Institutional Manager · CIK 0001468792

HARBOR INVESTMENT ADVISORY, LLC

LUTHERVILLE, MD · File #028-19658

Latest AUM

$1.33B

Positions

1,230

Top-10 Concentration

60.6%

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
REDUCE	NVIDIA CORPORATION COM	NVDA	-80,450	-$15.0M	-$6,541
ADD	ISHARES CORE S&P 500 ETF	464287200	+6,610	+$4.5M	+$279,702
ADD	ISHARES CORE MSCI EAFE ETF	46432F842	+29,140	+$2.6M	+$143,144
ADD	GE VERNOVA INC COM	GEV	+3,828	+$2.5M	+$85,124
ADD	VANECK JUNIOR GOLD MINERS ETF	92189F791	+21,255	+$2.4M	+$451,453
ADD	GE AEROSPACE COM NEW	369604301	+7,820	+$2.4M	+$17,520
ADD	VANGUARD SMALL-CAP GROWTH ETF	922908595	+7,394	+$2.2M	+$24,325
ADD	JANUS HENDERSON SECURITIZED INCOME ETF	47103U746	+38,348	+$2.0M	-$10,113
REDUCE	MARRIOTT INTL INC NEW CL A	571903202	-5,998	-$1.9M	+$28.5M
ADD	NETFLIX INC COM	NFLX	+29,196	+$1.8M	-$2.1M

Sector Allocation

Technology

15.7%$208.9M

Financials

6.8%$90.5M

Consumer Discretionary

6.3%$84.2M

Healthcare

4.3%$57.0M

Industrials

2.3%$31.0M

Communication Services

1.2%$16.2M

1.1%$15.4M

0.8%$11.3M

0.7%$8.9M

0.4%$5.9M

0.3%$3.8M

Filing History

Jan 7, 202613F HOLDINGS REPORTQ/E Dec 20251,230 pos · $1.33B
Oct 27, 202513F HOLDINGS REPORTQ/E Sep 20251,180 pos · $1.21B
Jul 1, 202513F HOLDINGS REPORTQ/E Jun 20251,176 pos · $1.12B
Apr 9, 202513F HOLDINGS REPORTQ/E Mar 20251,176 pos · $1.03B
Jan 16, 202513F HOLDINGS REPORTQ/E Dec 20241,147 pos · $1.07B
Oct 4, 202413F HOLDINGS REPORTQ/E Sep 20241,151 pos · $1.01B
Jul 19, 202413F HOLDINGS REPORTQ/E Jun 20241,306 pos · $958.3M
Apr 12, 202413F HOLDINGS REPORTQ/E Mar 20241,339 pos · $956.6M
Oct 13, 202313F HOLDINGS REPORTQ/E Dec 20231,189 pos · $764.0M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	MARRIOTT INTL INC NEW CL A	571903202	566,369	$175.7M	19.89%
2	APPLE INC COM	AAPL	359,837	$93.1M	10.54%
3	ALPHABET INC CAP STK CL A	GOOG	180,370	$56.5M	6.39%
4	AMAZON COM INC COM	AMZN	309,697	$56.2M	6.36%
5	MICROSOFT CORP COM	MSFT	152,063	$47.6M	5.38%
6	BERKSHIRE HATHAWAY INC DEL CL B NEW	BRK-A	236,999	$33.6M	3.80%
7	ALPHABET INC CAP STK CL C	GOOG	78,958	$22.1M	2.50%
8	JPMORGAN CHASE & CO. COM	VYLD	69,244	$17.9M	2.02%
9	ISHARES CORE S&P 500 ETF	464287200	24,503	$16.8M	1.90%
10	NVIDIA CORPORATION COM	NVDA	85,546	$16.0M	1.81%
11	MASTERCARD INCORPORATED CL A	MA	27,730	$15.8M	1.79%
12	SPDR GOLD MINISHARES TRUST OF BENEFICIAL INTEREST	GLDW	183,346	$15.7M	1.77%
13	VANGUARD TOTAL STOCK MARKET ETF	922908769	45,786	$15.4M	1.74%
14	VANGUARD GROWTH ETF	922908736	31,309	$15.3M	1.73%
15	VISA INC COM CL A	V	41,178	$14.4M	1.63%
16	VANGUARD S&P 500 ETF	922908363	21,338	$13.4M	1.51%
17	INVESCO S&P 500 EQUAL WEIGHT ETF	IVZ	65,120	$12.5M	1.41%
18	VANGUARD VALUE ETF	922908744	60,032	$11.5M	1.30%
19	ISHARES RUSSELL 2000 VALUE ETF	464287630	60,464	$11.0M	1.24%
20	SPDR GOLD SHARES	GLD	27,623	$10.9M	1.24%