# Avalon Investment & Advisory

> Institutional holdings reported to the SEC as of Q1 2023 on Form 13F. CIK 1221362. Source: https://holderbook.com/funds/1221362-avalon-investment-advisory/

- Reported value: $3.7B
- Positions: 309
- Weight of the ten largest: 24.0%
- Filed: 2023-05-15

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 |
|---|---|---|---|---|---|
| LAM RESEARCH CORP | [LRCXXXXX](https://holderbook.com/stocks/LRCXXXXX/) | $119.1M | 224,749 | 3.3% | 18 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $111.8M | 677,724 | 3.1% | 18 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $96.7M | 932,361 | 2.6% | 18 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $94.2M | 326,786 | 2.6% | 18 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $82.1M | 503,278 | 2.2% | 18 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $78.8M | 166,793 | 2.2% | 18 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $78.4M | 736,753 | 2.1% | 18 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $75.9M | 408,096 | 2.1% | 18 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $70.3M | 294,169 | 1.9% | 18 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $68.9M | 223,023 | 1.9% | 18 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $66.9M | 761,727 | 1.8% | 13 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $64.1M | 351,477 | 1.8% | 18 |
| VONTIER CORPORATION | [VNT](https://holderbook.com/stocks/VNT/) | $62.3M | 2,279,687 | 1.7% | 7 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $61.7M | 150,627 | 1.7% | 18 |
| CAL MAINE FOODS INC | [CALM](https://holderbook.com/stocks/CALM/) | $49.4M | 810,594 | 1.4% | 18 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $49.1M | 171,947 | 1.3% | 18 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $48.9M | 482,214 | 1.3% | 18 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $48.2M | 370,219 | 1.3% | 18 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $47.5M | 319,187 | 1.3% | 18 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $47.0M | 731,690 | 1.3% | 1 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $46.8M | 1,253,050 | 1.3% | 18 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $46.8M | 1,436,704 | 1.3% | 2 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $45.5M | 96,162 | 1.2% | 18 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $44.3M | 150,066 | 1.2% | 18 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $43.8M | 440,740 | 1.2% | 18 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $43.7M | 501,695 | 1.2% | 18 |
| DISCOVER FINL SVCS | [DFS](https://holderbook.com/stocks/DFS/) | $42.9M | 434,066 | 1.2% | 18 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $42.8M | 220,686 | 1.2% | 18 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $42.3M | 374,421 | 1.2% | 18 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $39.7M | 248,957 | 1.1% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $39.2M | 379,379 | 1.1% | 18 |
| SUNNOVA ENERGY INTL INC. COM | [NOVAQ](https://holderbook.com/stocks/NOVAQ/) | $35.4M | 2,269,347 | 1.0% | 13 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $34.8M | 561,377 | 1.0% | 18 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $33.9M | 204,931 | 0.9% | 18 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $32.9M | 51,266 | 0.9% | 17 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $32.1M | 90,416 | 0.9% | 1 |
| JANUS DETROIT STR TR | [JMBS](https://holderbook.com/stocks/JMBS/) | $31.2M | 668,860 | 0.9% | 13 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $30.7M | 110,676 | 0.8% | 14 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $29.5M | 424,938 | 0.8% | 18 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $25.2M | 230,155 | 0.7% | 18 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $25.2M | 879,474 | 0.7% | 17 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $24.7M | 53 | 0.7% | 18 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $24.7M | 102,009 | 0.7% | 18 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $24.3M | 256,687 | 0.7% | 18 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $24.2M | 58,942 | 0.7% | 18 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $24.1M | 213,326 | 0.7% | 3 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $23.8M | 584,222 | 0.7% | 18 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $22.6M | 161,979 | 0.6% | 10 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $21.3M | 62,151 | 0.6% | 2 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $21.0M | 253,084 | 0.6% | 18 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $20.9M | 109,499 | 0.6% | 18 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $20.3M | 209,927 | 0.6% | 18 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $19.8M | 131,201 | 0.5% | 6 |
| IRON MTN INC DEL | [IRM](https://holderbook.com/stocks/IRM/) | $18.6M | 351,747 | 0.5% | 9 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $18.5M | 186,329 | 0.5% | 18 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $18.2M | 72,063 | 0.5% | 18 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $18.0M | 113,119 | 0.5% | 18 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $18.0M | 89,231 | 0.5% | 18 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $17.7M | 83,380 | 0.5% | 18 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $17.6M | 181,340 | 0.5% | 18 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $17.4M | 299,616 | 0.5% | 18 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $17.2M | 76,171 | 0.5% | 18 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $17.1M | 127,837 | 0.5% | 18 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $17.0M | 126,402 | 0.5% | 18 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $16.7M | 29,028 | 0.5% | 18 |
| COTERRA ENERGY INC | [CTRA](https://holderbook.com/stocks/CTRA/) | $16.6M | 677,443 | 0.5% | 5 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $16.6M | 261,992 | 0.5% | 14 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $16.6M | 169,030 | 0.5% | 18 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $16.0M | 318,579 | 0.4% | 10 |
| ALEXANDRIA REAL ESTATE EQ IN | [ARE](https://holderbook.com/stocks/ARE/) | $16.0M | 127,678 | 0.4% | 12 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $15.9M | 102,286 | 0.4% | 18 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $15.7M | 54,817 | 0.4% | 2 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $15.6M | 210,163 | 0.4% | 18 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $15.6M | 43,877 | 0.4% | 3 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $15.6M | 468,391 | 0.4% | 6 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $15.1M | 75,611 | 0.4% | 17 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $14.8M | 80,890 | 0.4% | 18 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $14.8M | 141,298 | 0.4% | 2 |
| ARISTA NETWORKS INC | [ANETXXXX](https://holderbook.com/stocks/ANETXXXX/) | $14.4M | 85,556 | 0.4% | 3 |
| XPLR INFRASTRUCTURE LP | [XIFR](https://holderbook.com/stocks/XIFR/) | $14.2M | 234,254 | 0.4% | 17 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $14.2M | 73,078 | 0.4% | 18 |
| KRAFT HEINZ CO | [KHC](https://holderbook.com/stocks/KHC/) | $14.1M | 364,296 | 0.4% | 8 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $14.0M | 85,091 | 0.4% | 18 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $13.6M | 146,785 | 0.4% | 18 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $13.5M | 65,291 | 0.4% | 7 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $13.3M | 47,560 | 0.4% | 18 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $12.9M | 160,295 | 0.4% | 6 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $12.8M | 18,867 | 0.4% | 18 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $12.7M | 242,851 | 0.3% | 18 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $12.6M | 87,149 | 0.3% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $12.6M | 34,577 | 0.3% | 17 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $12.4M | 24,911 | 0.3% | 18 |
| ICON PUB LTD CO | [ICLR](https://holderbook.com/stocks/ICLR/) | $12.2M | 57,090 | 0.3% | 18 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $12.1M | 53,060 | 0.3% | 18 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $11.9M | 80,444 | 0.3% | 18 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $11.7M | 70,049 | 0.3% | 18 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $11.7M | 116,536 | 0.3% | 18 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $11.6M | 28,157 | 0.3% | 1 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $11.4M | 13,831 | 0.3% | 1 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $11.0M | 140,845 | 0.3% | 1 |

## 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 |
|---|---|---|---|---|
| Q1 2023 | +2.4% | +7.0% | -4.6% | 100% |
| Q4 2022 | +9.1% | +7.1% | +2.1% | 100% |
| Q3 2022 | -5.0% | -5.3% | +0.3% | 100% |
| Q2 2022 | -13.8% | -16.5% | +2.6% | 100% |
| Q1 2022 | -3.7% | -4.9% | +1.2% | 100% |
| Q4 2021 | +7.5% | +10.7% | -3.2% | 100% |
| Q3 2021 | -1.6% | +0.3% | -1.8% | 100% |
| Q2 2021 | +6.3% | +8.0% | -1.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2023 | $3.7B | 309 |
| Q4 2022 | $3.5B | 314 |
| Q3 2022 | $3.2B | 287 |
| Q2 2022 | $3.5B | 309 |
| Q1 2022 | $4.1B | 320 |
| Q4 2021 | $4.1B | 300 |
| Q3 2021 | $4.3B | 335 |
| Q2 2021 | $4.5B | 350 |
| Q1 2021 | $4.4B | 341 |
| Q4 2020 | $4.9B | 333 |
| Q3 2020 | $4.5B | 322 |
| Q2 2020 | $4.3B | 302 |