CIK: 0001811907
Total reported value
$209.5M
Reporting period: 2026-03-31 · Number of holdings: 78
Citadel Investment Advisory, Inc. disclosed 78 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $209.5M and a quarterly turnover rate of 11.7%.
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Citadel Investment Advisory, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.091 — mathematically equivalent to about 11 equally-sized positions, well below its 78 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 2.49), 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.
Sector classification currently covers about 67% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add BRK-B
-0.8% -$2.9M
Trim IPMLF
-0.8% -$3.1M
Add JNJ
-0.8% $826.0K
Trim MKL
-2.4% -$4.4M
Trim MSFT
-2.3% -$1.8M
Trim ORCL
-3.4% -$1.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 24.00% | +1.02% | -0.83% | |
| 2 | MKL | Markel Group INC | Stock-Financials | 13.92% | -0.59% | -2.41% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 6.43% | — | -1.45% | |
| 4 | IPMLF | Imperial Metals CORP | Stock-Other | 4.60% | -0.92% | -0.80% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.80% | +0.02% | -0.41% | |
| 6 | PM | Philip Morris International | Stock-Consumer Staples | 3.08% | +0.34% | -1.39% | |
| 7 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.69% | +0.61% | -0.79% | |
| 8 | MSFT | Microsoft CORP | Stock-Tech | 2.57% | -0.55% | -2.34% | |
| 9 | RTX | Rtx CORP | Stock-Industrials | 2.57% | +0.31% | -2.17% | |
| 10 | IBM | Intl Business Machines CORP | Stock-Tech | 1.95% | -0.25% | -1.75% | |
| 11 | ABBV | Abbvie INC | Stock-Healthcare | 1.85% | +0.04% | -2.37% | |
| 12 | GS | Goldman Sachs Group INC | Stock-Financials | 1.66% | +0.04% | -3.45% | |
| 13 | ORCL | Oracle CORP | Stock-Tech | 1.57% | -0.38% | -3.39% | |
| 14 | MCO | Moody's CORP | Stock-Financials | 1.55% | -0.15% | -3.57% | |
| 15 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 1.52% | — | -2.29% | |
| 16 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.40% | +0.20% | -2.78% | |
| 17 | GD | General Dynamics CORP | Stock-Industrials | 1.36% | — | -1.38% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.18% | -0.02% | -2.06% | |
| 19 | PEP | Pepsico INC | Stock-Consumer Staples | 1.15% | +0.17% | -1.37% | |
| 20 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 1.15% | -0.18% | — | |
| 21 | DIS | Walt Disney Co/the | Stock-Comm Services | 1.03% | -0.08% | -0.97% | |
| 22 | MTD | Mettler-toledo International | Stock-Healthcare | 1.02% | — | — | |
| 23 | IDXX | Idexx Laboratories INC | Stock-Healthcare | 0.94% | -0.07% | -5.19% | |
| 24 | WRB | Wr Berkley CORP | Stock-Financials | 0.93% | +0.03% | -0.76% | |
| 25 | ✓ | Medtronic | Stock-Other | 0.86% | -0.02% | -2.89% | |
| 26 | AMG | Affiliated Managers Group | Stock-Financials | 0.85% | +0.05% | — | |
| 27 | AXP | American Express Co | Stock-Financials | 0.84% | -0.12% | -3.32% | |
| 28 | WFC | Wells Fargo & Co | Stock-Financials | 0.75% | -0.06% | -1.82% | |
| 29 | CSX | Csx CORP | Stock-Industrials | 0.74% | +0.13% | -3.09% | |
| 30 | WBD | Warner Bros Discovery INC | Stock-Comm Services | 0.66% | +0.01% | -4.20% | |
| 31 | JEF | Jefferies Financial Group In | Stock-Financials | 0.55% | — | — | |
| 32 | BUD | Anheuser-busch Inbev-spn Adr | Stock-Consumer Staples | 0.54% | +0.07% | -3.35% | |
| 33 | ETN | Eaton Corporation plc | Stock-Industrials | 0.54% | +0.09% | -3.08% | |
| 34 | CACC | Credit Acceptance CORP | Stock-Other | 0.51% | — | -4.72% | |
| 35 | BAC | Bank Of America CORP | Stock-Financials | 0.48% | -0.04% | -4.60% | |
| 36 | MHK | Mohawk Industries INC | Stock-Consumer Disc | 0.46% | -0.04% | -7.59% | |
| 37 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.46% | -0.01% | -2.54% | |
| 38 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.45% | — | -7.13% | |
| 39 | ABT | Abbott Laboratories | Stock-Healthcare | 0.43% | -0.06% | -2.61% | |
| 40 | DHR | Danaher CORP | Stock-Healthcare | 0.39% | -0.04% | — | |
| 41 | ✓ | John Marshall Bancorp | Stock-Other | 0.36% | — | -2.62% | |
| 42 | HHC* | Howard Hughes Corp/the | Stock-Other | 0.35% | -0.05% | — | |
| 43 | CNI | Canadian Natl Railway Co | Stock-Industrials | 0.35% | — | -7.13% | |
| 44 | BA | Boeing Co/the | Stock-Industrials | 0.33% | — | — | |
| 45 | SYY | Sysco CORP | Stock-Consumer Staples | 0.32% | +0.01% | -3.95% | |
| 46 | EG | Everest Group, Ltd. | Stock-Financials | 0.31% | — | -7.85% | |
| 47 | LDOS | Leidos Holdings INC | Stock-Tech | 0.30% | -0.03% | -1.60% | |
| 48 | ✓ | Vistaprint NV Cimpress | Stock-Other | 0.30% | +0.05% | — | |
| 49 | WYNN | Wynn Resorts LTD | Stock-Consumer Disc | 0.28% | -0.03% | -2.52% | |
| 50 | MA | Mastercard INC - A | Stock-Financials | 0.28% | — | — |
Performance for Q3 2026
+2.7%
Performance Last 4 Quarters
+12.3%
Based on 56% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 78 | $209.5M | 12 | |
| 2025-12-31 | 79 | $231.5M | 11 | |
| 2025-09-30 | 82 | $218.0M | 17 | |
| 2025-06-30 | 83 | $206.5M | 0 | |
| 2025-03-31 | 82 | $203.8M | 100 | |
| 2024-12-31 | 82 | $193.0M | 0 | |
| 2024-09-30 | 81 | $190.2M | 0 | |
| 2024-06-30 | 82 | $175.9M | 0 | |
| 2024-03-31 | 82 | $177.5M | 0 | |
| 2023-12-31 | 82 | $163.3M | 0 | |
| 2023-09-30 | 81 | $152.7M | 0 | |
| 2023-06-30 | 80 | $154.6M | 0 | |
| 2023-03-31 | 79 | $146.9M | 0 | |
| 2022-12-31 | 79 | $146.2M | 0 | |
| 2022-09-30 | 78 | $131.1M | 0 | |
| 2022-06-30 | 80 | $147.5M | 0 | |
| 2022-03-31 | 80 | $172.1M | 0 | |
| 2021-12-31 | 75 | $170.9M | 0 | |
| 2021-09-30 | 74 | $161.4M | 0 | |
| 2021-06-30 | 74 | $161.7M | 97 | |
| 2021-03-31 | 74 | $152.9M | 11 | |
| 2020-12-31 | 72 | $139.9M | 0 |
Citadel Investment Advisory, Inc.'s most significant position changes for 2026-03-31: Sold out: Kraft Heinz Co/the (KHC); Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -0.83%; Trim: Imperial Metals CORP (IPMLF) — shares -0.80%; Trim: Johnson & Johnson (JNJ) — shares -0.79%; Trim: Markel Group INC (MKL) — shares -2.41%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BRK-B | Berkshire Hathaway Inc-cl B | +1% | -0.83% | Trim |
| 2 | JNJ | Johnson & Johnson | +0.6% | -0.79% | Trim |
| 3 | PM | Philip Morris International | +0.3% | -1.39% | Trim |
| 4 | RTX | Rtx CORP | +0.3% | -2.17% | Trim |
| 5 | KO | Coca-cola Co/the | +0.2% | -2.78% | Trim |
| 6 | PEP | Pepsico INC | +0.2% | -1.37% | Trim |
| 7 | CSX | Csx CORP | +0.1% | -3.09% | Trim |
| 8 | ETN | Eaton Corporation plc | +0.1% | -3.08% | Trim |
| 9 | BUD | Anheuser-busch Inbev-spn Adr | +0.1% | -3.35% | Trim |
| 10 | AMG | Affiliated Managers Group | +0.1% | — | Unchanged |
| 11 | ✓ | Vistaprint NV Cimpress | +0.1% | — | Unchanged |
| 12 | ABBV | Abbvie INC | 0% | -2.37% | Trim |
| 13 | GS | Goldman Sachs Group INC | 0% | -3.45% | Trim |
| 14 | T | At&t INC | 0% | — | Unchanged |
| 15 | WRB | Wr Berkley CORP | 0% | -0.76% | Trim |
| 16 | GOOG | Alphabet Inc-cl C | 0% | -0.41% | Trim |
| 17 | WBD | Warner Bros Discovery INC | 0% | -4.20% | Trim |
| 18 | SYY | Sysco CORP | 0% | -3.95% | Trim |
| 19 | GOOGL | Alphabet Inc-cl A | — | -1.45% | Trim |
| 20 | MTD | Mettler-toledo International | — | — | Unchanged |
| 21 | CACC | Credit Acceptance CORP | — | -4.72% | Trim |
| 22 | LOW | Lowe's Cos INC | — | -7.13% | Trim |
| 23 | MA | Mastercard INC - A | — | — | Unchanged |
| 24 | EG | Everest Group, Ltd. | — | -7.85% | Trim |
| 25 | BA | Boeing Co/the | — | — | Unchanged |
| 26 | AMZN | Amazon.com INC | 0% | -2.54% | Trim |
| 27 | META | Meta Platforms Inc-class A | 0% | — | Unchanged |
| 28 | JPM | Jpmorgan Chase & Co | 0% | -2.06% | Trim |
| 29 | ✓ | Medtronic | 0% | -2.89% | Trim |
| 30 | ESAB | Esab CORP | 0% | -4.53% | Trim |
| 31 | COF | Capital One Financial CORP | 0% | — | Unchanged |
| 32 | WYNN | Wynn Resorts LTD | 0% | -2.52% | Trim |
| 33 | LDOS | Leidos Holdings INC | 0% | -1.60% | Trim |
| 34 | MHK | Mohawk Industries INC | 0% | -7.59% | Trim |
| 35 | BAC | Bank Of America CORP | 0% | -4.60% | Trim |
| 36 | DHR | Danaher CORP | 0% | — | Unchanged |
| 37 | HHC* | Howard Hughes Corp/the | -0.1% | — | Unchanged |
| 38 | WFC | Wells Fargo & Co | -0.1% | -1.82% | Trim |
| 39 | ABT | Abbott Laboratories | -0.1% | -2.61% | Trim |
| 40 | IDXX | Idexx Laboratories INC | -0.1% | -5.19% | Trim |
| 41 | DIS | Walt Disney Co/the | -0.1% | -0.97% | Trim |
| 42 | AXP | American Express Co | -0.1% | -3.32% | Trim |
| 43 | MCO | Moody's CORP | -0.2% | -3.57% | Trim |
| 44 | BKNG | Booking Holdings INC | -0.2% | — | Unchanged |
| 45 | IBM | Intl Business Machines CORP | -0.3% | -1.75% | Trim |
| 46 | ORCL | Oracle CORP | -0.4% | -3.39% | Trim |
| 47 | MSFT | Microsoft CORP | -0.6% | -2.34% | Trim |
| 48 | MKL | Markel Group INC | -0.6% | -2.41% | Trim |
| 49 | IPMLF | Imperial Metals CORP | -0.9% | -0.80% | Trim |
| 50 | KHC | Kraft Heinz Co/the | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-16 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-21 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-21 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-17 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-16 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-15 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-17 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-23 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-31 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-01 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-18 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-20 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-02 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-27 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-20 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-29 | 13F-HR | View on EDGAR |
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