Telos Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Telos Capital Management, Inc. reported 191 stock positions worth $917.8 million. Its top holding was Apple (AAPL) at 5.5% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 3.8%) and Qualcomm (QCOM, 3.3%). Compared with Q4 2024, it opened 8 new positions, sold out of 14, added to 88 and reduced 86. The biggest buy was a new position in Te Connectivity (TEL) and the biggest sale an exit from FedEx (FDX).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001567889
- Portfolio Value
- $917.8M (Q1 2025)
- SEC Filing
- 0001567889-25-000003 ↗ filed Apr 30, 2025
Holdings Value
Holdings 191 stocks · $917.8M
| AAPL Apple Inc. | 5.51% | 227,774 | $50.6M | Add +0.0% |
| VTI VG Morningstar TS MKT ETF-US | 3.75% | 125,245 | $34.4M | Reduce -0.9% |
| QCOM Qualcomm Inc. | 3.27% | 195,220 | $30.0M | Reduce -9.1% |
| HD Home Depot Inc. | 2.30% | 57,682 | $21.1M | Add +1.6% |
| V Visa Inc. Class A | 2.21% | 57,783 | $20.3M | Reduce -7.0% |
| PEP Pepsico Inc. | 2.19% | 133,786 | $20.1M | Add +5.4% |
| VEU Vanguard Ftse All-World Ex-U | 2.13% | 322,317 | $19.6M | Add +3.2% |
| PG The Procter & Gamble Co. | 2.09% | 112,749 | $19.2M | Add +1.3% |
| AMZN Amazon.com Inc. | 1.90% | 91,440 | $17.4M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 1.87% | 110,837 | $17.1M | Reduce -0.4% |
| MS Morgan Stanley | 1.83% | 144,046 | $16.8M | Reduce -0.8% |
| CVX Chevron Corp. | 1.82% | 100,068 | $16.7M | Add +0.5% |
| JPM JPMorgan Chase & Co. | 1.74% | 65,287 | $16.0M | Add +0.7% |
| VEA Vanguard Ftse Developed ETF | 1.71% | 309,496 | $15.7M | Add +0.1% |
| NOC Northrop Grumman Corp. | 1.66% | 29,781 | $15.2M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.52% | 26,203 | $14.0M | Reduce -1.6% |
| TRV The Travelers Cos Inc. | 1.50% | 51,983 | $13.7M | Add +0.1% |
| MA Mastercard Inc. Class A | 1.45% | 24,276 | $13.3M | Reduce -0.6% |
| MSFT Microsoft Corp. | 1.24% | 30,240 | $11.4M | Reduce -3.0% |
| J Jacobs Solutions Inc. | 1.21% | 91,805 | $11.1M | Add +4.2% |
| IVV iShares Core S&P 500 ETF | 1.13% | 18,398 | $10.3M | Add +2.6% |
| PANW Palo Alto Networks Inc. | 1.11% | 59,813 | $10.2M | Add +5.1% |
| NXPI NXP Semiconductors NV | 1.11% | 53,613 | $10.2M | Reduce -0.2% |
| QQQ Invesco QQQ Trust Series 1 | 1.11% | 21,726 | $10.2M | Add +0.6% |
| UPS United Parcel Service Class B | 1.10% | 91,544 | $10.1M | Reduce -2.6% |
| COST Costco Wholesale Corp. | 1.07% | 10,418 | $9.9M | Reduce -0.6% |
| IJH iShares Core S&P Midcap ETF | 1.06% | 166,632 | $9.7M | Add +3.3% |
| DHR Danaher Corp. | 1.01% | 45,281 | $9.3M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 1.00% | 58,805 | $9.2M | Reduce -0.4% |
| VRTX Vertex Pharmaceuticals Inc. | 0.96% | 18,174 | $8.8M | Add +3.1% |
| HON Honeywell International Inc. | 0.94% | 40,732 | $8.6M | Add +5.0% |
| RSG Republic Services Inc. | 0.90% | 33,976 | $8.2M | Reduce -3.6% |
| JNJ Johnson & Johnson | 0.88% | 48,459 | $8.0M | Reduce -10.8% |
| AMGN Amgen Inc. | 0.87% | 25,760 | $8.0M | Reduce -0.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.87% | 101,231 | $8.0M | Add +4.8% |
| EOG EOG Resources Inc. | 0.86% | 61,699 | $7.9M | Add +2.1% |
| APD Air Products & Chemicals Inc. | 0.85% | 26,530 | $7.8M | Reduce -2.9% |
| CSCO Cisco Systems Inc. | 0.84% | 125,595 | $7.8M | Reduce -3.8% |
| UNH Unitedhealth Group Inc. | 0.84% | 14,769 | $7.7M | Add +3.2% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.82% | 82,108 | $7.5M | Reduce -13.3% |
| RTX RTX Corp. | 0.81% | 56,102 | $7.4M | Reduce -1.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.80% | 74,587 | $7.4M | Add +2.7% |
| ORCL Oracle Corp. | 0.79% | 51,921 | $7.3M | Add +3.5% |
| ZTS Zoetis Inc. | 0.78% | 43,562 | $7.2M | Add +2.0% |
| IQV Iqvia Holdings Inc. | 0.77% | 40,035 | $7.1M | Add +3.1% |
| CARR Carrier Global Corp. | 0.77% | 110,826 | $7.0M | Add +2.4% |
| MCD McDonald's Corp. | 0.75% | 22,025 | $6.9M | Reduce -2.5% |
| RMD Resmed Inc. | 0.74% | 30,505 | $6.8M | Add +0.7% |
| TEL Te Connectivity PLC | 0.73% | 47,545 | $6.7M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.73% | 10,113 | $6.7M | Reduce -0.3% |
| BMY Bristol-Myers Squibb Co. | 0.73% | 109,712 | $6.7M | Reduce -0.6% |
| GS Goldman Sachs Group Inc. | 0.72% | 12,148 | $6.6M | Add +2.5% |
| AEP American Electric Power | 0.71% | 59,994 | $6.6M | Reduce -2.3% |
| PSX Phillips 66 | 0.71% | 52,415 | $6.5M | Add +2.5% |
| NEE Nextera Energy Inc. | 0.70% | 90,496 | $6.4M | Add +1.4% |
| WSM Williams-Sonoma Inc. | 0.69% | 40,280 | $6.4M | Reduce -4.9% |
| SO The Southern Co. | 0.69% | 69,103 | $6.4M | Add +1.5% |
| PNC PNC Financial Services Group | 0.69% | 36,046 | $6.3M | Reduce -0.2% |
| PYPL PayPal Holdings Inc. | 0.69% | 96,580 | $6.3M | Add +10.6% |
| META Meta Platforms Inc. Class A | 0.69% | 10,928 | $6.3M | Reduce -1.5% |
| VCIT Vanguard Int-Term Corporate | 0.68% | 76,835 | $6.3M | Add +7.3% |
| ENB Enbridge Inc. | 0.68% | 141,433 | $6.3M | Reduce -0.2% |
| LMT Lockheed Martin Corp. | 0.68% | 13,939 | $6.2M | Add +2.0% |
| MDT Medtronic PLC | 0.65% | 66,522 | $6.0M | Reduce -2.3% |
| CBRE CBRE Group Inc. Class A | 0.65% | 45,649 | $6.0M | Reduce -14.4% |
| O Realty Income Corp. | 0.63% | 98,978 | $5.7M | Add +0.1% |
| WMT Walmart Inc. | 0.61% | 63,946 | $5.6M | Add +3.4% |
| VYM Vanguard High DVD Yield ETF | 0.60% | 42,614 | $5.5M | Add +3.9% |
| IEFA iShares Core MSCI Eafe ETF | 0.60% | 72,303 | $5.5M | Reduce -0.6% |
| ROK Rockwell Automation Inc. | 0.59% | 21,056 | $5.4M | Reduce -1.4% |
| IJR iShares Core S&P Small-Cap E | 0.59% | 51,976 | $5.4M | Add +2.3% |
| DLS Wisdomtree Intl S/C DVD Fund | 0.59% | 82,105 | $5.4M | Reduce -0.7% |
| GPC Genuine Parts Co. | 0.53% | 40,895 | $4.9M | Add +1.8% |
| WM Waste Management Inc. | 0.52% | 20,479 | $4.7M | Reduce -2.1% |
| AMTM Amentum Holdings Inc. | 0.51% | 256,178 | $4.7M | Reduce -4.1% |
| NOW ServiceNow Inc. | 0.49% | 5,695 | $4.5M | Add +2.4% |
| ABBV Abbvie Inc. | 0.46% | 20,213 | $4.2M | Reduce -11.9% |
| NVDA Nvidia Corp. | 0.45% | 38,033 | $4.1M | Add +0.2% |
| ABT Abbott Laboratories | 0.44% | 30,456 | $4.0M | Reduce -0.6% |
| EW Edwards Lifesciences Corp. | 0.44% | 55,259 | $4.0M | Add +7.1% |
| ADBE Adobe Inc. | 0.41% | 9,818 | $3.8M | Add +16.3% |
| AVDV Avantis Intl S/C Value ETF | 0.39% | 51,775 | $3.6M | Add +3.5% |
| EFV iShares MSCI Eafe Value ETF | 0.39% | 60,358 | $3.6M | Add +4.7% |
| AVUV Avantis US Small Cap Value | 0.37% | 39,268 | $3.4M | Add +4.2% |
| NFLX Netflix Inc. | 0.36% | 3,592 | $3.3M | Add +103.0% |
| XOM Exxon Mobil Corp. | 0.36% | 27,861 | $3.3M | Add +34.5% |
| IVE iShares S&P 500 Value ETF | 0.35% | 16,987 | $3.2M | Add +5.9% |
| RSP Invesco S&P 500 Equal Weight | 0.34% | 18,085 | $3.1M | Add +3.8% |
| NVS Novartis AG-Sponsored ADR | 0.33% | 27,438 | $3.1M | Reduce -0.9% |
| XLF SS Financial Select Sector | 0.28% | 51,946 | $2.6M | New |
| ACN Accenture PLC Class A | 0.26% | 7,758 | $2.4M | Add +1.2% |
| VXF Vanguard Extended Market ETF | 0.26% | 13,872 | $2.4M | Reduce -0.7% |
| IWS iShares Russell Mid-Cap Valu | 0.25% | 17,985 | $2.3M | Add +4.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.22% | 10,856 | $2.0M | Add +5.9% |
| UNP Union Pacific Corp. | 0.22% | 8,466 | $2.0M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.21% | 7,846 | $2.0M | Add +24.9% |
| MAA Mid-America Apartment Comm | 0.18% | 10,019 | $1.7M | Reduce -0.6% |
| LLY Eli Lilly & Co. | 0.18% | 1,982 | $1.6M | Reduce -0.3% |
| AFL Aflac Inc. | 0.18% | 14,472 | $1.6M | No change |
| DE Deere & Co. | 0.17% | 3,391 | $1.6M | Add +28.2% |
Portfolio Sells Q4 2024 → Q1 2025
| FDX FedEx Corp. | Sold out | 0.00% | −0.59 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.42 |
| GOOGL Alphabet Inc. Class A | Reduce -0.4% | 1.87% | −0.38 |
| TROW T Rowe Price Group Inc. | Reduce -13.3% | 0.82% | −0.32 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.27 |
| AMZN Amazon.com Inc. | Reduce -0.8% | 1.90% | −0.26 |
| QCOM Qualcomm Inc. | Reduce -9.1% | 3.27% | −0.25 |
| GOOG Alphabet Inc. Class C | Reduce -0.4% | 1.00% | −0.20 |
| UPS United Parcel Service Class B | Reduce -2.6% | 1.10% | −0.17 |
| MSFT Microsoft Corp. | Reduce -3.0% | 1.24% | −0.17 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.9% | 3.75% | −0.15 |
| WSM Williams-Sonoma Inc. | Reduce -4.9% | 0.69% | −0.14 |
| MS Morgan Stanley | Reduce -0.8% | 1.83% | −0.12 |
| CBRE CBRE Group Inc. Class A | Reduce -14.4% | 0.65% | −0.10 |
| AMTM Amentum Holdings Inc. | Reduce -4.1% | 0.51% | −0.09 |
| TSLA Tesla Inc. | Reduce -7.0% | 0.13% | −0.09 |
| NXPI NXP Semiconductors NV | Reduce -0.2% | 1.11% | −0.08 |
| ROK Rockwell Automation Inc. | Reduce -1.4% | 0.59% | −0.06 |
| PNC PNC Financial Services Group | Reduce -0.2% | 0.69% | −0.05 |
| IWB iShares Russell 1000 ETF | Sold out | 0.00% | −0.04 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.03 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.03 |
| AVGO Broadcom Inc. | Reduce -2.6% | 0.07% | −0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.02 |
| DOCU Docusign Inc. | Sold out | 0.00% | −0.02 |
| SLP Simulations Plus Inc. | Sold out | 0.00% | −0.02 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.02 |
| BLK BlackRock Inc. | Sold out | 0.00% | −0.02 |
| FIBK First Interstate Bancsys-A | Sold out | 0.00% | −0.02 |
| VXF Vanguard Extended Market ETF | Reduce -0.7% | 0.26% | −0.02 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -0.3% | 0.73% | −0.02 |
| CRM Salesforce Inc. | Reduce -13.1% | 0.05% | −0.02 |
| GE General Electric | Reduce -36.0% | 0.07% | −0.02 |
| LECO Lincoln Electric Holdings | Reduce -31.0% | 0.04% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -0.5% | 0.14% | −0.01 |
| SCHB Schwab US Broad Market ETF | Reduce -21.4% | 0.04% | −0.01 |
| TGT Target Corp. | Reduce -8.1% | 0.03% | −0.01 |
| MCHP Microchip Technology Inc. | Reduce -2.1% | 0.06% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -20.6% | 0.05% | −0.01 |
| SRE Sempra | Reduce -12.8% | 0.02% | −0.01 |
| SBUX Starbucks Corp. | Reduce -20.2% | 0.05% | −0.01 |
| SYY Sysco Corp. | Reduce -9.8% | 0.06% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -1.5% | 0.69% | −0.01 |
| NIO Nio Inc. - ADR | Sold out | 0.00% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -4.3% | 0.03% | −0.01 |
| AMAT Applied Materials Inc. | Reduce -5.3% | 0.04% | −0.01 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -0.2% | 0.14% | −0.00 |
| DHI D.R. Horton Inc. | Reduce -1.3% | 0.05% | −0.00 |
| A Agilent Technologies Inc. | Reduce -2.8% | 0.03% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| TEL Te Connectivity PLC | New | 0.73% | +0.73 |
| CVX Chevron Corp. | Add +0.5% | 1.82% | +0.29 |
| XLF SS Financial Select Sector | New | 0.28% | +0.28 |
| VEU Vanguard Ftse All-World Ex-U | Add +3.2% | 2.13% | +0.22 |
| VRTX Vertex Pharmaceuticals Inc. | Add +3.1% | 0.96% | +0.20 |
| NFLX Netflix Inc. | Add +103.0% | 0.36% | +0.20 |
| NOC Northrop Grumman Corp. | Add +0.1% | 1.66% | +0.17 |
| TRV The Travelers Cos Inc. | Add +0.1% | 1.50% | +0.16 |
| VEA Vanguard Ftse Developed ETF | Add +0.1% | 1.71% | +0.14 |
| PEP Pepsico Inc. | Add +5.4% | 2.19% | +0.13 |
| XOM Exxon Mobil Corp. | Add +34.5% | 0.36% | +0.12 |
| PG The Procter & Gamble Co. | Add +1.3% | 2.09% | +0.10 |
| SO The Southern Co. | Add +1.5% | 0.69% | +0.09 |
| JPM JPMorgan Chase & Co. | Add +0.7% | 1.74% | +0.09 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.09% | +0.09 |
| PSX Phillips 66 | Add +2.5% | 0.71% | +0.08 |
| EOG EOG Resources Inc. | Add +2.1% | 0.86% | +0.07 |
| VCIT Vanguard Int-Term Corporate | Add +7.3% | 0.68% | +0.07 |
| UNH Unitedhealth Group Inc. | Add +3.2% | 0.84% | +0.07 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +4.8% | 0.87% | +0.07 |
| IBM Intl Business Machines Corp. | Add +24.9% | 0.21% | +0.07 |
| EFV iShares MSCI Eafe Value ETF | Add +4.7% | 0.39% | +0.07 |
| O Realty Income Corp. | Add +0.1% | 0.63% | +0.06 |
| DE Deere & Co. | Add +28.2% | 0.17% | +0.05 |
| AVDV Avantis Intl S/C Value ETF | Add +3.5% | 0.39% | +0.05 |
| T AT&T Inc. | New | 0.05% | +0.05 |
| VZ Verizon Communications Inc. | Add +67.0% | 0.08% | +0.04 |
| VYM Vanguard High DVD Yield ETF | Add +3.9% | 0.60% | +0.04 |
| ZTS Zoetis Inc. | Add +2.0% | 0.78% | +0.04 |
| KMB Kimberly-Clark Corp. | Add +37.4% | 0.10% | +0.03 |
| GPC Genuine Parts Co. | Add +1.8% | 0.53% | +0.03 |
| EW Edwards Lifesciences Corp. | Add +7.1% | 0.44% | +0.03 |
| RS Reliance Inc. | New | 0.03% | +0.03 |
| ECL Ecolab Inc. | New | 0.03% | +0.03 |
| IVE iShares S&P 500 Value ETF | Add +5.9% | 0.35% | +0.03 |
| SCHG Schwab US Large-Cap Growth | New | 0.02% | +0.02 |
| SCHX Schwab US Large-Cap ETF | New | 0.02% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +64.2% | 0.05% | +0.02 |
| NEE Nextera Energy Inc. | Add +1.4% | 0.70% | +0.02 |
| ARE Alexandria Real Estate Equit | Add +13.8% | 0.17% | +0.02 |
| RSP Invesco S&P 500 Equal Weight | Add +3.8% | 0.34% | +0.02 |
| WMT Walmart Inc. | Add +3.4% | 0.61% | +0.02 |
| XLE SS Energy Select Sector | Add +7.8% | 0.08% | +0.01 |
| XCEM Columbia Em Core Ex-China | Add +21.3% | 0.07% | +0.01 |
| CMCSA Comcast Corp. Class A | Add +41.0% | 0.04% | +0.01 |
| AVEM Avantis Emerging Markets Eq | Add +10.7% | 0.08% | +0.01 |
| CWH Camping World Holdings Inc. Class A | Add +66.7% | 0.04% | +0.01 |
| IWS iShares Russell Mid-Cap Valu | Add +4.9% | 0.25% | +0.01 |
| UDR Udr Inc. | Add +0.1% | 0.17% | +0.01 |
| ADBE Adobe Inc. | Add +16.3% | 0.41% | +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 |