Piedmont Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Piedmont Capital Management, LLC reported 53 stock positions worth $189.5 million. Its top holding was Vanguard Mrngstar GR ETF-Sui (VUG) at 12.3% of the portfolio, followed by Vanguard High DVD Yield ETF (VYM, 12.3%) and State Street SPDR Euro Stoxx (FEZ, 12.2%). Compared with Q2 2025, it opened 2 new positions, sold out of 4, added to 27 and reduced 12. The biggest buy was a new position in Vanguard Mrngstar GR ETF-Sui (VUG) and the biggest sale an exit from Invesco S&P 500 Quality ETF (SPHQ).
- Most Recent 13F
- Q2 2026
- Location
- WHITEFISH, MT
- CIK
- 0001656150
- Portfolio Value
- $189.5M (Q3 2025)
- SEC Filing
- 0001656150-25-000005 ↗ filed Nov 7, 2025
Holdings Value
Holdings 53 stocks · $189.5M
| VUG Vanguard Mrngstar GR ETF-Sui | 12.29% | 48,449 | $23.3M | New |
| VYM Vanguard High DVD Yield ETF | 12.25% | 164,946 | $23.2M | Reduce -2.5% |
| FEZ State Street SPDR Euro Stoxx | 12.24% | 370,047 | $23.2M | Add +8.0% |
| GLDM SPDR Gold Minishares Trust | 9.56% | 236,351 | $18.1M | Reduce -0.1% |
| IEFA iShares Core MSCI Eafe ETF | 8.33% | 179,925 | $15.8M | Add +1.9% |
| VOO Vanguard S&P 500 ETF | 7.15% | 22,124 | $13.6M | Add +4.8% |
| GDX Vaneck Gold Miners ETF | 6.39% | 156,610 | $12.1M | Reduce -1.7% |
| FLOT iShares Floating Rate Bond E | 4.75% | 176,707 | $9.0M | Add +4.6% |
| IWP iShares Russell Mid-Cap Grow | 4.32% | 57,797 | $8.2M | Reduce -5.4% |
| BKLN Invesco Senior Loan ETF | 2.32% | 210,031 | $4.4M | Add +5.4% |
| VTI VG Morningstar TS MKT ETF-US | 1.74% | 10,064 | $3.3M | Reduce -0.3% |
| ANGL Vaneck Fallen Angel High YLD | 1.59% | 101,801 | $3.0M | Add +7.0% |
| ISHARES TR | 1.48% | 47,649 | $2.8M | Reduce -0.7% |
| CLOI Vaneck Clo ETF | 1.37% | 49,292 | $2.6M | Add +5.3% |
| VIG Vanguard Dividend Apprec ETF | 0.84% | 7,341 | $1.6M | Add +5.6% |
| CSCO Cisco Systems Inc. | 0.80% | 22,379 | $1.5M | Add +1.4% |
| AOR iShares Core 60/40 Balanced | 0.78% | 22,836 | $1.5M | Reduce -1.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.72% | 4,840 | $1.4M | Add +1.7% |
| KO The Coca-Cola Co. | 0.64% | 18,194 | $1.2M | Add +3.0% |
| VZ Verizon Communications Inc. | 0.63% | 27,602 | $1.2M | Add +1.9% |
| STN Stantec Inc. | 0.60% | 10,458 | $1.1M | No change |
| INVESCO QQQ TR | 0.57% | 1,790 | $1.1M | Add +3.8% |
| BND Vanguard Total Bond Market | 0.56% | 14,377 | $1.1M | Add +8.8% |
| JNJ Johnson & Johnson | 0.54% | 5,585 | $1.0M | Add +2.7% |
| GLD SPDR Gold Shares | 0.54% | 2,848 | $1.0M | Add +3.6% |
| VNQ Vanguard Real Estate ETF | 0.50% | 10,333 | $945K | Reduce -4.2% |
| SLV iShares Silver Trust | 0.48% | 21,281 | $918K | Add +5.8% |
| MRK Merck & Co. Inc. | 0.47% | 9,949 | $881K | Add +4.8% |
| MSFT Microsoft Corp. | 0.46% | 1,699 | $878K | Reduce -5.8% |
| CVX Chevron Corp. | 0.44% | 5,356 | $826K | Add +0.6% |
| AMGN Amgen Inc. | 0.42% | 2,687 | $801K | Add +2.5% |
| JPM JPMorgan Chase & Co. | 0.38% | 2,328 | $725K | No change |
| XOM Exxon Mobil Corp. | 0.35% | 5,978 | $666K | Reduce -0.6% |
| IVV iShares Core S&P 500 ETF | 0.34% | 950 | $636K | Add +2.0% |
| UNH Unitedhealth Group Inc. | 0.33% | 1,821 | $626K | Add +4.7% |
| XLRE SS Real Estate Select Sector | 0.27% | 12,216 | $514K | Add +31.2% |
| NKE Nike Inc. Class B | 0.26% | 6,834 | $500K | Add +3.6% |
| MMM 3M Co. | 0.25% | 3,014 | $469K | No change |
| ORCL Oracle Corp. | 0.24% | 1,554 | $448K | Add +0.1% |
| CAT Caterpillar Inc. | 0.19% | 732 | $351K | No change |
| SPG Simon Property Group Inc. | 0.18% | 1,794 | $333K | Add +0.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.17% | 792 | $320K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 446 | $297K | Reduce -11.3% |
| HD Home Depot Inc. | 0.16% | 744 | $296K | No change |
| MOAT Vaneck Morningstar Wide Moat | 0.15% | 2,820 | $281K | No change |
| AAPL Apple Inc. | 0.15% | 1,072 | $275K | Reduce -1.6% |
| GBCI Glacier Bancorp Inc. | 0.13% | 5,059 | $244K | Add +0.2% |
| WMT Walmart Inc. | 0.13% | 2,340 | $237K | No change |
| GS Goldman Sachs Group Inc. | 0.12% | 294 | $232K | No change |
| ABBV Abbvie Inc. | 0.11% | 879 | $211K | New |
| TU Telus Corp. | 0.10% | 11,999 | $189K | No change |
| GUT Gabelli Utility Trust | 0.09% | 27,437 | $166K | No change |
| NAK Northern Dynasty Minerals | 0.01% | 10,000 | $12K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SPHQ Invesco S&P 500 Quality ETF | Sold out | 0.00% | −11.67 |
| ARGT Global X MSCI Argentina ETF | Sold out | 0.00% | −0.99 |
| VYM Vanguard High DVD Yield ETF | Reduce -2.5% | 12.25% | −0.79 |
| IWP iShares Russell Mid-Cap Grow | Reduce -5.4% | 4.32% | −0.58 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.12 |
| DOW Dow Inc. | Sold out | 0.00% | −0.12 |
| ISHARES TR | Reduce -0.7% | 1.48% | −0.09 |
| VNQ Vanguard Real Estate ETF | Reduce -4.2% | 0.50% | −0.06 |
| MSFT Microsoft Corp. | Reduce -5.8% | 0.46% | −0.06 |
| AOR iShares Core 60/40 Balanced | Reduce -1.5% | 0.78% | −0.05 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.3% | 1.74% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.6% | 0.35% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.3% | 0.16% | −0.02 |
| AAPL Apple Inc. | Reduce -1.6% | 0.15% | +0.02 |
| GLDM SPDR Gold Minishares Trust | Reduce -0.1% | 9.56% | +0.59 |
| GDX Vaneck Gold Miners ETF | Reduce -1.7% | 6.39% | +1.59 |
Portfolio Buys Q2 2025 → Q3 2025
| VUG Vanguard Mrngstar GR ETF-Sui | New | 12.29% | +12.29 |
| FEZ State Street SPDR Euro Stoxx | Add +8.0% | 12.24% | +0.40 |
| VOO Vanguard S&P 500 ETF | Add +4.8% | 7.15% | +0.22 |
| ABBV Abbvie Inc. | New | 0.11% | +0.11 |
| SLV iShares Silver Trust | Add +5.8% | 0.48% | +0.10 |
| JNJ Johnson & Johnson | Add +2.7% | 0.54% | +0.06 |
| GLD SPDR Gold Shares | Add +3.6% | 0.54% | +0.05 |
| XLRE SS Real Estate Select Sector | Add +31.2% | 0.27% | +0.05 |
| ORCL Oracle Corp. | Add +0.1% | 0.24% | +0.04 |
| MRK Merck & Co. Inc. | Add +4.8% | 0.47% | +0.03 |
| INVESCO QQQ TR | Add +3.8% | 0.57% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +4.7% | 0.33% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +5.6% | 0.84% | +0.01 |
| SPG Simon Property Group Inc. | Add +0.2% | 0.18% | +0.01 |
| GBCI Glacier Bancorp Inc. | Add +0.2% | 0.13% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +2.0% | 0.34% | +0.00 |
| BND Vanguard Total Bond Market | Add +8.8% | 0.56% | +0.00 |
| AMGN Amgen Inc. | Add +2.5% | 0.42% | −0.00 |
| CVX Chevron Corp. | Add +0.6% | 0.44% | −0.01 |
| NKE Nike Inc. Class B | Add +3.6% | 0.26% | −0.01 |
| ANGL Vaneck Fallen Angel High YLD | Add +7.0% | 1.59% | −0.02 |
| VZ Verizon Communications Inc. | Add +1.9% | 0.63% | −0.04 |
| CLOI Vaneck Clo ETF | Add +5.3% | 1.37% | −0.06 |
| CSCO Cisco Systems Inc. | Add +1.4% | 0.80% | −0.08 |
| KO The Coca-Cola Co. | Add +3.0% | 0.64% | −0.09 |
| IBM Intl Business Machines Corp. | Add +1.7% | 0.72% | −0.09 |
| BKLN Invesco Senior Loan ETF | Add +5.4% | 2.32% | −0.10 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.9% | 8.33% | −0.20 |
| FLOT iShares Floating Rate Bond E | Add +4.6% | 4.75% | −0.24 |
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 |