M&
Middleton & Co Inc/ma: 13F Stock Holdings & Portfolio (Q2 2026)
Middleton & Co Inc/maCIK: 0000919497
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$941.9M
Reporting period: 2026-06-30 · Number of holdings: 170
MIDDLETON & CO INC/MA disclosed 170 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $941.9M and a quarterly turnover rate of 14.6%.
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Personality snowflake
- Concentration
- 10.64
- Portfolio Stability
- 14.59
- Momentum
- 100
- Sector conviction
- 50.43
- Diversification
- 100
- Sizing Uniformity
- 81.18
Middleton & Co Inc/ma's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 38 equally-sized positions, well below its 170 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 1.88), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd PANW
-9.5% $15.0M
Add GOOGL
-5.7% $10.3M
Trim XOM
-1.7% -$4.1M
Trim INTU
-5.9% -$4.3M
Trim COST
-2.8% -$2.1M
Add APH
+87.4% $3.8M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 7.43% | +0.62% | -5.72% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 6.77% | +0.28% | -1.69% | |
| 3 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 6.07% | +0.24% | -2.20% | |
| 4 | AVGO | Broadcom Inc | Stock-Tech | 4.86% | +0.32% | -5.80% | |
| 5 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 3.84% | +0.23% | -0.33% | |
| 6 | PANW | Palo Alto Networks Inc | Stock-Tech | 3.32% | +1.47% | -9.48% | |
| 7 | V | Visa Inc-class A Shares | Stock-Financials | 2.53% | +0.09% | -1.77% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.38% | -0.02% | -4.41% | |
| 9 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 2.37% | -0.42% | -2.80% | |
| 10 | MSFT | Microsoft CORP | Stock-Tech | 2.24% | -0.17% | -1.21% | |
| 11 | ABBV | Abbvie Inc | Stock-Healthcare | 2.01% | +0.07% | -3.63% | |
| 12 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 1.91% | -0.20% | -2.79% | |
| 13 | NVDA | Nvidia CORP | Stock-Tech | 1.73% | +0.26% | +10.65% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.66% | +0.30% | +0.42% | |
| 15 | XOM | Exxon Mobil CORP | Stock-Energy | 1.65% | -0.59% | -1.73% | |
| 16 | NEE | Nextera Energy Inc | Stock-Utilities | 1.58% | -0.26% | -2.36% | |
| 17 | QCOM | Qualcomm Inc | Stock-Tech | 1.52% | +0.26% | -9.35% | |
| 18 | MRK | Merck & Co. Inc. | Stock-Healthcare | 1.50% | -0.18% | -9.72% | |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.37% | +0.01% | +3.48% | |
| 20 | DHR | Danaher CORP | Stock-Healthcare | 1.35% | -0.13% | -2.70% | |
| 21 | IEF | Ishares 7-10 Year Treasury B | ETF-Gov Bonds | 1.27% | -0.22% | -7.22% | |
| 22 | EQIX | Equinix Inc | Stock-Real Estate | 1.27% | -0.11% | -7.34% | |
| 23 | ETN | Eaton Corporation plc | Stock-Industrials | 1.21% | +0.13% | +0.97% | |
| 24 | NOW | Servicenow Inc | Stock-Tech | 1.19% | -0.12% | +3.14% | |
| 25 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 1.14% | -0.09% | +0.33% | |
| 26 | VGIT | Vanguard Intermediate-term T | ETF-Other | 1.11% | -0.05% | +3.64% | |
| 27 | IQLT | Ishares Msci International Q | ETF-Other | 1.10% | +0.04% | +4.53% | |
| 28 | SPGI | S&p Global Inc | Stock-Financials | 1.09% | -0.16% | -2.47% | |
| 29 | STE | STERIS plc | Stock-Healthcare | 1.04% | -0.17% | -3.31% | |
| 30 | XYL | Xylem Inc | Stock-Industrials | 1.01% | -0.11% | -2.21% | |
| 31 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.98% | +0.01% | -11.82% | |
| 32 | CRM | Salesforce Inc | Stock-Tech | 0.98% | -0.30% | -2.05% | |
| 33 | SNPS | Synopsys Inc | Stock-Tech | 0.97% | +0.03% | -2.10% | |
| 34 | VRSK | Verisk Analytics Inc | Stock-Industrials | 0.89% | -0.10% | +2.52% | |
| 35 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.87% | -0.03% | +4.50% | |
| 36 | ECL | Ecolab Inc | Stock-Materials | 0.85% | -0.06% | -3.73% | |
| 37 | AMT | American Tower CORP | Stock-Real Estate | 0.84% | -0.17% | -5.38% | |
| 38 | SYK | Stryker CORP | Stock-Healthcare | 0.82% | -0.10% | +0.26% | |
| 39 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.75% | -0.05% | +0.23% | |
| 40 | WCN | Waste Connections Inc | Stock-Industrials | 0.74% | +0.10% | +20.29% | |
| 41 | IDXX | Idexx Laboratories Inc | Stock-Healthcare | 0.74% | -0.10% | +0.02% | |
| 42 | MSCI | Msci Inc | Stock-Financials | 0.71% | -0.05% | -3.94% | |
| 43 | LRCX | Lam Research CORP | Stock-Tech | 0.70% | +0.32% | -1.41% | |
| 44 | AWK | American Water Works Co Inc | Stock-Utilities | 0.70% | -0.05% | +2.87% | |
| 45 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.69% | +0.06% | -2.11% | |
| 46 | IQV | Iqvia Holdings Inc | Stock-Healthcare | 0.68% | +0.01% | -3.25% | |
| 47 | PAAA | Pgim Aaa Clo ETF | ETF-Other | 0.65% | +0.05% | +15.83% | |
| 48 | APH | Amphenol Corp-cl A | Stock-Tech | 0.65% | +0.38% | +87.43% | |
| 49 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 0.64% | +0.03% | -2.41% | |
| 50 | CB | Chubb Limited | Stock-Financials | 0.60% | -0.04% | -3.59% |
1–50 of 170
Portfolio Performance
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+14.8%
- Stdev
- +11.9%
- Beta
- +0.88
- Alpha
- -3%
- Max Drawdown
- -8.6%
- Annualized Perf
- +14.9%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +2.39
- Stutzer
- +0.36
- Treynor
- +0.17
- Sterling
- +0.9
- Calmar
- +1.73
- Information Ratio
- -1.41
- Tracking Error
- +3.8%
- Stdev Down
- +6.1%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +29.3%
- Worst 12 Months
- +4.8%
- Efficiency Ratio
- +0.47
- Sharpe
- +1.22
- Stdev Sectors
- +8.4%
- Skewness
- +0.14
- Kurtosis
- +0.01
- Upside Potential
- +4.16
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 170 | $941.9M | 15 | ||
| 2026 Q1 | 164 | $876.9M | 16 | ||
| 2025 Q4 | 163 | $941.8M | 10 | ||
| 2025 Q3 | 166 | $925.3M | 21 | ||
| 2025 Q2 | 161 | $890.3M | 0 | ||
| 2025 Q1 | 156 | $856.0M | 100 | ||
| 2024 Q4 | 158 | $905.1M | 0 | ||
| 2024 Q3 | 166 | $905.0M | 0 | ||
| 2024 Q2 | 164 | $860.7M | 0 | ||
| 2024 Q1 | 167 | $867.1M | 0 | ||
| 2023 Q4 | 157 | $801.8M | 0 | ||
| 2023 Q3 | 147 | $723.7M | 0 | ||
| 2023 Q2 | 153 | $754.1M | 0 | ||
| 2023 Q1 | 154 | $695.9M | 0 | ||
| 2022 Q4 | 156 | $674.8M | 0 | ||
| 2022 Q3 | 145 | $657.2M | 0 | ||
| 2022 Q2 | 173 | $780.5M | 0 | ||
| 2022 Q1 | 182 | $937.0M | 0 | ||
| 2021 Q4 | 182 | $1.0B | 0 | ||
| 2021 Q3 | 180 | $934.3M | 0 | ||
| 2021 Q2 | 178 | $922.6M | 100 | ||
| 2021 Q1 | 174 | $887.4M | 12 | ||
| 2020 Q4 | 169 | $845.5M | 14 | ||
| 2020 Q3 | 160 | $755.0M | 15 | ||
| 2020 Q2 | 169 | $694.3M | 23 | ||
| 2020 Q1 | 161 | $571.7M | 23 | ||
| 2019 Q4 | 162 | $702.7M | 11 | ||
| 2019 Q3 | 161 | $648.7M | 7 | ||
| 2019 Q2 | 159 | $645.1M | 8 | ||
| 2019 Q1 | 158 | $623.5M | 18 | ||
| 2018 Q4 | 158 | $543.7M | 21 | ||
| 2018 Q3 | 174 | $641.0M | 12 | ||
| 2018 Q2 | 171 | $584.3M | 10 | ||
| 2018 Q1 | 171 | $558.6M | 14 | ||
| 2017 Q4 | 181 | $595.9M | 19 | ||
| 2017 Q3 | 190 | $553.5M | 26 | ||
| 2017 Q2 | 171 | $469.5M | 14 | ||
| 2017 Q1 | 175 | $456.0M | 14 | ||
| 2016 Q4 | 177 | $443.0M | 18 | ||
| 2016 Q3 | 181 | $446.3M | 23 | ||
| 2016 Q2 | 180 | $435.0M | 15 | ||
| 2016 Q1 | 180 | $431.3M | 15 | ||
| 2015 Q4 | 182 | $448.3M | 25 | ||
| 2015 Q3 | 170 | $421.7M | 18 | ||
| 2015 Q2 | 180 | $461.4M | 12 | ||
| 2015 Q1 | 182 | $457.5M | 15 | ||
| 2014 Q4 | 183 | $446.8M | 21 | ||
| 2014 Q3 | 187 | $425.7M | 15 | ||
| 2014 Q2 | 180 | $439.9M | 17 | ||
| 2014 Q1 | 176 | $429.1M | 47 | ||
| 2013 Q4 | 160 | $382.0M | 28 | ||
| 2013 Q3 | 171 | $380.3M | 24 | ||
| 2013 Q2 | 199 | $340.7M | — |
Holding changes this quarter
Middleton & Co Inc/ma's most significant position changes for 2026-06-30: New buy: Badger Meter Inc (BMI); New buy: Pfizer Inc (PFE); New buy: Bentley Systems Inc-class B (BSY); New buy: Eucldean Fundmntl Val ETF Ec (ECML); Sold out: Bondbloxx Bbg 6 Mth US Treas (XHLF).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PANW | Palo Alto Networks Inc | +1.5% | -9.48% | Trim |
| 2 | GOOGL | Alphabet Inc-cl A | +0.6% | -5.72% | Trim |
| 3 | APH | Amphenol Corp-cl A | +0.4% | +87.43% | Add |
| 4 | AVGO | Broadcom Inc | +0.3% | -5.80% | Trim |
| 5 | LRCX | Lam Research CORP | +0.3% | -1.41% | Trim |
| 6 | LLY | Eli Lilly & Co | +0.3% | +0.42% | Add |
| 7 | BMI | Badger Meter Inc | +0.3% | NEW | New buy |
| 8 | AAPL | Apple Inc | +0.3% | -1.69% | Trim |
| 9 | NVDA | Nvidia CORP | +0.3% | +10.65% | Add |
| 10 | QCOM | Qualcomm Inc | +0.3% | -9.35% | Trim |
| 11 | AMZN | Amazon.com Inc | +0.2% | -2.20% | Trim |
| 12 | IVV | Ishares Core S&p 500 ETF | +0.2% | -0.33% | Trim |
| 13 | UBER | Uber Technologies Inc | +0.2% | +92.06% | Add |
| 14 | ETN | Eaton Corporation plc | +0.1% | +0.97% | Add |
| 15 | WCN | Waste Connections Inc | +0.1% | +20.29% | Add |
| 16 | V | Visa Inc-class A Shares | +0.1% | -1.77% | Trim |
| 17 | ABBV | Abbvie Inc | +0.1% | -3.63% | Trim |
| 18 | JNJ | Johnson & Johnson | +0.1% | +25.36% | Add |
| 19 | PFE | Pfizer Inc | +0.1% | NEW | New buy |
| 20 | IJR | Ishares Core S&p Small-cap E | +0.1% | -2.11% | Trim |
| 21 | IBM | Intl Business Machines CORP | +0.1% | +98.20% | Add |
| 22 | BSY | Bentley Systems Inc-class B | +0.1% | NEW | New buy |
| 23 | PAAA | Pgim Aaa Clo ETF | +0.1% | +15.83% | Add |
| 24 | AVDV | Avantis Intl S/c Value ETF | +0.1% | +48.26% | Add |
| 25 | ECML | Eucldean Fundmntl Val ETF Ec | +0.1% | NEW | New buy |
| 26 | IQLT | Ishares Msci International Q | 0% | +4.53% | Add |
| 27 | IGV | Ishares Expanded Tech-softwa | 0% | +44.78% | Add |
| 28 | KLAC | Kla CORP | 0% | +900.00% | Add |
| 29 | NFLX | Netflix Inc | 0% | NEW | New buy |
| 30 | SNPS | Synopsys Inc | 0% | -2.10% | Trim |
| 31 | IJH | Ishares Core S&p Midcap ETF | 0% | -2.41% | Trim |
| 32 | IWF | Ishares Russell 1000 Growth | 0% | +296.00% | Add |
| 33 | ISHG | Ishares -3 Year Internationa | 0% | +27.09% | Add |
| 34 | MRSH | Marsh & Mclennan Cos | 0% | +39.05% | Add |
| 35 | ANET | Arista Networks Inc | 0% | NEW | New buy |
| 36 | BSX | Boston Scientific CORP | 0% | +78.46% | Add |
| 37 | PNC | Pnc Financial Services Group | 0% | -0.06% | Trim |
| 38 | WSO | Watsco Inc | 0% | -2.90% | Trim |
| 39 | ORCL | Oracle CORP | 0% | +68.42% | Add |
| 40 | CRWD | Crowdstrike Holdings Inc - A | 0% | NEW | New buy |
| 41 | WAT | Waters CORP | 0% | NEW | New buy |
| 42 | AMD | Advanced Micro Devices | 0% | NEW | New buy |
| 43 | STTK | Shattuck Labs Inc | 0% | NEW | New buy |
| 44 | MAR | Marriott International -cl A | 0% | NEW | New buy |
| 45 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | +3.48% | Add |
| 46 | GOOG | Alphabet Inc-cl C | 0% | -11.82% | Trim |
| 47 | IQV | Iqvia Holdings Inc | 0% | -3.25% | Trim |
| 48 | IWR | Ishares Russell Mid-cap ETF | 0% | -1.60% | Trim |
| 49 | AVUV | Avantis US Small Cap Value | 0% | +7.79% | Add |
| 50 | IVW | Ishares S&p 500 Growth ETF | 0% | +0.20% | Add |
1–50 of 175
Filing History
FAQ
What is Middleton & Co Inc/ma and what type of investor is it?
Middleton & Co Inc/ma is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $941.9M, spread across 170 disclosed positions.
What are Middleton & Co Inc/ma's largest equity positions?
Based on the latest 13F filing, Middleton & Co Inc/ma's top holdings by market value are:
1. Alphabet Inc-cl A (GOOGL) — $70.0M (7.4%)
2. Apple Inc (AAPL) — $63.7M (6.8%)
3. Amazon.com Inc (AMZN) — $57.2M (6.1%)
4. Broadcom Inc (AVGO) — $45.8M (4.9%)
5. Ishares Core S&p 500 ETF (IVV) — $36.2M (3.8%)
What changes did Middleton & Co Inc/ma make in its most recent portfolio filing?
In the latest reported quarter, Middleton & Co Inc/ma made 139 notable position adjustments: 11 new positions were initiated, 45 existing holdings were added to, 78 positions were partially reduced, and 5 were completely exited. The largest of these moves: New buy: Badger Meter Inc (BMI); New buy: Pfizer Inc (PFE); New buy: Bentley Systems Inc-class B (BSY); New buy: Eucldean Fundmntl Val ETF Ec (ECML); Sold out: Bondbloxx Bbg 6 Mth US Treas (XHLF)
What sectors does Middleton & Co Inc/ma focus on?
Middleton & Co Inc/ma is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 32.5%
• Health Care: 13.4%
• Communication Services: 11.2%
• Consumer Discretionary: 10.8%
• Financials: 9.8%
• Industrials: 7.0%
Investment Profile
Middleton & Co Inc/ma returned an annualized 14.9% over the trailing 36 months — underperforming the S&P 500 by 3.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.88 (less volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 32.5% of the portfolio concentrated in Information Technology.
It has added to its ETN position over the past two quarters (+$3.8M, now $11.4M), while trimming INTU over the same stretch (-$9.8M, still holding $5.7M).
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