White Pine Capital LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), White Pine Capital LLC reported 225 stock positions worth $288.7 million. Its top holding was 3M (MMM) at 5.0% of the portfolio, followed by Apple (AAPL, 4.1%) and Microsoft (MSFT, 4.0%). Compared with Q4 2024, it opened 12 new positions, sold out of 5, added to 109 and reduced 76. The biggest buy was SPDR Gold Shares (GLD, shares +1%) and the biggest sale Applied Optoelectronics (AAOI, shares −52%).
- Most Recent 13F
- Q2 2026
- Location
- BLOOMINGTON, MN
- CIK
- 0001137429
- Portfolio Value
- $288.7M (Q1 2025)
- SEC Filing
- 0001137429-25-000002 ↗ filed May 13, 2025
Holdings Value
Holdings 225 stocks · $288.7M
| MMM 3M Co. | 4.97% | 97,768 | $14.4M | No change |
| AAPL Apple Inc. | 4.10% | 53,273 | $11.8M | Add +1.6% |
| MSFT Microsoft Corp. | 3.98% | 30,642 | $11.5M | Add +1.0% |
| IVV iShares Core S&P 500 ETF | 2.89% | 14,858 | $8.3M | Add +9.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.90% | 9,826 | $5.5M | Reduce -0.1% |
| V Visa Inc. Class A | 1.84% | 15,122 | $5.3M | Add +0.3% |
| AMZN Amazon.com Inc. | 1.78% | 27,059 | $5.1M | Add +2.6% |
| JPM JPMorgan Chase & Co. | 1.63% | 19,185 | $4.7M | Add +1.4% |
| JNJ Johnson & Johnson | 1.51% | 26,359 | $4.4M | Reduce -0.1% |
| PFF iShares Preferred & Income S | 1.50% | 140,648 | $4.3M | Add +5.8% |
| GLD SPDR Gold Shares | 1.46% | 14,614 | $4.2M | Add +0.7% |
| XEFRX Eaton Vance Sr FLTG Rate TR | 1.45% | 342,286 | $4.2M | Reduce -4.1% |
| GOOGL Alphabet Inc. Class A | 1.42% | 26,502 | $4.1M | Add +2.7% |
| GE General Electric filed as GE AEROSPACE | 1.36% | 19,671 | $3.9M | Add +0.6% |
| WMT Walmart Inc. | 1.29% | 42,284 | $3.7M | Add +3.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.27% | 14,686 | $3.7M | Add +0.4% |
| FLOT iShares Floating Rate Bond E | 1.25% | 70,619 | $3.6M | Reduce -4.9% |
| MRK Merck & Co. Inc. | 1.15% | 37,034 | $3.3M | Add +0.4% |
| CVX Chevron Corp. | 1.12% | 19,402 | $3.2M | Reduce -0.9% |
| WFC Wells Fargo & Co. | 1.06% | 42,608 | $3.1M | Reduce -0.7% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.97% | 63,386 | $2.8M | Reduce -0.5% |
| TRV The Travelers Cos Inc. | 0.95% | 10,324 | $2.7M | Add +2.5% |
| GENI Genius Sports Ltd. | 0.94% | 270,588 | $2.7M | Add +0.1% |
| EQIX Equinix Inc. | 0.91% | 3,239 | $2.6M | Add +0.3% |
| ECL Ecolab Inc. | 0.91% | 10,370 | $2.6M | Add +0.8% |
| ABT Abbott Laboratories | 0.89% | 19,455 | $2.6M | Add +0.1% |
| PEP Pepsico Inc. | 0.89% | 17,187 | $2.6M | Reduce -0.2% |
| EMR Emerson Electric Co. | 0.86% | 22,632 | $2.5M | Reduce -0.3% |
| SXI Standex International Corp. | 0.85% | 15,221 | $2.5M | Reduce -1.0% |
| T AT&T Inc. | 0.82% | 83,347 | $2.4M | Add +0.3% |
| HON Honeywell International Inc. | 0.81% | 11,059 | $2.3M | Add +6.0% |
| EFA iShares MSCI Eafe ETF | 0.80% | 28,214 | $2.3M | Add +3.8% |
| XOM Exxon Mobil Corp. | 0.76% | 18,450 | $2.2M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 0.75% | 13,921 | $2.2M | No change |
| PGX Invesco Preferred ETF | 0.75% | 193,093 | $2.2M | Add +1.6% |
| TGT Target Corp. | 0.74% | 20,345 | $2.1M | Reduce -3.7% |
| NVDA Nvidia Corp. | 0.73% | 19,453 | $2.1M | Add +11.7% |
| RJF Raymond James Financial Inc. | 0.71% | 14,815 | $2.1M | Reduce -0.8% |
| LMNR Limoneira Co. | 0.70% | 113,670 | $2.0M | Reduce -0.4% |
| ADTN Adtran Holdings Inc. | 0.69% | 226,960 | $2.0M | Reduce -19.1% |
| ALL Allstate Corp. | 0.69% | 9,556 | $2.0M | Add +0.2% |
| SOLV Solventum Corp. | 0.67% | 25,308 | $1.9M | Add +1.7% |
| VZ Verizon Communications Inc. | 0.67% | 42,383 | $1.9M | Reduce -3.1% |
| RDNT Radnet Inc. | 0.64% | 37,242 | $1.9M | Add +0.3% |
| MS Morgan Stanley | 0.63% | 15,485 | $1.8M | Add +0.8% |
| CSCO Cisco Systems Inc. | 0.62% | 29,211 | $1.8M | Add +1.1% |
| ITW Illinois Tool Works | 0.62% | 7,177 | $1.8M | Add +3.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.62% | 42,603 | $1.8M | No change |
| AXGN Axogen Inc. | 0.61% | 95,012 | $1.8M | Reduce -21.4% |
| ATRO Astronics Corp. | 0.60% | 71,358 | $1.7M | Reduce -31.7% |
| IWR iShares Russell Mid-Cap ETF | 0.59% | 19,914 | $1.7M | Reduce -0.4% |
| BA The Boeing Co. | 0.57% | 9,590 | $1.6M | Add +0.8% |
| PG The Procter & Gamble Co. | 0.55% | 9,373 | $1.6M | Add +0.6% |
| META Meta Platforms Inc. Class A | 0.54% | 2,714 | $1.6M | Add +12.2% |
| ORCL Oracle Corp. | 0.54% | 11,184 | $1.6M | Add +6.9% |
| SDY SS SPDR S&P Dividend ETF | 0.54% | 11,500 | $1.6M | Add +0.3% |
| WNEB Western New England Bancorp | 0.53% | 165,701 | $1.5M | Add +0.2% |
| MCD McDonald's Corp. | 0.52% | 4,807 | $1.5M | Add +0.3% |
| C Citigroup Inc. | 0.52% | 20,952 | $1.5M | Add +0.6% |
| IVW iShares S&P 500 Growth ETF | 0.51% | 15,981 | $1.5M | Reduce -0.3% |
| IVE iShares S&P 500 Value ETF | 0.51% | 7,706 | $1.5M | Reduce -0.5% |
| XEL Xcel Energy Inc. | 0.50% | 20,421 | $1.4M | Reduce -0.3% |
| GIS General Mills Inc. | 0.50% | 24,134 | $1.4M | Add +7.2% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.49% | 17,694 | $1.4M | Add +2.5% |
| ROP Roper Technologies Inc. | 0.48% | 2,372 | $1.4M | Add +3.1% |
| DCI Donaldson Co. Inc. | 0.48% | 20,846 | $1.4M | Reduce -0.3% |
| RBBN Ribbon Communications Inc. | 0.48% | 355,522 | $1.4M | Add +0.8% |
| EBC Eastern Bankshares Inc. | 0.47% | 83,459 | $1.4M | Add +1.4% |
| CECO Ceco Environmental Corp. | 0.47% | 59,410 | $1.4M | Reduce -1.9% |
| KVUE Kenvue Inc. | 0.45% | 54,630 | $1.3M | Add +0.1% |
| ANGL Vaneck Fallen Angel High YLD | 0.44% | 43,882 | $1.3M | Add +16.8% |
| ABBV Abbvie Inc. | 0.42% | 5,773 | $1.2M | No change |
| AXTI Axt Inc. | 0.41% | 836,944 | $1.2M | Add +25.2% |
| HDV iShares Core High Dividend E | 0.40% | 9,490 | $1.1M | Reduce -0.6% |
| NGS Natural Gas Services Group | 0.39% | 51,825 | $1.1M | Add +0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 2,058 | $1.1M | Add +8.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.38% | 20,759 | $1.1M | Add +0.3% |
| BMY Bristol-Myers Squibb Co. | 0.36% | 17,185 | $1.0M | Reduce -0.1% |
| RTX RTX Corp. | 0.36% | 7,858 | $1.0M | Add +0.9% |
| IUSV iShares Core S&P U.S. Value | 0.36% | 11,188 | $1.0M | Reduce -1.0% |
| MDY State Street SPDR S&P Midcap | 0.36% | 1,929 | $1.0M | Reduce -0.5% |
| XLE SS Energy Select Sector | 0.34% | 10,621 | $993K | Reduce -1.2% |
| PHYS Sprott Physical Gold Trust | 0.34% | 40,904 | $984K | Add +1.0% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.34% | 18,957 | $968K | Add +9.8% |
| IWM iShares Russell 2000 ETF | 0.33% | 4,815 | $961K | Reduce -5.2% |
| KHC The Kraft Heinz Co. | 0.33% | 31,282 | $952K | Reduce -0.1% |
| FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC | 0.33% | 225,394 | $942K | Add +0.8% |
| HRL Hormel Foods Corp. | 0.31% | 29,269 | $906K | Reduce -4.3% |
| PSTL Postal Realty Trust Inc. Class A | 0.31% | 62,656 | $895K | Add +0.2% |
| PYPL PayPal Holdings Inc. | 0.30% | 13,241 | $864K | Reduce -1.6% |
| TSLA Tesla Inc. | 0.30% | 3,331 | $863K | Add +2.0% |
| STRW Strawberry Fields REIT Inc. | 0.29% | 71,242 | $848K | Add +0.4% |
| PNC PNC Financial Services Group | 0.29% | 4,825 | $848K | No change |
| VIAV Viavi Solutions Inc. | 0.29% | 75,714 | $847K | Add +36.4% |
| GEV GE Vernova Inc. | 0.29% | 2,739 | $836K | Add +1.9% |
| SWKS Skyworks Solutions Inc. | 0.29% | 12,850 | $830K | Reduce -0.3% |
| HLMN Hillman Solutions Corp. | 0.29% | 94,284 | $829K | Add +0.4% |
| AOUT American Outdoor Brands Inc. | 0.29% | 68,153 | $829K | Add +0.3% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.28% | 16,164 | $822K | Reduce -6.3% |
| SITM Sitime Corp. | 0.28% | 5,293 | $809K | Add +0.5% |
Portfolio Sells Q4 2024 → Q1 2025
| AAOI Applied Optoelectronics Inc. | Reduce -51.9% | 0.06% | −0.25 |
| LMNR Limoneira Co. | Reduce -0.4% | 0.70% | −0.24 |
| TGT Target Corp. | Reduce -3.7% | 0.74% | −0.23 |
| LGTY Logility Supply Chain Soluti | Sold out | 0.00% | −0.22 |
| AUB Atlantic Union Bankshares Co. | Reduce -40.2% | 0.21% | −0.21 |
| CECO Ceco Environmental Corp. | Reduce -1.9% | 0.47% | −0.15 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -38.8% | 0.19% | −0.14 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.13 |
| SXI Standex International Corp. | Reduce -1.0% | 0.85% | −0.12 |
| INFU Infusystem Holdings Inc. | Reduce -1.8% | 0.20% | −0.11 |
| ADTN Adtran Holdings Inc. | Reduce -19.1% | 0.69% | −0.10 |
| AMBA Ambarella Inc. | Reduce -1.0% | 0.24% | −0.10 |
| TRNS Transcat Inc. | Reduce -0.2% | 0.26% | −0.10 |
| SWKS Skyworks Solutions Inc. | Reduce -0.3% | 0.29% | −0.10 |
| EMR Emerson Electric Co. | Reduce -0.3% | 0.86% | −0.09 |
| PYPL PayPal Holdings Inc. | Reduce -1.6% | 0.30% | −0.09 |
| XEFRX Eaton Vance Sr FLTG Rate TR | Reduce -4.1% | 1.45% | −0.09 |
| EPRF Innovat S&P Invest GRD Pref | Sold out | 0.00% | −0.08 |
| HLIT Harmonic Inc. | Reduce -0.4% | 0.23% | −0.08 |
| MITK Mitek Systems Inc. | Reduce -0.9% | 0.23% | −0.08 |
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −0.07 |
| RJF Raymond James Financial Inc. | Reduce -0.8% | 0.71% | −0.07 |
| HEFA Isha Curr Hedged MSCI Eafe | Sold out | 0.00% | −0.07 |
| AXGN Axogen Inc. | Reduce -21.4% | 0.61% | −0.06 |
| ELMD Electromed Inc. | Reduce -1.6% | 0.26% | −0.06 |
| CLNE Clean Energy Fuels Corp. | Reduce -1.1% | 0.08% | −0.05 |
| IWM iShares Russell 2000 ETF | Reduce -5.2% | 0.33% | −0.05 |
| WINA Winmark Corp. | Reduce -3.9% | 0.18% | −0.04 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -28.5% | 0.11% | −0.04 |
| INOD Innodata Inc. | Reduce -21.9% | 0.10% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.1% | 1.90% | −0.04 |
| IVW iShares S&P 500 Growth ETF | Reduce -0.3% | 0.51% | −0.03 |
| AVAV Aerovironment Inc. | Reduce -0.7% | 0.12% | −0.03 |
| BBY Best Buy Co. Inc. | Reduce -11.7% | 0.09% | −0.03 |
| FLOT iShares Floating Rate Bond E | Reduce -4.9% | 1.25% | −0.02 |
| KRE SS SPDR S&P Regional Bank | Reduce -5.6% | 0.24% | −0.02 |
| WBD Warner Bros Discovery Inc. | Reduce -37.5% | 0.04% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.5% | 0.22% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -12.7% | 0.12% | −0.02 |
| KRNY Kearny Financial Corp. | Reduce -0.9% | 0.17% | −0.02 |
| USB US Bancorp | Reduce -0.8% | 0.16% | −0.02 |
| MDY State Street SPDR S&P Midcap | Reduce -0.5% | 0.36% | −0.02 |
| HD Home Depot Inc. | Reduce -5.5% | 0.15% | −0.01 |
| HBAN Huntington Bancshares Inc. | Reduce -4.9% | 0.10% | −0.01 |
| HRL Hormel Foods Corp. | Reduce -4.3% | 0.31% | −0.01 |
| TU Telus Corp. | Reduce -15.1% | 0.11% | −0.01 |
| NEAR iShares SH Dba ETF Usd Inc. | Reduce -6.3% | 0.28% | −0.01 |
| IWR iShares Russell Mid-Cap ETF | Reduce -0.4% | 0.59% | −0.01 |
| TIP iShares Tips Bond ETF | Reduce -13.1% | 0.11% | −0.01 |
| WYNN WYNN Resorts Ltd. | Reduce -3.6% | 0.13% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| GLD SPDR Gold Shares | Add +0.7% | 1.46% | +0.27 |
| GE General Electric | Add +0.6% | 1.36% | +0.26 |
| V Visa Inc. Class A | Add +0.3% | 1.84% | +0.23 |
| IVV iShares Core S&P 500 ETF | Add +9.4% | 2.89% | +0.20 |
| IBM Intl Business Machines Corp. | Add +0.4% | 1.27% | +0.18 |
| EPD Enterprise Products Partners | New | 0.18% | +0.18 |
| T AT&T Inc. | Add +0.3% | 0.82% | +0.18 |
| ABT Abbott Laboratories | Add +0.1% | 0.89% | +0.15 |
| GENI Genius Sports Ltd. | Add +0.1% | 0.94% | +0.15 |
| TRV The Travelers Cos Inc. | Add +2.5% | 0.95% | +0.13 |
| ENB Enbridge Inc. | Add +145.4% | 0.19% | +0.12 |
| SOLV Solventum Corp. | Add +1.7% | 0.67% | +0.11 |
| RDW Redwire Corp. | New | 0.11% | +0.11 |
| EFA iShares MSCI Eafe ETF | Add +3.8% | 0.80% | +0.11 |
| VIAV Viavi Solutions Inc. | Add +36.4% | 0.29% | +0.10 |
| JPM JPMorgan Chase & Co. | Add +1.4% | 1.63% | +0.10 |
| AVGO Broadcom Inc. | New | 0.10% | +0.10 |
| ECL Ecolab Inc. | Add +0.8% | 0.91% | +0.10 |
| MXL Maxlinear Inc. | New | 0.09% | +0.09 |
| PFF iShares Preferred & Income S | Add +5.8% | 1.50% | +0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +8.2% | 0.38% | +0.09 |
| ROP Roper Technologies Inc. | Add +3.1% | 0.48% | +0.08 |
| ANGL Vaneck Fallen Angel High YLD | Add +16.8% | 0.44% | +0.08 |
| CVS CVS Health Corp. | New | 0.07% | +0.07 |
| CAH Cardinal Health Inc. | New | 0.07% | +0.07 |
| YUM Yum! Brands Inc. | New | 0.07% | +0.07 |
| AEHR Aehr Test Systems | New | 0.07% | +0.07 |
| TITN Titan Machinery Inc. | New | 0.07% | +0.07 |
| ZBH Zimmer Biomet Holdings Inc. | New | 0.07% | +0.07 |
| ALL Allstate Corp. | Add +0.2% | 0.69% | +0.07 |
| PHYS Sprott Physical Gold Trust | Add +1.0% | 0.34% | +0.07 |
| META Meta Platforms Inc. Class A | Add +12.2% | 0.54% | +0.06 |
| KVUE Kenvue Inc. | Add +0.1% | 0.45% | +0.06 |
| LGCY Legacy Education Inc. | Add +60.4% | 0.20% | +0.06 |
| RTX RTX Corp. | Add +0.9% | 0.36% | +0.06 |
| MCD McDonald's Corp. | Add +0.3% | 0.52% | +0.05 |
| CSCO Cisco Systems Inc. | Add +1.1% | 0.62% | +0.05 |
| WMT Walmart Inc. | Add +3.9% | 1.29% | +0.05 |
| KOPN Kopin Corp. | New | 0.05% | +0.05 |
| STRW Strawberry Fields REIT Inc. | Add +0.4% | 0.29% | +0.04 |
| AMGN Amgen Inc. | Add +13.6% | 0.14% | +0.04 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +9.8% | 0.34% | +0.04 |
| PSTL Postal Realty Trust Inc. Class A | Add +0.2% | 0.31% | +0.04 |
| NFLX Netflix Inc. | Add +11.6% | 0.20% | +0.03 |
| MDT Medtronic PLC | Add +3.2% | 0.20% | +0.03 |
| GEHC GE Healthcare Technology | Add +8.9% | 0.23% | +0.03 |
| SDY SS SPDR S&P Dividend ETF | Add +0.3% | 0.54% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +12.2% | 0.17% | +0.03 |
| PG The Procter & Gamble Co. | Add +0.6% | 0.55% | +0.03 |
| COST Costco Wholesale Corp. | Add +5.1% | 0.23% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 240 | $423.2M | MMM, AAPL, IVV, MSFT, GOOGL |
| Q1 2026Amended | 230 | $367.7M | MMM, AAPL, MSFT, IVV, GOOGL |
| Q4 2025 | 219 | $363.4M | MMM, MSFT, AAPL, IVV, GOOGL |
| Q3 2025 | 225 | $349.2M | MSFT, MMM, AAPL, IVV, SPY |
| Q2 2025 | 221 | $315.1M | MSFT, MMM, AAPL, IVV, AMZN |
| Q1 2025 | 225 | $288.7M | MMM, AAPL, MSFT, IVV, SPY |
| Q4 2024 | 218 | $296.8M | AAPL, MSFT, MMM, IVV, AMZN |
| Q3 2024 | 215 | $292.7M | MMM, MSFT, AAPL, IVV, SPY |
| Q2 2024 | 210 | $263.9M | MSFT, AAPL, MMM, IVV, SPY |
| Q1 2024 | 211 | $262.9M | MSFT, MMM, AAPL, IVV, SPY |