13F HOLDINGS REPORT
Adalta Capital Management LLC
Quarter ended Q1 2025 · Filed May 16, 2025 · Accession 0001698926-25-000002
Total Value
$187.8M
Positions
126
Other Managers
0
Confidential Omitted
No
Holdings (126)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Microsoft Corporation | MSFT | 47,843 | $18.0M | 9.56% |
| 2 | Blackstone Group Inc | BX | 90,416 | $12.6M | 6.73% |
| 3 | JPMorgan Chase & Co | VYLD | 49,158 | $12.1M | 6.42% |
| 4 | Home Depot | HD | 28,510 | $10.4M | 5.56% |
| 5 | Brookfield Corp F Class A | 11271J107 | 171,226 | $9.0M | 4.78% |
| 6 | PhenixFIN Corporation | PFXNZ | 167,999 | $8.9M | 4.74% |
| 7 | Qualcomm Inc. | QCOM | 55,906 | $8.6M | 4.57% |
| 8 | Merck & Co. Inc. | MRK | 89,161 | $8.1M | 4.30% |
| 9 | Union Pacific Corp. | UNP | 33,370 | $7.9M | 4.20% |
| 10 | Alphabet Inc. Class A | GOOG | 43,392 | $6.7M | 3.57% |
| 11 | American Express Co. | AXP | 23,985 | $6.5M | 3.44% |
| 12 | Weyerhaeuser Co REIT | WY | 179,407 | $5.3M | 2.80% |
| 13 | Arch Capital Group Ltd | G0450A105 | 50,717 | $4.9M | 2.60% |
| 14 | Markel Group Inc. | MKL | 2,566 | $4.8M | 2.55% |
| 15 | Mercadolibre Inc | MELI | 2,045 | $4.0M | 2.12% |
| 16 | Berkshire Hathaway Class B | BRK-A | 6,193 | $3.3M | 1.76% |
| 17 | Southern Company | SOMN | 32,794 | $3.0M | 1.61% |
| 18 | Johnson & Johnson | JNJ | 18,144 | $3.0M | 1.60% |
| 19 | Guardant Health, Inc. | GH | 63,663 | $2.7M | 1.44% |
| 20 | Duke Energy Corp | DUKB | 20,431 | $2.5M | 1.33% |
| 21 | Brookfield Asset Management Ltd. | 113004105 | 42,995 | $2.1M | 1.11% |
| 22 | Franco-Nevada Corp | FNV | 12,316 | $1.9M | 1.03% |
| 23 | Cisco Systems, Inc. | CSCO | 31,024 | $1.9M | 1.02% |
| 24 | Danaher Corp | 235851102 | 8,869 | $1.8M | 0.97% |
| 25 | Coupang, Inc. | CPNG | 79,729 | $1.7M | 0.93% |
| 26 | Alphabet Inc. Class C | GOOG | 10,984 | $1.7M | 0.91% |
| 27 | SLB | SLB | 37,219 | $1.6M | 0.83% |
| 28 | Canadian National Railway Co. | 136375102 | 15,950 | $1.6M | 0.83% |
| 29 | Chevron Corp. | CVX | 9,069 | $1.5M | 0.81% |
| 30 | Boeing | BA-PA | 8,300 | $1.4M | 0.75% |
| 31 | Blackstone Mortgage Trust | BX | 62,432 | $1.3M | 0.68% |
| 32 | Apple Inc. | AAPL | 5,670 | $1.3M | 0.67% |
| 33 | Bristol-Myers Squibb | CELG-RI | 18,522 | $1.1M | 0.60% |
| 34 | BWX Technologies Inc | BWXT | 10,335 | $1.0M | 0.54% |
| 35 | ExxonMobil Corp | XOM | 8,121 | $965,831 | 0.51% |
| 36 | Deere & Co | DE | 1,970 | $927,811 | 0.49% |
| 37 | Nu Holdings Ltd. | NU | 89,797 | $919,521 | 0.49% |
| 38 | Consolidated Edison | ED | 7,767 | $858,953 | 0.46% |
| 39 | Colgate-Palmolive Co | CL | 8,910 | $834,867 | 0.44% |
| 40 | Philip Morris International Inc. | 718172109 | 4,240 | $678,739 | 0.36% |
| 41 | Comcast Corporation | CCZ | 18,000 | $664,200 | 0.35% |
| 42 | Dominion Resources, Inc | D | 11,700 | $656,019 | 0.35% |
| 43 | Procter & Gamble | 742718109 | 3,789 | $645,721 | 0.34% |
| 44 | PG&E Corporation | PCG-PX | 36,490 | $627,811 | 0.33% |
| 45 | Enbridge Inc | ENNPF | 12,796 | $566,991 | 0.30% |
| 46 | Saba Closed End Funds ETF | 30151E806 | 25,060 | $534,530 | 0.28% |
| 47 | Saba Capital Income & Opportunities Fund | 78518H202 | 68,600 | $532,336 | 0.28% |
| 48 | W. R. Berkley Corporation | WRB-PH | 7,420 | $528,007 | 0.28% |
| 49 | Brookfield Renewable LP | G16258108 | 23,201 | $514,134 | 0.27% |
| 50 | Enterprise Products Partners L.P. | 293792107 | 14,675 | $501,005 | 0.27% |
| 51 | Martin Marietta Matr | 573284106 | 1,025 | $490,083 | 0.26% |
| 52 | Paypal Holdings Inc | PYPL | 7,370 | $480,893 | 0.26% |
| 53 | Edison International | 281020107 | 8,000 | $471,360 | 0.25% |
| 54 | General Motors Co | 37045V100 | 10,000 | $470,300 | 0.25% |
| 55 | Grab Holdings Ltd. | GRABW | 97,180 | $440,225 | 0.23% |
| 56 | Eli Lilly & Company | LLY | 510 | $421,214 | 0.22% |
| 57 | Coca-Cola Company | KO | 5,625 | $405,731 | 0.22% |
| 58 | Oaktree Specialty Lending Corporation | OCSL | 25,535 | $392,218 | 0.21% |
| 59 | EQT Corporation | EQT | 7,300 | $390,039 | 0.21% |
| 60 | Applied Materials | 038222105 | 2,670 | $387,470 | 0.21% |
| 61 | Alibaba Group ADR | BBAAY | 2,780 | $367,599 | 0.20% |
| 62 | Enovix Corporation | ENVX | 48,581 | $356,585 | 0.19% |
| 63 | Honeywell International Inc. | 438516106 | 1,611 | $341,129 | 0.18% |
| 64 | Grayscale Bitcoin Trust | GBTC | 4,135 | $269,478 | 0.14% |
| 65 | Home Depot | HD | 700 | $256,543 | 0.14% |
| 66 | Snowflake Inc. | SNOW | 1,740 | $254,318 | 0.14% |
| 67 | Mueller Water Products, Inc. | 624758108 | 9,250 | $235,135 | 0.13% |
| 68 | Microsoft Corporation | MSFT | 600 | $225,234 | 0.12% |
| 69 | The Williams Companies, Inc. | 969457100 | 3,615 | $216,032 | 0.12% |
| 70 | Commercial Metals Co | CMC | 4,565 | $210,857 | 0.11% |
| 71 | Hershey Co | HSY | 1,229 | $210,196 | 0.11% |
| 72 | Sea Limited | SE | 1,550 | $202,260 | 0.11% |
| 73 | Vaneck Vectors Green Bond ETF | 92189F171 | 8,250 | $198,507 | 0.11% |
| 74 | Abbvie Inc | ABBV | 916 | $191,920 | 0.10% |
| 75 | Kenvue Inc | KVUE | 8,000 | $191,840 | 0.10% |
| 76 | Intuitive Surgical | ISRG | 375 | $185,726 | 0.10% |
| 77 | Amazon Com Inc | AMZN | 970 | $184,552 | 0.10% |
| 78 | Uber Technologies Inc | UBER | 2,425 | $176,686 | 0.09% |
| 79 | Raytheon Technologies Co | RTX | 1,300 | $172,198 | 0.09% |
| 80 | ESAB Corp | ESAB | 1,460 | $170,090 | 0.09% |
| 81 | SS&C Technologies Holdings, Inc. | SSNC | 2,000 | $167,060 | 0.09% |
| 82 | Brookfield Renewable Corp | BEPC | 5,922 | $165,342 | 0.09% |
| 83 | AT&T | T-PC | 5,785 | $163,597 | 0.09% |
| 84 | Palantir Technologies Inc. | PLTR | 1,927 | $162,639 | 0.09% |
| 85 | Costco Wholesale Co | 22160K105 | 160 | $151,325 | 0.08% |
| 86 | Diageo PLC ADR | DGEAF | 1,420 | $151,102 | 0.08% |
| 87 | Advanced Micro Devices, Inc. | AMD | 1,430 | $146,918 | 0.08% |
| 88 | Kimberly-Clark Corp | KMB | 1,005 | $144,197 | 0.08% |
| 89 | Penn NTNL Gaming | PENN | 8,816 | $143,789 | 0.08% |
| 90 | Viper Energy Inc Class A | VNOM | 3,180 | $143,577 | 0.08% |
| 91 | Carrier Global Corp | CARR | 2,184 | $138,466 | 0.07% |
| 92 | Generac Holdings Inc | GNRC | 1,080 | $136,782 | 0.07% |
| 93 | British American Tobacco ADR | 110448107 | 3,000 | $126,517 | 0.07% |
| 94 | Horizon Kinetics Blockchain Development ETF | 53656G209 | 4,425 | $123,347 | 0.07% |
| 95 | Sportradar Group AG | SRAD | 5,675 | $122,694 | 0.07% |
| 96 | General Mills Inc | 370334104 | 2,000 | $119,580 | 0.06% |
| 97 | Blackstone Group Inc | BX | 800 | $111,824 | 0.06% |
| 98 | American Express Co. | AXP | 400 | $107,620 | 0.06% |
| 99 | MDU Resources Group, Inc. | 552690109 | 6,180 | $105,307 | 0.06% |
| 100 | Venture Global Inc-CL A | VG | 10,000 | $103,000 | 0.05% |
| 101 | Waste Management Inc | 94106L109 | 425 | $98,392 | 0.05% |
| 102 | Union Pacific Corp. | UNP | 400 | $94,496 | 0.05% |
| 103 | Merck & Co. Inc. | MRK | 1,000 | $90,570 | 0.05% |
| 104 | Bank of America | 060505104 | 2,000 | $83,460 | 0.04% |
| 105 | Brookfield Corp F Class A | 11271J107 | 1,387 | $72,693 | 0.04% |
| 106 | CloudFlare, Inc. | NET | 615 | $69,304 | 0.04% |
| 107 | Devon Energy Corp | 25179M103 | 1,525 | $57,377 | 0.03% |
| 108 | Everus Construction, Inc. | EVEX-WT | 1,537 | $57,007 | 0.03% |
| 109 | Markel Group Inc. | MKL | 25 | $46,740 | 0.02% |
| 110 | Weyerhaeuser Co REIT | WY | 1,500 | $43,920 | 0.02% |
| 111 | Franco-Nevada Corp | FNV | 275 | $43,329 | 0.02% |
| 112 | Johnson & Johnson | JNJ | 200 | $33,168 | 0.02% |
| 113 | Alphabet Inc. Class C | GOOG | 200 | $31,246 | 0.02% |
| 114 | Alphabet Inc. Class A | GOOG | 200 | $30,928 | 0.02% |
| 115 | Arch Capital Group Ltd | G0450A105 | 250 | $24,045 | 0.01% |
| 116 | PhenixFIN Corporation | PFXNZ | 450 | $23,850 | 0.01% |
| 117 | Saba Closed End Funds ETF | 30151E806 | 1,075 | $22,930 | 0.01% |
| 118 | Consolidated Edison | ED | 200 | $22,118 | 0.01% |
| 119 | Mercadolibre Inc | MELI | 10 | $19,509 | 0.01% |
| 120 | Brookfield Asset Management Ltd. | 113004105 | 346 | $16,764 | 0.01% |
| 121 | Saba Capital Income & Opportunities Fund | 78518H202 | 1,700 | $13,192 | 0.01% |
| 122 | Bristol-Myers Squibb | CELG-RI | 200 | $12,198 | 0.01% |
| 123 | Danaher Corp | 235851102 | 50 | $10,266 | 0.01% |
| 124 | MDU Resources Group, Inc. | 552690109 | 350 | $5,964 | 0.00% |
| 125 | Enovix Corporation | ENVX | 450 | $3,303 | 0.00% |
| 126 | Everus Construction, Inc. | EVEX-WT | 87 | $3,227 | 0.00% |