Pennsylvania Capital Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Pennsylvania Capital Management Inc. reported 106 stock positions worth $342.6 million. Its top holding was Microsoft (MSFT) at 11.7% of the portfolio, followed by Apple (AAPL, 11.0%) and iShares Core S&P 500 ETF (IVV, 9.0%). Compared with Q2 2025, it opened 5 new positions, sold out of 4, added to 52 and reduced 21. The biggest buy was iShares Flex I A ETF-Usd (BINC, shares +207%) and the biggest sale an exit from SS SPDR BB 1-3M T-Bill ETF (BIL).

Most Recent 13F
Q2 2026
Location
HUNTINGDON VALLEY, PA
CIK
0001004140
Portfolio Value
$342.6M (Q3 2025)
SEC Filing
0001004140-25-000008 ↗ filed Nov 7, 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 Q2 2025 Q3 2025: $342.6M $342.6M Q3 2025 Q4 2025: $364.3M Q4 2025 Q1 2026: $348.5M Q1 2026 Q2 2026: $393.8M Q2 2026

Holdings 106 stocks · $342.6M
MSFT Microsoft Corp. 11.71% 77,437 $40.1M Add +0.2%
AAPL Apple Inc. 10.99% 147,868 $37.7M Reduce -1.7%
IVV iShares Core S&P 500 ETF 9.01% 46,134 $30.9M Add +2.0%
JPIE JPMorgan Income ETF 5.88% 433,892 $20.1M Add +8.2%
AMZN Amazon.com Inc. 5.59% 87,188 $19.1M Add +0.8%
BINC iShares Flex I A ETF-Usd Inc. 4.80% 308,921 $16.4M Add +206.9%
NVDA Nvidia Corp. 4.52% 82,906 $15.5M Add +0.0%
FNDF Schwab Fndmn Intl LRG Co. ETF 3.18% 253,579 $10.9M Add +12.4%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 3.09% 26,297 $10.6M Add +0.7%
FNDX Schwab Fndmntl US LRG Co. ETF 2.85% 370,593 $9.7M Add +4.0%
VOO Vanguard S&P 500 ETF 2.63% 14,700 $9.0M Add +0.1%
JNJ Johnson & Johnson 2.32% 42,920 $8.0M Add +0.2%
IJH iShares Core S&P Midcap ETF 2.31% 121,262 $7.9M Add +1.6%
GOOGL Alphabet Inc. Class A 1.50% 21,172 $5.1M Add +0.4%
VMC Vulcan Materials Co. 1.42% 15,791 $4.9M No change
SMH Vaneck Semiconductor ETF 1.37% 14,389 $4.7M Reduce -1.3%
TSLA Tesla Inc. 1.14% 8,757 $3.9M Add +7.0%
XLY SS Consumer Disc Select Sect 1.07% 15,360 $3.7M Reduce -1.7%
DSI iShares ESG MSCI KLD 400 ETF 0.97% 26,352 $3.3M Add +0.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.96% 4,913 $3.3M Reduce -1.7%
LLY Eli Lilly & Co. 0.93% 4,190 $3.2M No change
IXUS iShares Core Intl Stock ETF 0.92% 38,152 $3.2M No change
IJR iShares Core S&P Small-Cap E 0.91% 26,299 $3.1M Reduce -4.7%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.72% 8,369 $2.5M No change
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.71% 47,467 $2.4M Reduce -2.2%
SOXX iShares Semiconductor ETF 0.69% 8,705 $2.4M Add +0.0%
SCHD Schwab US DVD Equity ETF 0.65% 81,365 $2.2M Reduce -7.9%
BRK.B Berkshire Hathaway Inc. Class B 0.60% 4,081 $2.1M Reduce -1.2%
CZNC Citizens & Northern Corp. 0.59% 102,389 $2.0M No change
JPST JPMorgan Ultra-Short Income 0.58% 39,476 $2.0M Reduce -4.7%
VB Vanguard Most SM-Cap ETF-Usd 0.55% 7,476 $1.9M Add +0.0%
SCHX Schwab US Large-Cap ETF 0.51% 66,631 $1.8M Reduce -11.4%
VBIL Vanguard 0-3M T-Bill ETF 0.48% 21,783 $1.6M Add +9.7%
GOOG Alphabet Inc. Class C 0.46% 6,521 $1.6M Add +2.3%
JEPI JPMorgan Equity Premium Inco 0.44% 26,402 $1.5M Reduce -6.5%
MS Morgan Stanley 0.43% 9,321 $1.5M Add +0.1%
VYM Vanguard High DVD Yield ETF 0.43% 10,441 $1.5M No change
SCHG Schwab US Large-Cap Growth 0.41% 44,029 $1.4M Add +17.0%
EPD Enterprise Products Partners 0.41% 44,667 $1.4M Add +0.5%
VOX Vanguard Communication Servi 0.40% 7,384 $1.4M No change
BX Blackstone Inc. 0.39% 7,739 $1.3M Reduce -4.2%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.38% 4,487 $1.3M No change
ADI Analog Devices Inc. 0.37% 5,216 $1.3M Add +0.1%
RTX RTX Corp. 0.37% 7,544 $1.3M Add +0.0%
IVW iShares S&P 500 Growth ETF 0.36% 10,356 $1.3M No change
IBIT iShares Bitcoin Trust ETF 0.35% 18,476 $1.2M Add +16.9%
META Meta Platforms Inc. Class A 0.35% 1,613 $1.2M Add +1.1%
MSTR Strategy Inc. 0.32% 3,441 $1.1M Add +0.1%
IVE iShares S&P 500 Value ETF 0.30% 5,037 $1.0M No change
NEE Nextera Energy Inc. 0.28% 12,639 $954K Add +0.2%
COF Capital One Financial Corp. 0.28% 4,482 $953K Add +0.1%
VTI VG Morningstar TS MKT ETF-US 0.27% 2,786 $914K Reduce -18.2%
SCHM Schwab US Mid Cap ETF 0.25% 28,625 $848K Reduce -8.1%
CNC Centene Corp. 0.24% 23,191 $827K No change
ERIE Erie Indemnity Company Class A 0.24% 2,550 $811K No change
AMP Ameriprise Financial Inc. 0.23% 1,606 $789K No change
QQQ Invesco QQQ Trust Series 1 0.22% 1,279 $768K No change
XOM Exxon Mobil Corp. 0.21% 6,374 $719K Reduce -0.8%
PFF iShares Preferred & Income S 0.20% 21,590 $683K No change
XLF SS Financial Select Sector 0.20% 12,406 $668K No change
ADP Automatic Data Processing 0.18% 2,068 $607K Add +0.4%
JPM JPMorgan Chase & Co. 0.17% 1,867 $589K Add +1.6%
TXN Texas Instruments Inc. 0.17% 3,160 $581K Add +0.2%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.17% 10,047 $578K Add +3.6%
LNG Cheniere Energy Inc. 0.17% 2,427 $570K No change
CEG Constellation Energy 0.16% 1,640 $540K Add +0.1%
COST Costco Wholesale Corp. 0.16% 577 $534K No change
LPLA LPL Financial Holdings Inc. 0.15% 1,572 $523K No change
FELG Fidelity Enh LRG Cap GWTH 0.15% 12,657 $520K New
IWB iShares Russell 1000 ETF 0.15% 1,418 $518K No change
SYF Synchrony Financial 0.15% 7,184 $510K No change
UNH Unitedhealth Group Inc. 0.14% 1,413 $488K Reduce -3.7%
SCHA Schwab US Small-Cap ETF 0.14% 16,595 $463K Reduce -1.1%
QCOM Qualcomm Inc. 0.13% 2,770 $461K Reduce -3.8%
GD General Dynamics Corp. 0.13% 1,320 $450K No change
ORCL Oracle Corp. 0.13% 1,572 $442K Add +1.8%
XLE SS Energy Select Sector 0.13% 4,886 $437K Add +0.0%
FULT Fulton Financial Corp. 0.12% 21,900 $408K No change
AVGO Broadcom Inc. 0.12% 1,228 $405K Add +6.8%
VIG Vanguard Dividend Apprec ETF 0.12% 1,837 $396K Add +0.8%
IVES Dan Wedbush AI Rev ETF 0.11% 12,205 $392K New
CMG Chipotle Mexican Grill Inc. 0.11% 9,712 $381K Add +0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.11% 7,224 $373K Add +1.0%
CW Curtiss-Wright Corp. 0.11% 673 $365K Add +0.1%
GQGU GQG US Equity ETF 0.11% 14,295 $361K New
TMO Thermo Fisher Scientific Inc. 0.10% 731 $355K Reduce -3.8%
FBTC Fidelity Wise Origin Bitcoin 0.10% 3,458 $345K Add +18.3%
FTNT Fortinet Inc. 0.09% 3,804 $320K Add +0.1%
SPHQ Invesco S&P 500 Quality ETF 0.09% 4,173 $306K No change
SMHX Vaneck Fables Smicndctr ETF 0.09% 7,810 $299K Reduce -15.6%
VUG Vanguard Mrngstar GR ETF-Sui 0.09% 610 $293K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.08% 956 $270K Add +0.3%
HELO JPMorgan Hedged Equity ETF 0.08% 4,008 $261K Reduce -60.1%
IWF iShares Russell 1000 Growth 0.07% 541 $253K No change
HYDB iShares High Yield Systemati 0.07% 5,172 $247K Add +1.6%
GS Goldman Sachs Group Inc. 0.07% 308 $245K Add +1.0%
EXC Exelon Corp. 0.07% 5,400 $243K Add +0.8%
EFA iShares MSCI Eafe ETF 0.07% 2,542 $237K No change
SCHB Schwab US Broad Market ETF 0.07% 8,906 $229K Add +1.8%
PANW Palo Alto Networks Inc. 0.07% 1,108 $226K Add +0.7%

Show all 106 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
SecurityClassShares / PrincipalValueChange
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 645$796KNo change
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 212$271KNo change

Total filed on the 13F, all lines: $343.6M.

Portfolio Sells Q2 2025 → Q3 2025
BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −3.10
HELO JPMorgan Hedged Equity ETF Reduce -60.1% 0.08% −0.13
SCHD Schwab US DVD Equity ETF Reduce -7.9% 0.65% −0.10
MRK Merck & Co. Inc. Sold out 0.00% −0.09
JPST JPMorgan Ultra-Short Income Reduce -4.7% 0.58% −0.09
JMST JPM Ultra-Short Muni Income Reduce -2.2% 0.71% −0.09
SCHX Schwab US Large-Cap ETF Reduce -11.4% 0.51% −0.08
HYMB SS SPDR N Ice HY Muni ETF Sold out 0.00% −0.08
JEPI JPMorgan Equity Premium Inco Reduce -6.5% 0.44% −0.08
FNDA Schwab Fndmntl US SM Co. ETF Sold out 0.00% −0.07
VTI VG Morningstar TS MKT ETF-US Reduce -18.2% 0.27% −0.07
IJR iShares Core S&P Small-Cap E Reduce -4.7% 0.91% −0.06
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.2% 0.60% −0.05
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.7% 0.96% −0.04
SCHM Schwab US Mid Cap ETF Reduce -8.1% 0.25% −0.03
XLY SS Consumer Disc Select Sect Reduce -1.7% 1.07% −0.02
XOM Exxon Mobil Corp. Reduce -0.8% 0.21% −0.01
QCOM Qualcomm Inc. Reduce -3.8% 0.13% −0.01
SMHX Vaneck Fables Smicndctr ETF Reduce -15.6% 0.09% −0.01
UNH Unitedhealth Group Inc. Reduce -3.7% 0.14% −0.00
BX Blackstone Inc. Reduce -4.2% 0.39% −0.00
SCHA Schwab US Small-Cap ETF Reduce -1.1% 0.14% −0.00
TMO Thermo Fisher Scientific Inc. Reduce -3.8% 0.10% +0.00
SMH Vaneck Semiconductor ETF Reduce -1.3% 1.37% +0.07
AAPL Apple Inc. Reduce -1.7% 10.99% +1.09

Portfolio Buys Q2 2025 → Q3 2025
BINC iShares Flex I A ETF-Usd Inc. Add +206.9% 4.80% +3.09
NVDA Nvidia Corp. Add +0.0% 4.52% +0.31
GOOGL Alphabet Inc. Class A Add +0.4% 1.50% +0.31
TSLA Tesla Inc. Add +7.0% 1.14% +0.30
FNDF Schwab Fndmn Intl LRG Co. ETF Add +12.4% 3.18% +0.28
JNJ Johnson & Johnson Add +0.2% 2.32% +0.22
FELG Fidelity Enh LRG Cap GWTH New 0.15% +0.15
IVES Dan Wedbush AI Rev ETF New 0.11% +0.11
GQGU GQG US Equity ETF New 0.11% +0.11
GOOG Alphabet Inc. Class C Add +2.3% 0.46% +0.10
WMT Walmart Inc. New 0.06% +0.06
GE General Electric New 0.06% +0.06
SCHG Schwab US Large-Cap Growth Add +17.0% 0.41% +0.06
IBIT iShares Bitcoin Trust ETF Add +16.9% 0.35% +0.04
FNDX Schwab Fndmntl US LRG Co. ETF Add +4.0% 2.85% +0.04
MGK Vngrd Mrgstr MG CP GR ETF-Ui Add +0.7% 3.09% +0.02
SOXX iShares Semiconductor ETF Add +0.0% 0.69% +0.02
ORCL Oracle Corp. Add +1.8% 0.13% +0.02
AVGO Broadcom Inc. Add +6.8% 0.12% +0.02
RTX RTX Corp. Add +0.0% 0.37% +0.02
FBTC Fidelity Wise Origin Bitcoin Add +18.3% 0.10% +0.01
MS Morgan Stanley Add +0.1% 0.43% +0.01
GS Goldman Sachs Group Inc. Add +1.0% 0.07% +0.00
IVV iShares Core S&P 500 ETF Add +2.0% 9.01% +0.00
CW Curtiss-Wright Corp. Add +0.1% 0.11% +0.00
JPM JPMorgan Chase & Co. Add +1.6% 0.17% +0.00
BAC Bank of America Corp. Add +1.0% 0.11% +0.00
SCHB Schwab US Broad Market ETF Add +1.8% 0.07% −0.00
VBIL Vanguard 0-3M T-Bill ETF Add +9.7% 0.48% −0.00
JEPQ JPM Nasdaq Equity Premium Add +3.6% 0.17% −0.00
DGRO iShares Core Dividend Growth Add +0.1% 0.07% −0.00
JMUB JPMorgan Municipal ETF Add +4.6% 0.06% −0.00
NEE Nextera Energy Inc. Add +0.2% 0.28% −0.00
EXC Exelon Corp. Add +0.8% 0.07% −0.00
VIG Vanguard Dividend Apprec ETF Add +0.8% 0.12% −0.00
HYDB iShares High Yield Systemati Add +1.6% 0.07% −0.01
XLE SS Energy Select Sector Add +0.0% 0.13% −0.01
PEG Public Service Enterprise GP Add +1.0% 0.06% −0.01
PANW Palo Alto Networks Inc. Add +0.7% 0.07% −0.01
DSI iShares ESG MSCI KLD 400 ETF Add +0.4% 0.97% −0.01
IBM Intl Business Machines Corp. Add +0.3% 0.08% −0.01
CEG Constellation Energy Add +0.1% 0.16% −0.01
VB Vanguard Most SM-Cap ETF-Usd Add +0.0% 0.55% −0.01
ADI Analog Devices Inc. Add +0.1% 0.37% −0.02
ADP Automatic Data Processing Add +0.4% 0.18% −0.03
COF Capital One Financial Corp. Add +0.1% 0.28% −0.03
META Meta Platforms Inc. Class A Add +1.1% 0.35% −0.03
EPD Enterprise Products Partners Add +0.5% 0.41% −0.03
FTNT Fortinet Inc. Add +0.1% 0.09% −0.04
TXN Texas Instruments Inc. Add +0.2% 0.17% −0.04

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