Sterling Investment Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Sterling Investment Management, LLC reported 56 stock positions worth $151.0 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 10.6% of the portfolio, followed by SPDR Gold Shares (GLD, 7.1%) and Vanguard Mortgage-Backed Sec (VMBS, 7.1%). Compared with Q1 2025, it opened 3 new positions, sold out of 1, added to 7 and reduced 39. The biggest buy was a new position in Proshares Short S&P500 (SH) and the biggest sale an exit from Nike Class B (NKE).
- Most Recent 13F
- Q2 2026
- Location
- TUCSON, AZ
- CIK
- 0001509873
- Portfolio Value
- $151.0M (Q2 2025)
- SEC Filing
- 0001509873-25-000005 ↗ filed Jul 30, 2025
Holdings Value
Holdings 56 stocks · $151.0M
| BRK.B Berkshire Hathaway Inc. Class B | 10.58% | 32,884 | $16.0M | Reduce -0.1% |
| GLD SPDR Gold Shares | 7.12% | 35,274 | $10.8M | Reduce -1.1% |
| VMBS Vanguard Mortgage-Backed Sec | 7.07% | 230,388 | $10.7M | Add +0.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 4.62% | 76,144 | $7.0M | Reduce -0.7% |
| CNI Canadian Natl Railway Co. | 3.50% | 50,803 | $5.3M | Reduce -0.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 3.38% | 7 | $5.1M | No change |
| GOOG Alphabet Inc. Class C | 3.20% | 27,205 | $4.8M | Reduce -0.5% |
| SPGI S&P Global Inc. | 3.08% | 8,833 | $4.7M | Add +24.7% |
| CP Canadian Pacific Kansas City | 3.06% | 58,220 | $4.6M | Reduce -0.5% |
| MCO Moody's Corp. | 3.04% | 9,157 | $4.6M | Add +27.2% |
| MSFT Microsoft Corp. | 3.00% | 9,098 | $4.5M | Reduce -0.4% |
| GE General Electric filed as GE AEROSPACE | 2.97% | 17,456 | $4.5M | Add +37.8% |
| BSV Vanguard Short-Term Bond ETF | 2.92% | 56,053 | $4.4M | Reduce -4.8% |
| V Visa Inc. Class A | 2.85% | 12,128 | $4.3M | Add +11.0% |
| SH Proshares Short S&P500 | 2.64% | 100,587 | $4.0M | New |
| CCJ Cameco Corp. | 2.20% | 44,713 | $3.3M | Reduce -0.7% |
| AMLP Alerian MLP ETF | 2.12% | 65,682 | $3.2M | Add +36.2% |
| BIV Vanguard Intermediate-Term B | 2.03% | 39,546 | $3.1M | Reduce -2.2% |
| WMT Walmart Inc. | 2.00% | 30,844 | $3.0M | Reduce -0.4% |
| GS Goldman Sachs Group Inc. | 1.94% | 4,144 | $2.9M | Reduce -0.5% |
| ABBV Abbvie Inc. | 1.75% | 14,239 | $2.6M | Reduce -0.5% |
| PSQ Proshares Short QQQ | 1.72% | 77,390 | $2.6M | New |
| AAPL Apple Inc. | 1.67% | 12,325 | $2.5M | Reduce -2.6% |
| OXY Occidental Petroleum Corp. | 1.65% | 59,375 | $2.5M | Reduce -5.7% |
| BA The Boeing Co. | 1.51% | 10,861 | $2.3M | Reduce -0.5% |
| JNJ Johnson & Johnson | 1.32% | 13,046 | $2.0M | Reduce -0.4% |
| TMO Thermo Fisher Scientific Inc. | 1.13% | 4,191 | $1.7M | Reduce -5.7% |
| VWO Vanguard Ftse Emerging Marke | 1.08% | 32,951 | $1.6M | Reduce -3.8% |
| SCHZ Schwab US Aggregate Bond ETF | 1.03% | 66,630 | $1.5M | Add +0.8% |
| RSG Republic Services Inc. | 0.98% | 6,026 | $1.5M | Reduce -0.5% |
| WM Waste Management Inc. | 0.96% | 6,353 | $1.5M | Reduce -0.4% |
| VEA Vanguard Ftse Developed ETF | 0.90% | 23,744 | $1.4M | Reduce -9.6% |
| INDA iShares MSCI India ETF | 0.87% | 23,614 | $1.3M | Reduce -0.5% |
| UNH Unitedhealth Group Inc. | 0.87% | 4,193 | $1.3M | Reduce -0.4% |
| WFC Wells Fargo & Co. | 0.81% | 15,295 | $1.2M | Reduce -0.5% |
| AVB Avalonbay Communities Inc. | 0.80% | 5,953 | $1.2M | No change |
| BTI British American Tob-SP ADR | 0.77% | 24,619 | $1.2M | Reduce -0.4% |
| QCOM Qualcomm Inc. | 0.72% | 6,788 | $1.1M | Reduce -0.6% |
| FER Ferrovial NV | 0.70% | 19,702 | $1.1M | Reduce -0.1% |
| JOE The St Joe Co. | 0.67% | 21,150 | $1.0M | Reduce -0.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.63% | 13,844 | $956K | New |
| XLK SS Technology Select Sector | 0.62% | 3,711 | $940K | Reduce -4.4% |
| DHR Danaher Corp. | 0.53% | 4,064 | $803K | No change |
| SCHF Schwab Intl Equity ETF | 0.41% | 28,079 | $621K | Reduce -1.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.39% | 1,960 | $596K | No change |
| JPM JPMorgan Chase & Co. | 0.27% | 1,398 | $405K | No change |
| XLF SS Financial Select Sector | 0.26% | 7,424 | $389K | Reduce -3.9% |
| IJR iShares Core S&P Small-Cap E | 0.22% | 2,974 | $325K | Reduce -3.7% |
| XLV SS Health Care Select Sector | 0.21% | 2,369 | $319K | Reduce -3.5% |
| PG The Procter & Gamble Co. | 0.20% | 1,932 | $308K | No change |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.19% | 9,395 | $283K | Reduce -1.7% |
| XLC SS Comm Select Sector SPDR | 0.18% | 2,501 | $271K | Reduce -4.0% |
| XLY SS Consumer Disc Select Sect | 0.17% | 1,210 | $263K | Reduce -4.4% |
| XLI SS Industrial Select Sector | 0.17% | 1,774 | $262K | Reduce -4.0% |
| FDL First Trust Morn DVD Lead Inc. | 0.16% | 5,800 | $243K | No change |
| NVDA Nvidia Corp. | 0.16% | 1,497 | $237K | Reduce -31.1% |
Portfolio Sells Q1 2025 → Q2 2025
| NKE Nike Inc. Class B | Sold out | 0.00% | −2.89 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 10.58% | −1.90 |
| UNH Unitedhealth Group Inc. | Reduce -0.4% | 0.87% | −0.70 |
| OXY Occidental Petroleum Corp. | Reduce -5.7% | 1.65% | −0.56 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.7% | 1.13% | −0.45 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -0.7% | 4.62% | −0.38 |
| ABBV Abbvie Inc. | Reduce -0.5% | 1.75% | −0.38 |
| BSV Vanguard Short-Term Bond ETF | Reduce -4.8% | 2.92% | −0.36 |
| AAPL Apple Inc. | Reduce -2.6% | 1.67% | −0.33 |
| JNJ Johnson & Johnson | Reduce -0.4% | 1.32% | −0.23 |
| GLD SPDR Gold Shares | Reduce -1.1% | 7.12% | −0.20 |
| BIV Vanguard Intermediate-Term B | Reduce -2.2% | 2.03% | −0.18 |
| WM Waste Management Inc. | Reduce -0.4% | 0.96% | −0.09 |
| RSG Republic Services Inc. | Reduce -0.5% | 0.98% | −0.06 |
| VEA Vanguard Ftse Developed ETF | Reduce -9.6% | 0.90% | −0.05 |
| XLV SS Health Care Select Sector | Reduce -3.5% | 0.21% | −0.04 |
| JOE The St Joe Co. | Reduce -0.5% | 0.67% | −0.04 |
| CNI Canadian Natl Railway Co. | Reduce -0.4% | 3.50% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -0.6% | 0.72% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -3.8% | 1.08% | −0.03 |
| XLF SS Financial Select Sector | Reduce -3.9% | 0.26% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -3.7% | 0.22% | −0.01 |
| NVDA Nvidia Corp. | Reduce -31.1% | 0.16% | −0.01 |
| XLY SS Consumer Disc Select Sect | Reduce -4.4% | 0.17% | −0.00 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -1.7% | 0.19% | −0.00 |
| INDA iShares MSCI India ETF | Reduce -0.5% | 0.87% | +0.00 |
| XLI SS Industrial Select Sector | Reduce -4.0% | 0.17% | +0.00 |
| XLC SS Comm Select Sector SPDR | Reduce -4.0% | 0.18% | +0.00 |
| SCHF Schwab Intl Equity ETF | Reduce -1.7% | 0.41% | +0.01 |
| WFC Wells Fargo & Co. | Reduce -0.5% | 0.81% | +0.03 |
| BTI British American Tob-SP ADR | Reduce -0.4% | 0.77% | +0.04 |
| XLK SS Technology Select Sector | Reduce -4.4% | 0.62% | +0.05 |
| WMT Walmart Inc. | Reduce -0.4% | 2.00% | +0.06 |
| FER Ferrovial NV | Reduce -0.1% | 0.70% | +0.07 |
| CP Canadian Pacific Kansas City | Reduce -0.5% | 3.06% | +0.13 |
| GOOG Alphabet Inc. Class C | Reduce -0.5% | 3.20% | +0.16 |
| BA The Boeing Co. | Reduce -0.5% | 1.51% | +0.18 |
| GS Goldman Sachs Group Inc. | Reduce -0.5% | 1.94% | +0.32 |
| MSFT Microsoft Corp. | Reduce -0.4% | 3.00% | +0.56 |
| CCJ Cameco Corp. | Reduce -0.7% | 2.20% | +0.88 |
Portfolio Buys Q1 2025 → Q2 2025
| SH Proshares Short S&P500 | New | 2.64% | +2.64 |
| PSQ Proshares Short QQQ | New | 1.72% | +1.72 |
| GE General Electric | Add +37.8% | 2.97% | +1.17 |
| MCO Moody's Corp. | Add +27.2% | 3.04% | +0.66 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.63% | +0.63 |
| SPGI S&P Global Inc. | Add +24.7% | 3.08% | +0.52 |
| AMLP Alerian MLP ETF | Add +36.2% | 2.12% | +0.34 |
| V Visa Inc. Class A | Add +11.0% | 2.85% | +0.12 |
| SCHZ Schwab US Aggregate Bond ETF | Add +0.8% | 1.03% | −0.06 |
| VMBS Vanguard Mortgage-Backed Sec | Add +0.8% | 7.07% | −0.46 |
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 |