Sterling Investment Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), Sterling Investment Management, LLC reported 66 stock positions worth $166.5 million. Its top holding was Vanguard Mortgage-Backed Sec (VMBS) at 9.1% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 9.0%) and SPDR Gold Shares (GLD, 7.5%). Compared with Q2 2025, it opened 11 new positions, sold out of 1, added to 11 and reduced 39. The biggest buy was Vanguard Mortgage-Backed Sec (VMBS, shares +41%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- TUCSON, AZ
- CIK
- 0001509873
- Portfolio Value
- $166.5M (Q3 2025)
- SEC Filing
- 0001509873-25-000007 ↗ filed Oct 20, 2025
Holdings Value
Holdings 66 stocks · $166.5M
| VMBS Vanguard Mortgage-Backed Sec | 9.14% | 323,900 | $15.2M | Add +40.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 9.05% | 29,964 | $15.1M | Reduce -8.9% |
| GLD SPDR Gold Shares | 7.50% | 35,130 | $12.5M | Reduce -0.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 4.09% | 74,183 | $6.8M | Reduce -2.6% |
| SPGI S&P Global Inc. | 3.43% | 11,749 | $5.7M | Add +33.0% |
| GOOG Alphabet Inc. Class C | 3.31% | 22,626 | $5.5M | Reduce -16.8% |
| GE General Electric filed as GE AEROSPACE | 3.30% | 18,260 | $5.5M | Add +4.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 3.17% | 7 | $5.3M | No change |
| AMLP Alerian MLP ETF | 2.86% | 101,482 | $4.8M | Add +54.5% |
| MSFT Microsoft Corp. | 2.82% | 9,074 | $4.7M | Reduce -0.3% |
| MCO Moody's Corp. | 2.61% | 9,128 | $4.3M | Reduce -0.3% |
| BSV Vanguard Short-Term Bond ETF | 2.59% | 54,672 | $4.3M | Reduce -2.5% |
| V Visa Inc. Class A | 2.54% | 12,411 | $4.2M | Add +2.3% |
| CP Canadian Pacific Kansas City | 2.34% | 52,256 | $3.9M | Reduce -10.2% |
| SH Proshares Short S&P500 | 2.22% | 100,192 | $3.7M | Reduce -0.4% |
| CNI Canadian Natl Railway Co. | 2.14% | 37,845 | $3.6M | Reduce -25.5% |
| WMT Walmart Inc. | 1.96% | 31,681 | $3.3M | Add +2.7% |
| BIV Vanguard Intermediate-Term B | 1.81% | 38,536 | $3.0M | Reduce -2.5% |
| PEP Pepsico Inc. | 1.78% | 21,079 | $3.0M | New |
| CCJ Cameco Corp. | 1.77% | 35,062 | $2.9M | Reduce -21.6% |
| GS Goldman Sachs Group Inc. | 1.47% | 3,077 | $2.5M | Reduce -25.8% |
| PSQ Proshares Short QQQ | 1.44% | 77,088 | $2.4M | Reduce -0.4% |
| BA The Boeing Co. | 1.40% | 10,822 | $2.3M | Reduce -0.4% |
| AAPL Apple Inc. | 1.40% | 9,133 | $2.3M | Reduce -25.9% |
| ABBV Abbvie Inc. | 1.38% | 9,909 | $2.3M | Reduce -30.4% |
| JNJ Johnson & Johnson | 1.28% | 11,488 | $2.1M | Reduce -11.9% |
| OXY Occidental Petroleum Corp. | 1.07% | 37,736 | $1.8M | Reduce -36.4% |
| VWO Vanguard Ftse Emerging Marke | 1.05% | 32,398 | $1.8M | Reduce -1.7% |
| TMO Thermo Fisher Scientific Inc. | 1.00% | 3,445 | $1.7M | Reduce -17.8% |
| SCHZ Schwab US Aggregate Bond ETF | 0.90% | 63,699 | $1.5M | Reduce -4.4% |
| UNH Unitedhealth Group Inc. | 0.89% | 4,285 | $1.5M | Add +2.2% |
| RSG Republic Services Inc. | 0.86% | 6,267 | $1.4M | Add +4.0% |
| WM Waste Management Inc. | 0.86% | 6,490 | $1.4M | Add +2.2% |
| VEA Vanguard Ftse Developed ETF | 0.81% | 22,635 | $1.4M | Reduce -4.7% |
| WFC Wells Fargo & Co. | 0.77% | 15,243 | $1.3M | Reduce -0.3% |
| INDA iShares MSCI India ETF | 0.74% | 23,510 | $1.2M | Reduce -0.4% |
| FER Ferrovial NV | 0.69% | 19,648 | $1.2M | Reduce -0.3% |
| AVB Avalonbay Communities Inc. | 0.69% | 5,953 | $1.1M | No change |
| QCOM Qualcomm Inc. | 0.68% | 6,765 | $1.1M | Reduce -0.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.66% | 19,946 | $1.1M | Add +44.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.66% | 16,672 | $1.1M | New |
| JOE The St Joe Co. | 0.63% | 21,064 | $1.0M | Reduce -0.4% |
| XLK SS Technology Select Sector | 0.60% | 3,527 | $994K | Reduce -5.0% |
| TFC Truist Financial Corp. | 0.55% | 20,188 | $923K | New |
| MO Altria Group Inc. | 0.54% | 13,652 | $902K | New |
| CVX Chevron Corp. | 0.54% | 5,768 | $896K | New |
| VZ Verizon Communications Inc. | 0.53% | 20,247 | $890K | New |
| PSA Public Storage | 0.53% | 3,044 | $879K | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.52% | 26,500 | $864K | New |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.51% | 10,217 | $849K | New |
| TELFY Telefonica SA-Spon ADR | 0.51% | 166,606 | $846K | New |
| DHR Danaher Corp. | 0.48% | 4,063 | $806K | Reduce -0.0% |
| SCHF Schwab Intl Equity ETF | 0.38% | 26,893 | $626K | Reduce -4.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.35% | 1,800 | $591K | Reduce -8.2% |
| JPM JPMorgan Chase & Co. | 0.26% | 1,398 | $441K | No change |
| XLF SS Financial Select Sector | 0.23% | 7,077 | $381K | Reduce -4.7% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 2,826 | $336K | Reduce -5.0% |
| XLV SS Health Care Select Sector | 0.19% | 2,252 | $313K | Reduce -4.9% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.18% | 8,971 | $299K | Reduce -4.5% |
| PG The Procter & Gamble Co. | 0.18% | 1,934 | $297K | Add +0.1% |
| XLC SS Comm Select Sector SPDR | 0.17% | 2,375 | $281K | Reduce -5.0% |
| NVDA Nvidia Corp. | 0.17% | 1,497 | $279K | No change |
| XLY SS Consumer Disc Select Sect | 0.17% | 1,146 | $275K | Reduce -5.3% |
| XLI SS Industrial Select Sector | 0.16% | 1,694 | $261K | Reduce -4.5% |
| FDL First Trust Morn DVD Lead Inc. | 0.15% | 5,800 | $252K | No change |
| VYM Vanguard High DVD Yield ETF | 0.13% | 1,500 | $211K | New |
Portfolio Sells Q2 2025 → Q3 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -8.9% | 9.05% | −1.53 |
| CNI Canadian Natl Railway Co. | Reduce -25.5% | 2.14% | −1.36 |
| BTI British American Tob-SP ADR | Sold out | 0.00% | −0.77 |
| CP Canadian Pacific Kansas City | Reduce -10.2% | 2.34% | −0.72 |
| OXY Occidental Petroleum Corp. | Reduce -36.4% | 1.07% | −0.58 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -2.6% | 4.09% | −0.54 |
| GS Goldman Sachs Group Inc. | Reduce -25.8% | 1.47% | −0.47 |
| CCJ Cameco Corp. | Reduce -21.6% | 1.77% | −0.43 |
| MCO Moody's Corp. | Reduce -0.3% | 2.61% | −0.43 |
| SH Proshares Short S&P500 | Reduce -0.4% | 2.22% | −0.42 |
| ABBV Abbvie Inc. | Reduce -30.4% | 1.38% | −0.37 |
| BSV Vanguard Short-Term Bond ETF | Reduce -2.5% | 2.59% | −0.33 |
| PSQ Proshares Short QQQ | Reduce -0.4% | 1.44% | −0.29 |
| AAPL Apple Inc. | Reduce -25.9% | 1.40% | −0.28 |
| BIV Vanguard Intermediate-Term B | Reduce -2.5% | 1.81% | −0.22 |
| MSFT Microsoft Corp. | Reduce -0.3% | 2.82% | −0.17 |
| INDA iShares MSCI India ETF | Reduce -0.4% | 0.74% | −0.14 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -4.4% | 0.90% | −0.13 |
| TMO Thermo Fisher Scientific Inc. | Reduce -17.8% | 1.00% | −0.12 |
| BA The Boeing Co. | Reduce -0.4% | 1.40% | −0.10 |
| VEA Vanguard Ftse Developed ETF | Reduce -4.7% | 0.81% | −0.08 |
| DHR Danaher Corp. | Reduce -0.0% | 0.48% | −0.05 |
| WFC Wells Fargo & Co. | Reduce -0.3% | 0.77% | −0.04 |
| JOE The St Joe Co. | Reduce -0.4% | 0.63% | −0.04 |
| JNJ Johnson & Johnson | Reduce -11.9% | 1.28% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -0.3% | 0.68% | −0.04 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -8.2% | 0.35% | −0.04 |
| SCHF Schwab Intl Equity ETF | Reduce -4.2% | 0.38% | −0.03 |
| XLF SS Financial Select Sector | Reduce -4.7% | 0.23% | −0.03 |
| XLK SS Technology Select Sector | Reduce -5.0% | 0.60% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.7% | 1.05% | −0.02 |
| XLV SS Health Care Select Sector | Reduce -4.9% | 0.19% | −0.02 |
| XLI SS Industrial Select Sector | Reduce -4.5% | 0.16% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -5.0% | 0.20% | −0.01 |
| XLC SS Comm Select Sector SPDR | Reduce -5.0% | 0.17% | −0.01 |
| XLY SS Consumer Disc Select Sect | Reduce -5.3% | 0.17% | −0.01 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -4.5% | 0.18% | −0.01 |
| FER Ferrovial NV | Reduce -0.3% | 0.69% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -16.8% | 3.31% | +0.11 |
| GLD SPDR Gold Shares | Reduce -0.4% | 7.50% | +0.38 |
Portfolio Buys Q2 2025 → Q3 2025
| VMBS Vanguard Mortgage-Backed Sec | Add +40.6% | 9.14% | +2.07 |
| PEP Pepsico Inc. | New | 1.78% | +1.78 |
| AMLP Alerian MLP ETF | Add +54.5% | 2.86% | +0.74 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.66% | +0.66 |
| TFC Truist Financial Corp. | New | 0.55% | +0.55 |
| MO Altria Group Inc. | New | 0.54% | +0.54 |
| CVX Chevron Corp. | New | 0.54% | +0.54 |
| VZ Verizon Communications Inc. | New | 0.53% | +0.53 |
| PSA Public Storage | New | 0.53% | +0.53 |
| VICI Vici Properties Inc. | New | 0.52% | +0.52 |
| KOF Coca-Cola Femsa Sab-SP ADR | New | 0.51% | +0.51 |
| TELFY Telefonica SA-Spon ADR | New | 0.51% | +0.51 |
| SPGI S&P Global Inc. | Add +33.0% | 3.43% | +0.35 |
| GE General Electric | Add +4.6% | 3.30% | +0.32 |
| VYM Vanguard High DVD Yield ETF | New | 0.13% | +0.13 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +44.1% | 0.66% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +2.2% | 0.89% | +0.02 |
| PG The Procter & Gamble Co. | Add +0.1% | 0.18% | −0.03 |
| WMT Walmart Inc. | Add +2.7% | 1.96% | −0.04 |
| WM Waste Management Inc. | Add +2.2% | 0.86% | −0.10 |
| RSG Republic Services Inc. | Add +4.0% | 0.86% | −0.12 |
| V Visa Inc. Class A | Add +2.3% | 2.54% | −0.31 |
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 |