# Adalta Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1698926. Source: https://holderbook.com/funds/1698926-adalta-capital-management-llc/

- Reported value: $227.8M
- Positions: 103
- Weight of the ten largest: 49.3%
- 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 |
|---|---|---|---|---|---|
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $15.4M | 47,083 | 6.8% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $14.3M | 38,424 | 6.3% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $13.0M | 36,279 | 5.7% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $11.2M | 86,966 | 4.9% | 31 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $10.8M | 253,946 | 4.7% | 15 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $9.9M | 84,271 | 4.4% | 28 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $9.8M | 27,828 | 4.3% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $9.7M | 52,272 | 4.2% | 31 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $9.2M | 33,685 | 4.0% | 31 |
| GUARDANT HEALTH INC | [GH](https://holderbook.com/stocks/GH/) | $9.0M | 60,310 | 4.0% | 29 |
| PHENIXFIN CORP | [PFX](https://holderbook.com/stocks/PFX/) | $7.5M | 176,569 | 3.3% | 21 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $7.2M | 21,311 | 3.2% | 31 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $5.3M | 2,732 | 2.3% | 31 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $5.1M | 52,943 | 2.3% | 31 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $5.0M | 2,950 | 2.2% | 13 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.2M | 11,949 | 1.9% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $4.2M | 16,410 | 1.8% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $4.1M | 3,573 | 1.8% | 4 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $4.1M | 170,530 | 1.8% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $3.6M | 31,024 | 1.6% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.6M | 7,203 | 1.6% | 22 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $3.1M | 32,813 | 1.4% | 19 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $2.9M | 13,852 | 1.3% | 16 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $2.8M | 22,131 | 1.2% | 22 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $2.2M | 167,075 | 1.0% | 11 |
| BWX TECHNOLOGIES INC | [BWXT](https://holderbook.com/stocks/BWXT/) | $2.1M | 10,558 | 0.9% | 12 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $2.0M | 42,464 | 0.9% | 31 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $1.8M | 9,662 | 0.8% | 9 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.8M | 6,095 | 0.8% | 31 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $1.6M | 7,550 | 0.7% | 31 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $1.6M | 13,700 | 0.7% | 31 |
| SABA CAPITAL INCOME & OPRNT | [BRW](https://holderbook.com/stocks/BRW/) | $1.6M | 248,039 | 0.7% | 13 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.4M | 8,709 | 0.6% | 31 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $1.4M | 82,896 | 0.6% | 22 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $1.3M | 29,990 | 0.6% | 15 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.3M | 1,800 | 0.6% | 10 |
| WISDOMTREE TR | [USFR](https://holderbook.com/stocks/USFR/) | $1.1M | 21,395 | 0.5% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.1M | 7,855 | 0.5% | 31 |
| BLACKSTONE MORTGAGE TRUST IN | [BXMT](https://holderbook.com/stocks/BXMT/) | $1.1M | 61,532 | 0.5% | 31 |
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $1.0M | 2,385 | 0.5% | 3 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $1.0M | 16,860 | 0.5% | 6 |
| LANDBRIDGE COMPANY LLC | [LB](https://holderbook.com/stocks/LB/) | $1.0M | 12,735 | 0.4% | 2 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $952.9K | 16,538 | 0.4% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $915.2K | 763 | 0.4% | 13 |
| WATERBRIDGE INFRASTRUCTURE L | [WBI](https://holderbook.com/stocks/WBI/) | $852.5K | 24,875 | 0.4% | 2 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $845.1K | 15,895 | 0.4% | 8 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $828.0K | 4,540 | 0.4% | 21 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $826.1K | 7,467 | 0.4% | 31 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $808.2K | 11,835 | 0.4% | 19 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $807.7K | 8,810 | 0.4% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $768.0K | 5,500 | 0.3% | 2 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $712.3K | 4,060 | 0.3% | 9 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $693.7K | 12,796 | 0.3% | 19 |
| EXCHANGE LISTED FDS TR | [CEFS](https://holderbook.com/stocks/CEFS/) | $670.1K | 26,135 | 0.3% | 29 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $666.9K | 6,005 | 0.3% | 22 |
| AMRIZE LTD | [AMRZ](https://holderbook.com/stocks/AMRZ/) | $659.5K | 12,380 | 0.3% | 3 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $646.0K | 18,601 | 0.3% | 31 |
| OPTION CARE HEALTH INC | [OPCH](https://holderbook.com/stocks/OPCH/) | $603.5K | 28,780 | 0.3% | 3 |
| EDISON INTL | [EIX](https://holderbook.com/stocks/EIX/) | $595.6K | 8,000 | 0.3% | 19 |
| PG&E CORP | [PCG](https://holderbook.com/stocks/PCG/) | $588.0K | 34,857 | 0.3% | 14 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $585.4K | 1,015 | 0.3% | 31 |
| BLACKROCK HEALTH SCIENCES TE | [BMEZ](https://holderbook.com/stocks/BMEZ/) | $569.2K | 37,080 | 0.2% | 1 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $558.0K | 7,845 | 0.2% | 7 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $552.8K | 3,770 | 0.2% | 31 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $539.5K | 14,675 | 0.2% | 18 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $532.3K | 837 | 0.2% | 12 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $460.1K | 5,625 | 0.2% | 19 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $423.2K | 1,890 | 0.2% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $417.8K | 1,890 | 0.2% | 1 |
| INVESCO ACTIVELY MANAGED EXC | [RSPA](https://holderbook.com/stocks/RSPA/) | $378.8K | 7,100 | 0.2% | 2 |
| BLACKROCK ETF TRUST II | [BINC](https://holderbook.com/stocks/BINC/) | $366.4K | 7,000 | 0.2% | 2 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $360.4K | 3,630 | 0.2% | 1 |
| COHEN & STEERS INFRASTRUCTUR | [UTF](https://holderbook.com/stocks/UTF/) | $338.3K | 12,260 | 0.1% | 3 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $329.6K | 1,295 | 0.1% | 18 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $316.2K | 1,080 | 0.1% | 2 |
| EVERPURE INC | [P](https://holderbook.com/stocks/P/) | $298.2K | 3,785 | 0.1% | 2 |
| COMMERCIAL METALS CO | [CMC](https://holderbook.com/stocks/CMC/) | $286.5K | 4,565 | 0.1% | 16 |
| INVESCO ACTIVELY MANAGED EXC | [EFAA](https://holderbook.com/stocks/EFAA/) | $281.6K | 5,050 | 0.1% | 2 |
| DOUBLELINE YIELD OPPORTUNITI | [DLY](https://holderbook.com/stocks/DLY/) | $277.0K | 19,684 | 0.1% | 3 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $271.7K | 1,080 | 0.1% | 1 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $268.7K | 3,615 | 0.1% | 18 |
| CURTISS WRIGHT CORP | [CW](https://holderbook.com/stocks/CW/) | $266.8K | 352 | 0.1% | 2 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $246.6K | 1,300 | 0.1% | 22 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $239.5K | 1,005 | 0.1% | 7 |
| SPDR SERIES TRUST | [WIP](https://holderbook.com/stocks/WIP/) | $236.3K | 6,000 | 0.1% | 2 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $233.3K | 61,880 | 0.1% | 18 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $225.7K | 897 | 0.1% | 6 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $222.3K | 1,111 | 0.1% | 1 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $205.1K | 3,050 | 0.1% | 4 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $205.1K | 600 | 0.1% | 1 |
| VANECK ETF TRUST | [GRNB](https://holderbook.com/stocks/GRNB/) | $199.1K | 8,250 | 0.1% | 29 |
| MUELLER WTR PRODS INC | [MWA](https://holderbook.com/stocks/MWA/) | $180.8K | 7,000 | 0.1% | 2 |
| BLACKROCK SCIENCE & TECHNOLO | [BSTZ](https://holderbook.com/stocks/BSTZ/) | $180.2K | 6,000 | 0.1% | 1 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $178.8K | 700 | 0.1% | 1 |
| VIPER ENERGY INC | [VNOM](https://holderbook.com/stocks/VNOM/) | $177.2K | 4,180 | 0.1% | 2 |
| ATAIBECKLEY INC | [ATAI](https://holderbook.com/stocks/ATAI/) | $167.1K | 31,711 | 0.1% | 2 |
| BROOKFIELD RENEWABLE CORP | [BEPC](https://holderbook.com/stocks/BEPC/) | $165.1K | 4,447 | 0.1% | 7 |
| INVESCO EXCH TRADED FD TR II | [PGX](https://holderbook.com/stocks/PGX/) | $158.2K | 14,596 | 0.1% | 3 |
| NEUBERGER ENGY INFRSTR & INC | [NML](https://holderbook.com/stocks/NML/) | $152.1K | 15,000 | 0.1% | 1 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $149.1K | 375 | 0.1% | 17 |

## 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 | +10.1% | +14.8% | -4.7% | 100% |
| Q1 2026 | -7.0% | -4.6% | -2.4% | 100% |
| Q4 2025 | +1.7% | +2.4% | -0.6% | 100% |
| Q3 2025 | +7.1% | +7.8% | -0.8% | 100% |
| Q2 2025 | +8.0% | +10.5% | -2.4% | 100% |
| Q1 2025 | -2.8% | -4.6% | +1.8% | 100% |
| Q4 2024 | -0.7% | +2.1% | -2.8% | 100% |
| Q3 2024 | +5.2% | +5.4% | -0.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $227.8M | 103 |
| Q1 2026 | $209.1M | 97 |
| Q4 2025 | $224.0M | 88 |
| Q3 2025 | $220.3M | 102 |
| Q2 2025 | $199.3M | 97 |
| Q1 2025 | $187.8M | 101 |
| Q4 2024 | $191.5M | 99 |
| Q3 2024 | $193.9M | 95 |
| Q2 2024 | $183.9M | 101 |
| Q1 2024 | $181.1M | 101 |
| Q4 2023 | $165.4M | 97 |
| Q3 2023 | $146.7M | 88 |