# CHEMICAL BANK

> Institutional holdings reported to the SEC as of Q2 2019 on Form 13F. CIK 919087. Source: https://holderbook.com/funds/919087-chemical-bank/

- Reported value: $881.4M
- Positions: 347
- Weight of the ten largest: 23.8%
- Filed: 2019-07-25

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 |
|---|---|---|---|---|---|
| CHEMICAL FINL CORP | [CHFC](https://holderbook.com/stocks/CHFC/) | $51.0M | 1,241,049 | 5.8% | 3 |
| DUPONT DE NEMOURS INC | [DD](https://holderbook.com/stocks/DD/) | $33.7M | 448,816 | 3.8% | 1 |
| DOW HLDGS INC | [DOW](https://holderbook.com/stocks/DOW/) | $22.2M | 451,062 | 2.5% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $18.5M | 93,284 | 2.1% | 3 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $16.1M | 115,793 | 1.8% | 3 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $15.3M | 136,878 | 1.7% | 3 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $14.8M | 110,527 | 1.7% | 3 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $13.1M | 444,678 | 1.5% | 1 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $13.1M | 79,441 | 1.5% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $12.1M | 6,380 | 1.4% | 3 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $11.6M | 83,072 | 1.3% | 3 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $11.2M | 133,164 | 1.3% | 3 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $11.2M | 53,761 | 1.3% | 3 |
| UNITED TECHNOLOGIES CORP | [UTX](https://holderbook.com/stocks/UTX/) | $11.1M | 85,192 | 1.3% | 3 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $10.6M | 131,446 | 1.2% | 3 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $10.5M | 137,509 | 1.2% | 3 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $10.5M | 96,017 | 1.2% | 3 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $10.2M | 213,476 | 1.2% | 3 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $9.7M | 78,320 | 1.1% | 3 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $9.4M | 217,335 | 1.1% | 3 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $9.4M | 102,699 | 1.1% | 3 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $9.3M | 71,192 | 1.1% | 3 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $9.0M | 8,350 | 1.0% | 3 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $8.8M | 97,638 | 1.0% | 3 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $8.7M | 119,637 | 1.0% | 3 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $8.6M | 41,547 | 1.0% | 3 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $8.5M | 50,593 | 1.0% | 3 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $8.5M | 28,849 | 1.0% | 3 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $8.4M | 152,915 | 0.9% | 3 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $8.0M | 27,249 | 0.9% | 3 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $7.8M | 47,871 | 0.9% | 3 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $7.7M | 91,710 | 0.9% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $7.6M | 44,038 | 0.9% | 3 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $7.5M | 61,158 | 0.9% | 3 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $7.4M | 66,992 | 0.8% | 3 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $7.0M | 121,931 | 0.8% | 3 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $6.9M | 23,997 | 0.8% | 3 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $6.7M | 199,256 | 0.8% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $6.7M | 156,773 | 0.8% | 3 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $6.4M | 40,629 | 0.7% | 3 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $6.2M | 120,844 | 0.7% | 3 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $6.0M | 91,943 | 0.7% | 3 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $5.9M | 32,098 | 0.7% | 3 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $5.6M | 15,471 | 0.6% | 3 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $5.6M | 32,853 | 0.6% | 3 |
| ISHARES TR | [IJK](https://holderbook.com/stocks/IJK/) | $5.0M | 21,983 | 0.6% | 3 |
| ROYAL DUTCH SHELL PLC | [RDSA](https://holderbook.com/stocks/RDSA/) | $5.0M | 76,266 | 0.6% | 3 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $4.9M | 16,656 | 0.6% | 3 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $4.8M | 23,526 | 0.5% | 3 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $4.6M | 18,930 | 0.5% | 3 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $4.5M | 22,029 | 0.5% | 3 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $4.5M | 25,621 | 0.5% | 3 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $4.4M | 42,473 | 0.5% | 3 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $4.4M | 158,496 | 0.5% | 3 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $4.3M | 42,408 | 0.5% | 3 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $4.2M | 54,391 | 0.5% | 3 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $4.2M | 22,415 | 0.5% | 3 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $4.1M | 36,896 | 0.5% | 3 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $3.9M | 24,415 | 0.4% | 3 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $3.9M | 28,590 | 0.4% | 3 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $3.9M | 46,367 | 0.4% | 3 |
| ISHARES TR | [IJJ](https://holderbook.com/stocks/IJJ/) | $3.8M | 23,892 | 0.4% | 3 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $3.8M | 56,643 | 0.4% | 3 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $3.7M | 67,611 | 0.4% | 3 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $3.6M | 76,141 | 0.4% | 3 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $3.5M | 61,783 | 0.4% | 3 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $3.5M | 9,537 | 0.4% | 3 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $3.4M | 22,360 | 0.4% | 3 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $3.3M | 32,827 | 0.4% | 3 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $3.3M | 16,798 | 0.4% | 3 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $3.2M | 32,089 | 0.4% | 3 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $3.0M | 19,408 | 0.3% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $3.0M | 13,926 | 0.3% | 3 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $2.9M | 49,044 | 0.3% | 3 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $2.9M | 42,147 | 0.3% | 3 |
| GENERAL MILLS INC | [GIS](https://holderbook.com/stocks/GIS/) | $2.9M | 54,616 | 0.3% | 3 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $2.8M | 7,747 | 0.3% | 3 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $2.8M | 16,150 | 0.3% | 3 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $2.8M | 15,112 | 0.3% | 3 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $2.6M | 22,910 | 0.3% | 3 |
| DARDEN RESTAURANTS INC | [DRI](https://holderbook.com/stocks/DRI/) | $2.6M | 21,320 | 0.3% | 3 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $2.6M | 22,459 | 0.3% | 3 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $2.6M | 18,030 | 0.3% | 3 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $2.6M | 22,348 | 0.3% | 3 |
| BLACKROCK INC | [BLKXXXX](https://holderbook.com/stocks/BLKXXXX/) | $2.6M | 5,463 | 0.3% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $2.5M | 87,666 | 0.3% | 3 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.5M | 9,517 | 0.3% | 3 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $2.5M | 12,642 | 0.3% | 3 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $2.4M | 27,924 | 0.3% | 3 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $2.4M | 82,434 | 0.3% | 3 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $2.4M | 56,377 | 0.3% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.3M | 2,156 | 0.3% | 3 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $2.3M | 26,998 | 0.3% | 3 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $2.3M | 20,255 | 0.3% | 3 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $2.3M | 24,139 | 0.3% | 3 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $2.2M | 12,263 | 0.3% | 3 |
| V F CORP | [VFC](https://holderbook.com/stocks/VFC/) | $2.2M | 25,625 | 0.3% | 3 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $2.2M | 25,265 | 0.3% | 3 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $2.2M | 25,501 | 0.3% | 3 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $2.2M | 35,919 | 0.2% | 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 2019 | -2.0% | +3.7% | -5.7% | 100% |
| Q1 2019 | +10.8% | +13.0% | -2.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2019 | $881.4M | 347 |
| Q1 2019 | $886.8M | 347 |
| Q4 2018 | $807.7M | 345 |