Institutional Manager · CIK 0001563690

Boltwood Capital Management

WALNUT CREEK, CA · File #028-15111

Latest AUM

$384.6M

Positions

182

Top-10 Concentration

45.5%

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	SELECT SECTOR SPDR TR	81369Y803	+27,198	+$3.9M	-$3.7M
ADD	SELECT SECTOR SPDR TR	81369Y407	+12,617	+$1.5M	-$1.5M
ADD	FLEXSHARES TR	FLEX	+49,551	+$1.2M	-$199,565
ADD	SELECT SECTOR SPDR TR	81369Y506	+21,358	+$954,916	-$970,211
ADD	SPDR SERIES TRUST	78464A383	+27,557	+$617,690	-$3,917
REDUCE	FLEXSHARES TR	FLEX	-23,265	-$483,330	-$28,497
EXITED	COMCAST CORP NEW	20030N101	-14,618	-$459,298	$0
ADD	SELECT SECTOR SPDR TR	81369Y100	+10,117	+$458,812	-$488,096
ADD	SELECT SECTOR SPDR TR	81369Y886	+10,630	+$453,793	-$468,835
ADD	FLEXSHARES TR	FLEX	+8,848	+$360,423	-$132,536

Sector Allocation

Technology

26.0%$100.0M

Financials

2.3%$8.7M

Healthcare

2.2%$8.6M

Consumer Discretionary

2.1%$8.0M

Industrials

2.0%$7.8M

Energy

1.8%$6.8M

Consumer Staples

1.2%$4.7M

Communication Services

1.1%$4.4M

Materials

0.2%$743,656

Utilities

0.1%$240,512

Filing History

Jan 2, 202613F HOLDINGS REPORTQ/E Dec 2025182 pos · $384.6M
Oct 6, 202513F HOLDINGS REPORTQ/E Sep 2025178 pos · $351.8M
Jul 8, 202513F HOLDINGS REPORTQ/E Jun 2025172 pos · $351.8M
Apr 10, 202513F HOLDINGS REPORTQ/E Mar 2025170 pos · $328.9M
Jan 6, 202513F HOLDINGS REPORTQ/E Dec 2024170 pos · $328.2M
Oct 2, 202413F HOLDINGS REPORTQ/E Sep 2024174 pos · $337.4M
Jul 8, 202413F HOLDINGS REPORTQ/E Jun 2024166 pos · $320.1M
Apr 4, 202413F HOLDINGS REPORTQ/E Mar 2024169 pos · $322.8M
Oct 10, 202313F HOLDINGS REPORTQ/E Dec 2023155 pos · $270.0M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SCHWAB STRATEGIC TR	808524805	1,144,813	$27.5M	9.52%
2	FLEXSHARES TR	FLEX	788,682	$19.0M	6.56%
3	ISHARES TR	464288588	130,677	$12.4M	4.30%
4	SPDR INDEX SHS FDS	78463X889	275,270	$12.2M	4.23%
5	FLEXSHARES TR	FLEX	293,872	$12.0M	4.14%
6	ISHARES TR	464288661	98,283	$11.7M	4.06%
7	APPLE INC	AAPL	36,374	$9.9M	3.42%
8	NVIDIA CORPORATION	NVDA	51,519	$9.6M	3.32%
9	MICROSOFT CORP	MSFT	18,290	$8.8M	3.06%
10	ALPHABET INC	GOOG	26,303	$8.2M	2.85%
11	SCHWAB STRATEGIC TR	808524706	241,731	$7.9M	2.74%
12	SELECT SECTOR SPDR TR	81369Y803	54,098	$7.8M	2.69%
13	ISHARES TR	464287507	116,985	$7.7M	2.67%
14	ISHARES TR	464288513	90,035	$7.3M	2.51%
15	ISHARES TR	464287804	56,621	$6.8M	2.35%
16	ISHARES TR	464287457	79,010	$6.5M	2.26%
17	FLEXSHARES TR	FLEX	311,988	$6.5M	2.24%
18	JPMORGAN CHASE & CO.	VYLD	16,852	$5.4M	1.88%
19	FLEXSHARES TR	FLEX	115,703	$5.3M	1.83%
20	SPDR INDEX SHS FDS	78463X509	110,800	$5.2M	1.79%