Telos Capital Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 27, 2025), Telos Capital Management, Inc. reported 197 stock positions worth $937.6 million. Its top holding was Apple (AAPL) at 6.1% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 3.9%) and Qualcomm (QCOM, 3.5%). Compared with Q3 2024, it opened 10 new positions, sold out of 9, added to 84 and reduced 94. The biggest buy was Honeywell International (HON, shares +2478%) and the biggest sale Medtronic (MDT, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001567889
- Portfolio Value
- $937.6M (Q4 2024)
- SEC Filing
- 0001567889-25-000001 ↗ filed Jan 27, 2025
Holdings Value
Holdings 197 stocks · $937.6M
| AAPL Apple Inc. | 6.08% | 227,672 | $57.0M | Reduce -2.5% |
| VTI VG Morningstar TS MKT ETF-US | 3.90% | 126,328 | $36.6M | Add +0.6% |
| QCOM Qualcomm Inc. | 3.52% | 214,771 | $33.0M | Reduce -0.1% |
| HD Home Depot Inc. | 2.36% | 56,797 | $22.1M | Reduce -3.4% |
| GOOGL Alphabet Inc. Class A | 2.25% | 111,285 | $21.1M | Reduce -0.4% |
| AMZN Amazon.com Inc. | 2.16% | 92,224 | $20.2M | Reduce -2.4% |
| V Visa Inc. Class A | 2.09% | 62,143 | $19.6M | Reduce -0.6% |
| PEP Pepsico Inc. | 2.06% | 126,906 | $19.3M | Add +4.2% |
| PG The Procter & Gamble Co. | 1.99% | 111,263 | $18.7M | Reduce -1.1% |
| MS Morgan Stanley | 1.95% | 145,251 | $18.3M | Reduce -4.9% |
| VEU Vanguard Ftse All-World Ex-U | 1.91% | 312,352 | $17.9M | Add +4.7% |
| JPM JPMorgan Chase & Co. | 1.66% | 64,830 | $15.5M | Reduce -14.0% |
| VEA Vanguard Ftse Developed ETF | 1.58% | 309,193 | $14.8M | Reduce -0.3% |
| CVX Chevron Corp. | 1.54% | 99,546 | $14.4M | Add +0.8% |
| NOC Northrop Grumman Corp. | 1.49% | 29,766 | $14.0M | Add +0.5% |
| MSFT Microsoft Corp. | 1.40% | 31,192 | $13.1M | Reduce -2.0% |
| MA Mastercard Inc. Class A | 1.37% | 24,430 | $12.9M | Reduce -2.5% |
| TRV The Travelers Cos Inc. | 1.33% | 51,954 | $12.5M | Reduce -3.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.29% | 26,629 | $12.1M | Reduce -0.7% |
| UPS United Parcel Service Class B | 1.26% | 93,971 | $11.8M | Reduce -1.6% |
| J Jacobs Solutions Inc. | 1.25% | 88,068 | $11.8M | Reduce -0.3% |
| GOOG Alphabet Inc. Class C | 1.20% | 59,030 | $11.2M | Reduce -1.5% |
| NXPI NXP Semiconductors NV | 1.19% | 53,723 | $11.2M | Add +1.0% |
| QQQ Invesco QQQ Trust Series 1 | 1.18% | 21,593 | $11.0M | Add +0.3% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.14% | 94,677 | $10.7M | Reduce -6.5% |
| IVV iShares Core S&P 500 ETF | 1.13% | 17,924 | $10.6M | Add +0.3% |
| PANW Palo Alto Networks Inc. | 1.10% | 56,920 | $10.4M | Reduce -0.9% |
| DHR Danaher Corp. | 1.10% | 45,031 | $10.3M | Add +0.5% |
| IJH iShares Core S&P Midcap ETF | 1.07% | 161,266 | $10.0M | Add +4.9% |
| COST Costco Wholesale Corp. | 1.02% | 10,480 | $9.6M | Reduce -2.1% |
| HON Honeywell International Inc. | 0.93% | 38,774 | $8.8M | Add +2478.1% |
| ORCL Oracle Corp. | 0.89% | 50,186 | $8.4M | Reduce -2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.86% | 72,643 | $8.1M | Add +0.8% |
| APD Air Products & Chemicals Inc. | 0.85% | 27,333 | $7.9M | Reduce -1.8% |
| JNJ Johnson & Johnson | 0.84% | 54,296 | $7.9M | Add +1.3% |
| WSM Williams-Sonoma Inc. | 0.84% | 42,355 | $7.8M | Reduce -5.6% |
| CSCO Cisco Systems Inc. | 0.82% | 130,556 | $7.7M | Reduce -1.5% |
| IQV Iqvia Holdings Inc. | 0.81% | 38,833 | $7.6M | Add +0.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.80% | 96,553 | $7.5M | Add +29.7% |
| PYPL PayPal Holdings Inc. | 0.79% | 87,320 | $7.5M | Add +12.1% |
| EOG EOG Resources Inc. | 0.79% | 60,434 | $7.4M | Add +1.9% |
| CARR Carrier Global Corp. | 0.79% | 108,236 | $7.4M | Reduce -1.6% |
| UNH Unitedhealth Group Inc. | 0.77% | 14,309 | $7.2M | Add +0.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.76% | 17,627 | $7.1M | Add +10.0% |
| RSG Republic Services Inc. | 0.76% | 35,231 | $7.1M | Reduce -2.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.75% | 10,144 | $7.0M | Add +8.2% |
| CBRE CBRE Group Inc. Class A | 0.75% | 53,323 | $7.0M | Reduce -3.8% |
| PNC PNC Financial Services Group | 0.74% | 36,124 | $7.0M | Reduce -2.0% |
| ZTS Zoetis Inc. | 0.74% | 42,706 | $7.0M | Add +4.3% |
| RMD Resmed Inc. | 0.74% | 30,299 | $6.9M | Reduce -0.3% |
| GS Goldman Sachs Group Inc. | 0.72% | 11,846 | $6.8M | Reduce -27.1% |
| AMGN Amgen Inc. | 0.72% | 25,997 | $6.8M | Add +3.2% |
| LMT Lockheed Martin Corp. | 0.71% | 13,669 | $6.6M | Add +4.6% |
| RTX RTX Corp. | 0.70% | 56,827 | $6.6M | Reduce -0.1% |
| MCD McDonald's Corp. | 0.70% | 22,588 | $6.5M | Add +1.2% |
| META Meta Platforms Inc. Class A | 0.69% | 11,092 | $6.5M | Reduce -1.3% |
| NEE Nextera Energy Inc. | 0.68% | 89,247 | $6.4M | Add +3.0% |
| BMY Bristol-Myers Squibb Co. | 0.67% | 110,412 | $6.2M | Add +3.7% |
| ROK Rockwell Automation Inc. | 0.65% | 21,357 | $6.1M | Add +0.2% |
| ENB Enbridge Inc. | 0.64% | 141,663 | $6.0M | Add +1.6% |
| NOW ServiceNow Inc. | 0.63% | 5,560 | $5.9M | Reduce -1.6% |
| IJR iShares Core S&P Small-Cap E | 0.62% | 50,800 | $5.9M | Add +3.7% |
| PSX Phillips 66 | 0.62% | 51,111 | $5.8M | Add +1.7% |
| VCIT Vanguard Int-Term Corporate | 0.61% | 71,616 | $5.7M | Add +3.0% |
| AEP American Electric Power | 0.60% | 61,398 | $5.7M | Add +1.0% |
| AMTM Amentum Holdings Inc. | 0.60% | 267,036 | $5.6M | Add +202.4% |
| SO The Southern Co. | 0.60% | 68,055 | $5.6M | Add +2.0% |
| WMT Walmart Inc. | 0.60% | 61,867 | $5.6M | Reduce -0.2% |
| FDX FedEx Corp. | 0.59% | 19,768 | $5.6M | Add +4.2% |
| MDT Medtronic PLC | 0.58% | 68,081 | $5.4M | Reduce -44.8% |
| O Realty Income Corp. | 0.56% | 98,840 | $5.3M | Add +5.1% |
| VYM Vanguard High DVD Yield ETF | 0.56% | 41,022 | $5.2M | Add +1.6% |
| DLS Wisdomtree Intl S/C DVD Fund | 0.56% | 82,669 | $5.2M | Add +2.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.55% | 72,756 | $5.1M | Reduce -0.1% |
| NVDA Nvidia Corp. | 0.54% | 37,974 | $5.1M | Reduce -1.3% |
| GPC Genuine Parts Co. | 0.50% | 40,182 | $4.7M | Add +1.9% |
| WM Waste Management Inc. | 0.45% | 20,909 | $4.2M | Reduce -2.4% |
| ABBV Abbvie Inc. | 0.43% | 22,951 | $4.1M | Reduce -5.7% |
| NKE Nike Inc. Class B | 0.42% | 51,483 | $3.9M | Reduce -3.5% |
| EW Edwards Lifesciences Corp. | 0.41% | 51,594 | $3.8M | Reduce -47.8% |
| ADBE Adobe Inc. | 0.40% | 8,442 | $3.8M | New |
| AVUV Avantis US Small Cap Value | 0.39% | 37,698 | $3.6M | Add +8.2% |
| ABT Abbott Laboratories | 0.37% | 30,645 | $3.5M | Reduce -0.4% |
| AVDV Avantis Intl S/C Value ETF | 0.35% | 50,010 | $3.3M | New |
| IVE iShares S&P 500 Value ETF | 0.33% | 16,047 | $3.1M | Add +1.3% |
| RSP Invesco S&P 500 Equal Weight | 0.33% | 17,425 | $3.1M | Add +4.9% |
| EFV iShares MSCI Eafe Value ETF | 0.32% | 57,626 | $3.0M | Add +2.9% |
| ACN Accenture PLC Class A | 0.29% | 7,664 | $2.7M | Add +3.8% |
| NVS Novartis AG-Sponsored ADR | 0.29% | 27,686 | $2.7M | Add +3.9% |
| VXF Vanguard Extended Market ETF | 0.28% | 13,965 | $2.7M | Reduce -0.4% |
| XBI SS SPDR S&P Biotech ETF | 0.27% | 27,816 | $2.5M | Add +6.5% |
| XOM Exxon Mobil Corp. | 0.24% | 20,714 | $2.2M | Reduce -10.6% |
| IWS iShares Russell Mid-Cap Valu | 0.24% | 17,143 | $2.2M | Add +0.4% |
| TSLA Tesla Inc. | 0.22% | 5,065 | $2.0M | Add +9.0% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.22% | 10,250 | $2.0M | Add +1.6% |
| UNP Union Pacific Corp. | 0.21% | 8,491 | $1.9M | Add +2.6% |
| NFLX Netflix Inc. | 0.17% | 1,769 | $1.6M | Reduce -28.9% |
| MAA Mid-America Apartment Comm | 0.17% | 10,082 | $1.6M | Add +0.5% |
| LLY Eli Lilly & Co. | 0.16% | 1,987 | $1.5M | Add +23.0% |
| UDR Udr Inc. | 0.16% | 34,831 | $1.5M | Add +0.4% |
Portfolio Sells Q3 2024 → Q4 2024
| MDT Medtronic PLC | Reduce -44.8% | 0.58% | −0.59 |
| SYY Sysco Corp. | Reduce -88.3% | 0.07% | −0.54 |
| SCZ iShares MSCI Eafe Small-Cap | Sold out | 0.00% | −0.34 |
| QCOM Qualcomm Inc. | Reduce -0.1% | 3.52% | −0.32 |
| EW Edwards Lifesciences Corp. | Reduce -47.8% | 0.41% | −0.28 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.27 |
| HD Home Depot Inc. | Reduce -3.4% | 2.36% | −0.14 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.3% | 1.58% | −0.14 |
| CARR Carrier Global Corp. | Reduce -1.6% | 0.79% | −0.14 |
| GS Goldman Sachs Group Inc. | Reduce -27.1% | 0.72% | −0.12 |
| UPS United Parcel Service Class B | Reduce -1.6% | 1.26% | −0.10 |
| NKE Nike Inc. Class B | Reduce -3.5% | 0.42% | −0.08 |
| ABBV Abbvie Inc. | Reduce -5.7% | 0.43% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 1.99% | −0.05 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -0.1% | 0.55% | −0.05 |
| XOM Exxon Mobil Corp. | Reduce -10.6% | 0.24% | −0.05 |
| PFF iShares Preferred & Income S | Reduce -25.9% | 0.11% | −0.04 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.04 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -27.9% | 0.11% | −0.04 |
| VNM Vaneck Vietnam ETF | Sold out | 0.00% | −0.04 |
| RMD Resmed Inc. | Reduce -0.3% | 0.74% | −0.04 |
| MSFT Microsoft Corp. | Reduce -2.0% | 1.40% | −0.04 |
| KO The Coca-Cola Co. | Reduce -12.5% | 0.11% | −0.03 |
| ORCL Oracle Corp. | Reduce -2.6% | 0.89% | −0.03 |
| SBUX Starbucks Corp. | Reduce -28.7% | 0.06% | −0.03 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.03 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.03 |
| AFL Aflac Inc. | Reduce -7.7% | 0.16% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -1.8% | 0.85% | −0.02 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −0.02 |
| LEN.B Lennar Corp. Class B | Sold out | 0.00% | −0.02 |
| EMN Eastman Chemical Co. | Sold out | 0.00% | −0.02 |
| RTX RTX Corp. | Reduce -0.1% | 0.70% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -1.0% | 0.16% | −0.02 |
| NFLX Netflix Inc. | Reduce -28.9% | 0.17% | −0.02 |
| WM Waste Management Inc. | Reduce -2.4% | 0.45% | −0.02 |
| CAT Caterpillar Inc. | Reduce -5.9% | 0.12% | −0.02 |
| TROW T Rowe Price Group Inc. | Reduce -6.5% | 1.14% | −0.02 |
| AMAT Applied Materials Inc. | Reduce -9.5% | 0.04% | −0.02 |
| REGN Regeneron Pharmaceuticals | Reduce -12.0% | 0.02% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -0.4% | 0.04% | −0.01 |
| VNQ Vanguard Real Estate ETF | Reduce -0.7% | 0.13% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -14.0% | 1.66% | −0.01 |
| INTU Intuit Inc. | Reduce -21.1% | 0.04% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -13.6% | 0.03% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 1.29% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -4.2% | 0.06% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -2.0% | 0.10% | −0.01 |
| VLTO Veralto Corp. | Reduce -17.0% | 0.02% | −0.01 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -1.0% | 0.08% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| HON Honeywell International Inc. | Add +2478.1% | 0.93% | +0.90 |
| ADBE Adobe Inc. | New | 0.40% | +0.40 |
| AVDV Avantis Intl S/C Value ETF | New | 0.35% | +0.35 |
| AMTM Amentum Holdings Inc. | Add +202.4% | 0.60% | +0.30 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +29.7% | 0.80% | +0.18 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.6% | 3.90% | +0.17 |
| PYPL PayPal Holdings Inc. | Add +12.1% | 0.79% | +0.16 |
| DIS The Walt Disney Co. | Add +0.8% | 0.86% | +0.13 |
| TSLA Tesla Inc. | Add +9.0% | 0.22% | +0.09 |
| BMY Bristol-Myers Squibb Co. | Add +3.7% | 0.67% | +0.09 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.3% | 1.18% | +0.07 |
| VGT Vanguard Info Tech ETF | New | 0.07% | +0.07 |
| IJH iShares Core S&P Midcap ETF | Add +4.9% | 1.07% | +0.07 |
| IBM Intl Business Machines Corp. | Add +72.9% | 0.15% | +0.06 |
| ROK Rockwell Automation Inc. | Add +0.2% | 0.65% | +0.05 |
| FDX FedEx Corp. | Add +4.2% | 0.59% | +0.05 |
| ENB Enbridge Inc. | Add +1.6% | 0.64% | +0.05 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 1.13% | +0.04 |
| PPH Vaneck Pharmaceutical ETF | New | 0.04% | +0.04 |
| AVUV Avantis US Small Cap Value | Add +8.2% | 0.39% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | New | 0.03% | +0.03 |
| EOG EOG Resources Inc. | Add +1.9% | 0.79% | +0.03 |
| BA The Boeing Co. | New | 0.02% | +0.02 |
| DOCU Docusign Inc. | New | 0.02% | +0.02 |
| BLK BlackRock Inc. | New | 0.02% | +0.02 |
| IJR iShares Core S&P Small-Cap E | Add +3.7% | 0.62% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +22.9% | 0.09% | +0.02 |
| VYM Vanguard High DVD Yield ETF | Add +1.6% | 0.56% | +0.01 |
| ACN Accenture PLC Class A | Add +3.8% | 0.29% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +9.0% | 0.12% | +0.01 |
| LLY Eli Lilly & Co. | Add +23.0% | 0.16% | +0.01 |
| RSP Invesco S&P 500 Equal Weight | Add +4.9% | 0.33% | +0.01 |
| CVX Chevron Corp. | Add +0.8% | 1.54% | +0.01 |
| SCHB Schwab US Broad Market ETF | Add +19.5% | 0.05% | +0.01 |
| ARE Alexandria Real Estate Equit | Add +26.1% | 0.15% | +0.01 |
| NIO Nio Inc. - ADR | New | 0.01% | +0.01 |
| CWH Camping World Holdings Inc. Class A | Add +36.4% | 0.03% | +0.01 |
| OPRT Oportun Financial Corp. | New | 0.01% | +0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +1.6% | 0.22% | +0.00 |
| VCIT Vanguard Int-Term Corporate | Add +3.0% | 0.61% | +0.00 |
| TGT Target Corp. | Add +18.7% | 0.04% | +0.00 |
| IWB iShares Russell 1000 ETF | Add +0.1% | 0.04% | +0.00 |
| LW Lamb Weston Holdings Inc. | Add +1.4% | 0.02% | +0.00 |
| XLE SS Energy Select Sector | Add +2.6% | 0.07% | +0.00 |
| PFE Pfizer Inc. | Add +8.1% | 0.07% | +0.00 |
| EXC Exelon Corp. | Add +7.3% | 0.02% | +0.00 |
| AMH American Homes 4 Rent- A | Add +1.1% | 0.03% | 0.00 |
| IWS iShares Russell Mid-Cap Valu | Add +0.4% | 0.24% | −0.00 |
| MAA Mid-America Apartment Comm | Add +0.5% | 0.17% | −0.00 |
| IVE iShares S&P 500 Value ETF | Add +1.3% | 0.33% | −0.00 |
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 |