# American Research & Management Co.

> Institutional holdings reported to the SEC as of Q3 2022 on Form 13F. CIK 1506796. Source: https://holderbook.com/funds/1506796-american-research-management-co/

- Reported value: $362.2M
- Positions: 423
- Weight of the ten largest: 32.5%
- Filed: 2022-10-07

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 |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $15.3M | 110,953 | 4.2% | 16 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $13.2M | 150,615 | 3.6% | 16 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $12.5M | 105,520 | 3.5% | 16 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $12.0M | 328,620 | 3.3% | 10 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $11.8M | 72,259 | 3.3% | 16 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $11.3M | 78,715 | 3.1% | 16 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $11.0M | 78,825 | 3.0% | 16 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $10.5M | 334,431 | 2.9% | 6 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $10.0M | 61,096 | 2.8% | 16 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $9.9M | 138,021 | 2.7% | 16 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $9.0M | 62,648 | 2.5% | 16 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $8.9M | 32,916 | 2.4% | 16 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $8.5M | 173,058 | 2.3% | 16 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $8.4M | 89,575 | 2.3% | 16 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $8.2M | 114,262 | 2.3% | 16 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $7.7M | 60,852 | 2.1% | 16 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $7.6M | 42,227 | 2.1% | 16 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $7.4M | 60,936 | 2.0% | 16 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $7.3M | 26,641 | 2.0% | 16 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $6.7M | 59,446 | 1.9% | 16 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $6.6M | 55,432 | 1.8% | 10 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $6.5M | 27,701 | 1.8% | 16 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $6.0M | 62,441 | 1.6% | 11 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $5.7M | 48,596 | 1.6% | 16 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $5.6M | 49,740 | 1.5% | 16 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $5.4M | 50,405 | 1.5% | 16 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $4.5M | 52,635 | 1.3% | 16 |
| STOCK YDS BANCORP INC | [SYBT](https://holderbook.com/stocks/SYBT/) | $4.3M | 62,565 | 1.2% | 16 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $3.9M | 51,290 | 1.1% | 16 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $3.7M | 90,593 | 1.0% | 16 |
| BOSWELL J G CO COM | [BWEL](https://holderbook.com/stocks/BWEL/) | $3.7M | 4,014 | 1.0% | 16 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $3.5M | 15,437 | 1.0% | 16 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $3.5M | 42,056 | 1.0% | 16 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $3.3M | 113,958 | 0.9% | 16 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $3.2M | 33,536 | 0.9% | 11 |
| MCCORMICK & CO INC | [MKC](https://holderbook.com/stocks/MKC/) | $3.1M | 44,022 | 0.9% | 16 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $2.9M | 52,391 | 0.8% | 16 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $2.9M | 13,059 | 0.8% | 16 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $2.7M | 9,312 | 0.7% | 8 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $2.7M | 43,504 | 0.7% | 16 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.6M | 9,810 | 0.7% | 11 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $2.5M | 30,520 | 0.7% | 10 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $2.5M | 6,959 | 0.7% | 16 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $2.5M | 11,363 | 0.7% | 16 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $2.5M | 24,587 | 0.7% | 16 |
| SEACOAST BKG CORP FLA | [SBCF](https://holderbook.com/stocks/SBCF/) | $2.4M | 78,799 | 0.7% | 11 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $2.4M | 214,990 | 0.7% | 16 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $2.3M | 11,512 | 0.6% | 16 |
| HINGHAM INSTN SVGS MASS | [HIFS](https://holderbook.com/stocks/HIFS/) | $2.2M | 8,827 | 0.6% | 16 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $2.2M | 35,315 | 0.6% | 16 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $2.1M | 4,172 | 0.6% | 16 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $2.0M | 72,896 | 0.5% | 3 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $1.9M | 47,525 | 0.5% | 11 |
| HCI GROUP INC | [HCI](https://holderbook.com/stocks/HCI/) | $1.7M | 44,516 | 0.5% | 10 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.7M | 19,376 | 0.5% | 16 |
| INVESCO EXCH TRADED FD TR II | [XSLV](https://holderbook.com/stocks/XSLV/) | $1.6M | 39,689 | 0.4% | 12 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $1.6M | 33,817 | 0.4% | 16 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $1.5M | 20,874 | 0.4% | 16 |
| TELEFLEX INCORPORATED | [TFX](https://holderbook.com/stocks/TFX/) | $1.4M | 6,915 | 0.4% | 16 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $1.4M | 31,230 | 0.4% | 16 |
| HORMEL FOODS CORP | [HRL](https://holderbook.com/stocks/HRL/) | $1.4M | 29,786 | 0.4% | 16 |
| MARRIOTT INTL INC NEW | [MAR](https://holderbook.com/stocks/MAR/) | $1.2M | 8,480 | 0.3% | 16 |
| BLACKROCK INC | [BLKXXXX](https://holderbook.com/stocks/BLKXXXX/) | $1.0M | 1,878 | 0.3% | 9 |
| Brighthouse Financial Inc 6.75 percent Pfd | [BHFAO](https://holderbook.com/stocks/BHFAO/) | $1.0M | 41,672 | 0.3% | 10 |
| BALCHEM CORP | [BCPC](https://holderbook.com/stocks/BCPC/) | $1.0M | 8,337 | 0.3% | 12 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $977.0K | 3,658 | 0.3% | 16 |
| OLD NATL BANCORP IND DP NC PPF | [ONBPP](https://holderbook.com/stocks/ONBPP/) | $895.0K | 36,072 | 0.2% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $877.0K | 29,049 | 0.2% | 16 |
| Pinnacle Financial Corp 6.75 percent Pfd | [PNFPP](https://holderbook.com/stocks/PNFPP/) | $872.0K | 34,431 | 0.2% | 10 |
| FLOWERS FOODS INC | [FLO](https://holderbook.com/stocks/FLO/) | $870.0K | 35,250 | 0.2% | 16 |
| Wintrust Financial Corp 6.875 percent Pfd | [WTFCP](https://holderbook.com/stocks/WTFCP/) | $863.0K | 35,296 | 0.2% | 10 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $798.0K | 3,539 | 0.2% | 16 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $775.0K | 8,330 | 0.2% | 11 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $767.0K | 10,790 | 0.2% | 16 |
| MAGELLAN MIDSTREAM PRTNRS LP | [MMP](https://holderbook.com/stocks/MMP/) | $753.0K | 15,850 | 0.2% | 10 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $707.0K | 9,013 | 0.2% | 11 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $679.0K | 17,635 | 0.2% | 16 |
| CALAVO GROWERS INC | [CVGW](https://holderbook.com/stocks/CVGW/) | $625.0K | 19,680 | 0.2% | 8 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $604.0K | 4,071 | 0.2% | 16 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $550.0K | 6,143 | 0.2% | 16 |
| CAMBRIDGE BANCORP | [CATC](https://holderbook.com/stocks/CATC/) | $543.0K | 6,811 | 0.1% | 11 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $512.0K | 1,932 | 0.1% | 16 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $510.0K | 4,985 | 0.1% | 16 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $477.0K | 4,564 | 0.1% | 16 |
| FORTUNE BRANDS INNOVATIONS I | [FBIN](https://holderbook.com/stocks/FBIN/) | $476.0K | 8,875 | 0.1% | 16 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $476.0K | 4,271 | 0.1% | 16 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $440.0K | 10,914 | 0.1% | 16 |
| TORO CO | [TTC](https://holderbook.com/stocks/TTC/) | $403.0K | 4,659 | 0.1% | 13 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $384.0K | 4,847 | 0.1% | 16 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $381.0K | 8,755 | 0.1% | 12 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $380.0K | 1,064 | 0.1% | 16 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $376.0K | 6,859 | 0.1% | 16 |
| KINSALE CAP GROUP INC | [KNSL](https://holderbook.com/stocks/KNSL/) | $370.0K | 1,450 | 0.1% | 16 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $367.0K | 5,700 | 0.1% | 16 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $356.0K | 2,654 | 0.1% | 16 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $332.0K | 13,980 | 0.1% | 16 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $326.0K | 2,882 | 0.1% | 16 |
| FIRST TR EXCHANGE TRADED FD | [CIBR](https://holderbook.com/stocks/CIBR/) | $303.0K | 7,879 | 0.1% | 7 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $303.0K | 3,755 | 0.1% | 16 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $302.0K | 7,199 | 0.1% | 16 |

## 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 |
|---|---|---|---|---|
| Q3 2022 | -6.3% | -5.3% | -1.0% | 99% |
| Q2 2022 | -12.6% | -16.5% | +3.9% | 96% |
| Q1 2022 | -3.2% | -4.9% | +1.7% | 99% |
| Q4 2021 | +8.1% | +10.7% | -2.5% | 99% |
| Q3 2021 | -1.2% | +0.3% | -1.4% | 99% |
| Q2 2021 | +8.7% | +8.0% | +0.7% | 96% |
| Q1 2021 | +5.7% | +6.0% | -0.3% | 99% |
| Q4 2020 | +10.7% | +11.6% | -0.9% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2022 | $362.2M | 423 |
| Q2 2022 | $389.1M | 394 |
| Q1 2022 | $453.5M | 396 |
| Q4 2021 | $462.1M | 386 |
| Q3 2021 | $432.8M | 375 |
| Q2 2021 | $438.6M | 376 |
| Q1 2021 | $414.6M | 357 |
| Q4 2020 | $384.5M | 373 |
| Q3 2020 | $342.4M | 350 |
| Q2 2020 | $329.4M | 346 |
| Q1 2020 | $263.3M | 320 |
| Q4 2019 | $337.7M | 330 |