Adalta Capital Management LLC

CIK 1698926 · View on SEC EDGAR ↗

Portfolio value
$226.3M
#6,046 of 9,443 by 13F value · top 64.0%
Positions
103
As of
June 30, 2026

Portfolio value QoQ: +9.0% 13F does not disclose cash

Top 10 holdings weight
49.25%
Top 25 holdings weight
77.81%
Positions above 1%
24
Effective number of positions
31.1

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 2.62% Est. buys $5,673,082 · sells $8,061,371

Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 67.3% still held

New positions
12
Increased
16
Decreased
49
Closed
6
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+27.6%
S&P 500 total return (same window)
+28.1%
Excess return
-0.4%

Annualized: +17.7% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.4% · Options excluded: 0.0%

Sector breakdown

Financial Services
16.1%
Technology
14.7%
Healthcare
12.9%
Financials
12.7%
Industrials
7.8%
Communication Services
7.5%
Retail
7.2%
Utilities
4.2%
Energy
3.9%
Real Estate
2.7%
Communications
1.6%
Materials
1.4%
Consumer Staples
1.3%
Consumer products
0.9%
Other/Unmapped
5.0%

Full portfolio 103 positions

Type Streak 8Q trend
JPM JP Morgan Chase & Co. Common Stock $15,411,678 6.81% 47,083 $1,406,720 Down ×3
MSFT Microsoft Corporation - Common Stock $14,127,759 6.24% 37,874 $-280,738 Down ×4
GOOGL Alphabet Inc. - Class A Common Stock $12,893,552 5.70% 36,079 $1,903,296 Down ×3
MRK Merck & Company, Inc. Common Stock (new) $11,120,552 4.91% 85,966 $509,193 Down ×3
BN Brookfield Corporation Class A Limited Voting Shares $10,726,973 4.74% 251,866 $83,242 Down ×2
BX Blackstone Inc. Common Stock $9,822,033 4.34% 83,471 $-58,023 Down ×2
QCOM QUALCOMM Incorporated - Common Stock $9,659,280 4.27% 52,272 $2,775,148 Down ×2
HD Home Depot, Inc. (The) Common Stock $9,567,503 4.23% 27,128 $191,836 Down ×3
UNP Union Pacific Corporation Common Stock $9,053,520 4.00% 33,285 $977,913
GH Guardant Health, Inc. - Common Stock $9,048,309 4.00% 60,310 $3,370,048 Down ×2
PFX PhenixFIN Corporation - Common Stock $7,495,625 3.31% 176,119 $651,277 Up ×1
AXP American Express Company Common Stock $7,073,146 3.13% 20,911 $387,431 Down ×4
MKL Markel Group Inc. Common Stock $5,286,798 2.34% 2,707 $23,105 Down ×1
ACGL Arch Capital Group Ltd. - Common Stock $5,114,383 2.26% 52,693 $-37,496 Down ×2
MELI MercadoLibre, Inc. - Common Stock $4,990,327 2.21% 2,940 $406,695 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $4,151,274 1.83% 11,749 $643,263 Down ×1
MU Micron Technology, Inc. - Common Stock $4,124,278 1.82% 3,573 $2,895,684 Down ×1
JNJ Johnson & Johnson Common Stock $4,116,854 1.82% 16,210 $-13,204 Down ×4
WY Weyerhaeuser Company Common Stock $4,046,578 1.79% 169,030 $-181,815 Down ×1
CSCO Cisco Systems, Inc. - Common Stock $3,644,079 1.61% 31,024 $1,236,927
BRKB $3,604,309 1.59% 7,203 $152,631
SO Southern Company (The) Common Stock $3,140,532 1.39% 32,813 $-28,992 Down ×1
FNV Franco-Nevada Corporation $2,829,990 1.25% 13,577 $-547,431 Down ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $2,801,342 1.24% 22,131 $-141,535 Down ×1
NU Nu Holdings Ltd. Class A Ordinary Shares $2,212,082 0.98% 165,575 $-293,687 Down ×2
BWXT BWX Technologies, Inc. Common Stock $2,055,115 0.91% 10,558 $-117,182 Down ×1
SLB SLB Limited Common Shares $1,987,091 0.88% 42,464 $-281,570 Down ×1
DHR Danaher Corporation Common Stock $1,834,725 0.81% 9,612 $160,025 Up ×2
AAPL Apple Inc. - Common Stock $1,763,649 0.78% 6,095 $-139,776 Down ×3
BA Boeing Company (The) Common Stock $1,634,349 0.72% 7,550 $71,963 Down ×4
CNI Canadian National Railway Company Common Stock $1,633,588 0.72% 13,700 $225,639
BRW Saba Capital Income & Opportunities Fund SBI $1,614,729 0.71% 245,773 $7,873 Up ×5
CVX Chevron Corporation Common Stock $1,443,604 0.64% 8,709 $-412,082 Down ×1
CPNG Coupang, Inc. Class A Common Stock $1,439,904 0.64% 82,896 $-217,779 Down ×1
BAM Brookfield Asset Management Inc Class A Limited Voting Shares $1,329,533 0.59% 29,644 $-53,973 Down ×4
AMAT Applied Materials, Inc. - Common Stock $1,301,400 0.58% 1,800 $910,050 Up ×1
USFR $1,077,238 0.48% 21,395 $599,260 Up ×1
XOM Exxon Mobil Corporation Common Stock $1,073,936 0.47% 7,855 $-303,873 Down ×1
BXMT Blackstone Mortgage Trust, Inc. Common Stock $1,071,887 0.47% 61,532 $-135,349 Up ×1
TPL Texas Pacific Land Corporation Common Stock $1,043,771 0.46% 2,385 $97,024 Up ×2
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $1,041,274 0.46% 16,860 $25,989 Down ×1
LB LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests $1,009,121 0.45% 12,735 $229,892 Up ×1
BMY Bristol-Myers Squibb Company Common Stock $941,396 0.42% 16,338 $-172,866 Down ×2
LLY Eli Lilly and Company Common Stock $915,165 0.40% 763 $-12,883 Down ×1
WBI WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests $852,466 0.38% 24,875 $192,762 Up ×1
EQT EQT Corporation Common Stock $845,137 0.37% 15,895 $-279,382 Down ×1
PM Philip Morris International Inc Common Stock $828,005 0.37% 4,540 $120,731 Up ×1
D Dominion Energy, Inc. Common Stock $808,212 0.36% 11,835 $78,736 Up ×2
CL Colgate-Palmolive Company Common Stock $807,701 0.36% 8,810 $56,825
ED Consolidated Edison, Inc. Common Stock $803,948 0.36% 7,267 $-63,803 Down ×2
INTC Intel Corporation - Common Stock $767,965 0.34% 5,500 $591,445 Up ×1
HSY The Hershey Company Common Stock $712,327 0.31% 4,060 $-145,427 Down ×1
ENB Enbridge Inc Common Stock $693,671 0.31% 12,796 $896
KMB Kimberly-Clark Corporation - Common Stock $666,855 0.29% 6,005 $79,866
AMRZ Amrize Ltd Ordinary Shares $659,533 0.29% 12,380 $-43,576 Down ×1
BEP Brookfield Renewable Partners L.P. Limited Partnership Units $646,013 0.29% 18,601 $-88,198 Down ×1
CEFS $642,538 0.28% 25,060 $77,435
OPCH Option Care Health, Inc. - Common Stock $603,517 0.27% 28,780 $-214,986 Down ×1
EIX Edison International Common Stock $595,600 0.26% 8,000 $10,160
PCG Pacific Gas & Electric Co. Common Stock $588,038 0.26% 34,857 $-54,916 Down ×1
MLM Martin Marietta Materials, Inc. Common Stock $585,351 0.26% 1,015 $-12,159
BMEZ BlackRock Health Sciences Term Trust Common Shares of Beneficial Interest $569,178 0.25% 37,080 Up ×1
WRB W.R. Berkley Corporation Common Stock $558,015 0.25% 7,845 $-39,831 Down ×2
PG Procter & Gamble Company (The) Common Stock $552,833 0.24% 3,770 $8,294
EPD Enterprise Products Partners L.P. Common Stock $539,453 0.24% 14,675 $-15,849
DE Deere & Company Common Stock $532,290 0.24% 837 $12,564 Down ×1
KO Coca-Cola Company (The) Common Stock $460,125 0.20% 5,625 $29,362
Unknown issuer (CUSIP: 438516205) $423,171 0.19% 1,890 Up ×1
Unknown issuer (CUSIP: 43849R105) $417,841 0.18% 1,890 Up ×1
RSPA $378,785 0.17% 7,100 $-21,175 Down ×1
BINC $366,380 0.16% 7,000 $-12,709 Down ×1
NOW ServiceNow, Inc. Common Stock $360,386 0.16% 3,630 Up ×1
UTF Cohen & Steers Infrastructure Fund, Inc Common Stock $338,253 0.15% 12,260 $56,161 Up ×1
SNOW Snowflake Inc. Common Stock $329,578 0.15% 1,295 $134,266
GNRC Generac Holdlings Inc. Common Stock $316,235 0.14% 1,080 $105,279
PSTG Everpure, Inc. Class A common stock $298,220 0.13% 3,785 $55,566 Down ×1
CMC Commercial Metals Company Common Stock $286,454 0.13% 4,565 $6,026
EFAA $281,588 0.12% 5,050 $-34,852 Down ×1
DLY DoubleLine Yield Opportunities Fund Common Shares of Beneficial Interest $276,954 0.12% 19,684 $2,953
VRSN VeriSign, Inc. - Common Stock $271,685 0.12% 1,080 Up ×1
WMB Williams Companies, Inc. (The) Common Stock $268,739 0.12% 3,615 $5,639
CW Curtiss-Wright Corporation Common Stock $266,823 0.12% 352 $26,984
RTX RTX Corporation Common Stock $246,649 0.11% 1,300 $-4,121
AMZN Amazon.com, Inc. - Common Stock $239,532 0.11% 1,005 $62,502 Up ×1
WIP $236,340 0.10% 6,000 $-1,260
GRAB Grab Holdings Limited - Class A Ordinary Shares $233,288 0.10% 61,880 $-7,833 Down ×2
ABBV AbbVie Inc. Common Stock $225,721 0.10% 897 $30,632
NVDA NVIDIA Corporation - Common Stock $222,300 0.10% 1,111 Up ×1
VWOB Vanguard Emerging Markets Government Bond ETF $205,082 0.09% 3,050 $4,727
CB Chubb Limited Common Stock $205,056 0.09% 600 Up ×1
GRNB $199,114 0.09% 8,250 $1,452
MWA MUELLER WATER PRODUCTS Common Stock $180,810 0.08% 7,000 $-17,805 Down ×1
BSTZ BlackRock Science and Technology Term Trust Common Shares of Beneficial Interest $180,180 0.08% 6,000 Up ×1
GLW Corning Incorporated Common Stock $178,801 0.08% 700 Up ×1
VNOM Viper Energy, Inc. - Class A Common Stock $177,232 0.08% 4,180 $-89,671 Down ×1
ATAI AtaiBeckley Inc. - Common Stock $167,117 0.07% 31,711 $128,273 Up ×1
BEPC Brookfield Renewable Corporation Brookfield Renewable Corporation Class A Subordinate Voting Shares $165,073 0.07% 4,447 $-62,628 Down ×2
PGX $158,221 0.07% 14,596 $-583
NML $152,100 0.07% 15,000 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $149,130 0.07% 375 $-23,741

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
BRW $1,614,729 0.71% up ×5

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
BMEZ $569,178 37,080 0.25%
Unknown issuer (CUSIP: 438516205) $423,171 1,890 0.19%
Unknown issuer (CUSIP: 43849R105) $417,841 1,890 0.18%
NOW $360,386 3,630 0.16%
VRSN $271,685 1,080 0.12%
NVDA $222,300 1,111 0.10%
CB $205,056 600 0.09%
BSTZ $180,180 6,000 0.08%
GLW $178,801 700 0.08%
NML $152,100 15,000 0.07%
OBE $81,300 10,000 0.04%
OPEN $60,060 13,000 0.03%

Top movers (QoQ)

Security Action Shares Δ Value Δ
GH Trimmed -1K +$3.4M
MU Trimmed -62 +$2.9M
QCOM Trimmed -1K +$2.8M
GOOGL Trimmed -2K +$1.9M
JPM Trimmed -527 +$1.4M
CSCO Price move only +0 +$1.2M
UNP Price move only +0 +$978K
AMAT Bought more +655 +$910K
PFX Bought more +1K +$651K
GOOG Trimmed -480 +$643K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
HON June 30, 2026 3,626 $819,585 -1.9%
APP Dec. 31, 2025 1,120 $804,765 -55.4%
CMCSA June 30, 2025 18,000 $664,200 -25.9%
GM June 30, 2025 10,000 $470,300 78.2%
PYPL Sept. 30, 2025 6,220 $462,270 -7.2%
SPSB March 31, 2026 14,543 $439,199 No longer tracked
BSCS March 31, 2026 21,290 $438,574
IBDT March 31, 2026 17,180 $437,317 No longer tracked
OBE March 31, 2025 62,917 $364,289 No longer tracked
GBTC Dec. 31, 2025 4,035 $362,222 No longer tracked
ETH Dec. 31, 2025 9,005 $352,816 No longer tracked
OCSL Sept. 30, 2025 25,535 $348,808 0.2%
SLQD June 30, 2026 6,600 $333,234
UBER Dec. 31, 2025 3,085 $302,237 -4.3%
PLTR Dec. 31, 2025 1,577 $287,676 -2.7%
SE Dec. 31, 2025 1,550 $277,032 -8.5%
BABA Dec. 31, 2025 1,500 $268,095 -16.7%
VG Dec. 31, 2025 16,575 $235,199 109.5%
VAC March 31, 2025 2,500 $226,475 71.9%
BTC Dec. 31, 2025 4,000 $202,520 No longer tracked
CW Dec. 31, 2025 352 $191,199 18.4%
COHR March 31, 2025 2,000 $189,460 363.7%
MWA Dec. 31, 2025 7,225 $184,382 6.3%
L June 30, 2026 1,700 $181,458 -1.8%
GNRC Dec. 31, 2025 1,080 $180,792 54.7%
REGN March 31, 2025 245 $174,521 32.1%
JEPQ Dec. 31, 2025 3,000 $172,560
JEPI June 30, 2026 3,000 $170,040 No longer tracked
T Dec. 31, 2025 5,785 $163,366 2.1%
META Dec. 31, 2025 215 $157,892 -16.9%
AMD June 30, 2025 1,430 $146,918 231.8%
PENN Dec. 31, 2025 7,300 $140,598 25.2%
DEO Dec. 31, 2025 1,420 $135,511 8.1%
NET Dec. 31, 2025 615 $131,973 39.7%
CARR Dec. 31, 2025 2,184 $130,385 15.3%
BCDF June 30, 2025 4,425 $123,347 No longer tracked
VNOM Dec. 31, 2025 3,180 $121,540 16.5%
VNOMXXXX Sept. 30, 2025 3,180 $121,253 No longer tracked
BGB March 31, 2026 10,000 $118,570 0.9%
CVEO March 31, 2025 5,000 $113,600 52.1%
MDU Dec. 31, 2025 6,005 $107,790 4.1%
SRAD Sept. 30, 2025 3,750 $105,300 -53.0%
STIP June 30, 2026 1,000 $103,430 No longer tracked
GIS Dec. 31, 2025 2,000 $100,840 -15.4%
WM Dec. 31, 2025 425 $93,853 1.9%
BAC June 30, 2025 2,000 $83,460 32.0%
SSNC Sept. 30, 2025 1,000 $82,800 -7.3%
ESAB Dec. 31, 2025 660 $73,748 -30.4%
DVN June 30, 2025 1,525 $57,377 54.4%
KVUE Sept. 30, 2025 2,600 $54,418 16.7%
COF Dec. 31, 2025 178 $37,839 -10.2%
CR March 31, 2025 195 $29,591 35.2%
TIC June 30, 2026 2,000 $13,160 17.4%
ENVX June 30, 2025 450 $3,303 -67.2%
ECG June 30, 2025 87 $3,227 97.8%