# Shilanski & Associates, Inc.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1722084. Source: https://holderbook.com/funds/1722084-shilanski-associates-inc/

- Reported value: $376.3M
- Positions: 109
- Weight of the ten largest: 43.9%
- Filed: 2025-10-20

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 |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $45.2M | 67,803 | 12.0% | 26 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $31.6M | 1,229,744 | 8.4% | 26 |
| SCHWAB STRATEGIC TR | [FNDF](https://holderbook.com/stocks/FNDF/) | $14.5M | 336,871 | 3.8% | 12 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $11.6M | 111,318 | 3.1% | 5 |
| INVESCO EXCH TRADED FD TR II | [SPHD](https://holderbook.com/stocks/SPHD/) | $11.4M | 230,565 | 3.0% | 10 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $10.5M | 94,206 | 2.8% | 12 |
| SPDR SERIES TRUST | [JNK](https://holderbook.com/stocks/JNK/) | $10.5M | 106,917 | 2.8% | 12 |
| SPDR SERIES TRUST | [SPIB](https://holderbook.com/stocks/SPIB/) | $10.4M | 306,815 | 2.8% | 12 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $10.2M | 36,293 | 2.7% | 26 |
| SSGA ACTIVE ETF TR | [SRLN](https://holderbook.com/stocks/SRLN/) | $9.3M | 223,982 | 2.5% | 12 |
| SCHWAB STRATEGIC TR | [FNDC](https://holderbook.com/stocks/FNDC/) | $8.7M | 196,313 | 2.3% | 12 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $8.5M | 16,463 | 2.3% | 26 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $7.6M | 40,808 | 2.0% | 22 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $7.4M | 111,773 | 2.0% | 12 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $7.0M | 61,756 | 1.9% | 26 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $6.6M | 128,229 | 1.8% | 12 |
| FIRST TR EXCHANGE-TRADED FD | [FTSM](https://holderbook.com/stocks/FTSM/) | $6.6M | 109,128 | 1.7% | 12 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $6.4M | 93,631 | 1.7% | 26 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $5.9M | 38,329 | 1.6% | 12 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $5.9M | 61,841 | 1.6% | 12 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $5.8M | 36,047 | 1.6% | 12 |
| VANGUARD WORLD FD | [VDE](https://holderbook.com/stocks/VDE/) | $5.4M | 43,020 | 1.4% | 12 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $5.2M | 35,373 | 1.4% | 12 |
| HSBC HLDGS PLC | [HSBC](https://holderbook.com/stocks/HSBC/) | $5.1M | 72,432 | 1.4% | 1 |
| ISHARES TR | [TLH](https://holderbook.com/stocks/TLH/) | $5.0M | 48,464 | 1.3% | 1 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $4.7M | 20,218 | 1.2% | 20 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $4.6M | 161,867 | 1.2% | 8 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $4.6M | 68,484 | 1.2% | 26 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $4.3M | 27,982 | 1.1% | 26 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $4.2M | 63,469 | 1.1% | 12 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $4.1M | 16,149 | 1.1% | 26 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $3.7M | 20,026 | 1.0% | 1 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $3.6M | 25,726 | 1.0% | 12 |
| VANGUARD WORLD FD | [VPU](https://holderbook.com/stocks/VPU/) | $3.5M | 18,502 | 0.9% | 12 |
| CURTISS WRIGHT CORP | [CW](https://holderbook.com/stocks/CW/) | $3.3M | 6,154 | 0.9% | 12 |
| WISDOMTREE TR | [DGRW](https://holderbook.com/stocks/DGRW/) | $3.3M | 37,170 | 0.9% | 6 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $3.2M | 29,557 | 0.9% | 4 |
| DT MIDSTREAM INC | [DTM](https://holderbook.com/stocks/DTM/) | $3.2M | 28,393 | 0.9% | 5 |
| NRG ENERGY INC | [NRG](https://holderbook.com/stocks/NRG/) | $3.2M | 19,796 | 0.9% | 5 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $3.1M | 15,888 | 0.8% | 5 |
| VANECK ETF TRUST | [BIZD](https://holderbook.com/stocks/BIZD/) | $3.1M | 207,821 | 0.8% | 12 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $3.1M | 4,158 | 0.8% | 10 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $3.1M | 24,649 | 0.8% | 1 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $3.0M | 6,100 | 0.8% | 8 |
| AXON ENTERPRISE INC | [AXON](https://holderbook.com/stocks/AXON/) | $3.0M | 4,121 | 0.8% | 11 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $2.6M | 7,828 | 0.7% | 10 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $2.3M | 27,609 | 0.6% | 1 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $2.2M | 18,873 | 0.6% | 1 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $2.1M | 22,234 | 0.6% | 3 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $2.1M | 13,555 | 0.6% | 1 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $2.0M | 58,374 | 0.5% | 1 |
| CARPENTER TECHNOLOGY CORP | [CRS](https://holderbook.com/stocks/CRS/) | $1.9M | 7,898 | 0.5% | 1 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.9M | 2,342 | 0.5% | 1 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $1.8M | 20,035 | 0.5% | 1 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.8M | 8,856 | 0.5% | 7 |
| NEWS CORP NEW | [NWS](https://holderbook.com/stocks/NWS/) | $1.8M | 51,755 | 0.5% | 7 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $1.7M | 3,549 | 0.4% | 7 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $919.3K | 1,373 | 0.2% | 4 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $803.3K | 2,435 | 0.2% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $612.5K | 1,020 | 0.2% | 22 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $611.1K | 2,783 | 0.2% | 26 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $581.7K | 3,746 | 0.2% | 26 |
| EMBRAER S.A. | [EMBJ](https://holderbook.com/stocks/EMBJ/) | $567.7K | 9,392 | 0.2% | 10 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $522.8K | 2,151 | 0.1% | 11 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $500.9K | 1,588 | 0.1% | 13 |
| GOLD FIELDS LTD | [GFI](https://holderbook.com/stocks/GFI/) | $451.4K | 10,758 | 0.1% | 1 |
| BANCO BILBAO VIZCAYA ARGENTA | [BBVA](https://holderbook.com/stocks/BBVA/) | $426.7K | 22,167 | 0.1% | 12 |
| MITSUBISHI UFJ FINANCIAL GRO | [MUFG](https://holderbook.com/stocks/MUFG/) | $426.1K | 26,734 | 0.1% | 7 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $419.1K | 2,260 | 0.1% | 7 |
| HARMONY GOLD MNG LTD | [HMY](https://holderbook.com/stocks/HMY/) | $415.8K | 22,909 | 0.1% | 7 |
| CHINA YUCHAI INTL LTD | [CYD](https://holderbook.com/stocks/CYD/) | $399.0K | 9,645 | 0.1% | 1 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $387.9K | 1,276 | 0.1% | 3 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $387.3K | 1,377 | 0.1% | 2 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $364.8K | 2,041 | 0.1% | 3 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $358.0K | 8,146 | 0.1% | 12 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $344.7K | 16,678 | 0.1% | 5 |
| VNET GROUP INC | [VNET](https://holderbook.com/stocks/VNET/) | $342.9K | 33,198 | 0.1% | 3 |
| UP FINTECH HLDG LTD | [TIGR](https://holderbook.com/stocks/TIGR/) | $331.1K | 31,033 | 0.1% | 4 |
| COMPANIA DE MINAS BUENAVENTU | [BVN](https://holderbook.com/stocks/BVN/) | $318.8K | 13,103 | 0.1% | 1 |
| SIBANYE STILLWATER LTD | [SBSW](https://holderbook.com/stocks/SBSW/) | $313.7K | 27,905 | 0.1% | 1 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $283.0K | 1,059 | 0.1% | 8 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $274.6K | 1,579 | 0.1% | 1 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $270.0K | 30,033 | 0.1% | 1 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $267.9K | 5,381 | 0.1% | 12 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $262.6K | 219 | 0.1% | 3 |
| INVESCO EXCHANGE TRADED FD T | [PDP](https://holderbook.com/stocks/PDP/) | $262.2K | 2,221 | 0.1% | 7 |
| ASCENDIS PHARMA A/S | [ASND](https://holderbook.com/stocks/ASND/) | $259.2K | 1,304 | 0.1% | 1 |
| KOREA ELEC PWR CORP | [KEP](https://holderbook.com/stocks/KEP/) | $256.2K | 19,635 | 0.1% | 1 |
| RYANAIR HOLDINGS PLC | [RYAAY](https://holderbook.com/stocks/RYAAY/) | $255.5K | 4,242 | 0.1% | 1 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $254.3K | 2,055 | 0.1% | 6 |
| TELEFONICA BRASIL SA | [VIV](https://holderbook.com/stocks/VIV/) | $252.3K | 19,787 | 0.1% | 1 |
| INTERDIGITAL INC | [IDCC](https://holderbook.com/stocks/IDCC/) | $251.7K | 729 | 0.1% | 1 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $250.1K | 107 | 0.1% | 3 |
| GRIFOLS S A | [GRFS](https://holderbook.com/stocks/GRFS/) | $249.4K | 25,044 | 0.1% | 1 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $248.1K | 747 | 0.1% | 5 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $246.8K | 555 | 0.1% | 1 |
| SUMITOMO MITSUI FIN GRP INC | [SMFG](https://holderbook.com/stocks/SMFG/) | $243.2K | 14,526 | 0.1% | 7 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $234.3K | 2,273 | 0.1% | 4 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $230.1K | 951 | 0.1% | 2 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $229.6K | 665 | 0.1% | 22 |

## 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 | +4.3% | +7.8% | -3.5% | 100% |
| Q2 2025 | +7.7% | +10.5% | -2.8% | 100% |
| Q1 2025 | +0.0% | -4.6% | +4.6% | 100% |
| Q4 2024 | -0.2% | +2.1% | -2.3% | 99% |
| Q3 2024 | +7.2% | +5.4% | +1.8% | 100% |
| Q2 2024 | +1.0% | +4.0% | -3.0% | 100% |
| Q1 2024 | +9.3% | +10.0% | -0.7% | 100% |
| Q4 2023 | +6.7% | +11.2% | -4.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $376.3M | 109 |
| Q2 2025 | $350.0M | 108 |
| Q1 2025 | $320.5M | 104 |
| Q4 2024 | $311.7M | 101 |
| Q3 2024 | $307.7M | 102 |
| Q2 2024 | $297.2M | 108 |
| Q1 2024 | $290.3M | 105 |
| Q4 2023 | $262.6M | 97 |
| Q3 2023 | $245.3M | 100 |
| Q2 2023 | $247.2M | 110 |
| Q1 2023 | $222.4M | 98 |
| Q4 2022 | $228.8M | 113 |