Piedmont Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Piedmont Capital Management, LLC reported 55 stock positions worth $172.9 million. Its top holding was Vanguard High DVD Yield ETF (VYM) at 13.0% of the portfolio, followed by State Street SPDR Euro Stoxx (FEZ, 11.8%) and Invesco S&P 500 Quality ETF (SPHQ, 11.7%). Compared with Q1 2025, it opened 10 new positions, sold out of 1, added to 21 and reduced 18. The biggest buy was a new position in State Street SPDR Euro Stoxx (FEZ) and the biggest sale an exit from iShares Core High Dividend E (HDV).
- Most Recent 13F
- Q2 2026
- Location
- WHITEFISH, MT
- CIK
- 0001656150
- Portfolio Value
- $172.9M (Q2 2025)
- SEC Filing
- 0001656150-25-000003 ↗ filed Aug 13, 2025
Holdings Value
Holdings 55 stocks · $172.9M
| VYM Vanguard High DVD Yield ETF | 13.04% | 169,103 | $22.5M | Add +0.7% |
| FEZ State Street SPDR Euro Stoxx | 11.83% | 342,504 | $20.5M | New |
| SPHQ Invesco S&P 500 Quality ETF | 11.67% | 283,226 | $20.2M | New |
| GLDM SPDR Gold Minishares Trust | 8.97% | 236,683 | $15.5M | Add +0.5% |
| IEFA iShares Core MSCI Eafe ETF | 8.53% | 176,647 | $14.7M | Reduce -0.3% |
| VOO Vanguard S&P 500 ETF | 6.93% | 21,103 | $12.0M | New |
| FLOT iShares Floating Rate Bond E | 4.98% | 168,878 | $8.6M | Add +2.4% |
| IWP iShares Russell Mid-Cap Grow | 4.90% | 61,082 | $8.5M | Reduce -1.6% |
| GDX Vaneck Gold Miners ETF | 4.80% | 159,335 | $8.3M | Reduce -0.8% |
| BKLN Invesco Senior Loan ETF | 2.41% | 199,331 | $4.2M | Add +4.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.77% | 10,093 | $3.1M | Reduce -0.1% |
| ANGL Vaneck Fallen Angel High YLD | 1.61% | 95,164 | $2.8M | Add +3.9% |
| ISHARES TR | 1.57% | 47,998 | $2.7M | Reduce -0.1% |
| CLOI Vaneck Clo ETF | 1.43% | 46,792 | $2.5M | Add +4.9% |
| ARGT Global X MSCI Argentina ETF | 0.99% | 20,102 | $1.7M | Add +11.6% |
| CSCO Cisco Systems Inc. | 0.89% | 22,068 | $1.5M | Reduce -1.4% |
| AOR iShares Core 60/40 Balanced | 0.83% | 23,190 | $1.4M | Add +0.6% |
| VIG Vanguard Dividend Apprec ETF | 0.82% | 6,950 | $1.4M | Add +1.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.81% | 4,758 | $1.4M | Reduce -11.3% |
| KO The Coca-Cola Co. | 0.72% | 17,663 | $1.2M | Add +3.2% |
| VZ Verizon Communications Inc. | 0.68% | 27,084 | $1.2M | Reduce -1.0% |
| STN Stantec Inc. | 0.66% | 10,458 | $1.1M | No change |
| BND Vanguard Total Bond Market | 0.56% | 13,212 | $973K | Reduce -0.6% |
| VNQ Vanguard Real Estate ETF | 0.56% | 10,780 | $960K | Add +0.7% |
| INVESCO QQQ TR | 0.55% | 1,724 | $951K | Reduce -3.2% |
| MSFT Microsoft Corp. | 0.52% | 1,803 | $897K | Add +8.0% |
| GLD SPDR Gold Shares | 0.48% | 2,748 | $838K | Add +1.2% |
| JNJ Johnson & Johnson | 0.48% | 5,438 | $831K | Add +53.7% |
| CVX Chevron Corp. | 0.44% | 5,322 | $762K | Add +2.9% |
| MRK Merck & Co. Inc. | 0.43% | 9,494 | $752K | Add +157.0% |
| AMGN Amgen Inc. | 0.42% | 2,622 | $732K | Add +2.1% |
| JPM JPMorgan Chase & Co. | 0.39% | 2,328 | $675K | Reduce -2.5% |
| SLV iShares Silver Trust | 0.38% | 20,120 | $660K | Reduce -14.3% |
| XOM Exxon Mobil Corp. | 0.38% | 6,016 | $648K | Add +0.0% |
| IVV iShares Core S&P 500 ETF | 0.33% | 931 | $578K | Add +2.5% |
| UNH Unitedhealth Group Inc. | 0.31% | 1,739 | $543K | New |
| NKE Nike Inc. Class B | 0.27% | 6,595 | $469K | New |
| MMM 3M Co. | 0.27% | 3,014 | $459K | Reduce -65.2% |
| XLRE SS Real Estate Select Sector | 0.22% | 9,311 | $386K | Reduce -79.0% |
| ORCL Oracle Corp. | 0.20% | 1,553 | $340K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.18% | 503 | $311K | No change |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.17% | 792 | $290K | New |
| SPG Simon Property Group Inc. | 0.17% | 1,791 | $288K | Reduce -3.2% |
| CAT Caterpillar Inc. | 0.16% | 732 | $284K | No change |
| HD Home Depot Inc. | 0.16% | 744 | $273K | Reduce -29.4% |
| MOAT Vaneck Morningstar Wide Moat | 0.15% | 2,820 | $264K | No change |
| WMT Walmart Inc. | 0.13% | 2,340 | $229K | New |
| AAPL Apple Inc. | 0.13% | 1,090 | $224K | New |
| GBCI Glacier Bancorp Inc. | 0.13% | 5,048 | $217K | New |
| PG The Procter & Gamble Co. | 0.12% | 1,320 | $210K | Add +3.0% |
| GS Goldman Sachs Group Inc. | 0.12% | 294 | $208K | Reduce -57.3% |
| DOW Dow Inc. | 0.12% | 7,726 | $205K | Reduce -64.7% |
| TU Telus Corp. | 0.11% | 11,999 | $193K | No change |
| GUT Gabelli Utility Trust | 0.09% | 27,437 | $159K | Add +11.0% |
| NAK Northern Dynasty Minerals | 0.01% | 10,000 | $13K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| HDV iShares Core High Dividend E | Sold out | 0.00% | −25.95 |
| XLRE SS Real Estate Select Sector | Reduce -79.0% | 0.22% | −0.95 |
| MMM 3M Co. | Reduce -65.2% | 0.27% | −0.53 |
| DOW Dow Inc. | Reduce -64.7% | 0.12% | −0.29 |
| ISHARES TR | Reduce -0.1% | 1.57% | −0.17 |
| VZ Verizon Communications Inc. | Reduce -1.0% | 0.68% | −0.15 |
| BND Vanguard Total Bond Market | Reduce -0.6% | 0.56% | −0.13 |
| GS Goldman Sachs Group Inc. | Reduce -57.3% | 0.12% | −0.11 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -0.3% | 8.53% | −0.10 |
| HD Home Depot Inc. | Reduce -29.4% | 0.16% | −0.10 |
| SLV iShares Silver Trust | Reduce -14.3% | 0.38% | −0.08 |
| IBM Intl Business Machines Corp. | Reduce -11.3% | 0.81% | −0.04 |
| SPG Simon Property Group Inc. | Reduce -3.2% | 0.17% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.1% | 1.77% | +0.01 |
| GDX Vaneck Gold Miners ETF | Reduce -0.8% | 4.80% | +0.01 |
| INVESCO QQQ TR | Reduce -3.2% | 0.55% | +0.02 |
| JPM JPMorgan Chase & Co. | Reduce -2.5% | 0.39% | +0.02 |
| CSCO Cisco Systems Inc. | Reduce -1.4% | 0.89% | +0.03 |
| IWP iShares Russell Mid-Cap Grow | Reduce -1.6% | 4.90% | +0.25 |
Portfolio Buys Q1 2025 → Q2 2025
| FEZ State Street SPDR Euro Stoxx | New | 11.83% | +11.83 |
| SPHQ Invesco S&P 500 Quality ETF | New | 11.67% | +11.67 |
| VOO Vanguard S&P 500 ETF | New | 6.93% | +6.93 |
| UNH Unitedhealth Group Inc. | New | 0.31% | +0.31 |
| NKE Nike Inc. Class B | New | 0.27% | +0.27 |
| MRK Merck & Co. Inc. | Add +157.0% | 0.43% | +0.23 |
| ORCL Oracle Corp. | New | 0.20% | +0.20 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | New | 0.17% | +0.17 |
| WMT Walmart Inc. | New | 0.13% | +0.13 |
| AAPL Apple Inc. | New | 0.13% | +0.13 |
| GBCI Glacier Bancorp Inc. | New | 0.13% | +0.13 |
| JNJ Johnson & Johnson | Add +53.7% | 0.48% | +0.10 |
| MSFT Microsoft Corp. | Add +8.0% | 0.52% | +0.09 |
| ARGT Global X MSCI Argentina ETF | Add +11.6% | 0.99% | +0.08 |
| IVV iShares Core S&P 500 ETF | Add +2.5% | 0.33% | +0.01 |
| GUT Gabelli Utility Trust | Add +11.0% | 0.09% | +0.00 |
| PG The Procter & Gamble Co. | Add +3.0% | 0.12% | −0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +1.7% | 0.82% | −0.03 |
| GLD SPDR Gold Shares | Add +1.2% | 0.48% | −0.05 |
| AOR iShares Core 60/40 Balanced | Add +0.6% | 0.83% | −0.06 |
| VNQ Vanguard Real Estate ETF | Add +0.7% | 0.56% | −0.06 |
| XOM Exxon Mobil Corp. | Add +0.0% | 0.38% | −0.06 |
| CVX Chevron Corp. | Add +2.9% | 0.44% | −0.07 |
| AMGN Amgen Inc. | Add +2.1% | 0.42% | −0.09 |
| KO The Coca-Cola Co. | Add +3.2% | 0.72% | −0.12 |
| ANGL Vaneck Fallen Angel High YLD | Add +3.9% | 1.61% | −0.18 |
| CLOI Vaneck Clo ETF | Add +4.9% | 1.43% | −0.22 |
| BKLN Invesco Senior Loan ETF | Add +4.5% | 2.41% | −0.35 |
| VYM Vanguard High DVD Yield ETF | Add +0.7% | 13.04% | −0.80 |
| FLOT iShares Floating Rate Bond E | Add +2.4% | 4.98% | −0.96 |
| GLDM SPDR Gold Minishares Trust | Add +0.5% | 8.97% | −1.03 |
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 |