# Cladis Investment Advisory, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1911520. Source: https://holderbook.com/funds/1911520-cladis-investment-advisory-llc/

- Reported value: $214.0M
- Positions: 173
- Weight of the ten largest: 29.9%
- Filed: 2026-08-13

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 |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $15.3M | 52,922 | 7.2% | 19 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $9.4M | 47,218 | 4.4% | 16 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $5.7M | 4,825 | 2.6% | 9 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $5.6M | 14,927 | 2.6% | 19 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $5.1M | 21,335 | 2.4% | 19 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $5.0M | 4,143 | 2.3% | 19 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $4.9M | 10,300 | 2.3% | 19 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.4M | 11,911 | 2.1% | 19 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $4.4M | 5,980 | 2.1% | 19 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $4.2M | 3,938 | 2.0% | 19 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $4.1M | 21,616 | 1.9% | 19 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $4.1M | 7,055 | 1.9% | 19 |
| FIRST INTST BANCSYSTEM INC | [FIBK](https://holderbook.com/stocks/FIBK/) | $3.2M | 83,865 | 1.5% | 19 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $3.1M | 11,121 | 1.5% | 19 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $3.0M | 3,198 | 1.4% | 19 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.9M | 21,199 | 1.4% | 19 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $2.6M | 17,897 | 1.2% | 3 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $2.6M | 7,635 | 1.2% | 6 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $2.5M | 17,705 | 1.2% | 19 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $2.4M | 7,203 | 1.1% | 19 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $2.2M | 5,145 | 1.0% | 8 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $2.2M | 24,500 | 1.0% | 19 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $2.1M | 50,042 | 1.0% | 19 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $2.1M | 39,795 | 1.0% | 19 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.1M | 5,961 | 1.0% | 19 |
| QXO INC | [QXO](https://holderbook.com/stocks/QXO/) | $2.1M | 120,965 | 1.0% | 5 |
| EVERUS CONSTR GROUP | [ECG](https://holderbook.com/stocks/ECG/) | $2.1M | 12,543 | 1.0% | 7 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $2.0M | 28,286 | 1.0% | 3 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $2.0M | 7,967 | 0.9% | 18 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $2.0M | 18,271 | 0.9% | 19 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $1.9M | 35,877 | 0.9% | 19 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $1.9M | 4,599 | 0.9% | 19 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.8M | 14,225 | 0.9% | 19 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $1.8M | 86,465 | 0.8% | 19 |
| KNIFE RIVER CORP | [KNF](https://holderbook.com/stocks/KNF/) | $1.8M | 21,267 | 0.8% | 13 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $1.8M | 1,524 | 0.8% | 5 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.7M | 2,314 | 0.8% | 19 |
| FTAI AVIATION LTD | [FTAI](https://holderbook.com/stocks/FTAI/) | $1.6M | 6,000 | 0.8% | 15 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $1.6M | 35,754 | 0.8% | 19 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $1.6M | 114,315 | 0.7% | 19 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $1.6M | 38,637 | 0.7% | 10 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.6M | 2,815 | 0.7% | 19 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $1.6M | 16,139 | 0.7% | 19 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.6M | 3,098 | 0.7% | 19 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $1.5M | 11,755 | 0.7% | 19 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $1.5M | 1,993 | 0.7% | 19 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $1.5M | 61,551 | 0.7% | 19 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $1.5M | 28,298 | 0.7% | 19 |
| ISHARES TR | [ARTY](https://holderbook.com/stocks/ARTY/) | $1.4M | 18,535 | 0.7% | 6 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $1.4M | 19,585 | 0.7% | 14 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.4M | 12,211 | 0.6% | 19 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $1.4M | 12,817 | 0.6% | 19 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.3M | 3,870 | 0.6% | 10 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $1.2M | 7,805 | 0.6% | 14 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $1.2M | 16,100 | 0.6% | 6 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $1.2M | 11,780 | 0.6% | 5 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $1.2M | 7,079 | 0.6% | 19 |
| ONTERRIS INC | [ONT](https://holderbook.com/stocks/ONT/) | $1.1M | 56,800 | 0.5% | 7 |
| GE HEALTHCARE TECHNOLOGIES I | [GEHC](https://holderbook.com/stocks/GEHC/) | $1.1M | 17,623 | 0.5% | 14 |
| DIMENSIONAL ETF TRUST | [DFAS](https://holderbook.com/stocks/DFAS/) | $1.1M | 13,180 | 0.5% | 19 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $1.1M | 3,041 | 0.5% | 19 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.0M | 1,030 | 0.5% | 10 |
| ISHARES TR | [IBB](https://holderbook.com/stocks/IBB/) | $984.2K | 5,175 | 0.5% | 10 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $969.2K | 11,728 | 0.5% | 19 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $939.4K | 3,000 | 0.4% | 19 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $926.9K | 3,650 | 0.4% | 16 |
| COINBASE GLOBAL INC | [COIN](https://holderbook.com/stocks/COIN/) | $926.8K | 6,340 | 0.4% | 4 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $906.2K | 5,009 | 0.4% | 13 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $894.2K | 3,000 | 0.4% | 19 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $882.5K | 7,500 | 0.4% | 17 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $882.1K | 4,075 | 0.4% | 19 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $881.6K | 15,300 | 0.4% | 19 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $868.3K | 3,334 | 0.4% | 19 |
| CHESAPEAKE UTILS CORP | [CPK](https://holderbook.com/stocks/CPK/) | $857.4K | 7,000 | 0.4% | 19 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $843.1K | 2,120 | 0.4% | 4 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $827.3K | 5,911 | 0.4% | 19 |
| CLEVELAND-CLIFFS INC NEW | [CLF](https://holderbook.com/stocks/CLF/) | $820.2K | 87,350 | 0.4% | 19 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $786.8K | 7,925 | 0.4% | 19 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $785.3K | 10,914 | 0.4% | 19 |
| MDU RES GROUP INC | [MDU](https://holderbook.com/stocks/MDU/) | $779.0K | 36,730 | 0.4% | 19 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $759.5K | 13,330 | 0.4% | 19 |
| QNITY ELECTRONICS INC | [Q](https://holderbook.com/stocks/Q/) | $745.7K | 4,566 | 0.3% | 3 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $714.9K | 5,280 | 0.3% | 19 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $713.2K | 1,000 | 0.3% | 16 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $713.1K | 4,302 | 0.3% | 19 |
| ARM HOLDINGS PLC | [ARM](https://holderbook.com/stocks/ARM/) | $709.1K | 2,000 | 0.3% | 11 |
| BYRNA TECHNOLOGIES INC | [BYRN](https://holderbook.com/stocks/BYRN/) | $694.5K | 103,500 | 0.3% | 4 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $692.4K | 8,520 | 0.3% | 19 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $683.7K | 2,674 | 0.3% | 16 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $670.8K | 4,574 | 0.3% | 19 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $669.3K | 3,613 | 0.3% | 8 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $653.8K | 7,590 | 0.3% | 16 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $621.2K | 5,289 | 0.3% | 19 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $616.2K | 6,390 | 0.3% | 7 |
| DIMENSIONAL ETF TRUST | [DFUS](https://holderbook.com/stocks/DFUS/) | $587.3K | 7,167 | 0.3% | 19 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $574.8K | 3,550 | 0.3% | 16 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $573.7K | 5,518 | 0.3% | 19 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $566.6K | 2,600 | 0.3% | 19 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $564.4K | 2,088 | 0.3% | 19 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $556.7K | 4,263 | 0.3% | 19 |

## 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 | +15.8% | +14.8% | +1.0% | 100% |
| Q1 2026 | -0.1% | -4.6% | +4.5% | 100% |
| Q4 2025 | +3.3% | +2.4% | +0.9% | 100% |
| Q3 2025 | +10.4% | +7.8% | +2.6% | 100% |
| Q2 2025 | +10.1% | +10.5% | -0.3% | 100% |
| Q1 2025 | -3.3% | -4.6% | +1.2% | 100% |
| Q4 2024 | +0.0% | +2.1% | -2.1% | 100% |
| Q3 2024 | +7.0% | +5.4% | +1.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $214.0M | 173 |
| Q1 2026 | $181.7M | 159 |
| Q4 2025 | $182.7M | 154 |
| Q3 2025 | $174.7M | 145 |
| Q2 2025 | $159.6M | 147 |
| Q1 2025 | $138.2M | 137 |
| Q4 2024 | $141.0M | 131 |
| Q3 2024 | $144.3M | 135 |
| Q2 2024 | $257.4M | 136 |
| Q1 2024 | $253.7M | 138 |
| Q4 2023 | $238.0M | 143 |
| Q3 2023 | $213.8M | 134 |