# Citadel Investment Advisory, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1811907. Source: https://holderbook.com/funds/1811907-citadel-investment-advisory-inc/

- Reported value: $220.3M
- Positions: 76
- Weight of the ten largest: 65.6%
- Filed: 2026-07-23

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 |
|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $52.4M | 104,793 | 23.8% | 23 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $29.8M | 15,242 | 13.5% | 23 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $16.7M | 46,669 | 7.6% | 23 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $9.7M | 27,430 | 4.4% | 23 |
| Imperial Metals Corp | [IPMLF](https://holderbook.com/stocks/IPMLF/) | $7.6M | 1,732,813 | 3.4% | 23 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $7.1M | 39,030 | 3.2% | 23 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $5.9M | 23,054 | 2.7% | 23 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.4M | 14,568 | 2.5% | 23 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $5.3M | 27,943 | 2.4% | 23 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $4.7M | 16,875 | 2.2% | 23 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $4.5M | 17,848 | 2.0% | 23 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $4.1M | 4,100 | 1.9% | 23 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $3.4M | 7,427 | 1.5% | 23 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $3.3M | 22,366 | 1.5% | 23 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $3.1M | 38,403 | 1.4% | 23 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $2.9M | 8,291 | 1.3% | 23 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $2.8M | 10,274 | 1.3% | 23 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.8M | 8,422 | 1.3% | 23 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $2.6M | 14,325 | 1.2% | 23 |
| AFFILIATED MANAGERS GROUP | [AMG](https://holderbook.com/stocks/AMG/) | $2.2M | 6,452 | 1.0% | 12 |
| METTLER TOLEDO INTERNATIONAL | [MTD](https://holderbook.com/stocks/MTD/) | $2.2M | 1,700 | 1.0% | 23 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $2.1M | 22,311 | 1.0% | 23 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $2.1M | 15,481 | 1.0% | 23 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $2.1M | 29,468 | 0.9% | 23 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $2.0M | 5,832 | 0.9% | 23 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $1.8M | 3,486 | 0.8% | 23 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $1.8M | 37,585 | 0.8% | 23 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $1.6M | 19,775 | 0.7% | 23 |
| Medtronic | - | $1.6M | 20,700 | 0.7% | 23 |
| CREDIT ACCEP CORP MICH | [CACC](https://holderbook.com/stocks/CACC/) | $1.6M | 2,525 | 0.7% | 23 |
| ANHEUSER BUSCH INBEV SA/NV | [BUD](https://holderbook.com/stocks/BUD/) | $1.4M | 16,383 | 0.6% | 23 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $1.3M | 50,363 | 0.6% | 17 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $1.3M | 3,144 | 0.6% | 23 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $1.2M | 9,852 | 0.5% | 23 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.2M | 20,560 | 0.5% | 23 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.1M | 4,612 | 0.5% | 18 |
| JEFFERIES FINANCIAL GROUP IN | [JEF](https://holderbook.com/stocks/JEF/) | $954.0K | 19,080 | 0.4% | 23 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $888.0K | 4,026 | 0.4% | 23 |
| Vistaprint NV Cimpress | - | $872.0K | 8,575 | 0.4% | 18 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $854.0K | 7,161 | 0.4% | 23 |
| HOWARD HUGHES CORP | [HHC](https://holderbook.com/stocks/HHC/) | $836.0K | 11,692 | 0.4% | 23 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $828.0K | 4,348 | 0.4% | 23 |
| John Marshall Bancorp | - | $811.0K | 37,200 | 0.4% | 18 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $792.0K | 8,730 | 0.4% | 23 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $786.0K | 9,401 | 0.4% | 23 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $757.0K | 3,495 | 0.3% | 18 |
| EVEREST GROUP LTD | [EG](https://holderbook.com/stocks/EG/) | $700.0K | 1,960 | 0.3% | 23 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $593.0K | 1,155 | 0.3% | 23 |
| WYNN RESORTS LTD | [WYNN](https://holderbook.com/stocks/WYNN/) | $564.0K | 5,811 | 0.3% | 23 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $492.0K | 3,358 | 0.2% | 23 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $445.0K | 790 | 0.2% | 11 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $434.0K | 1,500 | 0.2% | 23 |
| LEIDOS HOLDINGS INC | [LDOS](https://holderbook.com/stocks/LDOS/) | $423.0K | 4,110 | 0.2% | 23 |
| United Parcel Service Inc | - | $398.0K | 3,703 | 0.2% | 23 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $384.0K | 15,630 | 0.2% | 23 |
| SEI INVTS CO | [SEIC](https://holderbook.com/stocks/SEIC/) | $341.0K | 3,890 | 0.2% | 23 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $328.0K | 585 | 0.1% | 5 |
| LINCOLN ELEC HLDGS INC | [LECO](https://holderbook.com/stocks/LECO/) | $324.0K | 1,221 | 0.1% | 13 |
| Radiant Logistics | - | $313.0K | 33,052 | 0.1% | 3 |
| Colgate Palmolive | [CPRLCL](https://holderbook.com/stocks/CPRLCL/) | $302.0K | 3,297 | 0.1% | 23 |
| ESAB CORPORATION | [ESAB](https://holderbook.com/stocks/ESAB/) | $300.0K | 3,038 | 0.1% | 17 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $298.0K | 1,081 | 0.1% | 23 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $291.0K | 14,077 | 0.1% | 23 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $253.0K | 4,376 | 0.1% | 23 |
| FTI CONSULTING INC | [FCN](https://holderbook.com/stocks/FCN/) | $249.0K | 1,670 | 0.1% | 22 |
| KEURIG DR PEPPER INC | [KDP](https://holderbook.com/stocks/KDP/) | $234.0K | 7,145 | 0.1% | 22 |
| SIRIUS XM HOLDINGS INC | [SIRIXXXX](https://holderbook.com/stocks/SIRIXXXX/) | $218.0K | 7,396 | 0.1% | 8 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $214.0K | 817 | 0.1% | 15 |
| WHITE MTNS INS GROUP LTD | [WTM](https://holderbook.com/stocks/WTM/) | $207.0K | 100 | 0.1% | 7 |
| PINNACLE FINL PARTNERS INC | [PNFP](https://holderbook.com/stocks/PNFP/) | $193.0K | 1,909 | 0.1% | 7 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $181.0K | 6,804 | 0.1% | 23 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $173.0K | 950 | 0.1% | 5 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $165.0K | 3,369 | 0.1% | 23 |
| LIBERTY BROADBAND CORP | [LBRDK](https://holderbook.com/stocks/LBRDK/) | $111.0K | 3,324 | 0.1% | 23 |
| LIBERTY GLOBAL PLC | [LBTYKXXXX](https://holderbook.com/stocks/LBTYKXXXX/) | $86.0K | 7,820 | 0.0% | 23 |
| LIBERTY GLOBAL PLC | [LBTYAXXXX](https://holderbook.com/stocks/LBTYAXXXX/) | $50.0K | 4,414 | 0.0% | 23 |

## 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 | +6.8% | +14.8% | -8.0% | 93% |
| Q1 2026 | -7.1% | -4.6% | -2.5% | 92% |
| Q4 2025 | +4.5% | +2.4% | +2.2% | 94% |
| Q3 2025 | +5.5% | +7.8% | -2.4% | 99% |
| Q2 2025 | +4.3% | +10.5% | -6.2% | 95% |
| Q1 2025 | +5.3% | -4.6% | +9.8% | 94% |
| Q4 2024 | +0.6% | +2.1% | -1.5% | 94% |
| Q3 2024 | +7.5% | +5.4% | +2.1% | 94% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $220.3M | 76 |
| Q1 2026 | $209.5M | 78 |
| Q4 2025 | $231.4M | 79 |
| Q3 2025 | $218.0M | 82 |
| Q2 2025 | $206.5M | 83 |
| Q1 2025 | $203.8M | 82 |
| Q4 2024 | $193.0M | 82 |
| Q3 2024 | $190.2M | 81 |
| Q2 2024 | $175.9M | 82 |
| Q1 2024 | $177.5M | 82 |
| Q4 2023 | $163.3M | 82 |
| Q3 2023 | $152.7M | 81 |