Piedmont Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Piedmont Capital Management, LLC reported 46 stock positions worth $139.3 million. Its top holding was iShares Core High Dividend E (HDV) at 25.9% of the portfolio, followed by Vanguard High DVD Yield ETF (VYM, 13.8%) and SPDR Gold Minishares Trust (GLDM, 10.0%). Compared with Q4 2024, it opened 5 new positions, sold out of 11, added to 14 and reduced 18. The biggest buy was a new position in iShares Core High Dividend E (HDV) and the biggest sale an exit from Vngrd Mrgstr MG CP GR ETF-Ui (MGK).
- Most Recent 13F
- Q2 2026
- Location
- WHITEFISH, MT
- CIK
- 0001656150
- Portfolio Value
- $139.3M (Q1 2025)
- SEC Filing
- 0001656150-25-000002 ↗ filed May 14, 2025
Holdings Value
Holdings 46 stocks · $139.3M
| HDV iShares Core High Dividend E | 25.95% | 333,398 | $36.1M | New |
| VYM Vanguard High DVD Yield ETF | 13.84% | 168,004 | $19.3M | Add +3.5% |
| GLDM SPDR Gold Minishares Trust | 10.00% | 235,622 | $13.9M | Reduce -0.9% |
| IEFA iShares Core MSCI Eafe ETF | 8.63% | 177,146 | $12.0M | New |
| FLOT iShares Floating Rate Bond E | 5.94% | 164,919 | $8.3M | Add +3.7% |
| GDX Vaneck Gold Miners ETF | 4.79% | 160,664 | $6.7M | New |
| IWP iShares Russell Mid-Cap Grow | 4.65% | 62,074 | $6.5M | Add +4.8% |
| BKLN Invesco Senior Loan ETF | 2.76% | 190,694 | $3.8M | Add +10.6% |
| ANGL Vaneck Fallen Angel High YLD | 1.79% | 91,563 | $2.5M | Add +1.6% |
| VTI VG Morningstar TS MKT ETF-US | 1.77% | 10,099 | $2.5M | Reduce -0.3% |
| ISHARES TR | 1.74% | 48,052 | $2.4M | Add +2.0% |
| CLOI Vaneck Clo ETF | 1.66% | 44,604 | $2.3M | Add +14.6% |
| XLRE SS Real Estate Select Sector | 1.18% | 44,237 | $1.6M | Add +20.8% |
| ARGT Global X MSCI Argentina ETF | 0.91% | 18,018 | $1.3M | New |
| AOR iShares Core 60/40 Balanced | 0.88% | 23,048 | $1.2M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.86% | 22,392 | $1.2M | Reduce -1.1% |
| VIG Vanguard Dividend Apprec ETF | 0.85% | 6,832 | $1.2M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.85% | 5,365 | $1.2M | Reduce -1.0% |
| KO The Coca-Cola Co. | 0.84% | 17,110 | $1.2M | Add +0.0% |
| VZ Verizon Communications Inc. | 0.83% | 27,356 | $1.2M | Reduce -1.4% |
| MMM 3M Co. | 0.79% | 8,661 | $1.1M | Reduce -1.8% |
| BND Vanguard Total Bond Market | 0.69% | 13,285 | $963K | Reduce -0.3% |
| VNQ Vanguard Real Estate ETF | 0.61% | 10,709 | $854K | Reduce -3.5% |
| STN Stantec Inc. | 0.59% | 10,458 | $825K | No change |
| GLD SPDR Gold Shares | 0.54% | 2,715 | $747K | No change |
| INVESCO QQQ TR | 0.53% | 1,781 | $741K | Reduce -1.8% |
| AMGN Amgen Inc. | 0.52% | 2,567 | $719K | Reduce -0.7% |
| CVX Chevron Corp. | 0.51% | 5,170 | $708K | No change |
| SLV iShares Silver Trust | 0.46% | 23,473 | $637K | No change |
| XOM Exxon Mobil Corp. | 0.43% | 6,014 | $606K | Reduce -0.3% |
| MSFT Microsoft Corp. | 0.43% | 1,670 | $592K | Reduce -3.4% |
| DOW Dow Inc. | 0.41% | 21,898 | $565K | Add +1.7% |
| JNJ Johnson & Johnson | 0.38% | 3,538 | $531K | Reduce -0.7% |
| JPM JPMorgan Chase & Co. | 0.37% | 2,387 | $518K | Reduce -0.4% |
| IVV iShares Core S&P 500 ETF | 0.33% | 908 | $453K | Add +3.0% |
| HD Home Depot Inc. | 0.25% | 1,054 | $353K | Add +0.1% |
| GS Goldman Sachs Group Inc. | 0.23% | 688 | $318K | Reduce -2.3% |
| MRK Merck & Co. Inc. | 0.21% | 3,694 | $292K | Add +0.1% |
| SPG Simon Property Group Inc. | 0.19% | 1,851 | $260K | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.18% | 503 | $250K | No change |
| MOAT Vaneck Morningstar Wide Moat | 0.15% | 2,820 | $216K | No change |
| PG The Procter & Gamble Co. | 0.15% | 1,281 | $203K | No change |
| CAT Caterpillar Inc. | 0.14% | 732 | $201K | No change |
| TU Telus Corp. | 0.12% | 11,999 | $166K | Reduce -50.0% |
| GUT Gabelli Utility Trust | 0.09% | 24,710 | $124K | No change |
| NAK Northern Dynasty Minerals | 0.01% | 10,000 | $8K | New |
Portfolio Sells Q4 2024 → Q1 2025
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Sold out | 0.00% | −26.08 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −8.15 |
| RWR SS SPDR Dow Jones REIT ETF | Sold out | 0.00% | −6.58 |
| SMH Vaneck Semiconductor ETF | Sold out | 0.00% | −5.23 |
| FLIN Franklin Ftse India ETF | Sold out | 0.00% | −0.85 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.38 |
| HPQ HP Inc. | Sold out | 0.00% | −0.35 |
| GBCI Glacier Bancorp Inc. | Sold out | 0.00% | −0.16 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.14 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.14 |
| WMT Walmart Inc. | Sold out | 0.00% | −0.13 |
| TU Telus Corp. | Reduce -50.0% | 0.12% | −0.08 |
| INVESCO QQQ TR | Reduce -1.8% | 0.53% | −0.03 |
| GS Goldman Sachs Group Inc. | Reduce -2.3% | 0.23% | −0.02 |
| MSFT Microsoft Corp. | Reduce -3.4% | 0.43% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.3% | 1.77% | +0.00 |
| VNQ Vanguard Real Estate ETF | Reduce -3.5% | 0.61% | +0.02 |
| JPM JPMorgan Chase & Co. | Reduce -0.4% | 0.37% | +0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.3% | 0.43% | +0.04 |
| VIG Vanguard Dividend Apprec ETF | Reduce -0.3% | 0.85% | +0.05 |
| CSCO Cisco Systems Inc. | Reduce -1.1% | 0.86% | +0.05 |
| JNJ Johnson & Johnson | Reduce -0.7% | 0.38% | +0.07 |
| AOR iShares Core 60/40 Balanced | Reduce -0.7% | 0.88% | +0.08 |
| MMM 3M Co. | Reduce -1.8% | 0.79% | +0.10 |
| AMGN Amgen Inc. | Reduce -0.7% | 0.52% | +0.11 |
| BND Vanguard Total Bond Market | Reduce -0.3% | 0.69% | +0.11 |
| IBM Intl Business Machines Corp. | Reduce -1.0% | 0.85% | +0.13 |
| VZ Verizon Communications Inc. | Reduce -1.4% | 0.83% | +0.16 |
| GLDM SPDR Gold Minishares Trust | Reduce -0.9% | 10.00% | +2.45 |
Portfolio Buys Q4 2024 → Q1 2025
| HDV iShares Core High Dividend E | New | 25.95% | +25.95 |
| IEFA iShares Core MSCI Eafe ETF | New | 8.63% | +8.63 |
| GDX Vaneck Gold Miners ETF | New | 4.79% | +4.79 |
| VYM Vanguard High DVD Yield ETF | Add +3.5% | 13.84% | +1.36 |
| FLOT iShares Floating Rate Bond E | Add +3.7% | 5.94% | +1.06 |
| ARGT Global X MSCI Argentina ETF | New | 0.91% | +0.91 |
| BKLN Invesco Senior Loan ETF | Add +10.6% | 2.76% | +0.57 |
| CLOI Vaneck Clo ETF | Add +14.6% | 1.66% | +0.42 |
| XLRE SS Real Estate Select Sector | Add +20.8% | 1.18% | +0.29 |
| ANGL Vaneck Fallen Angel High YLD | Add +1.6% | 1.79% | +0.24 |
| KO The Coca-Cola Co. | Add +0.0% | 0.84% | +0.20 |
| ISHARES TR | Add +2.0% | 1.74% | +0.13 |
| IWP iShares Russell Mid-Cap Grow | Add +4.8% | 4.65% | +0.10 |
| IVV iShares Core S&P 500 ETF | Add +3.0% | 0.33% | +0.01 |
| HD Home Depot Inc. | Add +0.1% | 0.25% | +0.01 |
| NAK Northern Dynasty Minerals | New | 0.01% | +0.01 |
| SPG Simon Property Group Inc. | Add +0.1% | 0.19% | −0.01 |
| MRK Merck & Co. Inc. | Add +0.1% | 0.21% | −0.01 |
| DOW Dow Inc. | Add +1.7% | 0.41% | −0.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 58 | $198.0M | MGC, VYM, VOO, FEZ, IEFA |
| Q1 2026 | 50 | $196.6M | VYM, FEZ, PVAL, GLDM, IEFA |
| Q4 2025 | 52 | $196.0M | FEZ, VUG, VYM, GLDM, IEFA |
| Q3 2025 | 53 | $189.5M | VUG, VYM, FEZ, GLDM, IEFA |
| Q2 2025 | 55 | $172.9M | VYM, FEZ, SPHQ, GLDM, IEFA |
| Q1 2025 | 46 | $139.3M | HDV, VYM, GLDM, IEFA, FLOT |
| Q4 2024 | 52 | $165.9M | MGK, VYM, VOO, GLDM, RWR |
| Q3 2024 | 51 | $165.9M | MGK, VYM, VOO, GLDM, RWR |
| Q2 2024 | 46 | $147.4M | MGK, VYM, VOO, IEFA, SMH |
| Q1 2024 | 46 | $147.4M | MGK, VYM, VOO, IEFA, SMH |