13F HOLDINGS REPORT
Adalta Capital Management LLC
Quarter ended Q2 2025 · Filed August 12, 2025 · Accession 0001698926-25-000003
Total Value
$199.3M
Positions
121
Other Managers
0
Confidential Omitted
No
Holdings (121)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Microsoft Corporation | MSFT | 45,066 | $22.4M | 11.25% |
| 2 | JPMorgan Chase & Co | VYLD | 48,212 | $14.0M | 7.01% |
| 3 | Blackstone Group Inc | BX | 89,241 | $13.3M | 6.70% |
| 4 | Brookfield Corp F Class A | 11271J107 | 170,576 | $10.6M | 5.29% |
| 5 | Home Depot | HD | 28,540 | $10.5M | 5.25% |
| 6 | Qualcomm Inc. | QCOM | 55,536 | $8.8M | 4.44% |
| 7 | PhenixFIN Corporation | PFXNZ | 169,389 | $8.6M | 4.31% |
| 8 | Alphabet Inc. Class A | GOOG | 43,578 | $7.7M | 3.85% |
| 9 | Union Pacific Corp. | UNP | 33,310 | $7.7M | 3.85% |
| 10 | American Express Co. | AXP | 23,045 | $7.4M | 3.69% |
| 11 | Merck & Co. Inc. | MRK | 89,180 | $7.1M | 3.58% |
| 12 | Mercadolibre Inc | MELI | 2,032 | $5.3M | 2.67% |
| 13 | Markel Group Inc. | MKL | 2,618 | $5.2M | 2.62% |
| 14 | Arch Capital Group Ltd | G0450A105 | 50,747 | $4.6M | 2.32% |
| 15 | Weyerhaeuser Co REIT | WY | 179,432 | $4.6M | 2.31% |
| 16 | Guardant Health, Inc. | GH | 63,363 | $3.3M | 1.65% |
| 17 | Southern Company | SOMN | 32,794 | $3.0M | 1.51% |
| 18 | Berkshire Hathaway Class B | BRK-A | 6,193 | $3.0M | 1.51% |
| 19 | Johnson & Johnson | JNJ | 18,037 | $2.8M | 1.38% |
| 20 | Duke Energy Corp | DUKB | 20,696 | $2.4M | 1.23% |
| 21 | Coupang, Inc. | CPNG | 80,511 | $2.4M | 1.21% |
| 22 | Brookfield Asset Management Ltd. | 113004105 | 42,382 | $2.3M | 1.18% |
| 23 | Cisco Systems, Inc. | CSCO | 31,024 | $2.2M | 1.08% |
| 24 | Alphabet Inc. Class C | GOOG | 12,009 | $2.1M | 1.07% |
| 25 | Franco-Nevada Corp | FNV | 12,541 | $2.1M | 1.03% |
| 26 | Nu Holdings Ltd. | NU | 129,825 | $1.8M | 0.89% |
| 27 | Boeing | BA-PA | 8,300 | $1.7M | 0.87% |
| 28 | Danaher Corp | 235851102 | 8,769 | $1.7M | 0.87% |
| 29 | BWX Technologies Inc | BWXT | 11,770 | $1.7M | 0.85% |
| 30 | Canadian National Railway Co. | 136375102 | 15,450 | $1.6M | 0.81% |
| 31 | Chevron Corp. | CVX | 9,069 | $1.3M | 0.65% |
| 32 | SLB | SLB | 36,219 | $1.2M | 0.62% |
| 33 | Blackstone Mortgage Trust | BX | 62,433 | $1.2M | 0.62% |
| 34 | Apple Inc. | AAPL | 5,075 | $1.0M | 0.52% |
| 35 | ExxonMobil Corp | XOM | 8,121 | $875,444 | 0.44% |
| 36 | Bristol-Myers Squibb | CELG-RI | 18,572 | $859,698 | 0.43% |
| 37 | Colgate-Palmolive Co | CL | 8,910 | $809,919 | 0.41% |
| 38 | Consolidated Edison | ED | 7,767 | $779,418 | 0.39% |
| 39 | Philip Morris International Inc. | 718172109 | 4,240 | $777,955 | 0.39% |
| 40 | Saba Capital Income & Opportunities Fund | 78518H202 | 93,500 | $753,610 | 0.38% |
| 41 | Dominion Resources, Inc | D | 11,700 | $661,284 | 0.33% |
| 42 | Procter & Gamble | 742718109 | 3,789 | $603,663 | 0.30% |
| 43 | W. R. Berkley Corporation | WRB-PH | 8,170 | $600,250 | 0.30% |
| 44 | Enbridge Inc | ENNPF | 12,796 | $579,915 | 0.29% |
| 45 | Brookfield Renewable LP | G16258108 | 22,601 | $576,552 | 0.29% |
| 46 | Saba Closed End Funds ETF | 30151E806 | 25,060 | $557,334 | 0.28% |
| 47 | Martin Marietta Matr | 573284106 | 1,015 | $557,194 | 0.28% |
| 48 | British American Tobacco ADR | 110448107 | 11,570 | $556,834 | 0.28% |
| 49 | Deere & Co | DE | 1,000 | $510,110 | 0.26% |
| 50 | PG&E Corporation | PCG-PX | 36,490 | $509,583 | 0.26% |
| 51 | Grab Holdings Ltd. | GRABW | 98,680 | $496,360 | 0.25% |
| 52 | Hershey Co | HSY | 2,891 | $479,761 | 0.24% |
| 53 | Paypal Holdings Inc | PYPL | 6,220 | $462,270 | 0.23% |
| 54 | Enterprise Products Partners L.P. | 293792107 | 14,675 | $455,072 | 0.23% |
| 55 | Edison International | 281020107 | 8,000 | $412,800 | 0.21% |
| 56 | Coca-Cola Company | KO | 5,625 | $400,838 | 0.20% |
| 57 | Eli Lilly & Company | LLY | 505 | $393,663 | 0.20% |
| 58 | EQT Corporation | EQT | 6,600 | $384,912 | 0.19% |
| 59 | Honeywell International Inc. | 438516106 | 1,611 | $375,170 | 0.19% |
| 60 | Grayscale Bitcoin Trust | GBTC | 4,135 | $350,772 | 0.18% |
| 61 | Oaktree Specialty Lending Corporation | OCSL | 25,535 | $348,808 | 0.18% |
| 62 | Snowflake Inc. | SNOW | 1,295 | $289,782 | 0.15% |
| 63 | Microsoft Corporation | MSFT | 565 | $281,037 | 0.14% |
| 64 | Home Depot | HD | 700 | $256,648 | 0.13% |
| 65 | Sea Limited | SE | 1,550 | $247,907 | 0.12% |
| 66 | Alibaba Group ADR | BBAAY | 2,090 | $241,927 | 0.12% |
| 67 | Palantir Technologies Inc. | PLTR | 1,677 | $228,609 | 0.11% |
| 68 | The Williams Companies, Inc. | 969457100 | 3,615 | $227,058 | 0.11% |
| 69 | Commercial Metals Co | CMC | 4,565 | $224,096 | 0.11% |
| 70 | Amazon Com Inc | AMZN | 970 | $212,808 | 0.11% |
| 71 | Applied Materials | 038222105 | 1,145 | $209,615 | 0.11% |
| 72 | Intuitive Surgical | ISRG | 375 | $203,779 | 0.10% |
| 73 | Vaneck Vectors Green Bond ETF | 92189F171 | 8,250 | $199,980 | 0.10% |
| 74 | Uber Technologies Inc | UBER | 2,075 | $193,598 | 0.10% |
| 75 | Grayscale Bitcoin Mini Trust ETF | 389930207 | 4,000 | $191,000 | 0.10% |
| 76 | Raytheon Technologies Co | RTX | 1,300 | $189,826 | 0.10% |
| 77 | Brookfield Renewable Corp | BEPC | 5,772 | $189,206 | 0.09% |
| 78 | Curtiss Wright Corp | CW | 352 | $172,054 | 0.09% |
| 79 | Abbvie Inc | ABBV | 916 | $170,028 | 0.09% |
| 80 | AT&T | T-PC | 5,785 | $167,416 | 0.08% |
| 81 | Meta Platforms, Inc. | META | 225 | $166,070 | 0.08% |
| 82 | Carrier Global Corp | CARR | 2,184 | $159,847 | 0.08% |
| 83 | Generac Holdings Inc | GNRC | 1,080 | $154,667 | 0.08% |
| 84 | Costco Wholesale Co | 22160K105 | 155 | $153,441 | 0.08% |
| 85 | ESAB Corp | ESAB | 1,260 | $151,893 | 0.08% |
| 86 | Diageo PLC ADR | DGEAF | 1,420 | $143,193 | 0.07% |
| 87 | Penn NTNL Gaming | PENN | 7,910 | $141,352 | 0.07% |
| 88 | Loews Corp | L | 1,500 | $137,490 | 0.07% |
| 89 | Kimberly-Clark Corp | KMB | 1,005 | $130,831 | 0.07% |
| 90 | American Express Co. | AXP | 400 | $127,592 | 0.06% |
| 91 | Mueller Water Products, Inc. | 624758108 | 5,150 | $123,806 | 0.06% |
| 92 | Viper Energy Inc Class A | VNOM | 3,180 | $121,253 | 0.06% |
| 93 | CloudFlare, Inc. | NET | 615 | $120,435 | 0.06% |
| 94 | Blackstone Group Inc | BX | 800 | $119,664 | 0.06% |
| 95 | Sportradar Group AG | SRAD | 3,750 | $105,300 | 0.05% |
| 96 | MDU Resources Group, Inc. | 552690109 | 6,180 | $103,824 | 0.05% |
| 97 | General Mills Inc | 370334104 | 2,000 | $103,620 | 0.05% |
| 98 | Waste Management Inc | 94106L109 | 425 | $97,249 | 0.05% |
| 99 | Union Pacific Corp. | UNP | 400 | $92,032 | 0.05% |
| 100 | Venture Global Inc-CL A | VG | 5,900 | $91,922 | 0.05% |
| 101 | Brookfield Corp F Class A | 11271J107 | 1,387 | $85,786 | 0.04% |
| 102 | SS&C Technologies Holdings, Inc. | SSNC | 1,000 | $82,800 | 0.04% |
| 103 | Merck & Co. Inc. | MRK | 1,000 | $79,970 | 0.04% |
| 104 | Kenvue Inc | KVUE | 2,600 | $54,418 | 0.03% |
| 105 | Markel Group Inc. | MKL | 25 | $49,934 | 0.03% |
| 106 | Franco-Nevada Corp | FNV | 275 | $45,078 | 0.02% |
| 107 | Weyerhaeuser Co REIT | WY | 1,500 | $38,535 | 0.02% |
| 108 | Alphabet Inc. Class C | GOOG | 200 | $35,478 | 0.02% |
| 109 | Alphabet Inc. Class A | GOOG | 200 | $35,246 | 0.02% |
| 110 | Johnson & Johnson | JNJ | 200 | $30,550 | 0.02% |
| 111 | Mercadolibre Inc | MELI | 10 | $26,136 | 0.01% |
| 112 | Saba Closed End Funds ETF | 30151E806 | 1,075 | $23,908 | 0.01% |
| 113 | PhenixFIN Corporation | PFXNZ | 450 | $22,793 | 0.01% |
| 114 | Arch Capital Group Ltd | G0450A105 | 250 | $22,763 | 0.01% |
| 115 | Nu Holdings Ltd. | NU | 1,500 | $20,580 | 0.01% |
| 116 | Consolidated Edison | ED | 200 | $20,070 | 0.01% |
| 117 | Brookfield Asset Management Ltd. | 113004105 | 346 | $19,127 | 0.01% |
| 118 | Saba Capital Income & Opportunities Fund | 78518H202 | 1,700 | $13,702 | 0.01% |
| 119 | Danaher Corp | 235851102 | 50 | $9,893 | 0.00% |
| 120 | Bristol-Myers Squibb | CELG-RI | 200 | $9,258 | 0.00% |
| 121 | MDU Resources Group, Inc. | 552690109 | 350 | $5,880 | 0.00% |