# DONALDSON CAPITAL MANAGEMENT, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1487438. Source: https://holderbook.com/funds/1487438-donaldson-capital-management-llc/

- Reported value: $3.5B
- Positions: 309
- Weight of the ten largest: 38.0%
- Filed: 2026-08-05

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 | [SOXX](https://holderbook.com/stocks/SOXX/) | $195.4M | 304,880 | 5.6% | 24 |
| KARMAN HLDGS INC | [KRMN](https://holderbook.com/stocks/KRMN/) | $174.8M | 3,501,433 | 5.0% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $171.4M | 592,203 | 4.9% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $166.3M | 440,150 | 4.7% | 29 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $122.2M | 485,608 | 3.5% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $106.9M | 286,452 | 3.1% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $106.4M | 88,678 | 3.0% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $102.6M | 798,673 | 2.9% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $98.2M | 300,144 | 2.8% | 31 |
| ISHARES TR | [ICSH](https://holderbook.com/stocks/ICSH/) | $86.4M | 1,708,669 | 2.5% | 25 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $77.9M | 83,221 | 2.2% | 30 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $75.7M | 362,259 | 2.2% | 22 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $74.6M | 393,318 | 2.1% | 24 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $73.3M | 684,191 | 2.1% | 10 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $69.3M | 494,972 | 2.0% | 4 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $69.3M | 166,210 | 2.0% | 31 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $68.4M | 67,621 | 2.0% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $67.7M | 192,060 | 1.9% | 31 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $67.5M | 1,405,001 | 1.9% | 7 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $58.7M | 534,439 | 1.7% | 1 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $57.3M | 211,809 | 1.6% | 31 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $57.2M | 581,263 | 1.6% | 31 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $56.8M | 160,334 | 1.6% | 3 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $56.1M | 904,917 | 1.6% | 1 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $52.3M | 447,934 | 1.5% | 7 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $46.8M | 90,209 | 1.3% | 2 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $46.7M | 411,196 | 1.3% | 25 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $46.0M | 163,449 | 1.3% | 31 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $40.8M | 95,802 | 1.2% | 4 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $40.2M | 501,050 | 1.1% | 3 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $38.8M | 137,253 | 1.1% | 26 |
| CINTAS CORP | [CTAS](https://holderbook.com/stocks/CTAS/) | $33.5M | 196,783 | 1.0% | 9 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $33.1M | 199,588 | 0.9% | 23 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $31.7M | 937,247 | 0.9% | 26 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $30.6M | 351,817 | 0.9% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $25.7M | 34,414 | 0.7% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $23.5M | 65,689 | 0.7% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $23.3M | 170,770 | 0.7% | 31 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $22.3M | 31,284 | 0.6% | 31 |
| ISHARES U S ETF TR | [NEAR](https://holderbook.com/stocks/NEAR/) | $19.4M | 382,732 | 0.6% | 28 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $19.3M | 381,370 | 0.6% | 22 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $19.2M | 80,609 | 0.5% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $19.1M | 91,384 | 0.5% | 21 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $17.4M | 73,531 | 0.5% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $16.1M | 47,002 | 0.5% | 31 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $14.8M | 149,048 | 0.4% | 28 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $14.6M | 28,445 | 0.4% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $14.3M | 12,389 | 0.4% | 2 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $14.3M | 31,506 | 0.4% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $13.7M | 20,019 | 0.4% | 13 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $13.6M | 28,373 | 0.4% | 17 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $13.1M | 119,901 | 0.4% | 28 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $12.3M | 6,207 | 0.4% | 3 |
| EA SERIES TRUST | [SQS](https://holderbook.com/stocks/SQS/) | $11.4M | 408,871 | 0.3% | 1 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $11.0M | 126,088 | 0.3% | 2 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $10.7M | 31,815 | 0.3% | 1 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $10.6M | 55,751 | 0.3% | 31 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $10.5M | 145,960 | 0.3% | 6 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $10.4M | 6,155 | 0.3% | 13 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $10.4M | 18,526 | 0.3% | 29 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $10.3M | 133,542 | 0.3% | 9 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $10.3M | 20,573 | 0.3% | 24 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $9.7M | 18,904 | 0.3% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $9.6M | 37,882 | 0.3% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $9.4M | 79,855 | 0.3% | 31 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $9.3M | 294,746 | 0.3% | 12 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $8.3M | 16,371 | 0.2% | 31 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $8.0M | 50,346 | 0.2% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $7.9M | 89,801 | 0.2% | 31 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $7.3M | 253,497 | 0.2% | 12 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $7.3M | 30,832 | 0.2% | 25 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $7.0M | 3,471 | 0.2% | 26 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $6.9M | 30,775 | 0.2% | 31 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $6.8M | 7,108 | 0.2% | 7 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $6.7M | 77,583 | 0.2% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $6.7M | 6,248 | 0.2% | 31 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $5.8M | 49,632 | 0.2% | 21 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $5.6M | 18,627 | 0.2% | 31 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $5.5M | 46,130 | 0.2% | 3 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $5.4M | 36,629 | 0.2% | 31 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $4.7M | 51,509 | 0.1% | 18 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $4.6M | 15,341 | 0.1% | 24 |
| ISHARES U S ETF TR | [MEAR](https://holderbook.com/stocks/MEAR/) | $4.5M | 89,475 | 0.1% | 28 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $4.5M | 16,048 | 0.1% | 31 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $4.2M | 16,262 | 0.1% | 23 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.2M | 11,836 | 0.1% | 31 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $4.1M | 71,766 | 0.1% | 31 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $4.0M | 21,752 | 0.1% | 29 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $4.0M | 22,795 | 0.1% | 4 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $3.8M | 5,092 | 0.1% | 30 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $3.7M | 119,999 | 0.1% | 28 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $3.5M | 11,802 | 0.1% | 31 |
| INVESCO EXCH TRADED FD TR II | [SPLV](https://holderbook.com/stocks/SPLV/) | $3.3M | 44,147 | 0.1% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $3.3M | 4,536 | 0.1% | 1 |
| INVESCO EXCH TRADED FD TR II | [BAB](https://holderbook.com/stocks/BAB/) | $3.3M | 121,970 | 0.1% | 28 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $3.3M | 14,803 | 0.1% | 12 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $3.1M | 8,641 | 0.1% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $3.0M | 37,294 | 0.1% | 31 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $3.0M | 107,988 | 0.1% | 9 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $2.9M | 5,732 | 0.1% | 31 |

## 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 2026 | +7.4% | +14.8% | -7.5% | 100% |
| Q1 2026 | -1.0% | -4.6% | +3.6% | 100% |
| Q4 2025 | +0.6% | +2.4% | -1.8% | 100% |
| Q3 2025 | +5.6% | +7.8% | -2.3% | 100% |
| Q2 2025 | +4.5% | +10.5% | -6.0% | 100% |
| Q1 2025 | -1.5% | -4.6% | +3.0% | 100% |
| Q4 2024 | -1.3% | +2.1% | -3.4% | 100% |
| Q3 2024 | +8.0% | +5.4% | +2.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.5B | 309 |
| Q1 2026 | $3.1B | 233 |
| Q4 2025 | $3.1B | 231 |
| Q3 2025 | $3.2B | 232 |
| Q2 2025 | $2.7B | 212 |
| Q1 2025 | $2.6B | 221 |
| Q4 2024 | $2.6B | 213 |
| Q3 2024 | $2.6B | 214 |
| Q2 2024 | $2.4B | 209 |
| Q1 2024 | $2.4B | 205 |
| Q4 2023 | $2.2B | 214 |
| Q3 2023 | $2.1B | 223 |