Institutional Manager · CIK 0001162170

GREENLEAF TRUST

KALAMAZOO, MI · File #028-10142

Latest AUM

$10.91B

Positions

1,365

Top-10 Concentration

83.5%

Filings

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
ADD	State Street SPDR Portfolio S&	78464A854	+5,032,883	+$403.7M	+$810,992
NEW	Janus Henderson AAA CLO ETF	47103U845	+1,848,999	+$93.5M	$0
ADD	SPDR Portfolio Developed ETF	78463X889	+1,013,336	+$45.0M	+$167,418
ADD	State Street SPDR S&P 400 Mid	78464A847	+743,806	+$43.1M	+$41,413
ADD	State Street SPDR S&P 600 Smal	78468R853	+498,307	+$23.4M	+$22,389
EXITED	Vanguard Long-Term Corporate B	92206C813	-236,753	-$18.4M	$0
ADD	Netflix Inc	NFLX	+71,183	+$6.7M	-$9.2M
REDUCE	Vanguard FTSE All-World ex-US	922042775	-50,810	-$3.7M	+$240,367
REDUCE	Ishares S&P 500 Growth Index F	464287309	-21,989	-$2.7M	+$860,554
ADD	ServiceNow, Inc.	NOW	+14,108	+$2.2M	-$2.7M

Sector Allocation

Healthcare

54.6%$5.96B

Technology

6.0%$651.3M

Financials

2.3%$246.0M

Consumer Discretionary

1.9%$208.8M

Industrials

1.1%$124.3M

Communication Services

0.8%$92.0M

0.4%$48.6M

0.3%$34.6M

0.2%$20.6M

0.1%$14.0M

0.1%$11.3M

Filing History

Jan 21, 202613F HOLDINGS REPORTQ/E Dec 20251,365 pos · $10.91B
Oct 22, 202513F HOLDINGS REPORTQ/E Sep 20251,325 pos · $11.00B
Jul 17, 202513F HOLDINGS REPORTQ/E Jun 20251,297 pos · $11.31B
Apr 30, 202513F HOLDINGS REPORTQ/E Mar 20251,281 pos · $10.97B
Jan 24, 202513F HOLDINGS REPORTQ/E Dec 2024806 pos · $10.99B
Oct 22, 202413F HOLDINGS REPORTQ/E Sep 2024832 pos · $11.24B
Jul 22, 202413F HOLDINGS REPORTQ/E Jun 2024792 pos · $10.54B
Apr 29, 202413F HOLDINGS REPORTQ/E Mar 2024776 pos · $10.76B
Nov 9, 202313F HOLDINGS REPORTQ/E Dec 2023743 pos · $8.67B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Stryker Corporation	SYK	16,413,778	$5.77B	60.37%
2	iShares Core S&P 500 Index	464287200	1,466,851	$1.00B	10.51%
3	State Street SPDR Portfolio S&	78464A854	5,464,262	$438.3M	4.59%
4	iShares Core MSCI EAFE ETF	46432F842	2,249,453	$201.2M	2.11%
5	iShares Core S&P Midcap 400 In	464287507	1,640,534	$108.3M	1.13%
6	Nvidia Corp	NVDA	537,394	$100.2M	1.05%
7	Janus Henderson AAA CLO ETF	47103U845	1,848,999	$93.5M	0.98%
8	Apple Inc	AAPL	332,108	$90.3M	0.94%
9	Alphabet Inc. Cl C	GOOG	282,554	$88.7M	0.93%
10	Apple Inc	AAPL	308,176	$83.8M	0.88%
11	iShares MSCI Emerging Index Fu	464287234	1,490,251	$81.5M	0.85%
12	Microsoft Corporation	MSFT	161,047	$77.9M	0.82%
13	iShares 7-10 Year Treasury Bon	464287440	768,779	$73.9M	0.77%
14	Visa Inc - Class A	V	193,219	$67.8M	0.71%
15	iShares Core S&P Smallcap 600	464287804	549,596	$66.1M	0.69%
16	Amazon.com Inc	AMZN	275,407	$63.6M	0.67%
17	Microsoft Corporation	MSFT	130,564	$63.1M	0.66%
18	Alphabet Inc. Cl A	GOOG	201,204	$63.0M	0.66%
19	iShares Core MSCI Emerging Mar	46434G103	891,403	$59.9M	0.63%
20	Stryker Corporation	SYK	150,431	$52.9M	0.55%