Telos Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Telos Capital Management, Inc. reported 196 stock positions worth $1.1 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 3.9%) and Alphabet Class A (GOOGL, 3.1%). Compared with Q3 2025, it opened 8 new positions, sold out of 5, added to 70 and reduced 101. The biggest buy was EOG Resources (EOG, shares +100%) and the biggest sale Jacobs Solutions (J, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001567889
- Portfolio Value
- $1.1B (Q4 2025)
- SEC Filing
- 0001567889-26-000001 ↗ filed Jan 22, 2026
Holdings Value
Holdings 196 stocks · $1.1B
| AAPL Apple Inc. | 5.72% | 225,706 | $61.4M | Reduce -1.8% |
| VTI VG Morningstar TS MKT ETF-US | 3.89% | 124,363 | $41.7M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 3.07% | 105,355 | $33.0M | Reduce -5.7% |
| QCOM Qualcomm Inc. | 3.02% | 189,103 | $32.3M | Reduce -0.1% |
| VEU Vanguard Ftse All-World Ex-U | 2.42% | 352,707 | $25.9M | Add +1.6% |
| MS Morgan Stanley | 2.20% | 133,139 | $23.6M | Reduce -5.7% |
| AMZN Amazon.com Inc. | 2.04% | 94,822 | $21.9M | Add +0.4% |
| V Visa Inc. Class A | 1.99% | 60,872 | $21.3M | Add +1.1% |
| HD Home Depot Inc. | 1.98% | 61,714 | $21.2M | Add +3.8% |
| PEP Pepsico Inc. | 1.96% | 146,242 | $21.0M | Add +2.9% |
| JPM JPMorgan Chase & Co. | 1.94% | 64,715 | $20.9M | Reduce -2.4% |
| VEA Vanguard Ftse Developed ETF | 1.84% | 315,989 | $19.7M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 1.68% | 57,531 | $18.1M | Reduce -4.0% |
| NOC Northrop Grumman Corp. | 1.57% | 29,570 | $16.9M | Reduce -1.1% |
| CVX Chevron Corp. | 1.53% | 108,026 | $16.5M | Add +0.4% |
| PG The Procter & Gamble Co. | 1.51% | 113,294 | $16.2M | Reduce -0.6% |
| TRV The Travelers Cos Inc. | 1.40% | 51,643 | $15.0M | Reduce -0.4% |
| PANW Palo Alto Networks Inc. | 1.37% | 79,640 | $14.7M | Add +1.1% |
| MSFT Microsoft Corp. | 1.35% | 29,947 | $14.5M | Add +0.0% |
| EOG EOG Resources Inc. | 1.34% | 136,802 | $14.4M | Add +100.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.31% | 27,881 | $14.0M | Add +0.9% |
| IVV iShares Core S&P 500 ETF | 1.27% | 19,932 | $13.7M | Add +0.3% |
| MA Mastercard Inc. Class A | 1.26% | 23,736 | $13.6M | Reduce -1.6% |
| QQQ Invesco QQQ Trust Series 1 | 1.21% | 21,206 | $13.0M | Reduce -5.0% |
| IJH iShares Core S&P Midcap ETF | 1.14% | 185,760 | $12.3M | Add +3.1% |
| AVDV Avantis Intl S/C Value ETF | 1.11% | 126,410 | $11.9M | Reduce -0.2% |
| COST Costco Wholesale Corp. | 1.07% | 13,338 | $11.5M | Add +13.9% |
| NXPI NXP Semiconductors NV | 1.03% | 51,114 | $11.1M | Reduce -0.7% |
| DHR Danaher Corp. | 1.02% | 47,642 | $10.9M | Reduce -2.0% |
| GS Goldman Sachs Group Inc. | 0.96% | 11,707 | $10.3M | Reduce -3.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.95% | 22,376 | $10.1M | Add +5.6% |
| J Jacobs Solutions Inc. | 0.94% | 76,179 | $10.1M | Reduce -17.1% |
| IQV Iqvia Holdings Inc. | 0.93% | 44,216 | $10.0M | Add +0.3% |
| JNJ Johnson & Johnson | 0.92% | 47,934 | $9.9M | Reduce -2.4% |
| CARR Carrier Global Corp. | 0.92% | 185,983 | $9.8M | Add +2.2% |
| ASML ASML Holding NV-NY Reg SHS | 0.91% | 9,158 | $9.8M | Reduce -15.6% |
| CSCO Cisco Systems Inc. | 0.90% | 124,758 | $9.6M | Reduce -0.7% |
| RTX RTX Corp. | 0.87% | 51,067 | $9.4M | Reduce -4.7% |
| TEL Te Connectivity PLC | 0.85% | 40,249 | $9.2M | Reduce -14.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.83% | 78,447 | $8.9M | Add +4.5% |
| AMGN Amgen Inc. | 0.82% | 26,990 | $8.8M | Reduce -3.0% |
| RSG Republic Services Inc. | 0.82% | 41,439 | $8.8M | Add +8.7% |
| HON Honeywell International Inc. | 0.79% | 43,703 | $8.5M | Reduce -0.1% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.79% | 106,220 | $8.5M | Add +5.8% |
| ORCL Oracle Corp. | 0.78% | 43,136 | $8.4M | Add +3.4% |
| RMD Resmed Inc. | 0.74% | 33,069 | $8.0M | Add +5.4% |
| NOW ServiceNow Inc. | 0.73% | 50,940 | $7.8M | Add +61.2% |
| ROK Rockwell Automation Inc. | 0.73% | 20,005 | $7.8M | Reduce -1.1% |
| CBRE CBRE Group Inc. Class A | 0.72% | 48,279 | $7.8M | Add +0.2% |
| PNC PNC Financial Services Group | 0.70% | 36,204 | $7.6M | Reduce -0.0% |
| PSX Phillips 66 | 0.70% | 57,803 | $7.5M | Add +2.5% |
| META Meta Platforms Inc. Class A | 0.69% | 11,231 | $7.4M | Reduce -0.3% |
| NVDA Nvidia Corp. | 0.67% | 38,355 | $7.2M | Reduce -0.0% |
| WSM Williams-Sonoma Inc. | 0.67% | 40,030 | $7.1M | Reduce -1.5% |
| NEE Nextera Energy Inc. | 0.66% | 88,805 | $7.1M | Reduce -3.1% |
| AEP American Electric Power | 0.65% | 60,807 | $7.0M | Add +0.1% |
| ENB Enbridge Inc. | 0.65% | 144,647 | $6.9M | Add +1.0% |
| IJR iShares Core S&P Small-Cap E | 0.64% | 57,192 | $6.9M | Add +2.4% |
| LMT Lockheed Martin Corp. | 0.64% | 14,119 | $6.8M | Reduce -0.1% |
| EW Edwards Lifesciences Corp. | 0.62% | 77,715 | $6.6M | Add +7.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.61% | 64,133 | $6.6M | Reduce -3.5% |
| VCIT Vanguard Int-Term Corporate | 0.61% | 78,143 | $6.5M | Add +2.2% |
| MDT Medtronic PLC | 0.60% | 67,476 | $6.5M | Reduce -0.4% |
| WMT Walmart Inc. | 0.60% | 57,624 | $6.4M | Reduce -7.7% |
| IEFA iShares Core MSCI Eafe ETF | 0.60% | 71,735 | $6.4M | Reduce -1.6% |
| MCD McDonald's Corp. | 0.60% | 20,966 | $6.4M | Add +1.1% |
| APD Air Products & Chemicals Inc. | 0.60% | 25,915 | $6.4M | Reduce -0.9% |
| VYM Vanguard High DVD Yield ETF | 0.59% | 44,110 | $6.3M | Reduce -2.1% |
| BMY Bristol-Myers Squibb Co. | 0.58% | 116,022 | $6.3M | Add +0.3% |
| SO The Southern Co. | 0.58% | 71,730 | $6.3M | Add +2.0% |
| PYPL PayPal Holdings Inc. | 0.55% | 100,818 | $5.9M | Reduce -3.6% |
| O Realty Income Corp. | 0.55% | 103,708 | $5.8M | Add +2.0% |
| AVEM Avantis Emerging Markets Eq | 0.53% | 74,335 | $5.7M | Add +480.1% |
| AMTM Amentum Holdings Inc. | 0.51% | 187,466 | $5.4M | Reduce -1.3% |
| GPC Genuine Parts Co. | 0.49% | 43,034 | $5.3M | Add +2.7% |
| AVUV Avantis US Small Cap Value | 0.43% | 45,528 | $4.6M | Add +3.5% |
| NFLX Netflix Inc. | 0.41% | 47,474 | $4.5M | Add +6.4% |
| ABBV Abbvie Inc. | 0.41% | 19,090 | $4.4M | Reduce -1.3% |
| EFV iShares MSCI Eafe Value ETF | 0.40% | 59,752 | $4.3M | Reduce -3.6% |
| WM Waste Management Inc. | 0.39% | 18,874 | $4.1M | Add +11.0% |
| RSP Invesco S&P 500 Equal Weight | 0.37% | 20,702 | $4.0M | Add +2.6% |
| IVE iShares S&P 500 Value ETF | 0.37% | 18,614 | $3.9M | Reduce -0.7% |
| SMH Vaneck Semiconductor ETF | 0.36% | 10,834 | $3.9M | Add +0.9% |
| ABT Abbott Laboratories | 0.35% | 29,868 | $3.7M | Reduce -2.0% |
| NVS Novartis AG-Sponsored ADR | 0.34% | 26,293 | $3.6M | Reduce -1.4% |
| XLF SS Financial Select Sector | 0.31% | 61,600 | $3.4M | Add +3.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 4,297 | $2.9M | Add +39.0% |
| XOM Exxon Mobil Corp. | 0.27% | 23,887 | $2.9M | Reduce -12.4% |
| VXF Vanguard Extended Market ETF | 0.25% | 12,709 | $2.7M | Reduce -11.9% |
| TSLA Tesla Inc. | 0.24% | 5,624 | $2.5M | Reduce -0.6% |
| IWS iShares Russell Mid-Cap Valu | 0.24% | 17,893 | $2.5M | Reduce -3.6% |
| LLY Eli Lilly & Co. | 0.23% | 2,331 | $2.5M | Reduce -6.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.22% | 11,343 | $2.4M | Reduce -2.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 8,100 | $2.4M | Reduce -1.5% |
| NKE Nike Inc. Class B | 0.21% | 35,198 | $2.2M | New |
| MAA Mid-America Apartment Comm | 0.18% | 14,194 | $2.0M | Add +17.4% |
| PLD Prologis Inc. | 0.18% | 15,421 | $2.0M | Reduce -0.4% |
| UNP Union Pacific Corp. | 0.18% | 8,350 | $1.9M | Reduce -0.6% |
| CPT Camden Property Trust | 0.17% | 17,040 | $1.9M | Add +25.4% |
| AFL Aflac Inc. | 0.17% | 16,477 | $1.8M | Add +6.0% |
Portfolio Sells Q3 2025 → Q4 2025
| J Jacobs Solutions Inc. | Reduce -17.1% | 0.94% | −0.38 |
| NOC Northrop Grumman Corp. | Reduce -1.1% | 1.57% | −0.17 |
| PG The Procter & Gamble Co. | Reduce -0.6% | 1.51% | −0.16 |
| TEL Te Connectivity PLC | Reduce -14.0% | 0.85% | −0.13 |
| PYPL PayPal Holdings Inc. | Reduce -3.6% | 0.55% | −0.12 |
| META Meta Platforms Inc. Class A | Reduce -0.3% | 0.69% | −0.10 |
| WSM Williams-Sonoma Inc. | Reduce -1.5% | 0.67% | −0.09 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -15.6% | 0.91% | −0.09 |
| NXPI NXP Semiconductors NV | Reduce -0.7% | 1.03% | −0.09 |
| HON Honeywell International Inc. | Reduce -0.1% | 0.79% | −0.09 |
| APD Air Products & Chemicals Inc. | Reduce -0.9% | 0.60% | −0.09 |
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −0.07 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -5.0% | 1.21% | −0.07 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.9% | 3.89% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -2.4% | 1.94% | −0.06 |
| VIG Vanguard Dividend Apprec ETF | Reduce -41.6% | 0.07% | −0.05 |
| MA Mastercard Inc. Class A | Reduce -1.6% | 1.26% | −0.05 |
| ABT Abbott Laboratories | Reduce -2.0% | 0.35% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -3.5% | 0.61% | −0.04 |
| VXF Vanguard Extended Market ETF | Reduce -11.9% | 0.25% | −0.04 |
| LMT Lockheed Martin Corp. | Reduce -0.1% | 0.64% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -12.4% | 0.27% | −0.03 |
| UPS United Parcel Service Class B | Reduce -25.8% | 0.16% | −0.03 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.03 |
| ABBV Abbvie Inc. | Reduce -1.3% | 0.41% | −0.02 |
| VLTO Veralto Corp. | Sold out | 0.00% | −0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −0.02 |
| NVDA Nvidia Corp. | Reduce -0.0% | 0.67% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Reduce -2.1% | 0.59% | −0.02 |
| WMT Walmart Inc. | Reduce -7.7% | 0.60% | −0.02 |
| ANET Arista Networks Inc. | Reduce -2.0% | 0.11% | −0.02 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −0.02 |
| KMB Kimberly-Clark Corp. | Reduce -2.9% | 0.06% | −0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -3.0% | 0.14% | −0.02 |
| MDT Medtronic PLC | Reduce -0.4% | 0.60% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -3.6% | 0.24% | −0.01 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -1.6% | 0.60% | −0.01 |
| T AT&T Inc. | Reduce -10.3% | 0.04% | −0.01 |
| SYY Sysco Corp. | Reduce -6.4% | 0.05% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -5.1% | 0.10% | −0.01 |
| UNP Union Pacific Corp. | Reduce -0.6% | 0.18% | −0.01 |
| DHI D.R. Horton Inc. | Reduce -1.1% | 0.04% | −0.01 |
| ADP Automatic Data Processing | Reduce -14.6% | 0.02% | −0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -2.4% | 0.22% | −0.01 |
| GE General Electric | Reduce -8.9% | 0.08% | −0.01 |
| XYL Xylem Inc. | Reduce -2.6% | 0.05% | −0.01 |
| LEN Lennar Corp. Class A | Reduce -1.4% | 0.02% | −0.01 |
| CWB SS SPDR BB Conv Sec ETF | Reduce -2.7% | 0.08% | −0.01 |
| TSLA Tesla Inc. | Reduce -0.6% | 0.24% | −0.01 |
| XLE SS Energy Select Sector | Reduce -4.2% | 0.07% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| EOG EOG Resources Inc. | Add +100.3% | 1.34% | +0.61 |
| AVEM Avantis Emerging Markets Eq | Add +480.1% | 0.53% | +0.44 |
| NKE Nike Inc. Class B | New | 0.21% | +0.21 |
| NOW ServiceNow Inc. | Add +61.2% | 0.73% | +0.17 |
| VRTX Vertex Pharmaceuticals Inc. | Add +5.6% | 0.95% | +0.15 |
| IQV Iqvia Holdings Inc. | Add +0.3% | 0.93% | +0.13 |
| BMY Bristol-Myers Squibb Co. | Add +0.3% | 0.58% | +0.08 |
| EW Edwards Lifesciences Corp. | Add +7.8% | 0.62% | +0.08 |
| XLP SS Consumer Staples Sel Sect | New | 0.08% | +0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +39.0% | 0.27% | +0.08 |
| AMZN Amazon.com Inc. | Add +0.4% | 2.04% | +0.05 |
| VEU Vanguard Ftse All-World Ex-U | Add +1.6% | 2.42% | +0.04 |
| PEP Pepsico Inc. | Add +2.9% | 1.96% | +0.04 |
| SCHD Schwab US DVD Equity ETF | Add +190.8% | 0.06% | +0.04 |
| CPT Camden Property Trust | Add +25.4% | 0.17% | +0.04 |
| COST Costco Wholesale Corp. | Add +13.9% | 1.07% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +0.3% | 1.84% | +0.03 |
| SMH Vaneck Semiconductor ETF | Add +0.9% | 0.36% | +0.03 |
| WM Waste Management Inc. | Add +11.0% | 0.39% | +0.03 |
| UDR Udr Inc. | Add +24.5% | 0.16% | +0.03 |
| VGT Vanguard Info Tech ETF | Add +24.0% | 0.14% | +0.03 |
| SCHB Schwab US Broad Market ETF | New | 0.03% | +0.03 |
| BAC Bank of America Corp. | New | 0.02% | +0.02 |
| MAA Mid-America Apartment Comm | Add +17.4% | 0.18% | +0.02 |
| SYK Stryker Corp. | New | 0.02% | +0.02 |
| TXN Texas Instruments Inc. | New | 0.02% | +0.02 |
| ED Consolidated Edison Inc. | New | 0.02% | +0.02 |
| V Visa Inc. Class A | Add +1.1% | 1.99% | +0.02 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +5.8% | 0.79% | +0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.02% | +0.02 |
| IJH iShares Core S&P Midcap ETF | Add +3.1% | 1.14% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +67.7% | 0.04% | +0.02 |
| AVUV Avantis US Small Cap Value | Add +3.5% | 0.43% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +21.8% | 0.06% | +0.01 |
| DIS The Walt Disney Co. | Add +4.5% | 0.83% | +0.01 |
| XLK SS Technology Select Sector | Add +27.3% | 0.03% | +0.01 |
| PPH Vaneck Pharmaceutical ETF | Add +0.2% | 0.06% | +0.01 |
| XLF SS Financial Select Sector | Add +3.1% | 0.31% | +0.01 |
| IJR iShares Core S&P Small-Cap E | Add +2.4% | 0.64% | +0.00 |
| AFL Aflac Inc. | Add +6.0% | 0.17% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +2.6% | 0.37% | +0.00 |
| ALEX Alexander & Baldwin Inc. | Add +0.0% | 0.03% | +0.00 |
| XCEM Columbia Em Core Ex-China | Add +0.4% | 0.07% | +0.00 |
| BLK BlackRock Inc. | Add +16.6% | 0.03% | +0.00 |
| BA The Boeing Co. | Add +5.5% | 0.03% | +0.00 |
| EMR Emerson Electric Co. | Add +2.4% | 0.11% | +0.00 |
| SCHW Schwab (charles) Corp. | Add +0.0% | 0.04% | +0.00 |
| SCHG Schwab US Large-Cap Growth | Add +0.0% | 0.03% | −0.00 |
| AEP American Electric Power | Add +0.1% | 0.65% | −0.00 |
| ECL Ecolab Inc. | Add +0.2% | 0.02% | −0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Sold out | 9,200 | $367Kbefore exit |
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 |