Piedmont Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Piedmont Capital Management, LLC reported 52 stock positions worth $196.0 million. Its top holding was State Street SPDR Euro Stoxx (FEZ) at 12.3% of the portfolio, followed by Vanguard Mrngstar GR ETF-Sui (VUG, 12.1%) and Vanguard High DVD Yield ETF (VYM, 12.0%). Compared with Q3 2025, it sold out of 1, added to 24 and reduced 17. The biggest buy was Invesco Senior Loan ETF (BKLN, shares +7%) and the biggest sale iShares Russell Mid-Cap Grow (IWP, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- WHITEFISH, MT
- CIK
- 0001656150
- Portfolio Value
- $196.0M (Q4 2025)
- SEC Filing
- 0001656150-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 52 stocks · $196.0M
| FEZ State Street SPDR Euro Stoxx | 12.26% | 373,009 | $24.0M | Add +0.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 12.11% | 48,641 | $23.7M | Add +0.4% |
| VYM Vanguard High DVD Yield ETF | 12.03% | 164,293 | $23.6M | Reduce -0.4% |
| GLDM SPDR Gold Minishares Trust | 9.94% | 228,164 | $19.5M | Reduce -3.5% |
| IEFA iShares Core MSCI Eafe ETF | 8.20% | 179,528 | $16.1M | Reduce -0.2% |
| VOO Vanguard S&P 500 ETF | 7.11% | 22,224 | $13.9M | Add +0.5% |
| GDX Vaneck Gold Miners ETF | 6.73% | 153,821 | $13.2M | Reduce -1.8% |
| FLOT iShares Floating Rate Bond E | 4.74% | 182,569 | $9.3M | Add +3.3% |
| IWP iShares Russell Mid-Cap Grow | 4.03% | 57,629 | $7.9M | Reduce -0.3% |
| BKLN Invesco Senior Loan ETF | 2.41% | 224,508 | $4.7M | Add +6.9% |
| VTI VG Morningstar TS MKT ETF-US | 1.74% | 10,171 | $3.4M | Add +1.1% |
| ANGL Vaneck Fallen Angel High YLD | 1.63% | 108,554 | $3.2M | Add +6.6% |
| CLOI Vaneck Clo ETF | 1.45% | 53,776 | $2.8M | Add +9.1% |
| ISHARES TR | 1.38% | 47,346 | $2.7M | Reduce -0.6% |
| CSCO Cisco Systems Inc. | 0.87% | 22,121 | $1.7M | Reduce -1.1% |
| VIG Vanguard Dividend Apprec ETF | 0.84% | 7,512 | $1.7M | Add +2.3% |
| AOR iShares Core 60/40 Balanced | 0.78% | 23,407 | $1.5M | Add +2.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.74% | 4,924 | $1.5M | Add +1.7% |
| SLV iShares Silver Trust | 0.66% | 20,120 | $1.3M | Reduce -5.5% |
| KO The Coca-Cola Co. | 0.64% | 17,931 | $1.3M | Reduce -1.4% |
| JNJ Johnson & Johnson | 0.59% | 5,568 | $1.2M | Reduce -0.3% |
| INVESCO QQQ TR | 0.57% | 1,827 | $1.1M | Add +2.1% |
| VZ Verizon Communications Inc. | 0.57% | 27,214 | $1.1M | Reduce -1.4% |
| BND Vanguard Total Bond Market | 0.55% | 14,599 | $1.1M | Add +1.5% |
| GLD SPDR Gold Shares | 0.55% | 2,715 | $1.1M | Reduce -4.7% |
| MRK Merck & Co. Inc. | 0.52% | 9,751 | $1.0M | Reduce -2.0% |
| STN Stantec Inc. | 0.50% | 10,458 | $987K | No change |
| VNQ Vanguard Real Estate ETF | 0.46% | 10,292 | $911K | Reduce -0.4% |
| AMGN Amgen Inc. | 0.45% | 2,688 | $880K | Add +0.0% |
| MSFT Microsoft Corp. | 0.43% | 1,739 | $841K | Add +2.4% |
| CVX Chevron Corp. | 0.42% | 5,404 | $824K | Add +0.9% |
| JPM JPMorgan Chase & Co. | 0.39% | 2,357 | $759K | Add +1.3% |
| IVV iShares Core S&P 500 ETF | 0.38% | 1,100 | $753K | Add +15.8% |
| XOM Exxon Mobil Corp. | 0.37% | 6,062 | $729K | Add +1.4% |
| UNH Unitedhealth Group Inc. | 0.30% | 1,804 | $596K | Reduce -0.9% |
| XLRE SS Real Estate Select Sector | 0.28% | 13,357 | $539K | Add +9.3% |
| MMM 3M Co. | 0.25% | 3,014 | $483K | No change |
| CAT Caterpillar Inc. | 0.21% | 732 | $419K | No change |
| NKE Nike Inc. Class B | 0.21% | 6,476 | $413K | Reduce -5.2% |
| SPG Simon Property Group Inc. | 0.17% | 1,796 | $333K | Add +0.1% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.17% | 792 | $327K | No change |
| ORCL Oracle Corp. | 0.16% | 1,596 | $311K | Add +2.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 446 | $304K | No change |
| MOAT Vaneck Morningstar Wide Moat | 0.15% | 2,820 | $292K | No change |
| AAPL Apple Inc. | 0.15% | 1,072 | $291K | No change |
| HD Home Depot Inc. | 0.13% | 763 | $262K | Add +2.5% |
| WMT Walmart Inc. | 0.13% | 2,340 | $261K | No change |
| GS Goldman Sachs Group Inc. | 0.13% | 294 | $258K | No change |
| ABBV Abbvie Inc. | 0.10% | 889 | $203K | Add +1.1% |
| GBCI Glacier Bancorp Inc. | 0.10% | 4,590 | $202K | Reduce -9.3% |
| GUT Gabelli Utility Trust | 0.08% | 27,437 | $165K | No change |
| TU Telus Corp. | 0.08% | 11,999 | $158K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| IWP iShares Russell Mid-Cap Grow | Reduce -0.3% | 4.03% | −0.30 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.4% | 12.03% | −0.22 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -0.2% | 8.20% | −0.13 |
| ISHARES TR | Reduce -0.6% | 1.38% | −0.10 |
| VZ Verizon Communications Inc. | Reduce -1.4% | 0.57% | −0.07 |
| NKE Nike Inc. Class B | Reduce -5.2% | 0.21% | −0.05 |
| VNQ Vanguard Real Estate ETF | Reduce -0.4% | 0.46% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -0.9% | 0.30% | −0.03 |
| GBCI Glacier Bancorp Inc. | Reduce -9.3% | 0.10% | −0.03 |
| NAK Northern Dynasty Minerals | Sold out | 0.00% | −0.01 |
| KO The Coca-Cola Co. | Reduce -1.4% | 0.64% | +0.00 |
| GLD SPDR Gold Shares | Reduce -4.7% | 0.55% | +0.01 |
| JNJ Johnson & Johnson | Reduce -0.3% | 0.59% | +0.05 |
| MRK Merck & Co. Inc. | Reduce -2.0% | 0.52% | +0.06 |
| CSCO Cisco Systems Inc. | Reduce -1.1% | 0.87% | +0.07 |
| SLV iShares Silver Trust | Reduce -5.5% | 0.66% | +0.18 |
| GDX Vaneck Gold Miners ETF | Reduce -1.8% | 6.73% | +0.34 |
| GLDM SPDR Gold Minishares Trust | Reduce -3.5% | 9.94% | +0.38 |
Portfolio Buys Q3 2025 → Q4 2025
| BKLN Invesco Senior Loan ETF | Add +6.9% | 2.41% | +0.09 |
| CLOI Vaneck Clo ETF | Add +9.1% | 1.45% | +0.07 |
| IVV iShares Core S&P 500 ETF | Add +15.8% | 0.38% | +0.05 |
| ANGL Vaneck Fallen Angel High YLD | Add +6.6% | 1.63% | +0.04 |
| AMGN Amgen Inc. | Add +0.0% | 0.45% | +0.03 |
| IBM Intl Business Machines Corp. | Add +1.7% | 0.74% | +0.02 |
| XOM Exxon Mobil Corp. | Add +1.4% | 0.37% | +0.02 |
| FEZ State Street SPDR Euro Stoxx | Add +0.8% | 12.26% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +2.3% | 0.84% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +1.3% | 0.39% | +0.01 |
| INVESCO QQQ TR | Add +2.1% | 0.57% | +0.00 |
| XLRE SS Real Estate Select Sector | Add +9.3% | 0.28% | +0.00 |
| AOR iShares Core 60/40 Balanced | Add +2.5% | 0.78% | −0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +1.1% | 1.74% | −0.00 |
| SPG Simon Property Group Inc. | Add +0.1% | 0.17% | −0.01 |
| FLOT iShares Floating Rate Bond E | Add +3.3% | 4.74% | −0.01 |
| ABBV Abbvie Inc. | Add +1.1% | 0.10% | −0.01 |
| BND Vanguard Total Bond Market | Add +1.5% | 0.55% | −0.01 |
| CVX Chevron Corp. | Add +0.9% | 0.42% | −0.02 |
| HD Home Depot Inc. | Add +2.5% | 0.13% | −0.02 |
| MSFT Microsoft Corp. | Add +2.4% | 0.43% | −0.03 |
| VOO Vanguard S&P 500 ETF | Add +0.5% | 7.11% | −0.04 |
| ORCL Oracle Corp. | Add +2.7% | 0.16% | −0.08 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +0.4% | 12.11% | −0.18 |
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 |