# Stillwater Investment Management, LLC

> Institutional holdings reported to the SEC as of Q1 2023 on Form 13F. CIK 1478775. Source: https://holderbook.com/funds/1478775-stillwater-investment-management-llc/

- Reported value: $372.0M
- Positions: 81
- Weight of the ten largest: 62.1%
- Filed: 2023-04-05

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 |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $99.1M | 241,093 | 26.6% | 18 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $26.9M | 385,232 | 7.2% | 18 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $26.8M | 150,053 | 7.2% | 18 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $21.6M | 131,141 | 5.8% | 18 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $12.3M | 81,683 | 3.3% | 18 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $11.3M | 136,749 | 3.0% | 18 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $10.9M | 338,323 | 2.9% | 18 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $8.3M | 36,627 | 2.2% | 18 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $7.1M | 54,961 | 1.9% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $6.6M | 63,665 | 1.8% | 18 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $6.0M | 12,076 | 1.6% | 18 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $5.7M | 13,730 | 1.5% | 18 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $5.3M | 18,899 | 1.4% | 18 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $5.2M | 24,534 | 1.4% | 18 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $5.0M | 38,556 | 1.4% | 18 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.9M | 15,992 | 1.3% | 18 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $4.5M | 36,332 | 1.2% | 18 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $4.4M | 28,473 | 1.2% | 18 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $4.2M | 40,526 | 1.1% | 18 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $4.1M | 39,988 | 1.1% | 18 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $3.9M | 17,261 | 1.1% | 18 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $3.9M | 48,248 | 1.0% | 18 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $3.9M | 73,720 | 1.0% | 18 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $3.8M | 15,892 | 1.0% | 18 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $3.8M | 37,310 | 1.0% | 18 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $3.5M | 10,591 | 0.9% | 18 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $3.3M | 39,201 | 0.9% | 18 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $3.1M | 76,391 | 0.8% | 18 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $3.0M | 20,269 | 0.8% | 18 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $2.9M | 21,349 | 0.8% | 18 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.8M | 9,842 | 0.8% | 18 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.8M | 27,044 | 0.8% | 18 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $2.7M | 95,982 | 0.7% | 18 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $2.7M | 14,956 | 0.7% | 18 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $2.5M | 37,439 | 0.7% | 13 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $2.4M | 62,292 | 0.6% | 18 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $2.3M | 9,812 | 0.6% | 18 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $2.1M | 15,973 | 0.6% | 18 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $2.1M | 54,051 | 0.6% | 18 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $2.0M | 18,763 | 0.5% | 18 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.8M | 4,508 | 0.5% | 18 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.8M | 29,192 | 0.5% | 18 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $1.8M | 30,400 | 0.5% | 17 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $1.8M | 26,995 | 0.5% | 5 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.7M | 52,823 | 0.5% | 18 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $1.7M | 17,217 | 0.5% | 18 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.5M | 14,110 | 0.4% | 18 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $1.2M | 12,196 | 0.3% | 18 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $1.2M | 17,827 | 0.3% | 18 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $1.1M | 24,284 | 0.3% | 18 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $1.1M | 31,379 | 0.3% | 18 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $1.0M | 9,903 | 0.3% | 18 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $989.3K | 3,352 | 0.3% | 18 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $966.1K | 5,332 | 0.3% | 18 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $823.6K | 12,138 | 0.2% | 4 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $805.3K | 19,205 | 0.2% | 4 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $765.6K | 4,811 | 0.2% | 10 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $726.4K | 1,132 | 0.2% | 10 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $704.0K | 7,576 | 0.2% | 18 |
| BAXTER INTL INC | [BAX](https://holderbook.com/stocks/BAX/) | $622.5K | 15,347 | 0.2% | 18 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $591.7K | 5,562 | 0.2% | 18 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $520.2K | 3,188 | 0.1% | 18 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $512.1K | 7,000 | 0.1% | 5 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $497.7K | 1,053 | 0.1% | 14 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $456.6K | 989 | 0.1% | 10 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $451.7K | 2,415 | 0.1% | 8 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $447.5K | 4,811 | 0.1% | 15 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $445.3K | 2,096 | 0.1% | 18 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $403.3K | 4,875 | 0.1% | 18 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $384.4K | 4,703 | 0.1% | 10 |
| EPAM SYS INC | [EPAM](https://holderbook.com/stocks/EPAM/) | $358.8K | 1,200 | 0.1% | 10 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $351.1K | 1,022 | 0.1% | 8 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $318.7K | 1,664 | 0.1% | 18 |
| ISHARES TR | [IJS](https://holderbook.com/stocks/IJS/) | $317.0K | 3,387 | 0.1% | 8 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $315.7K | 1,842 | 0.1% | 10 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $296.2K | 2,840 | 0.1% | 10 |
| AMERICAN CENTY ETF TR | [AVUV](https://holderbook.com/stocks/AVUV/) | $237.3K | 3,205 | 0.1% | 5 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $234.3K | 4,845 | 0.1% | 2 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $231.3K | 1,097 | 0.1% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $224.0K | 698 | 0.1% | 1 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $202.6K | 1,013 | 0.1% | 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 |
|---|---|---|---|---|
| Q1 2023 | +5.2% | +7.0% | -1.8% | 100% |
| Q4 2022 | +8.8% | +7.1% | +1.7% | 100% |
| Q3 2022 | -5.0% | -5.3% | +0.3% | 100% |
| Q2 2022 | -16.0% | -16.5% | +0.5% | 100% |
| Q1 2022 | -4.4% | -4.9% | +0.5% | 100% |
| Q4 2021 | +8.3% | +10.7% | -2.4% | 100% |
| Q3 2021 | -0.8% | +0.3% | -1.1% | 100% |
| Q2 2021 | +6.9% | +8.0% | -1.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2023 | $372.0M | 81 |
| Q4 2022 | $353.3M | 82 |
| Q3 2022 | $324.0M | 81 |
| Q2 2022 | $337.9M | 83 |
| Q1 2022 | $397.0M | 87 |
| Q4 2021 | $407.1M | 81 |
| Q3 2021 | $375.7M | 84 |
| Q2 2021 | $376.3M | 82 |
| Q1 2021 | $348.3M | 79 |
| Q4 2020 | $324.0M | 80 |
| Q3 2020 | $276.4M | 66 |
| Q2 2020 | $253.5M | 65 |