Institutional Manager · CIK 0000717538
Arrow Financial Corp
Glens Falls, NY · File #028-12533
Latest AUM
$1.00B
Positions
318
Top-10 Concentration
61.3%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | VANGUARD S&P 500 ETF | 922908363 | -208,643 | -$130.8M | +$3.1M |
| REDUCE | SPDR PORTFOLIO S&P 500 VALUE ETF | 78464A508 | -781,486 | -$44.4M | +$1.2M |
| REDUCE | ISHARES IBONDS 2026 TERM HIGH YIELD AND INC | 46436E528 | -856,348 | -$19.8M | -$274,760 |
| REDUCE | NVIDIA CORP | NVDA | -85,510 | -$15.9M | -$7,341 |
| EXITED | ISHARES IBONDS 2025 H/Y INC ETF | 46435U168 | -644,309 | -$15.0M | $0 |
| REDUCE | ISHARES IBONDS DEC 2030 TERM CORP | 46436E726 | -616,916 | -$13.6M | -$50,473 |
| REDUCE | MICROSOFT CORP | MSFT | -26,938 | -$13.0M | -$1.1M |
| REDUCE | REAL ESTATE SELECT SECTOR SPDR FUND | 81369Y860 | -241,176 | -$9.7M | -$435,461 |
| REDUCE | INVESCO QQQ TRUST SERIES 1 | IVZ | -13,016 | -$8.0M | +$2.1M |
| REDUCE | ISHARES IBONDS DEC 2034 TM CORP | 46438G653 | -265,668 | -$7.0M | -$27,919 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025318 pos · $1.00B
- 13F HOLDINGS REPORTQ/E Sep 2025288 pos · $978.0M
- 13F HOLDINGS REPORTQ/E Jun 2025286 pos · $949.7M
- 13F HOLDINGS REPORTQ/E Mar 2025310 pos · $894.5M
- 13F HOLDINGS REPORTQ/E Dec 2024486 pos · $1.05B
- 13F HOLDINGS REPORTQ/E Sep 2024720 pos · $1.08B
- 13F HOLDINGS REPORTQ/E Jun 2024712 pos · $1.03B
- 13F HOLDINGS REPORTQ/E Mar 2024703 pos · $1.01B
- 13F HOLDINGS REPORTQ/E Dec 2023756 pos · $853.0M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | VANGUARD S&P 500 ETF | 922908363 | 195,389 | $122.5M | 14.36% |
| 2 | INVESCO QQQ TRUST SERIES 1 | IVZ | 138,910 | $85.3M | 10.00% |
| 3 | ARROW FINANCIAL CORPORATION | 042744102 | 1,866,403 | $58.6M | 6.87% |
| 4 | ISHARES CORE S&P MID-CAP ETF | 464287507 | 825,629 | $54.5M | 6.39% |
| 5 | SPDR PORTFOLIO S&P 500 VALUE ETF | 78464A508 | 781,598 | $44.4M | 5.21% |
| 6 | ISHARES CORE MSCI DEV MKTS ETF | 46435G326 | 536,276 | $44.2M | 5.19% |
| 7 | ISHARES CORE S&P SMALL-CAP ETF | 464287804 | 349,114 | $42.0M | 4.92% |
| 8 | ISHARES IBONDS 2026 TERM HIGH YIELD AND INC | 46436E528 | 1,185,952 | $27.4M | 3.21% |
| 9 | VANGUARD MID-CAP ETF | 922908629 | 88,791 | $25.8M | 3.02% |
| 10 | APPLE INC | AAPL | 65,866 | $17.9M | 2.10% |
| 11 | NVIDIA CORP | NVDA | 95,939 | $17.9M | 2.10% |
| 12 | ALPHABET INC CL A | GOOG | 50,490 | $15.8M | 1.85% |
| 13 | ISHARES IBONDS DEC 2032 TC ETF | 46436E312 | 584,990 | $14.9M | 1.75% |
| 14 | MICROSOFT CORP | MSFT | 30,404 | $14.7M | 1.72% |
| 15 | ISHARES IBONDS DEC 2031 TERM CORP | 46436E486 | 686,818 | $14.5M | 1.70% |
| 16 | ISHARES TR IBONDS DEC 2035 | 46438G372 | 556,647 | $14.4M | 1.69% |
| 17 | ISHARES IBONDS DEC 2030 TERM CORP | 46436E726 | 653,234 | $14.4M | 1.69% |
| 18 | ISHARES IBONDS DEC 2033 CORP | 46436E130 | 542,077 | $14.2M | 1.66% |
| 19 | ISHARES IBONDS DEC 2028 TERM CORP | 46435U515 | 555,904 | $14.2M | 1.66% |
| 20 | ISHARES IBONDS DEC 2026 TERM CORP | 46435GAA0 | 570,455 | $13.8M | 1.62% |