Parthenon LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Parthenon LLC reported 129 stock positions worth $902.5 million. Its top holding was Microsoft (MSFT) at 13.3% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 7.7%) and Meta Platforms Class A (META, 5.7%). Compared with Q2 2025, it opened 4 new positions, sold out of 1, added to 20 and reduced 52. The biggest buy was Icon (ICLR, shares +29%) and the biggest sale Paychex (PAYX, shares −1%).

Most Recent 13F
Q2 2026
Location
LOUISVILLE, KY
CIK
0001088859
Portfolio Value
$902.5M (Q3 2025)
SEC Filing
0001088859-25-000003 ↗ filed Oct 31, 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 Q2 2025 Q3 2025: $902.5M $902.5M Q3 2025 Q4 2025: $926.7M Q4 2025 Q1 2026: $874.7M Q1 2026 Q2 2026: $962.0M Q2 2026

Holdings 129 stocks · $902.5M
MSFT Microsoft Corp. 13.34% 232,456 $120.4M Reduce -4.2%
BRK.B Berkshire Hathaway Inc. Class B 7.70% 138,201 $69.5M Reduce -2.9%
META Meta Platforms Inc. Class A 5.65% 69,475 $51.0M Reduce -3.0%
GOOGL Alphabet Inc. Class A 4.33% 160,642 $39.1M Reduce -3.7%
AAPL Apple Inc. 3.71% 131,469 $33.5M Reduce -0.5%
PAYX Paychex Inc. 3.47% 246,804 $31.3M Reduce -1.2%
GOOG Alphabet Inc. Class C 3.44% 127,366 $31.0M Reduce -7.8%
FAST Fastenal Co. 2.95% 542,816 $26.6M Add +0.1%
WMT Walmart Inc. 2.60% 227,253 $23.4M Reduce -1.5%
JNJ Johnson & Johnson 2.54% 123,464 $22.9M Reduce -0.9%
AXP American Express Co. 2.52% 68,488 $22.7M Reduce -1.6%
PG The Procter & Gamble Co. 2.35% 137,752 $21.2M Reduce -4.1%
XOM Exxon Mobil Corp. 2.21% 177,077 $20.0M Reduce -4.8%
GLW Corning Inc. 2.11% 232,643 $19.1M Reduce -4.5%
BKNG Booking Holdings Inc. 2.11% 3,519 $19.0M Reduce -1.0%
DOV Dover Corp. 1.96% 106,263 $17.7M Reduce -1.0%
PEP Pepsico Inc. 1.58% 101,650 $14.3M Add +0.1%
ICLR Icon PLC 1.55% 79,785 $14.0M Add +28.8%
SYK Stryker Corp. 1.54% 37,532 $13.9M Reduce -2.3%
JPM JPMorgan Chase & Co. 1.52% 43,360 $13.7M Add +1.1%
CSCO Cisco Systems Inc. 1.51% 198,633 $13.6M Reduce -0.9%
SCHW Schwab (charles) Corp. 1.44% 135,888 $13.0M Reduce -3.5%
MRK Merck & Co. Inc. 1.43% 154,162 $12.9M Reduce -1.4%
MDLZ Mondelez International Inc. Class A 1.13% 163,234 $10.2M Reduce -1.8%
HD Home Depot Inc. 1.04% 23,103 $9.4M Reduce -0.6%
VOO Vanguard S&P 500 ETF 1.03% 15,140 $9.3M Add +5.6%
WAT Waters Corp. 1.01% 30,261 $9.1M Reduce -4.6%
CVS CVS Health Corp. 1.00% 119,845 $9.0M Reduce -10.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.94% 74,159 $8.5M Reduce -1.2%
LSTR Landstar System Inc. 0.92% 67,877 $8.3M Add +0.7%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.82% 221,842 $7.4M Reduce -0.7%
CHDN Churchill Downs Inc. 0.79% 73,086 $7.1M No change
BATRK Atlanta Braves Holdings in-C 0.79% 170,344 $7.1M Add +7.6%
MDT Medtronic PLC 0.76% 71,969 $6.9M Reduce -17.5%
GE General Electric filed as GE AEROSPACE 0.75% 22,553 $6.8M Reduce -1.2%
PNC PNC Financial Services Group 0.74% 33,424 $6.7M No change
IJR iShares Core S&P Small-Cap E 0.74% 55,882 $6.6M Add +7.5%
VWO Vanguard Ftse Emerging Marke 0.71% 118,218 $6.4M Add +2.6%
VEA Vanguard Ftse Developed ETF 0.57% 85,271 $5.1M Add +3.8%
PM Philip Morris International 0.53% 29,490 $4.8M Add +1.2%
HSY The Hershey Co. 0.50% 24,240 $4.5M Reduce -1.1%
BRK.A Berkshire Hathaway Inc. Class A 0.50% 6 $4.5M Reduce -14.3%
MCD McDonald's Corp. 0.49% 14,465 $4.4M No change
KO The Coca-Cola Co. 0.46% 62,034 $4.1M Reduce -0.5%
ABBV Abbvie Inc. 0.39% 15,367 $3.6M Reduce -27.2%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.39% 32,728 $3.6M Reduce -22.8%
NVDA Nvidia Corp. 0.39% 18,648 $3.5M Reduce -22.8%
MO Altria Group Inc. 0.36% 49,788 $3.3M Add +0.9%
LLY Eli Lilly & Co. 0.36% 4,302 $3.3M Reduce -15.5%
TPB Turning Point Brands Inc. 0.34% 30,770 $3.0M Reduce -36.9%
ABT Abbott Laboratories 0.32% 21,732 $2.9M Reduce -26.5%
VPL Vanguard Ftse Pacific ETF 0.32% 32,993 $2.9M No change
BF.B Brown-Forman Corp. Class B 0.32% 105,035 $2.8M Add +1.0%
CLAR Clarus Corp. 0.28% 720,240 $2.5M Add +64.4%
GEV GE Vernova Inc. 0.26% 3,855 $2.4M Reduce -0.1%
NKE Nike Inc. Class B 0.24% 31,709 $2.2M Add +17.1%
CL Colgate-Palmolive Co. 0.24% 27,486 $2.2M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.23% 7,408 $2.1M Reduce -12.0%
ORCL Oracle Corp. 0.22% 7,073 $2.0M Reduce -0.7%
IVV iShares Core S&P 500 ETF 0.21% 2,887 $1.9M Reduce -1.7%
VTI VG Morningstar TS MKT ETF-US 0.20% 5,592 $1.8M Add +4.7%
CVX Chevron Corp. 0.20% 11,719 $1.8M No change
THRY Thryv Holdings Inc. 0.20% 150,673 $1.8M No change
VGK Vanguard Ftse Europe ETF 0.20% 22,400 $1.8M No change
SMG Scotts Miracle-Gro Co. 0.19% 30,255 $1.7M Reduce -6.6%
USB US Bancorp 0.17% 31,966 $1.5M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.16% 2,204 $1.5M Reduce -1.0%
RSSS Research Solutions Inc. 0.16% 392,284 $1.5M No change
TFX Teleflex Inc. 0.16% 11,808 $1.4M Reduce -0.8%
ZTS Zoetis Inc. 0.15% 9,485 $1.4M No change
ADP Automatic Data Processing 0.15% 4,700 $1.4M No change
KVUE Kenvue Inc. 0.15% 84,246 $1.4M Reduce -4.7%
RELL Richardson Elec Ltd. 0.15% 134,316 $1.3M No change
PFE Pfizer Inc. 0.14% 49,780 $1.3M Reduce -47.1%
MMM 3M Co. 0.14% 8,037 $1.2M No change
VEU Vanguard Ftse All-World Ex-U 0.14% 17,328 $1.2M Reduce -5.8%
COST Costco Wholesale Corp. 0.13% 1,303 $1.2M Add +4.0%
IWM iShares Russell 2000 ETF 0.13% 4,747 $1.1M No change
INTU Intuit Inc. 0.13% 1,675 $1.1M No change
BSX Boston Scientific Corp. 0.11% 10,509 $1.0M Reduce -20.0%
IWR iShares Russell Mid-Cap ETF 0.10% 9,323 $900K Reduce -4.3%
YUM Yum! Brands Inc. 0.09% 5,604 $852K No change
MSI Motorola Solutions Inc. 0.09% 1,707 $781K Add +1.7%
JCTC Jewett-Cameron Trading Ltd. 0.08% 217,053 $747K No change
LOW Lowe's Cos Inc. 0.08% 2,971 $747K No change
IWB iShares Russell 1000 ETF 0.08% 1,980 $724K No change
MA Mastercard Inc. Class A 0.08% 1,243 $707K No change
IVW iShares S&P 500 Growth ETF 0.07% 5,136 $620K No change
USMV iShares MSCI USA Min Vol Fac 0.07% 6,174 $587K No change
V Visa Inc. Class A 0.06% 1,663 $568K No change
WM Waste Management Inc. 0.06% 2,538 $560K No change
COHR Coherent Corp. 0.06% 5,040 $543K Reduce -1.2%
ETN Eaton Corp. PLC 0.06% 1,425 $533K No change
AMZN Amazon.com Inc. 0.06% 2,390 $525K Add +10.1%
T AT&T Inc. 0.06% 18,098 $511K No change
BF.A Brown-Forman Corp. Class A 0.05% 18,200 $490K Add +5.8%
CINF Cincinnati Financial Corp. 0.05% 3,000 $474K No change
XLK SS Technology Select Sector 0.05% 1,550 $437K Reduce -6.1%
JBL Jabil Inc. 0.05% 2,000 $434K No change
TFC Truist Financial Corp. 0.05% 9,112 $417K No change

Show all 129 holdings

Portfolio Sells Q2 2025 → Q3 2025
PAYX Paychex Inc. Reduce -1.2% 3.47% −0.69
MSFT Microsoft Corp. Reduce -4.2% 13.34% −0.46
META Meta Platforms Inc. Class A Reduce -3.0% 5.65% −0.39
DOV Dover Corp. Reduce -1.0% 1.96% −0.29
PG The Procter & Gamble Co. Reduce -4.1% 2.35% −0.27
WAT Waters Corp. Reduce -4.6% 1.01% −0.26
BKNG Booking Holdings Inc. Reduce -1.0% 2.11% −0.25
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.9% 7.70% −0.21
SYK Stryker Corp. Reduce -2.3% 1.54% −0.20
MDLZ Mondelez International Inc. Class A Reduce -1.8% 1.13% −0.15
ABT Abbott Laboratories Reduce -26.5% 0.32% −0.14
DIS The Walt Disney Co. Reduce -1.2% 0.94% −0.12
PFE Pfizer Inc. Reduce -47.1% 0.14% −0.12
MDT Medtronic PLC Reduce -17.5% 0.76% −0.11
LLY Eli Lilly & Co. Reduce -15.5% 0.36% −0.09
TPB Turning Point Brands Inc. Reduce -36.9% 0.34% −0.09
CSCO Cisco Systems Inc. Reduce -0.9% 1.51% −0.09
SJM The JM Smucker Co. Reduce -22.8% 0.39% −0.08
BRK.A Berkshire Hathaway Inc. Class A Reduce -14.3% 0.50% −0.08
XOM Exxon Mobil Corp. Reduce -4.8% 2.21% −0.08
KVUE Kenvue Inc. Reduce -4.7% 0.15% −0.06
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.06
ABBV Abbvie Inc. Reduce -27.2% 0.39% −0.05
SMG Scotts Miracle-Gro Co. Reduce -6.6% 0.19% −0.05
IBM Intl Business Machines Corp. Reduce -12.0% 0.23% −0.05
NVDA Nvidia Corp. Reduce -22.8% 0.39% −0.05
CVS CVS Health Corp. Reduce -10.1% 1.00% −0.05
KO The Coca-Cola Co. Reduce -0.5% 0.46% −0.05
BSX Boston Scientific Corp. Reduce -20.0% 0.11% −0.05
SCHW Schwab (charles) Corp. Reduce -3.5% 1.44% −0.03
AXP American Express Co. Reduce -1.6% 2.52% −0.02
VEU Vanguard Ftse All-World Ex-U Reduce -5.8% 0.14% −0.00
UG United Guardian Inc. Reduce -1.9% 0.04% −0.00
IWR iShares Russell Mid-Cap ETF Reduce -4.3% 0.10% −0.00
GEHC GE Healthcare Technology Reduce -4.5% 0.02% −0.00
TFX Teleflex Inc. Reduce -0.8% 0.16% −0.00
XLK SS Technology Select Sector Reduce -6.1% 0.05% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.0% 0.16% +0.01
IVV iShares Core S&P 500 ETF Reduce -1.7% 0.21% +0.01
COHR Coherent Corp. Reduce -1.2% 0.06% +0.01
YETI Yeti Holdings Inc. Reduce -0.7% 0.82% +0.01
WMT Walmart Inc. Reduce -1.5% 2.60% +0.01
MRK Merck & Co. Inc. Reduce -1.4% 1.43% +0.02
GEV GE Vernova Inc. Reduce -0.1% 0.26% +0.03
HSY The Hershey Co. Reduce -1.1% 0.50% +0.04
ORCL Oracle Corp. Reduce -0.7% 0.22% +0.04
HD Home Depot Inc. Reduce -0.6% 1.04% +0.06
GE General Electric Reduce -1.2% 0.75% +0.08
JNJ Johnson & Johnson Reduce -0.9% 2.54% +0.36
AAPL Apple Inc. Reduce -0.5% 3.71% +0.61

Portfolio Buys Q2 2025 → Q3 2025
ICLR Icon PLC Add +28.8% 1.55% +0.52
FAST Fastenal Co. Add +0.1% 2.95% +0.35
CLAR Clarus Corp. Add +64.4% 0.28% +0.11
VOO Vanguard S&P 500 ETF Add +5.6% 1.03% +0.10
JPM JPMorgan Chase & Co. Add +1.1% 1.52% +0.09
IJR iShares Core S&P Small-Cap E Add +7.5% 0.74% +0.09
VWO Vanguard Ftse Emerging Marke Add +2.6% 0.71% +0.06
PEP Pepsico Inc. Add +0.1% 1.58% +0.05
LRCX Lam Research Corp. New 0.04% +0.04
MO Altria Group Inc. Add +0.9% 0.36% +0.03
VEA Vanguard Ftse Developed ETF Add +3.8% 0.57% +0.03
NKE Nike Inc. Class B Add +17.1% 0.24% +0.02
BLK BlackRock Inc. New 0.02% +0.02
DD Dupont DE Nemours Inc. New 0.02% +0.02
SCHX Schwab US Large-Cap ETF New 0.02% +0.02
VTI VG Morningstar TS MKT ETF-US Add +4.7% 0.20% +0.02
MSI Motorola Solutions Inc. Add +1.7% 0.09% +0.01
AMZN Amazon.com Inc. Add +10.1% 0.06% +0.00
BF.A Brown-Forman Corp. Class A Add +5.8% 0.05% +0.00
BF.B Brown-Forman Corp. Class B Add +1.0% 0.32% −0.01
COST Costco Wholesale Corp. Add +4.0% 0.13% −0.01
BATRK Atlanta Braves Holdings in-C Add +7.6% 0.79% −0.06
PM Philip Morris International Add +1.2% 0.53% −0.08
LSTR Landstar System Inc. Add +0.7% 0.92% −0.15

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