Payden & Rygel

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Payden & Rygel reported 112 stock positions worth $1.2 billion. Its top holding was Invesco Nasdaq 100 ETF (QQQM) at 5.1% of the portfolio, followed by JPMorgan Chase (JPM, 4.3%) and Alphabet Class A (GOOGL, 3.8%). Compared with Q2 2025, it opened 12 new positions, sold out of 13, added to 20 and reduced 44. The biggest buy was a new position in CVS Health (CVS) and the biggest sale Exxon Mobil (XOM, shares −98%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0000919219
Portfolio Value
$1.2B (Q3 2025)
SEC Filing
0001193125-25-273905 ↗ filed Nov 10, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.5B Q1 2024 Q2 2024: $1.2B Q2 2024 Q3 2024: $1.3B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.2B $1.2B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.3B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 112 stocks · $1.2B
QQQM Invesco Nasdaq 100 ETF 5.05% 242,572 $59.9M No change
JPM JPMorgan Chase & Co. 4.33% 162,750 $51.3M Reduce -6.2%
GOOGL Alphabet Inc. Class A 3.79% 184,800 $44.9M Add +25.4%
DUK Duke Energy Corp. 2.62% 250,890 $31.0M Reduce -0.7%
MS Morgan Stanley 2.55% 190,500 $30.3M Reduce -0.1%
AMZN Amazon.com Inc. 2.50% 135,100 $29.7M Add +17.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.48% 569,400 $29.4M Reduce -6.1%
WFC Wells Fargo & Co. 2.47% 349,400 $29.3M No change
GE General Electric filed as GE AEROSPACE 2.33% 91,900 $27.6M No change
BLK BlackRock Inc. 2.13% 21,700 $25.3M No change
ORCL Oracle Corp. 2.09% 88,390 $24.9M Reduce -4.2%
D Dominion Energy Inc. 1.97% 381,600 $23.3M Reduce -0.6%
CRH CRH PLC 1.89% 186,900 $22.4M Add +8.5%
WMT Walmart Inc. 1.80% 206,800 $21.3M Add +0.1%
MSFT Microsoft Corp. 1.72% 39,330 $20.4M Reduce -22.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.71% 140,700 $20.3M Add +49.0%
SSNC Ss&c Technologies Holdings 1.70% 227,700 $20.2M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.67% 70,300 $19.8M Add +24.2%
CVS CVS Health Corp. 1.66% 261,500 $19.7M New
CSCO Cisco Systems Inc. 1.64% 285,270 $19.5M Reduce -8.2%
ACM Aecom 1.63% 148,400 $19.4M Reduce -1.6%
VLO Valero Energy Corp. 1.60% 111,800 $19.0M New
V Visa Inc. Class A 1.59% 55,100 $18.8M Reduce -17.4%
EXC Exelon Corp. 1.54% 405,910 $18.3M Add +59.1%
GLW Corning Inc. 1.53% 222,000 $18.2M No change
DGX Quest Diagnostics Inc. 1.51% 94,200 $18.0M Add +0.6%
META Meta Platforms Inc. Class A 1.47% 23,810 $17.5M Reduce -16.5%
MCK McKesson Corp. 1.45% 22,300 $17.2M Reduce -31.0%
VOO Vanguard S&P 500 ETF 1.43% 27,800 $17.0M Reduce -8.7%
ADI Analog Devices Inc. 1.41% 68,300 $16.8M New
MRK Merck & Co. Inc. 1.40% 197,910 $16.6M Add +5234.5%
CVX Chevron Corp. 1.31% 100,400 $15.6M Add +6593.3%
ETN Eaton Corp. PLC 1.30% 41,200 $15.4M Reduce -1.9%
VZ Verizon Communications Inc. 1.30% 349,890 $15.4M Reduce -12.9%
PEP Pepsico Inc. 1.29% 108,600 $15.3M Add +1080.4%
SPG Simon Property Group Inc. 1.26% 79,850 $15.0M Add +21.6%
AVGO Broadcom Inc. 1.26% 45,300 $14.9M Reduce -4.4%
ITT Itt Inc. 1.26% 83,500 $14.9M Reduce -0.4%
J Jacobs Solutions Inc. 1.17% 92,700 $13.9M Add +14.0%
ABBV Abbvie Inc. 1.12% 57,410 $13.3M Add +52090.9%
EPD Enterprise Products Partners 1.10% 417,070 $13.0M Reduce -32.8%
ET Energy Transfer LP 1.09% 750,690 $12.9M Reduce -25.1%
PLD Prologis Inc. 1.08% 111,700 $12.8M Add +30.6%
RTX RTX Corp. 1.08% 76,400 $12.8M No change
MCD McDonald's Corp. 1.07% 41,600 $12.6M Add +88.2%
JNJ Johnson & Johnson 1.01% 64,900 $12.0M No change
SYK Stryker Corp. 1.01% 32,300 $11.9M Reduce -39.6%
CI The Cigna Group 0.94% 38,800 $11.2M Add +24.0%
AXP American Express Co. 0.92% 32,700 $10.9M Reduce -51.5%
FITB Fifth Third Bancorp 0.91% 243,600 $10.9M New
PG The Procter & Gamble Co. 0.91% 69,900 $10.7M Reduce -47.2%
COST Costco Wholesale Corp. 0.90% 11,600 $10.7M Reduce -30.5%
LEN Lennar Corp. Class A 0.88% 82,900 $10.4M New
GILD Gilead Sciences Inc. 0.85% 91,280 $10.1M Add +33.5%
CMI Cummins Inc. 0.82% 23,100 $9.8M New
TXN Texas Instruments Inc. 0.76% 49,100 $9.0M Add +2034.8%
BKNG Booking Holdings Inc. 0.73% 1,600 $8.6M No change
TMUS T-Mobile US Inc. 0.72% 35,600 $8.5M Reduce -26.0%
NDAQ Nasdaq Inc. 0.69% 91,900 $8.1M Reduce -29.9%
MET Metlife Inc. 0.68% 98,200 $8.1M Reduce -43.0%
KIM Kimco Realty Corp. 0.67% 364,400 $8.0M New
NLY Annaly Capital Management Inc. 0.67% 391,300 $7.9M New
SPGI S&P Global Inc. 0.64% 15,700 $7.6M Reduce -53.5%
NVDA Nvidia Corp. 0.53% 33,500 $6.3M Reduce -6.9%
CTRA Coterra Energy Inc. 0.42% 212,000 $5.0M New
AAPL Apple Inc. 0.40% 18,800 $4.8M Reduce -21.0%
AGG iShares Core U.S. Aggregate 0.29% 34,542 $3.5M New
NFLX Netflix Inc. 0.21% 2,110 $2.5M Reduce -38.1%
LLY Eli Lilly & Co. 0.20% 3,120 $2.4M Reduce -80.2%
SUSB iShares ESG Aware 1-5 Year U 0.19% 88,579 $2.2M No change
WMB Williams Cos Inc. 0.17% 32,160 $2.0M Reduce -84.9%
AMP Ameriprise Financial Inc. 0.13% 3,100 $1.5M Reduce -89.7%
KO The Coca-Cola Co. 0.12% 22,310 $1.5M Reduce -86.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.09% 3,500 $1.1M Reduce -94.5%
GS Goldman Sachs Group Inc. 0.08% 1,260 $1.0M No change
CRM Salesforce Inc. 0.08% 4,100 $972K Add +20.6%
NUE Nucor Corp. 0.08% 7,100 $962K New
AMT American Tower Corp. 0.08% 4,700 $904K Reduce -86.6%
SUSC iShares ESG Aware Usd Corpor 0.07% 35,557 $838K No change
HD Home Depot Inc. 0.06% 1,770 $717K No change
DE Deere & Co. 0.05% 1,300 $594K New
TFC Truist Financial Corp. 0.05% 12,800 $585K No change
QCOM Qualcomm Inc. 0.04% 3,200 $532K No change
EMR Emerson Electric Co. 0.04% 3,500 $459K Reduce -74.1%
DOV Dover Corp. 0.04% 2,680 $447K No change
XOM Exxon Mobil Corp. 0.04% 3,700 $417K Reduce -98.4%
RSG Republic Services Inc. 0.03% 1,800 $413K No change
DHR Danaher Corp. 0.03% 2,000 $397K Reduce -97.5%
LMT Lockheed Martin Corp. 0.03% 740 $369K Reduce -97.0%
AMAT Applied Materials Inc. 0.03% 1,600 $328K No change
MA Mastercard Inc. Class A 0.03% 560 $319K No change
MCHP Microchip Technology Inc. 0.03% 4,800 $308K No change
MDLZ Mondelez International Inc. Class A 0.02% 4,570 $285K Reduce -96.0%
AEP American Electric Power 0.02% 2,500 $281K No change
EQT Eqt Corp. 0.02% 5,000 $272K No change
WM Waste Management Inc. 0.02% 1,200 $265K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,030 $232K No change
VST Vistra Corp. 0.02% 1,100 $216K No change
PSA Public Storage 0.02% 740 $214K No change
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.02% 6,360 $207K No change
GNMA iShares Gnma Bond ETF 0.02% 4,553 $202K No change
DELL Dell Technologies -C 0.02% 1,400 $198K No change
DLR Digital Realty Trust Inc. 0.02% 1,100 $190K Reduce -89.4%
CMCSA Comcast Corp. Class A 0.02% 5,770 $181K No change
ARES Ares Management Corp. Class A 0.01% 1,100 $176K No change
AR Antero Resources Corp. 0.01% 3,910 $131K No change
PBR Petroleo Brasileiro-Spon ADR 0.01% 10,210 $129K No change
CB Chubb Ltd. 0.01% 400 $113K Reduce -98.9%
EXE Expand Energy Corp. 0.01% 853 $91K No change
KRE SS SPDR S&P Regional Bank 0.00% 406 $26K No change
ARCC Ares Capital Corp. 0.00% 1,160 $24K No change
PFE Pfizer Inc. 0.00% 380 $10K Reduce -98.5%

Options reported separately and not counted above: SELECT SECTOR SPDR TR puts ($19.2M).

Portfolio Sells Q2 2025 → Q3 2025
XOM Exxon Mobil Corp. Reduce -98.4% 0.04% −2.08
AJG Arthur J Gallagher & Co. Reduce -94.5% 0.09% −1.60
BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −1.32
DHR Danaher Corp. Reduce -97.5% 0.03% −1.28
HCA HCA Healthcare Inc. Sold out 0.00% −1.28
AMP Ameriprise Financial Inc. Reduce -89.7% 0.13% −1.21
LIN Linde PLC Sold out 0.00% −1.00
WMB Williams Cos Inc. Reduce -84.9% 0.17% −0.93
LMT Lockheed Martin Corp. Reduce -97.0% 0.03% −0.90
UNH Unitedhealth Group Inc. Sold out 0.00% −0.89
SCI Service Corp. International Sold out 0.00% −0.87
AXP American Express Co. Reduce -51.5% 0.92% −0.86
CB Chubb Ltd. Reduce -98.9% 0.01% −0.86
PG The Procter & Gamble Co. Reduce -47.2% 0.91% −0.84
KO The Coca-Cola Co. Reduce -86.4% 0.12% −0.84
SPGI S&P Global Inc. Reduce -53.5% 0.64% −0.83
LLY Eli Lilly & Co. Reduce -80.2% 0.20% −0.81
SYK Stryker Corp. Reduce -39.6% 1.01% −0.75
MDLZ Mondelez International Inc. Class A Reduce -96.0% 0.02% −0.61
AMT American Tower Corp. Reduce -86.6% 0.08% −0.57
ROYAL CARIBBEAN CRUISES Sold out 0.00% −0.56
MCK McKesson Corp. Reduce -31.0% 1.45% −0.51
EPD Enterprise Products Partners Reduce -32.8% 1.10% −0.49
MET Metlife Inc. Reduce -43.0% 0.68% −0.47
COST Costco Wholesale Corp. Reduce -30.5% 0.90% −0.46
ET Energy Transfer LP Reduce -25.1% 1.09% −0.42
V Visa Inc. Class A Reduce -17.4% 1.59% −0.38
MSFT Microsoft Corp. Reduce -22.0% 1.72% −0.36
NDAQ Nasdaq Inc. Reduce -29.9% 0.69% −0.28
META Meta Platforms Inc. Class A Reduce -16.5% 1.47% −0.27
TMUS T-Mobile US Inc. Reduce -26.0% 0.72% −0.23
NFLX Netflix Inc. Reduce -38.1% 0.21% −0.16
VZ Verizon Communications Inc. Reduce -12.9% 1.30% −0.14
CSCO Cisco Systems Inc. Reduce -8.2% 1.64% −0.14
DLR Digital Realty Trust Inc. Reduce -89.4% 0.02% −0.13
AMGN Amgen Inc. Sold out 0.00% −0.12
EMR Emerson Electric Co. Reduce -74.1% 0.04% −0.11
MMP Magellan Midstream Partners Sold out 0.00% −0.09
DAL Delta Air Lines Inc. Sold out 0.00% −0.08
BA The Boeing Co. Sold out 0.00% −0.06
PFE Pfizer Inc. Reduce -98.5% 0.00% −0.05
NATIONWIDE HEALTH PPTYS INC Sold out 0.00% −0.01
SPYM Ste STR SPDR PT S&P 500 ETF Sold out 0.00% −0.00
AAPL Apple Inc. Reduce -21.0% 0.40% −0.00
VLY Valley National Bancorp Sold out 0.00% −0.00
VOO Vanguard S&P 500 ETF Reduce -8.7% 1.43% +0.00
NVDA Nvidia Corp. Reduce -6.9% 0.53% +0.06
ETN Eaton Corp. PLC Reduce -1.9% 1.30% +0.06
BAC Bank of America Corp. Reduce -6.1% 2.48% +0.10
DUK Duke Energy Corp. Reduce -0.7% 2.62% +0.15

Portfolio Buys Q2 2025 → Q3 2025
CVS CVS Health Corp. New 1.66% +1.66
GOOGL Alphabet Inc. Class A Add +25.4% 3.79% +1.64
VLO Valero Energy Corp. New 1.60% +1.60
ADI Analog Devices Inc. New 1.41% +1.41
MRK Merck & Co. Inc. Add +5234.5% 1.40% +1.38
CVX Chevron Corp. Add +6593.3% 1.31% +1.30
PEP Pepsico Inc. Add +1080.4% 1.29% +1.18
ABBV Abbvie Inc. Add +52090.9% 1.12% +1.12
FITB Fifth Third Bancorp New 0.91% +0.91
LEN Lennar Corp. Class A New 0.88% +0.88
CMI Cummins Inc. New 0.82% +0.82
TJX TJX Companies Inc. Add +49.0% 1.71% +0.75
TXN Texas Instruments Inc. Add +2034.8% 0.76% +0.72
KIM Kimco Realty Corp. New 0.67% +0.67
NLY Annaly Capital Management Inc. New 0.67% +0.67
EXC Exelon Corp. Add +59.1% 1.54% +0.62
CRH CRH PLC Add +8.5% 1.89% +0.58
MCD McDonald's Corp. Add +88.2% 1.07% +0.53
CTRA Coterra Energy Inc. New 0.42% +0.42
AMZN Amazon.com Inc. Add +17.6% 2.50% +0.41
SPG Simon Property Group Inc. Add +21.6% 1.26% +0.39
PLD Prologis Inc. Add +30.6% 1.08% +0.33
AGG iShares Core U.S. Aggregate New 0.29% +0.29
IBM Intl Business Machines Corp. Add +24.2% 1.67% +0.29
J Jacobs Solutions Inc. Add +14.0% 1.17% +0.29
GILD Gilead Sciences Inc. Add +33.5% 0.85% +0.23
WMT Walmart Inc. Add +0.1% 1.80% +0.12
DGX Quest Diagnostics Inc. Add +0.6% 1.51% +0.12
CI The Cigna Group Add +24.0% 0.94% +0.09
NUE Nucor Corp. New 0.08% +0.08
DE Deere & Co. New 0.05% +0.05
CRM Salesforce Inc. Add +20.6% 0.08% +0.01

Options Activity Q2 2025 → Q3 2025
SELECT SECTOR SPDR TR put New 2,152 $19.2M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 131$1.3BGLD, AAPL, JPM, EMLC, AMZN
Q1 2026 113$1.3BEMB, EMLC, GLD, GOOGL, LQD
Q4 2025 114$1.4BGLDM, EMB, EMLC, QQQM, LQD
Q3 2025 112$1.2BQQQM, JPM, GOOGL, DUK, MS
Q2 2025 113$1.2BQQQM, JPM, DUK, BAC, WFC
Q1 2025 125$1.2BQQQM, JPM, DUK, GE, EMLC
Q4 2024 124$1.2BQQQM, JPM, MSFT, CRH, NEE
Q3 2024 122$1.3BLQD, QQQM, JPM, MSFT, NEE
Q2 2024 122$1.2BAJG, JPM, QQQM, MSFT, XOM
Q1 2024 132$1.5BJPM, WMT, XOM, MSFT, AJG