Telos Capital Management, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 25, 2024), Telos Capital Management, Inc. reported 194 stock positions worth $886.9 million. Its top holding was Apple (AAPL) at 4.4% of the portfolio, followed by Qualcomm (QCOM, 4.2%) and VG Morningstar TS MKT ETF-US (VTI, 3.7%). Compared with Q4 2023, it opened 6 new positions, sold out of 8, added to 68 and reduced 108. The biggest buy was Unitedhealth (UNH, shares +809%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001567889
- Portfolio Value
- $886.9M (Q1 2024)
- SEC Filing
- 0001567889-24-000002 ↗ filed Apr 25, 2024
Holdings Value
Holdings 194 stocks · $886.9M
| AAPL Apple Inc. | 4.40% | 227,333 | $39.0M | Reduce -0.4% |
| QCOM Qualcomm Inc. | 4.23% | 221,607 | $37.5M | Reduce -2.5% |
| VTI VG Morningstar TS MKT ETF-US | 3.66% | 124,889 | $32.5M | Reduce -1.3% |
| HD Home Depot Inc. | 2.35% | 54,390 | $20.9M | Add +0.8% |
| PEP Pepsico Inc. | 2.27% | 115,163 | $20.2M | Add +8.2% |
| PG The Procter & Gamble Co. | 2.05% | 112,111 | $18.2M | Reduce -0.7% |
| VEU Vanguard Ftse All-World Ex-U | 1.97% | 298,487 | $17.5M | Add +0.8% |
| AMZN Amazon.com Inc. | 1.93% | 94,849 | $17.1M | Reduce -0.0% |
| GOOGL Alphabet Inc. Class A | 1.92% | 112,544 | $17.0M | Reduce -6.2% |
| V Visa Inc. Class A | 1.82% | 57,899 | $16.2M | Reduce -1.1% |
| CVX Chevron Corp. | 1.80% | 101,247 | $16.0M | Add +5.7% |
| VEA Vanguard Ftse Developed ETF | 1.71% | 301,912 | $15.1M | Add +1.2% |
| JPM JPMorgan Chase & Co. | 1.69% | 75,006 | $15.0M | Reduce -1.3% |
| MS Morgan Stanley | 1.58% | 149,252 | $14.1M | Add +5.7% |
| UPS United Parcel Service Class B | 1.53% | 91,445 | $13.6M | Add +4.7% |
| NOC Northrop Grumman Corp. | 1.51% | 27,985 | $13.4M | Add +9.6% |
| MSFT Microsoft Corp. | 1.50% | 31,532 | $13.3M | Reduce -5.1% |
| NXPI NXP Semiconductors NV | 1.45% | 51,967 | $12.9M | Reduce -3.3% |
| J Jacobs Solutions Inc. | 1.44% | 82,979 | $12.8M | Add +6.4% |
| CSCO Cisco Systems Inc. | 1.41% | 251,023 | $12.5M | Reduce -22.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.40% | 29,467 | $12.4M | Reduce -2.4% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.38% | 100,214 | $12.2M | Add +6.0% |
| MA Mastercard Inc. Class A | 1.36% | 25,133 | $12.1M | Add +12.1% |
| TRV The Travelers Cos Inc. | 1.33% | 51,129 | $11.8M | Reduce -3.8% |
| DHR Danaher Corp. | 1.25% | 44,461 | $11.1M | Add +1.8% |
| JNJ Johnson & Johnson | 1.24% | 69,539 | $11.0M | Reduce -5.2% |
| MDT Medtronic PLC | 1.19% | 121,406 | $10.6M | Add +1.0% |
| IVV iShares Core S&P 500 ETF | 1.13% | 19,144 | $10.1M | Add +2.1% |
| IQV Iqvia Holdings Inc. | 1.09% | 38,053 | $9.6M | Add +3.1% |
| QQQ Invesco QQQ Trust Series 1 | 1.08% | 21,475 | $9.5M | Add +0.5% |
| IJH iShares Core S&P Midcap ETF | 1.05% | 153,492 | $9.3M | Add +5.0% |
| GOOG Alphabet Inc. Class C | 1.04% | 60,473 | $9.2M | Reduce -5.3% |
| EW Edwards Lifesciences Corp. | 1.03% | 95,330 | $9.1M | Add +4.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.02% | 74,007 | $9.1M | Reduce -1.0% |
| COST Costco Wholesale Corp. | 0.90% | 10,940 | $8.0M | Reduce -6.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.90% | 8,232 | $8.0M | Reduce -0.6% |
| PANW Palo Alto Networks Inc. | 0.88% | 27,340 | $7.8M | Add +347.1% |
| WSM Williams-Sonoma Inc. | 0.85% | 23,755 | $7.5M | Reduce -10.0% |
| UNH Unitedhealth Group Inc. | 0.81% | 14,555 | $7.2M | Add +809.1% |
| RSG Republic Services Inc. | 0.80% | 36,904 | $7.1M | Reduce -0.8% |
| PSX Phillips 66 | 0.79% | 43,044 | $7.0M | Reduce -1.7% |
| AMGN Amgen Inc. | 0.78% | 24,469 | $7.0M | Reduce -0.1% |
| GS Goldman Sachs Group Inc. | 0.77% | 16,298 | $6.8M | Add +1.5% |
| APD Air Products & Chemicals Inc. | 0.76% | 27,844 | $6.7M | Add +639.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.73% | 15,470 | $6.5M | Add +2.6% |
| CARR Carrier Global Corp. | 0.73% | 111,118 | $6.5M | Add +16.0% |
| SYY Sysco Corp. | 0.72% | 78,517 | $6.4M | Reduce -6.3% |
| ORCL Oracle Corp. | 0.71% | 49,913 | $6.3M | Add +3.8% |
| FDX FedEx Corp. | 0.71% | 21,622 | $6.3M | Add +20.2% |
| ZTS Zoetis Inc. | 0.70% | 36,674 | $6.2M | Add +5.9% |
| CVS CVS Health Corp. | 0.70% | 77,313 | $6.2M | New |
| MCD McDonald's Corp. | 0.68% | 21,343 | $6.0M | Add +1.2% |
| GPC Genuine Parts Co. | 0.67% | 38,344 | $5.9M | Add +4.7% |
| PNC PNC Financial Services Group | 0.66% | 36,201 | $5.9M | Add +0.3% |
| BMY Bristol-Myers Squibb Co. | 0.65% | 106,688 | $5.8M | Reduce -44.5% |
| RMD Resmed Inc. | 0.64% | 28,882 | $5.7M | Add +5.0% |
| META Meta Platforms Inc. Class A | 0.63% | 11,416 | $5.5M | Reduce -3.4% |
| ROK Rockwell Automation Inc. | 0.62% | 19,021 | $5.5M | Reduce -22.7% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.62% | 71,622 | $5.5M | Add +3.5% |
| VCIT Vanguard Int-Term Corporate | 0.62% | 68,102 | $5.5M | Add +1.6% |
| RTX RTX Corp. | 0.62% | 56,029 | $5.5M | Reduce -2.1% |
| SO The Southern Co. | 0.61% | 75,458 | $5.4M | Add +1.3% |
| IJR iShares Core S&P Small-Cap E | 0.61% | 48,977 | $5.4M | Add +1.8% |
| O Realty Income Corp. | 0.61% | 99,380 | $5.4M | Add +4.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.61% | 72,350 | $5.4M | Reduce -1.0% |
| ENB Enbridge Inc. | 0.60% | 147,834 | $5.3M | Reduce -1.2% |
| APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC | 0.60% | 66,965 | $5.3M | Add +7.1% |
| WRK Westrock Co. | 0.60% | 106,973 | $5.3M | Reduce -7.4% |
| DLS Wisdomtree Intl S/C DVD Fund | 0.59% | 80,504 | $5.2M | Reduce -1.7% |
| SBUX Starbucks Corp. | 0.59% | 57,375 | $5.2M | Add +2.8% |
| CBRE CBRE Group Inc. Class A | 0.59% | 53,705 | $5.2M | Add +0.7% |
| AEP American Electric Power | 0.59% | 60,515 | $5.2M | Add +1.6% |
| VYM Vanguard High DVD Yield ETF | 0.56% | 40,788 | $4.9M | Reduce -3.8% |
| NKE Nike Inc. Class B | 0.54% | 51,157 | $4.8M | Add +15.3% |
| ABBV Abbvie Inc. | 0.52% | 25,427 | $4.6M | Reduce -50.4% |
| WM Waste Management Inc. | 0.52% | 21,717 | $4.6M | Reduce -3.5% |
| NOW ServiceNow Inc. | 0.46% | 5,335 | $4.1M | Add +9.8% |
| NVDA Nvidia Corp. | 0.42% | 4,142 | $3.7M | Reduce -2.0% |
| ABT Abbott Laboratories | 0.41% | 31,939 | $3.6M | Reduce -0.4% |
| EFV iShares MSCI Eafe Value ETF | 0.36% | 58,660 | $3.2M | Add +0.7% |
| WMT Walmart Inc. | 0.36% | 52,768 | $3.2M | Add +0.7% |
| IVE iShares S&P 500 Value ETF | 0.35% | 16,820 | $3.1M | Add +0.2% |
| SCZ iShares MSCI Eafe Small-Cap | 0.34% | 47,205 | $3.0M | Add +3.7% |
| IJT iShares S&P Small-Cap 600 GR | 0.34% | 22,805 | $3.0M | Add +2.5% |
| RSP Invesco S&P 500 Equal Weight | 0.32% | 16,929 | $2.9M | Add +1.1% |
| NVS Novartis AG-Sponsored ADR | 0.29% | 26,425 | $2.6M | Reduce -2.0% |
| XOM Exxon Mobil Corp. | 0.29% | 21,935 | $2.5M | Reduce -6.7% |
| XLB SS Materials Select Sector | 0.28% | 26,963 | $2.5M | Add +0.6% |
| XBI SS SPDR S&P Biotech ETF | 0.28% | 26,285 | $2.5M | Add +1.6% |
| VXF Vanguard Extended Market ETF | 0.28% | 14,053 | $2.5M | Reduce -1.5% |
| IWS iShares Russell Mid-Cap Valu | 0.25% | 17,360 | $2.2M | Reduce -1.9% |
| UNP Union Pacific Corp. | 0.24% | 8,709 | $2.1M | Reduce -0.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.23% | 10,552 | $2.0M | Reduce -1.5% |
| MRK Merck & Co. Inc. | 0.22% | 14,806 | $2.0M | Reduce -5.5% |
| NFLX Netflix Inc. | 0.17% | 2,535 | $1.5M | Reduce -0.3% |
| IBB iShares Biotechnology ETF | 0.17% | 10,962 | $1.5M | Reduce -0.3% |
| AFL Aflac Inc. | 0.17% | 17,055 | $1.5M | No change |
| ARE Alexandria Real Estate Equit | 0.16% | 11,217 | $1.4M | Add +1.0% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.16% | 18,546 | $1.4M | Reduce -0.7% |
| PFF iShares Preferred & Income S | 0.16% | 44,406 | $1.4M | Reduce -2.8% |
Portfolio Sells Q4 2023 → Q1 2024
| AAPL Apple Inc. | Reduce -0.4% | 4.40% | −0.96 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.64 |
| CSCO Cisco Systems Inc. | Reduce -22.0% | 1.41% | −0.57 |
| BMY Bristol-Myers Squibb Co. | Reduce -44.5% | 0.65% | −0.55 |
| ABBV Abbvie Inc. | Reduce -50.4% | 0.52% | −0.45 |
| ROK Rockwell Automation Inc. | Reduce -22.7% | 0.62% | −0.31 |
| LLY Eli Lilly & Co. | Reduce -69.6% | 0.15% | −0.25 |
| JNJ Johnson & Johnson | Reduce -5.2% | 1.24% | −0.16 |
| GOOGL Alphabet Inc. Class A | Reduce -6.2% | 1.92% | −0.13 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.11 |
| PFE Pfizer Inc. | Reduce -50.0% | 0.07% | −0.08 |
| AMGN Amgen Inc. | Reduce -0.1% | 0.78% | −0.08 |
| TSLA Tesla Inc. | Reduce -3.8% | 0.11% | −0.07 |
| GOOG Alphabet Inc. Class C | Reduce -5.3% | 1.04% | −0.06 |
| ENB Enbridge Inc. | Reduce -1.2% | 0.60% | −0.05 |
| MMM 3M Co. | Reduce -54.5% | 0.04% | −0.05 |
| NXPI NXP Semiconductors NV | Reduce -3.3% | 1.45% | −0.05 |
| DLS Wisdomtree Intl S/C DVD Fund | Reduce -1.7% | 0.59% | −0.05 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.0% | 0.29% | −0.04 |
| SRC Spirit Realty Capital Inc. | Sold out | 0.00% | −0.04 |
| V Visa Inc. Class A | Reduce -1.1% | 1.82% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -32.5% | 0.08% | −0.03 |
| WPC WP Carey Inc. | Sold out | 0.00% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -6.0% | 0.90% | −0.03 |
| BA The Boeing Co. | Sold out | 0.00% | −0.03 |
| SYY Sysco Corp. | Reduce -6.3% | 0.72% | −0.03 |
| MSFT Microsoft Corp. | Reduce -5.1% | 1.50% | −0.03 |
| VDC Vanguard Consumer Staple ETF | Sold out | 0.00% | −0.03 |
| MCHP Microchip Technology Inc. | Reduce -8.7% | 0.13% | −0.03 |
| FIBK First Interstate Bancsys-A | Sold out | 0.00% | −0.03 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.02 |
| GLD SPDR Gold Shares | Reduce -13.6% | 0.14% | −0.02 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -1.0% | 0.61% | −0.02 |
| ABT Abbott Laboratories | Reduce -0.4% | 0.41% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Reduce -3.8% | 0.56% | −0.02 |
| UNP Union Pacific Corp. | Reduce -0.1% | 0.24% | −0.02 |
| VWO Vanguard Ftse Emerging Marke | Reduce -8.5% | 0.12% | −0.02 |
| VNQ Vanguard Real Estate ETF | Reduce -2.4% | 0.14% | −0.02 |
| DOCU Docusign Inc. | Reduce -17.3% | 0.05% | −0.02 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -0.7% | 0.16% | −0.01 |
| IBB iShares Biotechnology ETF | Reduce -0.3% | 0.17% | −0.01 |
| INTC Intel Corp. | Reduce -6.4% | 0.04% | −0.01 |
| PFF iShares Preferred & Income S | Reduce -2.8% | 0.16% | −0.01 |
| PLD Prologis Inc. | Reduce -0.1% | 0.11% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -5.0% | 0.15% | −0.01 |
| VLTO Veralto Corp. | Reduce -26.6% | 0.03% | −0.01 |
| LECO Lincoln Electric Holdings | Reduce -16.4% | 0.10% | −0.01 |
| MO Altria Group Inc. | Reduce -20.4% | 0.03% | −0.01 |
| VXF Vanguard Extended Market ETF | Reduce -1.5% | 0.28% | −0.01 |
| INTU Intuit Inc. | Reduce -8.3% | 0.06% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| UNH Unitedhealth Group Inc. | Add +809.1% | 0.81% | +0.71 |
| CVS CVS Health Corp. | New | 0.70% | +0.70 |
| PANW Palo Alto Networks Inc. | Add +347.1% | 0.88% | +0.66 |
| APD Air Products & Chemicals Inc. | Add +639.4% | 0.76% | +0.63 |
| J Jacobs Solutions Inc. | Add +6.4% | 1.44% | +0.20 |
| MA Mastercard Inc. Class A | Add +12.1% | 1.36% | +0.20 |
| EW Edwards Lifesciences Corp. | Add +4.3% | 1.03% | +0.18 |
| FDX FedEx Corp. | Add +20.2% | 0.71% | +0.15 |
| TROW T Rowe Price Group Inc. | Add +6.0% | 1.38% | +0.14 |
| ORCL Oracle Corp. | Add +3.8% | 0.71% | +0.09 |
| XLE SS Energy Select Sector | New | 0.08% | +0.08 |
| HD Home Depot Inc. | Add +0.8% | 2.35% | +0.07 |
| PEP Pepsico Inc. | Add +8.2% | 2.27% | +0.07 |
| RMD Resmed Inc. | Add +5.0% | 0.64% | +0.07 |
| IJH iShares Core S&P Midcap ETF | Add +5.0% | 1.05% | +0.06 |
| CVX Chevron Corp. | Add +5.7% | 1.80% | +0.06 |
| CARR Carrier Global Corp. | Add +16.0% | 0.73% | +0.06 |
| NOC Northrop Grumman Corp. | Add +9.6% | 1.51% | +0.05 |
| GPC Genuine Parts Co. | Add +4.7% | 0.67% | +0.05 |
| IQV Iqvia Holdings Inc. | Add +3.1% | 1.09% | +0.04 |
| IVV iShares Core S&P 500 ETF | Add +2.1% | 1.13% | +0.04 |
| NOW ServiceNow Inc. | Add +9.8% | 0.46% | +0.04 |
| AMD Advanced Micro Devices | New | 0.03% | +0.03 |
| SYK Stryker Corp. | New | 0.02% | +0.02 |
| LEN.B Lennar Corp. Class B | New | 0.02% | +0.02 |
| BLK BlackRock Finance Inc. | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +0.7% | 0.36% | +0.02 |
| ADP Automatic Data Processing | Add +86.4% | 0.05% | +0.02 |
| DHR Danaher Corp. | Add +1.8% | 1.25% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +1.5% | 0.77% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.5% | 1.08% | +0.01 |
| TGT Target Corp. | Add +1.0% | 0.05% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +10.9% | 0.04% | +0.00 |
| XLB SS Materials Select Sector | Add +0.6% | 0.28% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +1.1% | 0.32% | +0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +2.1% | 0.03% | +0.00 |
| XBI SS SPDR S&P Biotech ETF | Add +1.6% | 0.28% | −0.00 |
| XCEM Columbia Em Core Ex-China | Add +4.2% | 0.06% | −0.00 |
| TXN Texas Instruments Inc. | Add +1.9% | 0.03% | −0.00 |
| CAG Conagra Brands Inc. | Add +0.3% | 0.03% | −0.00 |
| IVE iShares S&P 500 Value ETF | Add +0.2% | 0.35% | −0.00 |
| AEP American Electric Power | Add +1.6% | 0.59% | −0.00 |
| IJT iShares S&P Small-Cap 600 GR | Add +2.5% | 0.34% | −0.00 |
| TD Toronto-Dominion Bank | Add +1.0% | 0.02% | −0.00 |
| WBD Warner Bros Discovery Inc. | Add +5.8% | 0.01% | −0.00 |
| SCZ iShares MSCI Eafe Small-Cap | Add +3.7% | 0.34% | −0.01 |
| BDN Brandywine Realty Trust | Add +1.4% | 0.03% | −0.01 |
| ALEX Alexander & Baldwin Inc. | Add +0.3% | 0.03% | −0.01 |
| REG Regency Centers Corp. | Add +2.4% | 0.04% | −0.01 |
| NIO Nio Inc. - ADR | Add +0.7% | 0.01% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 201 | $1.1B | AAPL, VTI, QCOM, GOOGL, VEU |
| Q1 2026 | 191 | $1.0B | AAPL, VTI, VEU, GOOGL, QCOM |
| Q4 2025 | 196 | $1.1B | AAPL, VTI, GOOGL, QCOM, VEU |
| Q3 2025 | 193 | $1.0B | AAPL, VTI, QCOM, GOOGL, VEU |
| Q2 2025 | 195 | $981.9M | AAPL, VTI, QCOM, VEU, HD |
| Q1 2025 | 191 | $917.8M | AAPL, VTI, QCOM, HD, V |
| Q4 2024 | 197 | $937.6M | AAPL, VTI, QCOM, HD, GOOGL |
| Q3 2024 | 196 | $952.8M | AAPL, QCOM, VTI, HD, PEP |
| Q2 2024 | 192 | $902.2M | AAPL, QCOM, VTI, HD, GOOGL |
| Q1 2024 | 194 | $886.9M | AAPL, QCOM, VTI, HD, PEP |