CIK: 0001390063
Total reported value
$496.5M
Reporting period: 2026-03-31 · Number of holdings: 45
Westchester Capital Management, Inc. disclosed 45 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $496.5M and a quarterly turnover rate of 13.3%.
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Westchester Capital Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.047 — mathematically equivalent to about 21 equally-sized positions, well below its 45 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.07), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim MSFT
+1.5% -$7.8M
Add CAT
-0.4% $7.8M
Add VLO
-0.2% $7.2M
Add XOM
-0.9% $5.8M
Trim AAPL
-0.1% -$2.9M
Trim GOOGL
-1.1% -$3.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CAT | Caterpillar INC | Stock-Industrials | 8.40% | +1.40% | -0.41% | |
| 2 | AAPL | Apple INC | Stock-Tech | 8.01% | -0.80% | -0.07% | |
| 3 | WMT | Walmart INC | Stock-Consumer Staples | 6.29% | +0.47% | -0.60% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 6.00% | -0.78% | -1.09% | |
| 5 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 5.53% | -0.38% | +0.69% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 5.49% | -1.77% | +1.50% | |
| 7 | JPM | Jpmorgan Chase & Co | Stock-Financials | 4.94% | -0.55% | +1.24% | |
| 8 | ABBV | Abbvie INC | Stock-Healthcare | 4.54% | -0.29% | +1.34% | |
| 9 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 4.41% | +0.27% | +6.99% | |
| 10 | VLO | Valero Energy CORP | Stock-Energy | 4.26% | +1.37% | -0.22% | |
| 11 | WM | Waste Management INC | Stock-Industrials | 4.18% | +0.07% | -0.11% | |
| 12 | XOM | Exxon Mobil CORP | Stock-Energy | 4.12% | +1.09% | -0.92% | |
| 13 | CSCO | Cisco Systems INC | Stock-Tech | 3.93% | -0.08% | -0.09% | |
| 14 | LMT | Lockheed Martin CORP | Stock-Industrials | 3.92% | +0.69% | -0.27% | |
| 15 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 3.23% | -0.03% | -0.10% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.99% | +0.39% | -0.21% | |
| 17 | MCHP | Microchip Technology INC | Stock-Tech | 2.62% | +0.01% | +1.37% | |
| 18 | HD | Home Depot INC | Stock-Consumer Disc | 2.59% | -0.15% | +1.36% | |
| 19 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.78% | -0.20% | +2.16% | |
| 20 | MDT | Medtronic plc | Stock-Healthcare | 1.77% | -0.21% | +1.88% | |
| 21 | CRM | Salesforce INC | Stock-Tech | 1.74% | -0.74% | +2.08% | |
| 22 | INTC | Intel CORP | Stock-Tech | 1.68% | +0.23% | -0.30% | |
| 23 | PFE | Pfizer INC | Stock-Healthcare | 1.59% | +0.14% | -0.09% | |
| 24 | BDX | Becton Dickinson And Co | Stock-Healthcare | 1.50% | -0.40% | -0.14% | |
| 25 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.90% | -0.19% | -0.01% | |
| 26 | T | At&t INC | Stock-Comm Services | 0.71% | +0.08% | -0.36% | |
| 27 | PEP | Pepsico INC | Stock-Consumer Staples | 0.46% | +0.07% | +9.47% | |
| 28 | BA | Boeing Co/the | Stock-Industrials | 0.41% | -0.04% | — | |
| 29 | NVDA | Nvidia CORP | Stock-Tech | 0.39% | -0.04% | — | |
| 30 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.38% | -0.03% | — | |
| 31 | WAT | Waters CORP | Stock-Healthcare | 0.37% | +0.37% | NEW | |
| 32 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.19% | -0.01% | -0.88% | |
| 33 | CAG | Conagra Brands INC | Stock-Consumer Staples | 0.17% | -0.02% | -0.33% | |
| 34 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.08% | +0.08% | +2000.00% | |
| 35 | VZ | Verizon Communications INC | Stock-Comm Services | 0.07% | +0.01% | — | |
| 36 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.07% | — | -5.73% | |
| 37 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 0.05% | -0.01% | — | |
| 38 | BND | Vanguard Total Bond Market | ETF-Other | 0.04% | -0.01% | — | |
| 39 | CVX | Chevron CORP | Stock-Energy | 0.04% | +0.01% | — | |
| 40 | AXP | American Express Co | Stock-Financials | 0.04% | -0.01% | — | |
| 41 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.03% | -0.01% | — | |
| 42 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 0.03% | — | — | |
| 43 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 0.03% | — | — | |
| 44 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.02% | — | — | |
| 45 | BAC | Bank Of America CORP | Stock-Financials | — | — | NEW |
Performance for Q3 2026
+4.5%
Performance Last 4 Quarters
+41.1%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 45 | $496.5M | 13 | |
| 2025-12-31 | 43 | $483.7M | 7 | |
| 2025-09-30 | 43 | $465.2M | 21 | |
| 2025-06-30 | 39 | $425.0M | 0 | |
| 2025-03-31 | 39 | $402.2M | 100 | |
| 2024-12-31 | 41 | $397.6M | 0 | |
| 2024-09-30 | 41 | $411.7M | 0 | |
| 2024-06-30 | 41 | $396.1M | 0 | |
| 2024-03-31 | 41 | $398.4M | 0 | |
| 2023-12-31 | 44 | $371.5M | 0 | |
| 2023-09-30 | 44 | $349.1M | 0 | |
| 2023-06-30 | 44 | $359.2M | 0 | |
| 2023-03-31 | 46 | $347.7M | 0 | |
| 2022-12-31 | 47 | $339.8M | 0 | |
| 2022-09-30 | 50 | $310.0M | 0 | |
| 2022-06-30 | 53 | $327.6M | 0 | |
| 2022-03-31 | 52 | $387.8M | 0 | |
| 2021-12-31 | 48 | $391.7M | 0 | |
| 2021-09-30 | 48 | $359.0M | 0 | |
| 2021-06-30 | 44 | $356.4M | 100 | |
| 2021-03-31 | 52 | $345.3M | 17 | |
| 2020-12-31 | 55 | $316.8M | 13 | |
| 2020-09-30 | 44 | $281.8M | 13 | |
| 2020-06-30 | 43 | $265.2M | 18 | |
| 2020-03-31 | 49 | $223.7M | 25 | |
| 2019-12-31 | 42 | $287.0M | 12 | |
| 2019-09-30 | 37 | $255.0M | 10 | |
| 2019-06-30 | 36 | $255.3M | 11 | |
| 2019-03-31 | 45 | $233.7M | 11 | |
| 2018-12-31 | 42 | $215.2M | 17 | |
| 2018-09-30 | 34 | $252.3M | 11 | |
| 2018-06-30 | 33 | $235.2M | 5 | |
| 2018-03-31 | 33 | $236.9M | 19 | |
| 2017-12-31 | 36 | $243.0M | 14 | |
| 2017-09-30 | 36 | $233.2M | 9 | |
| 2017-06-30 | 34 | $219.3M | 11 | |
| 2017-03-31 | 33 | $208.4M | 12 | |
| 2016-12-31 | 34 | $200.5M | 11 | |
| 2016-09-30 | 33 | $205.6M | 13 | |
| 2016-06-30 | 34 | $225.7M | 15 | |
| 2016-03-31 | 35 | $222.1M | 13 | |
| 2015-12-31 | 34 | $202.6M | 10 | |
| 2015-09-30 | 35 | $186.8M | 12 | |
| 2015-06-30 | 36 | $209.4M | 9 | |
| 2015-03-31 | 38 | $202.3M | 14 | |
| 2014-12-31 | 40 | $208.4M | 11 | |
| 2014-09-30 | 42 | $211.4M | 14 | |
| 2014-06-30 | 55 | $212.5M | 15 | |
| 2014-03-31 | 54 | $199.2M | 10 | |
| 2013-12-31 | 67 | $186.2M | 23 | |
| 2013-09-30 | 65 | $161.3M | 13 | |
| 2013-06-30 | 53 | $157.8M | — |
Westchester Capital Management, Inc.'s most significant position changes for 2026-03-31: New buy: Waters CORP (WAT); New buy: Bank Of America CORP (BAC); Add: Microsoft CORP (MSFT) — shares +1.50%; Trim: Caterpillar INC (CAT) — shares -0.41%; Trim: Valero Energy CORP (VLO) — shares -0.22%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CAT | Caterpillar INC | +1.4% | -0.41% | Trim |
| 2 | VLO | Valero Energy CORP | +1.4% | -0.22% | Trim |
| 3 | XOM | Exxon Mobil CORP | +1.1% | -0.92% | Trim |
| 4 | LMT | Lockheed Martin CORP | +0.7% | -0.27% | Trim |
| 5 | WMT | Walmart INC | +0.5% | -0.60% | Trim |
| 6 | JNJ | Johnson & Johnson | +0.4% | -0.21% | Trim |
| 7 | BNY | Bank Of New York Mellon CORP | +0.3% | +6.99% | Add |
| 8 | INTC | Intel CORP | +0.2% | -0.30% | Trim |
| 9 | PFE | Pfizer INC | +0.1% | -0.09% | Trim |
| 10 | T | At&t INC | +0.1% | -0.36% | Trim |
| 11 | META | Meta Platforms Inc-class A | +0.1% | +2000.00% | Add |
| 12 | WM | Waste Management INC | +0.1% | -0.11% | Trim |
| 13 | PEP | Pepsico INC | +0.1% | +9.47% | Add |
| 14 | MCHP | Microchip Technology INC | 0% | +1.37% | Add |
| 15 | VZ | Verizon Communications INC | 0% | — | Unchanged |
| 16 | CVX | Chevron CORP | 0% | — | Unchanged |
| 17 | VOO | Vanguard S&p 500 ETF | — | -5.73% | Trim |
| 18 | KO | Coca-cola Co/the | — | — | Unchanged |
| 19 | VCSH | Vanguard S/t CORP Bond ETF | — | — | Unchanged |
| 20 | VGSH | Vanguard Short-term Treasury | — | — | Unchanged |
| 21 | AXP | American Express Co | 0% | — | Unchanged |
| 22 | LOW | Lowe's Cos INC | 0% | -0.88% | Trim |
| 23 | GOOG | Alphabet Inc-cl C | 0% | — | Unchanged |
| 24 | ITOT | Ishares Core S&p Total U.s. | 0% | — | Unchanged |
| 25 | BND | Vanguard Total Bond Market | 0% | — | Unchanged |
| 26 | CAG | Conagra Brands INC | 0% | -0.33% | Trim |
| 27 | MCD | Mcdonald's CORP | 0% | -0.10% | Trim |
| 28 | IVV | Ishares Core S&p 500 ETF | 0% | — | Unchanged |
| 29 | BA | Boeing Co/the | 0% | — | Unchanged |
| 30 | NVDA | Nvidia CORP | 0% | — | Unchanged |
| 31 | CSCO | Cisco Systems INC | -0.1% | -0.09% | Trim |
| 32 | HD | Home Depot INC | -0.2% | +1.36% | Add |
| 33 | DIS | Walt Disney Co/the | -0.2% | -0.01% | Trim |
| 34 | AMZN | Amazon.com INC | -0.2% | +2.16% | Add |
| 35 | MDT | Medtronic plc | -0.2% | +1.88% | Add |
| 36 | ABBV | Abbvie INC | -0.3% | +1.34% | Add |
| 37 | BRK-B | Berkshire Hathaway Inc-cl B | -0.4% | +0.69% | Add |
| 38 | BDX | Becton Dickinson And Co | -0.4% | -0.14% | Trim |
| 39 | JPM | Jpmorgan Chase & Co | -0.6% | +1.24% | Add |
| 40 | CRM | Salesforce INC | -0.7% | +2.08% | Add |
| 41 | GOOGL | Alphabet Inc-cl A | -0.8% | -1.09% | Trim |
| 42 | AAPL | Apple INC | -0.8% | -0.07% | Trim |
| 43 | MSFT | Microsoft CORP | -1.8% | +1.50% | Add |
| 44 | WAT | Waters CORP | — | NEW | New buy |
| 45 | BAC | Bank Of America CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-06 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-07 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-25 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-01 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-29 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-03 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-29 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-04 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-10 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-05 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-05 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-06 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-01 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-02 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-26 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-02 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-04 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-03 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-04 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-20 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-05 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-09 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-04 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-10 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-09-16 | Amendment | View on EDGAR |
| 2014-06-30 | 2014-07-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-02 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-24 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-28 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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