Winthrop Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Winthrop Capital Management, LLC reported 338 stock positions worth $413.5 million. Its top holding was Vanguard Info Tech ETF (VGT) at 8.4% of the portfolio, followed by SS SPDR P St C Corp. ETF (SPSB, 5.0%) and Schwab US Large-Cap ETF (SCHX, 4.1%). Compared with Q2 2025, it opened 17 new positions, sold out of 29, added to 100 and reduced 33. The biggest buy was iShares 0-3 Month Treasury B (SGOV, shares +37%) and the biggest sale an exit from Apple (AAPL).
- Most Recent 13F
- Q2 2026
- Location
- Carmel, IN
- CIK
- 0002010657
- Portfolio Value
- $413.5M (Q3 2025)
- SEC Filing
- 0001999371-25-017607 ↗ filed Nov 13, 2025
Holdings Value
Holdings 338 stocks · $413.5M
| VGT Vanguard Info Tech ETF | 8.35% | 46,264 | $34.5M | Reduce -0.3% |
| SPSB SS SPDR P St C Corp. ETF | 4.99% | 681,706 | $20.6M | Add +2.7% |
| SCHX Schwab US Large-Cap ETF | 4.15% | 651,164 | $17.2M | Reduce -1.8% |
| VFH Vanguard Financials ETF | 3.35% | 105,693 | $13.9M | Add +0.7% |
| IEFA iShares Core MSCI Eafe ETF | 3.32% | 157,019 | $13.7M | Add +0.7% |
| LLY Eli Lilly & Co. | 3.29% | 17,835 | $13.6M | Add +1.0% |
| SCHD Schwab US DVD Equity ETF | 3.19% | 483,039 | $13.2M | Add +1.8% |
| RSP Invesco S&P 500 Equal Weight | 3.01% | 65,522 | $12.4M | Add +1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.92% | 18,153 | $12.1M | Add +8.3% |
| USMV iShares MSCI USA Min Vol Fac | 2.68% | 116,373 | $11.1M | Add +4.3% |
| XLC SS Comm Select Sector SPDR | 2.61% | 91,232 | $10.8M | Add +0.5% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 2.51% | 93,032 | $10.4M | Reduce -4.4% |
| VCIT Vanguard Int-Term Corporate | 2.44% | 119,785 | $10.1M | Add +12.2% |
| XLY SS Consumer Disc Select Sect | 2.24% | 38,733 | $9.3M | Add +0.8% |
| XLV SS Health Care Select Sector | 2.17% | 64,419 | $9.0M | Add +2.4% |
| IVV iShares Core S&P 500 ETF | 1.99% | 12,273 | $8.2M | Add +10.2% |
| SCHF Schwab Intl Equity ETF | 1.95% | 346,249 | $8.1M | Add +0.8% |
| NVDA Nvidia Corp. | 1.85% | 40,921 | $7.6M | Reduce -0.4% |
| MSFT Microsoft Corp. | 1.72% | 13,727 | $7.1M | Add +1.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.65% | 14,183 | $6.8M | Add +4.0% |
| SPHY SS SPDR P High Yield ETF | 1.60% | 276,940 | $6.6M | Add +0.3% |
| MBB iShares MBS ETF | 1.57% | 68,439 | $6.5M | Reduce -1.9% |
| XLI SS Industrial Select Sector | 1.50% | 40,348 | $6.2M | Add +1.5% |
| SGOV iShares 0-3 Month Treasury B | 1.46% | 60,038 | $6.0M | Add +36.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.42% | 31,491 | $5.9M | Add +4.3% |
| GOOGL Alphabet Inc. Class A | 1.29% | 21,987 | $5.3M | Add +2.9% |
| IEMG iShares Core MSCI Emerging | 1.25% | 78,362 | $5.2M | Add +0.2% |
| SCHG Schwab US Large-Cap Growth | 1.21% | 156,558 | $5.0M | Reduce -3.0% |
| NEE Nextera Energy Inc. | 1.17% | 64,132 | $4.8M | Reduce -0.2% |
| XLP SS Consumer Staples Sel Sect | 1.06% | 56,132 | $4.4M | Add +3.0% |
| JPM JPMorgan Chase & Co. | 1.01% | 13,208 | $4.2M | Add +1.4% |
| AGG iShares Core U.S. Aggregate | 0.98% | 40,593 | $4.1M | Add +10.9% |
| PFF iShares Preferred & Income S | 0.92% | 120,351 | $3.8M | Reduce -4.5% |
| XLE SS Energy Select Sector | 0.91% | 41,903 | $3.7M | Add +2.0% |
| PEP Pepsico Inc. | 0.77% | 22,707 | $3.2M | Add +0.6% |
| ORCL Oracle Corp. | 0.71% | 10,461 | $2.9M | Add +1.6% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.71% | 33,474 | $2.9M | Add +1.6% |
| SCHA Schwab US Small-Cap ETF | 0.63% | 93,601 | $2.6M | Reduce -18.8% |
| IEF iShares 7-10 Year Treasury B | 0.61% | 26,199 | $2.5M | Add +12.3% |
| ITA iShares U.S. Aerospace & Def | 0.59% | 11,631 | $2.4M | Reduce -0.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.52% | 40,320 | $2.1M | No change |
| XLRE SS Real Estate Select Sector | 0.48% | 47,445 | $2.0M | Add +1.8% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.47% | 58,229 | $1.9M | Add +2.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.44% | 6,420 | $1.8M | Add +1.1% |
| XLB SS Materials Select Sector | 0.44% | 20,209 | $1.8M | Add +1.2% |
| V Visa Inc. Class A | 0.44% | 5,300 | $1.8M | Add +4.3% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.44% | 6,049 | $1.8M | Add +3.4% |
| CMI Cummins Inc. | 0.42% | 4,128 | $1.7M | Add +5.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.40% | 5,075 | $1.7M | Add +0.0% |
| IVW iShares S&P 500 Growth ETF | 0.39% | 13,494 | $1.6M | Add +0.0% |
| SCHM Schwab US Mid Cap ETF | 0.39% | 54,629 | $1.6M | Reduce -17.1% |
| JNJ Johnson & Johnson | 0.38% | 8,533 | $1.6M | Add +3.8% |
| C Citigroup Inc. | 0.38% | 15,416 | $1.6M | Add +1.7% |
| XOM Exxon Mobil Corp. | 0.34% | 12,380 | $1.4M | Add +0.5% |
| WMT Walmart Inc. | 0.34% | 13,537 | $1.4M | Reduce -0.2% |
| GLD SPDR Gold Shares | 0.34% | 3,902 | $1.4M | Add +15.1% |
| SPLV Invesco S&P 500 Low Volatili | 0.32% | 18,228 | $1.3M | No change |
| COST Costco Wholesale Corp. | 0.31% | 1,374 | $1.3M | Add +6.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.31% | 4,536 | $1.3M | Add +88.3% |
| DUK Duke Energy Corp. | 0.30% | 10,173 | $1.3M | Add +1.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.30% | 10,931 | $1.3M | Reduce -4.5% |
| YUM Yum! Brands Inc. | 0.29% | 7,976 | $1.2M | No change |
| HON Honeywell International Inc. | 0.29% | 5,642 | $1.2M | Add +1.9% |
| HD Home Depot Inc. | 0.28% | 2,904 | $1.2M | Add +2.8% |
| JCI Johnson Controls Internation | 0.28% | 10,596 | $1.2M | Add +2.1% |
| MRK Merck & Co. Inc. | 0.28% | 13,709 | $1.2M | Add +3.5% |
| PG The Procter & Gamble Co. | 0.26% | 6,966 | $1.1M | Add +1.2% |
| ABBV Abbvie Inc. | 0.24% | 4,317 | $1.0M | Add +1.6% |
| USB US Bancorp | 0.23% | 19,484 | $942K | Reduce -7.1% |
| CVX Chevron Corp. | 0.23% | 6,061 | $941K | Add +4.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.22% | 3,616 | $919K | No change |
| SCHH Schwab US REIT ETF | 0.22% | 42,143 | $909K | Add +0.1% |
| EQWL Invesco S&P 100 Equal Weight | 0.21% | 7,711 | $884K | Reduce -9.3% |
| TMO Thermo Fisher Scientific Inc. | 0.21% | 1,821 | $883K | Add +1.2% |
| UNH Unitedhealth Group Inc. | 0.21% | 2,492 | $860K | New |
| IJR iShares Core S&P Small-Cap E | 0.21% | 7,188 | $854K | Reduce -48.8% |
| IJH iShares Core S&P Midcap ETF | 0.20% | 12,802 | $835K | Reduce -46.9% |
| META Meta Platforms Inc. Class A | 0.20% | 1,118 | $821K | Add +3.7% |
| EMXC iShares MSCI Emr MRK Ex Chna | 0.20% | 12,086 | $816K | Reduce -21.1% |
| LOW Lowe's Cos Inc. | 0.18% | 2,929 | $736K | Add +2.1% |
| SLYG SS SPDR S&P 600 SC GR ETF | 0.16% | 7,159 | $675K | Add +1.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.16% | 8,381 | $670K | Add +0.6% |
| MCD McDonald's Corp. | 0.16% | 2,199 | $668K | Add +0.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.16% | 2,188 | $643K | No change |
| WFC Wells Fargo & Co. | 0.15% | 7,584 | $636K | Reduce -14.2% |
| IWM iShares Russell 2000 ETF | 0.15% | 2,509 | $607K | No change |
| COP Conocophillips | 0.14% | 6,183 | $585K | Add +2.3% |
| TXN Texas Instruments Inc. | 0.14% | 3,180 | $584K | Add +0.4% |
| SU Suncor Energy Inc. | 0.14% | 13,806 | $577K | Add +1.4% |
| GOOG Alphabet Inc. Class C | 0.14% | 2,318 | $565K | No change |
| CMCSA Comcast Corp. Class A | 0.13% | 17,253 | $542K | Reduce -2.6% |
| SPGI S&P Global Inc. | 0.13% | 1,090 | $531K | Add +3.8% |
| AER Aercap Holdings NV | 0.13% | 4,368 | $529K | Add +2.5% |
| PNC PNC Financial Services Group | 0.13% | 2,629 | $528K | Add +0.4% |
| PLD Prologis Inc. | 0.13% | 4,615 | $528K | Add +2.5% |
| EEM iShares MSCI Emerging Market | 0.12% | 9,218 | $492K | Add +5.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.10% | 2,014 | $420K | No change |
| SCHB Schwab US Broad Market ETF | 0.09% | 14,955 | $384K | Reduce -36.9% |
| APA Apa Corp. | 0.09% | 15,635 | $380K | Add +1.9% |
| QCOM Qualcomm Inc. | 0.09% | 2,217 | $369K | Reduce -57.9% |
Portfolio Sells Q2 2025 → Q3 2025
| AAPL Apple Inc. | Sold out | 0.00% | −1.06 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.78 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -4.4% | 2.51% | −0.19 |
| IJR iShares Core S&P Small-Cap E | Reduce -48.8% | 0.21% | −0.18 |
| IJH iShares Core S&P Midcap ETF | Reduce -46.9% | 0.20% | −0.18 |
| MDT Medtronic PLC | Reduce -95.6% | 0.01% | −0.16 |
| GLTR Abrdn Precious Metals Basket | Sold out | 0.00% | −0.14 |
| QCOM Qualcomm Inc. | Reduce -57.9% | 0.09% | −0.12 |
| BCI Abrdn Bloomberg All Commodit | Sold out | 0.00% | −0.12 |
| SCHA Schwab US Small-Cap ETF | Reduce -18.8% | 0.63% | −0.11 |
| MBB iShares MBS ETF | Reduce -1.9% | 1.57% | −0.08 |
| SCHM Schwab US Mid Cap ETF | Reduce -17.1% | 0.39% | −0.08 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Sold out | 0.00% | −0.07 |
| ABT Abbott Laboratories | Sold out | 0.00% | −0.07 |
| PFF iShares Preferred & Income S | Reduce -4.5% | 0.92% | −0.06 |
| DIS The Walt Disney Co. | Reduce -4.5% | 0.30% | −0.06 |
| JPST JPMorgan Ultra-Short Income | Sold out | 0.00% | −0.05 |
| SCHB Schwab US Broad Market ETF | Reduce -36.9% | 0.09% | −0.05 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -21.1% | 0.20% | −0.05 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.05 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −0.05 |
| VNLA Janus Henderson Short Durati | Reduce -53.5% | 0.04% | −0.04 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.03 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -2.6% | 0.13% | −0.03 |
| PFFD Global X US Preferred ETF | Reduce -87.5% | 0.00% | −0.03 |
| WFC Wells Fargo & Co. | Reduce -14.2% | 0.15% | −0.03 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.02 |
| EQWL Invesco S&P 100 Equal Weight | Reduce -9.3% | 0.21% | −0.02 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.02 |
| AXP American Express Co. | Sold out | 0.00% | −0.02 |
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.02 |
| AEP American Electric Power | Sold out | 0.00% | −0.01 |
| USB US Bancorp | Reduce -7.1% | 0.23% | −0.01 |
| VDC Vanguard Consumer Staple ETF | Reduce -21.6% | 0.03% | −0.01 |
| VIS Vanguard Industrials ETF | Reduce -16.1% | 0.06% | −0.01 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.01 |
| PFE Pfizer Inc. | Reduce -6.7% | 0.09% | −0.01 |
| RSPD Invesco S&P 500 Equal Weight | Reduce -8.1% | 0.07% | −0.00 |
| ALL Allstate Corp. | Sold out | 0.00% | −0.00 |
| ARCT Arcturus Therapeutics Holdin | Sold out | 0.00% | −0.00 |
| IBB iShares Biotechnology ETF | Reduce -37.8% | 0.00% | −0.00 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.00 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.00 |
| MMM 3M Co. | Reduce -22.6% | 0.00% | −0.00 |
| CFLT Confluent Inc. Class A | Sold out | 0.00% | −0.00 |
| TFC Truist Financial Corp. | Reduce -8.1% | 0.01% | −0.00 |
| AAON Aaon Inc. | Sold out | 0.00% | −0.00 |
| BA The Boeing Co. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| SGOV iShares 0-3 Month Treasury B | Add +36.7% | 1.46% | +0.34 |
| GOOGL Alphabet Inc. Class A | Add +2.9% | 1.29% | +0.34 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +8.3% | 2.92% | +0.31 |
| IVV iShares Core S&P 500 ETF | Add +10.2% | 1.99% | +0.24 |
| UNH Unitedhealth Group Inc. | New | 0.21% | +0.21 |
| VCIT Vanguard Int-Term Corporate | Add +12.2% | 2.44% | +0.20 |
| TSM Taiwan Semiconductor-SP ADR | Add +88.3% | 0.31% | +0.17 |
| ORCL Oracle Corp. | Add +1.6% | 0.71% | +0.14 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +4.0% | 1.65% | +0.13 |
| XLY SS Consumer Disc Select Sect | Add +0.8% | 2.24% | +0.13 |
| XLC SS Comm Select Sector SPDR | Add +0.5% | 2.61% | +0.12 |
| CMI Cummins Inc. | Add +5.0% | 0.42% | +0.10 |
| GLD SPDR Gold Shares | Add +15.1% | 0.34% | +0.07 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +4.3% | 1.42% | +0.07 |
| AGG iShares Core U.S. Aggregate | Add +10.9% | 0.98% | +0.07 |
| JNJ Johnson & Johnson | Add +3.8% | 0.38% | +0.07 |
| IEMG iShares Core MSCI Emerging | Add +0.2% | 1.25% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +1.4% | 1.01% | +0.05 |
| C Citigroup Inc. | Add +1.7% | 0.38% | +0.05 |
| IEF iShares 7-10 Year Treasury B | Add +12.3% | 0.61% | +0.05 |
| ABBV Abbvie Inc. | Add +1.6% | 0.24% | +0.04 |
| GSK GSK PLC-Spon ADR | New | 0.04% | +0.04 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +2.2% | 0.47% | +0.04 |
| RSP Invesco S&P 500 Equal Weight | Add +1.3% | 3.01% | +0.04 |
| SCHF Schwab Intl Equity ETF | Add +0.8% | 1.95% | +0.03 |
| USMV iShares MSCI USA Min Vol Fac | Add +4.3% | 2.68% | +0.03 |
| TMO Thermo Fisher Scientific Inc. | Add +1.2% | 0.21% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.7% | 3.32% | +0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +1.6% | 0.71% | +0.03 |
| MSFT Microsoft Corp. | Add +1.9% | 1.72% | +0.03 |
| JANX Janux Therapeutics Inc. | New | 0.03% | +0.03 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +3.4% | 0.44% | +0.03 |
| XLE SS Energy Select Sector | Add +2.0% | 0.91% | +0.03 |
| XLV SS Health Care Select Sector | Add +2.4% | 2.17% | +0.02 |
| HD Home Depot Inc. | Add +2.8% | 0.28% | +0.02 |
| XLI SS Industrial Select Sector | Add +1.5% | 1.50% | +0.02 |
| BABA Alibaba Group Holding-SP ADR | Add +1.5% | 0.06% | +0.02 |
| APA Apa Corp. | Add +1.9% | 0.09% | +0.02 |
| TROW T Rowe Price Group Inc. | New | 0.02% | +0.02 |
| IVW iShares S&P 500 Growth ETF | Add +0.0% | 0.39% | +0.02 |
| CVX Chevron Corp. | Add +4.8% | 0.23% | +0.02 |
| PEP Pepsico Inc. | Add +0.6% | 0.77% | +0.02 |
| LOW Lowe's Cos Inc. | Add +2.1% | 0.18% | +0.02 |
| MRK Merck & Co. Inc. | Add +3.5% | 0.28% | +0.01 |
| MU Micron Technology Inc. | Add +4.0% | 0.05% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.0% | 0.40% | +0.01 |
| SCHD Schwab US DVD Equity ETF | Add +1.8% | 3.19% | +0.01 |
| EEM iShares MSCI Emerging Market | Add +5.2% | 0.12% | +0.01 |
| ACN Accenture PLC Class A | Add +5000.0% | 0.01% | +0.01 |
| LULU Lululemon Athletica Inc. | Add +2700.0% | 0.01% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 426 | $17Kbefore 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 | 351 | $414.1M | VGT, LLY, SPSB, SCHX, VFH |
| Q1 2026 | 356 | $389.5M | VGT, SPSB, SCHX, LLY, SCHD |
| Q4 2025 | 363 | $429.1M | VGT, SPSB, LLY, SCHX, VFH |
| Q3 2025 | 338 | $413.5M | VGT, SPSB, SCHX, VFH, IEFA |
| Q2 2025 | 350 | $395.6M | VGT, SPSB, SCHX, LLY, VFH |
| Q1 2025 | 331 | $363.5M | VGT, SPSB, LLY, SCHX, SCHD |
| Q4 2024 | 337 | $375.7M | VGT, SPSB, SCHX, LLY, SCHD |
| Q3 2024 | 157 | $210.0M | VGT, SPSB, RSP, USMV, VFH |
| Q2 2024 | 158 | $199.9M | VGT, SPSB, RSP, VFH, IEFA |
| Q1 2024 | 162 | $217.0M | VGT, SPSB, LLY, RSP, VFH |