# Bristlecone Advisors, LLC

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1671716. Source: https://holderbook.com/funds/1671716-bristlecone-advisors-llc/

- Reported value: $1.2B
- Positions: 233
- Weight of the ten largest: 39.8%
- Filed: 2025-10-24

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 |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $117.2M | 226,320 | 9.8% | 28 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $67.0M | 100,119 | 5.6% | 28 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $48.5M | 259,999 | 4.1% | 28 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $45.2M | 177,528 | 3.8% | 28 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $41.8M | 976,872 | 3.5% | 26 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $38.6M | 385,520 | 3.2% | 22 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $32.5M | 498,272 | 2.7% | 28 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $32.3M | 1,226,756 | 2.7% | 28 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $26.8M | 122,211 | 2.2% | 28 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $25.8M | 83,711 | 2.2% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $25.3M | 104,082 | 2.1% | 28 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $24.6M | 26,551 | 2.1% | 28 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $22.7M | 877,707 | 1.9% | 14 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $22.6M | 303,262 | 1.9% | 10 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $21.7M | 77,031 | 1.8% | 28 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $21.0M | 67,794 | 1.8% | 12 |
| WISDOMTREE TR | [DLN](https://holderbook.com/stocks/DLN/) | $19.8M | 227,025 | 1.7% | 25 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $19.4M | 163,270 | 1.6% | 28 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $17.5M | 344,989 | 1.5% | 25 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $16.3M | 64,155 | 1.4% | 28 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $16.0M | 23,981 | 1.3% | 28 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $15.9M | 33,251 | 1.3% | 28 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $15.9M | 264,824 | 1.3% | 28 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $15.8M | 163,187 | 1.3% | 28 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $14.5M | 19,799 | 1.2% | 28 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $13.2M | 565,337 | 1.1% | 28 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $11.3M | 61,746 | 0.9% | 19 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $10.8M | 34,386 | 0.9% | 28 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $10.0M | 19,841 | 0.8% | 28 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $9.7M | 21,823 | 0.8% | 21 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $9.3M | 15,558 | 0.8% | 26 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $8.5M | 81,587 | 0.7% | 21 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $8.5M | 156,532 | 0.7% | 28 |
| GOLDMAN SACHS ETF TR | [GSST](https://holderbook.com/stocks/GSST/) | $7.9M | 156,676 | 0.7% | 22 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $7.5M | 21,983 | 0.6% | 28 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $7.3M | 39,236 | 0.6% | 28 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $7.2M | 24,476 | 0.6% | 28 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $6.9M | 74,292 | 0.6% | 28 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $6.8M | 5,650 | 0.6% | 26 |
| GOLDMAN SACHS ETF TR | [GCOR](https://holderbook.com/stocks/GCOR/) | $6.6M | 156,815 | 0.5% | 8 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $6.5M | 16,048 | 0.5% | 28 |
| FORTINET INC | - | $6.2M | 74,095 | 0.5% | 1 |
| WISDOMTREE TR | [USFR](https://holderbook.com/stocks/USFR/) | $5.7M | 113,306 | 0.5% | 15 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $5.4M | 19,177 | 0.4% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $5.3M | 39,304 | 0.4% | 4 |
| ISHARES TR | [SOXX](https://holderbook.com/stocks/SOXX/) | $5.2M | 19,213 | 0.4% | 21 |
| ISHARES TR | [ITA](https://holderbook.com/stocks/ITA/) | $4.9M | 23,560 | 0.4% | 13 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $4.9M | 70,520 | 0.4% | 28 |
| SPDR INDEX SHS FDS | [SPEM](https://holderbook.com/stocks/SPEM/) | $4.9M | 103,638 | 0.4% | 26 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $4.7M | 16,673 | 0.4% | 28 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $4.7M | 4,008 | 0.4% | 4 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $4.6M | 54,747 | 0.4% | 28 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $4.4M | 39,586 | 0.4% | 16 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $4.4M | 87,473 | 0.4% | 22 |
| RTX CORPORATION | - | $4.2M | 25,323 | 0.4% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $4.2M | 37,531 | 0.4% | 28 |
| CINTAS CORP | [CTAS](https://holderbook.com/stocks/CTAS/) | $4.2M | 20,475 | 0.4% | 28 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $4.2M | 29,691 | 0.3% | 28 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $4.1M | 6,739 | 0.3% | 28 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $4.1M | 41,224 | 0.3% | 28 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $4.0M | 736 | 0.3% | 28 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $3.9M | 32,398 | 0.3% | 28 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $3.9M | 6,524 | 0.3% | 28 |
| SPDR SERIES TRUST | [SLYG](https://holderbook.com/stocks/SLYG/) | $3.9M | 41,199 | 0.3% | 24 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $3.9M | 40,475 | 0.3% | 9 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $3.5M | 12,688 | 0.3% | 28 |
| DOUBLELINE ETF TRUST | [DBND](https://holderbook.com/stocks/DBND/) | $3.5M | 74,663 | 0.3% | 4 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $3.5M | 4,636 | 0.3% | 28 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $3.5M | 17,439 | 0.3% | 28 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $3.3M | 11,100 | 0.3% | 21 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $3.3M | 11,648 | 0.3% | 28 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $3.3M | 109,703 | 0.3% | 28 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $3.2M | 5,286 | 0.3% | 28 |
| J P MORGAN EXCHANGE TRADED F | [JEPI](https://holderbook.com/stocks/JEPI/) | $3.1M | 54,021 | 0.3% | 16 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $3.1M | 26,813 | 0.3% | 28 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $3.1M | 19,880 | 0.3% | 26 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $3.0M | 15,514 | 0.3% | 23 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $3.0M | 45,404 | 0.3% | 24 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.9M | 12,022 | 0.2% | 26 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.9M | 8,388 | 0.2% | 28 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $2.7M | 35,912 | 0.2% | 27 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $2.7M | 12,867 | 0.2% | 28 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $2.7M | 11,257 | 0.2% | 28 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $2.6M | 26,597 | 0.2% | 24 |
| GOLDMAN SACHS ETF TR | [GIGB](https://holderbook.com/stocks/GIGB/) | $2.6M | 55,139 | 0.2% | 12 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $2.5M | 7,206 | 0.2% | 28 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $2.5M | 34,533 | 0.2% | 28 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $2.5M | 20,645 | 0.2% | 28 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $2.5M | 14,857 | 0.2% | 28 |
| SPDR SERIES TRUST | [MDYG](https://holderbook.com/stocks/MDYG/) | $2.5M | 27,139 | 0.2% | 12 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $2.4M | 2,256 | 0.2% | 26 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $2.4M | 16,435 | 0.2% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $2.4M | 15,257 | 0.2% | 28 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $2.3M | 73,325 | 0.2% | 26 |
| J P MORGAN EXCHANGE TRADED F | [JMST](https://holderbook.com/stocks/JMST/) | $2.3M | 45,417 | 0.2% | 24 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $2.1M | 14,658 | 0.2% | 28 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $2.0M | 36,904 | 0.2% | 25 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $2.0M | 6,846 | 0.2% | 6 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $1.9M | 13,651 | 0.2% | 28 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $1.9M | 2,512 | 0.2% | 26 |

## 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 | +6.5% | +7.8% | -1.3% | 100% |
| Q2 2025 | +10.4% | +10.5% | -0.0% | 100% |
| Q1 2025 | -4.1% | -4.6% | +0.4% | 100% |
| Q4 2024 | +0.9% | +2.1% | -1.2% | 100% |
| Q3 2024 | +4.5% | +5.4% | -0.9% | 100% |
| Q2 2024 | +3.2% | +4.0% | -0.8% | 100% |
| Q1 2024 | +8.5% | +10.0% | -1.5% | 100% |
| Q4 2023 | +11.3% | +11.2% | +0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $1.2B | 233 |
| Q2 2025 | $1.2B | 293 |
| Q1 2025 | $1.2B | 377 |
| Q4 2024 | $1.3B | 361 |
| Q3 2024 | $1.2B | 364 |
| Q2 2024 | $1.2B | 290 |
| Q1 2024 | $1.1B | 270 |
| Q4 2023 | $989.6M | 272 |
| Q3 2023 | $889.9M | 260 |
| Q2 2023 | $995.1M | 277 |
| Q1 2023 | $911.8M | 353 |
| Q4 2022 | $815.7M | 256 |