Wulff, Hansen & Co.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Wulff, Hansen & Co. reported 98 stock positions worth $109.7 million. Its top holding was Blackstone (BX) at 6.9% of the portfolio, followed by Vanguard Info Tech ETF (VGT, 4.4%) and Amazon Com (3.8%). Compared with Q4 2024, it opened 7 new positions, sold out of 5, added to 29 and reduced 25. The biggest buy was Costco Wholesale (COST, shares +55%) and the biggest sale Blackstone (BX, shares −1%).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0000108634
Portfolio Value
$109.7M (Q1 2025)
SEC Filing
0000108634-25-000006 ↗ filed May 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $100.2M Q1 2024 Q2 2024: $101.3M Q2 2024 Q3 2024: $110.4M Q3 2024 Q4 2024: $105.7M Q4 2024 Q1 2025: $109.7M $109.7M Q1 2025 Q2 2025: $116.8M Q2 2025 Q3 2025: $116.2M Q3 2025 Q4 2025: $119.2M Q4 2025 Q1 2026: $97.9M Q1 2026 Q2 2026: $130.5M Q2 2026

Holdings 98 stocks · $109.7M
BX Blackstone Inc. 6.93% 54,343 $7.6M Reduce -1.0%
VGT Vanguard Info Tech ETF 4.44% 8,972 $4.9M Reduce -0.8%
AMAZON COM INC 3.77% 21,730 $4.1M Add +4.2%
GOOGL Alphabet Inc. Class A 3.67% 25,995 $4.0M Reduce -0.4%
MSFT Microsoft Corp. 3.47% 10,136 $3.8M Reduce -12.5%
AAPL Apple Inc. 3.24% 15,994 $3.6M Add +49.7%
PG The Procter & Gamble Co. 3.22% 20,719 $3.5M Reduce -1.0%
COST Costco Wholesale Corp. 3.04% 3,529 $3.3M Add +54.8%
JPM JPMorgan Chase & Co. 2.81% 12,581 $3.1M Reduce -2.0%
RTX RTX Corp. 2.61% 21,633 $2.9M Reduce -1.2%
V Visa Inc. Class A 2.42% 7,580 $2.7M Add +12.0%
GE General Electric filed as GE AEROSPACE 2.08% 11,415 $2.3M Add +1.3%
BRK.B Berkshire Hathaway Inc. Class B 2.04% 4,197 $2.2M Reduce -8.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.76% 46,383 $1.9M Reduce -2.5%
CSX CSX Corp. 1.62% 60,285 $1.8M No change
BN Brookfield Corp. 1.61% 33,631 $1.8M No change
PM Philip Morris International 1.61% 11,095 $1.8M Add +8.1%
BIP Brookfield Infrastructure Pa 1.52% 55,832 $1.7M Reduce -3.1%
MRK Merck & Co. Inc. 1.51% 18,400 $1.7M No change
MDLZ Mondelez International Inc. Class A 1.49% 24,132 $1.6M Add +0.9%
JNJ Johnson & Johnson 1.49% 9,860 $1.6M Reduce -1.7%
SCHD Schwab US DVD Equity ETF 1.38% 53,975 $1.5M Add +1.4%
HD Home Depot Inc. 1.36% 4,079 $1.5M Add +0.3%
AWK American Water Works Co. Inc. 1.32% 9,780 $1.4M No change
XLY SS Consumer Disc Select Sect 1.31% 7,285 $1.4M Reduce -2.4%
CVX Chevron Corp. 1.25% 8,216 $1.4M Add +13.9%
GPC Genuine Parts Co. 1.19% 10,945 $1.3M Reduce -2.1%
VCSH Vanguard S/T Corp. Bond ETF 1.14% 15,775 $1.2M Reduce -4.3%
WMT Walmart Inc. 1.13% 14,177 $1.2M Add +4.8%
XOM Exxon Mobil Corp. 1.04% 9,627 $1.1M Add +20.0%
NVDA Nvidia Corp. 1.01% 10,175 $1.1M Add +62.7%
CWT California Water Service Grp 0.97% 21,875 $1.1M Add +6.0%
LMT Lockheed Martin Corp. 0.92% 2,261 $1.0M No change
IGSB iShares 1-5Y Inv Grade Corp. 0.92% 19,230 $1.0M Reduce -4.8%
FLMI Franklin Dynamic Municipal B 0.92% 41,187 $1.0M No change
WLDN Willdan Group Inc. 0.88% 23,737 $967K Add +4.0%
BA The Boeing Co. 0.87% 5,626 $960K Add +18.2%
DUK Duke Energy Corp. 0.87% 7,840 $956K Add +2.1%
FCX Freeport-McMoran Inc. 0.87% 25,099 $950K No change
WM Waste Management Inc. 0.80% 3,808 $882K Reduce -2.6%
SPSM SS SPDR P S&P 600 Small Cap 0.78% 21,075 $859K No change
SO The Southern Co. 0.74% 8,798 $809K Add +19.7%
GIS General Mills Inc. 0.74% 13,495 $807K Reduce -2.7%
MSI Motorola Solutions Inc. 0.73% 1,839 $805K Add +4.9%
DLR Digital Realty Trust Inc. 0.65% 4,961 $711K No change
CAT Caterpillar Inc. 0.65% 2,145 $707K New
CRM Salesforce Inc. 0.64% 2,615 $702K Add +152.7%
QQQ Invesco QQQ Trust Series 1 0.64% 1,495 $701K New
KMB Kimberly-Clark Corp. 0.60% 4,642 $660K No change
GEV GE Vernova Inc. 0.60% 2,149 $656K Add +1.8%
LLY Eli Lilly & Co. 0.59% 785 $648K No change
INTC Intel Corp. 0.57% 27,711 $629K No change
CPB The Campbell's Company 0.57% 15,580 $622K Reduce -3.9%
MA Mastercard Inc. Class A 0.55% 1,110 $608K Add +3.3%
HVT Haverty Furniture 0.53% 29,422 $580K No change
ABBV Abbvie Inc. 0.52% 2,745 $575K No change
LIN Linde PLC 0.51% 1,192 $555K New
XLE SS Energy Select Sector 0.48% 5,650 $528K No change
ESS Essex Property Trust Inc. 0.48% 1,717 $526K Add +9.8%
CP Canadian Pacific Kansas City 0.47% 7,349 $516K No change
VZ Verizon Communications Inc. 0.44% 10,671 $484K No change
CLX Clorox Company 0.43% 3,225 $475K No change
DHR Danaher Corp. 0.43% 2,291 $470K New
MP MP Materials Corp. 0.39% 17,679 $432K Reduce -0.7%
AEP American Electric Power 0.38% 3,840 $420K Add +13.3%
DE Deere & Co. 0.37% 870 $408K New
PFF iShares Preferred & Income S 0.37% 13,275 $408K Reduce -2.4%
RDS.B Shell PLC-Spon ADR-B filed as DUTCH SHELL PLC 0.37% 5,538 $406K No change
XLI SS Industrial Select Sector 0.36% 3,010 $395K No change
HON Honeywell International Inc. 0.35% 1,810 $383K No change
VB Vanguard Most SM-Cap ETF-Usd 0.34% 1,690 $375K No change
AVGO Broadcom Inc. 0.32% 2,105 $352K Add +13.5%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.32% 355 $351K New
XAR SS SPDR S&P Aerospace Def 0.32% 2,273 $348K No change
FMS Fresenius Medical Care-ADR 0.32% 13,880 $346K Reduce -5.2%
ETN Eaton Corp. PLC 0.31% 1,255 $341K Reduce -17.7%
HCC Warrior Met Coal Inc. 0.30% 6,963 $332K No change
BN Brookfield Asset Mgmt Inc. 0.30% 6,855 $332K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.30% 1,327 $330K No change
BIPC Brookfield Infrastructure-A 0.30% 9,040 $327K Reduce -0.7%
NVS Novartis AG-Sponsored ADR 0.30% 2,930 $327K Reduce -0.5%
IYF iShares US Financials ETF 0.29% 2,775 $313K No change
CL Colgate-Palmolive Co. 0.28% 3,310 $310K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.28% 3,099 $306K Add +8.2%
SCHX Schwab US Large-Cap ETF 0.28% 12,100 $303K Add +1.2%
CMCSA Comcast Corp. Class A 0.27% 8,164 $301K No change
VANGUARD WORLD FDS 0.27% 1,190 $295K No change
NKE Nike Inc. Class B 0.26% 4,560 $289K Reduce -4.0%
MCO Moody's Corp. 0.26% 605 $282K No change
TSLA Tesla Inc. 0.24% 1,030 $267K No change
META Meta Platforms Inc. Class A 0.24% 453 $261K No change
DOW Dow Inc. 0.24% 7,424 $259K New
PFE Pfizer Inc. 0.23% 10,119 $256K Add +8.6%
HPQ HP Inc. 0.23% 9,081 $251K No change
XLF SS Financial Select Sector 0.22% 4,855 $242K Add +7.5%
MMM 3M Co. 0.22% 1,635 $240K No change
HPE Hewlett Packard Enterprise 0.18% 12,666 $195K No change
GBTG Global Business Travel Group 0.15% 23,126 $168K No change

Portfolio Sells Q4 2024 → Q1 2025
BX Blackstone Inc. Reduce -1.0% 6.93% −2.03
MSFT Microsoft Corp. Reduce -12.5% 3.47% −1.15
GOOGL Alphabet Inc. Class A Reduce -0.4% 3.67% −1.01
VGT Vanguard Info Tech ETF Reduce -0.8% 4.44% −0.88
IBKR Interactive Brokers Gro Class A Sold out 0.00% −0.35
XLY SS Consumer Disc Select Sect Reduce -2.4% 1.31% −0.27
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.23
BIP Brookfield Infrastructure Pa Reduce -3.1% 1.52% −0.22
T AT&T Inc. Sold out 0.00% −0.22
BAC Bank of America Corp. Reduce -2.5% 1.76% −0.21
AXP American Express Co. Sold out 0.00% −0.19
BMRC Bank of Marin Bancorp Sold out 0.00% −0.19
ETN Eaton Corp. PLC Reduce -17.7% 0.31% −0.17
GIS General Mills Inc. Reduce -2.7% 0.74% −0.10
PG The Procter & Gamble Co. Reduce -1.0% 3.22% −0.10
JPM JPMorgan Chase & Co. Reduce -2.0% 2.81% −0.10
VCSH Vanguard S/T Corp. Bond ETF Reduce -4.3% 1.14% −0.08
NKE Nike Inc. Class B Reduce -4.0% 0.26% −0.08
CPB The Campbell's Company Reduce -3.9% 0.57% −0.08
IGSB iShares 1-5Y Inv Grade Corp. Reduce -4.8% 0.92% −0.07
BIPC Brookfield Infrastructure-A Reduce -0.7% 0.30% −0.05
GPC Genuine Parts Co. Reduce -2.1% 1.19% −0.05
PFF iShares Preferred & Income S Reduce -2.4% 0.37% −0.03
FMS Fresenius Medical Care-ADR Reduce -5.2% 0.32% +0.00
NVS Novartis AG-Sponsored ADR Reduce -0.5% 0.30% +0.03
WM Waste Management Inc. Reduce -2.6% 0.80% +0.06
BRK.B Berkshire Hathaway Inc. Class B Reduce -8.7% 2.04% +0.07
JNJ Johnson & Johnson Reduce -1.7% 1.49% +0.12
MP MP Materials Corp. Reduce -0.7% 0.39% +0.13
RTX RTX Corp. Reduce -1.2% 2.61% +0.22

Portfolio Buys Q4 2024 → Q1 2025
COST Costco Wholesale Corp. Add +54.8% 3.04% +2.85
AAPL Apple Inc. Add +49.7% 3.24% +0.71
CAT Caterpillar Inc. New 0.65% +0.65
QQQ Invesco QQQ Trust Series 1 New 0.64% +0.64
LIN Linde PLC New 0.51% +0.51
PM Philip Morris International Add +8.1% 1.61% +0.44
DHR Danaher Corp. New 0.43% +0.43
V Visa Inc. Class A Add +12.0% 2.42% +0.40
DE Deere & Co. New 0.37% +0.37
GWW WW Grainger Inc. New 0.32% +0.32
CRM Salesforce Inc. Add +152.7% 0.64% +0.31
GE General Electric Add +1.3% 2.08% +0.31
CVX Chevron Corp. Add +13.9% 1.25% +0.26
DOW Dow Inc. New 0.24% +0.24
XOM Exxon Mobil Corp. Add +20.0% 1.04% +0.23
NVDA Nvidia Corp. Add +62.7% 1.01% +0.21
SO The Southern Co. Add +19.7% 0.74% +0.17
MDLZ Mondelez International Inc. Class A Add +0.9% 1.49% +0.14
DUK Duke Energy Corp. Add +2.1% 0.87% +0.09
AEP American Electric Power Add +13.3% 0.38% +0.09
CWT California Water Service Grp Add +6.0% 0.97% +0.08
BA The Boeing Co. Add +18.2% 0.87% +0.08
WLDN Willdan Group Inc. Add +4.0% 0.88% +0.06
ESS Essex Property Trust Inc. Add +9.8% 0.48% +0.06
MA Mastercard Inc. Class A Add +3.3% 0.55% +0.02
XLF SS Financial Select Sector Add +7.5% 0.22% +0.01
SCHD Schwab US DVD Equity ETF Add +1.4% 1.38% +0.00
PFE Pfizer Inc. Add +8.6% 0.23% 0.00
WMT Walmart Inc. Add +4.8% 1.13% −0.02
DIS The Walt Disney Co. Add +8.2% 0.28% −0.02
MSI Motorola Solutions Inc. Add +4.9% 0.73% −0.03
SCHX Schwab US Large-Cap ETF Add +1.2% 0.28% −0.04
GEV GE Vernova Inc. Add +1.8% 0.60% −0.06
AVGO Broadcom Inc. Add +13.5% 0.32% −0.09
HD Home Depot Inc. Add +0.3% 1.36% −0.13
AMAZON COM INC Add +4.2% 3.77% −0.56

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 109$130.5MVGT, GOOGL, BX, AMZN, AAPL
Q1 2026 98$97.9MAMZN, RTX, AAPL, JPM, MSFT
Q4 2025 102$119.2MBX, VGT, GOOGL, AMZN, MSFT
Q3 2025 101$116.2MBX, VGT, MSFT, GOOGL, JPM
Q2 2025 100$116.8MBX, VGT, AMAZON COM INC, MSFT, COST
Q1 2025 98$109.7MBX, VGT, AMAZON COM INC, GOOGL, MSFT
Q4 2024 96$105.7MBX, VGT, GOOGL, MSFT, AMAZON COM INC
Q3 2024 96$110.4MBX, VGT, MSFT, GOOGL, BIPC
Q2 2024Amended 91$101.3MBX, VGT, MSFT, GOOGL, AMAZON COM INC
Q1 2024 89$100.2MBX, VGT, MSFT, PG, GOOGL