# D. SCOTT NEAL, INC.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1596920. Source: https://holderbook.com/funds/1596920-d-scott-neal-inc/

- Reported value: $216.2M
- Positions: 58
- Weight of the ten largest: 78.9%
- Filed: 2025-10-28

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 |
|---|---|---|---|---|---|
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $36.1M | 101,674 | 16.7% | 15 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $30.9M | 51,460 | 14.3% | 28 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $21.9M | 185,200 | 10.1% | 6 |
| UNUM GROUP | [UNM](https://holderbook.com/stocks/UNM/) | $20.0M | 257,423 | 9.3% | 7 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $17.6M | 56,663 | 8.1% | 10 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $15.5M | 267,835 | 7.2% | 7 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $11.7M | 10,886 | 5.4% | 10 |
| NATIONAL STORAGE AFFILIATES | [NSA](https://holderbook.com/stocks/NSA/) | $7.7M | 255,877 | 3.6% | 7 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $4.9M | 67,117 | 2.3% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.2M | 8,172 | 2.0% | 27 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $4.1M | 6,211 | 1.9% | 10 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $3.6M | 7,549 | 1.7% | 28 |
| PROSHARES TR | [QLD](https://holderbook.com/stocks/QLD/) | $3.4M | 24,928 | 1.6% | 28 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $2.9M | 33,558 | 1.4% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.9M | 5,719 | 1.3% | 24 |
| REKOR SYSTEMS INC | [REKR](https://holderbook.com/stocks/REKR/) | $2.7M | 1,700,650 | 1.2% | 16 |
| PROSHARES TR | [SSO](https://holderbook.com/stocks/SSO/) | $2.5M | 22,688 | 1.2% | 28 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.8M | 6,882 | 0.8% | 19 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.7M | 9,122 | 0.8% | 21 |
| REPUBLIC BANCORP INC KY | [RBCAA](https://holderbook.com/stocks/RBCAA/) | $1.5M | 21,000 | 0.7% | 24 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $1.4M | 2,129 | 0.7% | 25 |
| ISHARES TR | [HEFA](https://holderbook.com/stocks/HEFA/) | $1.2M | 31,360 | 0.6% | 4 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $1.0M | 36,040 | 0.5% | 28 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $946.5K | 2,336 | 0.4% | 17 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $870.5K | 2,550 | 0.4% | 16 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $775.3K | 1,363 | 0.4% | 15 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $653.4K | 2,600 | 0.3% | 22 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $606.6K | 2,150 | 0.3% | 28 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $605.6K | 989 | 0.3% | 16 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $574.8K | 3,100 | 0.3% | 20 |
| REGIONS FINANCIAL CORP NEW | [RF](https://holderbook.com/stocks/RF/) | $565.2K | 21,434 | 0.3% | 24 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $557.7K | 1,254 | 0.3% | 3 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $555.8K | 3,617 | 0.3% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $539.7K | 2,220 | 0.2% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $513.6K | 2,339 | 0.2% | 20 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $487.1K | 2,000 | 0.2% | 11 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $469.2K | 7,102 | 0.2% | 15 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $464.9K | 780 | 0.2% | 28 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $450.0K | 1,860 | 0.2% | 28 |
| ISHARES TR | [ESGU](https://holderbook.com/stocks/ESGU/) | $420.6K | 2,889 | 0.2% | 10 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $343.7K | 3,560 | 0.2% | 26 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $342.2K | 7,928 | 0.2% | 13 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $341.3K | 1,034 | 0.2% | 2 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $337.5K | 1,200 | 0.2% | 2 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $320.8K | 4,600 | 0.1% | 16 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $308.1K | 2,300 | 0.1% | 16 |
| ISHARES TR | [ESGD](https://holderbook.com/stocks/ESGD/) | $305.7K | 3,288 | 0.1% | 10 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $285.7K | 2,534 | 0.1% | 24 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $270.5K | 1,285 | 0.1% | 15 |
| VANGUARD WORLD FD | [ESGV](https://holderbook.com/stocks/ESGV/) | $252.5K | 2,132 | 0.1% | 8 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $238.9K | 300 | 0.1% | 2 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $227.2K | 1,358 | 0.1% | 1 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $224.6K | 1,017 | 0.1% | 7 |
| EMPIRE ST RLTY OP L P | [ESBA](https://holderbook.com/stocks/ESBA/) | $215.8K | 29,000 | 0.1% | 18 |
| ISHARES TR | [ITB](https://holderbook.com/stocks/ITB/) | $214.5K | 2,000 | 0.1% | 1 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $205.9K | 3,992 | 0.1% | 1 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $200.9K | 1,949 | 0.1% | 1 |
| LIVEPERSON INC | [LPSNXXXX](https://holderbook.com/stocks/LPSNXXXX/) | $14.6K | 25,107 | 0.0% | 9 |

## 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 2025 | +8.6% | +7.8% | +0.8% | 100% |
| Q2 2025 | +8.8% | +10.5% | -1.6% | 100% |
| Q1 2025 | +2.8% | -4.6% | +7.4% | 100% |
| Q4 2024 | +1.2% | +2.1% | -0.9% | 100% |
| Q3 2024 | +6.4% | +5.4% | +1.0% | 100% |
| Q2 2024 | +0.4% | +4.0% | -3.7% | 100% |
| Q1 2024 | +7.8% | +10.0% | -2.2% | 100% |
| Q4 2023 | +8.3% | +11.2% | -2.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $216.2M | 58 |
| Q2 2025 | $200.6M | 55 |
| Q1 2025 | $180.3M | 54 |
| Q4 2024 | $182.3M | 55 |
| Q3 2024 | $189.1M | 58 |
| Q2 2024 | $179.6M | 63 |
| Q1 2024 | $152.9M | 61 |
| Q4 2023 | $112.3M | 59 |
| Q3 2023 | $117.0M | 62 |
| Q2 2023 | $133.0M | 63 |
| Q1 2023 | $179.0M | 63 |
| Q4 2022 | $206.0M | 57 |