White Pine Capital LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), White Pine Capital LLC reported 219 stock positions worth $363.4 million. Its top holding was 3M (MMM) at 4.3% of the portfolio, followed by Microsoft (MSFT, 4.1%) and Apple (AAPL, 3.9%). Compared with Q3 2025, it opened 7 new positions, sold out of 13, added to 78 and reduced 94. The biggest buy was Arlo Technologies (ARLO, shares +240%) and the biggest sale Eaton Vance Sr FLTG Rate TR (XEFRX, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- BLOOMINGTON, MN
- CIK
- 0001137429
- Portfolio Value
- $363.4M (Q4 2025)
- SEC Filing
- 0001137429-26-000001 ↗ filed Feb 9, 2026
Holdings Value
Holdings 219 stocks · $363.4M
| MMM 3M Co. | 4.31% | 97,800 | $15.7M | No change |
| MSFT Microsoft Corp. | 4.08% | 30,657 | $14.8M | Add +0.9% |
| AAPL Apple Inc. | 3.88% | 51,877 | $14.1M | Reduce -0.8% |
| IVV iShares Core S&P 500 ETF | 2.84% | 15,072 | $10.3M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 2.27% | 26,394 | $8.3M | Reduce -1.4% |
| AXTI Axt Inc. | 1.87% | 414,891 | $6.8M | Reduce -42.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.86% | 9,926 | $6.8M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 1.86% | 29,236 | $6.7M | Add +1.1% |
| JPM JPMorgan Chase & Co. | 1.71% | 19,287 | $6.2M | Reduce -0.2% |
| GE General Electric filed as GE AEROSPACE | 1.67% | 19,684 | $6.1M | Reduce -0.0% |
| GLD SPDR Gold Shares | 1.55% | 14,238 | $5.6M | Reduce -0.6% |
| V Visa Inc. Class A | 1.48% | 15,328 | $5.4M | Add +3.5% |
| JNJ Johnson & Johnson | 1.48% | 25,942 | $5.4M | Add +0.0% |
| WMT Walmart Inc. | 1.33% | 43,346 | $4.8M | Add +0.2% |
| FLOT iShares Floating Rate Bond E | 1.32% | 94,143 | $4.8M | Reduce -1.3% |
| PFF iShares Preferred & Income S | 1.26% | 147,877 | $4.6M | Add +2.5% |
| NVDA Nvidia Corp. | 1.24% | 24,120 | $4.5M | Add +13.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.18% | 14,460 | $4.3M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 1.16% | 13,411 | $4.2M | Reduce -0.0% |
| WFC Wells Fargo & Co. | 1.13% | 44,024 | $4.1M | Add +4.8% |
| CECO Ceco Environmental Corp. | 1.06% | 64,483 | $3.9M | Reduce -1.5% |
| ATRO Astronics Corp. | 1.06% | 70,843 | $3.8M | Reduce -1.6% |
| MRK Merck & Co. Inc. | 1.01% | 35,014 | $3.7M | Add +0.0% |
| SXI Standex International Corp. | 0.90% | 15,084 | $3.3M | Reduce -0.6% |
| SPYD SS SPDR P S&P 500 Hi Div ETF | 0.88% | 73,833 | $3.2M | Add +11.8% |
| META Meta Platforms Inc. Class A | 0.83% | 4,552 | $3.0M | Add +1.3% |
| TRV The Travelers Cos Inc. | 0.82% | 10,244 | $3.0M | No change |
| ADTN Adtran Holdings Inc. | 0.81% | 340,501 | $3.0M | Add +47.8% |
| EFA iShares MSCI Eafe ETF | 0.81% | 30,655 | $2.9M | Add +7.7% |
| CVX Chevron Corp. | 0.81% | 19,198 | $2.9M | Add +0.1% |
| EMR Emerson Electric Co. | 0.80% | 21,801 | $2.9M | Reduce -0.3% |
| MS Morgan Stanley | 0.76% | 15,622 | $2.8M | Reduce -0.2% |
| ECL Ecolab Inc. | 0.74% | 10,298 | $2.7M | Reduce -0.1% |
| AMD Advanced Micro Devices | 0.73% | 12,394 | $2.7M | Add +0.3% |
| RDNT Radnet Inc. | 0.73% | 37,181 | $2.7M | Reduce -1.5% |
| GENI Genius Sports Ltd. | 0.73% | 239,688 | $2.6M | Reduce -1.8% |
| PEP Pepsico Inc. | 0.70% | 17,758 | $2.5M | Add +1.6% |
| EQIX Equinix Inc. | 0.69% | 3,260 | $2.5M | Add +1.8% |
| C Citigroup Inc. | 0.68% | 21,208 | $2.5M | Add +0.8% |
| ABT Abbott Laboratories | 0.67% | 19,501 | $2.4M | Add +0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.65% | 43,243 | $2.4M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.65% | 19,760 | $2.4M | Add +6.0% |
| CSCO Cisco Systems Inc. | 0.63% | 29,774 | $2.3M | Add +0.1% |
| RJF Raymond James Financial Inc. | 0.63% | 14,230 | $2.3M | Reduce -0.1% |
| INDB Independent Bank Corp. | 0.61% | 30,513 | $2.2M | Add +17.8% |
| PGX Invesco Preferred ETF | 0.61% | 196,216 | $2.2M | Add +3.0% |
| ORCL Oracle Corp. | 0.61% | 11,312 | $2.2M | Add +0.0% |
| HON Honeywell International Inc. | 0.60% | 11,100 | $2.2M | Reduce -0.0% |
| T AT&T Inc. | 0.59% | 86,168 | $2.1M | Add +0.0% |
| WNEB Western New England Bancorp | 0.57% | 164,590 | $2.1M | Reduce -2.2% |
| NEAR iShares SH Dba ETF Usd Inc. | 0.57% | 40,539 | $2.1M | Add +56.1% |
| BA The Boeing Co. | 0.56% | 9,307 | $2.0M | Reduce -0.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.55% | 18,819 | $2.0M | Reduce -0.2% |
| SOLV Solventum Corp. | 0.55% | 25,155 | $2.0M | Reduce -0.1% |
| ALL Allstate Corp. | 0.54% | 9,365 | $1.9M | Reduce -0.7% |
| ANGO Angiodynamics Inc. | 0.53% | 150,524 | $1.9M | Add +43.2% |
| SITM Sitime Corp. | 0.51% | 5,278 | $1.9M | Reduce -2.0% |
| NEO Neogenomics Inc. | 0.50% | 155,181 | $1.8M | Add +11.8% |
| GEV GE Vernova Inc. | 0.50% | 2,779 | $1.8M | No change |
| VELO VELO3D Inc. | 0.49% | 129,642 | $1.8M | Reduce -3.4% |
| ITW Illinois Tool Works | 0.49% | 7,199 | $1.8M | Add +0.3% |
| KRNY Kearny Financial Corp. | 0.48% | 237,356 | $1.8M | Add +43.4% |
| NGS Natural Gas Services Group | 0.48% | 51,655 | $1.7M | Reduce -2.0% |
| DCI Donaldson Co. Inc. | 0.47% | 19,271 | $1.7M | Reduce -0.2% |
| IVE iShares S&P 500 Value ETF | 0.47% | 8,000 | $1.7M | Add +21.5% |
| IVW iShares S&P 500 Growth ETF | 0.46% | 13,709 | $1.7M | Reduce -3.3% |
| IWR iShares Russell Mid-Cap ETF | 0.46% | 17,457 | $1.7M | Reduce -0.5% |
| VZ Verizon Communications Inc. | 0.46% | 41,105 | $1.7M | Reduce -0.1% |
| ARLO Arlo Technologies Inc. | 0.45% | 116,533 | $1.6M | Add +239.8% |
| SDY SS SPDR S&P Dividend ETF | 0.44% | 11,382 | $1.6M | Add +0.4% |
| MCD McDonald's Corp. | 0.43% | 5,135 | $1.6M | Add +1.0% |
| TSLA Tesla Inc. | 0.43% | 3,457 | $1.6M | Add +0.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.43% | 29,319 | $1.6M | Add +37.0% |
| FLL Full House Resorts Inc. filed as FULL HSE RESORTS INC | 0.43% | 592,461 | $1.5M | Add +151.3% |
| MXL Maxlinear Inc. | 0.42% | 87,803 | $1.5M | Add +84.5% |
| PG The Procter & Gamble Co. | 0.41% | 10,520 | $1.5M | Add +8.3% |
| AXGN Axogen Inc. | 0.41% | 45,907 | $1.5M | Reduce -1.9% |
| ANGL Vaneck Fallen Angel High YLD | 0.41% | 51,038 | $1.5M | Add +14.3% |
| XEL Xcel Energy Inc. | 0.41% | 20,190 | $1.5M | Reduce -0.4% |
| RTX RTX Corp. | 0.39% | 7,708 | $1.4M | Reduce -0.3% |
| UNH Unitedhealth Group Inc. | 0.38% | 4,130 | $1.4M | Reduce -0.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.37% | 23,682 | $1.3M | Add +5.3% |
| PSTL Postal Realty Trust Inc. Class A | 0.37% | 83,270 | $1.3M | Add +33.1% |
| VIAV Viavi Solutions Inc. | 0.37% | 75,321 | $1.3M | Reduce -2.1% |
| ABBV Abbvie Inc. | 0.36% | 5,767 | $1.3M | No change |
| KRMD Koru Medical Systems Inc. | 0.35% | 221,199 | $1.3M | Reduce -1.9% |
| PHYS Sprott Physical Gold Trust | 0.35% | 38,533 | $1.3M | No change |
| TGT Target Corp. | 0.34% | 12,628 | $1.2M | Reduce -4.7% |
| AAOI Applied Optoelectronics Inc. | 0.33% | 34,776 | $1.2M | Add +184.3% |
| STRW Strawberry Fields REIT Inc. | 0.32% | 88,891 | $1.2M | Add +4.1% |
| KHC The Kraft Heinz Co. | 0.32% | 47,915 | $1.2M | Reduce -25.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.32% | 2,292 | $1.2M | Add +7.3% |
| MITK Mitek Systems Inc. | 0.31% | 107,577 | $1.1M | Reduce -1.4% |
| UUUU Energy Fuels Inc. | 0.31% | 77,460 | $1.1M | Reduce -27.9% |
| LGCY Legacy Education Inc. | 0.31% | 109,208 | $1.1M | Add +32.6% |
| MDY State Street SPDR S&P Midcap | 0.30% | 1,810 | $1.1M | Reduce -6.3% |
| HDV iShares Core High Dividend E | 0.30% | 8,953 | $1.1M | Reduce -2.4% |
| IWM iShares Russell 2000 ETF | 0.30% | 4,406 | $1.1M | Add +0.3% |
| IUSV iShares Core S&P U.S. Value | 0.29% | 10,451 | $1.1M | Reduce -3.0% |
| ELMD Electromed Inc. | 0.29% | 35,703 | $1.0M | Reduce -1.8% |
Portfolio Sells Q3 2025 → Q4 2025
| XEFRX Eaton Vance Sr FLTG Rate TR | Reduce -79.1% | 0.21% | −0.88 |
| RIOT Riot Platforms Inc. | Sold out | 0.00% | −0.56 |
| AVNW Aviat Networks Inc. | Sold out | 0.00% | −0.36 |
| RBBN Ribbon Communications Inc. | Reduce -95.6% | 0.01% | −0.32 |
| GIS General Mills Inc. | Reduce -48.8% | 0.15% | −0.18 |
| AOUT American Outdoor Brands Inc. | Sold out | 0.00% | −0.17 |
| UUUU Energy Fuels Inc. | Reduce -27.9% | 0.31% | −0.16 |
| KVUE Kenvue Inc. | Reduce -60.4% | 0.11% | −0.16 |
| KHC The Kraft Heinz Co. | Reduce -25.7% | 0.32% | −0.16 |
| TRNS Transcat Inc. | Sold out | 0.00% | −0.14 |
| GENI Genius Sports Ltd. | Reduce -1.8% | 0.73% | −0.14 |
| RSSS Research Solutions Inc. | Sold out | 0.00% | −0.13 |
| TLS Telos Corporation | Reduce -2.9% | 0.28% | −0.12 |
| TITN Titan Machinery Inc. | Sold out | 0.00% | −0.10 |
| KOPN Kopin Corp. | Sold out | 0.00% | −0.10 |
| CDXS Codexis Inc. | Sold out | 0.00% | −0.10 |
| RDNT Radnet Inc. | Reduce -1.5% | 0.73% | −0.09 |
| AEHR Aehr Test Systems | Reduce -2.3% | 0.14% | −0.08 |
| RDW Redwire Corp. | Sold out | 0.00% | −0.08 |
| FLOT iShares Floating Rate Bond E | Reduce -1.3% | 1.32% | −0.08 |
| RJF Raymond James Financial Inc. | Reduce -0.1% | 0.63% | −0.08 |
| IVV iShares Core S&P 500 ETF | Reduce -0.9% | 2.84% | −0.07 |
| HON Honeywell International Inc. | Reduce -0.0% | 0.60% | −0.07 |
| INOD Innodata Inc. | Reduce -1.8% | 0.11% | −0.07 |
| ECL Ecolab Inc. | Reduce -0.1% | 0.74% | −0.06 |
| AMBA Ambarella Inc. | Reduce -2.1% | 0.27% | −0.06 |
| TIP iShares Tips Bond ETF | Sold out | 0.00% | −0.06 |
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −0.06 |
| HD Home Depot Inc. | Reduce -15.9% | 0.14% | −0.06 |
| BBY Best Buy Co. Inc. | Sold out | 0.00% | −0.06 |
| LEU Centrus Energy Corp. Class A | Reduce -2.1% | 0.17% | −0.06 |
| XEL Xcel Energy Inc. | Reduce -0.4% | 0.41% | −0.06 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -27.5% | 0.14% | −0.06 |
| SWKS Skyworks Solutions Inc. | Reduce -1.2% | 0.21% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -0.1% | 0.46% | −0.06 |
| EB Eventbrite Inc. Class A | Sold out | 0.00% | −0.06 |
| ROP Roper Technologies Inc. | Reduce -3.9% | 0.25% | −0.05 |
| INFU Infusystem Holdings Inc. | Reduce -1.0% | 0.25% | −0.05 |
| PSA Public Storage | Reduce -30.2% | 0.08% | −0.05 |
| PYPL PayPal Holdings Inc. | Reduce -3.3% | 0.20% | −0.05 |
| ACLS Axcelis Technologies Inc. | Reduce -3.3% | 0.15% | −0.05 |
| ALL Allstate Corp. | Reduce -0.7% | 0.54% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -32.5% | 0.06% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 1.71% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.1% | 1.86% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -0.1% | 0.38% | −0.03 |
| HRL Hormel Foods Corp. | Reduce -9.5% | 0.16% | −0.03 |
| MDY State Street SPDR S&P Midcap | Reduce -6.3% | 0.30% | −0.03 |
| GE General Electric | Reduce -0.0% | 1.67% | −0.03 |
| HLMN Hillman Solutions Corp. | Reduce -2.4% | 0.20% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| ARLO Arlo Technologies Inc. | Add +239.8% | 0.45% | +0.28 |
| AAOI Applied Optoelectronics Inc. | Add +184.3% | 0.33% | +0.24 |
| FLL Full House Resorts Inc. | Add +151.3% | 0.43% | +0.21 |
| MXL Maxlinear Inc. | Add +84.5% | 0.42% | +0.20 |
| ANGO Angiodynamics Inc. | Add +43.2% | 0.53% | +0.20 |
| NEO Neogenomics Inc. | Add +11.8% | 0.50% | +0.20 |
| ADTN Adtran Holdings Inc. | Add +47.8% | 0.81% | +0.20 |
| NEAR iShares SH Dba ETF Usd Inc. | Add +56.1% | 0.57% | +0.19 |
| MRK Merck & Co. Inc. | Add +0.0% | 1.01% | +0.17 |
| KRNY Kearny Financial Corp. | Add +43.4% | 0.48% | +0.17 |
| AMD Advanced Micro Devices | Add +0.3% | 0.73% | +0.16 |
| AVBC Avidia Bancorp Inc. | New | 0.15% | +0.15 |
| WFC Wells Fargo & Co. | Add +4.8% | 1.13% | +0.12 |
| NVDA Nvidia Corp. | Add +13.6% | 1.24% | +0.10 |
| LITE Lumentum Holdings Inc. | New | 0.10% | +0.10 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +37.0% | 0.43% | +0.10 |
| INDB Independent Bank Corp. | Add +17.8% | 0.61% | +0.10 |
| JNJ Johnson & Johnson | Add +0.0% | 1.48% | +0.10 |
| PSTL Postal Realty Trust Inc. Class A | Add +33.1% | 0.37% | +0.09 |
| LGCY Legacy Education Inc. | Add +32.6% | 0.31% | +0.08 |
| IVE iShares S&P 500 Value ETF | Add +21.5% | 0.47% | +0.08 |
| SHAK Shake Shack Inc. Class A | Add +86.0% | 0.21% | +0.07 |
| C Citigroup Inc. | Add +0.8% | 0.68% | +0.07 |
| UPS United Parcel Service Class B | New | 0.07% | +0.07 |
| SUB iShares Short-Term National | Add +44.0% | 0.25% | +0.07 |
| WBD Warner Bros Discovery Inc. | New | 0.06% | +0.06 |
| FCX Freeport-McMoran Inc. | New | 0.06% | +0.06 |
| URI United Rentals Inc. | New | 0.06% | +0.06 |
| EEM iShares MSCI Emerging Market | Add +41.6% | 0.20% | +0.06 |
| DHI D.R. Horton Inc. | New | 0.06% | +0.06 |
| SERV Serve Robotics Inc. | Add +125.6% | 0.11% | +0.05 |
| WMT Walmart Inc. | Add +0.2% | 1.33% | +0.05 |
| XOM Exxon Mobil Corp. | Add +6.0% | 0.65% | +0.05 |
| EFA iShares MSCI Eafe ETF | Add +7.7% | 0.81% | +0.05 |
| CSCO Cisco Systems Inc. | Add +0.1% | 0.63% | +0.05 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Add +11.8% | 0.88% | +0.05 |
| BMY Bristol-Myers Squibb Co. | Add +4.0% | 0.24% | +0.04 |
| AMZN Amazon.com Inc. | Add +1.1% | 1.86% | +0.04 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +41.5% | 0.14% | +0.04 |
| ANGL Vaneck Fallen Angel High YLD | Add +14.3% | 0.41% | +0.03 |
| V Visa Inc. Class A | Add +3.5% | 1.48% | +0.03 |
| DUK Duke Energy Corp. | Add +40.9% | 0.12% | +0.03 |
| KMB Kimberly-Clark Corp. | Add +61.3% | 0.12% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +11.8% | 0.11% | +0.02 |
| STRW Strawberry Fields REIT Inc. | Add +4.1% | 0.32% | +0.02 |
| INTC Intel Corp. | Add +0.5% | 0.26% | +0.02 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +5.3% | 0.37% | +0.01 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +11.5% | 0.22% | +0.01 |
| AEP American Electric Power | Add +7.2% | 0.22% | +0.01 |
| FWRG First Watch Restaurant Group | Add +18.3% | 0.12% | +0.01 |
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 |