Adalta Capital Management LLC
Long book
$209.1M
Q1 2026
Positions
97
Top-10 weight
49%
concentration
Last quarter
+12.5%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsAdalta Capital Management LLC is a diversified fundamental manager, running a $209.1M US long book across 97 positions.
The portfolio is moderately concentrated (top 10 ≈ 49% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: MICROSOFT CORP, JPMORGAN CHASE & CO, ALPHABET INC-CL A, MERCK & CO. INC., BROOKFIELD CORP.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 1 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.1%
Q2 2024
+5.6%
Q3 2024
+0.0%
Q4 2024
-2.1%
Q1 2025
+8.4%
Q2 2025
+7.5%
Q3 2025
+2.2%
Q4 2025
-6.6%
Q1 2026
+12.5%
Sector allocation
Financials 26%
Technology 23%
Healthcare 12%
Industrials 8%
Consumer discretionary 6%
Real estate 5%
Utilities 5%
Other 4%
Long book by quarter
What does Adalta Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MSFT MICROSOFT CORP | Technology | 39.5K | $14.6M | 7.0% | -12.7% |
| JPM JPMORGAN CHASE & CO | Financials | 47.6K | $14.0M | 6.7% | -0.1% |
| GOOGL ALPHABET INC-CL A | Technology | 38.4K | $11.0M | 5.3% | -11.2% |
| MRK MERCK & CO. INC. | Healthcare | 88.6K | $10.7M | 5.1% | -1.1% |
| BN BROOKFIELD CORP | Real estate | 265.1K | $10.7M | 5.1% | -0.5% |
| BX BLACKSTONE INC | Financials | 86.7K | $10.0M | 4.8% | -0.8% |
| HD HOME DEPOT INC | Consumer discretionary | 29.2K | $9.6M | 4.6% | 0.0% |
| UNP UNION PACIFIC CORP | Industrials | 33.7K | $8.2M | 3.9% | Held |
| QCOM QUALCOMM INC | Technology | 53.5K | $6.9M | 3.3% | -4.4% |
| PFX PHENIXFIN CORP | — | 175.6K | $6.9M | 3.3% | Held |
| AXP AMERICAN EXPRESS CO | Financials | 22.5K | $6.8M | 3.3% | -3.2% |
| GH GUARDANT HEALTH INC | Healthcare | 61.5K | $5.7M | 2.7% | -2.9% |
| MKL MARKEL GROUP INC | Financials | 2.8K | $5.3M | 2.5% | +1.6% |
| ACGL ARCH CAPITAL GROUP LTD | Financials | 53.9K | $5.2M | 2.5% | -2.0% |
| MELI MERCADOLIBRE INC | Services media | 2.7K | $4.6M | 2.2% | +24.8% |
| JNJ JOHNSON & JOHNSON | Healthcare | 17.1K | $4.2M | 2.0% | -0.7% |
| GOOG ALPHABET INC-CL C | Technology | 12.4K | $3.6M | 1.7% | +2.9% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 7.2K | $3.5M | 1.7% | +0.1% |
| FNV FRANCO-NEVADA CORP | Materials | 13.9K | $3.4M | 1.6% | +1.4% |
| SO SOUTHERN CO/THE | Utilities | 32.8K | $3.2M | 1.5% | Held |
| DUK DUKE ENERGY CORP | Utilities | 22.5K | $2.9M | 1.4% | +1.1% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 175.9K | $2.5M | 1.2% | -3.9% |
| CSCO CISCO SYSTEMS INC | Technology | 31.0K | $2.4M | 1.2% | Held |
| SLB SLB LTD | Energy | 43.9K | $2.3M | 1.1% | +21.3% |
| BWXT BWX TECHNOLOGIES INC | Industrials | 10.6K | $2.2M | 1.0% | +1.3% |
| AAPL APPLE INC | Technology | 7.5K | $1.9M | 0.9% | -2.6% |
| CVX CHEVRON CORP | Energy | 9.0K | $1.9M | 0.9% | Held |
| DHR DANAHER CORP | Technology | 8.9K | $1.7M | 0.8% | +4.0% |
| CPNG COUPANG INC | Consumer discretionary | 87.8K | $1.7M | 0.8% | +1.5% |
| BA BOEING CO/THE | Industrials | 7.8K | $1.6M | 0.7% | -1.3% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 13.7K | $1.4M | 0.7% | Held |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 31.5K | $1.4M | 0.7% | -25.4% |
| XOM EXXON MOBIL CORP | Energy | 8.1K | $1.4M | 0.7% | Held |
| MU MICRON TECHNOLOGY INC | Technology | 3.6K | $1.2M | 0.6% | +384.7% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 18.6K | $1.1M | 0.5% | -0.3% |
| EQT EQT CORP | Energy | 17.7K | $1.1M | 0.5% | +26.9% |
| TPL TEXAS PACIFIC LAND CORP | Financials | 2.0K | $947K | 0.5% | +50.6% |
| LLY ELI LILLY & CO | Healthcare | 1.0K | $928K | 0.4% | +22.2% |
| ED CONSOLIDATED EDISON INC | Utilities | 7.9K | $890K | 0.4% | -1.3% |
| HSY HERSHEY CO/THE | Consumer staples | 4.1K | $858K | 0.4% | +27.7% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 3.6K | $820K | 0.4% | +125.1% |
| OPCH OPTION CARE HEALTH INC | Healthcare | 30.4K | $819K | 0.4% | +45.6% |
| LB LANDBRIDGE CO LLC-A | Financials | 11.3K | $779K | 0.4% | New |
| CL COLGATE-PALMOLIVE CO | Other | 8.8K | $751K | 0.4% | Held |
| D DOMINION ENERGY INC | Utilities | 11.8K | $729K | 0.3% | +0.9% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 4.2K | $707K | 0.3% | Held |
| AMRZ AMRIZE LTD | Industrials | 12.6K | $703K | 0.3% | +15.4% |
| ENB ENBRIDGE INC | Energy | 12.8K | $693K | 0.3% | Held |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 24.6K | $660K | 0.3% | New |
| PCG P G & E CORP | Utilities | 36.5K | $643K | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 120 | $209.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 111 | $224.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 17, 2025 | 126 | $220.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 121 | $199.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 16, 2025 | 126 | $187.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 18, 2025 | 125 | $191.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 121 | $193.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 15, 2024 | 127 | $183.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 16, 2024 | 127 | $181.1M | canonical | SEC ↗ |
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