# Loudon Investment Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1597089. Source: https://holderbook.com/funds/1597089-loudon-investment-management-llc/

- Reported value: $203.7M
- Positions: 95
- Weight of the ten largest: 38.5%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $12.7M | 66,455 | 6.2% | 21 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $11.0M | 29,416 | 5.4% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $8.2M | 69,470 | 4.0% | 31 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $8.0M | 217,907 | 3.9% | 31 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $7.6M | 157,269 | 3.7% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $7.5M | 7,033 | 3.7% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $6.8M | 9,042 | 3.3% | 31 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $5.8M | 116,962 | 2.9% | 27 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $5.6M | 30,226 | 2.7% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $5.5M | 11,414 | 2.7% | 31 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $5.4M | 87,655 | 2.7% | 21 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $5.0M | 19,952 | 2.5% | 31 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $4.9M | 29,198 | 2.4% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $4.7M | 16,291 | 2.3% | 31 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $4.7M | 21,372 | 2.3% | 29 |
| LINCOLN NATL CORP IND | [LNC](https://holderbook.com/stocks/LNC/) | $4.5M | 126,004 | 2.2% | 10 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $4.3M | 13,005 | 2.1% | 22 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $4.1M | 5,746 | 2.0% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $3.9M | 44,370 | 1.9% | 9 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $3.8M | 19,082 | 1.9% | 9 |
| GENPACT LIMITED | [G](https://holderbook.com/stocks/G/) | $3.8M | 137,935 | 1.9% | 10 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $3.7M | 13,680 | 1.8% | 31 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $3.6M | 58,930 | 1.7% | 14 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $2.9M | 20,180 | 1.4% | 31 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $2.8M | 12,318 | 1.4% | 31 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $2.7M | 15,305 | 1.3% | 31 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $2.6M | 4,031 | 1.3% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.1M | 22,962 | 1.0% | 31 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $2.0M | 4,465 | 1.0% | 31 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $2.0M | 16,386 | 1.0% | 3 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $2.0M | 11,923 | 1.0% | 12 |
| ISHARES TR | [FLOT](https://holderbook.com/stocks/FLOT/) | $1.8M | 35,857 | 0.9% | 24 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $1.7M | 35,308 | 0.8% | 5 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.6M | 12,803 | 0.8% | 21 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $1.6M | 30,221 | 0.8% | 31 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $1.6M | 31,439 | 0.8% | 31 |
| PENTAIR PLC | [PNR](https://holderbook.com/stocks/PNR/) | $1.6M | 21,117 | 0.8% | 16 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $1.6M | 5,347 | 0.8% | 5 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $1.5M | 11,405 | 0.8% | 6 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.5M | 4,237 | 0.8% | 31 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $1.5M | 15,301 | 0.7% | 25 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.4M | 5,556 | 0.7% | 31 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $1.3M | 16,059 | 0.6% | 31 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $1.2M | 8,337 | 0.6% | 22 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $1.2M | 3,208 | 0.6% | 26 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $1.2M | 7,967 | 0.6% | 10 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $1.2M | 2,289 | 0.6% | 21 |
| STANLEY BLACK & DECKER INC | [SWK](https://holderbook.com/stocks/SWK/) | $1.2M | 12,240 | 0.6% | 18 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $1.1M | 4,219 | 0.5% | 31 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $1.1M | 4,974 | 0.5% | 8 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $1.0M | 2,935 | 0.5% | 22 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $956.0K | 12,271 | 0.5% | 31 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $935.2K | 7,976 | 0.5% | 31 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $924.0K | 8,625 | 0.5% | 25 |
| UGI CORP NEW | [UGI](https://holderbook.com/stocks/UGI/) | $903.0K | 26,145 | 0.4% | 6 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $837.4K | 6,185 | 0.4% | 31 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $814.3K | 11,318 | 0.4% | 24 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $763.9K | 2,400 | 0.4% | 31 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $708.3K | 7,345 | 0.3% | 31 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $701.8K | 13,215 | 0.3% | 3 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $690.8K | 3,641 | 0.3% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $651.0K | 884 | 0.3% | 13 |
| ISHARES TR | [ACWX](https://holderbook.com/stocks/ACWX/) | $628.4K | 8,257 | 0.3% | 25 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $600.0K | 3,600 | 0.3% | 2 |
| ESSENTIAL UTILS INC | [WTRG](https://holderbook.com/stocks/WTRG/) | $592.4K | 15,463 | 0.3% | 26 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $580.8K | 4,248 | 0.3% | 23 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $580.5K | 6,945 | 0.3% | 31 |
| H2O AMERICA | [HTO](https://holderbook.com/stocks/HTO/) | $560.9K | 9,230 | 0.3% | 3 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $529.1K | 6,925 | 0.3% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $528.2K | 1,495 | 0.3% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $527.7K | 2,214 | 0.3% | 7 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $515.4K | 536 | 0.3% | 7 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $515.1K | 675 | 0.3% | 7 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $489.2K | 6,378 | 0.2% | 27 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $459.2K | 454 | 0.2% | 5 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $421.2K | 4,596 | 0.2% | 12 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $418.9K | 13,211 | 0.2% | 11 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $411.2K | 1,476 | 0.2% | 16 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $391.2K | 3,350 | 0.2% | 6 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $361.2K | 1,950 | 0.2% | 1 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $334.5K | 6,580 | 0.2% | 2 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $314.4K | 1,118 | 0.2% | 6 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $313.1K | 1,000 | 0.2% | 17 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $279.7K | 665 | 0.1% | 5 |
| PROSHARES TR | [NOBL](https://holderbook.com/stocks/NOBL/) | $272.9K | 4,860 | 0.1% | 27 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $258.1K | 1,527 | 0.1% | 2 |
| EXTRA SPACE STORAGE INC | [EXR](https://holderbook.com/stocks/EXR/) | $256.5K | 1,765 | 0.1% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $246.3K | 3,457 | 0.1% | 5 |
| FEDERAL RLTY INVT TR NEW | [FRT](https://holderbook.com/stocks/FRT/) | $245.6K | 1,990 | 0.1% | 17 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $240.9K | 485 | 0.1% | 3 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $226.6K | 2,180 | 0.1% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $220.5K | 1,330 | 0.1% | 2 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $217.5K | 724 | 0.1% | 1 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $204.3K | 1,852 | 0.1% | 1 |
| TELUS CORPORATION | [TU](https://holderbook.com/stocks/TU/) | $188.1K | 17,800 | 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 | +8.8% | +14.8% | -6.0% | 100% |
| Q1 2026 | -2.9% | -4.6% | +1.7% | 100% |
| Q4 2025 | +0.4% | +2.4% | -2.0% | 100% |
| Q3 2025 | +5.6% | +7.8% | -2.3% | 100% |
| Q2 2025 | +3.8% | +10.5% | -6.6% | 100% |
| Q1 2025 | -1.0% | -4.6% | +3.5% | 100% |
| Q4 2024 | -3.1% | +2.1% | -5.2% | 100% |
| Q3 2024 | +7.6% | +5.4% | +2.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $203.7M | 95 |
| Q1 2026 | $185.8M | 95 |
| Q4 2025 | $191.4M | 93 |
| Q3 2025 | $190.9M | 94 |
| Q2 2025 | $180.8M | 99 |
| Q1 2025 | $175.1M | 96 |
| Q4 2024 | $175.9M | 96 |
| Q3 2024 | $182.5M | 97 |
| Q2 2024 | $170.0M | 98 |
| Q1 2024 | $174.1M | 96 |
| Q4 2023 | $161.7M | 94 |
| Q3 2023 | $145.4M | 94 |