CIK: 0001053914
Total reported value
$343.4M
Reporting period: 2026-03-31 · Number of holdings: 379
PUZO MICHAEL J disclosed 379 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $343.4M and a quarterly turnover rate of 15.4%.
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Puzo Michael J's disclosed holdings carry a Herfindahl concentration index of 0.032 — mathematically equivalent to about 31 equally-sized positions, well below its 379 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 1.08), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
+2.4% -$3.9M
Trim UNH
-38.0% -$3.0M
Add CVX
-3.9% $2.2M
Add AMAT
-0.6% $2.1M
Add ADI
-6.0% $1.4M
Add JNJ
-6.4% $1.4M
Showing top 67 holdings (of 379 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 6.24% | -0.62% | -7.49% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.44% | -0.09% | -1.74% | |
| 3 | AAPL | Apple INC | Stock-Tech | 5.39% | -0.20% | -3.39% | |
| 4 | ADI | Analog Devices INC | Stock-Tech | 4.47% | +0.68% | -6.01% | |
| 5 | JNJ | Johnson & Johnson | Stock-Healthcare | 4.36% | +0.68% | -6.41% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 4.10% | -0.79% | +2.38% | |
| 7 | RTX | Rtx CORP | Stock-Industrials | 3.97% | +0.11% | -8.53% | |
| 8 | TJX | Tjx Companies INC | Stock-Consumer Disc | 3.65% | +0.30% | -2.06% | |
| 9 | MA | Mastercard INC - A | Stock-Financials | 3.62% | -0.37% | -3.11% | |
| 10 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.61% | — | +3.75% | |
| 11 | AMD | Advanced Micro Devices | Stock-Tech | 3.21% | -0.07% | -3.46% | |
| 12 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 2.85% | +0.11% | -3.58% | |
| 13 | ABT | Abbott Laboratories | Stock-Healthcare | 2.75% | -0.45% | -2.24% | |
| 14 | ROK | Rockwell Automation INC | Stock-Industrials | 2.73% | -0.12% | -2.91% | |
| 15 | SBGSY | Schneider Elect Se-unsp Adr | Stock-Other | 2.72% | — | -0.90% | |
| 16 | CVX | Chevron CORP | Stock-Energy | 2.69% | +0.76% | -3.92% | |
| 17 | AMAT | Applied Materials INC | Stock-Tech | 2.55% | +0.75% | -0.57% | |
| 18 | DHR | Danaher CORP | Stock-Healthcare | 2.53% | -0.38% | -2.02% | |
| 19 | ATR | Aptargroup INC | Stock-Healthcare | 2.45% | — | -5.35% | |
| 20 | ADP | Automatic Data Processing | Stock-Tech | 2.36% | -0.51% | -2.42% | |
| 21 | LLY | Eli Lilly & Co | Stock-Healthcare | 2.36% | -0.05% | +7.20% | |
| 22 | HD | Home Depot INC | Stock-Consumer Disc | 2.36% | -0.02% | -3.18% | |
| 23 | XYL | Xylem INC | Stock-Industrials | 2.28% | -0.10% | +1.89% | |
| 24 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 2.00% | — | +0.28% | |
| 25 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.88% | +0.03% | — | |
| 26 | XOM | Exxon Mobil CORP | Stock-Energy | 1.63% | +0.40% | -12.39% | |
| 27 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.58% | — | -7.56% | |
| 28 | UBER | Uber Technologies INC | Stock-Industrials | 1.44% | +0.22% | +25.40% | |
| 29 | AXP | American Express Co | Stock-Financials | 1.43% | -0.07% | +9.17% | |
| 30 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.36% | +0.23% | +19.46% | |
| 31 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.91% | -0.76% | -37.95% | |
| 32 | ✓ | Munich Re Group | Stock-Other | 0.81% | — | — | |
| 33 | FISV | Fiserv INC | Stock-Other | 0.71% | -0.41% | -28.02% | |
| 34 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.64% | — | +14.75% | |
| 35 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.61% | +0.11% | — | |
| 36 | ABBV | Abbvie INC | Stock-Healthcare | 0.60% | — | — | |
| 37 | AVGO | Broadcom INC | Stock-Tech | 0.50% | +0.37% | +285.10% | |
| 38 | WCN | Waste Connections INC | Stock-Industrials | 0.40% | +0.40% | NEW | |
| 39 | MKC | Mccormick & Co-non Vtg Shrs | Stock-Consumer Staples | 0.37% | -0.44% | -42.54% | |
| 40 | CARR | Carrier Global CORP | Stock-Industrials | 0.37% | — | -8.05% | |
| 41 | ASML | ASML Holding N.V. | Stock-Tech | 0.35% | +0.12% | +17.20% | |
| 42 | RHHBY | Roche Holdings Ltd-spons Adr | Stock-Other | 0.35% | — | — | |
| 43 | NEE | Nextera Energy INC | Stock-Utilities | 0.30% | +0.30% | NEW | |
| 44 | EMR | Emerson Electric Co | Stock-Industrials | 0.27% | -0.04% | -18.63% | |
| 45 | WMT | Walmart INC | Stock-Consumer Staples | 0.26% | -0.06% | -31.75% | |
| 46 | PEP | Pepsico INC | Stock-Consumer Staples | 0.24% | — | -11.52% | |
| 47 | CAT | Caterpillar INC | Stock-Industrials | 0.23% | -0.13% | -51.09% | |
| 48 | DE | Deere & Co | Stock-Industrials | 0.18% | — | -27.03% | |
| 49 | UNP | Union Pacific CORP | Stock-Industrials | 0.16% | — | — | |
| 50 | SHEL | Shell Plc-adr | Stock-Energy | 0.15% | — | — |
Performance for Q3 2026
+7.1%
Performance Last 4 Quarters
+23.8%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 379 | $343.4M | 15 | |
| 2025-12-31 | 371 | $367.3M | 15 | |
| 2025-09-30 | 377 | $366.6M | 24 | |
| 2025-06-30 | 316 | $351.0M | 0 | |
| 2025-03-31 | 322 | $349.0M | 100 | |
| 2024-12-31 | 274 | $357.7M | 0 | |
| 2024-09-30 | 282 | $382.5M | 0 | |
| 2024-06-30 | 283 | $360.3M | 0 | |
| 2024-03-31 | 293 | $360.8M | 0 | |
| 2023-12-31 | 280 | $314.8M | 0 | |
| 2023-09-30 | 290 | $294.8M | 0 | |
| 2023-06-30 | 300 | $315.9M | 0 | |
| 2023-03-31 | 299 | $299.8M | 0 | |
| 2022-12-31 | 294 | $276.9M | 0 | |
| 2022-09-30 | 299 | $263.1M | 0 | |
| 2022-06-30 | 299 | $281.6M | 0 | |
| 2022-03-31 | 306 | $332.3M | 0 | |
| 2021-12-31 | 306 | $354.1M | 0 | |
| 2021-09-30 | 288 | $315.5M | 0 | |
| 2021-06-30 | 291 | $321.8M | 100 | |
| 2021-03-31 | 292 | $314.1M | 9 | |
| 2020-12-31 | 293 | $306.3M | 12 | |
| 2020-09-30 | 510 | $281.0M | 11 | |
| 2020-06-30 | 505 | $267.3M | 22 | |
| 2020-03-31 | 484 | $227.2M | 22 | |
| 2019-12-31 | 498 | $279.5M | 8 | |
| 2019-09-30 | 521 | $265.5M | 11 | |
| 2019-06-30 | 548 | $269.2M | 10 | |
| 2019-03-31 | 528 | $256.5M | 16 | |
| 2018-12-31 | 517 | $225.1M | 20 | |
| 2018-09-30 | 540 | $265.1M | 16 | |
| 2018-06-30 | 493 | $236.2M | 8 | |
| 2018-03-31 | 527 | $234.8M | 9 | |
| 2017-12-31 | 524 | $242.7M | 36 | |
| 2017-09-30 | 453 | $192.2M | 7 | |
| 2017-06-30 | 453 | $185.3M | 9 | |
| 2017-03-31 | 470 | $180.0M | 10 | |
| 2016-12-31 | 478 | $172.8M | 12 | |
| 2016-09-30 | 484 | $173.4M | 19 | |
| 2016-06-30 | 476 | $151.6M | 10 | |
| 2016-03-31 | 492 | $150.7M | 33 | |
| 2015-12-31 | 486 | $143.2M | 19 | |
| 2015-09-30 | 324 | $140.8M | 15 | |
| 2015-06-30 | 337 | $155.2M | 8 | |
| 2015-03-31 | 311 | $156.6M | 12 | |
| 2014-12-31 | 266 | $152.4M | 14 | |
| 2014-09-30 | 303 | $145.7M | 12 | |
| 2014-06-30 | 297 | $144.1M | 11 | |
| 2014-03-31 | 293 | $138.9M | 8 | |
| 2013-12-31 | 292 | $137.1M | 18 | |
| 2013-09-30 | 287 | $119.6M | 11 | |
| 2013-06-30 | 292 | $113.9M | 11 |
Puzo Michael J's most significant position changes for 2026-03-31: New buy: Waste Connections INC (WCN); New buy: Nextera Energy INC (NEE); Sold out: Ecolab INC (ECL); Sold out: Intel CORP (INTC); Sold out: Salesforce INC (CRM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVX | Chevron CORP | +0.8% | -3.92% | Trim |
| 2 | AMAT | Applied Materials INC | +0.8% | -0.57% | Trim |
| 3 | ADI | Analog Devices INC | +0.7% | -6.01% | Trim |
| 4 | JNJ | Johnson & Johnson | +0.7% | -6.41% | Trim |
| 5 | XOM | Exxon Mobil CORP | +0.4% | -12.39% | Trim |
| 6 | AVGO | Broadcom INC | +0.4% | +285.10% | Add |
| 7 | TJX | Tjx Companies INC | +0.3% | -2.06% | Trim |
| 8 | SCHW | Schwab (charles) CORP | +0.2% | +19.46% | Add |
| 9 | UBER | Uber Technologies INC | +0.2% | +25.40% | Add |
| 10 | ASML | ASML Holding N.V. | +0.1% | +17.20% | Add |
| 11 | RTX | Rtx CORP | +0.1% | -8.53% | Trim |
| 12 | PG | Procter & Gamble Co/the | +0.1% | -3.58% | Trim |
| 13 | MRK | Merck & Co. INC. | +0.1% | — | Unchanged |
| 14 | BRK-A | Berkshire Hathaway Inc-cl A | 0% | — | Unchanged |
| 15 | AMZN | Amazon.com INC | — | +3.75% | Add |
| 16 | HD | Home Depot INC | 0% | -3.18% | Trim |
| 17 | EMR | Emerson Electric Co | 0% | -18.63% | Trim |
| 18 | LLY | Eli Lilly & Co | -0.1% | +7.20% | Add |
| 19 | WMT | Walmart INC | -0.1% | -31.75% | Trim |
| 20 | AMD | Advanced Micro Devices | -0.1% | -3.46% | Trim |
| 21 | AXP | American Express Co | -0.1% | +9.17% | Add |
| 22 | NVDA | Nvidia CORP | -0.1% | -1.74% | Trim |
| 23 | XYL | Xylem INC | -0.1% | +1.89% | Add |
| 24 | RELX | Relx PLC - Spon Adr | -0.1% | -57.42% | Trim |
| 25 | ROK | Rockwell Automation INC | -0.1% | -2.91% | Trim |
| 26 | CAT | Caterpillar INC | -0.1% | -51.09% | Trim |
| 27 | AAPL | Apple INC | -0.2% | -3.39% | Trim |
| 28 | MA | Mastercard INC - A | -0.4% | -3.11% | Trim |
| 29 | DHR | Danaher CORP | -0.4% | -2.02% | Trim |
| 30 | FISV | Fiserv INC | -0.4% | -28.02% | Trim |
| 31 | MKC | Mccormick & Co-non Vtg Shrs | -0.4% | -42.54% | Trim |
| 32 | ABT | Abbott Laboratories | -0.5% | -2.24% | Trim |
| 33 | ADP | Automatic Data Processing | -0.5% | -2.42% | Trim |
| 34 | GOOGL | Alphabet Inc-cl A | -0.6% | -7.49% | Trim |
| 35 | UNH | Unitedhealth Group INC | -0.8% | -37.95% | Trim |
| 36 | MSFT | Microsoft CORP | -0.8% | +2.38% | Add |
| 37 | WCN | Waste Connections INC | — | NEW | New buy |
| 38 | NEE | Nextera Energy INC | — | NEW | New buy |
| 39 | ECL | Ecolab INC | — | EXIT | Sold out |
| 40 | INTC | Intel CORP | — | EXIT | Sold out |
| 41 | CRM | Salesforce INC | — | EXIT | Sold out |
| 42 | NUE | Nucor CORP | — | EXIT | Sold out |
| 43 | APD | Air Products & Chemicals INC | — | NEW | New buy |
| 44 | NSRGY | Nestle Sa-spons Adr | — | EXIT | Sold out |
| 45 | IDXX | Idexx Laboratories INC | — | EXIT | Sold out |
| 46 | CL | Colgate-palmolive Co | — | NEW | New buy |
| 47 | CP | Canadian Pacific Kansas City | — | NEW | New buy |
| 48 | SYY | Sysco CORP | — | EXIT | Sold out |
| 49 | OZK | Bank Ozk | — | EXIT | Sold out |
| 50 | TXN | Texas Instruments INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-07 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-23 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-21 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-08 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-19 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-17 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-08 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-28 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-28 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-07 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-15 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-06 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-01 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-24 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-30 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-24 | 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 | 2017-07-25 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-16 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-16 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-08 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-27 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-10 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-22 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-24 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-24 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-30 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-05-28 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-18 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-19 | 13F-HR | View on EDGAR |
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