Institutional Manager · CIK 0001569667

OARSMAN CAPITAL, INC.

MILWAUKEE, WI · File #028-15412

Latest AUM

$770.7M

Positions

245

Top-10 Concentration

64.7%

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	SCHWAB INTERNATIONAL EQUITY ETF	808524805	+431,339	+$10.4M	+$1.6M
ADD	ISHARES CORE U.S. AGGREGATE BOND ETF	464287226	+76,280	+$7.6M	-$252,436
ADD	INVESCO S&P 500 EQUAL WEIGHT ETF	IVZ	+27,806	+$5.3M	+$371,734
REDUCE	JPMORGAN ULTRA-SHORT INCOME ETF	46641Q837	-96,718	-$4.9M	-$32,232
ADD	STATE STREET SPDR PORTFOLIO S&P 500 GROWTH ETF	78464A409	+34,644	+$3.7M	+$1.1M
ADD	VANGUARD VALUE ETF	922908744	+16,649	+$3.2M	+$1.2M
NEW	ASTRAZENECA PLC ORD	AZN	+28,644	+$2.6M	$0
ADD	STATE STREET SPDR PORTFOLIO S&P 400 MID CAP ETF	78464A847	+44,673	+$2.6M	+$315,570
EXITED	ASTRAZENECA PLC SPONSORED ADR	046353108	-25,461	-$2.0M	$0
ADD	ISHARES MSCI EMERGING MARKETS EX CHINA ETF	46434G764	+22,161	+$1.6M	+$1.0M

Sector Allocation

9.3%$71.4M

8.3%$63.8M

3.0%$22.9M

2.4%$18.2M

Consumer Discretionary

1.8%$13.6M

Consumer Staples

1.3%$10.3M

Communication Services

1.0%$7.6M

0.6%$4.3M

0.4%$3.1M

0.2%$1.4M

0.1%$574,826

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025245 pos · $770.7M
Nov 21, 202513F HOLDINGS REPORTQ/E Sep 2025251 pos · $713.3M
Aug 1, 202513F HOLDINGS REPORTQ/E Jun 2025251 pos · $637.7M
May 14, 202513F HOLDINGS REPORTQ/E Mar 2025235 pos · $556.6M
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 2024909 pos · $574.0M
Nov 8, 202413F HOLDINGS REPORTQ/E Sep 2024918 pos · $543.2M
Aug 12, 202413F HOLDINGS REPORTQ/E Jun 2024239 pos · $456.7M
May 15, 202413F HOLDINGS REPORTQ/E Mar 2024240 pos · $418.6M
Oct 27, 202313F HOLDINGS REPORTQ/E Dec 2023180 pos · $239.3M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES CORE U.S. AGGREGATE BOND ETF	464287226	758,319	$75.7M	12.03%
2	SCHWAB INTERNATIONAL EQUITY ETF	808524805	2,585,925	$62.2M	9.87%
3	STATE STREET SPDR PORTFOLIO S&P 500 GROWTH ETF	78464A409	538,799	$57.5M	9.13%
4	VANGUARD VALUE ETF	922908744	276,495	$52.8M	8.38%
5	INVESCO S&P 500 EQUAL WEIGHT ETF	IVZ	227,723	$43.6M	6.93%
6	STATE STREET SPDR PORTFOLIO S&P 400 MID CAP ETF	78464A847	482,998	$28.0M	4.44%
7	ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETF	464288612	233,532	$25.1M	3.98%
8	STATE STREET SPDR PORTFOLIO S&P 600 SMALL CAP ETF	78468R853	489,940	$23.0M	3.65%
9	ALPHABET INC CAP STK CL C	GOOG	70,579	$22.1M	3.52%
10	ISHARES CORE S&P 500 ETF	464287200	25,642	$17.6M	2.79%
11	ISHARES MSCI EMERGING MARKETS EX CHINA ETF	46434G764	216,992	$15.8M	2.50%
12	MICROSOFT CORP COM	MSFT	29,953	$14.5M	2.30%
13	APPLE INC COM	AAPL	49,984	$13.6M	2.16%
14	STATE STREET SPDR PORTFOLIO S&P 500 ETF	78464A854	165,466	$13.3M	2.11%
15	NVIDIA CORPORATION COM	NVDA	69,051	$12.9M	2.04%
16	GOLDMAN SACHS PHYSICAL GOLD ETF	38150K103	194,089	$8.3M	1.31%
17	ISHARES RUSSELL 1000 GROWTH ETF	464287614	17,178	$8.1M	1.29%
18	BROADCOM INC COM	AVGO	22,395	$7.8M	1.23%
19	JPMORGAN ULTRA-SHORT INCOME ETF	46641Q837	133,569	$6.8M	1.07%
20	AMAZON COM INC COM	AMZN	28,450	$6.6M	1.04%