Institutional Manager · CIK 0001911520

Cladis Investment Advisory, LLC

BILLINGS, MT · File #028-22477

Latest AUM

$182.7M

Positions

154

Top-10 Concentration

44.7%

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	SELECT SECTOR SPDR TR	81369Y803	+11,670	+$1.7M	-$1.6M
NEW	ORACLE CORP	ORCL-PD	+6,574	+$1.3M	$0
ADD	NETFLIX INC	NFLX	+11,985	+$1.1M	-$745,983
ADD	SELECT SECTOR SPDR TR	81369Y506	+23,865	+$1.1M	-$798,653
REDUCE	ADVANCED MICRO DEVICES INC	AMD	-4,205	-$1.0M	+$935,120
NEW	UBER TECHNOLOGIES INC	UBER	+10,976	+$896,849	$0
ADD	SELECT SECTOR SPDR TR	81369Y886	+17,781	+$759,074	-$637,918
REDUCE	BRISTOL-MYERS SQUIBB CO	CELG-RI	-13,757	-$742,053	+$257,306
ADD	NIKE INC	NKE	+10,453	+$665,954	-$90,801
NEW	REDDIT INC	RDDT	+2,850	+$655,130	$0

Sector Allocation

22.3%$40.8M

8.3%$15.2M

7.9%$14.4M

6.4%$11.8M

Consumer Discretionary

5.2%$9.6M

Energy

3.3%$6.0M

Communication Services

3.1%$5.7M

Consumer Staples

2.5%$4.6M

Materials

1.7%$3.1M

Utilities

0.2%$449,952

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025154 pos · $182.7M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 2025145 pos · $174.7M
Aug 11, 202513F HOLDINGS REPORTQ/E Jun 2025147 pos · $159.6M
May 13, 202513F HOLDINGS REPORTQ/E Mar 2025137 pos · $138.2M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024131 pos · $141.0M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 2024135 pos · $144.3M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024139 pos · $111.3M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024146 pos · $124.7M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024148 pos · $123.5M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024143 pos · $127.2M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024132 pos · $100.5M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024136 pos · $137.9M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024136 pos · $115.1M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024125 pos · $92.4M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024131 pos · $100.1M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024134 pos · $114.2M
Oct 9, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024138 pos · $136.3M
Oct 1, 202413F HOLDINGS REPORT (Amended)Q/E Sep 2024142 pos · $110.2M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 2024126 pos · $119.5M
May 13, 202413F HOLDINGS REPORTQ/E Mar 2024126 pos · $117.5M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	APPLE INC	AAPL	55,925	$15.2M	11.73%
2	NVIDIA CORP	NVDA	47,859	$8.9M	6.88%
3	MICROSOFT CORP	MSFT	11,098	$5.4M	4.14%
4	LILLY ELI & CO	LLY	4,652	$5.0M	3.86%
5	AMAZON COM INC	AMZN	21,562	$5.0M	3.84%
6	GE AEROSPACE	369604301	16,104	$5.0M	3.83%
7	INVESCO QQQ TR	IVZ	5,961	$3.7M	2.82%
8	SELECT SECTOR SPDR TR	81369Y803	23,477	$3.4M	2.61%
9	INTERNATIONAL BUSINESS MACHS	INTR	11,221	$3.3M	2.56%
10	GE VERNOVA INC	GEV	5,044	$3.2M	2.47%
11	TAIWAN SEMICONDUCTOR MFG LTD	874039100	10,300	$3.1M	2.41%
12	FIRST INTST BANCSYSTEM INC	32055Y201	87,850	$3.0M	2.34%
13	COSTCO WHSL CORP NEW	22160K105	3,273	$2.8M	2.18%
14	CATERPILLAR INC	CAT	4,800	$2.7M	2.12%
15	EXXON MOBIL CORP	XOM	21,636	$2.6M	2.01%
16	JPMORGAN CHASE & CO	VYLD	7,303	$2.4M	1.81%
17	AT & T INC	T-PC	91,160	$2.3M	1.75%
18	UNITED PARCEL SERVICE INC	UPS	22,538	$2.2M	1.72%
19	VERIZON COMMUNICATIONS INC	VZ	52,636	$2.1M	1.65%
20	QXO INCO	QXO-PB	107,360	$2.1M	1.60%