Parthenon LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Parthenon LLC reported 131 stock positions worth $926.7 million. Its top holding was Microsoft (MSFT) at 11.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 7.5%) and Alphabet Class A (GOOGL, 5.4%). Compared with Q3 2025, it opened 6 new positions, sold out of 4, added to 8 and reduced 57. The biggest buy was a new position in Salesforce (CRM) and the biggest sale Microsoft (MSFT, shares −2%).

Most Recent 13F
Q2 2026
Location
LOUISVILLE, KY
CIK
0001088859
Portfolio Value
$926.7M (Q4 2025)
SEC Filing
0001088859-26-000001 ↗ filed Jan 23, 2026

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 Q3 2025 Q4 2025: $926.7M $926.7M Q4 2025 Q1 2026: $874.7M Q1 2026 Q2 2026: $962.0M Q2 2026

Holdings 131 stocks · $926.7M
MSFT Microsoft Corp. 11.87% 227,469 $110.0M Reduce -2.1%
BRK.B Berkshire Hathaway Inc. Class B 7.52% 138,619 $69.7M Add +0.3%
GOOGL Alphabet Inc. Class A 5.37% 159,113 $49.8M Reduce -0.9%
META Meta Platforms Inc. Class A 4.88% 68,540 $45.2M Reduce -1.4%
GOOG Alphabet Inc. Class C 3.97% 117,331 $36.8M Reduce -7.9%
AAPL Apple Inc. 3.78% 128,855 $35.0M Reduce -2.0%
PAYX Paychex Inc. 2.96% 244,890 $27.5M Reduce -0.8%
WMT Walmart Inc. 2.74% 227,862 $25.4M Add +0.3%
JNJ Johnson & Johnson 2.73% 122,312 $25.3M Reduce -0.9%
AXP American Express Co. 2.69% 67,410 $24.9M Reduce -1.6%
FAST Fastenal Co. 2.36% 544,840 $21.9M Add +0.4%
XOM Exxon Mobil Corp. 2.28% 175,841 $21.2M Reduce -0.7%
DOV Dover Corp. 2.22% 105,296 $20.6M Reduce -0.9%
GLW Corning Inc. 2.18% 230,650 $20.2M Reduce -0.9%
PG The Procter & Gamble Co. 2.09% 135,205 $19.4M Reduce -1.9%
BKNG Booking Holdings Inc. 2.00% 3,467 $18.6M Reduce -1.5%
MRK Merck & Co. Inc. 1.75% 153,741 $16.2M Reduce -0.3%
CRM Salesforce Inc. 1.65% 57,805 $15.3M New
CSCO Cisco Systems Inc. 1.65% 198,089 $15.3M Reduce -0.3%
PEP Pepsico Inc. 1.56% 100,965 $14.5M Reduce -0.7%
ICLR Icon PLC 1.56% 79,203 $14.4M Reduce -0.7%
JPM JPMorgan Chase & Co. 1.48% 42,460 $13.7M Reduce -2.1%
SCHW Schwab (charles) Corp. 1.44% 133,820 $13.4M Reduce -1.5%
SYK Stryker Corp. 1.41% 37,235 $13.1M Reduce -0.8%
WAT Waters Corp. 1.19% 29,098 $11.1M Reduce -3.8%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 1.05% 219,930 $9.7M Reduce -0.9%
LSTR Landstar System Inc. 1.04% 66,964 $9.6M Reduce -1.4%
CVS CVS Health Corp. 0.98% 114,836 $9.1M Reduce -4.2%
VOO Vanguard S&P 500 ETF 0.98% 14,480 $9.1M Reduce -4.4%
BATRK Atlanta Braves Holdings in-C 0.95% 223,665 $8.8M Add +31.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.91% 73,766 $8.4M Reduce -0.5%
CHDN Churchill Downs Inc. 0.90% 73,086 $8.3M No change
HD Home Depot Inc. 0.86% 23,098 $7.9M Reduce -0.0%
MDLZ Mondelez International Inc. Class A 0.81% 140,009 $7.5M Reduce -14.2%
PNC PNC Financial Services Group 0.75% 33,424 $7.0M No change
GE General Electric filed as GE AEROSPACE 0.74% 22,392 $6.9M Reduce -0.7%
IJR iShares Core S&P Small-Cap E 0.73% 55,967 $6.7M Add +0.1%
VWO Vanguard Ftse Emerging Marke 0.68% 117,033 $6.3M Reduce -1.0%
MDT Medtronic PLC 0.64% 61,638 $5.9M Reduce -14.3%
VEA Vanguard Ftse Developed ETF 0.55% 81,775 $5.1M Reduce -4.1%
PM Philip Morris International 0.51% 29,490 $4.7M No change
LLY Eli Lilly & Co. 0.49% 4,256 $4.6M Reduce -1.1%
BRK.A Berkshire Hathaway Inc. Class A 0.49% 6 $4.5M No change
KO The Coca-Cola Co. 0.47% 62,034 $4.3M No change
HSY The Hershey Co. 0.46% 23,565 $4.3M Reduce -2.8%
MCD McDonald's Corp. 0.43% 12,965 $4.0M Reduce -10.4%
ABBV Abbvie Inc. 0.38% 15,367 $3.5M No change
CLAR Clarus Corp. 0.36% 1,005,364 $3.4M Add +39.6%
TPB Turning Point Brands Inc. 0.36% 30,770 $3.3M No change
NVDA Nvidia Corp. 0.34% 16,648 $3.1M Reduce -10.7%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.33% 31,643 $3.1M Reduce -3.3%
VPL Vanguard Ftse Pacific ETF 0.32% 32,993 $3.0M No change
MO Altria Group Inc. 0.31% 49,788 $2.9M No change
BF.B Brown-Forman Corp. Class B 0.30% 105,035 $2.7M No change
ABT Abbott Laboratories 0.29% 21,732 $2.7M No change
GEV GE Vernova Inc. 0.27% 3,842 $2.5M Reduce -0.3%
CL Colgate-Palmolive Co. 0.23% 27,486 $2.2M No change
IVV iShares Core S&P 500 ETF 0.21% 2,850 $2.0M Reduce -1.3%
VGK Vanguard Ftse Europe ETF 0.20% 22,400 $1.9M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.20% 6,274 $1.9M Reduce -15.3%
NKE Nike Inc. Class B 0.20% 28,919 $1.8M Reduce -8.8%
VTI VG Morningstar TS MKT ETF-US 0.20% 5,407 $1.8M Reduce -3.3%
CVX Chevron Corp. 0.19% 11,659 $1.8M Reduce -0.5%
SMG Scotts Miracle-Gro Co. 0.18% 28,935 $1.7M Reduce -4.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.16% 2,204 $1.5M No change
RELL Richardson Elec Ltd. 0.16% 134,316 $1.5M No change
TFX Teleflex Inc. 0.16% 11,808 $1.4M No change
ORCL Oracle Corp. 0.15% 7,073 $1.4M No change
VEU Vanguard Ftse All-World Ex-U 0.13% 16,928 $1.2M Reduce -2.3%
MMM 3M Co. 0.13% 7,661 $1.2M Reduce -4.7%
ADP Automatic Data Processing 0.13% 4,700 $1.2M No change
ZTS Zoetis Inc. 0.13% 9,451 $1.2M Reduce -0.4%
IWM iShares Russell 2000 ETF 0.13% 4,797 $1.2M Add +1.1%
KVUE Kenvue Inc. 0.13% 68,450 $1.2M Reduce -18.8%
RSSS Research Solutions Inc. 0.12% 392,284 $1.2M No change
COST Costco Wholesale Corp. 0.12% 1,303 $1.1M No change
PFE Pfizer Inc. 0.12% 45,028 $1.1M Reduce -9.6%
THRY Thryv Holdings Inc. 0.12% 184,717 $1.1M Add +22.6%
BSX Boston Scientific Corp. 0.11% 10,509 $1.0M No change
COHR Coherent Corp. 0.10% 4,900 $904K Reduce -2.8%
IWR iShares Russell Mid-Cap ETF 0.10% 9,323 $898K No change
YUM Yum! Brands Inc. 0.09% 5,604 $848K No change
INTU Intuit Inc. 0.09% 1,275 $845K Reduce -23.9%
IWB iShares Russell 1000 ETF 0.08% 1,980 $739K No change
LOW Lowe's Cos Inc. 0.08% 2,971 $716K No change
MA Mastercard Inc. Class A 0.08% 1,243 $710K No change
MSI Motorola Solutions Inc. 0.07% 1,707 $655K No change
IVW iShares S&P 500 Growth ETF 0.07% 5,136 $633K No change
V Visa Inc. Class A 0.06% 1,663 $583K No change
USMV iShares MSCI USA Min Vol Fac 0.06% 6,174 $581K No change
WM Waste Management Inc. 0.06% 2,538 $558K No change
STX Seagate Technology Holdings 0.06% 2,000 $551K New
AMZN Amazon.com Inc. 0.06% 2,265 $523K Reduce -5.2%
CINF Cincinnati Financial Corp. 0.05% 3,000 $490K No change
JCTC Jewett-Cameron Trading Ltd. 0.05% 217,053 $488K No change
BF.A Brown-Forman Corp. Class A 0.05% 18,200 $479K No change
JBL Jabil Inc. 0.05% 2,000 $456K No change
LRCX Lam Research Corp. 0.05% 2,660 $455K No change
ETN Eaton Corp. PLC 0.05% 1,425 $454K No change
TFC Truist Financial Corp. 0.05% 9,112 $448K No change

Show all 131 holdings

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -2.1% 11.87% −1.47
META Meta Platforms Inc. Class A Reduce -1.4% 4.88% −0.77
PAYX Paychex Inc. Reduce -0.8% 2.96% −0.50
MDLZ Mondelez International Inc. Class A Reduce -14.2% 0.81% −0.32
PG The Procter & Gamble Co. Reduce -1.9% 2.09% −0.25
HD Home Depot Inc. Reduce -0.0% 0.86% −0.18
USB US Bancorp Reduce -78.8% 0.04% −0.13
SYK Stryker Corp. Reduce -0.8% 1.41% −0.13
MDT Medtronic PLC Reduce -14.3% 0.64% −0.12
BKNG Booking Holdings Inc. Reduce -1.5% 2.00% −0.10
SJM The JM Smucker Co. Reduce -3.3% 0.33% −0.06
MCD McDonald's Corp. Reduce -10.4% 0.43% −0.06
NVDA Nvidia Corp. Reduce -10.7% 0.34% −0.05
VOO Vanguard S&P 500 ETF Reduce -4.4% 0.98% −0.05
NKE Nike Inc. Class B Reduce -8.8% 0.20% −0.05
HSY The Hershey Co. Reduce -2.8% 0.46% −0.04
JPM JPMorgan Chase & Co. Reduce -2.1% 1.48% −0.04
INTU Intuit Inc. Reduce -23.9% 0.09% −0.04
DIS The Walt Disney Co. Reduce -0.5% 0.91% −0.04
IBM Intl Business Machines Corp. Reduce -15.3% 0.20% −0.03
VWO Vanguard Ftse Emerging Marke Reduce -1.0% 0.68% −0.03
ZTS Zoetis Inc. Reduce -0.4% 0.13% −0.03
KMB Kimberly-Clark Corp. Sold out 0.00% −0.02
KVUE Kenvue Inc. Reduce -18.8% 0.13% −0.02
GEHC GE Healthcare Technology Sold out 0.00% −0.02
BLK BlackRock Inc. Sold out 0.00% −0.02
DD Dupont DE Nemours Inc. Sold out 0.00% −0.02
PFE Pfizer Inc. Reduce -9.6% 0.12% −0.02
PEP Pepsico Inc. Reduce -0.7% 1.56% −0.02
CVS CVS Health Corp. Reduce -4.2% 0.98% −0.02
VEA Vanguard Ftse Developed ETF Reduce -4.1% 0.55% −0.01
UG United Guardian Inc. Reduce -0.5% 0.03% −0.01
CVX Chevron Corp. Reduce -0.5% 0.19% −0.01
T AT&T Inc. Reduce -1.2% 0.05% −0.01
SMG Scotts Miracle-Gro Co. Reduce -4.4% 0.18% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -3.3% 0.20% −0.01
GE General Electric Reduce -0.7% 0.74% −0.01
MMM 3M Co. Reduce -4.7% 0.13% −0.01
IVV iShares Core S&P 500 ETF Reduce -1.3% 0.21% −0.00
VEU Vanguard Ftse All-World Ex-U Reduce -2.3% 0.13% −0.00
CMCSA Comcast Corp. Class A Reduce -1.2% 0.02% −0.00
AMZN Amazon.com Inc. Reduce -5.2% 0.06% −0.00
EFA iShares MSCI Eafe ETF Reduce -4.1% 0.02% −0.00
SCHW Schwab (charles) Corp. Reduce -1.5% 1.44% +0.01
GEV GE Vernova Inc. Reduce -0.3% 0.27% +0.01
ICLR Icon PLC Reduce -0.7% 1.56% +0.01
COHR Coherent Corp. Reduce -2.8% 0.10% +0.04
GLW Corning Inc. Reduce -0.9% 2.18% +0.06
AAPL Apple Inc. Reduce -2.0% 3.78% +0.07
XOM Exxon Mobil Corp. Reduce -0.7% 2.28% +0.07

Portfolio Buys Q3 2025 → Q4 2025
CRM Salesforce Inc. New 1.65% +1.65
BATRK Atlanta Braves Holdings in-C Add +31.3% 0.95% +0.17
WMT Walmart Inc. Add +0.3% 2.74% +0.14
CLAR Clarus Corp. Add +39.6% 0.36% +0.08
STX Seagate Technology Holdings New 0.06% +0.06
WSBC Wesbanco Inc. New 0.03% +0.03
CAT Caterpillar Inc. New 0.02% +0.02
EXPE Expedia Group Inc. New 0.02% +0.02
EW Edwards Lifesciences Corp. New 0.02% +0.02
IWM iShares Russell 2000 ETF Add +1.1% 0.13% +0.00
IJR iShares Core S&P Small-Cap E Add +0.1% 0.73% −0.01
THRY Thryv Holdings Inc. Add +22.6% 0.12% −0.08
BRK.B Berkshire Hathaway Inc. Class B Add +0.3% 7.52% −0.18
FAST Fastenal Co. Add +0.4% 2.36% −0.59

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