Pennsylvania Capital Management Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Pennsylvania Capital Management Inc. reported 105 stock positions worth $311.7 million. Its top holding was Microsoft (MSFT) at 12.3% of the portfolio, followed by Apple (AAPL, 9.9%) and iShares Core S&P 500 ETF (IVV, 9.0%). Compared with Q1 2025, it opened 13 new positions, sold out of 5, added to 37 and reduced 32. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +1007%) and the biggest sale an exit from T Rowe Price Floating RT ETF (TFLR).

Most Recent 13F
Q2 2026
Location
HUNTINGDON VALLEY, PA
CIK
0001004140
Portfolio Value
$311.7M (Q2 2025)
SEC Filing
0001004140-25-000006 ↗ filed Jul 18, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $241.6M Q1 2024 Q2 2024: $258.7M Q2 2024 Q3 2024: $277.3M Q3 2024 Q4 2024: $290.5M Q4 2024 Q1 2025: $271.3M Q1 2025 Q2 2025: $311.7M $311.7M Q2 2025 Q3 2025: $342.6M Q3 2025 Q4 2025: $364.3M Q4 2025 Q1 2026: $348.5M Q1 2026 Q2 2026: $393.8M Q2 2026

Holdings 105 stocks · $311.7M
MSFT Microsoft Corp. 12.33% 77,291 $38.4M Reduce -11.6%
AAPL Apple Inc. 9.90% 150,419 $30.9M Reduce -8.0%
IVV iShares Core S&P 500 ETF 9.01% 45,236 $28.1M Reduce -1.3%
AMZN Amazon.com Inc. 6.09% 86,531 $19.0M Reduce -28.1%
JPIE JPMorgan Income ETF 5.96% 401,152 $18.6M Add +1.4%
NVDA Nvidia Corp. 4.20% 82,881 $13.1M Reduce -24.5%
BIL SS SPDR BB 1-3M T-Bill ETF 3.10% 105,392 $9.7M Add +1007.2%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 3.07% 26,104 $9.6M Add +905.2%
FNDF Schwab Fndmn Intl LRG Co. ETF 2.90% 225,680 $9.0M Add +5.6%
FNDX Schwab Fndmntl US LRG Co. ETF 2.81% 356,328 $8.7M Reduce -1.5%
VOO Vanguard S&P 500 ETF 2.68% 14,688 $8.3M Add +1740.6%
IJH iShares Core S&P Midcap ETF 2.37% 119,314 $7.4M Add +0.5%
JNJ Johnson & Johnson 2.10% 42,847 $6.5M Add +1024.9%
BINC iShares Flex I A ETF-Usd Inc. 1.71% 100,653 $5.3M Add +1.8%
VMC Vulcan Materials Co. 1.32% 15,791 $4.1M No change
SMH Vaneck Semiconductor ETF 1.30% 14,579 $4.1M Reduce -33.4%
GOOGL Alphabet Inc. Class A 1.19% 21,090 $3.7M Reduce -27.2%
XLY SS Consumer Disc Select Sect 1.09% 15,629 $3.4M Add +2.0%
LLY Eli Lilly & Co. 1.05% 4,190 $3.3M Add +0.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.99% 4,998 $3.1M Add +258.0%
DSI iShares ESG MSCI KLD 400 ETF 0.98% 26,242 $3.0M No change
IJR iShares Core S&P Small-Cap E 0.97% 27,586 $3.0M Reduce -5.0%
IXUS iShares Core Intl Stock ETF 0.95% 38,152 $2.9M New
TSLA Tesla Inc. 0.83% 8,185 $2.6M Add +22.9%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.79% 48,515 $2.5M Add +1.9%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.75% 8,369 $2.3M Add +479.2%
SCHD Schwab US DVD Equity ETF 0.75% 88,342 $2.3M Reduce -5.5%
JPST JPMorgan Ultra-Short Income 0.67% 41,408 $2.1M Add +6.9%
SOXX iShares Semiconductor ETF 0.67% 8,704 $2.1M Reduce -24.7%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 4,132 $2.0M Add +15.5%
CZNC Citizens & Northern Corp. 0.62% 102,389 $1.9M No change
SCHX Schwab US Large-Cap ETF 0.59% 75,195 $1.8M Add +6.7%
VB Vanguard Most SM-Cap ETF-Usd 0.57% 7,475 $1.8M Add +554.0%
JEPI JPMorgan Equity Premium Inco 0.52% 28,250 $1.6M Reduce -20.4%
VBIL Vanguard 0-3M T-Bill ETF 0.48% 19,852 $1.5M New
VYM Vanguard High DVD Yield ETF 0.45% 10,441 $1.4M No change
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.45% 3,439 $1.4M Reduce -3.1%
EPD Enterprise Products Partners 0.44% 44,467 $1.4M No change
MS Morgan Stanley 0.42% 9,315 $1.3M Add +5.0%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.41% 4,487 $1.3M New
VOX Vanguard Communication Servi 0.41% 7,384 $1.3M No change
CNC Centene Corp. 0.40% 23,191 $1.3M Reduce -4.3%
ADI Analog Devices Inc. 0.40% 5,209 $1.2M Add +0.2%
BX Blackstone Inc. 0.39% 8,075 $1.2M Reduce -7.2%
META Meta Platforms Inc. Class A 0.38% 1,596 $1.2M Reduce -3.5%
IVW iShares S&P 500 Growth ETF 0.37% 10,356 $1.1M New
GOOG Alphabet Inc. Class C 0.36% 6,373 $1.1M Reduce -32.5%
RTX RTX Corp. 0.35% 7,541 $1.1M No change
SCHG Schwab US Large-Cap Growth 0.35% 37,618 $1.1M Add +1.4%
VTI VG Morningstar TS MKT ETF-US 0.33% 3,406 $1.0M Add +23.8%
IVE iShares S&P 500 Value ETF 0.32% 5,037 $984K Add +375.2%
IBIT iShares Bitcoin Trust ETF 0.31% 15,809 $968K Add +3.8%
COF Capital One Financial Corp. 0.31% 4,477 $953K Add +185.2%
ERIE Erie Indemnity Company Class A 0.28% 2,550 $884K No change
NEE Nextera Energy Inc. 0.28% 12,609 $875K Add +0.8%
SCHM Schwab US Mid Cap ETF 0.28% 31,136 $873K Add +1.9%
AMP Ameriprise Financial Inc. 0.28% 1,606 $857K No change
QQQ Invesco QQQ Trust Series 1 0.23% 1,279 $706K No change
XOM Exxon Mobil Corp. 0.22% 6,428 $693K Add +1.8%
PFF iShares Preferred & Income S 0.21% 21,590 $662K Reduce -1.5%
TXN Texas Instruments Inc. 0.21% 3,155 $655K Add +0.3%
XLF SS Financial Select Sector 0.21% 12,406 $650K New
ADP Automatic Data Processing 0.20% 2,060 $635K No change
HELO JPMorgan Hedged Equity ETF 0.20% 10,048 $629K Reduce -4.1%
LNG Cheniere Energy Inc. 0.19% 2,427 $591K Add +0.9%
LPLA LPL Financial Holdings Inc. 0.19% 1,572 $589K No change
COST Costco Wholesale Corp. 0.18% 577 $571K Reduce -0.9%
CMG Chipotle Mexican Grill Inc. 0.17% 9,700 $545K No change
JPM JPMorgan Chase & Co. 0.17% 1,838 $533K Reduce -4.9%
CEG Constellation Energy 0.17% 1,639 $529K Reduce -0.3%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.17% 9,694 $527K Add +3.7%
IWB iShares Russell 1000 ETF 0.15% 1,418 $482K No change
SYF Synchrony Financial 0.15% 7,184 $479K Reduce -3.9%
QCOM Qualcomm Inc. 0.15% 2,878 $458K Reduce -1.9%
UNH Unitedhealth Group Inc. 0.15% 1,467 $458K Reduce -33.9%
SCHA Schwab US Small-Cap ETF 0.14% 16,773 $424K Add +5.8%
XLE SS Energy Select Sector 0.13% 4,884 $414K Reduce -21.2%
FTNT Fortinet Inc. 0.13% 3,800 $402K No change
FULT Fulton Financial Corp. 0.13% 21,900 $395K No change
GD General Dynamics Corp. 0.12% 1,320 $385K No change
VIG Vanguard Dividend Apprec ETF 0.12% 1,822 $373K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.11% 7,153 $338K Add +1.7%
ORCL Oracle Corp. 0.11% 1,545 $338K Reduce -15.3%
CW Curtiss-Wright Corp. 0.11% 672 $328K Add +0.5%
AVGO Broadcom Inc. 0.10% 1,150 $317K Reduce -31.8%
TMO Thermo Fisher Scientific Inc. 0.10% 760 $308K Reduce -9.5%
SPHQ Invesco S&P 500 Quality ETF 0.10% 4,173 $297K No change
SMHX Vaneck Fables Smicndctr ETF 0.09% 9,255 $290K New
MRK Merck & Co. Inc. 0.09% 3,555 $281K Reduce -18.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.09% 953 $281K No change
FBTC Fidelity Wise Origin Bitcoin 0.09% 2,922 $275K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.09% 610 $267K Add +0.2%
HYDB iShares High Yield Systemati 0.08% 5,091 $242K Add +1.7%
HYMB SS SPDR N Ice HY Muni ETF 0.08% 9,475 $235K No change
EXC Exelon Corp. 0.07% 5,355 $233K No change
IWF iShares Russell 1000 Growth 0.07% 541 $230K New
EFA iShares MSCI Eafe ETF 0.07% 2,542 $227K New
PANW Palo Alto Networks Inc. 0.07% 1,100 $225K New
GS Goldman Sachs Group Inc. 0.07% 305 $216K New
CLOU Global X Cloud Computing ETF 0.07% 9,248 $216K Reduce -13.1%
FNDA Schwab Fndmntl US SM Co. ETF 0.07% 7,390 $212K Reduce -48.1%
DGRO iShares Core Dividend Growth 0.07% 3,265 $209K Add +0.1%
SCHB Schwab US Broad Market ETF 0.07% 8,753 $209K New
JMUB JPMorgan Municipal ETF 0.07% 4,168 $207K New
PEG Public Service Enterprise GP 0.06% 2,391 $201K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 645$757KNo change
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 212$257KNo change

Total filed on the 13F, all lines: $312.7M.

Portfolio Sells Q1 2025 → Q2 2025
TFLR T Rowe Price Floating RT ETF Sold out 0.00% −3.59
AAPL Apple Inc. Reduce -8.0% 9.90% −3.48
AMZN Amazon.com Inc. Reduce -28.1% 6.09% −2.35
IVV iShares Core S&P 500 ETF Reduce -1.3% 9.01% −0.48
GOOGL Alphabet Inc. Class A Reduce -27.2% 1.19% −0.46
SMH Vaneck Semiconductor ETF Reduce -33.4% 1.30% −0.40
FNDX Schwab Fndmntl US LRG Co. ETF Reduce -1.5% 2.81% −0.34
UNH Unitedhealth Group Inc. Reduce -33.9% 0.15% −0.28
JEPI JPMorgan Equity Premium Inco Reduce -20.4% 0.52% −0.23
DFS Discover Financial Services Sold out 0.00% −0.21
SCHD Schwab US DVD Equity ETF Reduce -5.5% 0.75% −0.21
FLBL Franklin Senior Loan ETF Sold out 0.00% −0.20
NVDA Nvidia Corp. Reduce -24.5% 4.20% −0.18
GOOG Alphabet Inc. Class C Reduce -32.5% 0.36% −0.18
IJR iShares Core S&P Small-Cap E Reduce -5.0% 0.97% −0.15
CNC Centene Corp. Reduce -4.3% 0.40% −0.14
SOXX iShares Semiconductor ETF Reduce -24.7% 0.67% −0.14
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.12
ADBE Adobe Inc. Sold out 0.00% −0.09
XLE SS Energy Select Sector Reduce -21.2% 0.13% −0.08
FNDA Schwab Fndmntl US SM Co. ETF Reduce -48.1% 0.07% −0.08
BX Blackstone Inc. Reduce -7.2% 0.39% −0.06
TMO Thermo Fisher Scientific Inc. Reduce -9.5% 0.10% −0.06
MRK Merck & Co. Inc. Reduce -18.5% 0.09% −0.05
PFF iShares Preferred & Income S Reduce -1.5% 0.21% −0.04
HELO JPMorgan Hedged Equity ETF Reduce -4.1% 0.20% −0.03
COST Costco Wholesale Corp. Reduce -0.9% 0.18% −0.02
QCOM Qualcomm Inc. Reduce -1.9% 0.15% −0.02
CLOU Global X Cloud Computing ETF Reduce -13.1% 0.07% −0.01
JPM JPMorgan Chase & Co. Reduce -4.9% 0.17% −0.00
AVGO Broadcom Inc. Reduce -31.8% 0.10% −0.00
SYF Synchrony Financial Reduce -3.9% 0.15% +0.01
ORCL Oracle Corp. Reduce -15.3% 0.11% +0.01
META Meta Platforms Inc. Class A Reduce -3.5% 0.38% +0.03
CEG Constellation Energy Reduce -0.3% 0.17% +0.05
MSTR Strategy Inc. Reduce -3.1% 0.45% +0.07
MSFT Microsoft Corp. Reduce -11.6% 12.33% +0.23

Portfolio Buys Q1 2025 → Q2 2025
BIL SS SPDR BB 1-3M T-Bill ETF Add +1007.2% 3.10% +2.78
MGK Vngrd Mrgstr MG CP GR ETF-Ui Add +905.2% 3.07% +2.77
VOO Vanguard S&P 500 ETF Add +1740.6% 2.68% +2.53
JNJ Johnson & Johnson Add +1024.9% 2.10% +1.87
IXUS iShares Core Intl Stock ETF New 0.95% +0.95
SPY SS SPDR S&P 500 ETF Trust-US Add +258.0% 0.99% +0.70
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +479.2% 0.75% +0.61
VBIL Vanguard 0-3M T-Bill ETF New 0.48% +0.48
VB Vanguard Most SM-Cap ETF-Usd Add +554.0% 0.57% +0.47
VOT Vngrd Mrngstr MC GRW ETF-Usd New 0.41% +0.41
IVW iShares S&P 500 Growth ETF New 0.37% +0.37
IVE iShares S&P 500 Value ETF Add +375.2% 0.32% +0.24
XLF SS Financial Select Sector New 0.21% +0.21
COF Capital One Financial Corp. Add +185.2% 0.31% +0.20
TSLA Tesla Inc. Add +22.9% 0.83% +0.20
SMHX Vaneck Fables Smicndctr ETF New 0.09% +0.09
IWF iShares Russell 1000 Growth New 0.07% +0.07
EFA iShares MSCI Eafe ETF New 0.07% +0.07
PANW Palo Alto Networks Inc. New 0.07% +0.07
GS Goldman Sachs Group Inc. New 0.07% +0.07
SCHB Schwab US Broad Market ETF New 0.07% +0.07
JMUB JPMorgan Municipal ETF New 0.07% +0.07
PEG Public Service Enterprise GP New 0.06% +0.06
VTI VG Morningstar TS MKT ETF-US Add +23.8% 0.33% +0.05
FNDF Schwab Fndmn Intl LRG Co. ETF Add +5.6% 2.90% +0.05
IBIT iShares Bitcoin Trust ETF Add +3.8% 0.31% +0.05
MS Morgan Stanley Add +5.0% 0.42% +0.04
CW Curtiss-Wright Corp. Add +0.5% 0.11% +0.03
SCHX Schwab US Large-Cap ETF Add +6.7% 0.59% +0.02
ADI Analog Devices Inc. Add +0.2% 0.40% +0.01
SCHG Schwab US Large-Cap Growth Add +1.4% 0.35% +0.01
VUG Vanguard Mrngstar GR ETF-Sui Add +0.2% 0.09% +0.00
TXN Texas Instruments Inc. Add +0.3% 0.21% +0.00
BAC Bank of America Corp. Add +1.7% 0.11% +0.00
SCHA Schwab US Small-Cap ETF Add +5.8% 0.14% −0.00
DGRO iShares Core Dividend Growth Add +0.1% 0.07% −0.01
JEPQ JPM Nasdaq Equity Premium Add +3.7% 0.17% −0.01
HYDB iShares High Yield Systemati Add +1.7% 0.08% −0.01
SCHM Schwab US Mid Cap ETF Add +1.9% 0.28% −0.01
LNG Cheniere Energy Inc. Add +0.9% 0.19% −0.02
XLY SS Consumer Disc Select Sect Add +2.0% 1.09% −0.03
NEE Nextera Energy Inc. Add +0.8% 0.28% −0.05
JPST JPMorgan Ultra-Short Income Add +6.9% 0.67% −0.05
XOM Exxon Mobil Corp. Add +1.8% 0.22% −0.05
BRK.B Berkshire Hathaway Inc. Class B Add +15.5% 0.64% −0.06
JMST JPM Ultra-Short Muni Income Add +1.9% 0.79% −0.10
IJH iShares Core S&P Midcap ETF Add +0.5% 2.37% −0.18
BINC iShares Flex I A ETF-Usd Inc. Add +1.8% 1.71% −0.20
LLY Eli Lilly & Co. Add +0.1% 1.05% −0.23
JPIE JPMorgan Income ETF Add +1.4% 5.96% −0.75

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 121$393.8MAAPL, IVV, MSFT, FNDX, JPIE
Q1 2026 110$348.5MAAPL, IVV, MSFT, JPIE, FNDX
Q4 2025 111$364.3MAAPL, MSFT, IVV, JPIE, AMZN
Q3 2025 106$342.6MMSFT, AAPL, IVV, JPIE, AMZN
Q2 2025 105$311.7MMSFT, AAPL, IVV, AMZN, JPIE
Q1 2025 97$271.3MAAPL, MSFT, IVV, AMZN, JPIE
Q4 2024 98$290.5MAAPL, MSFT, IVV, AMZN, JPIE
Q3 2024 96$277.3MAAPL, MSFT, IVV, AMZN, JPIE
Q2 2024 85$258.7MMSFT, AAPL, AMZN, IVV, JPIE
Q1 2024 83$241.6MMSFT, AAPL, AMZN, IVV, JPIE