Institutional Manager · CIK 0001811907

Citadel Investment Advisory, Inc.

CHESTERLAND, OH · File #028-20492

Latest AUM

$231.4M

Positions

Top-10 Concentration

67.8%

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	Berkley W R Corp	WRB-PH	+15,240	+$1,069	-$94
REDUCE	Alphabet Inc. Class A	GOOG	-1,215	-$380	+$3,407
REDUCE	AB Inbev	BUDFF	-4,310	-$276	+$94
EXITED	Intel	458140100	-10,710	-$240	$0
ADD	Markel Corp	MKL	+100	+$215	+$3,698
REDUCE	Mohawk Industries	608190104	-1,965	-$215	-$248
NEW	Radiant Logistics	RLGT	+33,052	+$209	$0
EXITED	Ascent Industries Corp	001725861	-13,077	-$168	$0
EXITED	Echostar Corp	278768106	-4,982	-$114	$0
REDUCE	Beckshire Hathaway	BRK-A	-205	-$103	-$9

Sector Allocation

20.6%$47,577

5.8%$13,479

5.1%$11,758

3.7%$8,614

Consumer Discretionary

3.5%$8,091

Consumer Staples

2.8%$6,403

Communication Services

1.0%$2,359

Real Estate

0.4%$933

Filing History

Jan 21, 202613F HOLDINGS REPORTQ/E Dec 202579 pos · $231.4M
Oct 21, 202513F HOLDINGS REPORTQ/E Sep 202582 pos · $218,027
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 202583 pos · $156.0M
Apr 17, 202513F HOLDINGS REPORTQ/E Mar 202582 pos · $203,793
Jan 24, 202513F HOLDINGS REPORTQ/E Dec 202482 pos · $192,992
Oct 16, 202413F HOLDINGS REPORTQ/E Sep 202481 pos · $190.2M
Jul 15, 202413F HOLDINGS REPORTQ/E Jun 202482 pos · $175,887
Apr 17, 202413F HOLDINGS REPORTQ/E Mar 202482 pos · $177.5M
Oct 31, 202313F HOLDINGS REPORTQ/E Dec 202381 pos · $152,695

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Beckshire Hathaway	BRK-A	105,812	$53,187	23.76%
2	Markel Corp	MKL	15,619	$33,575	15.00%
3	Alphabet Inc. Class A	GOOG	47,534	$14,878	6.65%
4	Imperial Metals Corp	452892102	1,748,340	$12,766	5.70%
5	Alphabet Inc. Class C	GOOG	27,845	$8,738	3.90%
6	Microsoft Corp	MSFT	14,917	$7,214	3.22%
7	Philip Morris Intl	718172109	39,580	$6,349	2.84%
8	Raytheon Technologies Corp	RTX	28,563	$5,238	2.34%
9	IBM Corp	INTR	17,175	$5,087	2.27%
10	Johnson & Johnson	JNJ	23,236	$4,809	2.15%
11	Oracle Corp	ORCL-PD	23,150	$4,512	2.02%
12	Abbvie Inc	ABBV	18,291	$4,179	1.87%
13	Moodys Corp	MCO	7,702	$3,934	1.76%
14	Goldman Sachs Group Inc.	GSCE	4,262	$3,746	1.67%
15	McDonald's	MCD	10,514	$3,213	1.44%
16	Booking Holdings Inc	BKNG	573	$3,069	1.37%
17	General Dynamics Corp	GD	8,411	$2,832	1.27%
18	JPMorgan Chase & Co	VYLD	8,599	$2,771	1.24%
19	Coca Cola Co	KO	39,603	$2,769	1.24%
20	Disney Company	254687106	22,636	$2,575	1.15%