Wulff, Hansen & Co.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Wulff, Hansen & Co. reported 101 stock positions worth $116.2 million. Its top holding was Blackstone (BX) at 7.7% of the portfolio, followed by Vanguard Info Tech ETF (VGT, 5.7%) and Microsoft (MSFT, 4.2%). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 12 and reduced 42. The biggest buy was Alphabet Class A (GOOGL, shares +2%) and the biggest sale an exit from Amazon Com.

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0000108634
Portfolio Value
$116.2M (Q3 2025)
SEC Filing
0000108634-25-000010 ↗ filed Nov 7, 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 Q1 2025 Q2 2025: $116.8M Q2 2025 Q3 2025: $116.2M $116.2M Q3 2025 Q4 2025: $119.2M Q4 2025 Q1 2026: $97.9M Q1 2026 Q2 2026: $130.5M Q2 2026

Holdings 101 stocks · $116.2M
BX Blackstone Inc. 7.75% 52,685 $9.0M Reduce -1.6%
VGT Vanguard Info Tech ETF 5.67% 8,824 $6.6M Reduce -0.4%
MSFT Microsoft Corp. 4.23% 9,481 $4.9M Reduce -4.2%
GOOGL Alphabet Inc. Class A 4.12% 19,685 $4.8M Add +2.0%
JPM JPMorgan Chase & Co. 3.32% 12,231 $3.9M No change
AAPL Apple Inc. 3.31% 15,097 $3.8M Reduce -2.6%
RTX RTX Corp. 3.08% 21,377 $3.6M Reduce -0.1%
PG The Procter & Gamble Co. 2.71% 20,454 $3.1M Reduce -0.3%
GE General Electric filed as GE AEROSPACE 2.43% 9,380 $2.8M Reduce -5.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.01% 45,253 $2.3M No change
BN Brookfield Corp. 1.94% 32,796 $2.2M No change
CSX CSX Corp. 1.81% 59,140 $2.1M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 1.66% 3,832 $1.9M Reduce -6.8%
COST Costco Wholesale Corp. 1.62% 2,034 $1.9M Reduce -43.4%
NVDA Nvidia Corp. 1.54% 9,600 $1.8M Reduce -2.5%
PM Philip Morris International 1.54% 10,995 $1.8M Add +0.1%
JNJ Johnson & Johnson 1.52% 9,525 $1.8M No change
V Visa Inc. Class A 1.49% 5,055 $1.7M Reduce -26.1%
BIP Brookfield Infrastructure Pa 1.47% 51,877 $1.7M Add +5.2%
XLY SS Consumer Disc Select Sect 1.46% 7,089 $1.7M Reduce -0.0%
WLDN Willdan Group Inc. 1.46% 17,505 $1.7M Reduce -18.9%
HD Home Depot Inc. 1.41% 4,054 $1.6M Reduce -0.6%
MRK Merck & Co. Inc. 1.28% 17,720 $1.5M Reduce -2.5%
MDLZ Mondelez International Inc. Class A 1.28% 23,807 $1.5M Reduce -0.5%
GPC Genuine Parts Co. 1.27% 10,615 $1.5M Add +0.7%
SCHD Schwab US DVD Equity ETF 1.21% 51,550 $1.4M Reduce -0.9%
AWK American Water Works Co. Inc. 1.14% 9,515 $1.3M No change
CVX Chevron Corp. 1.10% 8,200 $1.3M Reduce -0.4%
VOO Vanguard S&P 500 ETF 1.06% 2,011 $1.2M Add +2.3%
BA The Boeing Co. 1.04% 5,601 $1.2M Reduce -15.7%
LMT Lockheed Martin Corp. 1.00% 2,337 $1.2M No change
VCSH Vanguard S/T Corp. Bond ETF 1.00% 14,537 $1.2M Reduce -4.4%
GEV GE Vernova Inc. 0.97% 1,836 $1.1M Reduce -11.6%
WMT Walmart Inc. 0.95% 10,734 $1.1M No change
MP MP Materials Corp. 0.95% 16,451 $1.1M Reduce -10.0%
XOM Exxon Mobil Corp. 0.95% 9,762 $1.1M Add +1.4%
FLMI Franklin Dynamic Municipal B 0.88% 41,187 $1.0M No change
FCX Freeport-McMoran Inc. 0.87% 25,799 $1.0M No change
AVGO Broadcom Inc. 0.87% 3,060 $1.0M Reduce -2.5%
DUK Duke Energy Corp. 0.85% 7,950 $984K Add +1.4%
CWT California Water Service Grp 0.84% 21,225 $974K Reduce -2.0%
SPSM SS SPDR P S&P 600 Small Cap 0.81% 20,195 $935K Reduce -5.8%
CAT Caterpillar Inc. 0.78% 1,895 $904K Reduce -11.7%
IGSB iShares 1-5Y Inv Grade Corp. 0.77% 16,835 $893K Reduce -2.1%
WM Waste Management Inc. 0.74% 3,893 $860K Add +2.2%
DLR Digital Realty Trust Inc. 0.74% 4,961 $858K No change
SO The Southern Co. 0.72% 8,798 $834K No change
QQQ Invesco QQQ Trust Series 1 0.69% 1,335 $801K Reduce -10.1%
MSI Motorola Solutions Inc. 0.58% 1,481 $677K Reduce -5.5%
HVT Haverty Furniture 0.58% 30,522 $669K No change
GIS General Mills Inc. 0.57% 13,140 $663K No change
ABBV Abbvie Inc. 0.55% 2,745 $636K No change
INTC Intel Corp. 0.55% 18,916 $635K Reduce -26.4%
KMB Kimberly-Clark Corp. 0.50% 4,642 $577K No change
CP Canadian Pacific Kansas City 0.45% 7,039 $524K Reduce -5.0%
XLE SS Energy Select Sector 0.43% 5,650 $505K No change
MA Mastercard Inc. Class A 0.43% 875 $498K Reduce -23.3%
CPB The Campbell's Company 0.42% 15,580 $492K No change
ITA iShares U.S. Aerospace & Def 0.42% 2,337 $489K No change
ETN Eaton Corp. PLC 0.40% 1,255 $470K No change
VZ Verizon Communications Inc. 0.40% 10,671 $469K No change
XLI SS Industrial Select Sector 0.40% 3,010 $464K No change
ESS Essex Property Trust Inc. 0.40% 1,717 $460K No change
TSLA Tesla Inc. 0.39% 1,030 $458K No change
BAM Brookfield Asset Mgmt-A 0.38% 7,830 $446K Add +3.2%
HCC Warrior Met Coal Inc. 0.38% 6,963 $443K No change
AEP American Electric Power 0.37% 3,840 $432K No change
LLY Eli Lilly & Co. 0.36% 555 $423K Reduce -29.3%
SCHG Schwab US Large-Cap Growth 0.36% 13,175 $420K Add +1.0%
HON Honeywell International Inc. 0.36% 1,965 $414K Add +8.6%
SHEL Shell PLC-ADR 0.35% 5,611 $401K No change
IEFA iShares Core MSCI Eafe ETF 0.34% 4,585 $400K New
CLX Clorox Company 0.34% 3,185 $393K No change
DE Deere & Co. 0.33% 850 $389K Reduce -2.3%
LIN Linde PLC 0.33% 808 $384K Reduce -24.6%
PFF iShares Preferred & Income S 0.33% 11,990 $379K Reduce -1.8%
NVS Novartis AG-Sponsored ADR 0.32% 2,925 $375K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.32% 1,327 $374K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.31% 3,099 $355K No change
VIS Vanguard Industrials ETF 0.30% 1,190 $353K No change
IYF iShares US Financials ETF 0.30% 2,775 $351K No change
MCO Moody's Corp. 0.28% 690 $329K Add +10.4%
HII Huntington Ingalls Industrie 0.27% 1,095 $315K No change
BIPC Brookfield Infrastructure-A 0.27% 7,660 $315K New
VB Vanguard Most SM-Cap ETF-Usd 0.27% 1,235 $314K Reduce -29.0%
EWC iShares MSCI Canada ETF 0.26% 6,052 $306K New
NKE Nike Inc. Class B 0.26% 4,315 $301K No change
PFE Pfizer Inc. 0.25% 11,475 $292K Reduce -6.6%
CL Colgate-Palmolive Co. 0.23% 3,310 $265K No change
XLF SS Financial Select Sector 0.23% 4,855 $262K No change
CMCSA Comcast Corp. Class A 0.22% 8,164 $257K No change
MMM 3M Co. 0.22% 1,635 $254K No change
DHR Danaher Corp. 0.21% 1,248 $247K Reduce -42.1%
HPQ HP Inc. 0.21% 9,081 $247K No change
META Meta Platforms Inc. Class A 0.20% 320 $235K Reduce -29.4%
AXP American Express Co. 0.20% 686 $228K New
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.19% 230 $219K Reduce -35.2%
BMRC Bank of Marin Bancorp filed as BANK MARIN BANCORP 0.18% 8,542 $207K New
EFX Equifax Inc. 0.18% 805 $207K New
SGOV iShares 0-3 Month Treasury B 0.17% 2,000 $201K No change

Show all 101 holdings

Portfolio Sells Q2 2025 → Q3 2025
AMAZON COM INC Sold out 0.00% −4.27
COST Costco Wholesale Corp. Reduce -43.4% 1.62% −1.42
CRM Salesforce Inc. Sold out 0.00% −0.95
V Visa Inc. Class A Reduce -26.1% 1.49% −0.59
AMAT Applied Materials Inc. Sold out 0.00% −0.23
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.20
TRI Thomson Reuters Corp. Sold out 0.00% −0.20
LLY Eli Lilly & Co. Reduce -29.3% 0.36% −0.16
DHR Danaher Corp. Reduce -42.1% 0.21% −0.15
BA The Boeing Co. Reduce -15.7% 1.04% −0.15
GWW WW Grainger Inc. Reduce -35.2% 0.19% −0.13
MA Mastercard Inc. Class A Reduce -23.3% 0.43% −0.12
MDLZ Mondelez International Inc. Class A Reduce -0.5% 1.28% −0.10
LIN Linde PLC Reduce -24.6% 0.33% −0.10
PG The Procter & Gamble Co. Reduce -0.3% 2.71% −0.09
META Meta Platforms Inc. Class A Reduce -29.4% 0.20% −0.08
VB Vanguard Most SM-Cap ETF-Usd Reduce -29.0% 0.27% −0.08
BRK.B Berkshire Hathaway Inc. Class B Reduce -6.8% 1.66% −0.05
CP Canadian Pacific Kansas City Reduce -5.0% 0.45% −0.05
DE Deere & Co. Reduce -2.3% 0.33% −0.04
VCSH Vanguard S/T Corp. Bond ETF Reduce -4.4% 1.00% −0.03
QQQ Invesco QQQ Trust Series 1 Reduce -10.1% 0.69% −0.01
IGSB iShares 1-5Y Inv Grade Corp. Reduce -2.1% 0.77% −0.01
CWT California Water Service Grp Reduce -2.0% 0.84% −0.00
PFE Pfizer Inc. Reduce -6.6% 0.25% −0.00
PFF iShares Preferred & Income S Reduce -1.8% 0.33% +0.01
MSFT Microsoft Corp. Reduce -4.2% 4.23% +0.02
MSI Motorola Solutions Inc. Reduce -5.5% 0.58% +0.02
SPSM SS SPDR P S&P 600 Small Cap Reduce -5.8% 0.81% +0.02
GEV GE Vernova Inc. Reduce -11.6% 0.97% +0.03
SCHD Schwab US DVD Equity ETF Reduce -0.9% 1.21% +0.03
MRK Merck & Co. Inc. Reduce -2.5% 1.28% +0.05
INTC Intel Corp. Reduce -26.4% 0.55% +0.05
CAT Caterpillar Inc. Reduce -11.7% 0.78% +0.07
CVX Chevron Corp. Reduce -0.4% 1.10% +0.09
AVGO Broadcom Inc. Reduce -2.5% 0.87% +0.13
HD Home Depot Inc. Reduce -0.6% 1.41% +0.13
XLY SS Consumer Disc Select Sect Reduce -0.0% 1.46% +0.14
CSX CSX Corp. Reduce -0.1% 1.81% +0.15
NVDA Nvidia Corp. Reduce -2.5% 1.54% +0.21
GE General Electric Reduce -5.7% 2.43% +0.24
WLDN Willdan Group Inc. Reduce -18.9% 1.46% +0.30
RTX RTX Corp. Reduce -0.1% 3.08% +0.40
MP MP Materials Corp. Reduce -10.0% 0.95% +0.43
AAPL Apple Inc. Reduce -2.6% 3.31% +0.59
VGT Vanguard Info Tech ETF Reduce -0.4% 5.67% +0.64
BX Blackstone Inc. Reduce -1.6% 7.75% +0.89

Portfolio Buys Q2 2025 → Q3 2025
GOOGL Alphabet Inc. Class A Add +2.0% 4.12% +1.21
IEFA iShares Core MSCI Eafe ETF New 0.34% +0.34
BIPC Brookfield Infrastructure-A New 0.27% +0.27
EWC iShares MSCI Canada ETF New 0.26% +0.26
AXP American Express Co. New 0.20% +0.20
BMRC Bank of Marin Bancorp New 0.18% +0.18
EFX Equifax Inc. New 0.18% +0.18
GPC Genuine Parts Co. Add +0.7% 1.27% +0.17
VOO Vanguard S&P 500 ETF Add +2.3% 1.06% +0.10
XOM Exxon Mobil Corp. Add +1.4% 0.95% +0.06
DUK Duke Energy Corp. Add +1.4% 0.85% +0.06
BIP Brookfield Infrastructure Pa Add +5.2% 1.47% +0.05
SCHG Schwab US Large-Cap Growth Add +1.0% 0.36% +0.04
BAM Brookfield Asset Mgmt-A Add +3.2% 0.38% +0.02
MCO Moody's Corp. Add +10.4% 0.28% +0.01
HON Honeywell International Inc. Add +8.6% 0.36% −0.00
WM Waste Management Inc. Add +2.2% 0.74% −0.01
PM Philip Morris International Add +0.1% 1.54% −0.18

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