Borer Denton & Associates, Inc. Institutional Portfolio (13F)

CIK: 0001993607

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$280.3M

Reporting period: 2026-03-31 · Number of holdings: 66

Borer Denton & Associates, Inc. disclosed 66 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $280.3M and a quarterly turnover rate of 14.2%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "B"

Personality snowflake

Concentration: 16.91
Portfolio Stability: 14.19
Momentum/Contrarian: 100
Sector conviction: 54.77
Diversification: 100
Sizing Uniformity: 86.52

Borer Denton & Associates, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, well below its 66 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 1.35), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim MSFT
-1.2%　-$7.5M
Add COST
-1.7%　$2.7M
Add JNJ
-0.4%　$2.3M
Trim ORCL
-1.3%　-$2.7M
Add HON
+0.7%　$1.0M
Trim ABT
-0.6%　-$1.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	8.27%	-2.07%	-1.25%
2	COST	Costco Wholesale CORP	Stock-Consumer Staples	7.89%	+1.33%	-1.67%
3	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	7.86%	+0.02%	-0.67%
4	AAPL	Apple INC	Stock-Tech	6.22%	-0.11%	-0.58%
5	JNJ	Johnson & Johnson	Stock-Healthcare	5.54%	+1.09%	-0.39%
6	ABBV	Abbvie INC	Stock-Healthcare	4.43%	-0.03%	-1.52%
7	HD	Home Depot INC	Stock-Consumer Disc	4.29%	+0.10%	+1.24%
8	AON	Aon plc	Stock-Financials	3.79%	-0.13%	-0.18%
9	ITW	Illinois Tool Works	Stock-Industrials	3.69%	+0.38%	-0.53%
10	PEP	Pepsico INC	Stock-Consumer Staples	3.52%	+0.43%	-0.43%
11	UNP	Union Pacific CORP	Stock-Industrials	3.48%	+0.33%	-0.57%
12	BAC	Bank Of America CORP	Stock-Financials	3.29%	-0.26%	-1.03%
13	GS	Goldman Sachs Group INC	Stock-Financials	3.20%	-0.02%	-2.50%
14	ABT	Abbott Laboratories	Stock-Healthcare	2.89%	-0.46%	-0.55%
15	ORCL	Oracle CORP	Stock-Tech	2.83%	-0.76%	-1.32%
16	HON	Honeywell International INC	Stock-Industrials	2.62%	+0.50%	+0.66%
17	V	Visa Inc-class A Shares	Stock-Financials	2.36%	-0.24%	-0.77%
18	BDX	Becton Dickinson And Co	Stock-Healthcare	1.59%	-0.42%	-7.98%
19	BNY	Bank Of New York Mellon CORP	Stock-Financials	1.51%	+0.11%	-0.25%
20	CHD	Church & Dwight Co INC	Stock-Consumer Staples	1.35%	+0.19%	-0.97%
21	ADI	Analog Devices INC	Stock-Tech	1.32%	+0.25%	-0.75%
22	MCD	Mcdonald's CORP	Stock-Consumer Disc	1.31%	—	—
23	NVO	Novo-nordisk A/s-spons Adr	Stock-Healthcare	0.96%	-0.34%	-2.97%
24	UPS	United Parcel Service-cl B	Stock-Industrials	0.96%	—	-0.64%
25	AIG	American International Group	Stock-Financials	0.88%	-0.07%	-0.23%
26	MA	Mastercard INC - A	Stock-Financials	0.88%	-0.07%	—
27	QCOM	Qualcomm INC	Stock-Tech	0.88%	-0.28%	-4.80%
28	LLY	Eli Lilly & Co	Stock-Healthcare	0.87%	-0.09%	—
29	CVS	Cvs Health CORP	Stock-Healthcare	0.86%	-0.04%	-0.85%
30	PAYX	Paychex INC	Stock-Tech	0.85%	-0.14%	-0.57%
31	MKC	Mccormick & Co-non Vtg Shrs	Stock-Consumer Staples	0.85%	-0.27%	-3.39%
32	MRK	Merck & Co. INC.	Stock-Healthcare	0.83%	+0.32%	+34.14%
33	EBAY	Ebay INC	Stock-Consumer Disc	0.65%	+0.06%	-0.53%
34	ADP	Automatic Data Processing	Stock-Tech	0.59%	-0.12%	—
35	APD	Air Products & Chemicals INC	Stock-Materials	0.58%	+0.10%	-3.68%
36	DGX	Quest Diagnostics INC	Stock-Healthcare	0.48%	+0.08%	-1.45%
37	JPM	Jpmorgan Chase & Co	Stock-Financials	0.46%	-0.02%	—
38	NEE	Nextera Energy INC	Stock-Utilities	0.40%	+0.07%	—
39	WAT	Waters CORP	Stock-Healthcare	0.38%	+0.38%	NEW
40	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.33%	—	—
41	CMCSA	Comcast Corp-class A	Stock-Comm Services	0.30%	-0.08%	-23.02%
42	AXP	American Express Co	Stock-Financials	0.28%	-0.06%	-1.86%
43	LOW	Lowe's Cos INC	Stock-Consumer Disc	0.24%	-0.02%	-8.11%
44	META	Meta Platforms Inc-class A	Stock-Comm Services	0.24%	-0.03%	—
45	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	0.24%	—	+8.67%
46	MCO	Moody's CORP	Stock-Financials	0.23%	-0.03%	—
47	LMT	Lockheed Martin CORP	Stock-Industrials	0.21%	+0.05%	—
48	CL	Colgate-palmolive Co	Stock-Consumer Staples	0.20%	—	—
49	PM	Philip Morris International	Stock-Consumer Staples	0.17%	—	—
50	KMX	Carmax INC	Stock-Consumer Disc	0.15%	—	-13.62%

1–50 of 66

Portfolio Performance

Performance for Q3 2026

+6.6%

Performance Last 4 Quarters

+11%

Based on 72% of reported portfolio value with available pricing

Stdev: +12.3%
Beta: +0.76
Alpha: -4.3%
Max Drawdown: -9.3%
Annualized Perf: +9.5%
Batting Avg vs S&P: +30.6%
Sortino: +1.24
Stutzer: +0.23
Treynor: +0.13
Sterling: +0.53
Calmar: +1.02
Information Ratio: -1.11
Tracking Error: +7.8%
Stdev Down: +7.9%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +30.7%
Worst 12 Months: -1.1%
Efficiency Ratio: +0.28
Sharpe: +0.8
Stdev Sectors: +9.1%
Skewness: -0.54
Kurtosis: -0.63
Upside Potential: +2.99

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	66	$280.3M	14	1MSFT 2COST 3BRK-B Top holdings2026-03-31 1.MSFT 2.COST 3.BRK-B 4.AAPL 5.JNJ 6.ABBV 7.HD 8.AON 9.ITW 10.PEP
2025-12-31	65	$296.7M	10	1MSFT 2BRK-B 3COST Top holdings2025-12-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.ABBV 6.JNJ 7.HD 8.AON 9.ORCL 10.BAC
2025-09-30	61	$302.9M	17	1MSFT 2BRK-B 3COST Top holdings2025-09-30 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.ORCL 6.HD 7.ABBV 8.AON 9.JNJ 10.ABT
2025-06-30	58	$288.1M	0	1MSFT 2COST 3BRK-B Top holdings2025-06-30 1.MSFT 2.COST 3.BRK-B 4.AAPL 5.ORCL 6.HD 7.AON 8.ABBV 9.ABT 10.ITW
2025-03-31	59	$282.7M	0	1BRK-B 2MSFT 3COST Top holdings2025-03-31 1.BRK-B 2.MSFT 3.COST 4.AAPL 5.AON 6.HD 7.ABBV 8.ABT 9.JNJ 10.ITW
2024-12-31	60	$287.5M	0	1MSFT 2BRK-B 3COST Top holdings2024-12-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.AON 7.ABBV 8.ITW 9.ORCL 10.NVO
2024-09-30	61	$293.2M	0	1MSFT 2BRK-B 3COST Top holdings2024-09-30 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.NVO 7.ABBV 8.AON 9.PEP 10.JNJ
2024-06-30	56	$275.4M	0	1MSFT 2COST 3BRK-B Top holdings2024-06-30 1.MSFT 2.COST 3.BRK-B 4.NVO 5.AAPL 6.HD 7.PEP 8.ABBV 9.AON 10.JNJ
2024-03-31	61	$282.5M	0	1MSFT 2BRK-B 3COST Top holdings2024-03-31 1.MSFT 2.BRK-B 3.COST 4.NVO 5.HD 6.AAPL 7.AON 8.ABBV 9.ITW 10.PEP
2023-12-31	60	$261.2M	0	1MSFT 2BRK-B 3COST Top holdings2023-12-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.NVO 7.UNP 8.PEP 9.JNJ 10.ITW
2023-09-30	60	$242.0M	0	1MSFT 2BRK-B 3COST Top holdings2023-09-30 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.NVO 7.AON 8.PEP 9.JNJ 10.BDX
2023-06-30	62	$253.9M	—	1MSFT 2BRK-B 3AAPL Top holdings2023-06-30 1.MSFT 2.BRK-B 3.AAPL 4.COST 5.PEP 6.AON 7.HD 8.JNJ 9.ITW 10.NVO
2023-03-31	63	$240.8M	—	1MSFT 2BRK-B 3AAPL Top holdings2023-03-31 1.MSFT 2.BRK-B 3.AAPL 4.COST 5.PEP 6.HD 7.AON 8.JNJ 9.ITW 10.NVO
2022-12-31	60	$225.9M	—	1MSFT 2BRK-B 3JNJ Top holdings2022-12-31 1.MSFT 2.BRK-B 3.JNJ 4.HD 5.COST 6.PEP 7.ABBV 8.AON 9.AAPL 10.BDX
2022-09-30	55	$201.0M	—	1MSFT 2BRK-B 3COST Top holdings2022-09-30 1.MSFT 2.BRK-B 3.COST 4.JNJ 5.AAPL 6.PEP 7.HD 8.AON 9.ABBV 10.UNP
2022-06-30	52	$207.5M	—	1MSFT 2BRK-B 3COST Top holdings2022-06-30 1.MSFT 2.BRK-B 3.COST 4.JNJ 5.AAPL 6.PEP 7.HD 8.ABBV 9.UNP 10.ABT
2022-03-31	53	$238.2M	—	1MSFT 2BRK-B 3COST Top holdings2022-03-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.JNJ 6.UNP 7.HD 8.ABBV 9.PEP 10.AON

Holding changes this quarter

Borer Denton & Associates, Inc.'s most significant position changes for 2026-03-31: New buy: Waters CORP (WAT); Sold out: Meridian Corporation; New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Exxon Mobil CORP (XOM).

Position changes disclosed by Borer Denton & Associates, Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	COST	Costco Wholesale CORP	+1.3%	-1.67%	Trim
2	JNJ	Johnson & Johnson	+1.1%	-0.39%	Trim
3	HON	Honeywell International INC	+0.5%	+0.66%	Add
4	PEP	Pepsico INC	+0.4%	-0.43%	Trim
5	ITW	Illinois Tool Works	+0.4%	-0.53%	Trim
6	UNP	Union Pacific CORP	+0.3%	-0.57%	Trim
7	MRK	Merck & Co. INC.	+0.3%	+34.14%	Add
8	ADI	Analog Devices INC	+0.3%	-0.75%	Trim
9	CHD	Church & Dwight Co INC	+0.2%	-0.97%	Trim
10	BNY	Bank Of New York Mellon CORP	+0.1%	-0.25%	Trim
11	HD	Home Depot INC	+0.1%	+1.24%	Add
12	APD	Air Products & Chemicals INC	+0.1%	-3.68%	Trim
13	DGX	Quest Diagnostics INC	+0.1%	-1.45%	Trim
14	NEE	Nextera Energy INC	+0.1%	—	Unchanged
15	EBAY	Ebay INC	+0.1%	-0.53%	Trim
16	LMT	Lockheed Martin CORP	+0.1%	—	Unchanged
17	AMZN	Amazon.com INC	+0.1%	+49.32%	Add
18	CAT	Caterpillar INC	0%	—	Unchanged
19	BRK-B	Berkshire Hathaway Inc-cl B	0%	-0.67%	Trim
20	GS	Goldman Sachs Group INC	0%	-2.50%	Trim
21	JPM	Jpmorgan Chase & Co	0%	—	Unchanged
22	LOW	Lowe's Cos INC	0%	-8.11%	Trim
23	ABBV	Abbvie INC	0%	-1.52%	Trim
24	MCO	Moody's CORP	0%	—	Unchanged
25	META	Meta Platforms Inc-class A	0%	—	Unchanged
26	FLO	Flowers Foods INC	0%	-26.15%	Trim
27	CVS	Cvs Health CORP	0%	-0.85%	Trim
28	AXP	American Express Co	-0.1%	-1.86%	Trim
29	MA	Mastercard INC - A	-0.1%	—	Unchanged
30	AIG	American International Group	-0.1%	-0.23%	Trim
31	CMCSA	Comcast Corp-class A	-0.1%	-23.02%	Trim
32	LLY	Eli Lilly & Co	-0.1%	—	Unchanged
33	AAPL	Apple INC	-0.1%	-0.58%	Trim
34	ADP	Automatic Data Processing	-0.1%	—	Unchanged
35	AON	Aon plc	-0.1%	-0.18%	Trim
36	PAYX	Paychex INC	-0.1%	-0.57%	Trim
37	V	Visa Inc-class A Shares	-0.2%	-0.77%	Trim
38	BAC	Bank Of America CORP	-0.3%	-1.03%	Trim
39	MKC	Mccormick & Co-non Vtg Shrs	-0.3%	-3.39%	Trim
40	QCOM	Qualcomm INC	-0.3%	-4.80%	Trim
41	NVO	Novo-nordisk A/s-spons Adr	-0.3%	-2.97%	Trim
42	BDX	Becton Dickinson And Co	-0.4%	-7.98%	Trim
43	ABT	Abbott Laboratories	-0.5%	-0.55%	Trim
44	ORCL	Oracle CORP	-0.8%	-1.32%	Trim
45	MSFT	Microsoft CORP	-2.1%	-1.25%	Trim
46	WAT	Waters CORP	—	NEW	New buy
47	✓	Meridian Corporation	—	EXIT	Sold out
48	AZN	AstraZeneca PLC	—	NEW	New buy
49	AZNN	Astrazeneca Plc-spons Adr	—	EXIT	Sold out
50	XOM	Exxon Mobil CORP	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-13	13F-HR	View on EDGAR
2025-09-30	2025-10-16	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-12	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-04-25	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-10-20	13F-HR	View on EDGAR
2023-06-30	2023-10-20	13F-HR	View on EDGAR
2023-03-31	2023-10-20	13F-HR	View on EDGAR
2022-12-31	2023-10-20	13F-HR	View on EDGAR
2022-09-30	2023-10-20	13F-HR	View on EDGAR
2022-06-30	2023-10-20	13F-HR	View on EDGAR
2022-03-31	2023-10-20	13F-HR	View on EDGAR

FAQ

What is Borer Denton & Associates, Inc. and what type of investor is it?

Borer Denton & Associates, Inc. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $280.3M, spread across 66 disclosed positions.

What are Borer Denton & Associates, Inc.'s largest equity positions?

Based on the latest 13F filing, Borer Denton & Associates, Inc.'s top holdings by market value are: 1. Microsoft CORP (MSFT) — $23.2M (8.3%) 2. Costco Wholesale CORP (COST) — $22.1M (7.9%) 3. Berkshire Hathaway Inc-cl B (BRK-B) — $22.0M (7.9%) 4. Apple INC (AAPL) — $17.4M (6.2%) 5. Johnson & Johnson (JNJ) — $15.5M (5.5%)

What changes did Borer Denton & Associates, Inc. make in its most recent portfolio filing?

In the latest reported quarter, Borer Denton & Associates, Inc. made 41 notable position adjustments: 3 new positions were initiated, 4 existing holdings were added to, 32 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Waters CORP (WAT); Sold out: Meridian Corporation; New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Exxon Mobil CORP (XOM)

What sectors does Borer Denton & Associates, Inc. focus on?

Borer Denton & Associates, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 24.9% • Information Technology: 21.2% • Health Care: 19.0% • Consumer Staples: 14.6% • Industrials: 11.6% • Consumer Discretionary: 6.9%

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Borer Denton & Associates, Inc. Institutional Portfolio (13F)

CIK: 0001993607

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$280.3M

Reporting period: 2026-03-31 · Number of holdings: 66

Borer Denton & Associates, Inc. disclosed 66 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $280.3M and a quarterly turnover rate of 14.2%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "B"

Personality snowflake

Concentration: 16.91
Portfolio Stability: 14.19
Momentum/Contrarian: 100
Sector conviction: 54.77
Diversification: 100
Sizing Uniformity: 86.52

Position sizes vary widely across the portfolio (a coefficient of variation of 1.35), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Trim MSFT
-1.2%　-$7.5M
Add COST
-1.7%　$2.7M
Add JNJ
-0.4%　$2.3M
Trim ORCL
-1.3%　-$2.7M
Add HON
+0.7%　$1.0M
Trim ABT
-0.6%　-$1.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	8.27%	-2.07%	-1.25%
2	COST	Costco Wholesale CORP	Stock-Consumer Staples	7.89%	+1.33%	-1.67%
3	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	7.86%	+0.02%	-0.67%
4	AAPL	Apple INC	Stock-Tech	6.22%	-0.11%	-0.58%
5	JNJ	Johnson & Johnson	Stock-Healthcare	5.54%	+1.09%	-0.39%
6	ABBV	Abbvie INC	Stock-Healthcare	4.43%	-0.03%	-1.52%
7	HD	Home Depot INC	Stock-Consumer Disc	4.29%	+0.10%	+1.24%
8	AON	Aon plc	Stock-Financials	3.79%	-0.13%	-0.18%
9	ITW	Illinois Tool Works	Stock-Industrials	3.69%	+0.38%	-0.53%
10	PEP	Pepsico INC	Stock-Consumer Staples	3.52%	+0.43%	-0.43%
11	UNP	Union Pacific CORP	Stock-Industrials	3.48%	+0.33%	-0.57%
12	BAC	Bank Of America CORP	Stock-Financials	3.29%	-0.26%	-1.03%
13	GS	Goldman Sachs Group INC	Stock-Financials	3.20%	-0.02%	-2.50%
14	ABT	Abbott Laboratories	Stock-Healthcare	2.89%	-0.46%	-0.55%
15	ORCL	Oracle CORP	Stock-Tech	2.83%	-0.76%	-1.32%
16	HON	Honeywell International INC	Stock-Industrials	2.62%	+0.50%	+0.66%
17	V	Visa Inc-class A Shares	Stock-Financials	2.36%	-0.24%	-0.77%
18	BDX	Becton Dickinson And Co	Stock-Healthcare	1.59%	-0.42%	-7.98%
19	BNY	Bank Of New York Mellon CORP	Stock-Financials	1.51%	+0.11%	-0.25%
20	CHD	Church & Dwight Co INC	Stock-Consumer Staples	1.35%	+0.19%	-0.97%
21	ADI	Analog Devices INC	Stock-Tech	1.32%	+0.25%	-0.75%
22	MCD	Mcdonald's CORP	Stock-Consumer Disc	1.31%	—	—
23	NVO	Novo-nordisk A/s-spons Adr	Stock-Healthcare	0.96%	-0.34%	-2.97%
24	UPS	United Parcel Service-cl B	Stock-Industrials	0.96%	—	-0.64%
25	AIG	American International Group	Stock-Financials	0.88%	-0.07%	-0.23%
26	MA	Mastercard INC - A	Stock-Financials	0.88%	-0.07%	—
27	QCOM	Qualcomm INC	Stock-Tech	0.88%	-0.28%	-4.80%
28	LLY	Eli Lilly & Co	Stock-Healthcare	0.87%	-0.09%	—
29	CVS	Cvs Health CORP	Stock-Healthcare	0.86%	-0.04%	-0.85%
30	PAYX	Paychex INC	Stock-Tech	0.85%	-0.14%	-0.57%
31	MKC	Mccormick & Co-non Vtg Shrs	Stock-Consumer Staples	0.85%	-0.27%	-3.39%
32	MRK	Merck & Co. INC.	Stock-Healthcare	0.83%	+0.32%	+34.14%
33	EBAY	Ebay INC	Stock-Consumer Disc	0.65%	+0.06%	-0.53%
34	ADP	Automatic Data Processing	Stock-Tech	0.59%	-0.12%	—
35	APD	Air Products & Chemicals INC	Stock-Materials	0.58%	+0.10%	-3.68%
36	DGX	Quest Diagnostics INC	Stock-Healthcare	0.48%	+0.08%	-1.45%
37	JPM	Jpmorgan Chase & Co	Stock-Financials	0.46%	-0.02%	—
38	NEE	Nextera Energy INC	Stock-Utilities	0.40%	+0.07%	—
39	WAT	Waters CORP	Stock-Healthcare	0.38%	+0.38%	NEW
40	PG	Procter & Gamble Co/the	Stock-Consumer Staples	0.33%	—	—
41	CMCSA	Comcast Corp-class A	Stock-Comm Services	0.30%	-0.08%	-23.02%
42	AXP	American Express Co	Stock-Financials	0.28%	-0.06%	-1.86%
43	LOW	Lowe's Cos INC	Stock-Consumer Disc	0.24%	-0.02%	-8.11%
44	META	Meta Platforms Inc-class A	Stock-Comm Services	0.24%	-0.03%	—
45	VOO	Vanguard S&p 500 ETF	ETF-Large Cap & Growth	0.24%	—	+8.67%
46	MCO	Moody's CORP	Stock-Financials	0.23%	-0.03%	—
47	LMT	Lockheed Martin CORP	Stock-Industrials	0.21%	+0.05%	—
48	CL	Colgate-palmolive Co	Stock-Consumer Staples	0.20%	—	—
49	PM	Philip Morris International	Stock-Consumer Staples	0.17%	—	—
50	KMX	Carmax INC	Stock-Consumer Disc	0.15%	—	-13.62%

1–50 of 66

Portfolio Performance

Performance for Q3 2026

+6.6%

Performance Last 4 Quarters

+11%

Based on 72% of reported portfolio value with available pricing

Stdev: +12.3%
Beta: +0.76
Alpha: -4.3%
Max Drawdown: -9.3%
Annualized Perf: +9.5%
Batting Avg vs S&P: +30.6%
Sortino: +1.24
Stutzer: +0.23
Treynor: +0.13
Sterling: +0.53
Calmar: +1.02
Information Ratio: -1.11
Tracking Error: +7.8%
Stdev Down: +7.9%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +30.7%
Worst 12 Months: -1.1%
Efficiency Ratio: +0.28
Sharpe: +0.8
Stdev Sectors: +9.1%
Skewness: -0.54
Kurtosis: -0.63
Upside Potential: +2.99

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	66	$280.3M	14	1MSFT 2COST 3BRK-B Top holdings2026-03-31 1.MSFT 2.COST 3.BRK-B 4.AAPL 5.JNJ 6.ABBV 7.HD 8.AON 9.ITW 10.PEP
2025-12-31	65	$296.7M	10	1MSFT 2BRK-B 3COST Top holdings2025-12-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.ABBV 6.JNJ 7.HD 8.AON 9.ORCL 10.BAC
2025-09-30	61	$302.9M	17	1MSFT 2BRK-B 3COST Top holdings2025-09-30 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.ORCL 6.HD 7.ABBV 8.AON 9.JNJ 10.ABT
2025-06-30	58	$288.1M	0	1MSFT 2COST 3BRK-B Top holdings2025-06-30 1.MSFT 2.COST 3.BRK-B 4.AAPL 5.ORCL 6.HD 7.AON 8.ABBV 9.ABT 10.ITW
2025-03-31	59	$282.7M	0	1BRK-B 2MSFT 3COST Top holdings2025-03-31 1.BRK-B 2.MSFT 3.COST 4.AAPL 5.AON 6.HD 7.ABBV 8.ABT 9.JNJ 10.ITW
2024-12-31	60	$287.5M	0	1MSFT 2BRK-B 3COST Top holdings2024-12-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.AON 7.ABBV 8.ITW 9.ORCL 10.NVO
2024-09-30	61	$293.2M	0	1MSFT 2BRK-B 3COST Top holdings2024-09-30 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.NVO 7.ABBV 8.AON 9.PEP 10.JNJ
2024-06-30	56	$275.4M	0	1MSFT 2COST 3BRK-B Top holdings2024-06-30 1.MSFT 2.COST 3.BRK-B 4.NVO 5.AAPL 6.HD 7.PEP 8.ABBV 9.AON 10.JNJ
2024-03-31	61	$282.5M	0	1MSFT 2BRK-B 3COST Top holdings2024-03-31 1.MSFT 2.BRK-B 3.COST 4.NVO 5.HD 6.AAPL 7.AON 8.ABBV 9.ITW 10.PEP
2023-12-31	60	$261.2M	0	1MSFT 2BRK-B 3COST Top holdings2023-12-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.NVO 7.UNP 8.PEP 9.JNJ 10.ITW
2023-09-30	60	$242.0M	0	1MSFT 2BRK-B 3COST Top holdings2023-09-30 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.HD 6.NVO 7.AON 8.PEP 9.JNJ 10.BDX
2023-06-30	62	$253.9M	—	1MSFT 2BRK-B 3AAPL Top holdings2023-06-30 1.MSFT 2.BRK-B 3.AAPL 4.COST 5.PEP 6.AON 7.HD 8.JNJ 9.ITW 10.NVO
2023-03-31	63	$240.8M	—	1MSFT 2BRK-B 3AAPL Top holdings2023-03-31 1.MSFT 2.BRK-B 3.AAPL 4.COST 5.PEP 6.HD 7.AON 8.JNJ 9.ITW 10.NVO
2022-12-31	60	$225.9M	—	1MSFT 2BRK-B 3JNJ Top holdings2022-12-31 1.MSFT 2.BRK-B 3.JNJ 4.HD 5.COST 6.PEP 7.ABBV 8.AON 9.AAPL 10.BDX
2022-09-30	55	$201.0M	—	1MSFT 2BRK-B 3COST Top holdings2022-09-30 1.MSFT 2.BRK-B 3.COST 4.JNJ 5.AAPL 6.PEP 7.HD 8.AON 9.ABBV 10.UNP
2022-06-30	52	$207.5M	—	1MSFT 2BRK-B 3COST Top holdings2022-06-30 1.MSFT 2.BRK-B 3.COST 4.JNJ 5.AAPL 6.PEP 7.HD 8.ABBV 9.UNP 10.ABT
2022-03-31	53	$238.2M	—	1MSFT 2BRK-B 3COST Top holdings2022-03-31 1.MSFT 2.BRK-B 3.COST 4.AAPL 5.JNJ 6.UNP 7.HD 8.ABBV 9.PEP 10.AON

Holding changes this quarter

Position changes disclosed by Borer Denton & Associates, Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	COST	Costco Wholesale CORP	+1.3%	-1.67%	Trim
2	JNJ	Johnson & Johnson	+1.1%	-0.39%	Trim
3	HON	Honeywell International INC	+0.5%	+0.66%	Add
4	PEP	Pepsico INC	+0.4%	-0.43%	Trim
5	ITW	Illinois Tool Works	+0.4%	-0.53%	Trim
6	UNP	Union Pacific CORP	+0.3%	-0.57%	Trim
7	MRK	Merck & Co. INC.	+0.3%	+34.14%	Add
8	ADI	Analog Devices INC	+0.3%	-0.75%	Trim
9	CHD	Church & Dwight Co INC	+0.2%	-0.97%	Trim
10	BNY	Bank Of New York Mellon CORP	+0.1%	-0.25%	Trim
11	HD	Home Depot INC	+0.1%	+1.24%	Add
12	APD	Air Products & Chemicals INC	+0.1%	-3.68%	Trim
13	DGX	Quest Diagnostics INC	+0.1%	-1.45%	Trim
14	NEE	Nextera Energy INC	+0.1%	—	Unchanged
15	EBAY	Ebay INC	+0.1%	-0.53%	Trim
16	LMT	Lockheed Martin CORP	+0.1%	—	Unchanged
17	AMZN	Amazon.com INC	+0.1%	+49.32%	Add
18	CAT	Caterpillar INC	0%	—	Unchanged
19	BRK-B	Berkshire Hathaway Inc-cl B	0%	-0.67%	Trim
20	GS	Goldman Sachs Group INC	0%	-2.50%	Trim
21	JPM	Jpmorgan Chase & Co	0%	—	Unchanged
22	LOW	Lowe's Cos INC	0%	-8.11%	Trim
23	ABBV	Abbvie INC	0%	-1.52%	Trim
24	MCO	Moody's CORP	0%	—	Unchanged
25	META	Meta Platforms Inc-class A	0%	—	Unchanged
26	FLO	Flowers Foods INC	0%	-26.15%	Trim
27	CVS	Cvs Health CORP	0%	-0.85%	Trim
28	AXP	American Express Co	-0.1%	-1.86%	Trim
29	MA	Mastercard INC - A	-0.1%	—	Unchanged
30	AIG	American International Group	-0.1%	-0.23%	Trim
31	CMCSA	Comcast Corp-class A	-0.1%	-23.02%	Trim
32	LLY	Eli Lilly & Co	-0.1%	—	Unchanged
33	AAPL	Apple INC	-0.1%	-0.58%	Trim
34	ADP	Automatic Data Processing	-0.1%	—	Unchanged
35	AON	Aon plc	-0.1%	-0.18%	Trim
36	PAYX	Paychex INC	-0.1%	-0.57%	Trim
37	V	Visa Inc-class A Shares	-0.2%	-0.77%	Trim
38	BAC	Bank Of America CORP	-0.3%	-1.03%	Trim
39	MKC	Mccormick & Co-non Vtg Shrs	-0.3%	-3.39%	Trim
40	QCOM	Qualcomm INC	-0.3%	-4.80%	Trim
41	NVO	Novo-nordisk A/s-spons Adr	-0.3%	-2.97%	Trim
42	BDX	Becton Dickinson And Co	-0.4%	-7.98%	Trim
43	ABT	Abbott Laboratories	-0.5%	-0.55%	Trim
44	ORCL	Oracle CORP	-0.8%	-1.32%	Trim
45	MSFT	Microsoft CORP	-2.1%	-1.25%	Trim
46	WAT	Waters CORP	—	NEW	New buy
47	✓	Meridian Corporation	—	EXIT	Sold out
48	AZN	AstraZeneca PLC	—	NEW	New buy
49	AZNN	Astrazeneca Plc-spons Adr	—	EXIT	Sold out
50	XOM	Exxon Mobil CORP	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-02-13	13F-HR	View on EDGAR
2025-09-30	2025-10-16	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-12	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-04-25	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-10-20	13F-HR	View on EDGAR
2023-06-30	2023-10-20	13F-HR	View on EDGAR
2023-03-31	2023-10-20	13F-HR	View on EDGAR
2022-12-31	2023-10-20	13F-HR	View on EDGAR
2022-09-30	2023-10-20	13F-HR	View on EDGAR
2022-06-30	2023-10-20	13F-HR	View on EDGAR
2022-03-31	2023-10-20	13F-HR	View on EDGAR