MKT ETF-US Add +2.9% 0.19% +0.01
AMZN Amazon.com Inc. Add +4.8% 0.05% +0.01
COST Costco Wholesale Corp. Add +2.0% 0.14% −0.00
V Visa Inc. Class A Add +2.8% 0.07% −0.00
MRSH Marsh & McLennan Cos Add +4.6% 0.03% −0.00
WM Waste Management Inc. Add +1.5% 0.07% −0.00
IJR iShares Core S&P Small-Cap E Add +1.3% 0.65% −0.01
ZTS Zoetis Inc. Add +0.8% 0.17% −0.02
LLY Eli Lilly & Co. Add +1.0% 0.45% −0.06
DOV Dover Corp. Add +0.4% 2.25% −0.06
YETI Yeti Holdings Inc. Add +0.9% 0.81% −0.10
MRK Merck & Co. Inc. Add +0.2% 1.42% −0.31
PEP Pepsico Inc. Add +1.2% 1.53% −0.32
AAPL Apple Inc. Add +0.5% 3.10% −0.49

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 133$962.0MMSFT, BRK.B, GLW, GOOGL, GOOG
Q1 2026 127$874.7MMSFT, BRK.B, GOOGL, META, GOOG
Q4 2025 131$926.7MMSFT, BRK.B, GOOGL, META, GOOG
Q3 2025 129$902.5MMSFT, BRK.B, META, GOOGL, AAPL
Q2 2025 126$874.1MMSFT, BRK.B, META, PAYX, GOOGL
Q1 2025 122$813.1MMSFT, BRK.B, META, PAYX, AAPL
Q4 2024 123$826.7MMSFT, BRK.B, META, PAYX, AAPL
Q3 2024 125$837.4MMSFT, BRK.B, META, PAYX, AAPL
Q2 2024 121$787.2MMSFT, BRK.B, META, PAYX, GOOGL
Q1 2024 121$788.8MMSFT, BRK.B, META, PAYX, GOOGL