White Pine Capital LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), White Pine Capital LLC reported 225 stock positions worth $349.2 million. Its top holding was Microsoft (MSFT) at 4.5% of the portfolio, followed by 3M (MMM, 4.3%) and Apple (AAPL, 3.8%). Compared with Q2 2025, it opened 9 new positions, sold out of 5, added to 79 and reduced 93. The biggest buy was a new position in Independent Bank (INDB) and the biggest sale an exit from Eastern Bankshares (EBC).
- Most Recent 13F
- Q2 2026
- Location
- BLOOMINGTON, MN
- CIK
- 0001137429
- Portfolio Value
- $349.2M (Q3 2025)
- SEC Filing
- 0001137429-25-000005 ↗ filed Nov 10, 2025
Holdings Value
Holdings 225 stocks · $349.2M
| MSFT Microsoft Corp. | 4.51% | 30,380 | $15.7M | Reduce -0.5% |
| MMM 3M Co. | 4.35% | 97,800 | $15.2M | Reduce -0.1% |
| AAPL Apple Inc. | 3.81% | 52,290 | $13.3M | Add +0.0% |
| IVV iShares Core S&P 500 ETF | 2.92% | 15,209 | $10.2M | Reduce -1.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.90% | 9,941 | $6.6M | Add +0.3% |
| GOOGL Alphabet Inc. Class A | 1.86% | 26,781 | $6.5M | Add +0.5% |
| AMZN Amazon.com Inc. | 1.82% | 28,905 | $6.3M | Add +0.4% |
| JPM JPMorgan Chase & Co. | 1.75% | 19,332 | $6.1M | Reduce -0.1% |
| GE General Electric filed as GE AEROSPACE | 1.70% | 19,691 | $5.9M | Reduce -0.1% |
| GLD SPDR Gold Shares | 1.46% | 14,323 | $5.1M | No change |
| V Visa Inc. Class A | 1.45% | 14,812 | $5.1M | Reduce -1.5% |
| FLOT iShares Floating Rate Bond E | 1.40% | 95,372 | $4.9M | Add +16.1% |
| JNJ Johnson & Johnson | 1.38% | 25,937 | $4.8M | Reduce -1.4% |
| PFF iShares Preferred & Income S | 1.31% | 144,269 | $4.6M | Add +0.1% |
| WMT Walmart Inc. | 1.28% | 43,249 | $4.5M | Add +1.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.18% | 14,587 | $4.1M | Reduce -0.6% |
| NVDA Nvidia Corp. | 1.13% | 21,233 | $4.0M | Add +0.4% |
| XEFRX Eaton Vance Sr FLTG Rate TR | 1.10% | 334,824 | $3.8M | Reduce -1.8% |
| WFC Wells Fargo & Co. | 1.01% | 42,003 | $3.5M | Add +0.2% |
| CECO Ceco Environmental Corp. | 0.96% | 65,469 | $3.4M | Add +0.0% |
| META Meta Platforms Inc. Class A | 0.94% | 4,493 | $3.3M | Add +0.7% |
| ATRO Astronics Corp. | 0.94% | 72,001 | $3.3M | Reduce -0.1% |
| GOOG Alphabet Inc. Class C | 0.94% | 13,416 | $3.3M | Reduce -0.0% |
| AXTI Axt Inc. | 0.93% | 719,829 | $3.2M | Reduce -16.3% |
| SXI Standex International Corp. | 0.92% | 15,172 | $3.2M | Add +0.0% |
| ORCL Oracle Corp. | 0.91% | 11,311 | $3.2M | Reduce -0.1% |
| GENI Genius Sports Ltd. | 0.87% | 244,114 | $3.0M | Add +0.0% |
| CVX Chevron Corp. | 0.85% | 19,174 | $3.0M | Reduce -0.6% |
| MRK Merck & Co. Inc. | 0.84% | 35,007 | $2.9M | Reduce -5.1% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.83% | 66,036 | $2.9M | Add +8.8% |
| RDNT Radnet Inc. | 0.82% | 37,758 | $2.9M | Add +0.0% |
| EMR Emerson Electric Co. | 0.82% | 21,859 | $2.9M | Reduce -0.5% |
| TRV The Travelers Cos Inc. | 0.82% | 10,244 | $2.9M | Reduce -0.5% |
| ECL Ecolab Inc. | 0.81% | 10,312 | $2.8M | Reduce -0.7% |
| EFA iShares MSCI Eafe ETF | 0.76% | 28,475 | $2.7M | Add +0.6% |
| ABT Abbott Laboratories | 0.75% | 19,475 | $2.6M | Reduce -0.1% |
| EQIX Equinix Inc. | 0.72% | 3,202 | $2.5M | Reduce -1.1% |
| MS Morgan Stanley | 0.71% | 15,652 | $2.5M | Reduce -1.1% |
| RJF Raymond James Financial Inc. | 0.70% | 14,252 | $2.5M | Reduce -1.9% |
| PEP Pepsico Inc. | 0.70% | 17,475 | $2.5M | Add +2.4% |
| T AT&T Inc. | 0.70% | 86,145 | $2.4M | Add +1.4% |
| HON Honeywell International Inc. | 0.67% | 11,103 | $2.3M | Reduce -1.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.64% | 43,348 | $2.2M | Add +1.2% |
| PGX Invesco Preferred ETF | 0.63% | 190,460 | $2.2M | Reduce -3.4% |
| ADTN Adtran Holdings Inc. | 0.62% | 230,464 | $2.2M | Add +0.0% |
| C Citigroup Inc. | 0.61% | 21,048 | $2.1M | Add +0.4% |
| XOM Exxon Mobil Corp. | 0.60% | 18,644 | $2.1M | Reduce -0.3% |
| CSCO Cisco Systems Inc. | 0.58% | 29,753 | $2.0M | Add +0.1% |
| BA The Boeing Co. | 0.58% | 9,379 | $2.0M | Add +0.1% |
| ALL Allstate Corp. | 0.58% | 9,430 | $2.0M | Reduce -1.1% |
| WNEB Western New England Bancorp | 0.58% | 168,241 | $2.0M | Reduce -0.0% |
| AMD Advanced Micro Devices | 0.57% | 12,363 | $2.0M | Add +58.9% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.56% | 18,854 | $2.0M | Add +4.9% |
| RIOT Riot Platforms Inc. | 0.56% | 103,335 | $2.0M | Add +0.1% |
| ITW Illinois Tool Works | 0.54% | 7,177 | $1.9M | Add +0.4% |
| SOLV Solventum Corp. | 0.53% | 25,185 | $1.8M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.52% | 41,139 | $1.8M | Reduce -0.2% |
| INDB Independent Bank Corp. | 0.51% | 25,904 | $1.8M | New |
| IVW iShares S&P 500 Growth ETF | 0.49% | 14,169 | $1.7M | Reduce -8.9% |
| GEV GE Vernova Inc. | 0.49% | 2,779 | $1.7M | No change |
| IWR iShares Russell Mid-Cap ETF | 0.49% | 17,547 | $1.7M | Reduce -11.9% |
| KHC The Kraft Heinz Co. | 0.48% | 64,489 | $1.7M | Add +119.4% |
| UUUU Energy Fuels Inc. | 0.47% | 107,466 | $1.6M | Reduce -1.5% |
| XEL Xcel Energy Inc. | 0.47% | 20,280 | $1.6M | Reduce -0.1% |
| SITM Sitime Corp. | 0.46% | 5,387 | $1.6M | Add +0.2% |
| SDY SS SPDR S&P Dividend ETF | 0.45% | 11,333 | $1.6M | Reduce -1.4% |
| DCI Donaldson Co. Inc. | 0.45% | 19,311 | $1.6M | Reduce -5.4% |
| MCD McDonald's Corp. | 0.44% | 5,086 | $1.5M | Add +4.1% |
| TSLA Tesla Inc. | 0.44% | 3,456 | $1.5M | Add +1.1% |
| PG The Procter & Gamble Co. | 0.43% | 9,709 | $1.5M | Add +3.4% |
| NGS Natural Gas Services Group | 0.42% | 52,702 | $1.5M | Add +0.1% |
| UNH Unitedhealth Group Inc. | 0.41% | 4,135 | $1.4M | Add +280.8% |
| TLS Telos Corporation | 0.40% | 206,544 | $1.4M | Reduce -17.7% |
| IVE iShares S&P 500 Value ETF | 0.39% | 6,582 | $1.4M | Reduce -3.0% |
| ABBV Abbvie Inc. | 0.38% | 5,767 | $1.3M | Reduce -0.1% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.38% | 25,965 | $1.3M | Add +3.4% |
| ANGL Vaneck Fallen Angel High YLD | 0.38% | 44,659 | $1.3M | Add +4.8% |
| RTX RTX Corp. | 0.37% | 7,735 | $1.3M | Reduce -0.8% |
| AVNW Aviat Networks Inc. | 0.36% | 54,926 | $1.3M | Add +95.4% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.36% | 22,482 | $1.2M | Add +18.3% |
| TGT Target Corp. | 0.34% | 13,248 | $1.2M | Reduce -35.5% |
| AMBA Ambarella Inc. | 0.34% | 14,249 | $1.2M | Reduce -3.4% |
| ANGO Angiodynamics Inc. | 0.34% | 105,140 | $1.2M | Add +61.6% |
| MDY State Street SPDR S&P Midcap | 0.33% | 1,931 | $1.2M | Reduce -0.2% |
| RBBN Ribbon Communications Inc. | 0.33% | 300,785 | $1.1M | Reduce -28.2% |
| PHYS Sprott Physical Gold Trust | 0.33% | 38,533 | $1.1M | Reduce -5.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.33% | 21,409 | $1.1M | Reduce -3.8% |
| GIS General Mills Inc. | 0.32% | 22,308 | $1.1M | Reduce -6.8% |
| HDV iShares Core High Dividend E | 0.32% | 9,168 | $1.1M | Reduce -2.5% |
| KRNY Kearny Financial Corp. | 0.31% | 165,530 | $1.1M | Reduce -4.0% |
| IUSV iShares Core S&P U.S. Value | 0.31% | 10,774 | $1.1M | Reduce -0.8% |
| ROP Roper Technologies Inc. | 0.31% | 2,155 | $1.1M | Reduce -9.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 2,135 | $1.1M | Add +2.0% |
| NEO Neogenomics Inc. | 0.31% | 138,822 | $1.1M | Add +394.3% |
| MITK Mitek Systems Inc. | 0.31% | 109,149 | $1.1M | Reduce -0.4% |
| INFU Infusystem Holdings Inc. | 0.30% | 102,728 | $1.1M | Add +0.5% |
| IWM iShares Russell 2000 ETF | 0.30% | 4,392 | $1.1M | Reduce -9.2% |
| STRW Strawberry Fields REIT Inc. | 0.30% | 85,398 | $1.1M | Add +19.2% |
| AVGO Broadcom Inc. | 0.29% | 3,051 | $1.0M | Add +0.7% |
| PSTL Postal Realty Trust Inc. Class A | 0.28% | 62,569 | $982K | Reduce -0.3% |
Portfolio Sells Q2 2025 → Q3 2025
| EBC Eastern Bankshares Inc. | Sold out | 0.00% | −0.41 |
| MMM 3M Co. | Reduce -0.1% | 4.35% | −0.39 |
| MSFT Microsoft Corp. | Reduce -0.5% | 4.51% | −0.32 |
| TGT Target Corp. | Reduce -35.5% | 0.34% | −0.30 |
| PHLT Performant Healthcare Inc. | Sold out | 0.00% | −0.29 |
| V Visa Inc. Class A | Reduce -1.5% | 1.45% | −0.25 |
| XEFRX Eaton Vance Sr FLTG Rate TR | Reduce -1.8% | 1.10% | −0.21 |
| RBBN Ribbon Communications Inc. | Reduce -28.2% | 0.33% | −0.21 |
| IBM Intl Business Machines Corp. | Reduce -0.6% | 1.18% | −0.19 |
| HON Honeywell International Inc. | Reduce -1.1% | 0.67% | −0.16 |
| TRNS Transcat Inc. | Reduce -35.0% | 0.14% | −0.14 |
| IVV iShares Core S&P 500 ETF | Reduce -1.8% | 2.92% | −0.14 |
| RDW Redwire Corp. | Reduce -23.9% | 0.08% | −0.13 |
| ROP Roper Technologies Inc. | Reduce -9.3% | 0.31% | −0.12 |
| CLFD Clearfield Inc. | Sold out | 0.00% | −0.11 |
| EMR Emerson Electric Co. | Reduce -0.5% | 0.82% | −0.11 |
| EQIX Equinix Inc. | Reduce -1.1% | 0.72% | −0.10 |
| IWR iShares Russell Mid-Cap ETF | Reduce -11.9% | 0.49% | −0.10 |
| ABT Abbott Laboratories | Reduce -0.1% | 0.75% | −0.09 |
| CLNE Clean Energy Fuels Corp. | Sold out | 0.00% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -5.1% | 0.84% | −0.09 |
| BFLY Butterfly Network Inc. | Sold out | 0.00% | −0.08 |
| SOLV Solventum Corp. | Reduce -0.3% | 0.53% | −0.08 |
| CRM Salesforce Inc. | Reduce -9.6% | 0.20% | −0.08 |
| ECL Ecolab Inc. | Reduce -0.7% | 0.81% | −0.08 |
| HRL Hormel Foods Corp. | Reduce -3.8% | 0.19% | −0.08 |
| GIS General Mills Inc. | Reduce -6.8% | 0.32% | −0.07 |
| DIS The Walt Disney Co. | Reduce -8.0% | 0.22% | −0.07 |
| PGX Invesco Preferred ETF | Reduce -3.4% | 0.63% | −0.06 |
| ALNT Allient Inc. | Reduce -38.5% | 0.14% | −0.06 |
| AOUT American Outdoor Brands Inc. | Reduce -0.0% | 0.17% | −0.06 |
| TRV The Travelers Cos Inc. | Reduce -0.5% | 0.82% | −0.06 |
| LMNR Limoneira Co. | Reduce -2.3% | 0.28% | −0.05 |
| IVW iShares S&P 500 Growth ETF | Reduce -8.9% | 0.49% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -0.2% | 0.52% | −0.05 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -3.8% | 0.33% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -7.1% | 0.20% | −0.05 |
| KRNY Kearny Financial Corp. | Reduce -4.0% | 0.31% | −0.04 |
| SDY SS SPDR S&P Dividend ETF | Reduce -1.4% | 0.45% | −0.04 |
| MITK Mitek Systems Inc. | Reduce -0.4% | 0.31% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -0.3% | 0.60% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -0.1% | 1.75% | −0.04 |
| TITN Titan Machinery Inc. | Reduce -0.0% | 0.10% | −0.03 |
| IVE iShares S&P 500 Value ETF | Reduce -3.0% | 0.39% | −0.03 |
| ALL Allstate Corp. | Reduce -1.1% | 0.58% | −0.03 |
| SBUX Starbucks Corp. | Reduce -9.9% | 0.09% | −0.03 |
| HDV iShares Core High Dividend E | Reduce -2.5% | 0.32% | −0.03 |
| IWM iShares Russell 2000 ETF | Reduce -9.2% | 0.30% | −0.03 |
| IFF Intl Flavors & Fragrances | Reduce -6.3% | 0.06% | −0.03 |
| EOG EOG Resources Inc. | Reduce -0.2% | 0.13% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| INDB Independent Bank Corp. | New | 0.51% | +0.51 |
| AAPL Apple Inc. | Add +0.0% | 3.81% | +0.41 |
| GOOGL Alphabet Inc. Class A | Add +0.5% | 1.86% | +0.37 |
| CECO Ceco Environmental Corp. | Add +0.0% | 0.96% | +0.37 |
| UNH Unitedhealth Group Inc. | Add +280.8% | 0.41% | +0.30 |
| NEO Neogenomics Inc. | Add +394.3% | 0.31% | +0.24 |
| KHC The Kraft Heinz Co. | Add +119.4% | 0.48% | +0.24 |
| LEU Centrus Energy Corp. Class A | New | 0.23% | +0.23 |
| AMD Advanced Micro Devices | Add +58.9% | 0.57% | +0.22 |
| AEP American Electric Power | New | 0.21% | +0.21 |
| RIOT Riot Platforms Inc. | Add +0.1% | 0.56% | +0.19 |
| SXI Standex International Corp. | Add +0.0% | 0.92% | +0.17 |
| AVNW Aviat Networks Inc. | Add +95.4% | 0.36% | +0.15 |
| RDNT Radnet Inc. | Add +0.0% | 0.82% | +0.14 |
| ANGO Angiodynamics Inc. | Add +61.6% | 0.34% | +0.13 |
| VELO VELO3D Inc. | New | 0.12% | +0.12 |
| INFU Infusystem Holdings Inc. | Add +0.5% | 0.30% | +0.10 |
| SITM Sitime Corp. | Add +0.2% | 0.46% | +0.10 |
| TSLA Tesla Inc. | Add +1.1% | 0.44% | +0.10 |
| SO The Southern Co. | New | 0.09% | +0.09 |
| TLSI Trisalus Life Sciences Inc. | New | 0.08% | +0.08 |
| NVDA Nvidia Corp. | Add +0.4% | 1.13% | +0.07 |
| FLOT iShares Floating Rate Bond E | Add +16.1% | 1.40% | +0.07 |
| STRW Strawberry Fields REIT Inc. | Add +19.2% | 0.30% | +0.06 |
| CVS CVS Health Corp. | New | 0.06% | +0.06 |
| GENI Genius Sports Ltd. | Add +0.0% | 0.87% | +0.06 |
| TKR Timken Co. | New | 0.06% | +0.06 |
| SERV Serve Robotics Inc. | New | 0.06% | +0.06 |
| C Citigroup Inc. | Add +0.4% | 0.61% | +0.05 |
| SUB iShares Short-Term National | Add +43.9% | 0.18% | +0.04 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +18.3% | 0.36% | +0.04 |
| SPG Simon Property Group Inc. | Add +13.0% | 0.21% | +0.03 |
| VIAV Viavi Solutions Inc. | Add +0.0% | 0.28% | +0.03 |
| AVGO Broadcom Inc. | Add +0.7% | 0.29% | +0.02 |
| EBAY eBay Inc. | Add +0.1% | 0.24% | +0.02 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +4.9% | 0.56% | +0.02 |
| DUK Duke Energy Corp. | Add +33.2% | 0.09% | +0.02 |
| HD Home Depot Inc. | Add +10.2% | 0.20% | +0.02 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Add +8.8% | 0.83% | +0.01 |
| COHR Coherent Corp. | Add +2.0% | 0.13% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +3.2% | 0.08% | +0.01 |
| LOW Lowe's Cos Inc. | Add +5.3% | 0.10% | +0.01 |
| MXL Maxlinear Inc. | Add +0.1% | 0.22% | +0.00 |
| MITQ Moving Image Technologies Inc. | Add +20.0% | 0.01% | +0.00 |
| EEM iShares MSCI Emerging Market | Add +1.6% | 0.15% | +0.00 |
| ELMD Electromed Inc. | Add +0.0% | 0.26% | +0.00 |
| FLL Full House Resorts Inc. | Add +27.4% | 0.22% | +0.00 |
| LH Labcorp Holdings Inc. | Add +2.3% | 0.13% | +0.00 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +11.1% | 0.10% | +0.00 |
| ENVX Enovix Corp. | Add +14.1% | 0.24% | −0.00 |
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 |