CIK: 0001656150
Total reported value
$196.6M
Reporting period: 2026-03-31 · Number of holdings: 50
Piedmont Capital Management, LLC disclosed 50 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $196.6M and a quarterly turnover rate of 51.2%.
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Piedmont Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.077 — mathematically equivalent to about 13 equally-sized positions, well below its 50 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 1.71), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 2.8 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 9% 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.
Trim IWP
-96.1% -$7.6M
Add GLDM
-2.6% $1.1M
Add GDX
-3.8% $748.0K
Add FLOT
+7.7% $695.6K
Add VYM
-0.3% $723.0K
Add IEFA
+0.4% $503.7K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 12.36% | +0.33% | -0.29% | |
| 2 | FEZ | State Street Spdr Euro Stoxx | ETF-Other | 12.23% | -0.03% | +2.52% | |
| 3 | PVAL | Putnam Focused Lrg Cap Value | ETF-Other | 11.59% | +11.59% | NEW | |
| 4 | GLDM | Spdr Gold Minishares Trust | ETF-Commodities | 10.44% | +0.50% | -2.57% | |
| 5 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 8.42% | +0.22% | +0.40% | |
| 6 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 7.09% | +0.36% | -3.79% | |
| 7 | RWR | Ss Spdr Dow Jones Reit ETF | ETF-Other | 6.90% | +6.90% | NEW | |
| 8 | FLOT | Ishares Floating Rate Bond E | ETF-Other | 5.08% | +0.34% | +7.68% | |
| 9 | BKLN | Invesco Senior Loan ETF | ETF-Other | 2.42% | +0.01% | +3.44% | |
| 10 | FRDM | Freedom 100 Emeging Mrkt ETF | ETF-Other | 2.04% | +2.04% | NEW | |
| 11 | IWC | Ishares Micro-cap ETF | ETF-Other | 1.99% | +1.99% | NEW | |
| 12 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 1.70% | -0.04% | +0.97% | |
| 13 | ANGL | Vaneck Fallen Angel High Yld | ETF-Other | 1.67% | +0.04% | +4.58% | |
| 14 | CLOI | Vaneck Clo ETF | ETF-Other | 1.50% | +0.05% | +4.07% | |
| 15 | ✓ | Ishares Tr | Stock-Other | 1.42% | +0.04% | -2.08% | |
| 16 | CSCO | Cisco Systems INC | Stock-Tech | 0.85% | -0.02% | -4.84% | |
| 17 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.83% | — | +0.92% | |
| 18 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.70% | +0.06% | -0.99% | |
| 19 | VZ | Verizon Communications INC | Stock-Comm Services | 0.70% | +0.13% | +2.02% | |
| 20 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.69% | +0.10% | +0.20% | |
| 21 | AOR | Ishares Core 60/40 Balanced | ETF-Other | 0.67% | -0.11% | -13.37% | |
| 22 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.62% | +0.10% | +4.24% | |
| 23 | IBM | Intl Business Machines CORP | Stock-Tech | 0.59% | -0.15% | -4.16% | |
| 24 | CVX | Chevron CORP | Stock-Energy | 0.58% | +0.16% | +5.94% | |
| 25 | ✓ | Invsc Qqq Tr | Stock-Other | 0.55% | -0.02% | +0.71% | |
| 26 | BND | Vanguard Total Bond Market | ETF-Other | 0.55% | — | +0.48% | |
| 27 | XOM | Exxon Mobil CORP | Stock-Energy | 0.49% | +0.12% | -1.24% | |
| 28 | VNQ | Vanguard Real Estate ETF | ETF-Other | 0.47% | +0.01% | -0.47% | |
| 29 | AMGN | Amgen INC | Stock-Healthcare | 0.47% | +0.02% | -0.04% | |
| 30 | STN | Stantec INC | Stock-Other | 0.47% | -0.03% | — | |
| 31 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.41% | +0.03% | +11.91% | |
| 32 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.36% | -0.03% | — | |
| 33 | MSFT | Microsoft CORP | Stock-Tech | 0.34% | -0.09% | +3.85% | |
| 34 | AAPL | Apple INC | Stock-Tech | 0.30% | +0.15% | +112.03% | |
| 35 | CAT | Caterpillar INC | Stock-Industrials | 0.27% | +0.06% | — | |
| 36 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.26% | -0.04% | +2.33% | |
| 37 | MMM | 3m Co | Stock-Industrials | 0.22% | -0.03% | — | |
| 38 | SPG | Simon Property Group INC | Stock-Real Estate | 0.17% | — | +0.17% | |
| 39 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.15% | -0.06% | +5.03% | |
| 40 | WMT | Walmart INC | Stock-Consumer Staples | 0.15% | +0.02% | — | |
| 41 | MGK | Vanguard Mega Cap Growth ETF | ETF-Other | 0.15% | -0.02% | — | |
| 42 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.15% | — | — | |
| 43 | HD | Home Depot INC | Stock-Consumer Disc | 0.15% | +0.02% | +17.69% | |
| 44 | IWP | Ishares Russell Mid-cap Grow | ETF-Other | 0.15% | -3.88% | -96.13% | |
| 45 | MOAT | Vaneck Morningstar Wide Moat | ETF-Other | 0.14% | -0.01% | — | |
| 46 | GS | Goldman Sachs Group INC | Stock-Financials | 0.13% | — | — | |
| 47 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.13% | +0.13% | NEW | |
| 48 | ORCL | Oracle CORP | Stock-Tech | 0.12% | -0.04% | +0.06% | |
| 49 | GBCI | Glacier Bancorp INC | Stock-Financials | 0.11% | — | — | |
| 50 | GUT | Gabelli Utility Trust | Stock-Other | 0.08% | — | -8.97% |
Performance for Q3 2026
+4.6%
Performance Last 4 Quarters
+17.4%
Based on 63% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 50 | $196.6M | 51 | |
| 2025-12-31 | 52 | $196.0M | 4 | |
| 2025-09-30 | 53 | $189.5M | 72 | |
| 2025-06-30 | 55 | $172.9M | 0 | |
| 2025-03-31 | 46 | $139.3M | 100 | |
| 2024-12-31 | 52 | $165.9M | 0 | |
| 2024-09-30 | 51 | $165.9M | 0 | |
| 2024-06-30 | 46 | $147.4M | 0 | |
| 2024-03-31 | 46 | $147.4M | 0 | |
| 2023-12-31 | 48 | $137.2M | 0 | |
| 2023-09-30 | 46 | $125.4M | 0 | |
| 2023-06-30 | 45 | $131.8M | 0 | |
| 2023-03-31 | 45 | $124.9M | 0 | |
| 2022-12-31 | 44 | $119.4M | 0 | |
| 2022-09-30 | 39 | $110.9M | 0 | |
| 2022-06-30 | 39 | $97.3M | 0 | |
| 2022-03-31 | 41 | $133.2M | 0 | |
| 2021-12-31 | 45 | $127.3M | 0 | |
| 2021-09-30 | 41 | $125.4M | 0 | |
| 2021-06-30 | 40 | $120.4M | 94 | |
| 2021-03-31 | 39 | $106.9M | 27 | |
| 2020-12-31 | 42 | $98.7M | 0 |
Piedmont Capital Management, LLC's most significant position changes for 2026-03-31: Sold out: Vanguard Growth ETF (VUG); New buy: Putnam Focused Lrg Cap Value (PVAL); Sold out: Vanguard S&p 500 ETF (VOO); New buy: Ss Spdr Dow Jones Reit ETF (RWR); New buy: Freedom 100 Emeging Mrkt ETF (FRDM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GLDM | Spdr Gold Minishares Trust | +0.5% | -2.57% | Trim |
| 2 | GDX | Vaneck Gold Miners ETF | +0.4% | -3.79% | Trim |
| 3 | FLOT | Ishares Floating Rate Bond E | +0.3% | +7.68% | Add |
| 4 | VYM | Vanguard High Dvd Yield ETF | +0.3% | -0.29% | Trim |
| 5 | IEFA | Ishares Core Msci Eafe ETF | +0.2% | +0.40% | Add |
| 6 | CVX | Chevron CORP | +0.2% | +5.94% | Add |
| 7 | AAPL | Apple INC | +0.2% | +112.03% | Add |
| 8 | VZ | Verizon Communications INC | +0.1% | +2.02% | Add |
| 9 | XOM | Exxon Mobil CORP | +0.1% | -1.24% | Trim |
| 10 | MRK | Merck & Co. INC. | +0.1% | +4.24% | Add |
| 11 | JNJ | Johnson & Johnson | +0.1% | +0.20% | Add |
| 12 | KO | Coca-cola Co/the | +0.1% | -0.99% | Trim |
| 13 | CAT | Caterpillar INC | +0.1% | — | Unchanged |
| 14 | CLOI | Vaneck Clo ETF | +0.1% | +4.07% | Add |
| 15 | ✓ | Ishares Tr | 0% | -2.08% | Trim |
| 16 | ANGL | Vaneck Fallen Angel High Yld | 0% | +4.58% | Add |
| 17 | IVV | Ishares Core S&p 500 ETF | 0% | +11.91% | Add |
| 18 | AMGN | Amgen INC | 0% | -0.04% | Trim |
| 19 | WMT | Walmart INC | 0% | — | Unchanged |
| 20 | HD | Home Depot INC | 0% | +17.69% | Add |
| 21 | BKLN | Invesco Senior Loan ETF | 0% | +3.44% | Add |
| 22 | VNQ | Vanguard Real Estate ETF | 0% | -0.47% | Trim |
| 23 | MOAT | Vaneck Morningstar Wide Moat | 0% | — | Unchanged |
| 24 | ✓ | Invsc Qqq Tr | 0% | +0.71% | Add |
| 25 | MGK | Vanguard Mega Cap Growth ETF | 0% | — | Unchanged |
| 26 | CSCO | Cisco Systems INC | 0% | -4.84% | Trim |
| 27 | STN | Stantec INC | 0% | — | Unchanged |
| 28 | JPM | Jpmorgan Chase & Co | 0% | — | Unchanged |
| 29 | MMM | 3m Co | 0% | — | Unchanged |
| 30 | FEZ | State Street Spdr Euro Stoxx | 0% | +2.52% | Add |
| 31 | ORCL | Oracle CORP | 0% | +0.06% | Add |
| 32 | UNH | Unitedhealth Group INC | 0% | +2.33% | Add |
| 33 | VTI | Vanguard Total Stock Mkt ETF | 0% | +0.97% | Add |
| 34 | NKE | Nike INC -cl B | -0.1% | +5.03% | Add |
| 35 | MSFT | Microsoft CORP | -0.1% | +3.85% | Add |
| 36 | AOR | Ishares Core 60/40 Balanced | -0.1% | -13.37% | Trim |
| 37 | IBM | Intl Business Machines CORP | -0.2% | -4.16% | Trim |
| 38 | IWP | Ishares Russell Mid-cap Grow | -3.9% | -96.13% | Trim |
| 39 | VUG | Vanguard Growth ETF | — | EXIT | Sold out |
| 40 | PVAL | Putnam Focused Lrg Cap Value | — | NEW | New buy |
| 41 | VOO | Vanguard S&p 500 ETF | — | EXIT | Sold out |
| 42 | RWR | Ss Spdr Dow Jones Reit ETF | — | NEW | New buy |
| 43 | FRDM | Freedom 100 Emeging Mrkt ETF | — | NEW | New buy |
| 44 | IWC | Ishares Micro-cap ETF | — | NEW | New buy |
| 45 | SLV | Ishares Silver Trust | — | EXIT | Sold out |
| 46 | GLD | Spdr Gold Shares | — | EXIT | Sold out |
| 47 | XLRE | Ss Real Estate Select Sector | — | EXIT | Sold out |
| 48 | PG | Procter & Gamble Co/the | — | NEW | New buy |
| 49 | ABBV | Abbvie INC | — | EXIT | Sold out |
| 50 | TU | Telus CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 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 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-18 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-08-10 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-28 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-05 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-05-05 | 13F-HR | View on EDGAR |
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