Telos Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Telos Capital Management, Inc. reported 193 stock positions worth $1.0 billion. Its top holding was Apple (AAPL) at 5.6% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 3.9%) and Qualcomm (QCOM, 3.0%). Compared with Q2 2025, it opened 8 new positions, sold out of 10, added to 90 and reduced 88. The biggest buy was Avantis Intl S/C Value ETF (AVDV, shares +137%) and the biggest sale United Parcel Service Class B (UPS, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001567889
- Portfolio Value
- $1.0B (Q3 2025)
- SEC Filing
- 0001567889-25-000005 ↗ filed Nov 4, 2025
Holdings Value
Holdings 193 stocks · $1.0B
| AAPL Apple Inc. | 5.61% | 229,786 | $58.5M | Reduce -0.0% |
| VTI VG Morningstar TS MKT ETF-US | 3.95% | 125,530 | $41.2M | Reduce -4.4% |
| QCOM Qualcomm Inc. | 3.02% | 189,192 | $31.5M | Reduce -1.1% |
| GOOGL Alphabet Inc. Class A | 2.60% | 111,771 | $27.2M | Reduce -0.6% |
| VEU Vanguard Ftse All-World Ex-U | 2.37% | 347,085 | $24.8M | Add +2.4% |
| HD Home Depot Inc. | 2.31% | 59,446 | $24.1M | Add +3.2% |
| MS Morgan Stanley | 2.15% | 141,233 | $22.5M | Reduce -1.5% |
| JPM JPMorgan Chase & Co. | 2.00% | 66,288 | $20.9M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 1.99% | 94,442 | $20.7M | Add +0.7% |
| V Visa Inc. Class A | 1.97% | 60,210 | $20.6M | Add +1.8% |
| PEP Pepsico Inc. | 1.91% | 142,128 | $20.0M | Add +4.8% |
| VEA Vanguard Ftse Developed ETF | 1.81% | 315,089 | $18.9M | Add +1.2% |
| NOC Northrop Grumman Corp. | 1.75% | 29,913 | $18.2M | Reduce -0.5% |
| PG The Procter & Gamble Co. | 1.68% | 113,942 | $17.5M | Add +2.2% |
| CVX Chevron Corp. | 1.60% | 107,568 | $16.7M | Reduce -0.3% |
| PANW Palo Alto Networks Inc. | 1.54% | 78,760 | $16.0M | Add +4.9% |
| MSFT Microsoft Corp. | 1.49% | 29,946 | $15.5M | Add +0.2% |
| GOOG Alphabet Inc. Class C | 1.40% | 59,928 | $14.6M | Add +1.9% |
| TRV The Travelers Cos Inc. | 1.39% | 51,870 | $14.5M | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.33% | 27,641 | $13.9M | Add +4.3% |
| J Jacobs Solutions Inc. | 1.32% | 91,848 | $13.8M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 1.32% | 24,127 | $13.7M | Reduce -0.7% |
| QQQ Invesco QQQ Trust Series 1 | 1.28% | 22,316 | $13.4M | Reduce -2.1% |
| IVV iShares Core S&P 500 ETF | 1.28% | 19,880 | $13.3M | Reduce -0.1% |
| IJH iShares Core S&P Midcap ETF | 1.13% | 180,097 | $11.8M | Add +1.7% |
| ORCL Oracle Corp. | 1.12% | 41,722 | $11.7M | Reduce -20.5% |
| NXPI NXP Semiconductors NV | 1.12% | 51,464 | $11.7M | Add +0.7% |
| AVDV Avantis Intl S/C Value ETF | 1.08% | 126,677 | $11.3M | Add +137.4% |
| CARR Carrier Global Corp. | 1.04% | 181,931 | $10.9M | Add +5.8% |
| COST Costco Wholesale Corp. | 1.04% | 11,708 | $10.8M | Add +8.7% |
| ASML ASML Holding NV-NY Reg SHS | 1.01% | 10,850 | $10.5M | Add +4.5% |
| TEL Te Connectivity PLC | 0.98% | 46,804 | $10.3M | Reduce -2.2% |
| GS Goldman Sachs Group Inc. | 0.93% | 12,135 | $9.7M | Reduce -1.7% |
| DHR Danaher Corp. | 0.92% | 48,632 | $9.6M | Add +3.1% |
| HON Honeywell International Inc. | 0.88% | 43,758 | $9.2M | Add +3.8% |
| JNJ Johnson & Johnson | 0.87% | 49,129 | $9.1M | Add +0.4% |
| RTX RTX Corp. | 0.86% | 53,584 | $9.0M | Reduce -2.1% |
| RSG Republic Services Inc. | 0.84% | 38,123 | $8.7M | Add +13.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.82% | 75,098 | $8.6M | Add +1.5% |
| CSCO Cisco Systems Inc. | 0.82% | 125,593 | $8.6M | Reduce -0.5% |
| RMD Resmed Inc. | 0.82% | 31,382 | $8.6M | Add +2.1% |
| IQV Iqvia Holdings Inc. | 0.80% | 44,091 | $8.4M | Add +7.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.80% | 21,188 | $8.3M | Add +10.1% |
| META Meta Platforms Inc. Class A | 0.79% | 11,261 | $8.3M | Reduce -0.7% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.77% | 100,445 | $8.0M | Add +0.4% |
| WSM Williams-Sonoma Inc. | 0.76% | 40,630 | $7.9M | No change |
| AMGN Amgen Inc. | 0.75% | 27,822 | $7.9M | Add +0.5% |
| PSX Phillips 66 | 0.73% | 56,368 | $7.7M | Add +5.2% |
| EOG EOG Resources Inc. | 0.73% | 68,304 | $7.7M | Add +5.0% |
| CBRE CBRE Group Inc. Class A | 0.73% | 48,195 | $7.6M | Add +0.6% |
| PNC PNC Financial Services Group | 0.70% | 36,219 | $7.3M | Add +0.4% |
| ENB Enbridge Inc. | 0.69% | 143,262 | $7.2M | Add +0.6% |
| NVDA Nvidia Corp. | 0.69% | 38,358 | $7.2M | Add +0.3% |
| APD Air Products & Chemicals Inc. | 0.68% | 26,148 | $7.1M | Add +0.1% |
| ROK Rockwell Automation Inc. | 0.68% | 20,230 | $7.1M | Add +0.9% |
| LMT Lockheed Martin Corp. | 0.68% | 14,128 | $7.1M | Add +0.1% |
| PYPL PayPal Holdings Inc. | 0.67% | 104,573 | $7.0M | Add +3.8% |
| NEE Nextera Energy Inc. | 0.66% | 91,623 | $6.9M | Add +0.6% |
| AEP American Electric Power | 0.66% | 60,758 | $6.8M | Add +1.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.65% | 66,475 | $6.8M | Reduce -11.2% |
| SO The Southern Co. | 0.64% | 70,341 | $6.7M | Add +1.2% |
| IJR iShares Core S&P Small-Cap E | 0.64% | 55,878 | $6.6M | Add +3.8% |
| MDT Medtronic PLC | 0.62% | 67,728 | $6.5M | Reduce -0.4% |
| WMT Walmart Inc. | 0.62% | 62,429 | $6.4M | Add +1.2% |
| VCIT Vanguard Int-Term Corporate | 0.62% | 76,470 | $6.4M | Add +0.9% |
| IEFA iShares Core MSCI Eafe ETF | 0.61% | 72,881 | $6.4M | Reduce -0.0% |
| VYM Vanguard High DVD Yield ETF | 0.61% | 45,076 | $6.4M | Add +0.7% |
| MCD McDonald's Corp. | 0.60% | 20,727 | $6.3M | Add +1.0% |
| O Realty Income Corp. | 0.59% | 101,673 | $6.2M | Add +2.2% |
| NOW ServiceNow Inc. | 0.56% | 6,320 | $5.8M | Add +7.2% |
| GPC Genuine Parts Co. | 0.56% | 41,909 | $5.8M | Add +0.9% |
| EW Edwards Lifesciences Corp. | 0.54% | 72,085 | $5.6M | Add +15.5% |
| NFLX Netflix Inc. | 0.51% | 4,460 | $5.3M | Add +17.8% |
| BMY Bristol-Myers Squibb Co. | 0.50% | 115,720 | $5.2M | Add +2.0% |
| AMTM Amentum Holdings Inc. | 0.44% | 189,859 | $4.5M | Reduce -14.0% |
| ABBV Abbvie Inc. | 0.43% | 19,340 | $4.5M | Reduce -2.7% |
| AVUV Avantis US Small Cap Value | 0.42% | 43,978 | $4.4M | Add +2.3% |
| EFV iShares MSCI Eafe Value ETF | 0.40% | 61,989 | $4.2M | Add +0.7% |
| ABT Abbott Laboratories | 0.39% | 30,475 | $4.1M | Reduce -0.4% |
| IVE iShares S&P 500 Value ETF | 0.37% | 18,742 | $3.9M | Add +1.4% |
| RSP Invesco S&P 500 Equal Weight | 0.37% | 20,177 | $3.8M | Add +3.5% |
| WM Waste Management Inc. | 0.36% | 17,007 | $3.8M | Add +10.1% |
| SMH Vaneck Semiconductor ETF | 0.34% | 10,733 | $3.5M | Reduce -0.7% |
| NVS Novartis AG-Sponsored ADR | 0.33% | 26,672 | $3.4M | Reduce -0.1% |
| XLF SS Financial Select Sector | 0.31% | 59,757 | $3.2M | Add +0.3% |
| XOM Exxon Mobil Corp. | 0.29% | 27,267 | $3.1M | Reduce -5.0% |
| VXF Vanguard Extended Market ETF | 0.29% | 14,434 | $3.0M | Reduce -4.2% |
| IWS iShares Russell Mid-Cap Valu | 0.25% | 18,557 | $2.6M | Reduce -1.9% |
| TSLA Tesla Inc. | 0.24% | 5,660 | $2.5M | Add +18.5% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.23% | 11,617 | $2.4M | Reduce -1.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 8,223 | $2.3M | Add +5.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 3,091 | $2.1M | Add +50.7% |
| UNP Union Pacific Corp. | 0.19% | 8,399 | $2.0M | Add +0.1% |
| UPS United Parcel Service Class B | 0.18% | 22,765 | $1.9M | Reduce -75.7% |
| LLY Eli Lilly & Co. | 0.18% | 2,485 | $1.9M | Reduce -24.2% |
| PLD Prologis Inc. | 0.17% | 15,480 | $1.8M | Add +5.6% |
| AFL Aflac Inc. | 0.17% | 15,537 | $1.7M | Add +9.5% |
| MAA Mid-America Apartment Comm | 0.16% | 12,085 | $1.7M | Add +18.3% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.16% | 3,337 | $1.6M | Add +12.7% |
| IBB iShares Biotechnology ETF | 0.15% | 10,801 | $1.6M | Reduce -4.7% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $367K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 9,200 | $367K | No change |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q2 2025 → Q3 2025
| UPS United Parcel Service Class B | Reduce -75.7% | 0.18% | −0.78 |
| DLS Wisdomtree Intl S/C DVD Fund | Reduce -96.3% | 0.02% | −0.61 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.36 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.26 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.20 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -4.4% | 3.95% | −0.12 |
| AMTM Amentum Holdings Inc. | Reduce -14.0% | 0.44% | −0.09 |
| QCOM Qualcomm Inc. | Reduce -1.1% | 3.02% | −0.09 |
| TROW T Rowe Price Group Inc. | Reduce -11.2% | 0.65% | −0.08 |
| LLY Eli Lilly & Co. | Reduce -24.2% | 0.18% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -0.7% | 1.32% | −0.08 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.07 |
| CSCO Cisco Systems Inc. | Reduce -0.5% | 0.82% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -0.7% | 0.79% | −0.06 |
| ORCL Oracle Corp. | Reduce -20.5% | 1.12% | −0.04 |
| SCHB Schwab US Broad Market ETF | Sold out | 0.00% | −0.04 |
| ABT Abbott Laboratories | Reduce -0.4% | 0.39% | −0.03 |
| RS Reliance Inc. | Sold out | 0.00% | −0.03 |
| TGT Target Corp. | Sold out | 0.00% | −0.03 |
| DE Deere & Co. | Reduce -0.4% | 0.15% | −0.03 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.02 |
| IWB iShares Russell 1000 ETF | Sold out | 0.00% | −0.02 |
| SYK Stryker Corp. | Sold out | 0.00% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -5.0% | 0.29% | −0.02 |
| KO The Coca-Cola Co. | Reduce -10.3% | 0.08% | −0.02 |
| GLD SPDR Gold Shares | Reduce -23.8% | 0.10% | −0.02 |
| CRM Salesforce Inc. | Reduce -19.7% | 0.04% | −0.02 |
| MCHP Microchip Technology Inc. | Reduce -1.5% | 0.08% | −0.01 |
| PM Philip Morris International | Reduce -3.7% | 0.05% | −0.01 |
| INTU Intuit Inc. | Reduce -4.3% | 0.04% | −0.01 |
| VNQ Vanguard Real Estate ETF | Reduce -4.2% | 0.13% | −0.01 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -0.0% | 0.61% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -0.9% | 0.07% | −0.01 |
| MMM 3M Co. | Reduce -19.2% | 0.03% | −0.01 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -11.3% | 0.06% | −0.01 |
| ADP Automatic Data Processing | Reduce -8.8% | 0.03% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -12.7% | 0.04% | −0.01 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -1.4% | 0.10% | −0.01 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -5.7% | 0.14% | −0.01 |
| GWW WW Grainger Inc. | Reduce -1.0% | 0.04% | −0.01 |
| VXF Vanguard Extended Market ETF | Reduce -4.2% | 0.29% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -1.9% | 0.25% | −0.01 |
| LECO Lincoln Electric Holdings | Reduce -21.1% | 0.03% | −0.01 |
| PFF iShares Preferred & Income S | Reduce -1.5% | 0.10% | −0.00 |
| PFE Pfizer Inc. | Reduce -4.1% | 0.06% | −0.00 |
| CEG Constellation Energy | Reduce -1.1% | 0.06% | −0.00 |
| ILMN Illumina Inc. | Reduce -2.1% | 0.03% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.8% | 0.23% | −0.00 |
| SOXX iShares Semiconductor ETF | Reduce -8.3% | 0.12% | −0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -9.1% | 0.02% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| AVDV Avantis Intl S/C Value ETF | Add +137.4% | 1.08% | +0.65 |
| GOOG Alphabet Inc. Class C | Add +1.9% | 1.40% | +0.34 |
| ASML ASML Holding NV-NY Reg SHS | Add +4.5% | 1.01% | +0.16 |
| HD Home Depot Inc. | Add +3.2% | 2.31% | +0.16 |
| IQV Iqvia Holdings Inc. | Add +7.5% | 0.80% | +0.14 |
| JNJ Johnson & Johnson | Add +0.4% | 0.87% | +0.11 |
| PEP Pepsico Inc. | Add +4.8% | 1.91% | +0.09 |
| TSLA Tesla Inc. | Add +18.5% | 0.24% | +0.09 |
| PSX Phillips 66 | Add +5.2% | 0.73% | +0.08 |
| NVDA Nvidia Corp. | Add +0.3% | 0.69% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +50.7% | 0.20% | +0.07 |
| VEU Vanguard Ftse All-World Ex-U | Add +2.4% | 2.37% | +0.05 |
| CBRE CBRE Group Inc. Class A | Add +0.6% | 0.73% | +0.04 |
| GPC Genuine Parts Co. | Add +0.9% | 0.56% | +0.04 |
| EW Edwards Lifesciences Corp. | Add +15.5% | 0.54% | +0.04 |
| IJR iShares Core S&P Small-Cap E | Add +3.8% | 0.64% | +0.04 |
| ENB Enbridge Inc. | Add +0.6% | 0.69% | +0.04 |
| VGT Vanguard Info Tech ETF | Add +27.2% | 0.12% | +0.03 |
| VIG Vanguard Dividend Apprec ETF | Add +26.8% | 0.13% | +0.03 |
| GEV GE Vernova Inc. | New | 0.03% | +0.03 |
| AEP American Electric Power | Add +1.7% | 0.66% | +0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.02% | +0.02 |
| SRE Sempra | New | 0.02% | +0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.02% | +0.02 |
| AVUV Avantis US Small Cap Value | Add +2.3% | 0.42% | +0.02 |
| AMD Advanced Micro Devices | New | 0.02% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +4.3% | 1.33% | +0.02 |
| FIBK First Interstate Bancsys-A | New | 0.02% | +0.02 |
| SCHD Schwab US DVD Equity ETF | New | 0.02% | +0.02 |
| NEE Nextera Energy Inc. | Add +0.6% | 0.66% | +0.02 |
| CAG Conagra Brands Inc. | New | 0.02% | +0.02 |
| GE General Electric | Add +12.3% | 0.09% | +0.02 |
| ARE Alexandria Real Estate Equit | Add +4.3% | 0.15% | +0.02 |
| RMD Resmed Inc. | Add +2.1% | 0.82% | +0.02 |
| AFL Aflac Inc. | Add +9.5% | 0.17% | +0.01 |
| PPH Vaneck Pharmaceutical ETF | Add +38.2% | 0.05% | +0.01 |
| PLD Prologis Inc. | Add +5.6% | 0.17% | +0.01 |
| PNC PNC Financial Services Group | Add +0.4% | 0.70% | +0.01 |
| LMT Lockheed Martin Corp. | Add +0.1% | 0.68% | +0.01 |
| O Realty Income Corp. | Add +2.2% | 0.59% | +0.01 |
| MAA Mid-America Apartment Comm | Add +18.3% | 0.16% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +1.7% | 1.13% | +0.01 |
| RSP Invesco S&P 500 Equal Weight | Add +3.5% | 0.37% | +0.01 |
| EFV iShares MSCI Eafe Value ETF | Add +0.7% | 0.40% | +0.00 |
| AVEM Avantis Emerging Markets Eq | Add +1.7% | 0.09% | +0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +12.7% | 0.16% | +0.00 |
| IVE iShares S&P 500 Value ETF | Add +1.4% | 0.37% | +0.00 |
| BA The Boeing Co. | Add +10.9% | 0.03% | +0.00 |
| WMT Walmart Inc. | Add +1.2% | 0.62% | +0.00 |
| XLK SS Technology Select Sector | Add +2.6% | 0.02% | +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 |