Institutional Manager · CIK 0001656150

Piedmont Capital Management, LLC

WHITEFISH, MT · File #028-21165

Latest AUM

$196.0M

Positions

Top-10 Concentration

79.7%

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
REDUCE	WORLD GOLD TR	GLDW	-8,187	-$698,924	+$2.1M
ADD	INVESCO EXCH TRADED FD TR II	IVZ	+14,477	+$304,016	+$20,147
ADD	ISHARES TR	46429B655	+5,862	+$298,142	-$6,652
REDUCE	VANECK ETF TRUST	92189F106	-2,789	-$239,212	+$1.3M
ADD	VANECK ETF TRUST	92189H748	+4,484	+$236,798	-$2,486
ADD	VANECK ETF TRUST	92189F437	+6,753	+$198,303	-$24,411
ADD	SPDR INDEX SHS FDS	78463X202	+2,962	+$190,723	+$636,486
ADD	ISHARES TR	464287200	+150	+$102,741	+$14,260
REDUCE	VANGUARD WHITEHALL FDS	921946406	-653	-$93,718	+$449,450
ADD	VANGUARD INDEX FDS	922908736	+192	+$93,669	+$343,262

Sector Allocation

3.8%$7.5M

2.0%$3.9M

1.4%$2.8M

1.0%$1.9M

0.8%$1.6M

0.8%$1.5M

Communication Services

0.6%$1.3M

Consumer Discretionary

0.3%$674,970

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 202552 pos · $196.0M
Nov 7, 202513F HOLDINGS REPORTQ/E Sep 202553 pos · $189.5M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 202555 pos · $172.9M
May 14, 202513F HOLDINGS REPORTQ/E Mar 202546 pos · $139.3M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202452 pos · $165.9M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202451 pos · $165.9M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202446 pos · $147.4M
May 13, 202413F HOLDINGS REPORTQ/E Mar 202446 pos · $147.4M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 202346 pos · $125.4M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR INDEX SHS FDS	78463X202	373,009	$24.0M	12.28%
2	VANGUARD INDEX FDS	922908736	48,641	$23.7M	12.13%
3	VANGUARD WHITEHALL FDS	921946406	164,293	$23.6M	12.05%
4	WORLD GOLD TR	GLDW	228,164	$19.5M	9.96%
5	ISHARES TR	46432F842	179,528	$16.1M	8.21%
6	VANGUARD INDEX FDS	922908363	22,224	$13.9M	7.12%
7	VANECK ETF TRUST	92189F106	153,821	$13.2M	6.74%
8	ISHARES TR	46429B655	182,569	$9.3M	4.75%
9	ISHARES TR	464287481	57,629	$7.9M	4.03%
10	INVESCO EXCH TRADED FD TR II	IVZ	224,508	$4.7M	2.41%
11	VANGUARD INDEX FDS	922908769	10,171	$3.4M	1.74%
12	VANECK ETF TRUST	92189F437	108,554	$3.2M	1.63%
13	VANECK ETF TRUST	92189H748	53,776	$2.8M	1.45%
14	ISHARES TR	474288521	47,346	$2.7M	1.38%
15	CISCO SYS INC	CSCO	22,121	$1.7M	0.87%
16	VANGUARD SPECIALIZED FUNDS	921908844	7,512	$1.7M	0.84%
17	ISHARES TR	464289867	23,407	$1.5M	0.78%
18	IBM CORP	INTR	4,924	$1.5M	0.75%
19	ISHARES SILVER TR	SLV	20,120	$1.3M	0.66%
20	COCA COLA CO	KO	17,931	$1.3M	0.64%