Telos Capital Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Telos Capital Management, Inc. reported 195 stock positions worth $981.9 million. Its top holding was Apple (AAPL) at 4.8% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 4.1%) and Qualcomm (QCOM, 3.1%). Compared with Q1 2025, it opened 9 new positions, sold out of 5, added to 123 and reduced 54. The biggest buy was Carrier Global (CARR, shares +55%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001567889
- Portfolio Value
- $981.9M (Q2 2025)
- SEC Filing
- 0001567889-25-000004 ↗ filed Aug 5, 2025
Holdings Value
Holdings 195 stocks · $981.9M
| AAPL Apple Inc. | 4.80% | 229,806 | $47.1M | Add +0.9% |
| VTI VG Morningstar TS MKT ETF-US | 4.06% | 131,309 | $39.9M | Add +4.8% |
| QCOM Qualcomm Inc. | 3.10% | 191,248 | $30.5M | Reduce -2.0% |
| VEU Vanguard Ftse All-World Ex-U | 2.32% | 338,827 | $22.8M | Add +5.1% |
| HD Home Depot Inc. | 2.15% | 57,609 | $21.1M | Reduce -0.1% |
| V Visa Inc. Class A | 2.14% | 59,134 | $21.0M | Add +2.3% |
| AMZN Amazon.com Inc. | 2.10% | 93,764 | $20.6M | Add +2.5% |
| MS Morgan Stanley | 2.06% | 143,372 | $20.2M | Reduce -0.5% |
| GOOGL Alphabet Inc. Class A | 2.02% | 112,477 | $19.8M | Add +1.5% |
| JPM JPMorgan Chase & Co. | 1.96% | 66,323 | $19.2M | Add +1.6% |
| PEP Pepsico Inc. | 1.82% | 135,676 | $17.9M | Add +1.4% |
| PG The Procter & Gamble Co. | 1.81% | 111,510 | $17.8M | Reduce -1.1% |
| VEA Vanguard Ftse Developed ETF | 1.81% | 311,466 | $17.8M | Add +0.6% |
| CVX Chevron Corp. | 1.57% | 107,940 | $15.5M | Add +7.9% |
| PANW Palo Alto Networks Inc. | 1.56% | 75,086 | $15.4M | Add +25.5% |
| NOC Northrop Grumman Corp. | 1.53% | 30,056 | $15.0M | Add +0.9% |
| MSFT Microsoft Corp. | 1.51% | 29,884 | $14.9M | Reduce -1.2% |
| TRV The Travelers Cos Inc. | 1.39% | 51,126 | $13.7M | Reduce -1.6% |
| MA Mastercard Inc. Class A | 1.39% | 24,293 | $13.7M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.31% | 26,508 | $12.9M | Add +1.2% |
| CARR Carrier Global Corp. | 1.28% | 172,026 | $12.6M | Add +55.2% |
| QQQ Invesco QQQ Trust Series 1 | 1.28% | 22,797 | $12.6M | Add +4.9% |
| IVV iShares Core S&P 500 ETF | 1.26% | 19,891 | $12.4M | Add +8.1% |
| J Jacobs Solutions Inc. | 1.24% | 92,342 | $12.1M | Add +0.6% |
| ORCL Oracle Corp. | 1.17% | 52,490 | $11.5M | Add +1.1% |
| NXPI NXP Semiconductors NV | 1.14% | 51,102 | $11.2M | Reduce -4.7% |
| IJH iShares Core S&P Midcap ETF | 1.12% | 177,116 | $11.0M | Add +6.3% |
| COST Costco Wholesale Corp. | 1.09% | 10,776 | $10.7M | Add +3.4% |
| GOOG Alphabet Inc. Class C | 1.06% | 58,831 | $10.4M | Add +0.0% |
| HON Honeywell International Inc. | 1.00% | 42,160 | $9.8M | Add +3.5% |
| UPS United Parcel Service Class B | 0.96% | 93,666 | $9.5M | Add +2.3% |
| DHR Danaher Corp. | 0.95% | 47,160 | $9.3M | Add +4.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.93% | 74,005 | $9.2M | Reduce -0.8% |
| CSCO Cisco Systems Inc. | 0.89% | 126,155 | $8.8M | Add +0.5% |
| GS Goldman Sachs Group Inc. | 0.89% | 12,348 | $8.7M | Add +1.6% |
| VRTX Vertex Pharmaceuticals Inc. | 0.87% | 19,242 | $8.6M | Add +5.9% |
| META Meta Platforms Inc. Class A | 0.85% | 11,335 | $8.4M | Add +3.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.85% | 10,387 | $8.3M | Add +2.7% |
| RSG Republic Services Inc. | 0.85% | 33,693 | $8.3M | Reduce -0.8% |
| TEL Te Connectivity PLC | 0.82% | 47,841 | $8.1M | Add +0.6% |
| RTX RTX Corp. | 0.81% | 54,757 | $8.0M | Reduce -2.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.81% | 100,042 | $8.0M | Reduce -1.2% |
| RMD Resmed Inc. | 0.81% | 30,721 | $7.9M | Add +0.7% |
| EOG EOG Resources Inc. | 0.79% | 65,034 | $7.8M | Add +5.4% |
| AMGN Amgen Inc. | 0.79% | 27,672 | $7.7M | Add +7.4% |
| PYPL PayPal Holdings Inc. | 0.76% | 100,725 | $7.5M | Add +4.3% |
| JNJ Johnson & Johnson | 0.76% | 48,926 | $7.5M | Add +1.0% |
| APD Air Products & Chemicals Inc. | 0.75% | 26,132 | $7.4M | Reduce -1.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.74% | 74,832 | $7.2M | Reduce -8.9% |
| PNC PNC Financial Services Group | 0.68% | 36,070 | $6.7M | Add +0.1% |
| CBRE CBRE Group Inc. Class A | 0.68% | 47,927 | $6.7M | Add +5.0% |
| ROK Rockwell Automation Inc. | 0.68% | 20,042 | $6.7M | Reduce -4.8% |
| WSM Williams-Sonoma Inc. | 0.68% | 40,630 | $6.6M | Add +0.9% |
| LMT Lockheed Martin Corp. | 0.67% | 14,121 | $6.5M | Add +1.3% |
| IQV Iqvia Holdings Inc. | 0.66% | 41,006 | $6.5M | Add +2.4% |
| ENB Enbridge Inc. | 0.66% | 142,382 | $6.5M | Add +0.7% |
| PSX Phillips 66 | 0.65% | 53,565 | $6.4M | Add +2.2% |
| SO The Southern Co. | 0.65% | 69,521 | $6.4M | Add +0.6% |
| NEE Nextera Energy Inc. | 0.64% | 91,115 | $6.3M | Add +0.7% |
| VCIT Vanguard Int-Term Corporate | 0.64% | 75,808 | $6.3M | Reduce -1.3% |
| DLS Wisdomtree Intl S/C DVD Fund | 0.63% | 82,581 | $6.2M | Add +0.6% |
| AEP American Electric Power | 0.63% | 59,753 | $6.2M | Reduce -0.4% |
| IEFA iShares Core MSCI Eafe ETF | 0.62% | 72,896 | $6.1M | Add +0.8% |
| NOW ServiceNow Inc. | 0.62% | 5,895 | $6.1M | Add +3.5% |
| NVDA Nvidia Corp. | 0.62% | 38,262 | $6.0M | Add +0.6% |
| WMT Walmart Inc. | 0.61% | 61,707 | $6.0M | Reduce -3.5% |
| MCD McDonald's Corp. | 0.61% | 20,523 | $6.0M | Reduce -6.8% |
| VYM Vanguard High DVD Yield ETF | 0.61% | 44,779 | $6.0M | Add +5.1% |
| MDT Medtronic PLC | 0.60% | 68,019 | $5.9M | Add +2.3% |
| IJR iShares Core S&P Small-Cap E | 0.60% | 53,835 | $5.9M | Add +3.6% |
| O Realty Income Corp. | 0.58% | 99,467 | $5.7M | Add +0.5% |
| BMY Bristol-Myers Squibb Co. | 0.53% | 113,451 | $5.3M | Add +3.4% |
| AMTM Amentum Holdings Inc. | 0.53% | 220,718 | $5.2M | Reduce -13.8% |
| NFLX Netflix Inc. | 0.52% | 3,787 | $5.1M | Add +5.4% |
| GPC Genuine Parts Co. | 0.51% | 41,521 | $5.0M | Add +1.5% |
| EW Edwards Lifesciences Corp. | 0.50% | 62,415 | $4.9M | Add +12.9% |
| AVDV Avantis Intl S/C Value ETF | 0.43% | 53,355 | $4.2M | Add +3.0% |
| ABT Abbott Laboratories | 0.42% | 30,600 | $4.2M | Add +0.5% |
| AVUV Avantis US Small Cap Value | 0.40% | 42,992 | $3.9M | Add +9.5% |
| EFV iShares MSCI Eafe Value ETF | 0.40% | 61,569 | $3.9M | Add +2.0% |
| ABBV Abbvie Inc. | 0.38% | 19,876 | $3.7M | Reduce -1.7% |
| IVE iShares S&P 500 Value ETF | 0.37% | 18,491 | $3.6M | Add +8.8% |
| ADBE Adobe Inc. | 0.36% | 9,171 | $3.5M | Reduce -6.6% |
| RSP Invesco S&P 500 Equal Weight | 0.36% | 19,502 | $3.5M | Add +7.8% |
| WM Waste Management Inc. | 0.36% | 15,449 | $3.5M | Reduce -24.6% |
| NVS Novartis AG-Sponsored ADR | 0.33% | 26,690 | $3.2M | Reduce -2.7% |
| XLF SS Financial Select Sector | 0.32% | 59,562 | $3.1M | Add +14.7% |
| XOM Exxon Mobil Corp. | 0.32% | 28,696 | $3.1M | Add +3.0% |
| SMH Vaneck Semiconductor ETF | 0.31% | 10,813 | $3.0M | New |
| VXF Vanguard Extended Market ETF | 0.30% | 15,066 | $2.9M | Add +8.6% |
| LLY Eli Lilly & Co. | 0.26% | 3,280 | $2.6M | Add +65.5% |
| ACN Accenture PLC Class A | 0.26% | 8,546 | $2.6M | Add +10.2% |
| IWS iShares Russell Mid-Cap Valu | 0.25% | 18,906 | $2.5M | Add +5.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.23% | 11,831 | $2.3M | Add +9.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 7,794 | $2.3M | Reduce -0.7% |
| ZTS Zoetis Inc. | 0.20% | 12,867 | $2.0M | Reduce -70.5% |
| UNP Union Pacific Corp. | 0.20% | 8,389 | $1.9M | Reduce -0.9% |
| DE Deere & Co. | 0.18% | 3,416 | $1.7M | Add +0.7% |
| PLD Prologis Inc. | 0.16% | 14,653 | $1.5M | Add +61.7% |
| TSLA Tesla Inc. | 0.15% | 4,778 | $1.5M | Add +1.4% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $354K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 9,200 | $354K | New |
Total filed on the 13F, all lines: $982.2M.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.84 |
| ZTS Zoetis Inc. | Reduce -70.5% | 0.20% | −0.58 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 1.81% | −0.28 |
| QCOM Qualcomm Inc. | Reduce -2.0% | 3.10% | −0.17 |
| WM Waste Management Inc. | Reduce -24.6% | 0.36% | −0.16 |
| HD Home Depot Inc. | Reduce -0.1% | 2.15% | −0.15 |
| MCD McDonald's Corp. | Reduce -6.8% | 0.61% | −0.14 |
| TRV The Travelers Cos Inc. | Reduce -1.6% | 1.39% | −0.10 |
| APD Air Products & Chemicals Inc. | Reduce -1.5% | 0.75% | −0.10 |
| TROW T Rowe Price Group Inc. | Reduce -8.9% | 0.74% | −0.09 |
| ABBV Abbvie Inc. | Reduce -1.7% | 0.38% | −0.09 |
| AEP American Electric Power | Reduce -0.4% | 0.63% | −0.08 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -1.2% | 0.81% | −0.06 |
| RSG Republic Services Inc. | Reduce -0.8% | 0.85% | −0.05 |
| ADBE Adobe Inc. | Reduce -6.6% | 0.36% | −0.05 |
| VCIT Vanguard Int-Term Corporate | Reduce -1.3% | 0.64% | −0.04 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −0.03 |
| KO The Coca-Cola Co. | Reduce -14.4% | 0.10% | −0.03 |
| SCHX Schwab US Large-Cap ETF | Sold out | 0.00% | −0.02 |
| AFL Aflac Inc. | Reduce -2.0% | 0.15% | −0.02 |
| SRE Sempra | Sold out | 0.00% | −0.02 |
| UNP Union Pacific Corp. | Reduce -0.9% | 0.20% | −0.02 |
| CWH Camping World Holdings Inc. Class A | Reduce -40.0% | 0.03% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -10.9% | 0.07% | −0.02 |
| GLD SPDR Gold Shares | Reduce -11.7% | 0.12% | −0.02 |
| PFF iShares Preferred & Income S | Reduce -6.6% | 0.10% | −0.01 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -6.3% | 0.10% | −0.01 |
| OPRT Oportun Financial Corp. | Sold out | 0.00% | −0.01 |
| SBUX Starbucks Corp. | Reduce -0.4% | 0.05% | −0.01 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -14.9% | 0.07% | −0.01 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.7% | 0.33% | −0.00 |
| IAU iShares Gold Trust | Reduce -12.3% | 0.02% | −0.00 |
| ADP Automatic Data Processing | Reduce -2.1% | 0.04% | −0.00 |
| AMH American Homes 4 Rent- A | Reduce -0.1% | 0.02% | −0.00 |
| VOO Vanguard S&P 500 ETF | Reduce -7.5% | 0.05% | −0.00 |
| SCHW Schwab (charles) Corp. | Reduce -11.9% | 0.05% | −0.00 |
| MMM 3M Co. | Reduce -1.3% | 0.03% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -4.3% | 0.04% | −0.00 |
| EFA iShares MSCI Eafe ETF | Reduce -2.8% | 0.05% | −0.00 |
| ECL Ecolab Inc. | Reduce -0.1% | 0.03% | −0.00 |
| LECO Lincoln Electric Holdings | Reduce -1.9% | 0.04% | +0.00 |
| XYL Xylem Inc. | Reduce -0.3% | 0.05% | +0.00 |
| CWB SS SPDR BB Conv Sec ETF | Reduce -0.1% | 0.09% | +0.00 |
| XCEM Columbia Em Core Ex-China | Reduce -6.5% | 0.07% | +0.00 |
| WMT Walmart Inc. | Reduce -3.5% | 0.61% | +0.00 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -0.8% | 0.15% | +0.00 |
| ILMN Illumina Inc. | Reduce -1.5% | 0.03% | +0.00 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.2% | 0.04% | +0.00 |
| RTX RTX Corp. | Reduce -2.4% | 0.81% | +0.00 |
| AMAT Applied Materials Inc. | Reduce -2.1% | 0.04% | +0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| CARR Carrier Global Corp. | Add +55.2% | 1.28% | +0.52 |
| PANW Palo Alto Networks Inc. | Add +25.5% | 1.56% | +0.45 |
| ORCL Oracle Corp. | Add +1.1% | 1.17% | +0.38 |
| VTI VG Morningstar TS MKT ETF-US | Add +4.8% | 4.06% | +0.31 |
| SMH Vaneck Semiconductor ETF | New | 0.31% | +0.31 |
| JPM JPMorgan Chase & Co. | Add +1.6% | 1.96% | +0.21 |
| AMZN Amazon.com Inc. | Add +2.5% | 2.10% | +0.20 |
| VEU Vanguard Ftse All-World Ex-U | Add +5.1% | 2.32% | +0.19 |
| QQQ Invesco QQQ Trust Series 1 | Add +4.9% | 1.28% | +0.17 |
| GS Goldman Sachs Group Inc. | Add +1.6% | 0.89% | +0.17 |
| NVDA Nvidia Corp. | Add +0.6% | 0.62% | +0.17 |
| META Meta Platforms Inc. Class A | Add +3.7% | 0.85% | +0.17 |
| NFLX Netflix Inc. | Add +5.4% | 0.52% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +1.5% | 2.02% | +0.15 |
| IVV iShares Core S&P 500 ETF | Add +8.1% | 1.26% | +0.13 |
| NOW ServiceNow Inc. | Add +3.5% | 0.62% | +0.12 |
| ASML ASML Holding NV-NY Reg SHS | Add +2.7% | 0.85% | +0.12 |
| VEA Vanguard Ftse Developed ETF | Add +0.6% | 1.81% | +0.09 |
| TEL Te Connectivity PLC | Add +0.6% | 0.82% | +0.09 |
| LLY Eli Lilly & Co. | Add +65.5% | 0.26% | +0.08 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +51.9% | 0.15% | +0.08 |
| PYPL PayPal Holdings Inc. | Add +4.3% | 0.76% | +0.08 |
| RMD Resmed Inc. | Add +0.7% | 0.81% | +0.06 |
| GOOG Alphabet Inc. Class C | Add +0.0% | 1.06% | +0.06 |
| EW Edwards Lifesciences Corp. | Add +12.9% | 0.50% | +0.06 |
| HON Honeywell International Inc. | Add +3.5% | 1.00% | +0.06 |
| IJH iShares Core S&P Midcap ETF | Add +6.3% | 1.12% | +0.06 |
| AVGO Broadcom Inc. | Add +11.4% | 0.12% | +0.05 |
| CSCO Cisco Systems Inc. | Add +0.5% | 0.89% | +0.05 |
| PLD Prologis Inc. | Add +61.7% | 0.16% | +0.05 |
| DLS Wisdomtree Intl S/C DVD Fund | Add +0.6% | 0.63% | +0.04 |
| AVDV Avantis Intl S/C Value ETF | Add +3.0% | 0.43% | +0.04 |
| XLF SS Financial Select Sector | Add +14.7% | 0.32% | +0.04 |
| VXF Vanguard Extended Market ETF | Add +8.6% | 0.30% | +0.04 |
| CBRE CBRE Group Inc. Class A | Add +5.0% | 0.68% | +0.03 |
| BLK BlackRock Inc. | New | 0.03% | +0.03 |
| J Jacobs Solutions Inc. | Add +0.6% | 1.24% | +0.03 |
| AVUV Avantis US Small Cap Value | Add +9.5% | 0.40% | +0.03 |
| REGN Regeneron Pharmaceuticals | New | 0.03% | +0.03 |
| XLI SS Industrial Select Sector | New | 0.03% | +0.03 |
| MCHP Microchip Technology Inc. | Add +2.0% | 0.09% | +0.03 |
| PLTR Palantir Technologies Inc. Class A | Add +9.7% | 0.06% | +0.02 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.8% | 0.62% | +0.02 |
| TXN Texas Instruments Inc. | New | 0.02% | +0.02 |
| SOXX iShares Semiconductor ETF | Add +2.5% | 0.13% | +0.02 |
| VGT Vanguard Info Tech ETF | Add +18.1% | 0.09% | +0.02 |
| CEG Constellation Energy | Add +1.0% | 0.06% | +0.02 |
| TSLA Tesla Inc. | Add +1.4% | 0.15% | +0.02 |
| XLK SS Technology Select Sector | New | 0.02% | +0.02 |
| IWB iShares Russell 1000 ETF | New | 0.02% | +0.02 |
Notes & Other Activity Q1 2025 → Q2 2025
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | New | 9,200 | $354K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |