# CHURCHILL MANAGEMENT Corp

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 1094749. Source: https://holderbook.com/funds/1094749-churchill-management-corp/

- Reported value: $9.2B
- Positions: 146
- Weight of the ten largest: 62.8%
- Filed: 2025-07-18

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $1.2B | 4,809,901 | 13.2% | 27 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $721.1M | 1,307,145 | 7.8% | 12 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $659.3M | 1,067,120 | 7.2% | 27 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $527.8M | 10,077,535 | 5.7% | 18 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $513.1M | 826,375 | 5.6% | 21 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $490.8M | 864,054 | 5.3% | 9 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $454.5M | 685,276 | 4.9% | 1 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $452.8M | 2,561,737 | 4.9% | 18 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $433.2M | 3,991,642 | 4.7% | 10 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $310.8M | 2,305,920 | 3.4% | 24 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $271.3M | 798,988 | 2.9% | 21 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $251.6M | 1,705,208 | 2.7% | 20 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $246.8M | 581,381 | 2.7% | 10 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $234.7M | 532,670 | 2.5% | 20 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $224.2M | 946,160 | 2.4% | 1 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $220.3M | 916,637 | 2.4% | 1 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $218.2M | 1,004,176 | 2.4% | 27 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $189.8M | 2,344,665 | 2.1% | 2 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $79.7M | 976,447 | 0.9% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $79.4M | 287,866 | 0.9% | 27 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $61.4M | 388,633 | 0.7% | 10 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $52.2M | 104,880 | 0.6% | 27 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $51.0M | 38,067 | 0.6% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $48.1M | 234,672 | 0.5% | 27 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $40.8M | 242,896 | 0.4% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $35.5M | 201,717 | 0.4% | 27 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $31.4M | 121,912 | 0.3% | 9 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $29.2M | 39,627 | 0.3% | 8 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $28.2M | 55,426 | 0.3% | 2 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $26.3M | 182,383 | 0.3% | 8 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $24.8M | 67,743 | 0.3% | 27 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $24.8M | 46,827 | 0.3% | 5 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $24.5M | 333,164 | 0.3% | 7 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $23.7M | 174,140 | 0.3% | 1 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $22.9M | 279,970 | 0.2% | 18 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $21.7M | 75,014 | 0.2% | 20 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $21.0M | 195,676 | 0.2% | 17 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $20.4M | 254,395 | 0.2% | 2 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $20.3M | 69,028 | 0.2% | 8 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $19.0M | 86,429 | 0.2% | 27 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $18.8M | 38,684 | 0.2% | 10 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $18.1M | 163,496 | 0.2% | 2 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $16.8M | 92,353 | 0.2% | 11 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $16.7M | 46,963 | 0.2% | 8 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $16.1M | 10,591 | 0.2% | 10 |
| QUEST DIAGNOSTICS INC | [DGX](https://holderbook.com/stocks/DGX/) | $16.0M | 88,809 | 0.2% | 2 |
| CARNIVAL CORP | [CCL](https://holderbook.com/stocks/CCL/) | $15.8M | 562,296 | 0.2% | 8 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $15.6M | 144,884 | 0.2% | 18 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $15.4M | 179,565 | 0.2% | 6 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $15.1M | 258,228 | 0.2% | 5 |
| VANGUARD INTL EQUITY INDEX F | [VGK](https://holderbook.com/stocks/VGK/) | $14.9M | 192,387 | 0.2% | 2 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $14.7M | 500,708 | 0.2% | 11 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $14.6M | 3,940 | 0.2% | 3 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $14.6M | 105,151 | 0.2% | 6 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $14.4M | 161,299 | 0.2% | 2 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $14.2M | 13,693 | 0.2% | 7 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $13.9M | 289,155 | 0.2% | 3 |
| JACKSON FINANCIAL INC | [JXN](https://holderbook.com/stocks/JXN/) | $13.9M | 156,137 | 0.2% | 5 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $12.9M | 66,521 | 0.1% | 19 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $12.9M | 229,286 | 0.1% | 22 |
| ALLIANCEBERNSTEIN HLDG L P | [AB](https://holderbook.com/stocks/AB/) | $12.9M | 314,844 | 0.1% | 2 |
| DOORDASH INC | [DASH](https://holderbook.com/stocks/DASH/) | $12.7M | 51,677 | 0.1% | 2 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $12.4M | 51,065 | 0.1% | 1 |
| OLD REP INTL CORP | [ORI](https://holderbook.com/stocks/ORI/) | $12.3M | 320,694 | 0.1% | 11 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $12.1M | 92,027 | 0.1% | 1 |
| BROOKFIELD INFRASTRUCTURE CO | [BIPC](https://holderbook.com/stocks/BIPC/) | $11.9M | 286,303 | 0.1% | 3 |
| ARCHROCK INC | [AROC](https://holderbook.com/stocks/AROC/) | $11.8M | 475,581 | 0.1% | 3 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $11.8M | 74,794 | 0.1% | 6 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $11.2M | 344,598 | 0.1% | 11 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $10.7M | 44,797 | 0.1% | 2 |
| LINCOLN NATL CORP IND | [LNC](https://holderbook.com/stocks/LNC/) | $10.4M | 300,271 | 0.1% | 6 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $10.3M | 952,223 | 0.1% | 1 |
| WISDOMTREE TR | [GDE](https://holderbook.com/stocks/GDE/) | $10.3M | 218,257 | 0.1% | 1 |
| EVERGY INC | [EVRG](https://holderbook.com/stocks/EVRG/) | $10.1M | 147,233 | 0.1% | 5 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $9.8M | 21,996 | 0.1% | 15 |
| EXTRA SPACE STORAGE INC | [EXR](https://holderbook.com/stocks/EXR/) | $9.5M | 64,634 | 0.1% | 18 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $9.5M | 129,637 | 0.1% | 17 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $9.4M | 26,810 | 0.1% | 1 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $9.4M | 324,104 | 0.1% | 18 |
| FIDELITY NATL FINL INC | [FNF](https://holderbook.com/stocks/FNF/) | $9.3M | 166,763 | 0.1% | 6 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $9.3M | 81,262 | 0.1% | 2 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $9.0M | 9,098 | 0.1% | 3 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $9.0M | 371,083 | 0.1% | 2 |
| PRINCIPAL FINANCIAL GROUP IN | [PFG](https://holderbook.com/stocks/PFG/) | $8.9M | 112,590 | 0.1% | 14 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $8.8M | 74,778 | 0.1% | 9 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $8.8M | 505,544 | 0.1% | 7 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $8.6M | 106,708 | 0.1% | 6 |
| GUIDEWIRE SOFTWARE INC | [GWRE](https://holderbook.com/stocks/GWRE/) | $8.5M | 36,148 | 0.1% | 1 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $8.4M | 10,976 | 0.1% | 3 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $8.1M | 770,025 | 0.1% | 2 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $7.9M | 55,608 | 0.1% | 1 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $7.8M | 83,935 | 0.1% | 1 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $7.8M | 26,371 | 0.1% | 1 |
| JANUS HENDERSON GROUP PLC | [JHG](https://holderbook.com/stocks/JHG/) | $7.7M | 197,166 | 0.1% | 6 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $7.4M | 170,204 | 0.1% | 27 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $7.0M | 56,659 | 0.1% | 6 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $6.9M | 82,535 | 0.1% | 2 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $6.7M | 30,652 | 0.1% | 27 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $6.6M | 116,182 | 0.1% | 1 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $5.5M | 34,776 | 0.1% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2025 | +11.3% | +10.5% | +0.8% | 100% |
| Q1 2025 | -5.5% | -4.6% | -0.9% | 100% |
| Q4 2024 | +1.8% | +2.1% | -0.4% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.4% | 100% |
| Q2 2024 | +3.4% | +4.0% | -0.6% | 100% |
| Q1 2024 | +9.5% | +10.0% | -0.5% | 100% |
| Q4 2023 | +11.8% | +11.2% | +0.7% | 100% |
| Q3 2023 | -3.4% | -3.6% | +0.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $9.2B | 146 |
| Q1 2025 | $7.9B | 140 |
| Q4 2024 | $9.2B | 149 |
| Q3 2024 | $8.7B | 145 |
| Q2 2024 | $8.5B | 149 |
| Q1 2024 | $8.0B | 148 |
| Q4 2023 | $6.5B | 136 |
| Q3 2023 | $5.9B | 141 |
| Q2 2023 | $5.9B | 139 |
| Q1 2023 | $4.9B | 128 |
| Q4 2022 | $4.1B | 117 |
| Q3 2022 | $3.7B | 112 |