# LAU ASSOCIATES LLC

> Institutional holdings reported to the SEC as of Q4 2019 on Form 13F. CIK 1161825. Source: https://holderbook.com/funds/1161825-lau-associates-llc/

- Reported value: $200.9M
- Positions: 94
- Weight of the ten largest: 53.6%
- Filed: 2020-02-05

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 |
|---|---|---|---|---|---|
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $34.3M | 679,594 | 17.1% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $20.7M | 70,569 | 10.3% | 5 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $9.4M | 157,601 | 4.7% | 5 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $8.3M | 56,622 | 4.1% | 5 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $7.2M | 111,181 | 3.6% | 5 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $7.1M | 51,860 | 3.5% | 5 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $6.8M | 61,478 | 3.4% | 5 |
| Accenture Ltd Cl A | - | $5.0M | 23,632 | 2.5% | 5 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.7M | 29,989 | 2.4% | 5 |
| DU PONT E I DE NEMOURS & CO | - | $4.0M | 62,750 | 2.0% | 5 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $3.9M | 31,182 | 1.9% | 5 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $3.4M | 62,750 | 1.7% | 3 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $3.2M | 12,367 | 1.6% | 5 |
| Merck & Co Inc | - | $3.2M | 35,357 | 1.6% | 5 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $3.2M | 9,760 | 1.6% | 2 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $3.0M | 21,525 | 1.5% | 5 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $2.7M | 15,514 | 1.4% | 5 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $2.4M | 19,575 | 1.2% | 5 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $2.4M | 13,600 | 1.2% | 5 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $2.4M | 36,950 | 1.2% | 5 |
| HASBRO INC | [HAS](https://holderbook.com/stocks/HAS/) | $2.3M | 21,900 | 1.2% | 5 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $2.3M | 22,380 | 1.1% | 5 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.2M | 1,620 | 1.1% | 5 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.1M | 7,096 | 1.0% | 5 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $2.0M | 36,239 | 1.0% | 5 |
| UNITED TECHNOLOGIES CORP | [UTX](https://holderbook.com/stocks/UTX/) | $1.7M | 11,162 | 0.8% | 5 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.6M | 7,872 | 0.8% | 5 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $1.5M | 31,000 | 0.8% | 5 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $1.5M | 22,800 | 0.8% | 5 |
| DISCOVER FINL SVCS | [DFS](https://holderbook.com/stocks/DFS/) | $1.5M | 17,464 | 0.7% | 5 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.5M | 8,814 | 0.7% | 5 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.4M | 20,553 | 0.7% | 5 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $1.4M | 8,000 | 0.7% | 5 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $1.4M | 31,266 | 0.7% | 3 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $1.4M | 11,663 | 0.7% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.4M | 753 | 0.7% | 5 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $1.3M | 27,941 | 0.7% | 5 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.3M | 5,798 | 0.7% | 5 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.3M | 15,136 | 0.6% | 5 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $1.2M | 8,300 | 0.6% | 5 |
| LINCOLN NATL CORP IND | [LNC](https://holderbook.com/stocks/LNC/) | $1.2M | 20,400 | 0.6% | 5 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.2M | 9,567 | 0.6% | 5 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $1.1M | 38,454 | 0.6% | 3 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $1.1M | 5,905 | 0.6% | 5 |
| Johnson Controls Inc | - | $1.1M | 27,300 | 0.6% | 2 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $1.1M | 12,532 | 0.5% | 5 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $1.1M | 3,608 | 0.5% | 5 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.0M | 753 | 0.5% | 5 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $989.0K | 17,575 | 0.5% | 5 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $973.0K | 18,100 | 0.5% | 5 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $912.0K | 2,800 | 0.5% | 5 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $866.0K | 9,559 | 0.4% | 5 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $860.0K | 4,578 | 0.4% | 5 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $843.0K | 7,500 | 0.4% | 4 |
| ISHARES TR | [IEI](https://holderbook.com/stocks/IEI/) | $835.0K | 6,640 | 0.4% | 4 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $796.0K | 15,017 | 0.4% | 5 |
| DAVITA INC | [DVA](https://holderbook.com/stocks/DVA/) | $795.0K | 10,600 | 0.4% | 4 |
| CITIGROUP INC | [C-PR](https://holderbook.com/stocks/C-PR/) | $791.0K | 9,900 | 0.4% | 5 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $755.0K | 8,695 | 0.4% | 5 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $727.0K | 3,016 | 0.4% | 5 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $727.0K | 11,900 | 0.4% | 4 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $719.0K | 350 | 0.4% | 5 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $551.0K | 10,803 | 0.3% | 5 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $546.0K | 4,000 | 0.3% | 5 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $526.0K | 3,925 | 0.3% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $508.0K | 1,700 | 0.3% | 5 |
| CANADIAN SOLAR INC | [CSIQ](https://holderbook.com/stocks/CSIQ/) | $506.0K | 22,900 | 0.3% | 2 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $504.0K | 2,400 | 0.3% | 5 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $469.0K | 5,000 | 0.2% | 5 |
| CHEMOURS CO | [CC](https://holderbook.com/stocks/CC/) | $447.0K | 24,686 | 0.2% | 5 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $424.0K | 1,750 | 0.2% | 3 |
| ETFS GOLD TR | - | $419.0K | 28,630 | 0.2% | 5 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $415.0K | 7,000 | 0.2% | 5 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $356.0K | 6,612 | 0.2% | 5 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $355.0K | 2,008 | 0.2% | 5 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $347.0K | 4,055 | 0.2% | 5 |
| ROYAL DUTCH SHELL PLC | [RDSA](https://holderbook.com/stocks/RDSA/) | $311.0K | 5,266 | 0.2% | 5 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $307.0K | 2,200 | 0.2% | 5 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $306.0K | 1,915 | 0.2% | 5 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $289.0K | 4,712 | 0.1% | 5 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $273.0K | 1,000 | 0.1% | 5 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $271.0K | 4,850 | 0.1% | 2 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $271.0K | 1,498 | 0.1% | 5 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $263.0K | 2,359 | 0.1% | 5 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $256.0K | 1,090 | 0.1% | 5 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $251.0K | 6,235 | 0.1% | 5 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $226.0K | 5,140 | 0.1% | 1 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $220.0K | 3,760 | 0.1% | 2 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $207.0K | 1,432 | 0.1% | 1 |
| GENERAL ELECTRIC CO | [GEXXXX](https://holderbook.com/stocks/GEXXXX/) | $167.0K | 14,945 | 0.1% | 5 |
| TPG Telecom Limited  Ord | - | $151.0K | 32,000 | 0.1% | 1 |
| DURECT CORP | [DRRX](https://holderbook.com/stocks/DRRX/) | $137.0K | 36,000 | 0.1% | 4 |
| SPRINT NEXTEL | - | $130.0K | 25,000 | 0.1% | 5 |
| IDERA PHARMACEUTICALS INC | - | $28.0K | 15,349 | 0.0% | 2 |

## 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 |
|---|---|---|---|---|
| Q4 2019 | +8.1% | +8.5% | -0.4% | 97% |
| Q3 2019 | +1.9% | +1.3% | +0.6% | 100% |
| Q2 2019 | +1.7% | +3.7% | -2.1% | 95% |
| Q1 2019 | +11.4% | +13.0% | -1.6% | 94% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2019 | $200.9M | 94 |
| Q3 2019 | $189.0M | 96 |
| Q2 2019 | $209.2M | 93 |
| Q1 2019 | $194.4M | 92 |
| Q4 2018 | $180.4M | 98 |