# HICKORY ASSET MANAGEMENT, INC.

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 2053626. Source: https://holderbook.com/funds/2053626-hickory-asset-management-inc/

- Reported value: $120.9M
- Positions: 91
- Weight of the ten largest: 46.1%
- Filed: 2025-07-22

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 |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $10.6M | 18,625 | 8.7% | 3 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $7.0M | 12,719 | 5.8% | 3 |
| FIRST TR EXCHANGE-TRADED FD | [RDVY](https://holderbook.com/stocks/RDVY/) | $6.7M | 106,899 | 5.5% | 3 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $6.2M | 27,283 | 5.1% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DJUL](https://holderbook.com/stocks/DJUL/) | $5.8M | 130,397 | 4.8% | 3 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $4.7M | 35,256 | 3.9% | 3 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $4.2M | 23,854 | 3.5% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DMAR](https://holderbook.com/stocks/DMAR/) | $3.7M | 94,420 | 3.1% | 3 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $3.4M | 16,783 | 2.8% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DJUN](https://holderbook.com/stocks/DJUN/) | $3.4M | 75,004 | 2.8% | 3 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $3.2M | 33,333 | 2.6% | 3 |
| FIRST TR EXCH TRADED FD III | [FPE](https://holderbook.com/stocks/FPE/) | $2.6M | 143,971 | 2.1% | 3 |
| PIMCO ETF TR | [PYLD](https://holderbook.com/stocks/PYLD/) | $2.4M | 91,905 | 2.0% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.3M | 3,181 | 1.9% | 3 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $2.3M | 5,147 | 1.9% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.2M | 4,451 | 1.8% | 3 |
| INVESCO EXCHANGE TRADED FD T | [SPGP](https://holderbook.com/stocks/SPGP/) | $2.2M | 20,150 | 1.8% | 3 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.1M | 11,880 | 1.7% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DFEB](https://holderbook.com/stocks/DFEB/) | $2.0M | 45,805 | 1.7% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DAUG](https://holderbook.com/stocks/DAUG/) | $1.9M | 45,005 | 1.6% | 3 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $1.8M | 318 | 1.5% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.7M | 7,725 | 1.4% | 3 |
| FIRST TR EXCHANGE-TRADED FD | [SDVY](https://holderbook.com/stocks/SDVY/) | $1.5M | 43,808 | 1.3% | 3 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $1.5M | 16,933 | 1.3% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.4M | 3,931 | 1.2% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DMAY](https://holderbook.com/stocks/DMAY/) | $1.3M | 30,561 | 1.1% | 3 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $1.3M | 13,683 | 1.1% | 3 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $1.3M | 7,715 | 1.0% | 3 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $1.2M | 6,685 | 1.0% | 3 |
| PACER FDS TR | [COWZ](https://holderbook.com/stocks/COWZ/) | $1.2M | 21,967 | 1.0% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $1.1M | 1,932 | 0.9% | 3 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $1.0M | 2,603 | 0.8% | 3 |
| FIRST TR EXCH TRADED FD III | [FPEI](https://holderbook.com/stocks/FPEI/) | $943.1K | 49,664 | 0.8% | 3 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $919.2K | 4,059 | 0.8% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DNOV](https://holderbook.com/stocks/DNOV/) | $903.4K | 20,215 | 0.7% | 3 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $771.2K | 4,234 | 0.6% | 3 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $770.8K | 14,727 | 0.6% | 3 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $763.6K | 6,158 | 0.6% | 3 |
| PACER FDS TR | [CALF](https://holderbook.com/stocks/CALF/) | $713.4K | 17,918 | 0.6% | 3 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $685.7K | 4,351 | 0.6% | 3 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $671.8K | 8,450 | 0.6% | 3 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $664.7K | 3,631 | 0.5% | 3 |
| INVESCO ACTIVELY MANAGED EXC | [VRIG](https://holderbook.com/stocks/VRIG/) | $641.9K | 25,625 | 0.5% | 3 |
| GLOBAL X FDS | [PFFD](https://holderbook.com/stocks/PFFD/) | $639.4K | 33,958 | 0.5% | 3 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $630.2K | 2,174 | 0.5% | 3 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $578.0K | 1,867 | 0.5% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $577.5K | 2,815 | 0.5% | 3 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $573.0K | 2,031 | 0.5% | 3 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $551.3K | 1,838 | 0.5% | 3 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $537.8K | 2,460 | 0.4% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [QSPT](https://holderbook.com/stocks/QSPT/) | $535.4K | 18,100 | 0.4% | 3 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $499.6K | 1,735 | 0.4% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [SNOV](https://holderbook.com/stocks/SNOV/) | $493.4K | 21,360 | 0.4% | 3 |
| UNILEVER PLC | [ULXXXX](https://holderbook.com/stocks/ULXXXX/) | $451.6K | 7,382 | 0.4% | 3 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $445.7K | 2,799 | 0.4% | 3 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $419.4K | 3,465 | 0.3% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $415.8K | 2,344 | 0.3% | 3 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $407.5K | 1,712 | 0.3% | 3 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $392.1K | 4,303 | 0.3% | 3 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $391.3K | 1,435 | 0.3% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DAPR](https://holderbook.com/stocks/DAPR/) | $377.1K | 10,000 | 0.3% | 1 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $373.9K | 1,461 | 0.3% | 2 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $365.5K | 5,438 | 0.3% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $358.6K | 7,578 | 0.3% | 3 |
| FIRST TR EXCHANGE-TRADED FD | [FTSM](https://holderbook.com/stocks/FTSM/) | $354.6K | 5,923 | 0.3% | 3 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $350.2K | 1,583 | 0.3% | 3 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $346.7K | 3,863 | 0.3% | 3 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $335.0K | 4,500 | 0.3% | 3 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $329.4K | 1,056 | 0.3% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DOCT](https://holderbook.com/stocks/DOCT/) | $319.9K | 7,790 | 0.3% | 3 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $312.2K | 3,096 | 0.3% | 3 |
| INVESCO EXCHANGE TRADED FD T | [PPA](https://holderbook.com/stocks/PPA/) | $307.6K | 2,171 | 0.3% | 3 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $305.8K | 417 | 0.3% | 3 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $290.2K | 750 | 0.2% | 3 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $285.8K | 1,061 | 0.2% | 3 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $276.6K | 948 | 0.2% | 3 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $274.4K | 2,545 | 0.2% | 3 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $251.0K | 790 | 0.2% | 3 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $250.5K | 1,715 | 0.2% | 3 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $246.9K | 1,113 | 0.2% | 3 |
| INVESCO EXCH TRADED FD TR II | [RWL](https://holderbook.com/stocks/RWL/) | $245.0K | 2,349 | 0.2% | 1 |
| FIRST TR EXCHANGE-TRADED FD | [RDVI](https://holderbook.com/stocks/RDVI/) | $241.4K | 9,769 | 0.2% | 3 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $236.4K | 2,712 | 0.2% | 3 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $235.8K | 807 | 0.2% | 3 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $232.4K | 4,585 | 0.2% | 3 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $227.8K | 6,384 | 0.2% | 3 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $214.8K | 1,025 | 0.2% | 1 |
| WISDOMTREE TR | [DES](https://holderbook.com/stocks/DES/) | $214.4K | 6,750 | 0.2% | 3 |
| FIRST TR EXCHNG TRADED FD VI | [DDEC](https://holderbook.com/stocks/DDEC/) | $213.0K | 5,100 | 0.2% | 1 |
| VANGUARD WORLD FD | [VHT](https://holderbook.com/stocks/VHT/) | $203.4K | 819 | 0.2% | 1 |
| DENISON MINES CORP | [DNN](https://holderbook.com/stocks/DNN/) | $18.2K | 10,000 | 0.0% | 3 |

## 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 2025 | +8.7% | +10.5% | -1.7% | 100% |
| Q1 2025 | -3.3% | -4.6% | +1.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $120.9M | 91 |
| Q1 2025 | $112.5M | 89 |
| Q4 2024 | $117.7M | 90 |