Sterling Investment Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Sterling Investment Management, LLC reported 54 stock positions worth $140.5 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 12.5% of the portfolio, followed by Vanguard Mortgage-Backed Sec (VMBS, 7.5%) and SPDR Gold Shares (GLD, 7.3%). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 18 and reduced 29. The biggest buy was Vanguard Mortgage-Backed Sec (VMBS, shares +386%) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
- Most Recent 13F
- Q2 2026
- Location
- TUCSON, AZ
- CIK
- 0001509873
- Portfolio Value
- $140.5M (Q1 2025)
- SEC Filing
- 0001509873-25-000003 ↗ filed Apr 15, 2025
Holdings Value
Holdings 54 stocks · $140.5M
| BRK.B Berkshire Hathaway Inc. Class B | 12.47% | 32,901 | $17.5M | Reduce -4.5% |
| VMBS Vanguard Mortgage-Backed Sec | 7.53% | 228,489 | $10.6M | Add +385.9% |
| GLD SPDR Gold Shares | 7.32% | 35,670 | $10.3M | Reduce -2.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 5.01% | 76,705 | $7.0M | Add +4.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 3.98% | 7 | $5.6M | No change |
| CNI Canadian Natl Railway Co. | 3.54% | 51,029 | $5.0M | Add +8.9% |
| BSV Vanguard Short-Term Bond ETF | 3.28% | 58,856 | $4.6M | Add +6.0% |
| GOOG Alphabet Inc. Class C | 3.04% | 27,330 | $4.3M | Add +6.7% |
| CP Canadian Pacific Kansas City | 2.92% | 58,513 | $4.1M | Add +17.4% |
| NKE Nike Inc. Class B | 2.89% | 63,860 | $4.1M | New |
| V Visa Inc. Class A | 2.73% | 10,927 | $3.8M | Reduce -2.5% |
| SPGI S&P Global Inc. | 2.56% | 7,085 | $3.6M | Add +31.7% |
| MSFT Microsoft Corp. | 2.44% | 9,135 | $3.4M | Reduce -1.1% |
| MCO Moody's Corp. | 2.39% | 7,197 | $3.4M | Add +34.9% |
| OXY Occidental Petroleum Corp. | 2.21% | 62,990 | $3.1M | Reduce -1.6% |
| BIV Vanguard Intermediate-Term B | 2.20% | 40,449 | $3.1M | Add +6.5% |
| ABBV Abbvie Inc. | 2.13% | 14,306 | $3.0M | Reduce -3.2% |
| AAPL Apple Inc. | 2.00% | 12,651 | $2.8M | Reduce -23.5% |
| WMT Walmart Inc. | 1.94% | 30,963 | $2.7M | Reduce -2.4% |
| GE General Electric filed as GE AEROSPACE | 1.80% | 12,665 | $2.5M | Reduce -0.6% |
| AMLP Alerian MLP ETF | 1.78% | 48,216 | $2.5M | Add +54.9% |
| GS Goldman Sachs Group Inc. | 1.62% | 4,163 | $2.3M | Reduce -2.4% |
| TMO Thermo Fisher Scientific Inc. | 1.57% | 4,445 | $2.2M | Reduce -2.8% |
| UNH Unitedhealth Group Inc. | 1.57% | 4,211 | $2.2M | Reduce -2.7% |
| JNJ Johnson & Johnson | 1.55% | 13,095 | $2.2M | Reduce -2.4% |
| BA The Boeing Co. | 1.33% | 10,916 | $1.9M | Reduce -1.1% |
| CCJ Cameco Corp. | 1.32% | 45,025 | $1.9M | Reduce -2.8% |
| VWO Vanguard Ftse Emerging Marke | 1.10% | 34,266 | $1.6M | Reduce -2.8% |
| SCHZ Schwab US Aggregate Bond ETF | 1.09% | 66,088 | $1.5M | Add +4.6% |
| WM Waste Management Inc. | 1.05% | 6,378 | $1.5M | Reduce -2.6% |
| RSG Republic Services Inc. | 1.04% | 6,054 | $1.5M | Reduce -3.0% |
| VEA Vanguard Ftse Developed ETF | 0.95% | 26,267 | $1.3M | Add +0.4% |
| AVB Avalonbay Communities Inc. | 0.91% | 5,953 | $1.3M | Reduce -20.0% |
| INDA iShares MSCI India ETF | 0.87% | 23,739 | $1.2M | Reduce -2.8% |
| WFC Wells Fargo & Co. | 0.79% | 15,367 | $1.1M | Reduce -2.8% |
| QCOM Qualcomm Inc. | 0.75% | 6,827 | $1.0M | Reduce -3.0% |
| BTI British American Tob-SP ADR | 0.73% | 24,721 | $1.0M | Reduce -2.9% |
| JOE The St Joe Co. | 0.71% | 21,249 | $998K | New |
| FER Ferrovial NV | 0.63% | 19,722 | $886K | New |
| DHR Danaher Corp. | 0.59% | 4,064 | $833K | Reduce -7.3% |
| XLK SS Technology Select Sector | 0.57% | 3,882 | $802K | Add +0.5% |
| SCHF Schwab Intl Equity ETF | 0.40% | 28,563 | $565K | Add +6.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.38% | 1,960 | $539K | No change |
| XLF SS Financial Select Sector | 0.27% | 7,722 | $385K | Add +0.4% |
| XLV SS Health Care Select Sector | 0.26% | 2,455 | $358K | Add +0.6% |
| JPM JPMorgan Chase & Co. | 0.24% | 1,398 | $343K | No change |
| PG The Procter & Gamble Co. | 0.23% | 1,932 | $329K | Reduce -2.6% |
| IJR iShares Core S&P Small-Cap E | 0.23% | 3,089 | $323K | Reduce -3.9% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.19% | 9,561 | $264K | Reduce -0.9% |
| FDL First Trust Morn DVD Lead Inc. | 0.18% | 5,800 | $252K | No change |
| XLC SS Comm Select Sector SPDR | 0.18% | 2,605 | $251K | Add +0.2% |
| XLY SS Consumer Disc Select Sect | 0.18% | 1,266 | $250K | Add +0.4% |
| XLI SS Industrial Select Sector | 0.17% | 1,847 | $242K | Reduce -8.9% |
| NVDA Nvidia Corp. | 0.17% | 2,172 | $235K | Reduce -17.2% |
Portfolio Sells Q4 2024 → Q1 2025
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −1.74 |
| SH Proshares Short S&P500 | Sold out | 0.00% | −1.42 |
| AAPL Apple Inc. | Reduce -23.5% | 2.00% | −1.25 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −1.23 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.71 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.66 |
| MSFT Microsoft Corp. | Reduce -1.1% | 2.44% | −0.62 |
| CCJ Cameco Corp. | Reduce -2.8% | 1.32% | −0.55 |
| AVB Avalonbay Communities Inc. | Reduce -20.0% | 0.91% | −0.38 |
| WMT Walmart Inc. | Reduce -2.4% | 1.94% | −0.32 |
| GS Goldman Sachs Group Inc. | Reduce -2.4% | 1.62% | −0.30 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.8% | 1.57% | −0.29 |
| OXY Occidental Petroleum Corp. | Reduce -1.6% | 2.21% | −0.27 |
| BA The Boeing Co. | Reduce -1.1% | 1.33% | −0.21 |
| DHR Danaher Corp. | Reduce -7.3% | 0.59% | −0.20 |
| UNH Unitedhealth Group Inc. | Reduce -2.7% | 1.57% | −0.15 |
| INDA iShares MSCI India ETF | Reduce -2.8% | 0.87% | −0.14 |
| VWO Vanguard Ftse Emerging Marke | Reduce -2.8% | 1.10% | −0.11 |
| NVDA Nvidia Corp. | Reduce -17.2% | 0.17% | −0.11 |
| QCOM Qualcomm Inc. | Reduce -3.0% | 0.75% | −0.10 |
| WFC Wells Fargo & Co. | Reduce -2.8% | 0.79% | −0.09 |
| IJR iShares Core S&P Small-Cap E | Reduce -3.9% | 0.23% | −0.06 |
| V Visa Inc. Class A | Reduce -2.5% | 2.73% | −0.06 |
| XLI SS Industrial Select Sector | Reduce -8.9% | 0.17% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -2.6% | 0.23% | −0.03 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -0.9% | 0.19% | −0.01 |
| BTI British American Tob-SP ADR | Reduce -2.9% | 0.73% | +0.00 |
| WM Waste Management Inc. | Reduce -2.6% | 1.05% | +0.01 |
| JNJ Johnson & Johnson | Reduce -2.4% | 1.55% | +0.02 |
| RSG Republic Services Inc. | Reduce -3.0% | 1.04% | +0.06 |
| ABBV Abbvie Inc. | Reduce -3.2% | 2.13% | +0.07 |
| GE General Electric | Reduce -0.6% | 1.80% | +0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.5% | 12.47% | +0.22 |
| GLD SPDR Gold Shares | Reduce -2.5% | 7.32% | +0.36 |
Portfolio Buys Q4 2024 → Q1 2025
| VMBS Vanguard Mortgage-Backed Sec | Add +385.9% | 7.53% | +5.86 |
| NKE Nike Inc. Class B | New | 2.89% | +2.89 |
| JOE The St Joe Co. | New | 0.71% | +0.71 |
| FER Ferrovial NV | New | 0.63% | +0.63 |
| AMLP Alerian MLP ETF | Add +54.9% | 1.78% | +0.61 |
| SPGI S&P Global Inc. | Add +31.7% | 2.56% | +0.46 |
| MCO Moody's Corp. | Add +34.9% | 2.39% | +0.40 |
| CP Canadian Pacific Kansas City | Add +17.4% | 2.92% | +0.09 |
| SCHF Schwab Intl Equity ETF | Add +6.2% | 0.40% | +0.01 |
| XLV SS Health Care Select Sector | Add +0.6% | 0.26% | −0.01 |
| XLF SS Financial Select Sector | Add +0.4% | 0.27% | −0.02 |
| XLC SS Comm Select Sector SPDR | Add +0.2% | 0.18% | −0.02 |
| BIV Vanguard Intermediate-Term B | Add +6.5% | 2.20% | −0.02 |
| VEA Vanguard Ftse Developed ETF | Add +0.4% | 0.95% | −0.03 |
| SCHZ Schwab US Aggregate Bond ETF | Add +4.6% | 1.09% | −0.04 |
| XLY SS Consumer Disc Select Sect | Add +0.4% | 0.18% | −0.04 |
| BSV Vanguard Short-Term Bond ETF | Add +6.0% | 3.28% | −0.09 |
| XLK SS Technology Select Sector | Add +0.5% | 0.57% | −0.13 |
| CNI Canadian Natl Railway Co. | Add +8.9% | 3.54% | −0.19 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +4.3% | 5.01% | −0.27 |
| GOOG Alphabet Inc. Class C | Add +6.7% | 3.04% | −0.79 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 66 | $182.3M | VMBS, BRK.B, GLD, GE, JAAA |
| Q1 2026 | 65 | $166.7M | VMBS, GLD, BRK.B, SPGI, GE |
| Q4 2025 | 69 | $176.3M | VMBS, BRK.B, GLD, GE, GOOG |
| Q3 2025 | 66 | $166.5M | VMBS, BRK.B, GLD, BIL, SPGI |
| Q2 2025 | 56 | $151.0M | BRK.B, GLD, VMBS, BIL, CNI |
| Q1 2025 | 54 | $140.5M | BRK.B, VMBS, GLD, BIL, BRK.A |
| Q4 2024 | 56 | $127.4M | BRK.B, GLD, BIL, GOOG, BRK.A |
| Q3 2024 | 57 | $131.8M | BRK.B, BIL, GLD, BND, BRK.A |
| Q2 2024 | 58 | $131.6M | BRK.B, BIL, GLD, BND, MSFT |
| Q1 2024 | 62 | $141.8M | BRK.B, BRK.A, BIL, GLD, BND |