# Exchange Bank

> Institutional holdings reported to the SEC as of Q3 2026 on Form 13F. CIK 2001155. Source: https://holderbook.com/funds/2001155-exchange-bank/

- Reported value: $161.6M
- Positions: 129
- Weight of the ten largest: 32.5%
- Filed: 2026-10-07

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/) | $9.0M | 26,901 | 5.5% | 14 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $6.8M | 25,823 | 4.2% | 14 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $6.1M | 7,561 | 3.8% | 14 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $5.8M | 15,462 | 3.6% | 14 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $4.9M | 9,552 | 3.0% | 14 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $4.6M | 22,537 | 2.8% | 14 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $4.6M | 45,151 | 2.8% | 13 |
| EXXONMOBIL HOLDINGS CORP COM SHS | [XOM](https://holderbook.com/stocks/XOM/) | $3.9M | 24,017 | 2.4% | 1 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $3.5M | 10,686 | 2.2% | 14 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $3.4M | 23,159 | 2.1% | 14 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $3.3M | 9,674 | 2.1% | 14 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $3.3M | 47,027 | 2.0% | 14 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.0M | 28,389 | 1.8% | 14 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.8M | 12,332 | 1.7% | 14 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $2.8M | 29,743 | 1.7% | 14 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $2.7M | 30,888 | 1.6% | 14 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $2.6M | 34,169 | 1.6% | 14 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $2.6M | 36,624 | 1.6% | 14 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $2.5M | 11,496 | 1.6% | 14 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $2.5M | 9,248 | 1.6% | 14 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $2.4M | 32,725 | 1.5% | 14 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $2.2M | 3 | 1.4% | 14 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $2.2M | 75,250 | 1.4% | 14 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.2M | 6,396 | 1.3% | 14 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $2.1M | 35,646 | 1.3% | 14 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $2.1M | 14,330 | 1.3% | 14 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.9M | 7,637 | 1.2% | 14 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.9M | 9,958 | 1.2% | 14 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $1.9M | 6,779 | 1.2% | 14 |
| ISHARES TR | [IAGG](https://holderbook.com/stocks/IAGG/) | $1.8M | 37,288 | 1.1% | 14 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $1.8M | 29,306 | 1.1% | 14 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.6M | 2,112 | 1.0% | 14 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $1.6M | 10,018 | 1.0% | 14 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $1.6M | 5,026 | 1.0% | 14 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $1.5M | 5,689 | 0.9% | 14 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $1.4M | 6,343 | 0.9% | 11 |
| SPDR SERIES TRUST | [SPHY](https://holderbook.com/stocks/SPHY/) | $1.3M | 58,565 | 0.8% | 12 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $1.2M | 1,064 | 0.8% | 14 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $1.2M | 3,819 | 0.7% | 14 |
| GLOBE LIFE INC | [GL](https://holderbook.com/stocks/GL/) | $1.1M | 6,750 | 0.7% | 14 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.1M | 4,093 | 0.7% | 14 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $1.1M | 6,164 | 0.7% | 14 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $1.0M | 6,673 | 0.6% | 12 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $1.0M | 7,046 | 0.6% | 14 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $1.0M | 13,406 | 0.6% | 14 |
| AMERICAN CENTY ETF TR | [AVDV](https://holderbook.com/stocks/AVDV/) | $1.0M | 9,239 | 0.6% | 7 |
| ISHARES TR | [IGSB](https://holderbook.com/stocks/IGSB/) | $987.4K | 19,274 | 0.6% | 12 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $906.8K | 954 | 0.6% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $905.0K | 1,248 | 0.6% | 14 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $896.8K | 1,801 | 0.6% | 14 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $895.4K | 13,297 | 0.6% | 14 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $880.3K | 8,179 | 0.5% | 14 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $879.3K | 11,259 | 0.5% | 8 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $867.4K | 8,349 | 0.5% | 14 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $849.5K | 2,364 | 0.5% | 14 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $843.6K | 2,402 | 0.5% | 14 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $817.9K | 1,068 | 0.5% | 14 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $815.6K | 5,995 | 0.5% | 14 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $780.9K | 2,568 | 0.5% | 14 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $777.0K | 5,659 | 0.5% | 14 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $770.6K | 2,703 | 0.5% | 14 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $751.0K | 825 | 0.5% | 14 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $739.3K | 3,200 | 0.5% | 12 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $731.7K | 2,572 | 0.5% | 14 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $684.2K | 5,399 | 0.4% | 14 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $673.9K | 1,222 | 0.4% | 14 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $658.8K | 940 | 0.4% | 12 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $657.8K | 23,066 | 0.4% | 14 |
| ISHARES TR | [FALN](https://holderbook.com/stocks/FALN/) | $647.7K | 24,979 | 0.4% | 14 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $597.2K | 10,328 | 0.4% | 14 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $594.2K | 3,831 | 0.4% | 14 |
| ISHARES TR | [SUSB](https://holderbook.com/stocks/SUSB/) | $592.0K | 24,232 | 0.4% | 11 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $587.4K | 3,164 | 0.4% | 14 |
| AGILENT TECHNOLOGIES INC | [A](https://holderbook.com/stocks/A/) | $586.5K | 3,404 | 0.4% | 14 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $584.6K | 6,000 | 0.4% | 14 |
| HUNTINGTON BANCSHARES INC | [HBAN](https://holderbook.com/stocks/HBAN/) | $580.2K | 38,024 | 0.4% | 14 |
| GLOBAL X FDS | [PAVE](https://holderbook.com/stocks/PAVE/) | $576.5K | 10,980 | 0.4% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $563.4K | 1,235 | 0.3% | 6 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $558.4K | 2,418 | 0.3% | 14 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $538.7K | 3,282 | 0.3% | 14 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $503.8K | 473 | 0.3% | 2 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $503.2K | 2,811 | 0.3% | 14 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $481.3K | 2,587 | 0.3% | 6 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $454.6K | 1,767 | 0.3% | 14 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $445.5K | 421 | 0.3% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $438.0K | 1,576 | 0.3% | 14 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $419.3K | 2,275 | 0.3% | 14 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $417.9K | 1,272 | 0.3% | 5 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $402.3K | 1,038 | 0.2% | 3 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $395.9K | 4,696 | 0.2% | 5 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $386.3K | 7,672 | 0.2% | 7 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $379.7K | 1,800 | 0.2% | 2 |
| BROADRIDGE FINL SOLUTIONS IN | [BR](https://holderbook.com/stocks/BR/) | $362.5K | 2,250 | 0.2% | 14 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $353.2K | 7,595 | 0.2% | 14 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $347.2K | 3,045 | 0.2% | 14 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $343.1K | 3,271 | 0.2% | 14 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $338.9K | 1,280 | 0.2% | 2 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $338.7K | 2,000 | 0.2% | 5 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $336.8K | 3,947 | 0.2% | 2 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $330.5K | 6,072 | 0.2% | 2 |

## 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 | +7.8% | +14.8% | -7.1% | 100% |
| Q1 2026 | +0.7% | -4.6% | +5.4% | 100% |
| Q4 2025 | +2.3% | +2.4% | -0.0% | 100% |
| Q3 2025 | +6.2% | +7.8% | -1.7% | 100% |
| Q2 2025 | +3.4% | +10.5% | -7.1% | 100% |
| Q1 2025 | -0.2% | -4.6% | +4.4% | 100% |
| Q4 2024 | -1.3% | +2.1% | -3.4% | 100% |
| Q3 2024 | +6.9% | +5.4% | +1.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2026 | $161.6M | 129 |
| Q2 2026 | $160.6M | 130 |
| Q1 2026 | $144.3M | 117 |
| Q4 2025 | $144.6M | 121 |
| Q3 2025 | $144.1M | 124 |
| Q2 2025 | $126.4M | 120 |
| Q1 2025 | $124.0M | 113 |
| Q4 2024 | $124.4M | 112 |
| Q3 2024 | $122.3M | 114 |
| Q2 2024 | $117.7M | 109 |
| Q1 2024 | $121.7M | 114 |
| Q4 2023 | $115.4M | 108 |