# Lumbard & Kellner, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1602476. Source: https://holderbook.com/funds/1602476-lumbard-kellner-llc/

- Reported value: $329.9M
- Positions: 108
- Weight of the ten largest: 37.5%
- Filed: 2026-08-06

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 |
|---|---|---|---|---|---|
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $18.3M | 51,907 | 5.6% | 31 |
| MATERION CORP | [MTRN](https://holderbook.com/stocks/MTRN/) | $15.3M | 51,579 | 4.6% | 5 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $12.3M | 519,841 | 3.7% | 20 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $12.2M | 12,049 | 3.7% | 31 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $11.8M | 174,182 | 3.6% | 7 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $11.5M | 710,098 | 3.5% | 18 |
| EA SERIES TRUST | [FRDM](https://holderbook.com/stocks/FRDM/) | $11.2M | 153,636 | 3.4% | 10 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $11.0M | 51,810 | 3.3% | 23 |
| ENERSYS | [ENS](https://holderbook.com/stocks/ENS/) | $10.3M | 44,024 | 3.1% | 5 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $9.9M | 108,366 | 3.0% | 16 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $9.1M | 107,443 | 2.8% | 31 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $8.6M | 36,506 | 2.6% | 7 |
| VANGUARD WHITEHALL FDS | [VYMI](https://holderbook.com/stocks/VYMI/) | $8.0M | 81,096 | 2.4% | 14 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $7.9M | 33,345 | 2.4% | 9 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $7.9M | 247,038 | 2.4% | 24 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $6.6M | 56,311 | 2.0% | 23 |
| FRANKLIN TEMPLETON ETF TR | [FLKR](https://holderbook.com/stocks/FLKR/) | $6.4M | 96,743 | 1.9% | 4 |
| ETON PHARMACEUTICALS INC | [ETON](https://holderbook.com/stocks/ETON/) | $6.4M | 175,909 | 1.9% | 4 |
| FRANKLIN TEMPLETON ETF TR | [FLBR](https://holderbook.com/stocks/FLBR/) | $5.8M | 270,704 | 1.8% | 19 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $5.6M | 10,987 | 1.7% | 31 |
| KRATOS DEFENSE & SEC SOLUTIO | [KTOS](https://holderbook.com/stocks/KTOS/) | $5.3M | 107,007 | 1.6% | 7 |
| SBC MED GROUP HLDGS INC | [SBC](https://holderbook.com/stocks/SBC/) | $5.3M | 1,727,208 | 1.6% | 2 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $5.3M | 98,982 | 1.6% | 2 |
| PRIMORIS SVCS CORP | [PRIM](https://holderbook.com/stocks/PRIM/) | $4.6M | 46,897 | 1.4% | 6 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $4.5M | 8,880 | 1.4% | 26 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $4.1M | 55,017 | 1.2% | 5 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $4.1M | 11,098 | 1.2% | 15 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.0M | 10,847 | 1.2% | 31 |
| FIRST TR EXCHANGE-TRADED FD | [QABA](https://holderbook.com/stocks/QABA/) | $3.9M | 57,811 | 1.2% | 6 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $3.9M | 5,350 | 1.2% | 31 |
| HARROW INC | [HROW](https://holderbook.com/stocks/HROW/) | $3.8M | 90,322 | 1.2% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $3.7M | 5 | 1.1% | 13 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $3.6M | 54,208 | 1.1% | 1 |
| FRANKLIN TEMPLETON ETF TR | [FLIN](https://holderbook.com/stocks/FLIN/) | $3.6M | 101,835 | 1.1% | 4 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $3.6M | 42,889 | 1.1% | 23 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $3.4M | 11,735 | 1.0% | 31 |
| RENEW ENERGY GLOBAL PLC | [RNW](https://holderbook.com/stocks/RNW/) | $3.2M | 518,293 | 1.0% | 1 |
| BLOOM ENERGY CORP | [BE](https://holderbook.com/stocks/BE/) | $3.2M | 10,586 | 1.0% | 9 |
| AMERICAN SUPERCONDUCTOR CORP | [AMSC](https://holderbook.com/stocks/AMSC/) | $3.1M | 74,139 | 0.9% | 5 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $3.1M | 2,545 | 0.9% | 31 |
| ADVANSIX INC | [ASIX](https://holderbook.com/stocks/ASIX/) | $2.9M | 146,212 | 0.9% | 3 |
| ALKERMES PLC | [ALKS](https://holderbook.com/stocks/ALKS/) | $2.8M | 52,592 | 0.8% | 2 |
| DENALI THERAPEUTICS INC | [DNLI](https://holderbook.com/stocks/DNLI/) | $2.5M | 98,282 | 0.8% | 2 |
| ISHARES TR | [EIDO](https://holderbook.com/stocks/EIDO/) | $2.3M | 207,366 | 0.7% | 28 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.2M | 4,419 | 0.7% | 23 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.2M | 2,932 | 0.7% | 25 |
| GLOBAL X FDS | [CLIP](https://holderbook.com/stocks/CLIP/) | $1.8M | 18,058 | 0.5% | 7 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.5M | 10,615 | 0.4% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.4M | 4,387 | 0.4% | 8 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.4M | 1,865 | 0.4% | 13 |
| SCORPIO TANKERS INC | [STNG](https://holderbook.com/stocks/STNG/) | $1.3M | 19,020 | 0.4% | 23 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $1.3M | 14,328 | 0.4% | 11 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $1.2M | 5,496 | 0.4% | 15 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $1.2M | 22,364 | 0.4% | 5 |
| ST JOE CO | [JOE](https://holderbook.com/stocks/JOE/) | $1.2M | 18,572 | 0.4% | 23 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $1.1M | 3,062 | 0.3% | 5 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $1.1M | 7,826 | 0.3% | 1 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $1.1M | 4,893 | 0.3% | 23 |
| UNIVERSAL TECHNICAL INST INC | [UTI](https://holderbook.com/stocks/UTI/) | $1.0M | 24,421 | 0.3% | 5 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $979.3K | 5,140 | 0.3% | 9 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $977.0K | 6,174 | 0.3% | 1 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $928.2K | 5,914 | 0.3% | 11 |
| ISHARES INC | [EWW](https://holderbook.com/stocks/EWW/) | $892.6K | 11,859 | 0.3% | 5 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $875.8K | 17,381 | 0.3% | 16 |
| J P MORGAN EXCHANGE TRADED F | [BBCA](https://holderbook.com/stocks/BBCA/) | $845.7K | 8,508 | 0.3% | 5 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $806.1K | 10,684 | 0.2% | 4 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $801.3K | 1,928 | 0.2% | 9 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $763.9K | 1,020 | 0.2% | 23 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $731.8K | 1,958 | 0.2% | 14 |
| SPROTT ASSET MANAGEMENT LP | [PHYS](https://holderbook.com/stocks/PHYS/) | $731.3K | 24,239 | 0.2% | 5 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $727.8K | 3,836 | 0.2% | 13 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $670.8K | 571 | 0.2% | 5 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $600.2K | 4,671 | 0.2% | 31 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $596.3K | 13,152 | 0.2% | 5 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $562.0K | 3,835 | 0.2% | 9 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $555.4K | 956 | 0.2% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $513.4K | 1,075 | 0.2% | 4 |
| FIRSTENERGY CORP | [FE](https://holderbook.com/stocks/FE/) | $450.9K | 9,485 | 0.1% | 11 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $400.2K | 1,787 | 0.1% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $395.2K | 1,787 | 0.1% | 1 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $380.4K | 8,000 | 0.1% | 11 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $365.7K | 1,440 | 0.1% | 11 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $357.5K | 2,640 | 0.1% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $348.8K | 989 | 0.1% | 7 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $343.7K | 1,900 | 0.1% | 8 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $333.0K | 2,636 | 0.1% | 6 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $330.1K | 586 | 0.1% | 4 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $324.1K | 1,581 | 0.1% | 3 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $310.1K | 3,600 | 0.1% | 8 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $307.9K | 1,539 | 0.1% | 1 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $296.8K | 605 | 0.1% | 4 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $294.3K | 870 | 0.1% | 9 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $284.9K | 7,750 | 0.1% | 2 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $280.6K | 11,431 | 0.1% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $279.5K | 740 | 0.1% | 1 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $267.9K | 3,052 | 0.1% | 4 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $267.1K | 950 | 0.1% | 8 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $265.1K | 11,500 | 0.1% | 12 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $253.2K | 360 | 0.1% | 5 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $243.3K | 1,085 | 0.1% | 3 |

## 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 | +13.6% | +14.8% | -1.2% | 100% |
| Q1 2026 | +4.4% | -4.6% | +9.1% | 100% |
| Q4 2025 | +4.2% | +2.4% | +1.8% | 100% |
| Q3 2025 | +19.3% | +7.8% | +11.5% | 100% |
| Q2 2025 | +13.2% | +10.5% | +2.7% | 100% |
| Q1 2025 | -5.3% | -4.6% | -0.8% | 100% |
| Q4 2024 | +1.7% | +2.1% | -0.4% | 100% |
| Q3 2024 | +5.8% | +5.4% | +0.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $329.9M | 108 |
| Q1 2026 | $288.6M | 99 |
| Q4 2025 | $285.5M | 100 |
| Q3 2025 | $271.9M | 97 |
| Q2 2025 | $229.4M | 88 |
| Q1 2025 | $226.8M | 82 |
| Q4 2024 | $232.7M | 79 |
| Q3 2024 | $227.0M | 79 |
| Q2 2024 | $211.8M | 74 |
| Q1 2024 | $205.5M | 70 |
| Q4 2023 | $172.8M | 61 |
| Q3 2023 | $150.7M | 56 |