13F HOLDINGS REPORT
Adalta Capital Management LLC
Quarter ended Q3 2025 · Filed November 17, 2025 · Accession 0001698926-25-000007
Total Value
$220.3M
Positions
126
Other Managers
0
Confidential Omitted
No
Holdings (126)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Microsoft Corporation | MSFT | 44,966 | $23.3M | 10.57% |
| 2 | JPMorgan Chase & Co | VYLD | 48,212 | $15.2M | 6.90% |
| 3 | Blackstone Group Inc | BX | 85,941 | $14.7M | 6.67% |
| 4 | Brookfield Corp F Class A | 11271J107 | 171,714 | $11.8M | 5.34% |
| 5 | Home Depot | HD | 28,540 | $11.6M | 5.25% |
| 6 | Alphabet Inc. Class A | GOOG | 43,783 | $10.6M | 4.83% |
| 7 | Qualcomm Inc. | QCOM | 55,511 | $9.2M | 4.19% |
| 8 | PhenixFIN Corporation | PFXNZ | 172,489 | $8.2M | 3.72% |
| 9 | Union Pacific Corp. | UNP | 33,310 | $7.9M | 3.57% |
| 10 | American Express Co. | AXP | 23,000 | $7.6M | 3.47% |
| 11 | Merck & Co. Inc. | MRK | 89,180 | $7.6M | 3.43% |
| 12 | Markel Group Inc. | MKL | 2,707 | $5.2M | 2.35% |
| 13 | Mercadolibre Inc | MELI | 2,157 | $5.0M | 2.29% |
| 14 | Arch Capital Group Ltd | G0450A105 | 52,679 | $4.8M | 2.17% |
| 15 | Weyerhaeuser Co REIT | WY | 179,182 | $4.4M | 2.02% |
| 16 | Guardant Health, Inc. | GH | 63,288 | $4.0M | 1.80% |
| 17 | Johnson & Johnson | JNJ | 17,037 | $3.2M | 1.43% |
| 18 | Berkshire Hathaway Class B | BRK-A | 6,193 | $3.1M | 1.41% |
| 19 | Southern Company | SOMN | 32,838 | $3.1M | 1.41% |
| 20 | Franco-Nevada Corp | FNV | 13,883 | $3.1M | 1.40% |
| 21 | Alphabet Inc. Class C | GOOG | 12,009 | $2.9M | 1.33% |
| 22 | Nu Holdings Ltd. | NU | 177,700 | $2.8M | 1.29% |
| 23 | Duke Energy Corp | DUKB | 22,225 | $2.8M | 1.25% |
| 24 | Coupang, Inc. | CPNG | 84,466 | $2.7M | 1.23% |
| 25 | Brookfield Asset Management Ltd. | 113004105 | 42,307 | $2.4M | 1.09% |
| 26 | BWX Technologies Inc | BWXT | 12,205 | $2.3M | 1.02% |
| 27 | Cisco Systems, Inc. | CSCO | 31,024 | $2.1M | 0.96% |
| 28 | Apple Inc. | AAPL | 8,075 | $2.1M | 0.93% |
| 29 | Danaher Corp | 235851102 | 8,754 | $1.7M | 0.79% |
| 30 | Boeing | BA-PA | 8,000 | $1.7M | 0.78% |
| 31 | Canadian National Railway Co. | 136375102 | 15,450 | $1.5M | 0.66% |
| 32 | Chevron Corp. | CVX | 8,969 | $1.4M | 0.63% |
| 33 | Saba Capital Income & Opportunities Fund | 78518H202 | 175,800 | $1.4M | 0.62% |
| 34 | WisdomTree Floating Rate Treasury Fund | WT | 26,000 | $1.3M | 0.59% |
| 35 | SLB | SLB | 36,194 | $1.3M | 0.57% |
| 36 | Blackstone Mortgage Trust | BX | 62,359 | $1.2M | 0.53% |
| 37 | W. R. Berkley Corporation | WRB-PH | 12,085 | $925,953 | 0.42% |
| 38 | ExxonMobil Corp | XOM | 8,121 | $915,643 | 0.42% |
| 39 | Bristol-Myers Squibb | CELG-RI | 18,422 | $830,832 | 0.38% |
| 40 | Applovin Corp Class A | APP | 1,120 | $804,765 | 0.37% |
| 41 | Consolidated Edison | ED | 7,767 | $780,739 | 0.35% |
| 42 | Dominion Resources, Inc | D | 11,700 | $715,689 | 0.32% |
| 43 | Colgate-Palmolive Co | CL | 8,910 | $712,265 | 0.32% |
| 44 | Philip Morris International Inc. | 718172109 | 4,240 | $687,728 | 0.31% |
| 45 | Enbridge Inc | ENNPF | 12,796 | $645,686 | 0.29% |
| 46 | Martin Marietta Matr | 573284106 | 1,015 | $639,734 | 0.29% |
| 47 | Hershey Co | HSY | 3,416 | $638,963 | 0.29% |
| 48 | EQT Corporation | EQT | 11,300 | $615,059 | 0.28% |
| 49 | Grab Holdings Ltd. | GRABW | 100,880 | $607,298 | 0.28% |
| 50 | British American Tobacco ADR | 110448107 | 11,110 | $589,719 | 0.27% |
| 51 | Procter & Gamble | 742718109 | 3,789 | $582,180 | 0.26% |
| 52 | Brookfield Renewable LP | G16258108 | 22,451 | $579,011 | 0.26% |
| 53 | Saba Closed End Funds ETF | 30151E806 | 25,060 | $570,616 | 0.26% |
| 54 | PG&E Corporation | PCG-PX | 36,490 | $551,182 | 0.25% |
| 55 | Eli Lilly & Company | LLY | 703 | $536,389 | 0.24% |
| 56 | Enterprise Products Partners L.P. | 293792107 | 14,675 | $458,887 | 0.21% |
| 57 | Edison International | 281020107 | 8,000 | $442,240 | 0.20% |
| 58 | Deere & Co | DE | 920 | $422,170 | 0.19% |
| 59 | iShares 0-5 Year TIPS Bond ETF | 46429B747 | 4,060 | $419,642 | 0.19% |
| 60 | iShares 0-5 Year Investment Grade Corporate Bond ETF | 46434V100 | 7,800 | $396,474 | 0.18% |
| 61 | Coca-Cola Company | KO | 5,625 | $375,919 | 0.17% |
| 62 | Grayscale Bitcoin Trust | GBTC | 4,035 | $362,222 | 0.16% |
| 63 | Vanguard Emerging Markets Government Bond ETF | 921946885 | 5,350 | $357,915 | 0.16% |
| 64 | Grayscale Ethereum Mini | 38964R203 | 9,005 | $352,816 | 0.16% |
| 65 | Honeywell International Inc. | 438516106 | 1,611 | $339,116 | 0.15% |
| 66 | Uber Technologies Inc | UBER | 3,085 | $302,237 | 0.14% |
| 67 | Microsoft Corporation | MSFT | 565 | $292,642 | 0.13% |
| 68 | Snowflake Inc. | SNOW | 1,295 | $292,087 | 0.13% |
| 69 | Palantir Technologies Inc. | PLTR | 1,577 | $287,676 | 0.13% |
| 70 | JPMorgan Equity Premium Income ETF | 46641Q332 | 5,000 | $285,500 | 0.13% |
| 71 | Home Depot | HD | 700 | $283,633 | 0.13% |
| 72 | Sea Limited | SE | 1,550 | $277,032 | 0.13% |
| 73 | Alibaba Group ADR | BBAAY | 1,500 | $268,095 | 0.12% |
| 74 | Commercial Metals Co | CMC | 4,565 | $261,483 | 0.12% |
| 75 | Venture Global Inc-CL A | VG | 16,575 | $235,199 | 0.11% |
| 76 | Applied Materials | 038222105 | 1,145 | $234,427 | 0.11% |
| 77 | The Williams Companies, Inc. | 969457100 | 3,615 | $229,010 | 0.10% |
| 78 | Raytheon Technologies Co | RTX | 1,300 | $217,529 | 0.10% |
| 79 | Amazon Com Inc | AMZN | 970 | $212,983 | 0.10% |
| 80 | Abbvie Inc | ABBV | 916 | $212,091 | 0.10% |
| 81 | Grayscale Bitcoin Mini Trust ETF | 389930207 | 4,000 | $202,520 | 0.09% |
| 82 | Vaneck Vectors Green Bond ETF | 92189F171 | 8,250 | $201,548 | 0.09% |
| 83 | Brookfield Renewable Corp | BEPC | 5,735 | $197,399 | 0.09% |
| 84 | Curtiss Wright Corp | CW | 352 | $191,199 | 0.09% |
| 85 | Mueller Water Products, Inc. | 624758108 | 7,225 | $184,382 | 0.08% |
| 86 | Generac Holdings Inc | GNRC | 1,080 | $180,792 | 0.08% |
| 87 | Micron Technology, Inc. | MU | 1,050 | $175,686 | 0.08% |
| 88 | JPMorgan Nasdaq Equity Premium Income ETF | 46654Q203 | 3,000 | $172,560 | 0.08% |
| 89 | Intuitive Surgical | ISRG | 375 | $167,711 | 0.08% |
| 90 | AT&T | T-PC | 5,785 | $163,366 | 0.07% |
| 91 | Meta Platforms, Inc. | META | 215 | $157,892 | 0.07% |
| 92 | Loews Corp | L | 1,500 | $150,585 | 0.07% |
| 93 | Costco Wholesale Co | 22160K105 | 155 | $143,473 | 0.07% |
| 94 | Penn NTNL Gaming | PENN | 7,300 | $140,598 | 0.06% |
| 95 | Blackstone Group Inc | BX | 800 | $136,680 | 0.06% |
| 96 | Diageo PLC ADR | DGEAF | 1,420 | $135,511 | 0.06% |
| 97 | American Express Co. | AXP | 400 | $132,864 | 0.06% |
| 98 | CloudFlare, Inc. | NET | 615 | $131,973 | 0.06% |
| 99 | Carrier Global Corp | CARR | 2,184 | $130,385 | 0.06% |
| 100 | Kimberly-Clark Corp | KMB | 1,005 | $126,228 | 0.06% |
| 101 | Viper Energy Inc New Class A | VNOM | 3,180 | $121,540 | 0.06% |
| 102 | MDU Resources Group, Inc. | 552690109 | 6,005 | $107,790 | 0.05% |
| 103 | General Mills Inc | 370334104 | 2,000 | $100,840 | 0.05% |
| 104 | Brookfield Corp F Class A | 11271J107 | 1,387 | $95,120 | 0.04% |
| 105 | Union Pacific Corp. | UNP | 400 | $94,548 | 0.04% |
| 106 | Waste Management Inc | 94106L109 | 425 | $93,853 | 0.04% |
| 107 | Merck & Co. Inc. | MRK | 1,000 | $84,740 | 0.04% |
| 108 | ESAB Corp | ESAB | 660 | $73,748 | 0.03% |
| 109 | Franco-Nevada Corp | FNV | 275 | $61,300 | 0.03% |
| 110 | Alphabet Inc. Class C | GOOG | 200 | $48,710 | 0.02% |
| 111 | Alphabet Inc. Class A | GOOG | 200 | $48,620 | 0.02% |
| 112 | Markel Group Inc. | MKL | 25 | $47,784 | 0.02% |
| 113 | Capital One Financial Corporation | 14040H105 | 178 | $37,839 | 0.02% |
| 114 | Weyerhaeuser Co REIT | WY | 1,500 | $37,185 | 0.02% |
| 115 | Johnson & Johnson | JNJ | 200 | $37,084 | 0.02% |
| 116 | Saba Closed End Funds ETF | 30151E806 | 1,075 | $24,478 | 0.01% |
| 117 | Nu Holdings Ltd. | NU | 1,500 | $24,015 | 0.01% |
| 118 | Mercadolibre Inc | MELI | 10 | $23,369 | 0.01% |
| 119 | Arch Capital Group Ltd | G0450A105 | 250 | $22,683 | 0.01% |
| 120 | PhenixFIN Corporation | PFXNZ | 450 | $21,431 | 0.01% |
| 121 | Consolidated Edison | ED | 200 | $20,104 | 0.01% |
| 122 | Brookfield Asset Management Ltd. | 113004105 | 346 | $19,701 | 0.01% |
| 123 | Saba Capital Income & Opportunities Fund | 78518H202 | 1,700 | $13,209 | 0.01% |
| 124 | Danaher Corp | 235851102 | 50 | $9,929 | 0.00% |
| 125 | Bristol-Myers Squibb | CELG-RI | 200 | $9,020 | 0.00% |
| 126 | MDU Resources Group, Inc. | 552690109 | 350 | $6,283 | 0.00% |